41416998 2022-06-30 41416998 2021-06-30 41416998 2024-03-31 41416998 2023-03-31 41416998 2023-04-01 fsa:ContributedCapitalMember 41416998 2023-04-01 fsa:RetainedEarningsMember 41416998 2023-04-01 fsa:ProposedDividendRecognisedInEquityMember 41416998 2024-03-31 fsa:ContributedCapitalMember 41416998 2024-03-31 fsa:RetainedEarningsMember 41416998 2024-03-31 fsa:ProposedDividendRecognisedInEquityMember 41416998 2023-04-01 fsa:FixturesFittingsToolsAndEquipmentMember 41416998 2024-03-31 fsa:FixturesFittingsToolsAndEquipmentMember 41416998 2023-04-01 fsa:InvestmentsInAssociatesMember 41416998 2022-07-01 fsa:InvestmentsInAssociatesMember 41416998 2024-03-31 fsa:InvestmentsInAssociatesMember 41416998 2023-03-31 fsa:InvestmentsInAssociatesMember 41416998 2024-03-31 1 fsa:AssociateMember 41416998 2023-04-01 2024-03-31 41416998 2023-04-01 2024-03-31 1 41416998 2023-04-01 2024-03-31 memberOfBoardIdentifier_executive_board_1 41416998 2023-04-01 2024-03-31 memberOfBoardIdentifier_board_of_director_1 41416998 2023-04-01 2024-03-31 memberOfBoardIdentifier_board_of_director_2 41416998 2023-04-01 2024-03-31 memberOfBoardIdentifier_board_of_director_3 41416998 2023-04-01 2024-03-31 2 41416998 2021-07-01 2022-06-30 41416998 2020-07-01 2021-06-30 41416998 2022-07-01 2023-03-31 41416998 2023-04-01 2024-03-31 fsa:ContributedCapitalMember 41416998 2023-04-01 2024-03-31 fsa:RetainedEarningsMember 41416998 2023-04-01 2024-03-31 fsa:ProposedDividendRecognisedInEquityMember 41416998 2023-04-01 2024-03-31 fsa:FixturesFittingsToolsAndEquipmentMember 41416998 2023-04-01 2024-03-31 fsa:InvestmentsInAssociatesMember 41416998 2022-07-01 2023-03-31 fsa:InvestmentsInAssociatesMember 41416998 2023-04-01 2024-03-31 1 fsa:AssociateMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-04-01 2022-07-01 2024-03-31 2023-03-31 41416998 DS Flexhal A/S Samsøvej 2 9500 Hobro 2020-06-03 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Jens Chr. Skous Vej 1 8000 Aarhus C Denmark 89 32 00 00 aarhus@pwc.dk 2024-08-27 Simon Bisgaard Regnskabsklasse C, stor virksomhed Revisionspåtegning 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 2023 - 31 March 2024. 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 2024 of the Company and of the results of the Company operations for 2023/24. 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. 2024-08-27 Hobro Anette Storm CEO Dr. Benedikt Benjamin Krings Chairman Florian Laxander Hans Jörg Frieauff 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 2024 and of the results of the Company´s operations for the financial year 1 April 2023 - 31 March 2024 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 2023 - 31 March 2024, 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 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. 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. 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. Aarhus 2024-08-27 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Jens Weiersøe Jakobsen State Authorised Public Accountant mne30152 Thyge Belter State Authorised Public Accountant mne30222 1227228000 1059795000 112182000 87190000 -6070000 40626000 82461000 108863000 551714000 508262000 0 155000 1600000 290000 250906000 169000000 47 47 0.133 0.141 0.137 0.128 0.099 0.095 0.091 0.082 0.479 0.379 0.455 0.333 The 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. Currently, the DS Group's Supervisory Board consists of three men. The Group’s target is that, by 2025, at least one member of the Supervisory Board will be from the underrepresented gender, implying that by then, the Board will consist of two men and one woman, or, alternatively, three men and one woman if the target is most appropriately achieved by expanding the Supervisory Board.In 2022, DS Gruppen A/S changed owners. In that regard, it has been essential to ensure management stability in connection with the establishment of a new Supervisory Board. Against this background, the gender composition of the supreme governing body has been less of a focal point during the period and was represented by one gender, male. From the beginning of the upcoming financial year, the supreme governing body will consist of mixed gender composition as one woman will be a part of the governing body. Policy and initiatives for increasing gender equality in governing body & management group (øvrige ledelse)It is the overall ambition of the Company to increase the representation of the underrepresented gender. Against this background, it is emphasized during recruitment that candidates of both genders are invited to apply, and that both genders are treated equally when they are assessed. In the following year the Company together with DS Gruppen plans to make a policy to increase the underrepresented gender in management positions throughout the company. Similarly, employees of the underrepresented gender are offered courses and further education on the same terms as employees of the overrepresented gender. In the coming years DS Flexhal will increase their focus on initiatives through competence development and employees showing the right potential, regardless of gender, will be considered for management positions in the Company. The gender composition of the Company´s governing body and management group is generally challenged by the industry trend of men making up a large proportion of the workforce. In the management's assessment, the current staff reflects the industry's distribution between men and women, but a targeted effort by the Company would increase the number of women in the governing body and management group.DS Flexhal as a part of DS Gruppen is currently working on future policy to ensure more systematic approach for promoting the underrepresented gender. The initiatives taken in 2023 for the Governing body and management group are listed below.Initiatives for gender equality in FY2023/2024 – Supervisory Board (Øverste ledelse)There have not been take specific initiatives to increase gender equality in the supervisory board in 2023.Initiatives for gender equality in FY2023/2024 – Governing body & Management group (Øvrige ledelse)- Opportunity to participate in Goldbeck International network, “Goldbeckwomen”. The first international network meeting was held in 2023 at Goldbeck in Frankfurt am Main with the focus on empowering women of the company. The network included workshops, talks and group work.- Racing awareness of inclusion among management recruitment.- Using our own powerful female role models to inspire both our people and those looking at the Group from the outside, this has resulted in increased PR of the Company, both on our website, newsletters and SoMe.- Supporting memberships of external women´s networks.- Working with promoting internal potential talent with follow up education opportunities, Network participation etc.- Mentorship program for new talent. The 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 FinancialStatements Act 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 2023/24 shows a profit of TDKK 186,703, and at 31 March 2024 the balance sheet of the Company shows equity of TDKK 508,407.Management considers the results for the year satisfactory and in line with the management’s expectations. Outlook The fiscal year 2023/24 has been characterized by exceptionally high activity and revenue growth. Based on this, management expects both revenue and earnings to decline in the fiscal year 2024/25, but still anticipate satisfactory revenue and profit levels. The Company expects EBIT to be in the range DKK 70 - 110 million for the financial year 2024/25. Special risks - operating risks and financial risksCommodity pricesBuilding material prices saw historically large fluctuations in 2022. As 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 developers and subcontractors by having the prices locked in, to the extent possible, immediately after conclusion of the contract with the developer, or by agreeing on indexing of the parts of the developer 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 risksAs a result of the Company's positive cash flow, changes in the interest rate level will have no impact on earnings. 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 measurement Recognition 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. Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date 3 0.0 0.25 2025 6 0.17 0.25 2026 2315546000 942047000 2095000 117000 1986783000 797415000 21888000 12177000 308970000 132572000 80399000 42724000 392000 309000 228179000 89539000 516000 15000 11427000 1574000 888000 150000 239234000 90978000 52531000 20028000 186703000 70950000 32500000 0 154203000 70950000 914000 1306000 914000 1306000 0 1123000 0 150000000 0 151123000 914000 152429000 267160000 374043000 67239000 1258000 246467000 93887000 13814000 383000 54952000 13006000 638000 805000 650270000 483382000 410345000 212998000 1060615000 696380000 1061529000 848809000 6250000 6250000 469657000 315454000 32500000 0 508407000 321704000 82029000 23129000 11421000 16303000 93450000 39432000 284348000 247316000 129922000 191069000 25827000 25465000 19575000 23823000 459672000 487673000 459672000 487673000 1061529000 848809000 6250000 315454000 0 0 154203000 32500000 6250000 469657000 32500000 Geographical segments Revenue, Denmark 2315546000 942047000 Total 2315546000 942047000 71987000 38525000 2628000 1349000 207000 100000 5577000 2750000 80399000 42724000 79 61 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. Share of profits of associates 516000 15000 Total 516000 15000 5345000 770000 5621000 793000 461000 11000 11427000 1574000 -3884000 1536000 56415000 18492000 -2485000 1431000 2485000 -1431000 52531000 20028000 2045000 2045000 739000 392000 1131000 914000 5544000 5544000 5544000 0 0 5544000 -4421000 -4284000 0 -152000 516000 15000 -3905000 0 0 -4421000 0 1123000 Køge Logistics Center AS (under avvikling) Norge 0 Investments in associates are specified as follows: Selling price of work in progress 2961531000 942139000 Payments received on account -3024214000 -1131950000 Total -62683000 -189811000 Recognised in the balance sheet as follows: Contract work in progress recognised in assets 67239000 1258000 Prepayments received recognised in debt -129922000 -191069000 Total -62683000 -189811000 Prepayments consist of prepaid expenses concerning rent, insurance premiums and subscriptions. Deferred tax liabilities at 1 April 23129000 6068000 Adjustment of deferred tax concerning previous years 2485000 -1431000 Amounts recognised in the income statement for the year 56415000 18492000 Deferred tax liabilities at 31 March 82029000 23129000 Other provisions includes warranty provisions related to completed contracts. Other provisions at 1 April 11421000 16303000 11421000 16303000 The provisions are expected to mature as follows: Within 1 year -8566000 -12227000 Between 1 and 5 years -2855000 -4076000 After 5 years 0 0 11421000 16303000 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 1220000 985000 Between 1 and 5 years 3850000 1611000 After 5 years 193000 0 Total 5263000 2596000 Rent obligations 1156000 1154000 The company has a rent obligation with an associated company with a total obligation of TDKK 1.080. Guarantee obligations As 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 729.068 (2022/23: TDKK 801.889). Other contingent liabilities The 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. Basis Controlling interest DS Gruppen A/S, Mariagerfjord Direct parent company Ortwin Goldbeck Holding SE Ultimate parent Transactions The Company has chosen only to disclose transactions which have not been made on an arm’s length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. Consolidated Financial Statements The entity is included in the consolidated Financial Statements of: Name Place of registered office DS Gruppen A/S, CVR-nr. 40 68 50 14 Mariagerfjord, Denmark Ortwin Goldbeck Holding SE Bielefeld, Germany The Group Annual Report of Ortwin Goldbeck Holding SE may be obtained at the following address: Ummelner Straße 4-633649 BielefeldGermany With reference to section 96(3) of the Danish Financial Statements Act and to the disclosure on fee to auditors appointed at the general meeting in the consolidated financial statements of DS Gruppen A/S, the Company has not included a disclosure on fee to auditors appointed at the general meeting. The Annual Report of DS Flexhal A/S for 2023/24 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. The Financial Statements for 2023/24 are presented in TDKK. true 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. Revenues 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. Transactions 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. Information on business segments and geographical segments based on the Companys risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments. Revenue 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 consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other 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 losses comprise depreciation and impairment of property, plant and equipment. Other 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. The item “Income from investments in associates” in the income statement includes 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 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 equipment 3-8 years The fixed assets’ residual values are determined at nil. The 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 associates are recognised and measured under the equity method. The item “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 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 associates. 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. Other fixed asset investments consist of asset investments in associates and group loans. 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 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. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Dividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Dividend distribution proposed by Management for the year is disclosed as a separate equity item. Provisions 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 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 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. Gross margin Gross profit x 100 / Revenue Profit margin Profit/loss of ordinary primary operations x 100 / Revenue Return on assets Profit/loss of ordinary primary operations x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity