19196003 2024-07-01 2025-06-30 2 19196003 2024-07-01 2025-06-30 3 19196003 2024-07-01 2025-06-30 19196003 2024-07-01 2025-06-30 1 19196003 2023-07-01 2024-06-30 19196003 2025-06-30 19196003 2024-06-30 19196003 2024-07-01 19196003 2023-07-01 19196003 2024-07-01 d:FixturesFittingsToolsAndEquipmentMember 19196003 2025-06-30 d:FixturesFittingsToolsAndEquipmentMember 19196003 2024-07-01 2025-06-30 d:FixturesFittingsToolsAndEquipmentMember 19196003 2024-07-01 d:DepositsLongtermInvestmentsAndReceivablesMember 19196003 2024-07-01 2025-06-30 d:DepositsLongtermInvestmentsAndReceivablesMember 19196003 2025-06-30 d:DepositsLongtermInvestmentsAndReceivablesMember 19196003 2024-07-01 d:ContributedCapitalMember 19196003 2023-07-01 d:ContributedCapitalMember 19196003 2025-06-30 d:ContributedCapitalMember 19196003 2024-06-30 d:ContributedCapitalMember 19196003 2024-07-01 d:RetainedEarningsMember 19196003 2023-07-01 d:RetainedEarningsMember 19196003 2024-07-01 2025-06-30 d:RetainedEarningsMember 19196003 2023-07-01 2024-06-30 d:RetainedEarningsMember 19196003 2024-07-01 2025-06-30 d:ProposedExtraordinaryDividendRecognisedInEquityMember 19196003 2023-07-01 2024-06-30 d:ProposedExtraordinaryDividendRecognisedInEquityMember 19196003 2025-06-30 d:RetainedEarningsMember 19196003 2024-06-30 d:RetainedEarningsMember 19196003 2024-07-01 2025-06-30 1 19196003 2024-07-01 2025-06-30 1 19196003 2024-07-01 2025-06-30 2 19196003 2024-07-01 2025-06-30 3 19196003 2022-01-01 2022-12-31 19196003 2021-01-01 2021-12-31 19196003 2020-01-01 2020-12-31 19196003 2022-12-31 19196003 2021-12-31 19196003 2020-12-31 19196003 2024-07-01 2025-06-30 0 19196003 2023-07-01 2024-06-30 0 19196003 2022-01-01 2022-12-31 0 19196003 2021-01-01 2021-12-31 0 19196003 2020-01-01 2020-12-31 0 19196003 2024-07-01 2025-06-30 1 19196003 2023-07-01 2024-06-30 1 19196003 2022-01-01 2022-12-31 1 19196003 2021-01-01 2021-12-31 1 19196003 2020-01-01 2020-12-31 1 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2023-07-01 2024-06-30 2024-07-01 2025-06-30 19196003 Boston Group A/S Lucernemarken 9 3520 Farum 1996-03-01 Furesø Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Michael Beuchert statsautoriseret revisor mne32794 Lautrupsgade 11 2100 København Ø Danmark +45 33 110 220 info@dk.gt.com 2025-10-29 Claus Holm Regnskabsklasse C, stor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejerne København 2025-10-29 Farum 2025-10-29 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Gross margin ratio Gross profit x 100 / RevenueAcid test ratio                  Current assets x 100                 / Short term liabilities other than provisionsSolvency ratio Equity, closing balance x 100 / Total assets, closing balanceReturn on equity Net profit or loss for the year x 100 / Average equity 1633487086 1027566393 8792283 427239 1126801 1791109921 966266767 11852051 9355809 66971922 61862901 17947636 13668835 21917 71415 6737257 0 42265112 48122651 87745 370451 4711234 2680361 37641623 45812741 8448852 10668245 29192771 35144496 45000000 35000000 -15807229 144496 18623 40540 18623 40540 472094 463014 472094 463014 490717 503554 394873620 158854051 12238127 5692871 407111747 164546922 31237107 16361926 6702780 6698638 89610 118869 1557994 13002652 513243 445954 40100734 36628039 0 17733012 447212481 218907973 447703198 219411527 0 500000 500000 38586968 54394197 39086968 54894197 290642876 102378180 88427616 45680781 19085132 10665454 10460606 5792915 408616230 164517330 408616230 164517330 447703198 219411527 29192771 35144496 13094258 11643414 -1938620 19430632 40348409 66218542 87745 370452 4711234 2680361 35724920 63908633 8448852 7226830 27276068 56681803 9080 0 -9080 0 0 4508776 45000000 35000000 -45000000 -39508776 -17733012 17173027 17733012 559985 0 17733012 0 17733012 16304453 11877296 1466615 1665232 176568 126307 17947636 13668835 27 22 2873354 2053549 1837880 626812 4711234 2680361 1541861 1541861 1501321 21917 1523238 18623 463014 9080 472094 472094 500000 500000 500000 500000 54394197 54249701 -15807229 144496 45000000 35000000 45000000 35000000 38586968 54394197 21917 71415 -87745 -370451 4711234 2680361 8448852 10668245 0 -1400000 0 -6156 Today, the Board of Directors and the Managing Director have approved the annual report of Boston Group A/S for the financial year 1 July 2024 - 30 June 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 June 2025 and of the results of the Company's operations and cash flows for the financial year 1 July 2024 – 30 June 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Claus Holm Casper Lykke Pedersen Christian Banzhaf Jesper Hilarius Kalko We have audited the financial statements of Boston Group A/S for the financial year 1 July 2024 - 30 June 2025, which comprise income statement, balance sheet, statement of changes in equity, statement of cash flows, notes and a summary of significant accounting policies, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 June 2025, and of the results of the Company's operations and cash flows for the financial year 1 July 2024 - 30 June 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s ReviewManagement 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, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. 858270000 529803000 478665000 47016000 28893000 28076000 35968000 19598000 20413000 -4623000 -2310000 -3242000 -3107000 -137000 25514000 12880000 15833000 170067000 145782000 94943000 0 0 15000 72000 22000 54750000 29236000 20355000 13661000 -29406000 -708000 -56000 -80000 -22000 0 12711000 -1817000 -17733000 17173000 560000 -13045000 3731000 19 16 14 4.1 6.0 5.5 5.5 5.9 109.4 133.1 148.8 129.7 143.9 8.7 25.0 32.2 20.1 21.4 62.1 64.1 60.8 51.9 81.5 Description of key activities of the companyLike previous years, the activities are trading in electronic goods to retail chains (consumer) and to business-to-business as well as public entities. The product offering covers Small Domestic appliances,  Drones, battery systems, solar power panels and robots etc.  Development in activities and financial mattersThe revenue for the year totals DKK 1.633.487 thousand against DKK 1.027.566 thousand last year. Profit or loss from ordinary activities after tax totals DKK 29.193 thousand against DKK 35.144 thousand last year. Management considers the net profit or loss for the year satisfactory. The revenue and net profit for the year was in line with expectations. During the financial year, there was a continued focus on strengthening product assortment, systems, structures and organization. In December 2024 a new management team was established. New productsThe development of and focus on the business within professional and commercial drones has, as expected grown and is expected to contribute to a further growth the coming years.  Significant growth was also realized in electronic products within the Small Domestic Appliances. The growth was driven by a combination of existing and new brands/products. Furthermore, a new business area within BtB electronics was established, based on existing brand portfolio combined with new brands. The area is still a minor part of the total revenue, but the area shows great potential. InvestmentsDuring the Financial year a significant replacement of IT hardware and IT applications were initiated.  During the coming year, investments in IT systems will among others include new ERP system, BI system, Cyber security and e-com BtB solution.  January 1, 2026, the company will move into a new office. Management expects furthermore to conclude a new lease for a bigger warehouse. In connection with the leases, investments will be required in furniture, IT, racks, security etc.  Financial resourcesThe credit facilities for the group are reviewed on regular basis and expanded as the company continues to grow. The budgeted cash flow for 2025/26 can be met based on the current agreements in place.  Development for the year relative to the expectationsThe revenue and net profit for the year exceeded expectations. Expected developmentsIn the coming year, net revenue for the Company is expected to be in the range of DKK 1,500 - 1,750 million, while profit after tax for Company is expected to be in the range of DKK 25 – 35 million.  Intangible key resourcesIt is essential that the company can attract and retain competent and motivated employees. During the financial year new employees were added to the organization, strengthening both resources and competence in the Company. The company has in-depth knowledge of its products and sales and marketing resources in the Nordics. With the increasing size more administrative functions are being added to the organization as well to support future requirements. Events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the the company's financial position. Corporate social responsibility report pursuant to section 99 a of the Danish Financial Statements ActBusiness model and engagement According to section 99a of the Danish Financial Statements Act, no separate statutory report has been made on corporate social responsibility for Boston Group A/S, covering the reporting period 1 July 2024 to 30 June 2025, as such information is provided for the Group as a whole in the annual report for 2024/25. The information is provided under CSR reporting in the annual report for Boston Nordic Group A/S. Report on the company’s policy on data ethics according to section 99 d of the Danish Financial Statements ActThe Company does not process data or use algorithms for data analysis, or that this is not an integral part of the Company's business strategy and business activities. Therefore the Company has not drawn up a formal policy on data ethics. 8.Deferred tax assetsDeferred tax assets 1 July 2024118.869121.660Deferred tax of the net profit or loss for the year-29.259-2.791 89.610118.869 The following items are subject to deferred tax: Property, plant, and equipment48.83653.242 Current assets40.77431.954 Other033.673 89.610118.869 12.Charges and securityThe Company has provided a floating charge of DKK 15,000 thousand over the Company’s simple claims and DKK 5,000 thousand over the Company’s simple claims and inventory as security for company’s bank facility. The following assets have been placed as security with bankers: DKK in thousands Inventories394.874 Trade receivables49.980 The Company has issued a guarantee of payment, suretyship against the group enterprises bank facility.  13.Contractual obligations and contingencies, etc. DKK in thousands Lease liabilities21 Rent liabilities1.230 Total contractual obligations1.251 Total contractual obligations and contingent liabilities1.251 Lease liabilities:In addition to finance leases, the company has entered into operational leases. The leases have 16 months to maturity and total outstanding lease payments total DKK 21.197. The Company has a rent obligation, which is irrevocable up to 31 December 2021 after which the notice period is 12 months. Joint taxationWith Boston Nordic Group A/S, company reg. no 13 90 72 77 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities. 14.Related partiesControlling interest Boston Nordic Group A/SMajority shareholder TransactionsThe company has the following related party transactions: 2024/252023/24 Sale of goods to group enterprises775.915.675617.158.717 Other expenses to group enterprises and management46.601.49729.565.885 Sale of services to group enterprises0632.367 Purchase of services from group enterprises6.737.2570 Interest paid to group companies2.873.3542.053.549 Receivables from group enterprises6.702.7806.698.638 Payables to group enterprises88.427.61645.680.781 Consolidated financial statementsThe company is included in the consolidated financial statements of Boston Nordic Group A/S, company reg. no 13 90 72 77, which is the smallest group in which the company is included as a subsidiary. The consolidated financial statements of Treville UAV Invest 2 ApS company reg. no 44 60 44 26, is the largest group in which the company is included as a subsidiary. The annual report for Boston Group A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (large enterprises).   The accounting policies are unchanged from last year, and the annual report is presented in DKK. Pursuant to section 96(3) of the Danish Financial Statements Act, the financial statements do not disclose information about fees to the auditor appointed at the annual general meeting. The fees are disclosed in the consolidated financial statements of Boston Nordic Group A/S. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. RevenueThe enterprise will be applying IAS 11 and IAS 18 as its basis of interpretation for the recognition of revenue. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of salesCost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other operating incomeOther operating income comprises items of a secondary nature as regards the principal activities of the enterprise, as well as salary reimbursements received and profit from the disposal of intangible and tangible assets. Other external expensesOther external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on tangible assets. Other operating expensesOther operating expenses comprise items of secondary nature as regards the principal activities of the enterprise, including losses on the disposal of intangible and tangible assets. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, debt and transactions in foreign currency, as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. Land is not subject to depreciation. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful lifeResidual valueOther fixtures and fittings, tools and equipment3-5years0-20 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assetsThe carrying amount of tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. InventoriesInventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Costs of goods for resale comprise acquisition costs plus delivery costs. The net realisable value for inventories is recognised as the market price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. Equity DividendDividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recogirment loss for that individual asset is recognisednised in the statement of financial position as ”Income tax receivable from group enterprises” or “Income tax payable to group enterprises”. According to the rules of joint taxation, Boston Group A/S is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Liabilities other than provisionsLiabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. The cash flow statement shows the cash flows for the year, divided in cash flows deriving from operating activities, investment activities and financing activities, respectively, the changes in the liabilities, and cash and cash equivalents at the beginning and the end of the year, respectively. The effect on cash flows derived from the acquisition and sale of enterprises appears separately under cash flows from investment activities. In the statement of cash flows, cash flows derived from acquirees are recognised as of the date of acquisition, and cash flows derived from sold enterprises are recognised until the date of sale. Cash flows from operating activitiesCash flows from operating activities are calculated as the company's share of the profit adjusted for non-cash operating items, changes in the working capital, and corporate income tax paid.  Cash flows from investment activitiesCash flows from investment activities comprise payments in connection with the acquisition and sale of  property, plant, and equipment, and investments, respectively. Cash flows from financing activitiesCash flows from financing activities include changes in the size or the composition of the company's  payment of dividend to shareholders. Cash and cash equivalentsCash and cash equivalents comprise cash on hand and demand deposits and short-term bank loans and cash equivalents and are associated with an insignificant risk of value change. Segmental statementInformation on activity and geographical markets is provided. The segmental statement complies with the consolidated accounting policies, risks, and management control systems of the company. Assets in the segment comprise the assets used directly in the segment's revenue-generating activity. Segment liabilities comprise liabilities derived from the segment's operations, including accounts payable and other liabilities.