37206350 2024-01-01 2024-12-31 37206350 2024-01-01 2024-12-31 0 37206350 2024-01-01 2024-12-31 1 37206350 2023-01-01 2023-12-31 37206350 2024-12-31 37206350 2023-12-31 37206350 2024-01-01 2024-12-31 0 37206350 2023-01-01 2023-12-31 1 37206350 2022-01-01 2022-12-31 2 37206350 2021-01-01 2021-12-31 3 37206350 2020-01-01 2020-12-31 4 37206350 2022-01-01 2022-12-31 37206350 2021-01-01 2021-12-31 37206350 2020-01-01 2020-12-31 37206350 2024-01-01 2024-12-31 5 37206350 2023-01-01 2023-12-31 6 37206350 2022-01-01 2022-12-31 7 37206350 2021-01-01 2021-12-31 8 37206350 2020-01-01 2020-12-31 9 37206350 2022-12-31 37206350 2021-12-31 37206350 2020-12-31 37206350 2024-01-01 2024-12-31 0 iso4217:EUR xbrli:pure Regnskabsklasse C, mellemstor virksomhed 2024-01-01 2024-12-31 37206350 2025-07-04 Michael Patrick Morgan <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Ledelsespåtegning</td></tr><tr><td colspan="1">Direktionen har dags dato behandlet og god-</td></tr><tr><td colspan="1">kendt årsrapporten for regnskabsåret 1. januar</td></tr><tr><td colspan="1">- 31. december 2024 for Indicor GM Denmark</td></tr><tr><td colspan="1">Holdings ApS.</td></tr><tr><td colspan="1">Årsrapporten er udarbejdet i overensstemmel-</td></tr><tr><td colspan="1">se med årsregnskabsloven.</td></tr><tr><td colspan="1">Årsregnskabet giver efter vores opfattelse et</td></tr><tr><td colspan="1">retvisende billede af selskabets aktiver, passi-</td></tr><tr><td colspan="1">ver og finansielle stilling pr. 31. december</td></tr><tr><td colspan="1">2024 samt af resultatet af selskabets aktivite-</td></tr><tr><td colspan="1">ter for 2024.</td></tr><tr><td colspan="1">Ledelsesberetningen indeholder efter vores</td></tr><tr><td colspan="1">opfattelse en retvisende redegørelse for de</td></tr><tr><td colspan="1">forhold, beretningen omhandler.</td></tr><tr><td colspan="1">Årsrapporten indstilles til generalforsamlingens</td></tr><tr><td colspan="1">godkendelse.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Management’s Statement on the Annual Report</td></tr><tr><td /><td>The Executive Board have today considered</td></tr><tr><td /><td>and adopted the Annual Report of Indicor GM</td></tr><tr><td /><td>Denmark Holdings ApS for the financial year</td></tr><tr><td /><td>January 1 – December 31, 2024.</td></tr><tr><td /><td>The Annual Report is prepared in accordance</td></tr><tr><td /><td>with the Financial Statements Act.</td></tr><tr><td /><td>In our opinion, the Financial Statements give a</td></tr><tr><td /><td>true and fair view of the financial position at</td></tr><tr><td /><td>December 31, 2024 of the Company and of</td></tr><tr><td /><td>the results of the Company operations for</td></tr><tr><td /><td>2024</td></tr><tr><td /><td>In our opinion, Management's Review includes</td></tr><tr><td /><td>a true and fair account of the matters ad-</td></tr><tr><td /><td>dressed in the Review.</td></tr><tr><td /><td>We recommend that the Annual Report be</td></tr><tr><td /><td>adopted at the Annual General Meeting.</td></tr></table> København 2025-07-04 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Den uafhængige revisors revisionspåtegning</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Til kapitalejerne i Indicor GM Denmark Hol-</td></tr><tr><td colspan="1">dings ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>To the Shareholders of Indicor GM Denmark</td></tr><tr><td /><td>Holdings ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Konklusion</td></tr><tr><td colspan="1">Vi har revideret årsregnskabet for Indicor GM</td></tr><tr><td colspan="1">Denmark Holdings ApS for regnskabsåret 1.</td></tr><tr><td colspan="1">januar - 31. december 2024, der omfatter an-</td></tr><tr><td colspan="1">vendt regnskabspraksis, resultatopgørelse,</td></tr><tr><td colspan="1">balance, egenkapitalopgørelse og noter. Års-</td></tr><tr><td colspan="1">regnskabet udarbejdes efter årsregnskabslo-</td></tr><tr><td colspan="1">ven.</td></tr><tr><td colspan="1">Det er vores opfattelse, at årsregnskabet giver</td></tr><tr><td colspan="1">et retvisende billede af selskabets aktiver,</td></tr><tr><td colspan="1">passiver og finansielle stilling pr. 31. decem-</td></tr><tr><td colspan="1">ber 2024 samt at resultatet af selskabets akti-</td></tr><tr><td colspan="1">viteter for regnskabsåret 1. Januar - 31. De-</td></tr><tr><td colspan="1">cember 2024 er i overensstemmelse med års-</td></tr><tr><td colspan="1">regnskabsloven.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Opinion</td></tr><tr><td /><td>We have audited the financial statements of</td></tr><tr><td /><td>Indicor GM Denmark Holdings ApS for the fi-</td></tr><tr><td /><td>nancial year 1 January - 31 December 2024,</td></tr><tr><td /><td>which comprise a summary of significant ac-</td></tr><tr><td /><td>counting policies, income statement, balance</td></tr><tr><td /><td>sheet, statement of changes in equity and</td></tr><tr><td /><td>notes, for the Company. The financial state-</td></tr><tr><td /><td>ments are prepared under the Financial State-</td></tr><tr><td /><td>ments Act.</td></tr><tr><td /><td>In our opinion, the financial statements give a</td></tr><tr><td /><td>true and fair view of the financial position of the</td></tr><tr><td /><td>Company at 31 December 2024, and of the re-</td></tr><tr><td /><td>sults of the Company's operations for the finan-</td></tr><tr><td /><td>cial year 1 January - 31 December 2024 in ac-</td></tr><tr><td /><td>cordance with the Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Grundlag for konklusion</td></tr><tr><td colspan="1">Vi har udført vores revision i overensstemmel-</td></tr><tr><td colspan="1">se med internationale standarder om revision</td></tr><tr><td colspan="1">og de yderligere krav, der er gældende i Dan-</td></tr><tr><td colspan="1">mark. Vores ansvar ifølge disse standarder og</td></tr><tr><td colspan="1">krav er nærmere beskrevet i revisionspåteg-</td></tr><tr><td colspan="1">ningens afsnit ”Revisors ansvar for revisionen</td></tr><tr><td colspan="1">af årsregnskabet”. Vi er uafhængige af selska-</td></tr><tr><td colspan="1">bet i overensstemmelse med International</td></tr><tr><td colspan="1">Ethics Standards Board for Accountants' in-</td></tr><tr><td colspan="1">ternationale retningslinjer for revisorers etiske</td></tr><tr><td colspan="1">adfærd (IESBA Code) og de yderligere etiske</td></tr><tr><td colspan="1">krav, der er gældende i Danmark, ligesom vi</td></tr><tr><td colspan="1">har opfyldt vores øvrige etiske forpligtelser i</td></tr><tr><td colspan="1">henhold til disse krav og IESBA Code. Det er</td></tr><tr><td colspan="1">vores opfattelse, at det opnåede revisions-</td></tr><tr><td colspan="1">bevis er tilstrækkeligt og egnet som grundlag</td></tr><tr><td colspan="1">for vores konklusion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Basis for Opinion</td></tr><tr><td /><td>We conducted our audit in accordance with</td></tr><tr><td /><td>International Standards on Auditing (ISAs) and</td></tr><tr><td /><td>the additional requirements applicable in</td></tr><tr><td /><td>Denmark. Our responsibilities under those</td></tr><tr><td /><td>standards and requirements are further de-</td></tr><tr><td /><td>scribed in the “Auditor’s Responsibilities for</td></tr><tr><td /><td>the Audit of the Financial Statements” section</td></tr><tr><td /><td>of our report. We are independent of the</td></tr><tr><td /><td>Company in accordance with the International</td></tr><tr><td /><td>Ethics Standards Board for Accountants’ In-</td></tr><tr><td /><td>ternational Code of Ethics for Professional Ac-</td></tr><tr><td /><td>countants (IESBA Code) and the additional</td></tr><tr><td /><td>ethical requirements applicable in Denmark,</td></tr><tr><td /><td>and we have fulfilled our other ethical re-</td></tr><tr><td /><td>sponsibilities in accordance with these requi-</td></tr><tr><td /><td>rements and the IESBA Code. We believe</td></tr><tr><td /><td>that the audit evidence we have obtained is</td></tr><tr><td /><td>sufficient and appropriate to provide a basis</td></tr><tr><td /><td>for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Ledelsens ansvar for årsregnskabet</td></tr><tr><td colspan="1">Ledelsen har ansvaret for udarbejdelsen af et</td></tr><tr><td colspan="1">årsregnskab, der giver et retvisende billede i</td></tr><tr><td colspan="1">overensstemmelse med årsregnskabsloven.</td></tr><tr><td colspan="1">Ledelsen har endvidere ansvaret for den in-</td></tr><tr><td colspan="1">terne kontrol, som ledelsen anser nødvendig</td></tr><tr><td colspan="1">for at udarbejde et årsregnskab uden væsent-</td></tr><tr><td colspan="1">lig fejlinformation, uanset om denne skyldes</td></tr><tr><td colspan="1">besvigelser eller fejl.</td></tr><tr><td colspan="1">Ved udarbejdelsen af årsregnskabet er ledel-</td></tr><tr><td colspan="1">sen ansvarlig for at vurdere selskabets evne til</td></tr><tr><td colspan="1">at fortsætte driften; at oplyse om forhold ved-</td></tr><tr><td colspan="1">rørende fortsat drift, hvor dette er relevant;</td></tr><tr><td colspan="1">samt at udarbejde årsregnskabet på grundlag</td></tr><tr><td colspan="1">af regnskabsprincippet om fortsat drift, med-</td></tr><tr><td colspan="1">mindre ledelsen enten har til hensigt at likvide-</td></tr><tr><td colspan="1">re selskabet, indstille driften eller ikke har an-</td></tr><tr><td colspan="1">det realistisk alternativ end at gøre dette.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Management’s Responsibilities for the</td></tr><tr><td /><td>Financial Statements</td></tr><tr><td /><td>Management is responsible for the preparation</td></tr><tr><td /><td>of financial statements that give a true and</td></tr><tr><td /><td>fair view in accordance with the Danish Finan-</td></tr><tr><td /><td>cial Statements Act, and for such internal con-</td></tr><tr><td /><td>trol as Management determines is necessary</td></tr><tr><td /><td>to enable the preparation of financial state-</td></tr><tr><td /><td>ments that are free from material misstate-</td></tr><tr><td /><td>ment, whether due to fraud or error.</td></tr><tr><td /><td>In preparing the financial statements, Man-</td></tr><tr><td /><td>agement is responsible for assessing the</td></tr><tr><td /><td>Company’s ability to continue as a going con-</td></tr><tr><td /><td>cern, disclosing, as applicable, matters related</td></tr><tr><td /><td>to going concern and using the going concern</td></tr><tr><td /><td>basis of accounting in preparing the financial</td></tr><tr><td /><td>statements unless Management either intends</td></tr><tr><td /><td>to liquidate the Company or to cease opera-</td></tr><tr><td /><td>tions, or has no realistic alternative but to do</td></tr><tr><td /><td>so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revisors ansvar for revisionen af årsregnskabet</td></tr><tr><td colspan="1">Vores mål er at opnå høj grad af sikkerhed for,</td></tr><tr><td colspan="1">om årsregnskabet som helhed er uden væ-</td></tr><tr><td colspan="1">sentlig fejlinformation, uanset om denne skyl-</td></tr><tr><td colspan="1">des besvigelser eller fejl, og at afgive en revi-</td></tr><tr><td colspan="1">sionspåtegning med en konklusion. Høj grad</td></tr><tr><td colspan="1">af sikkerhed er et højt niveau af sikkerhed,</td></tr><tr><td colspan="1">men er ikke en garanti for, at en revision, der</td></tr><tr><td colspan="1">udføres i overensstemmelse med internationa-</td></tr><tr><td colspan="1">le standarder om revision og de yderligere</td></tr><tr><td colspan="1">krav, der er gældende i Danmark, altid vil af-</td></tr><tr><td colspan="1">dække væsentlig fejlinformation, når sådan</td></tr><tr><td colspan="1">findes. Fejlinformationer kan opstå som følge</td></tr><tr><td colspan="1">af besvigelser eller fejl og kan betragtes som</td></tr><tr><td colspan="1">væsentlige, hvis det med rimelighed kan for-</td></tr><tr><td colspan="1">ventes, at de enkeltvis eller samlet har indfly-</td></tr><tr><td colspan="1">delse på de økonomiske beslutninger, som</td></tr><tr><td colspan="1">regnskabsbrugerne træffer på grundlag af års-</td></tr><tr><td colspan="1">regnskabet.</td></tr><tr><td colspan="1">Som led i en revision, der udføres i overens-</td></tr><tr><td colspan="1">stemmelse med internationale standarder</td></tr><tr><td colspan="1">om revision og de yderligere krav, der er gæl-</td></tr><tr><td colspan="1">dende i Danmark, foretager vi faglige vurde-</td></tr><tr><td colspan="1">ringer og opretholder professionel skepsis un-</td></tr><tr><td colspan="1">der revisionen. Herudover</td></tr><tr><td colspan="1">Identificerer og vurderer vi risikoen for</td></tr><tr><td colspan="1">væsentlig fejlinformation i årsregnska-</td></tr><tr><td colspan="1">bet, uanset om denne skyldes besvi-</td></tr><tr><td colspan="1">gelser eller fejl, udformer og udfører</td></tr><tr><td colspan="1">revisionshandlinger som reaktion på</td></tr><tr><td colspan="1">disse risici samt opnår revisionsbevis,</td></tr><tr><td colspan="1">der er tilstrækkeligt og egnet til at dan-</td></tr><tr><td colspan="1">ne grundlag for vores konklusion. Risi-</td></tr><tr><td colspan="1">koen for ikke at opdage væsentlig fejl-</td></tr><tr><td colspan="1">information forårsaget af besvigelser er</td></tr><tr><td colspan="1">højere end ved væsentlig fejlinformati-</td></tr><tr><td colspan="1">on forårsaget af fejl, idet besvigelser</td></tr><tr><td colspan="1">kan omfatte sammensværgelser, do-</td></tr><tr><td colspan="1">kumentfalsk, bevidste udeladelser,</td></tr><tr><td colspan="1">vildledning eller tilsidesættelse af in-</td></tr><tr><td colspan="1">tern kontrol</td></tr><tr><td colspan="1">Opnår vi forståelse af den interne kon-</td></tr><tr><td colspan="1">trol med relevans for revisionen for at</td></tr><tr><td colspan="1">kunne udforme revisionshandlinger,</td></tr><tr><td colspan="1">der er passende efter omstændighe-</td></tr><tr><td colspan="1">derne, men ikke for at kunne udtrykke</td></tr><tr><td colspan="1">en konklusion om effektiviteten af sel-</td></tr><tr><td colspan="1">skabets interne kontrol.</td></tr><tr><td colspan="1">Tager vi stilling til, om den regnskabs-</td></tr><tr><td colspan="1">praksis, som er anvendt af ledelsen, er</td></tr><tr><td colspan="1">passende, samt om de regnskabs-</td></tr><tr><td colspan="1">mæssige skøn og tilknyttede oplysnin-</td></tr><tr><td colspan="1">ger, som ledelsen har udarbejdet, er</td></tr><tr><td colspan="1">rimelige.</td></tr><tr><td colspan="1">Konkluderer vi, om ledelsens udarbej-</td></tr><tr><td colspan="1">delse af årsregnskabet på grundlag af</td></tr><tr><td colspan="1">regnskabsprincippet om fortsat drift er</td></tr><tr><td colspan="1">passende, samt om der på grundlag af</td></tr><tr><td colspan="1">det opnåede revisionsbevis er væsentlig</td></tr><tr><td colspan="1">usikkerhed forbundet med begivenheder</td></tr><tr><td colspan="1">eller forhold, der kan skabe betydelig</td></tr><tr><td colspan="1">tvivl om selskabets evne til at fortsætte</td></tr><tr><td colspan="1">driften. Hvis vi konkluderer, at der er en</td></tr><tr><td colspan="1">væsentlig usikkerhed, skal vi i vores re-</td></tr><tr><td colspan="1">visionspåtegning gøre opmærksom på</td></tr><tr><td colspan="1">oplysninger herom i årsregnskabet eller,</td></tr><tr><td colspan="1">hvis sådanne oplysninger ikke er til-</td></tr><tr><td colspan="1">strækkelige, modificere vores konklusi-</td></tr><tr><td colspan="1">on. Vores konklusioner er baseret på det</td></tr><tr><td colspan="1">revisionsbevis, der er opnået frem til</td></tr><tr><td colspan="1">datoen for vores revisionspåtegning.</td></tr><tr><td colspan="1">Fremtidige begivenheder eller forhold</td></tr><tr><td colspan="1">kan dog medføre, at selskabet ikke</td></tr><tr><td colspan="1">længere kan fortsætte driften.</td></tr><tr><td colspan="1">Tager vi stilling til, om den regnskabs-</td></tr><tr><td colspan="1">praksis, som er anvendt af ledelsen, er</td></tr><tr><td colspan="1">passende, samt om de regnskabsmæs-</td></tr><tr><td colspan="1">sige skøn og tilknyttede oplysninger,</td></tr><tr><td colspan="1">som ledelsen har udarbejdet, er rimeli-</td></tr><tr><td colspan="1">ge.</td></tr><tr><td colspan="1">Vi kommunikerer med den øverste ledelse om</td></tr><tr><td colspan="1">blandt andet det planlagte omfang og den</td></tr><tr><td colspan="1">tidsmæssige placering af revisionen samt be-</td></tr><tr><td colspan="1">tydelige revisionsmæssige observationer, her-</td></tr><tr><td colspan="1">under eventuelle betydelige mangler i intern</td></tr><tr><td colspan="1">kontrol, som vi identificerer under revisionen.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td /><td>Our objectives are to obtain reasonable assur-</td></tr><tr><td /><td>ance about whether the financial statements</td></tr><tr><td /><td>as a whole are free from material misstate-</td></tr><tr><td /><td>ment, whether due to fraud or error, and to</td></tr><tr><td /><td>issue an auditor’s report that includes our</td></tr><tr><td /><td>opinion. Reasonable assurance is a high lev-</td></tr><tr><td /><td>el of assurance but is not a guarantee that</td></tr><tr><td /><td>an audit conducted in accordance with ISAs</td></tr><tr><td /><td>and the additional requirements applicable in</td></tr><tr><td /><td>Denmark will always detect a material mis-</td></tr><tr><td /><td>statement when it exists. Misstatements can</td></tr><tr><td /><td>arise from fraud or error and are considered</td></tr><tr><td /><td>material if, individually or in the aggregate,</td></tr><tr><td /><td>they could reasonably be expected to influ-</td></tr><tr><td /><td>ence the economic decisions of users taken on</td></tr><tr><td /><td>the basis of these financial statements.</td></tr><tr><td /><td>As part of an audit conducted in accordance</td></tr><tr><td /><td>with ISAs and the additional requirements ap-</td></tr><tr><td /><td>plicable in Denmark, we exercise professional</td></tr><tr><td /><td>judgment and maintain professional skepticism</td></tr><tr><td /><td>throughout the audit. We also</td></tr><tr><td /><td>Identify and assess the risks of material</td></tr><tr><td /><td>misstatement of the financial state-</td></tr><tr><td /><td>ments, whether due to fraud or error,</td></tr><tr><td /><td>design and perform audit procedures</td></tr><tr><td /><td>responsive to those risks, and obtain</td></tr><tr><td /><td>audit evidence that is sufficient and</td></tr><tr><td /><td>appropriate to provide a basis for our</td></tr><tr><td /><td>opinion. The risk of not detecting a ma-</td></tr><tr><td /><td>terial misstatement resulting from fraud</td></tr><tr><td /><td>is higher than for one resulting from er-</td></tr><tr><td /><td>ror as fraud may involve collusion, for-</td></tr><tr><td /><td>gery, intentional omissions, misrepre-</td></tr><tr><td /><td>sentations, or the override of internal</td></tr><tr><td /><td>control.</td></tr><tr><td /><td>Obtain an understanding of internal</td></tr><tr><td /><td>control relevant to the audit in order to</td></tr><tr><td /><td>design audit procedures that are ap-</td></tr><tr><td /><td>propriate in the circumstances, but not</td></tr><tr><td /><td>for the purpose of expressing an opin-</td></tr><tr><td /><td>ion on the effectiveness of the Compa-</td></tr><tr><td /><td>ny’s internal control.</td></tr><tr><td /><td>Evaluate the appropriateness of ac-</td></tr><tr><td /><td>counting policies used and the rea-</td></tr><tr><td /><td>sonableness of accounting estimates</td></tr><tr><td /><td>and related disclosures made by Man-</td></tr><tr><td /><td>agement.</td></tr><tr><td /><td>Conclude on the appropriateness of</td></tr><tr><td /><td>Management’s use of the going con-</td></tr><tr><td /><td>cern basis of accounting in preparing</td></tr><tr><td /><td>the financial statements and, based on</td></tr><tr><td /><td>the audit evidence obtained, whether a</td></tr><tr><td /><td>material uncertainty exists related to</td></tr><tr><td /><td>events or conditions that may cast sig-</td></tr><tr><td /><td>nificant doubt on the Company’s ability</td></tr><tr><td /><td>to continue as a going concern. If we</td></tr><tr><td /><td>conclude that a material uncertainty ex-</td></tr><tr><td /><td>ists, we are required to draw attention</td></tr><tr><td /><td>in our auditor’s report to the related</td></tr><tr><td /><td>disclosures in the financial statements</td></tr><tr><td /><td>or, if such disclosures are inadequate,</td></tr><tr><td /><td>to modify our opinion. Our conclusions</td></tr><tr><td /><td>are based on the audit evidence ob-</td></tr><tr><td /><td>tained up to the date of our auditor’s</td></tr><tr><td /><td>report. However, future events or con-</td></tr><tr><td /><td>ditions may cause the Company to</td></tr><tr><td /><td>cease to continue as a going concern.</td></tr><tr><td /><td>Evaluate the appropriateness of ac-</td></tr><tr><td /><td>counting policies used and the reason-</td></tr><tr><td /><td>ableness of accounting estimates and</td></tr><tr><td /><td>related disclosures made by Manage-</td></tr><tr><td /><td>ment.</td></tr><tr><td /><td>We communicate with those charged with</td></tr><tr><td /><td>governance regarding, among other matters,</td></tr><tr><td /><td>the planned scope and timing of the audit and</td></tr><tr><td /><td>significant audit findings, including any signifi-</td></tr><tr><td /><td>cant deficiencies in internal control that we</td></tr><tr><td /><td>identify during our audit.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Udtalelse om ledelsesberetningen</td></tr><tr><td colspan="1">Ledelsen er ansvarlig for ledelsesberetningen.</td></tr><tr><td colspan="1">Vores konklusion om årsregnskabet omfatter</td></tr><tr><td colspan="1">ikke ledelsesberetningen, og vi udtrykker</td></tr><tr><td colspan="1">ingen form for konklusion med sikkerhed om</td></tr><tr><td colspan="1">ledelsesberetningen.</td></tr><tr><td colspan="1">I tilknytning til vores revision af årsregnskabet</td></tr><tr><td colspan="1">er det vores ansvar at læse ledelsesberetnin-</td></tr><tr><td colspan="1">gen og i den forbindelse overveje, om ledel-</td></tr><tr><td colspan="1">sesberetningen er væsentligt inkonsistent med</td></tr><tr><td colspan="1">årsregnskabet eller vores viden opnået ved</td></tr><tr><td colspan="1">revisionen eller på anden måde synes at inde-</td></tr><tr><td colspan="1">holde væsentlig fejlinformation.</td></tr><tr><td colspan="1">Vores ansvar er derudover at overveje, om le-</td></tr><tr><td colspan="1">delsesberetningen indeholder krævede op-</td></tr><tr><td colspan="1">lysninger i henhold til årsregnskabsloven.</td></tr><tr><td colspan="1">Baseret på det udførte arbejde er det vores</td></tr><tr><td colspan="1">opfattelse, at ledelsesberetningen er i over-</td></tr><tr><td colspan="1">ensstemmelse med årsregnskabet og er udar-</td></tr><tr><td colspan="1">bejdet i overensstemmelse med årsregnskabs-</td></tr><tr><td colspan="1">lovens krav. Vi har ikke fundet væsentlig fejlin-</td></tr><tr><td colspan="1">formation i ledelsesberetningen.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Statement on Management’s Review</td></tr><tr><td /><td>Management is responsible for Manage-</td></tr><tr><td /><td>ment’s Review.</td></tr><tr><td /><td>Our opinion on the financial statements does</td></tr><tr><td /><td>not cover Management’s Review, and we do</td></tr><tr><td /><td>not express any form of assurance conclusion</td></tr><tr><td /><td>thereon.</td></tr><tr><td /><td>In connection with our audit of the financial</td></tr><tr><td /><td>statements, our responsibility is to read Man-</td></tr><tr><td /><td>agement’s Review and, in doing so, consider</td></tr><tr><td /><td>whether Management’s Review is materially</td></tr><tr><td /><td>inconsistent with the financial statement or our</td></tr><tr><td /><td>knowledge obtained during the audit, or oth-</td></tr><tr><td /><td>erwise appears to be materially misstated.</td></tr><tr><td /><td>Moreover, it is our responsibility to consider</td></tr><tr><td /><td>whether Management’s Review provides the</td></tr><tr><td /><td>information required under the Danish Fi-</td></tr><tr><td /><td>nancial Statements Act.</td></tr><tr><td /><td>Based on the work we have performed, we</td></tr><tr><td /><td>conclude that Management’s Review is in ac-</td></tr><tr><td /><td>cordance with the financial statements and</td></tr><tr><td /><td>has been prepared in accordance with the re-</td></tr><tr><td /><td>quirements of the Danish Financial Statement</td></tr><tr><td /><td>Act. We did not identify any material mis-</td></tr><tr><td /><td>statement of Management’s Review.</td></tr></table> København 2025-07-04 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Independent Auditor’s Report</td></tr></table> Indicor GM Denmark Holdings ApS Pederstrupvej 84 DK-2750 Ballerup Ballerup <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Regnskabspraksis</td></tr><tr><td colspan="1">Regnskabsgrundlag</td></tr><tr><td colspan="1">Årsrapporten for Indicor GM Denmark Hol-</td></tr><tr><td colspan="1">dings ApS for 2024 er udarbejdet i overens-</td></tr><tr><td colspan="1">stemmelse med den årsregnskabslovens be-</td></tr><tr><td colspan="1">stemmelser for virksomheder i regnskabsklas-</td></tr><tr><td colspan="1">se C mellem.</td></tr><tr><td colspan="1">Årsrapporten er aflagt i DKK 1.000.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Accounting Policies</td></tr><tr><td /><td>Basis of preparation</td></tr><tr><td /><td>The Annual Report of Indicor GM Denmark</td></tr><tr><td /><td>Holdings ApS for 2024 has been prepared in</td></tr><tr><td /><td>accordance with the provisions of the Financial</td></tr><tr><td /><td>Statements Act applying to companies of re-</td></tr><tr><td /><td>porting class C medium.</td></tr><tr><td /><td>The Annual Report is presented in DKK thou-</td></tr><tr><td /><td>sands.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Koncernregnskab</td></tr><tr><td colspan="1">I henhold til ÅRL § 112, stk. 2 er der ikke ud-</td></tr><tr><td colspan="1">arbejdet koncernregnskab. Årsrapporten for</td></tr><tr><td colspan="1">Indicor GM Denmark Holdings ApS og tilknyt-</td></tr><tr><td colspan="1">tede dattervirksomheder indgår i koncernregn-</td></tr><tr><td colspan="1">skabet for moderselskabet Indicor LCC, North</td></tr><tr><td colspan="1">Carolina, USA.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Consolidated Financial Statements</td></tr><tr><td /><td>Pursuant to section 112(2) of the Danish Fi-</td></tr><tr><td /><td>nancial Statements Act, no consolidated finan-</td></tr><tr><td /><td>cial statements have been prepared. The An-</td></tr><tr><td /><td>nual Indicor of Roper GM Denmark Holdings</td></tr><tr><td /><td>ApS and its subsidiary are included in the</td></tr><tr><td /><td>Consolidated Financial Statements of the par-</td></tr><tr><td /><td>ent Indicor LLC, North Carolina, USA.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Pengestrømsopgørelse</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Cash flow statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">I henhold til ÅRL § 86, stk. 4 er der ikke udar-</td></tr><tr><td colspan="1">bejdet pengestrømsopgørelse. Pengestrøms-</td></tr><tr><td colspan="1">opgørelsen indgår i koncernregnskabet for</td></tr><tr><td colspan="1">moderselskabet Indicor LLC.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Pursuant to section 86(4) of the Danish Finan-</td></tr><tr><td /><td>cial Statements Act, no Cash flow statements</td></tr><tr><td /><td>have been prepared. The Cash flow statement</td></tr><tr><td /><td>is incorporated in the Consolidated Financial</td></tr><tr><td /><td>Statements of the parent Indicor LLC.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Generelt om indregning og måling</td></tr><tr><td colspan="1">Aktiver indregnes i balancen, når det er sand-</td></tr><tr><td colspan="1">synligt, at fremtidige økonomiske fordele vil</td></tr><tr><td colspan="1">tilflyde selskabet, og aktivets værdi kan måles</td></tr><tr><td colspan="1">pålideligt.</td></tr><tr><td colspan="1">Forpligtelser indregnes i balancen, når det er</td></tr><tr><td colspan="1">sandsynligt, at fremtidige økonomiske fordele</td></tr><tr><td colspan="1">vil fragå selskabet, og forpligtelsen kan måles</td></tr><tr><td colspan="1">pålideligt. Ved første indregning måles aktiver</td></tr><tr><td colspan="1">og forpligtelser til historisk kostpris. Efterføl-</td></tr><tr><td colspan="1">gende måles aktiver og forpligtelser som be-</td></tr><tr><td colspan="1">skrevet for hver enkelt regnskabspost neden-</td></tr><tr><td colspan="1">for.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>General recognition and measurement cri-</td></tr><tr><td /><td>teria</td></tr><tr><td /><td>Assets are recognised in the balance sheet</td></tr><tr><td /><td>when it is probable that future economic bene-</td></tr><tr><td /><td>fits attributable to the assets will flow to the</td></tr><tr><td /><td>Company, and the value of the asset can be</td></tr><tr><td /><td>measured reliably.</td></tr><tr><td /><td>Liabilities are recognised in the balance sheet</td></tr><tr><td /><td>when it is probable there will be an outflow of</td></tr><tr><td /><td>future economic benefits from the Company,</td></tr><tr><td /><td>and the value of the liability can be measured</td></tr><tr><td /><td>reliably. Upon initial recognition, assets and</td></tr><tr><td /><td>liabilities are measured at historical cost. Sub-</td></tr><tr><td /><td>sequently, assets and liabilities are measured</td></tr><tr><td /><td>as described for each item below.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Omregning af fremmed valuta</td></tr><tr><td colspan="1">Transaktioner i fremmed valuta er i årets løb</td></tr><tr><td colspan="1">omregnet til transaktionsdagens kurs. Gevin-</td></tr><tr><td colspan="1">ster og tab, der opstår på grund af forskelle</td></tr><tr><td colspan="1">mellem transaktionsdagens kurs og kursen på</td></tr><tr><td colspan="1">betalingsdagen, indregnes netto i resultatop-</td></tr><tr><td colspan="1">gørelsen som en finansiel post.</td></tr><tr><td colspan="1">Tilgodehavender, gæld og andre monetære</td></tr><tr><td colspan="1">poster i fremmed valuta, som ikke er afregnet</td></tr><tr><td colspan="1">på balancedagen, omregnes til balancedagens</td></tr><tr><td colspan="1">kurs. Forskelle mellem balancedagens kurs og</td></tr><tr><td colspan="1">transaktionsdagens kurs indregnes netto i re-</td></tr><tr><td colspan="1">sultatopgørelsen som en finansiel post.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Resultatopgørelse</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Administrationsomkostninger</td></tr><tr><td colspan="1">Administrationsomkostninger omfatter om-</td></tr><tr><td colspan="1">kostninger til, det administrative personale,</td></tr><tr><td colspan="1">kontoromkostninger, mv.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Administrative expenses</td></tr><tr><td /><td>Administrative expenses comprise expenses</td></tr><tr><td /><td>for administrative staff, office expenses, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Resultat af kapitalandel i dattervirksomhed</td></tr><tr><td colspan="1">I resultatopgørelsen indregnes modtagne ud-</td></tr><tr><td colspan="1">bytter samt værdireguleringer fra kapitalandel i</td></tr><tr><td colspan="1">dattervirksomhed.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Income from investment in subsidiary</td></tr><tr><td /><td>The items “Income from investments in subsid-</td></tr><tr><td /><td>iaries” in the income statement include divi-</td></tr><tr><td /><td>dends received and value adjustments.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Finansielle poster</td></tr><tr><td colspan="1">Finansielle indtægter og omkostninger omfat-</td></tr><tr><td colspan="1">ter renteindtægter og -omkostninger, kursge-</td></tr><tr><td colspan="1">vinster og -tab vedrørende gæld og transakti-</td></tr><tr><td colspan="1">oner i fremmed valuta.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial income and expenses</td></tr><tr><td /><td>Financial income and expenses comprise in-</td></tr><tr><td /><td>terest receipts and expenses, exchange gains</td></tr><tr><td /><td>and losses on debt and transactions in foreign</td></tr><tr><td /><td>currencies.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Selskabsskat og udskudt skat</td></tr><tr><td colspan="1">Årets skat består af periodens aktuelle skat og</td></tr><tr><td colspan="1">forskydninger i udskudt skat.</td></tr><tr><td colspan="1">Aktuelle skatteforpligtelser indregnes i balan-</td></tr><tr><td colspan="1">cen som kortfristet gæld i det omfang, der ikke</td></tr><tr><td colspan="1">er foretaget betaling heraf.</td></tr><tr><td colspan="1">Udskudte skatteforpligtelser indregnes i balan-</td></tr><tr><td colspan="1">cen som en hensættelse. Den udskudte skat-</td></tr><tr><td colspan="1">teforpligtelse er indregnet som skatten af alle</td></tr><tr><td colspan="1">midlertidige forskelle. Den udskudte skattefor-</td></tr><tr><td colspan="1">pligtelse beregnes med den aktuelle skatte-</td></tr><tr><td colspan="1">procent.</td></tr><tr><td colspan="1">Udskudte skatteaktiver indregnes i balancen</td></tr><tr><td colspan="1">som et finansielt anlægsaktiv, i det omfang det</td></tr><tr><td colspan="1">skønnes at kunne anvendes.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Corporation tax and deferred tax</td></tr><tr><td /><td>The tax for the period consists of current tax</td></tr><tr><td /><td>and movements in deferred tax.</td></tr><tr><td /><td>Current tax obligations are recorded in the</td></tr><tr><td /><td>balance sheet as short-term liabilities to the</td></tr><tr><td /><td>extent that they have not been paid.</td></tr><tr><td /><td>Deferred tax obligations are recorded in the</td></tr><tr><td /><td>balance sheet as a liability. The deferred tax</td></tr><tr><td /><td>obligation is recognized as the tax on all tem-</td></tr><tr><td /><td>porary differences. For calculating the deferred</td></tr><tr><td /><td>tax obligation the current tax rate is used.</td></tr><tr><td /><td>Deferred tax assets are recognized in the bal-</td></tr><tr><td /><td>ance sheet as financial fixed assets to the ex-</td></tr><tr><td /><td>tent that it is “more likely than not” that the as-</td></tr><tr><td /><td>set is realizable.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balancen</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Kapitalandele i dattervirksomheder</td></tr><tr><td colspan="1">Kapitalandele i dattervirksomheder indregnes</td></tr><tr><td colspan="1">og måles til kostværdi. I tilfælde, hvor kostpri-</td></tr><tr><td colspan="1">sen overstiger genindvindingsværdien, ned-</td></tr><tr><td colspan="1">skrives til denne lavere værdi.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tilgodehavender</td></tr><tr><td colspan="1">Tilgodehavender måles til balancedagens</td></tr><tr><td colspan="1">kostpris eller en lavere nettorealisationsværdi.</td></tr><tr><td colspan="1">Der nedskrives til imødegåelse af forventede</td></tr><tr><td colspan="1">tab.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Receivables</td></tr><tr><td /><td>Receivables are measured in the balance</td></tr><tr><td /><td>sheet at lower of amortised cost and net real-</td></tr><tr><td /><td>isable value. Provisions for bad debts are</td></tr><tr><td /><td>made.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Forpligtelser</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Finansielle gældsforpligtelser</td></tr><tr><td colspan="1">Andre gældsforpligtelser, som omfatter gæld til</td></tr><tr><td colspan="1">leverandører, tilknyttede virksomheder samt</td></tr><tr><td colspan="1">anden gæld, måles til amortiseret kostpris.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Liabilities</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial liabilities</td></tr><tr><td /><td>Other liabilities comprising trade payables,</td></tr><tr><td /><td>payables to subsidiaries and other liabilities</td></tr><tr><td /><td>are measured at amortised cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Foreign currency translation</td></tr><tr><td /><td>For the purpose of initial recognition, transac-</td></tr><tr><td /><td>tions in foreign currencies are translated at the</td></tr><tr><td /><td>exchange rates at the transaction date. Gains</td></tr><tr><td /><td>and losses arising between the exchange</td></tr><tr><td /><td>rates at the transaction date and the exchange</td></tr><tr><td /><td>rates at the settlement date are recognised in</td></tr><tr><td /><td>“Financing expenses and income, net” in the</td></tr><tr><td /><td>income statement.</td></tr><tr><td /><td>Receivables, payables and other monetary</td></tr><tr><td /><td>items in foreign currencies not settled at the</td></tr><tr><td /><td>balance sheet date are translated at the ex-</td></tr><tr><td /><td>change rates at the balance sheet date. Dif-</td></tr><tr><td /><td>ferences between the exchange rates at the</td></tr><tr><td /><td>balance sheet date and the exchange rates at</td></tr><tr><td /><td>the time of the occurrence of the receivable or</td></tr><tr><td /><td>the payable are recognised in “Financing ex-</td></tr><tr><td /><td>penses and income” in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Investments in subsidiaries</td></tr><tr><td /><td>Investments in subsidiaries are recognized</td></tr><tr><td /><td>and measured at cost. Where cost exceeds</td></tr><tr><td /><td>the recoverable amount, write down is made to</td></tr><tr><td /><td>this lower value.</td></tr></table> 264000 0 5415000 -5679000 3760000 -9439000 -9439000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" >Egenkapitalopgørelse</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Statement of Changes in Equity</td></tr><tr><td colspan="4"></td></tr><tr><td width="39%" ></td><td width="20%" colspan="1" align="right" valign="middle" >Anparts-</td><td width="20%" colspan="1" align="right" valign="middle" >Overført</td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="39%" ></td><td width="20%" colspan="1" align="right" valign="middle" >kapital</td><td width="20%" colspan="1" align="right" valign="middle" >resultat</td><td width="21%" colspan="1" align="right" valign="middle" >I alt</td></tr><tr><td width="39%" ></td><td width="20%" ></td><td width="20%" colspan="1" align="right" valign="middle" >Retained</td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="39%" ></td><td width="20%" colspan="1" align="right" valign="middle" >Share capital</td><td width="20%" colspan="1" align="right" valign="middle" >earnings</td><td width="21%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="39%" ></td><td width="20%" colspan="1" align="right" valign="middle" >TDKK</td><td width="20%" colspan="1" align="right" valign="middle" >TDKK</td><td width="21%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td colspan="4"></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Egenkapital pr. 1. januar 2024</td><td width="20%" align="right" valign="middle" >500</td><td width="20%" align="right" valign="middle" >246699</td><td width="21%" align="right" valign="middle" >247199</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Equity at January 1, 2024</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >'Årets resultat</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >-9439</td><td width="21%" align="right" valign="middle" >-9439</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Net result for the year</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Egenkapital 31. december 2024</td><td width="20%" align="right" valign="middle" >500</td><td width="20%" align="right" valign="middle" >237260</td><td width="21%" align="right" valign="middle" >237760</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Equity at December 31, 2024</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Selskabskapitalen består af 3.000 aktier af TDKK 1. Ingen aktier er tillagt særlige rettigheder.</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >The share capital consists of 3,000 shares of TDKK 1. No shares carry any special rights.</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >'Forslag til resultatdisponering</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Proposed distribution of profit</td></tr><tr><td colspan="4"></td></tr><tr><td width="39%" ></td><td width="20%" ></td><td width="20%" align="right" valign="middle" >2024</td><td width="21%" align="right" valign="middle" >2023</td></tr><tr><td colspan="4"></td></tr><tr><td width="39%" ></td><td width="20%" ></td><td width="20%" colspan="1" align="right" valign="middle" >TDKK</td><td width="21%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td colspan="4"></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Overført til egenkapitalen</td><td width="20%" align="right" valign="middle" >-9439</td><td width="21%" align="right" valign="middle" >-9605</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Retained earnings</td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Disponeret i alt</td><td width="20%" align="right" valign="middle" >-9439</td><td width="21%" align="right" valign="middle" >-9605</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Total distribution</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="2%" ></td><td width="98%" colspan="3" align="left" valign="middle" >Noter til årsrapporten</td></tr><tr><td colspan="4"></td></tr><tr><td width="2%" align="right" valign="middle" >1</td><td width="98%" colspan="3" align="left" valign="middle" >Finansielle omkostninger</td></tr><tr><td width="2%" ></td><td width="98%" colspan="3" align="left" valign="middle" >Financing expenses</td></tr><tr><td width="2%" ></td><td width="41%" ></td><td width="28%" align="right" valign="middle" >2024</td><td width="29%" align="right" valign="middle" >2023</td></tr><tr><td width="2%" ></td><td width="41%" ></td><td width="28%" colspan="1" align="right" valign="middle" >TDKK</td><td width="29%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td colspan="4"></td></tr><tr><td width="2%" ></td><td width="41%" colspan="1" align="left" valign="middle" >Renteudgifter tilknyttede virksomheder</td><td width="28%" align="right" valign="middle" >-5415</td><td width="29%" align="right" valign="middle" >-5241</td></tr><tr><td width="2%" ></td><td width="98%" colspan="3" align="left" valign="middle" >Interest paid to group enterprises</td></tr><tr><td width="2%" ></td><td width="41%" ></td><td width="28%" align="right" valign="middle" >-5415</td><td width="29%" align="right" valign="middle" >-5241</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="2%" align="right" valign="middle" >2</td><td width="98%" colspan="3" align="left" valign="middle" >Selskabsskat</td></tr><tr><td width="2%" ></td><td width="41%" colspan="1" align="left" valign="middle" >Corporate income tax</td><td width="28%" align="right" valign="middle" >2024</td><td width="29%" align="right" valign="middle" >2023</td></tr><tr><td width="2%" ></td><td width="41%" ></td><td width="28%" colspan="1" align="right" valign="middle" >TDKK</td><td width="29%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td width="2%" ></td><td width="41%" colspan="1" align="left" valign="middle" >Årets aktuelle skat</td><td width="28%" align="right" valign="middle" >-3760</td><td width="29%" align="right" valign="middle" >-4104</td></tr><tr><td width="2%" ></td><td width="98%" colspan="3" align="left" valign="middle" >Tax provision of the year</td></tr><tr><td colspan="4"></td></tr><tr><td width="2%" ></td><td width="41%" colspan="1" align="left" valign="middle" >Årets skat</td><td width="28%" align="right" valign="middle" >-3760</td><td width="29%" align="right" valign="middle" >-4104</td></tr><tr><td colspan="4"></td></tr><tr><td width="2%" ></td><td width="98%" colspan="3" align="left" valign="middle" >Tax for the year</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="6"></td></tr><tr><td width="1%" align="right" valign="middle" >3</td><td width="99%" colspan="5" align="left" valign="middle" >Finansielle anlægsaktiver</td></tr><tr><td width="1%" ></td><td width="99%" colspan="5" align="left" valign="middle" >Fixed investments</td></tr><tr><td colspan="6"></td></tr><tr><td width="1%" ></td><td width="43%" colspan="2" align="left" valign="middle" >Kapitalandel i dattervirksomhed</td><td width="17%" align="right" valign="middle" >2024</td><td width="17%" ></td><td width="22%" align="right" valign="middle" >2023</td></tr><tr><td width="1%" ></td><td width="60%" colspan="3" align="left" valign="middle" >Investment in subsidiary</td><td width="17%" colspan="1" align="right" valign="middle" >TDKK</td><td width="22%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td colspan="6"></td></tr><tr><td width="1%" ></td><td width="60%" colspan="3" align="left" valign="middle" >Kostpris 1. Januar</td><td width="17%" align="right" valign="middle" >2283776</td><td width="22%" align="right" valign="middle" >2283776</td></tr><tr><td width="1%" ></td><td width="99%" colspan="5" align="left" valign="middle" >Cost at January 1</td></tr><tr><td width="1%" ></td><td width="60%" colspan="3" align="left" valign="middle" >Kostpris 31. december</td><td width="17%" align="right" valign="middle" >2283776</td><td width="22%" align="right" valign="middle" >2283776</td></tr><tr><td width="1%" ></td><td width="99%" colspan="5" align="left" valign="middle" >Cost at December 31</td></tr><tr><td width="1%" ></td><td width="60%" colspan="3" align="left" valign="middle" >Værdiregulering 1. januar</td><td width="17%" align="right" valign="middle" >-1869821</td><td width="22%" align="right" valign="middle" >-1869821</td></tr><tr><td width="1%" ></td><td width="99%" colspan="5" align="left" valign="middle" >Value adjustment at January 1</td></tr><tr><td width="1%" ></td><td width="60%" colspan="3" align="left" valign="middle" >Værdiregulering 31. december</td><td width="17%" align="right" valign="middle" >-1869821</td><td width="22%" align="right" valign="middle" >-1869821</td></tr><tr><td width="1%" ></td><td width="99%" colspan="5" align="left" valign="middle" >Value adjustment at December 31</td></tr><tr><td width="1%" ></td><td width="60%" colspan="3" align="left" valign="middle" >Regnskabsmæssig værdi 31. december</td><td width="17%" align="right" valign="middle" >413955</td><td width="22%" align="right" valign="middle" >413955</td></tr><tr><td width="1%" ></td><td width="99%" colspan="5" align="left" valign="middle" >Carrying amount at December 31</td></tr><tr><td colspan="6"></td></tr><tr><td width="1%" ></td><td width="99%" colspan="5" align="left" valign="middle" >Kapitalandel i dattervirksomhed (fortsat)</td></tr><tr><td width="1%" ></td><td width="99%" colspan="5" align="left" valign="middle" >Investment in subsidiary (continued)</td></tr><tr><td colspan="6"></td></tr><tr><td width="1%" ></td><td width="99%" colspan="5" align="left" valign="middle" >Kapitalandel i dattervirksomhed specificeres således</td></tr><tr><td width="1%" ></td><td width="99%" colspan="5" align="left" valign="middle" >Investment in subsidiary is specified as follows</td></tr><tr><td colspan="6"></td></tr><tr><td width="1%" ></td><td width="26%" ></td><td width="17%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Egen-</td><td width="22%" colspan="1" align="right" valign="middle" >Stemme- og</td></tr><tr><td width="1%" ></td><td width="26%" colspan="1" align="left" valign="middle" >Navn</td><td width="17%" colspan="1" align="right" valign="middle" >Hjemsted</td><td width="17%" colspan="1" align="right" valign="middle" >Årets resultat</td><td width="17%" colspan="1" align="right" valign="middle" >kapital</td><td width="22%" colspan="1" align="right" valign="middle" >ejerandel</td></tr><tr><td width="1%" ></td><td width="26%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Place of</td><td width="17%" colspan="1" align="right" valign="middle" >Net profit for</td><td width="17%" colspan="1" align="right" valign="middle" ></td><td width="22%" colspan="1" align="right" valign="middle" >Votes and</td></tr><tr><td width="1%" ></td><td width="26%" colspan="1" align="left" valign="middle" >Name</td><td width="17%" colspan="1" align="right" valign="middle" >reg.office</td><td width="17%" colspan="1" align="right" valign="middle" >the year</td><td width="17%" colspan="1" align="right" valign="middle" >Equity</td><td width="22%" colspan="1" align="right" valign="middle" >ownership</td></tr><tr><td width="1%" ></td><td width="26%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" >EUR</td><td width="17%" colspan="1" align="right" valign="middle" >EUR</td><td width="22%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="1%" ></td><td width="26%" colspan="1" align="left" valign="middle" >Indicor Germany GmbH & Co. KG</td><td width="17%" colspan="1" align="right" valign="middle" >Tyskland</td><td width="17%" align="right" valign="middle" >3053</td><td width="17%" align="right" valign="middle" >79276</td><td width="22%" align="right" valign="middle" >100</td></tr><tr><td width="1%" ></td><td width="26%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Germany</td><td width="17%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td><td width="22%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="4%" align="right" valign="middle" >4</td><td width="96%" colspan="1" align="left" valign="middle" >Langfristet gæld</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Long-term debt</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Gældsforpligtelserne forfalder efter 5 år.</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Debt obligations are due after 5 years.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2"></td></tr><tr><td width="4%" align="right" valign="middle" >5</td><td width="96%" colspan="1" align="left" valign="middle" >Eventualforpligtelser</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Contingent liabilities</td></tr><tr><td colspan="2"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Indicor GM Denmark Holdings ApS er sambeskattet med de øvrige danske selskaber i Indicor</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >koncernen. Sambeskatningen omfatter også kildeskat i form af skat på udbytte, royalty og renter. De</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >danske selskaber hæfter solidarisk og individuelt for sambeskatningen. Eventuelle senere</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >korrektioner af den skattepligtige sambeskatningsindkomst eller kildeskatter kan medføre en større</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >hæftelsesforpligtelse.</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Skatten for de individuelle selskaber er fuldt fordelt på baggrund af den forventede skattepligtige</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >indkomst.</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Indicor GM Denmark Holdings ApS are jointly taxed with the Danish companies in the Indicor Group. The joint</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >taxation also covers withholding taxes in the form of dividend tax, royalty tax and interest tax. The Danish</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >companies are jointly and individually liable for the joint taxation. Any subsequent adjustments to income taxes</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >and withholding taxes may lead to a larger liability.</td></tr><tr><td colspan="2"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >The tax for the individual companies is allocated in full on the basis of the expected taxable income.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="3%" align="right" valign="middle" >6</td><td width="97%" colspan="2" align="left" valign="middle" >Nærtstående parter og ejerforhold</td></tr><tr><td width="3%" ></td><td width="97%" colspan="2" align="left" valign="middle" >Related parties and ownership</td></tr><tr><td colspan="3"></td></tr><tr><td width="3%" ></td><td width="57%" colspan="1" align="left" valign="middle" >Bestemmende indflydelse</td><td width="40%" colspan="1" align="left" valign="middle" >Grundlag</td></tr><tr><td width="3%" ></td><td width="57%" colspan="1" align="left" valign="middle" >Controlling influence</td><td width="40%" colspan="1" align="left" valign="middle" >Basis</td></tr><tr><td colspan="3"></td></tr><tr><td width="3%" ></td><td width="57%" colspan="1" align="left" valign="middle" >Indicor Europe GmbH</td><td width="40%" colspan="1" align="left" valign="middle" >Ejer 100% af anpartskapitalen i Indicor</td></tr><tr><td width="3%" ></td><td width="57%" colspan="1" align="left" valign="middle" >Ingolstädterstr. 12</td><td width="40%" colspan="1" align="left" valign="middle" >GM Denmark Holdings ApS</td></tr><tr><td width="3%" ></td><td width="57%" colspan="1" align="left" valign="middle" >80807 München</td><td width="40%" colspan="1" align="left" valign="middle" >Owns 100% of the share capital in Indicor</td></tr><tr><td width="3%" ></td><td width="57%" ></td><td width="40%" colspan="1" align="left" valign="middle" >GM Denmark Holdings ApS</td></tr><tr><td width="3%" ></td><td width="57%" colspan="1" align="left" valign="middle" >Øvrige næststående parter</td><td width="40%" colspan="1" align="left" valign="middle" >Grundlag</td></tr><tr><td width="3%" ></td><td width="57%" colspan="1" align="left" valign="middle" >Other related party</td><td width="40%" colspan="1" align="left" valign="middle" >Basis</td></tr><tr><td colspan="3"></td></tr><tr><td width="3%" ></td><td width="57%" colspan="1" align="left" valign="middle" >Indicor LLC</td><td width="40%" colspan="1" align="left" valign="middle" >Det ultimative moderselskab</td></tr><tr><td width="3%" ></td><td width="57%" colspan="1" align="left" valign="middle" >11605 N. Community House Rd.,</td><td width="40%" colspan="1" align="left" valign="middle" >The ultimate parent company</td></tr><tr><td width="3%" ></td><td width="97%" colspan="2" align="left" valign="middle" >Ste. 250, Charlotte</td></tr><tr><td width="3%" ></td><td width="97%" colspan="2" align="left" valign="middle" >NC 28277</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2"></td></tr><tr><td width="4%" align="right" valign="middle" >7</td><td width="96%" colspan="1" align="left" valign="middle" >Koncernregnskab</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Consolidated Financial Statements</td></tr><tr><td colspan="2"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Indicor GM Denmark Holdings</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >ApS er 100 %-ejet datterselskab</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >af Indicorr Europe GmbH,</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Germany.</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Indicor GM Denmark Holdings ApS is 100% owned by Indicor Europe GmbH, Germany.</td></tr><tr><td colspan="2"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Selskabet indgår i koncernregnskabet for Indicor LLC, (det ulti-mative moderselskab), North</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Carolina, USA.</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >The Company is included in the Consolidated Financial Statements of Indicor LLC (the ultimate parent</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >company), North Carolina,USA.</td></tr><tr><td colspan="2"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Koncernregnskabet for Indicor LLC kan rekvireres på følgende adresse</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >The Consolidated Financial Statements of Indicor LLC may be obtained at the following address</td></tr><tr><td colspan="2"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Indicor LLC</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >11605 N. Community House Rd., Ste. 250, Charlotte</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >North Carolina 28277</td></tr><tr><td colspan="2"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Transaktioner med Nærtstående parter</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Related party transactions</td></tr><tr><td colspan="2"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >I Indicor koncernen er der koncerninterne lånemellemværende mellem en række</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >selskaber, på hvilke der beregnes renter på almindelige markedsvilkår.</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >There are intercompany loans to affiliated companies in the Indicor concern on which interest are</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >performed on arm's length basis.</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Herudover har der, bortset fra ovenstående, ikke været gennemført transaktioner med</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >tilknyttede virksomheder eller andre nærtstående.</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >Apart from the above, there have been no transactions with group enterprises or other related</td></tr><tr><td width="4%" ></td><td width="96%" colspan="1" align="left" valign="middle" >parties, except for intercompany transactions.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Ledelsesberetning</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="6">Hoved- og nøgletalsoversigt</td></tr><tr><td colspan="6">Set over en 5-årig periode kan selskabets udvikling beskrives ved følgende hoved- og nøgletal</td></tr><tr><td /><td>2024</td><td>2023</td><td>2022</td><td>2021</td><td>2020</td></tr><tr><td /><td>DKK '000</td><td>DKK '000</td><td>DKK '000</td><td>DKK '000</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Der henvises til definitioner i afsnittet om regnskabspraksis vedrørende beregning af nøgletal.</td></tr><tr><td colspan="1">For definitions af ratios, see under accounting policies.</td></tr></table> -5415000 -0.0009 0.5218 -0.0355 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Hovedaktivitet</td></tr><tr><td colspan="1">Hovedaktiviteten i Indicor GM Denmark Hol-</td></tr><tr><td colspan="1">dings ApS består i at eje kommanditselskabs-</td></tr><tr><td colspan="1">andele i Indicor Germany GmbH &amp; Co. KG,</td></tr><tr><td colspan="1">Tyskland.</td></tr><tr><td colspan="1">Der har ikke været yderligere aktivitet i selska-</td></tr><tr><td colspan="1">bet i årets løb.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Main activity</td></tr><tr><td /><td>The main activity in Indicor GM Denmark Hold-</td></tr><tr><td /><td>ings ApS consists of ownership of limited part-</td></tr><tr><td /><td>nership interest in Indicor Germany GmbH &amp;</td></tr><tr><td /><td>Co. KH, Germany.</td></tr><tr><td /><td>No other activities have taken place in the</td></tr><tr><td /><td>Company during the year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Miljøforhold og klimapåvirkning</td></tr><tr><td colspan="1">Indicor GM Denmark Holdings udfører kun in-</td></tr><tr><td colspan="1">vesteringsaktiviteter, som ikke har nogen mil-</td></tr><tr><td colspan="1">jømæssig eller klimapåvirkning, og derfor har</td></tr><tr><td colspan="1">Indicor GM Denmark Holdings ingen CSR-</td></tr><tr><td colspan="1">politikker relateret miljø og klima.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Environmental and climate impact</td></tr><tr><td /><td>Indicor GM Denmark Holdings only performs</td></tr><tr><td /><td>investment activities, which does not have any</td></tr><tr><td /><td>environmental or climate impact, and for this</td></tr><tr><td /><td>reason Indicor GM Denmark Holdings does</td></tr><tr><td /><td>not have any CSR policies related to environ-</td></tr><tr><td /><td>ment and climate.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Årets resultat</td></tr><tr><td colspan="1">Indicor GM Denmark Holdings generede et</td></tr><tr><td colspan="1">underskud efter skat på TDKK 9,439 sammen-</td></tr><tr><td colspan="1">lignet med et underskud på TDKK 9.605 i</td></tr><tr><td colspan="1">2023. Periodens resultatet er som forventet.</td></tr><tr><td colspan="1">Balancen udviser en egenkapital på TDKK</td></tr><tr><td colspan="1">237.760 (2023 TDKK 247.199). På denne</td></tr><tr><td colspan="1">baggrund anser ledelsen resultatet som til-</td></tr><tr><td colspan="1">fredsstillende.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Profit for the year</td></tr><tr><td /><td>Indicor GM Denmark Holdings made a loss</td></tr><tr><td /><td>after tax of DKK 9,439K compared to a loss of</td></tr><tr><td /><td>DKK 9,605K in 2023. The net result is as ex-</td></tr><tr><td /><td>pected.</td></tr><tr><td /><td>The balance statement shows an equity of</td></tr><tr><td /><td>DKK 237,760K (2023: DKK 247,199K) On this</td></tr><tr><td /><td>basis management considers the result ac-</td></tr><tr><td /><td>ceptable.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Forventninger til fremtiden</td></tr><tr><td colspan="1">Indicor GM Denmark Holdings forventer et</td></tr><tr><td colspan="1">driftstab i niveauet TDKK 10.000 – 15.000, og</td></tr><tr><td colspan="1">Indicor GM Denmark Holdings forventer ikke</td></tr><tr><td colspan="1">at modtage indtægter fra Kapitalinteresser i</td></tr><tr><td colspan="1">datterselskaber i 2025.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Expectations for the future</td></tr><tr><td /><td>Indicor GM Denmark Holdings expects operat-</td></tr><tr><td /><td>ing loss in the range of DKK 10,000k –</td></tr><tr><td /><td>15,000k, and the Indicor GM Denmark Hold-</td></tr><tr><td /><td>ings is not expecting to receive any income</td></tr><tr><td /><td>from investments in subsidiaries in 2025.</td></tr></table> Årsrapport 34209936 Grant Thornton, Statsautoriseret Revisionspartnerselskab Lautrupsgade 11 2100 København Ø xWizard version 1.1.1380.0, by EasyX Aps. www.easyx.eu 2023-01-01 2023-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Neuman Leverett III Michael Patrick Morgan 260000 0 5241000 -5501000 4104000 -9605000 -9605000 -5241000 -0.0009 0.5427 -0.0345 413955000 413955000 413955000 500000 237260000 237760000 113714000 113714000 54481000 135000 7865000 62481000 413955000 413955000 413955000 413955000 500000 246699000 247199000 108299000 108299000 54231000 122000 4104000 58457000 413955000 Primært driftsresultat -264000 Primært driftsresultat -260000 Primært driftsresultat -261000 Primært driftsresultat -115000 Primært driftsresultat -153000 -941688000 -945072000 -0.0009 0.5627 -0.0873 -237905000 -241036000 0 0.8082 -0.0873 -141869000 -145263000 0 0.8273 -0.0873 Tilgang materielle anlægsaktiver 0 Tilgang materielle anlægsaktiver 0 Tilgang materielle anlægsaktiver 0 Tilgang materielle anlægsaktiver 0 Tilgang materielle anlægsaktiver 0 414902000 256804000 1351654000 1201876000 1584840000 1442912000 Grant Thornton Godkendt Revisionspartnerselskab 34209936 Michael Beuchert statsautoriseret revisor mne32794 Lautrupsgade 11 DK-2100 København