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odense@pwc.dk 2024-06-24 Frank Uhrenholt Regnskabsklasse C, stor virksomhed Revisionspåtegning The Executive Board has today considered and adopted the Annual Report of FU III ApS for the financial year 1 January - 31 December 2023. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2023 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2023. In my opinion, Management's Review includes a true and fair account of the matters addressed in the Review. I recommend that the Annual Report be adopted at the Annual General Meeting. 2024-06-24 Aarup Frank Uhrenholt CEO To the shareholder of FU III ApS Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2023 and of the results of the Group’s and the Parent Company’s operations and of consolidated cash flows for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of FU III ApS for the financial year 1 January - 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”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 Group 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 consolidated financial statements and parent company 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 Group´s and the Parent 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 Group or the Parent 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 Group´s and the Parent 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 Group´s and the Parent 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 Group and the Parent 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. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. 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. 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 Consolidated Financial Statements and the Parent Company 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. Odense M 2024-06-24 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Line Hedam State Authorised Public Accountant mne27768 Anders Kronborg Choy State Authorised Public Accountant mne44142 2431953000 233399000 71098000 813000 53391000 543205000 4662000 1292000 3395000 106540000 58089000 1332000 -47492000 11929000 229 0.095 0.087 0.096 0.034 0.031 0.029 0.168 0.155 0.131 0.341 0.284 0.196 0.421 0.427 1.002 The Uhrenholt Group has signed the UN’s Global Compact and is actively working with social responsibility and do see ESG as a key driver of the business. The Group has published the CSR report for 2023 on our website according to §99a of the Danish Financial Statement Act. The CSR report can be found at https://nozebra.ipapercms.dk/Uhrenholt/CSR/fuiii-2023/csr-2023/ The company's top management consists of only one executive officer and there is therefore no obligation to report further in this regard. In addition, there are no employees in the company and consequently the company is exempt from reporting targets, policies and actions regarding other management. Top management Other management levels The company has published the CSR report for 2023 on our website, wherein our statement on data ethics according to §99d of the Danish Financial Statement Act is disclosed.The CSR report can be found at https://nozebra.ipapercms.dk/Uhrenholt/CSR/fuiii-2023/csr-2023/ Key activities Uhrenholt is a privately-owned dairy group based in Denmark. The group operates in more than 90 markets worldwide, either directly or through subsidiaries, and provides a wide range of own brands and private label solutions to retail, wholesale, foodservice, and industrial customers.Our competitive advantage is agility, speed, and unparalleled service, and we collaborate closely with our customers to create market-driven food solutions tailored to their needs. We partner with a select group of trusted suppliers to ensure that these often complex solutions are delivered to the global markets swiftly and efficiently while meeting the agreed standards, commercial targets, and sustainability goals.At Uhrenholt, our approach to business is straightforward and built on trust, dialogue, and efficiency. Our company structure and culture empower our employees to make decisions and improvements quickly and efficiently. We prioritize long-term relationships with our customers and suppliers to ensure mutual benefit in everything we do. Development in the year The income statement of the Group for 2023 shows a profit of TDKK 78,429, and at 31 December 2023 the balance sheet of the Group shows a positive equity of TDKK 203,904. After experiencing an intense surge in raw material prices throughout 2022, the trend normalized in 2023. However, in the fourth quarter, we started to see a resurgence of substantial price hikes in our raw materials.During this very volatile market development, our business model proved its strength, as the company once again delivered strong results. Earnings Before Tax concluded at +103,1 million DKK. The favorable operating outcome concurrently raised equity to +203,9 million DKK as of December 31, 2023, with a solvency ratio of 34,1%.Initially, management had forecasted Earnings Before Tax for 2023 in the range of 50-65 million DKK. The improved result was primarily driven from the absence/delay of comprehensive macroeconomic recession, combined with the successful pursuit of opportunities arising from increased market volatility and innovation. Improved cash flow management and policies contributed to debt reduction and gains on foreign exchange transactions, which also improved the result. Foreign exchange risks Foreign trade entails transactions and positions in foreign currency. Transactions are mainly in USD, EURO and AUD. It is the company policy to hedge against currency risks. Exchange rate risks related to investments in affiliated enterprises abroad are not hedged. Targets and expectations for the year ahead Entering 2024, the combination of geopolitical uncertainty, continued concerns about global or local recession, and currency challenges in certain markets lowers the financial expectations for the year. Additionally, the decrease in milk intake further restricts the availability of goods, contributing to the escalation of raw material prices, and we are seeing noticeable uptick in raw material prices and elevated freight rates, exerting further pressure on profit margins.Despite many uncertainties, we continue to execute our strategic plans within the existing business framework and expect Earnings Before Tax for 2024 to be in the range of 70-85 mDKK. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 1 0 2982117000 2971683000 0 0 0 216000 0 0 2584235000 2624006000 0 0 114029000 89836000 7000 7000 283853000 258057000 -7000 -7000 168925000 154354000 0 0 13983000 12006000 0 0 569000 79000 0 0 100376000 91618000 -7000 -7000 0 0 178000 142000 10535000 1077000 2000 0 7803000 17120000 14000 11000 103108000 75575000 159000 124000 24679000 16971000 -4000 -4000 78429000 58604000 163000 128000 78241000 58467000 0 0 188000 137000 163000 128000 1460000 10078000 0 0 2088000 2645000 0 0 5239000 0 0 0 4203000 5824000 0 0 12990000 18547000 0 0 27042000 25959000 0 0 6061000 7909000 0 0 4245000 4467000 0 0 37348000 38335000 0 0 0 0 420000 241000 0 0 420000 241000 50338000 56882000 420000 241000 112471000 111430000 0 0 112471000 111430000 0 0 381359000 370276000 0 0 31091000 33176000 0 0 2248000 2356000 0 0 68000 339000 0 0 0 0 472000 431000 8369000 6119000 0 0 423135000 412266000 472000 431000 197000 198000 0 0 11515000 11385000 36000 37000 547318000 535279000 508000 468000 597656000 592161000 928000 709000 40000 40000 40000 40000 2000 2000 0 0 -13000 0 0 0 206000 119000 152000 -11000 235000 161000 192000 29000 203669000 168084000 0 0 203904000 168245000 192000 29000 1415000 2472000 0 0 1827000 2454000 0 0 3242000 4926000 0 0 18604000 20099000 0 0 9167000 8801000 261000 246000 27771000 28900000 261000 246000 1495000 1487000 0 0 35649000 90893000 0 0 0 171000 0 0 265708000 230335000 0 0 1545000 1195000 468000 427000 58342000 66009000 7000 7000 362739000 390090000 475000 434000 390510000 418990000 736000 680000 597656000 592161000 928000 709000 A-shares 40000 40 40000 2000 119000 168084000 0 -13000 0 -5178000 0 0 0 -37500000 0 0 -101000 101000 0 0 188000 78241000 0 0 0 0 40000 -11000 206000 203669000 40000 -11000 0 163000 40000 152000 78429000 58604000 36076000 44883000 10151000 -62429000 124656000 41058000 10535000 1077000 -7803000 -17120000 127388000 25015000 -24985000 -16735000 102403000 8280000 -3209000 -5276000 -4662000 -1292000 -7871000 -6568000 -1487000 -1479000 -55244000 0 -171000 -968000 0 191000 -37500000 0 -94402000 -2256000 130000 -544000 11385000 11929000 11515000 11385000 11515000 11385000 11515000 11385000 Cash and bank balances at 31 December 2023 include 2,7 MDKK that relates to bank balances subject to restrictions. These funds are not readily available for general use by the FU III ApS group. No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Geographical segments Europe 703067000 794368000 0 0 Asia and Pacific 1293770000 1197264000 0 0 Middle East and Africa 484951000 550317000 0 0 Others 500329000 429734000 0 0 Total 2982117000 2971683000 0 0 Business segments Consumer division 1468911000 1401254000 0 0 Trading division 1513206000 1570429000 0 0 Total 2982117000 2971683000 0 0 159253000 145308000 0 0 7460000 6704000 0 0 1226000 1100000 0 0 986000 1242000 0 0 168925000 154354000 0 0 246 240 0 0 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 6620000 6222000 0 0 5363000 5784000 0 0 2000000 0 0 0 13983000 12006000 0 0 1361000 1077000 2000 0 9174000 0 0 0 10535000 1077000 2000 0 7803000 6811000 14000 11000 0 10309000 0 0 OtherFinanceExpenses 7803000 17120000 14000 11000 25696000 18197000 -4000 -4000 -949000 -686000 0 0 -90000 -22000 0 0 24679000 16971000 -4000 -4000 -22000 518000 0 0 Total 24657000 17489000 -4000 -4000 29246000 5509000 0 79332000 0 -5000 0 -614000 3007000 202000 0 0 -28087000 0 28087000 0 4166000 5706000 28087000 78718000 19168000 2864000 0 73507000 0 0 0 -472000 2000000 0 0 0 4386000 754000 0 1480000 -22848000 0 22848000 0 2706000 3618000 22848000 74515000 1460000 2088000 5239000 4203000 Development costs relate to the external development and implementation cost of software systems for internal use. 63413000 32591000 19906000 -197000 0 -383000 2160000 0 2502000 0 1775000 1067000 65376000 30816000 20958000 37454000 24681000 15443000 -77000 0 -364000 0 0 335000 957000 1849000 2208000 0 1775000 909000 38334000 24755000 16713000 27042000 6061000 4245000 0 0 375000 228000 228000 228000 228000 13000 -129000 179000 142000 192000 13000 420000 241000 Uhrenholt A/S Denmark 0.26 Selskabet af 17.08.2007 ApS Denmark 0.26 Uhrenholt Sdn Bhd Malaysia 0.26 Uhrenholt LLC Russia 0.26 Emborg Goods USA inc USA 0.26 Uhrenholt Middle East DMCC Dubai 0.26 Uhrenholt Polska SP z.o.o. Poland 0.26 Uhrenholt Food Solutions (Shanghai) Co Ltd. China 0.26 F. Uhrenholt Holding International ApS Denmark 0.26 Uhrenholt USA LLC USA 0.26 Uhrenholt Espana S.L.U. Spain 0.26 Uhrenholt Food Service Hong Kong Ltd China 0.26 Uhrenholt South Africa Pty Ltd. South Africa 0.26 Uhrenholt Oceania Pty Ltd. Australia 0.26 Uhrenholt Philippines Inc. Philippines 0.26 F. Uhrenholt Barter ApS Denmark 0.26 F. Uhrenholt Handel ApS Denmark 0.26 F. Uhrenholt Dairy Products ApS Denmark 0.26 F. Uhrenholt Holding A/S Denmark 0.26 Investments in subsidiaries are specified as follows: Voting share in F. Uhrenholt Holding A/S and underlying subsidiaries is 61%. Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred tax asset at 1 January -116000 -802000 0 0 Amounts recognised in the income statement for the year 949000 686000 0 0 Deferred tax asset at 31 December 833000 -116000 0 0 Recognised in the balance sheet as follows: Assets 2248000 2356000 0 0 Provisions -1415000 -2472000 0 0 833000 -116000 0 0 12539000 14068000 0 0 6065000 6031000 0 0 18604000 20099000 0 0 1495000 1487000 0 0 0 0 0 0 9167000 8801000 261000 246000 9167000 8801000 261000 246000 58342000 66009000 7000 7000 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: Mortgage loans Other payables Other payables of 8,906 TDKK as of 31 December 2023 carry interest. Derivative financial instruments contracts in the form of forward exchange contracts have been concluded. At the balance sheet date, the fair value of derivative financial instruments amounts to: Assets 3375000 8513000 0 0 Forward currency exchange contracts:The group has entered into forward currency exchange contracts in order to hedge future sales of goods and purchases as well as to hedge balance sheet items in foreign currencies. Forward currency exchange contracts have been entered into in a number of currencies, with USD, NZD, AUD, GBP, PLN, EUR, SGD and SEK being the most important. The fair value of the forward currency exchange contracts amount to kDKK 3.375. The forward currency exchange contracts have maturity date within the next 12 months. -10535000 -1077000 7803000 17120000 14129000 11869000 24679000 16971000 36076000 44883000 -1041000 -15910000 -13704000 -38287000 -627000 -1000 25624000 -10588000 -101000 2357000 10151000 -62429000 Charges and security The following assets have been placed as security with mortgage credit institutes: Land and buildings with a carrying amount of 18306000 18713000 0 0 Booked value of debt to mortgage credit institutes at 31 December 2023 20099000 21586000 0 0 At 31 December 2023 bank guarantees have been provided to suppliers through banks and finance companies of 1450000 460000 0 0 As per 31 December 2023 a floating charge of mDKK 330 has been registered, as security for the Group's balances with banks. This security has been cancelled by end of February 2024 following a new financing arrangement. As per 31 December 2023 the floating charge gave security in the following:Receivables from sales kDKK 352,210Inventories kDKK 78,954Other plant, machinery and equipment kDKK 8,292Intellectual rights/patents kDKK 2,088 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 2715000 2713000 0 0 Between 1 and 5 years 3125000 2098000 0 0 Total 5840000 4811000 0 0 Rental obligations, non-cancellation period 3-48 months. 23800000 30785000 0 0 Other contingent liabilities The Group companies are jointly and severally liable for tax on the Group's jointly taxed income, etc. FU III ApS is administration company in relation to joint taxation. The Group companies are also jointly and severally liable for Danish withholding taxes in the form of dividend tax, royalty tax and interest tax. Any subsequent corrections to corporation taxes and withholding taxes may result in the company's liability constituting a larger amount. Basis Controlling interest Frank Uhrenholt Controlling interest 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. No transactions with related parties have been made, which are not on arm's length basis. 609000 862000 805000 368000 739000 1184000 84000 0 12000 0 287000 335000 PricewaterhouseCoopers Others With reference to the Danish Financial Statements Act § 96,3 information on auditing fees is exclusively provided for the consolidated financial statements of FU III ApS and not for the parent company. The Annual Report of FU III ApS for 2023 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 Consolidated Financial Statements and the Parent Company Financial Statements for 2023 are presented in TDKK. true 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. Basis of consolidation The Consolidated Financial Statements comprise the Parent Company, FU III ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Minority interests Minority interests form part of the Group's total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquistition of subsidiaries. Business acquisitions carried through before 1 July 2018 Minority interests are recognised at the carrying amounts of the acquired assets and liabilities at the time of acquisition of subsidiaries. Business acquisitions carried through on or after 1 July 2018 Minority interests are initially measured at their proportionate share of the fair value of the acquired entity’s identifiable net assets. In this way, only goodwill related to the Parent Company’s share of the entity acquired is recognised. On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity. Leases in terms of which the Group 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 Group. 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. Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively. Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting. Changes in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk. Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in the fair value reserve under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction. Information on business segments and geographical segments are based on the Group's risks and returns and its internal financial reporting system. 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 Group. 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 the consolidated revenue for the year. Other external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. The item “Income from investments in subsidiaries” 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 Danish group companies. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes ***Development projects, patents and licences***Costs of development projects comprise expenses directly or indirectly attributable to the Group's development activities.Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the Group can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item “Reserve for development costs”. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis.As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 3-10 years.Patents and licences are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use.Patents are amortised over the patent period, maximum 20 years.Other intangible fixed assets are written down to the recoverable amount if this is lower than the carrying amount. ***Goodwill***Goodwill is amortised on a straight-line basis over the estimated useful life of 10-20 years, which is determined on the basis of Management’s experience with the individual business areas.Goodwill is written down to recoverable amount if this is lower than the carrying amount 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 buildings 20-65 years Plant and machinery 3-15 years Other fixtures and fittings, tools and equipment 3-8 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and 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 amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are recognised and measured under the equity method. The item “Investments in subsidiaries” 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 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. Subsidiaries 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. Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of goods for resale equals landed cost. The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management. 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. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Current asset investments, which consist of unlisted shares.Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. 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 Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. 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 liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans, such as mortgage loans and loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan. Other debts are measured at amortised cost, substantially corresponding to nominal value. The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents comprise ”Cash at bank and in hand”. The cash flow statement cannot be immediately derived from the published financial records. 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