41416998 2024-04-01 2025-03-31 41416998 2024-04-01 2025-03-31 2 41416998 2024-04-01 2025-03-31 memberOfBoardIdentifier_executive_board_1 41416998 2024-04-01 2025-03-31 memberOfBoardIdentifier_board_of_director_1 41416998 2024-04-01 2025-03-31 memberOfBoardIdentifier_board_of_director_2 41416998 2024-04-01 2025-03-31 memberOfBoardIdentifier_board_of_director_3 41416998 2024-04-01 2025-03-31 1 41416998 2022-07-01 2023-03-31 41416998 2021-07-01 2022-06-30 41416998 2020-07-01 2021-06-30 41416998 2023-03-31 41416998 2022-06-30 41416998 2021-06-30 41416998 2023-04-01 2024-03-31 41416998 2024-04-01 2025-03-31 1 41416998 2023-04-01 2024-03-31 1 41416998 2022-07-01 2023-03-31 1 41416998 2021-07-01 2022-06-30 1 41416998 2020-07-01 2021-06-30 1 41416998 2024-04-01 2025-03-31 2 41416998 2023-04-01 2024-03-31 2 41416998 2022-07-01 2023-03-31 2 41416998 2021-07-01 2022-06-30 2 41416998 2020-07-01 2021-06-30 2 41416998 2025-03-31 41416998 2024-03-31 41416998 2024-04-01 fsa:ContributedCapitalMember 41416998 2024-04-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 41416998 2024-04-01 fsa:RetainedEarningsMember 41416998 2024-04-01 fsa:ProposedDividendRecognisedInEquityMember 41416998 2024-04-01 41416998 2024-04-01 2025-03-31 fsa:ContributedCapitalMember 41416998 2024-04-01 2025-03-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 41416998 2024-04-01 2025-03-31 fsa:RetainedEarningsMember 41416998 2024-04-01 2025-03-31 fsa:ProposedDividendRecognisedInEquityMember 41416998 2025-03-31 fsa:ContributedCapitalMember 41416998 2025-03-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 41416998 2025-03-31 fsa:RetainedEarningsMember 41416998 2025-03-31 fsa:ProposedDividendRecognisedInEquityMember 41416998 2024-04-01 fsa:FixturesFittingsToolsAndEquipmentMember 41416998 2024-04-01 2025-03-31 fsa:FixturesFittingsToolsAndEquipmentMember 41416998 2025-03-31 fsa:FixturesFittingsToolsAndEquipmentMember 41416998 2024-04-01 fsa:InvestmentsInGroupEnterprisesMember 41416998 2023-04-01 fsa:InvestmentsInGroupEnterprisesMember 41416998 2025-03-31 fsa:InvestmentsInGroupEnterprisesMember 41416998 2024-03-31 fsa:InvestmentsInGroupEnterprisesMember 41416998 2024-04-01 2025-03-31 fsa:InvestmentsInGroupEnterprisesMember 41416998 2023-04-01 2024-03-31 fsa:InvestmentsInGroupEnterprisesMember 41416998 2024-04-01 2025-03-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 41416998 2025-03-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 41416998 2024-04-01 fsa:InvestmentsInAssociatesMember 41416998 2023-04-01 fsa:InvestmentsInAssociatesMember 41416998 2024-04-01 2025-03-31 fsa:InvestmentsInAssociatesMember 41416998 2023-04-01 2024-03-31 fsa:InvestmentsInAssociatesMember 41416998 2025-03-31 fsa:InvestmentsInAssociatesMember 41416998 2024-03-31 fsa:InvestmentsInAssociatesMember 41416998 2024-04-01 2025-03-31 relatedEntityIdentifier_ass_1 fsa:AssociateMember 41416998 2025-03-31 relatedEntityIdentifier_ass_1 fsa:AssociateMember iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-04-01 2023-04-01 2025-03-31 2024-03-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, stor virksomhed Revisionspåtegning true 2025-09-17 Simon Bisgaard The Executive Board and Supervisory Board have today considered and adopted the Annual Report of DS Flexhal A/S for the financial year 1 April 2024 - 31 March 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the financial position at 31 March 2025 of the Company and of the results of the Company operations for 2024/25. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Hobro 2025-09-17 Anette Storm CEO Dr. Benedikt Benjamin Krings Florian Laxander Hans Jörg Frieauff Chairman To the shareholder of DS Flexhal A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 March 2025 and of the results of the Company’s operations for the financial year 1 April 2024 - 31 March 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of DS Flexhal A/S for the financial year 1 April 2024 - 31 March 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the audit to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the Financial Statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Aarhus 2025-09-17 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Claus Lyngsø Sørensen Thyge Belter State Authorised Public Accountant State Authorised Public Accountant mne34539 mne30222 DS Flexhal A/S Samsøvej 2 9500 Hobro 41416998 Mariagerfjord Jens Chr. Skous Vej 1 8000 Aarhus C Seen over a 5-year period, the development of the Company is described by the following financial highlights:*For the Ratios the Profit/loss statement have been adjusted to a 12 months period, for the financial year 2022/23. 942047000 1227228000 1059795000 89539000 112182000 87190000 1439000 -6070000 40626000 70950000 82461000 108863000 848804000 551712000 508262000 191000 0 155000 1600000 290000 321704000 250906000 169000000 87 79 61 47 47 0.113 0.133 0.141 0.137 0.128 0.061 0.099 0.095 0.091 0.082 Return on assets* 0.093 0.215 0.140 0.203 0.172 0.610 0.479 0.379 0.455 0.333 Return on equity* 0.152 0.450 0.336 0.393 0.644 Key activitiesThe Company's activities consist of the development, design and construction of commercial buildings as turnkey contracts.Development in the yearThe income statement of the Company for 2024/25 shows a profit of TDKK 80,773, and at 31 March 2025 the balance sheet of the Company shows equity of TDKK 556,703.Management considers the results for the year satisfactory and in line with the management’s expectations (DKK 70 - 110 million).OutlookThe management expects slightly lower revenue in 2025/26 compared to 2024/25, which is expected to have a negative impact on earnings. The management expects EBIT to be in the range DKK 30 - 60 million for the financial year 2025/26.Special risks - operating risks and financial risksCommodity pricesAs the majority of construction projects are concluded as fixed-price contracts, the risk exposure to price increases in construction materials is significant. The risk is attempted hedged in the contract phases with the subcontractors by having the prices locked in, to the extent possible, immediately after conclusion of the contract with the client, or by agreeing on indexing of the parts of the building contract which reflect the identified price risks.Currency risksThe Company’s transactions with customers and suppliers in other countries are limited. Should a significant currency risk be identified, foreign exchange contracts or similar agreements are concluded to hedge fluctuations in the underlying exchange rate.Interest rate risksSince the company has positive liquidity, the interest rate risk relates to the company's deposits. Despite the market's expectation of generally declining interest rates, the interest rate risk is still considered to be limited.Credit risksThe Company’s credit risks are primarily related to its customers’ ability to pay. To mitigate such risk, credit ratings are prepared for new customers and guarantees are obtained on usual terms for the construction industry.Intellectual capital resourcesTo maintain our strong position in the market, it is crucial that we are able to retain and develop current employees and attract new talented employees with the right skills.Uncertainty relating to recognition and measurementRecognition and measurement have not been subject to any material uncertainty beyond the usual uncertainties related to the construction industry. Likewise, we identified no unusual circumstances that could have affected recognition and measurement significantly. Statement of corporate social responsibilityThe Company is included in the consolidated financial statements of DS Gruppen A/S, CVR no 40 68 50 14, which prepares a corporate social responsibility report in accordance with section 99a of the Danish Financial Statements Act. Statement on data ethicsThe Company is included in the consolidated financial statements of DS Gruppen A/S, CVR no 40 68 50 14, which prepares a statement of data ethics in accordance with section 99d of the Danish Financial Statements Act 1395620000 2315546000 0 2095000 1214658000 1986223000 22900000 22448000 158062000 308970000 72549000 80399000 119000 392000 147000 0 85247000 228179000 898000 0 0 516000 17003000 11427000 238000 888000 102910000 239234000 22137000 52531000 80773000 186703000 142000 914000 142000 914000 921000 0 0 0 921000 0 1063000 914000 169695000 267160000 1253000 67239000 370039000 246467000 4321000 13814000 8888000 54952000 1295000 633000 555491000 650265000 355476000 410345000 910967000 1060610000 912030000 1061524000 6250000 6250000 921000 0 549532000 469657000 0 32500000 556703000 508407000 9960000 82029000 33462000 11421000 43422000 93450000 181395000 284343000 122201000 129922000 1224000 25827000 7085000 19575000 311905000 459667000 311905000 459667000 912030000 1061524000 6250000 0 469657000 32500000 508407000 0 0 0 32500000 32500000 0 23000 0 0 23000 0 898000 79875000 0 80773000 6250000 921000 549532000 0 556703000 Geographical segmentsRevenue, Denmark1,395,6202,315,5461,395,6202,315,546DS Flexhal A/S has one business segment which is constructions. 63233000 71987000 2876000 2628000 192000 207000 6248000 5577000 72549000 80399000 87 79 Remuneration to the Executive Board and Supervisory Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 9761000 5345000 7096000 5621000 146000 461000 17003000 11427000 91360000 -3884000 -69223000 56415000 2846000 -2485000 -2846000 2485000 22137000 52531000 0 32500000 898000 0 79875000 154203000 2880000 191000 1755000 1316000 1966000 119000 911000 1174000 142000 3-8 years 0 0 0 0 23000 0 898000 0 921000 0 921000 0 Investments in subsidiaries are specified as follows:The purchase of the company DS Flexhal AB was amounted to 1 EUR.Investments in associates are specified as follows: DS Flexhal AB Göteborg 1.00 0 5544000 0 5544000 0 0 0 -4421000 0 516000 0 -3905000 0 0 0 0 Køge Logistics Center AS (under avvikling) Norge 0.00 Selling price of work in progress879,2202,961,531Payments received on account-1,000,168-3,024,214-120,948-62,683Recognised in the balance sheet as follows:Contract work in progress recognised in assets1,25367,239Prepayments received recognised in debt-122,201-129,922-120,948-62,683 Prepayments consist of prepaid expenses concerning rent, insurance premiums and subscriptions. Deferred tax liabilities at 1 April82,02923,129Adjustment of deferred tax concerning previous years-2,8462,485Amounts recognised in the income statement for the year-69,22356,415Deferred tax liabilities at 31 March9,96082,029 Other provisions includes warranty provisions related to completed contracts.Other provisions at 1 April33,46211,42133,46211,421The provisions are expected to mature as follows:Within 1 year8,3668,566Between 1 and 5 years25,0962,855After 5 years0033,46211,421 Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year7801,220Between 1 and 5 years2243,850After 5 years01931,0045,263Rent obligations1,1561,156The company has a rent obligation with an associated company with a total obligation of TDKK 1.080.Guarantee obligationsAs security for the completion of construction contracts, the usual security has been provided in the form of bank guarantees and performance bonds etc. for a total of TDKK 574.974 (2023/24: TDKK 729.068).Other contingent liabilitiesThe Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of DS Gruppen A/S, which is the management company of the joint taxation purposes. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability. Controlling interestDS Gruppen A/S, MariagerfjordDirect parent companyOrtwin Goldbeck Holding SEUltimate parentTransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act. Consolidated Financial StatementsThe entity is included in the consolidated Financial Statements of:DS Gruppen A/S, CVR-nr. 40 68 50 14Mariagerfjord, DenmarkOrtwin Goldbeck Holding SEBielefeld, GermanyThe Group Annual Report of Ortwin Goldbeck Holding SE may be obtained at the following address:Ummelner Straße 4-633649 BielefeldGermany No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of DS Flexhal A/S for 2024/25 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C.The accounting policies applied remain unchanged from last year. Reclassifications have been made to the comparative figures in the financial statements. The reclassifications have not affected the result or equity.The Financial Statements for 2024/25 are presented in TDKK. With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2024/25 of DS Gruppen A/S, the Company has not prepared consolidated financial statements. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of DS Gruppen A/S, the Company has not prepared a cash flow statement. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Leases in terms of which the Company assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Company.The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement.All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Translation policiesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates. Segment information on revenueInformation on business segments and geographical segments based on the Company's risks and returns and its internal financial reporting system. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company.Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise depreciation and impairment of property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of property, plant and equipment. Income from investments in subsidiaries and associatesThe items “Income from investments in subsidiaries” and “Income from investments in associates” in the income statement include the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with wholly owned Danish and foreign subsidiaries. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment3-8 years Impairment of fixed assetsThe carrying amounts of property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by depreciation.If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries and associatesInvestments in subsidiaries and associates are recognised and measured under the equity method.The items “Investments in subsidiaries” and “Investments in associates” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries and associates is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries and the associates.Subsidiaries and associates with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Provisions for bad debts are determined on the basis of an individual assessment of each receivable, and in respect of trade receivables, a general provision is also made based on the Company’s experience from previous years. Contract work in progressContract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement.Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value.Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative.Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. DividendDividend distribution proposed by Management for the year is disclosed as a separate Dividend item. ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.Other provisions include warranty obligations in respect of repair work within the warranty period of 1-5 years. Provisions are measured and recognised based on experience with guarantee work. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Debts are measured at amortised cost, substantially corresponding to nominal value. Financial HighlightsExplanation of financial ratiosGross marginGross profit x 100 / RevenueProfit marginProfit/loss of primary operations x 100 / RevenueReturn on assetsProfit/loss of ordinary primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity