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d:InvestmentsInGroupEnterprisesMember 40383042 2025-06-30 d:InvestmentsInGroupEnterprisesMember 40383042 2024-07-01 2025-06-30 d:InvestmentsInGroupEnterprisesMember iso4217:DKK xbrli:pure 0 0 0 0 0 0 BDO Statsautoriseret Revisionspartnerselskab Asylgade 1 U, 5. sal DK-7800 Skive 45719375 Årsrapport 2025-09-12 Morten Nors IDÈ-PRO BE HOLDING APS Skyttevej 15 7800 Skive Revisionspåtegning 40383042 2019-03-27 Skive 2024-07-01 2025-06-30 2023-07-01 2024-06-30 BDO Statsautoriseret Revisionspartnerselskab Asylgade 1 U, 5. sal 7800 Skive Jyske Bank A/S Sankt Mathias Gade 21 7800 Skive Today the Board of Directors and Executive Board have discussed and approved the Annual Report of IDÈ-PRO BE HOLDING APS for the fi­nan­ci­al year 1 July 2024  - 30 June 2025. The Annual Report is presented in accor­dance with the Da­nish Fi­nan­ci­al State­ments Act. In our opinion the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments give a true and fair view of Group's and the Company's assets, liabilities and financial position at 30 June 2025 and of the results of Group's and the Company's operations and cash flows for the fi­nan­ci­al year 1 July 2024  - 30 June 2025. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. We recommend the Annual Report be approved at the Annual General Meeting. Skive 2025-09-12 Morten Nors Jørgen Yde Jensen Chairman Thomas Hougaard Bonde Rikke Nors Benny Madsen To the Shareholder of IDÈ-PRO BE HOLDING APS Konklusion We ha­ve au­di­ted the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments of IDÈ-PRO BE HOLDING APS for the fi­nan­ci­al year 1 July 2024 - 30 June 2025, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty, no­tes and a summary of significant accounting policies for both the Group and the Parent Company, as well as consolidated statement of cash flows for the Group. The Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments are pre­pared in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   In our o­pi­ni­on, the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments give a true and fair view of the assets, liabilities and financial position of the Gro­up or the Com­pa­ny at 30 June 2025 and of the results of the Group and the Pa­rent Com­pa­ny's operations as well as the consolidated cash flows of the Group for the fi­nan­ci­al year 1 July 2024 - 30 June 2025 in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Basis for OpinionGrundlag for konklusion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments” section of our report. We are independent of the Gro­up in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We be­lie­ve that the e­vi­den­ce we ha­ve ob­tai­ned is suf­fi­ci­ent and ap­prop­ria­te to pro­vi­de a ba­sis for our con­clu­si­on.   Grundlag for konklusion Ma­na­ge­ment's Re­spon­si­bi­li­ti­es for the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments Management is responsible for the preparation of Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments that give a true and fair view in accordance with the Da­nish Fi­nan­ci­al State­ments Act and for such Internal control as Ma­na­ge­ment determines is necessary to enable the preparation of Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments that are free from material misstatement, whether due to fraud or error.   In preparing the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments, Ma­na­ge­ment is responsible for assessing the Gro­up's and the Pa­rent Com­pa­ny's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments unless Management either intends to liquidate the Gro­up or 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.   Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Gro­up's and the Pa­rent Com­pa­ny's internal control.   Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Ma­na­ge­ment.   Conclude on the appropriateness of Ma­na­ge­ment’s use of the going concern basis of accounting in preparing the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Gro­up's and the Pa­rent Com­pa­ny's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Gro­up and the Pa­rent Com­pa­ny to cease to continue as a going concern.   Evaluate the overall presentation, structure and contents of the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments, including the disclosures, and whether the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments represent the underlying transactions and events in a manner that gives a true and fair view.   Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the  Group Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.   We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.   Statement on Management Commentary Management is responsible for Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments does not cover Ma­na­ge­ment Com­men­ta­ry, and we do not express any form of assurance conclusion thereon.   In connection with our audit of the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments, our responsibility is to read Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment Com­men­ta­ry is materially inconsistent with the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that Ma­na­ge­ment Com­men­ta­ry is in accordance with the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of Ma­na­ge­ment Com­men­ta­ry.   Skive 2025-09-12 BDO Statsautoriseret Revisionspartnerselskab 45719375 Morten Hagerup Revisionspåtegning State Authorised Public Accountant mne23294 342054000 314311000 0 44930000 38693000 26626000 -1158000 -3117000 -2535000 31757000 25644000 16255000 334976000 360158000 300134000 243065000 213475000 186352000 67147000 14910000 44670000 -12128000 -42932000 -28018000 9062000 -5472000 -21906000 -41004000 -29606000 -12451000 -43526000 -27966000 300 276 273 258 222 79.1 75.5 72.1 59.1 62.1 16.1 9.4 13.9 12.8 9.1 The Group has been included in the Danish Financial Statements Act for large enterprises in accounting class C in the financial year 2022/23. As a result, net revenue is only presented for the financial years 2021/22, 2022/23, 2023/24 and 2024/25.   The ratios stated in the list of key figures and ratios have been calculated as follows:   Equity ratio:  Equity (ex. minorities), at year-end x 100 Total assets, at year-end Return on equity: Profit/loss after tax x 100        Average equity Principal activities The Parent Company’s principal activities are to act as holding company for the underlying group, solely by holding equity investments. The underlying group structure consists partly of holding companies (Idé-Pro Holding ApS and Idé-Pro Asia Holding ApS) solely for the purpose of holding equity investments in subsidiaries and partly of operating companies (Idé-Pro Skive A/S, Ejendomsselskabet Skyttevej 15 ApS, Idé-Pro AB and Idé-Pro Engineering Asia PVT Ltd.). The principal activities of the operating companies are to carry a consultancy business concerning product development and construction work and relating production and trade business. Based on inquiries from customers, the value proposition for the Group is to develop ideas for a functional prototype based on the customer's requests and which is subsequently made in plastic material, lightweight metal or EPS/EPP. The Group’s customers’ are primarily placed in Demark and the rest of Europe.   Unusual matters The Group's assets, liabilities and financial position at 30 June 2025 as well as the results of the Group's activities and cash flows for 2024/25 have not been impacted by unusual matters.   Recognition and measurement uncertainty There has not been any uncertainty at recognition and measurement in the annual report.   Development in activities and financial and economic position In the financial year, the Group’s net revenue increased by 21% to DKK 389m compared to DKK 321m in 2023/24. The operating profit (EBIT) for the financial year was DKK 62m against DKK 34m in the last financial year. The profit for the year was DKK 46m compared with DKK 24m in 2023/24. Management considers the profit for the year satisfactory. The reason for the gain in revenue is an increased demand from Idé-Pro’s customers within tools for prototypes and on-demand production in the materials plastic, metal and EPP/EPS, and that the current projects from last year were completed according to plan. The increase in profit before tax by DKK 28m is due to the above. While at the same time new and more energy efficient machines have been purchased to ensure both future financial growth and to follow the development within the industry. Capital resources Idé-Pro BE Holding ApS is well-consolidated. The Company’s equity (excluding minority interests) constitutes DKK 307m at 30 June 2025 against DKK 265m at 30 June 2024 which provides an equity ratio of 79.1% (2024: 75.5%). Based on the satisfactory figures presented above, a dividend payment of DKK 39m is proposed for the financial year.   Profit/loss for the year compared to the expected development The result for the year exceeded the expected range of DKK 35–40m, accompanied by revenue higher than the anticipated DKK 330–350m.  The increased revenue for the financial year was partly due to the successful and timely completion of major ongoing projects from previous years. At the same time, Idé-Pro managed to maintain a nearly full order book throughout the year, enabling the Company to utilise most of its production capacity and thereby achieve higher-than-expected revenue.     The result was achieved while also making significant investments during the year in new, more energy-efficient machinery, as well as in new technology within one of the Company’s core areas, which has seen a decline in activity in recent years.   Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the Company's financial position.   Financial risk Management does not expect that the Group has special risks, except normal business risks. Currency risks The main part of the Group's purchases is in DKK and EUR, and the most significant part of the sales is also in DKK and EUR. Therefore, no currency risks are considered at this point. Hence, the Group has not entered any transactions for hedging any currency risk. Based on this, the Group has not prepared a policy for currency risks. Interest risks The Group has no mortgage debt. Thus, no interest transactions have been made for hedging interest rate risks. Based on this, the Group has not prepared a policy for interest rate risks.   Research and development activities There has not been any research and development activities in or for the Group during the financial year.   Environmental matters The Group's production is in the lowest class of pollution, and Management is very aware of the risk of emission. There is a written environmental policy concerning the external environment which dictates that Idé-Pro will work proactively with minimising environmental risks while focusing on optimising resources and energy. To support this focus, Idé-Pro has implemented an environmental management system according to the standards of ISO 14001 Environmental Management Systems and ISO 50001 Energy Management and is certified according to both standards. Thereby Idé-Pro must satisfy a wide range of specified requirements which are assessed to be sufficient to ensure both compliance with the environmental legislation and prevention of potential environmental risks. A further account of specific environmental matters is part of the Company's social responsibility (CSR) report, cf. section 99 a of the Danish Financial Statements Act.   Knowledge resources At Idé-Pro we acknowledge that our employees are our most important assets. Hence, we are especially aware of risks associated with continuously attracting and retaining skilled employees. The Company invests continuously in training of its employees, so that they have the required experience and competences at any time to perform their duties.   Future expectations In the coming financial year, Management expects results at the same level as the current financial year, including a level of sales of DKK 450m, an EBIT result of DKK 60-65m and a profit for the year of DKK 45-50m based on continued development within the Group’s main areas.   Corporate social responsibility (CSR) report Idé-Pro is aware of performing its activities according to the ethical, professional and legal standards applicable. Business model Idé-Pro BE Holding ApS’ objective is to act as shareholder for the Idé-Pro Holding group. The operational principal activities of the Group companies are to carry a consultancy business concerning product development and construction work and relating production and trade business.   Based on inquiries from customers, the value proposition (the primary objective) for the Group is to develop ideas for a functional prototype based on the customer's requests and which is subsequently made in plastic material, lightweight metal or EPS/EPP. The Group’s customers’ are primarily placed in Denmark and the rest of Europe. Risk analysis The Idé-Pro group's risk of impact on the areas concerning environment and climate, social and employee matters, human rights and anti-corruption is assessed to be limited. As a significant part of the Group’s activities is based on the moulding of plastic components, the Group takes into account the public debate concerning plastics and the use thereof (including plastic pollution in the oceans), and, consequently, the potential impact this may have on risks related to the Group's image. In addition, Idé-Pro pays particular attention to the potential risks associated with the Group’s operations, including the attraction and retention of highly qualified employees, as well as the risk of corruption and violations of human rights in the Company’s production and supply chain.  Climate and environmental impact It is an organisational objective to reduce the climate footprint resulting from the Company’s activities. It is directed derived from the Company's environmental policy concerning the external environment which states that Idé-Pro will work proactively to minimise environmental risks while focusing on optimising resources and energy. Idé-Pro has proactively initiated ESG reporting in anticipation of future legal requirements under the CSRD and ESRS standards. The first ESG report was completed at the end of 2024, covering the financial year 2023/24. Using the standards of the GHG Protocol, Idé-Pro has completed its first iteration of comprehensive carbon statements and has consequently established three targets for reducing CO2 emissions: 'Total Scope 1 and 2 emissions', 'Total Scope 3 emissions', and 'Scope 1 and 2 intensity'. Despite the postponement of the EU’s CSRD directive, Idé-Pro will continue to conduct voluntary ESG reporting alongside its financial reporting to ensure transparency for all stakeholders. Total scope 1 and 2 emissions Under the GHG Protocol, Scope 1 includes internal combustion activities. For Idé-Pro, this refers to the Company’s natural gas consumption for EPS production and a smaller portion related to the operation of company-owned or controlled vehicles. Scope 2 covers the organisation’s electricity consumption, which is location-based, meaning the CO2 factor is determined by Denmark’s electricity production mix.  In 2018, the organisation’s total Scope 1 and 2 emissions amounted to 1,332 tonnes of CO2e, with the majority stemming from electricity consumption. Due to a high level of electrification and the increasing sustainability of Danish electricity production, the Company’s carbon footprint was reduced to 468 tonnes of CO2e in 2024. As the organisation aims to align with the Paris Agreement and limit global warming to below 1.5°C, a target has been set to reduce emissions by 72.8% from the 2018 baseline by 2030. This is a “science-based target”, and the possibility of formalising it through the Science Based Targets initiative (SBTi) is currently being explored. To date, the organisation has achieved a 64.9% reduction in Scope 1 and 2 emissions. Total scope 3 2023 was the first year in which the organisation prepared an inventory of its Scope 3 emissions, which are emissions occurring outside the organisation’s direct control.   Scope 3 is divided into seven categories: Purchased goods and services, Capital goods, Fuel- and energy-related activities, Upstream transportation and distribution (CO2e tonnes), Waste generated in operations, Employee commuting (CO2e tonnes), and Downstream transportation and distribution (CO2e tonnes).The organisation’s Scope 3 emissions amounted to 16,612 tonnes of CO2e in 2024, compared to 12,235 tonnes in 2023, making it by far the largest source of emissions. The category 'Purchased goods and services' accounts for the largest share at 71.8%, primarily driven by emissions from the purchase of plastic granulate. The second-largest category is 'Capital goods' at 23.5%, which includes emissions from newly acquired injection moulding machines. The organisation has set a target to reduce Scope 3 emissions by 42% by 2030, in line with the Paris Agreement and SBTi. This will be achieved through improved material selection, increased transparency and collaboration with suppliers. Future work with Scope 3 will focus on improving data accuracy by obtaining footprint data directly from suppliers.  Scope 1 and 2 intensity As Idé-Pro is a growing organisation, it is relevant to monitor CO2 intensity. This financial ratio is important to ensure that the Company does not compromise its principles for the sake of growth.  In 2018, CO2 intensity was 7.37 tonnes CO2e per million in revenue. By 2024, the intensity had significantly decreased to 1.00. The target is to reduce intensity to below 1 tonne CO2e by 2030. In March 2022, the UN Member States adopted a resolution to end plastic pollution, aiming to protect public health and the environment. Although the resolution was initially expected to be implemented in 2024, no final agreement was reached during the year. The main focus is on so-called single-use plastics. While this is outside Idé-Pro’s core business—since the Group does not produce such products—the organisation acknowledges a peripheral responsibility, which is taken seriously and is embedded in its values. It is recognised that the current focus on plastic products will expand in the coming years.  At present, the organisation works with three key non-financial metrics: scrap value, recycling rate and energy level. Scope 3 intensity (ex. Capital goods) As revenue has a significant impact on the volume of raw materials purchased and as price can influence the carbon footprint of a product, it is equally relevant to calculate the intensity level of Scope 3 emissions at Idé-Pro. For this calculation, the category 'Capital goods' has been excluded, as it relates to material investments that are capitalised over time. Including them would distort the picture, since their climate impact at the time of purchase does not align with the timing of the revenue growth they are expected to generate. In 2023, the intensity was 32.9 tonnes CO2e per DKK million in revenue, and in 2024, the intensity was 32.7 tonnes CO2e per million DKK corresponding to a 0.6% reduction in Scope 3 emissions per DKK million in revenue. Scrap value By focusing on quality, the organisation also addresses environmental concerns, as these are considered to be correlated. From a quality perspective, continuous monitoring of waste and defective products is carried out with the objective of limiting resource consumption. This is measurable and determined in monetary value, of which the target for the value of discarded materials relative to the value of finished products must not exceed 1.2%. A certain amount of waste is unavoidable, as machines produce defective items during the start-up phase of a production series. The second waste component consists of actual production errors, which are subject to ongoing analysis to enable proactive action. The internal scrap value is continuously monitored, with a target of remaining below 1.2%. This target is regularly reviewed to ensure dynamism and alignment with the organisation’s level of ambition, as well as to secure consistent progress. For the financial year, the scrap value was 2.2%, compared to 2.5% in 2023. This KPI is calculated by dividing the value of discarded materials and waste products by the total revenue. Recycling rate In the financial year, the organisation handled 625 tonnes of waste, of which 389 tonnes were sent for recycling, resulting in a recycling rate of 62%. The waste category includes materials such as wood, landfill, metal and production-related materials, including plastic that is crushed and recycled to the extent possible. Recycling takes place both internally and externally, and the organisation continuously seeks new opportunities to manage and minimise consumption or repurpose materials either within production or through resale to relevant partners. Analysis are continuously conducted to improve this upcycling approach and continuously enhance this non-financial key performance indicator. For 2026, the target is to achieve a recycling rate above 70%, and to ensure that external waste contains less than 20% raw materials. The correlation between the scrap value target and the recycling rate lies in the fact that scrap is considered waste, and materials such as plastic or metal scrap generated during production may have recycling potential—either internally or externally—depending on the type of raw material. To ensure quality and environmental responsibility, we operate in accordance with the ISO standards ISO 9001 for quality management, ISO 50001 for energy and climate management and ISO 14001 for environmental management. Idé-Pro Skive A/S is certified in all three areas, and ongoing assessments are conducted to evaluate the adequacy and relevance of these certifications. This is based on the principle that our policies must remain dynamic and responsive to societal needs and requirements. Quality is continuously monitored to prevent defective products, and in the event of errors, efforts are made to address the issue as early as possible in the process. This monitoring creates value both internally and for the customer and ultimately contributes to reducing the environmental footprint. The Company’s policy is therefore, at a minimum, to comply with the requirements of ISO 9001, ISO 50001 and ISO 14001. The most recent approved certification for ISO 9001 was issued in 2024, and the Company aims to meet the requirements for the next re-certification in 2027. The latest certifications for ISO 14001 and ISO 50001 were granted in 2025, and it is the Company’s aim to meet the requirements of the next re-certification scheduled for 2028. Furthermore, in 2025, Idé-Pro Skive A/S obtained ISCC certification, enabling the Company to supply products with certification for goods produced using raw materials containing UCO (Used Cooking Oil).  Certificates for ISO 9001, ISO 50001, ISO 14001 and ISCC can be found on Idé-Pro’s website at the following URL: https://www.ide-pro.dk/om-os/kvalitet-og-miljoecertificeringer Idé-Pro is proud of its partnership with the Danish Plastics Federation and its participation in Operation Clean Sweep (via Idé-Pro Skive A/S, since 2019). Our shared goal is to reduce microplastic pollution in the environment. Further information about this initiative is available at the following link:  https://plast.dk/operation-clean-sweep/. The certificate for Idé-Pro regarding Operation Clean Sweep can be found on Idé-Pro’s website at: https://www.ide-pro.dk/om-os/kvalitet-og-miljoecertificeringer Energy level Energy consumption is a significant source of emissions for the Group, primarily electricity and heating, mainly related to its production facilities. Idé-Pro is ISO 50001 certified (via Idé-Pro Skive A/S) and therefore operates according to this standard in its daily energy management. Energy consumption is continuously monitored, and between 2020 and 2024, total energy use increased by 27.6%, which coincides with a significant increase in business activities during the same period.  Electricity accounts for the vast majority of energy consumption. Since 2017, Idé-Pro has worked to reduce electricity consumption relative to operational activity. As an indicator, electricity consumption measured in kWh is compared to revenue in DKK (‘000). Idé-Pro has set a target to reduce relative electricity consumption by 20%, from 26.9 kWh/DKK (‘000) revenue in 2019/2020 to 20.2 kWh/DKK (‘000) revenue by 2030. In 2024/2025, energy consumption was 21 kWh/DKK (‘000) revenue, meaning the overall target has not yet been achieved. Through the re-certification of ISO 50001 Energy Management, new targets will be established to ensure the organisation continues to work purposefully toward energy efficiency.  The most recent approved certification for ISO 50001 was issued in 2025, and the Company aims to meet the requirements for the next re-certification in 2028. The ISO 50001 certificate can be found on Idé-Pro’s website at the following URL:  https://www.ide-pro.dk/om-os/kvalitet-og-miljoecertificeringer In 2025, Idé-Pro Skive A/S submitted its first report in accordance with the Danish Energy Agency’s Executive Order 761/2023, which concerns energy and climate audits.  Social matters and staff matters At Idé-Pro we acknowledge that our employees are our most important assets. Hence, we are especially aware of risks associated with continuously attracting and retaining skilled employees. The Company has an internal environmental policy focused on workplace conditions. Idé-Pro maintains good working conditions and is committed to further improving workplace safety. Safety is our top priority, and we place great emphasis on building and maintaining a safety culture to ensure that all employees return home safely every day. To ensure compliance with all applicable occupational health and safety regulations—and to further protect employees—a health and safety committee has been established. We have a zero-tolerance policy towards harassment and abuse in the workplace. Maintaining a work environment free from any form of misconduct—including physical, psychological, and verbal harassment, as well as abuse—is a continuous effort. An anti-bullying policy has therefore been implemented. In connection with recruitment, all forms of discrimination are actively countered in areas such as salary, benefits, promotion, discipline, termination, or retirement—regardless of age, disability, gender, nationality, religion, race, political beliefs, or social background. To further safeguard against unlawful or unethical behaviour, including serious matters affecting the Company’s employees, a whistleblower system has been implemented. This allows employees and other stakeholders to report incidents related to the above principles. Data on the potential impact of the above-mentioned policies is not continuously collected through tools such as surveys; however, employees are asked about these topics during their annual performance reviews. If Management becomes aware of issues requiring action based on these conversations, a plan for follow-up measures is developed through the Company’s employee representative group (SU). In addition, a comprehensive employee satisfaction survey is conducted every 3–4 years by an external agency. Based on the results of this survey, appropriate actions are initiated to address any identified issues or shortcomings. Human rights The Group is firmly committed to respecting and protecting human rights within its sphere of influence. The primary risks faced by Idé-Pro in this context are employee discrimination and cases where specific conditions among suppliers may not comply with human rights principles. Measures are taken to prevent violations of human rights both within the Company and through our suppliers, including random supplier audits and a clause in every purchase order stating zero tolerance for child labour and slavery. During the financial year, Management has not been made aware of any human rights violations in connection with supplier audits. Likewise, no serious incidents involving the Group’s employees have been reported to Management during the financial year. To further safeguard against human rights violations, a whistleblower system has been implemented, allowing employees and other stakeholders to report incidents related to the above principles. In 2024/25, Idé-Pro established a human rights policy as part of the ongoing development of the Company’s basic values towards its stakeholders. Anti-corruption Idé-Pro categorically condemns all forms of corruption, including extortion and bribery. Such behaviour is not tolerated and will be reported and handled in accordance with applicable legislation. Idé-Pro expects its suppliers to operate according to the same ethical and moral standards as the Company. This ensures acceptable ethical practices throughout our supply chain. We consider it the responsibility of our suppliers to place similar demands on their own suppliers, and we expect our customers to actively challenge our positions and practices, helping us stay at the forefront of our commitment to responsibility and ethics. In 2024/25, the Company expanded its business ethics policies, including anti-corruption policies. During the financial year, Management has not been made aware of any cases involving corruption and/or bribery. As an additional measure to prevent corruption, a whistleblower system has been implemented, enabling employees and other stakeholders to report incidents related to the above principles. Report on the gender distribution of Management Report on the gender distribution in the supreme management body Idé-Pro is firmly committed to promoting diversity and achieving a balanced gender representation within the Company’s supreme management body. This diversity is viewed as a strength and primarily concerns gender, though it is not limited to this. Diversity also encompasses other demographic differences, such as culture, education, age, and personality. The Company’s supreme management body is its Board of Directors. In forming the Board, the Company focuses on diversity as well as the competencies and experience of its members. A balanced gender distribution is pursued, and to ensure this, the Company has defined a specific target. The overall objective is to achieve a balanced composition between men and women on the Board, so that the under-represented gender constitutes at least 25% of the shareholder-elected members, in accordance with the Danish Business Authority’s definition of equal representation. With a composition of one woman and three men among the shareholder-elected members, the Company achieved this target during the financial year.   Report of data ethics Idé-Pro is committed to building trust in how data is handled and stored throughout the value chain. First and foremost, it must be ensured that data is processed in accordance with applicable legislation. For example, personal data must be processed in compliance with the legal framework set out in the General Data Protection Regulation (GDPR). IT security is a high priority within the organisation, and relevant employees regularly receive updated instructions and training. These courses are mandatory and provided in collaboration with a qualified external partner, with the aim of minimising the risk of data breaches and misuse. Data is neither sold nor shared unless legally required. At present, the Group has not established a separate data ethics policy. Based on the existing guidelines and ongoing employee training, the company does not currently see a need for a separate data ethics policy.     389247000 321063000 0 0 2088000 3118000 0 0 131509000 110348000 0 0 57233000 51332000 70000 67000 202593000 162501000 -70000 -67000 110462000 95996000 0 0 31258000 33451000 0 0 28000 8000 0 0 60845000 33046000 -70000 -67000 0 0 45918000 23644000 2467000 1891000 0 5000 976000 1164000 107000 24000 62336000 33773000 45741000 23558000 15878000 9779000 -23000 -19000 46458000 23994000 45764000 23577000 86293000 96160000 0 0 86293000 96160000 0 0 44297000 44096000 0 0 10225000 12761000 0 0 66731000 49578000 0 0 9476000 8691000 0 0 6789000 4922000 0 0 137518000 120048000 0 0 0 0 306367000 264431000 1079000 1065000 0 0 1079000 1065000 306367000 264431000 224890000 217273000 306367000 264431000 22385000 24301000 0 0 4422000 7195000 0 0 11483000 10918000 0 0 38290000 42414000 0 0 56096000 48772000 0 0 0 185000 0 0 2064000 2753000 0 0 435000 6731000 0 0 0 0 12971000 8471000 1969000 2307000 0 0 60564000 60748000 12971000 8471000 64012000 30802000 59000 19000 162866000 133964000 13030000 8490000 387756000 351237000 319397000 272921000 200000 200000 200000 200000 0 146800000 0 146800000 0 0 92436000 50500000 -7495000 -3513000 0 0 314105000 121540000 175653000 67528000 0 0 38521000 0 2735000 2091000 0 0 309545000 267118000 306810000 265028000 1762000 0 0 0 1762000 0 0 0 11126000 17213000 0 0 11126000 17213000 0 0 0 1604000 0 0 6080000 6570000 0 0 5072000 6102000 0 0 24469000 21925000 48000 48000 0 0 1756000 1424000 10868000 6416000 10778000 6416000 0 0 4000 4000 65323000 66906000 12587000 7893000 76449000 84119000 12587000 7893000 387756000 351237000 319397000 272921000 Group DKK '000Sha­re  ca­pi­talShare  premiumFair value reserve for currency translation of foreign entitiesRetained earningsNon-controlling interestsTotal Equity at 1 July 2024200146.8000118.0272.091267.118Change of equity due to correction of errors-3.5133.5130Adjusted equity at 1 July 2024200146.800-3.513121.5402.091267.118 Proposed profit allocation, see note 6 45.76569346.458 TransfersTransfer -146.800 146.8000 Change fair value reservesForeign exchange adjustments -3.982 -49-4.031 Equity at 30 June 20252000-7.495314.1052.735309.545 Parent Company DKK '000Sha­re  ca­pi­talShare  premiumRe­ser­ve  for net  re­va­lua­ti­on  un­der the equi­ty met­hodRetained earningsProposed dividendTotal Equity at 1 July 2024200146.80050.50067.5280265.028 -38.521 Proposed profit allocation, see note 6 55.785-48.54238.52145.764 Other legal bindingsForeign exchange adjustments -3.982 -3.982 TransfersTransfer -146.800 146.800 0Allowed equalization -9.8679.867 0 Equity at 30 June 2025200092.436175.65338.521306.810 200000 146800000 0 118027000 2091000 -3513000 3513000 45765000 693000 -146800000 146800000 -3982000 -49000 200000 0 -7495000 314105000 2735000 200000 146800000 50500000 67528000 0 -38521000 55785000 -48542000 -3982000 -146800000 146800000 -9867000 9867000 200000 0 92436000 175653000 38521000 46458000 23994000 31176000 33451000 0 -424000 15878000 9779000 -3228000 -13814000 4124000 5028000 -6295000 -6114000 -3943000 9270000 84170000 61170000 -41004000 -29606000 44000 3010000 -14000 -5000 -40974000 -26601000 -6577000 -6820000 -1605000 1604000 -8182000 -14480000 35014000 20089000 30802000 10679000 -1804000 34000 64012000 30802000 Group Parent Company 2024/252023/24 2024/252023/24 DKK '000DKK '000 DKK '000DKK '000 1 | Net revenue Segment details (geography) Net revenue, Denmark157.590147.000 00 Net revenue, rest of the world231.657174.063 00 389.247321.063 00 2 | Fee to statutory auditor Total fee BDO 379387 7062 379387 7062 Specification of fee Statutory audit 134108 1716 Other services 245279 5346 379387 7062 134000 108000 17000 16000 245000 279000 53000 46000 3 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees300276 00 Wages and salaries 94.48381.754 00 Pensions 10.8079.630 00 Social security costs 2.6152.518 00 Other staff costs 2.5572.094 00 110.46295.996 00 Remuneration of Management and Board of Directors  1.335 1.313 0 0 1.3351.313 00 300 276 0 0 94483000 81754000 0 0 10807000 9630000 0 0 2615000 2518000 0 0 2557000 2094000 0 0 110462000 95996000 0 0 1335000 1313000 0 0 4 | Other financial expenses Interest expenses to group enterprises 00 3424 Other interest expenses 9761.164 730 9761.164 10724 0 0 34000 24000 976000 1164000 73000 0 976000 1164000 107000 24000 13879000 9834000 -23000 -19000 1999000 -55000 0 0 6 | Proposed distribution of profit Proposed dividend for the year 00 38.5210 Allocation to re­ser­ve for net re­va­lua­ti­on  un­der the equi­ty met­hod 00 55.78533.511 Retained earnings 45.76523.578 -48.542-9.934 Non-controlling interests 693416 00 46.45823.994 45.76423.577 0 0 38521000 0 0 0 55785000 33511000 45765000 23578000 -48542000 -9934000 693000 416000 0 0 46458000 23994000 45764000 23577000 7 | Intangible assets Group DKK '000Goodwill Cost at 1 July 2024 149.504Cost at 30 June 2025 149.504  Depreciation and impairment losses at 1 July 2024 53.344Depreciation for the year 9.867Depreciation and impairment losses at 30 June 2025 63.211 Carrying amount at 30 June 202586.293 149504000 149504000 53344000 9867000 63211000 86293000 8 | Property, plant and equipment Group DKK '000Land and buildingsProduction plant and machineryOther plant, fixtures and equipment Cost at 1 July 2024 49.91224.004125.765 Exchange adjustment -986-2.3700 Additions 2.11374634.268 Disposals 0-440 Cost at 30 June 2025 51.03922.336160.033   Depreciation and impairment losses at 1 July 2024 5.81611.24376.187 Exchange adjustment -54-1.1210 Depreciation for the year 9801.98917.115 Depreciation and impairment losses at 30 June 2025 6.74212.11193.302 Carrying amount at 30 June 202544.29710.22566.731 Finance lease assets 3.614 Group DKK '000Leasehold improvementsTangible fixed assets in progress and prepayments for tangible fixed assets Cost at 1 July 2024 12.0254.922 Additions 2.0106.789 Disposals 0-4.922 Cost at 30 June 2025 14.0356.789   Depreciation and impairment losses at 1 July 2024 3.3340 Depreciation for the year 1.225 Depreciation and impairment losses at 30 June 2025 4.5590 Carrying amount at 30 June 20259.4766.789 49912000 24004000 125765000 -986000 -2370000 0 2113000 746000 34268000 0 44000 0 51039000 22336000 160033000 5816000 11243000 76187000 -54000 -1121000 0 980000 1989000 17115000 6742000 12111000 93302000 44297000 10225000 66731000 3614000 12025000 4922000 2010000 6789000 0 4922000 14035000 6789000 3334000 0 1225000 4559000 0 9476000 6789000 9 | Financial non-current assets Group DKK '000Rent deposit and other receivables Cost at 1 July 2024 1.065Additions 14Cost at 30 June 2025 1.079  Carrying amount at 30 June 20251.079 Parent Company DKK '000Investments in subsidiaries Cost at 1 July 2024 213.931Cost at 30 June 2025 213.931 Revaluation at 1 July 2024 104.112Exchange adjustment -3.982Profit/loss for the year 55.785Revaluation at 30 June 2025 155.915 Impairment losses and amortisation of goodwill at 1 July 2024 53.612Amortisation of goodwill 9.867Impairment losses and amortisation of goodwill at 30 June 2025 63.479 Carrying amount at 30 June 2025306.367 Investments in subsidiaries  Name and domicilOwnership Idé-Pro Holding ApS, Skive 98,773 % 1065000 14000 1079000 1079000 213931000 213931000 104112000 -3982000 55785000 155915000 53612000 9867000 63479000 306367000 Group Parent Company 20252024 20252024 DKK '000DKK '000 DKK '000DKK '000 10 | Prepayments Insurances 233669 00 Costs 1.2101.128 00 Licenses 526510 00 1.9692.307 00 11 | Provision for deferred tax The provision for deferred tax is related to differences between the carrying amount and tax value of  production plants and machinery as well as leased premises, which are expected to be equalised within a short number of years. Deferred tax, beginning of year -185-130 00 Deferred tax of the year, income statement 1.999-55 00 Exchange adjustment -520 00 Provision for deferred tax 30 June 20251.762-185 00 12 | Long-term liabilities Group 30/6 2025RepaymentDebt outstanding30/6 2024DKK '000total liabilitiesnext yearafter 5 yearstotal liabilities Lease liabilities 17.2066.080023.783 17.2066.080023.783 0   Contingent liabilities Parent Company: Together with Idé-Pro Holding ApS the parent company, has provided a guarantee as joint and several sureties for the subsidiaries Idé-Pro Skive A/S' and Ejendomsselskabet Skyttevej 15 ApS' obligations to the financial institution. Joint liabilitiesThe Danish companies of the group is jointly and severally liable for tax on the group’s jointly taxed income and for certain possible withholding taxes such as dividend tax and royalty tax, and for the joint registration of VAT. Tax payable of the group’s jointly taxed income amounts to DKK (‘000) 10.778 at the Balance Sheet date. Group Parent Company 2025 2025 DKK '000 DKK '000 Other liabilities Lease obligations (operating lease): Lease contratcs have a remaining term of 5 months. The groups total remaining lease obligation amounts to DKK ('000): 30 0 Rental obligations: Lease contracts have a non-cancellable term of 78 months. The groups total remaining lease obligation amounts to DKK ('000):14.032 0 Other liabilities Lease obligations (operating lease): Lease contratcs have a remaining term of 5 months. The groups total remaining lease obligation amounts to DKK ('000): 30 0 Rental obligations: Lease contracts have a non-cancellable term of 78 months. The groups total remaining lease obligation amounts to DKK ('000):14.032 0 14 | Related parties The Company's related parties include: Morten Nors, Executive Board   Jørgen Yde Jensen, Chairman Thomas Hougaard Bonde, Board member  Benny Madsen, Board member   Rikke Nors, Board member  Transactions with related parties The Company did not carry out any material transactions that were not concluded on market conditions. According to section 98c, subsection 7 of the Danish Financial Statements Act information is given only on transactions that were not performed on common market conditions. The Annual Report of IDÈ-PRO BE HOLDING APS for 2024/25 has been presented in accor­dance with the pro­vi­sions of the Da­nish lar­ge-si­ze Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class C .  Regnskabsklasse C, stor virksomhed1trueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse C, stor virksomhed true Change resulting from misstatement Due to an error, the currency translation of foreign entities has not been recognized in a separate reserve under equity. The error has been incorporated into the annual report with retroactive effect, so that comparative figures have been adjusted. This is merely a presentation error that does not affect the total equity or the result in the annual financial statements. The impact of the error has been recognized directly in equity at the beginning of the year, where “Retained earnings” has been increased by DKK 3,513 thousand and “Fair value reserve for currency translation of foreign entities” has been decreased by DKK 3,513 thousand.   Due to an error, the currency translation of foreign entities has not been recognized in a separate reserve under equity. The error has been incorporated into the annual report with retroactive effect, so that comparative figures have been adjusted. This is merely a presentation error that does not affect the total equity or the result in the annual financial statements. The impact of the error has been recognized directly in equity at the beginning of the year, where “Retained earnings” has been increased by DKK 3,513 thousand and “Fair value reserve for currency translation of foreign entities” has been decreased by DKK 3,513 thousand.   The Consolidated Financial Statements include the Parent Company IDÈ-PRO BE HOLDING APS and the subsidiaries in which IDÈ-PRO BE HOLDING APS direct­ly or indirect­ly holds more than 50% of the voting rights or in any other way has a control­ling influ­ence.   The Consolidated Financial Statements conso­lidate the Financial Statements of the Parent Company and the subsidiaries by com­bining uniform accounts items. Intercompany income and expenses, shareholdings, intercompany accounts and dividend, and realised and unrea­lised gains and losses arising from transactions between the consolidated enterprises are fully eliminated in the consolidation.   Non-controlling interests The accounting items of the subsidiaries are recognised in full in the Consolidated Financial Statements. The non-controlling interests’ proportional share of the results and equity of the subsidiaries is stated as separate items in the allocation of profit/loss and equity, respectively.   Net revenue Net revenue from the sale of merchandise and finished goods is recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received.   Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale.   Cost of sales Cost of sales comprise costs incurred to achieve the net revenue for the year, including direct and indirect costs of raw materials and consumables.   Other operating income Other operating income includes items of a secondary nature in relation to the enterprises' principal activities, including profit from sale of intangible and tangible assets, operating loss and conflict compensations, as well as salary refunds. Compensations are recognised when the income is estimated to be realisable.    Other external expenses Other external expenses include other production, sales, delivery and administrative costs, including costs of energy, marketing, premises, loss on bad debts,  operating lease expenses, etc   Payments related to operating lease expenses and other lease agreements are recognised in the Income Statement over the contract period. The Company’s total liability concerning operating and other lease agreements are stated under contingencies, etc.    Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Group and the Pa­rent Com­pa­ny's employees.   Other operating expenses Other operating expenses include items of a secondary nature in relation to the Group’s and the Company’s activities. Losses from sale of intangible and tangible fixed assets are also included.   Income from investments in subsidiaries The proportional share of the results of sub­si­dia­ri­es, stated according to the Parent Company’s accounting policies and with full elimination of unrealised intercompany profits/losses and deduction of amortisation of added value and goodwill resulting from purchase price allocation at the date of acquisition, is recognised in the Parent Company’s Income Statement.   In connection with transfers, potential profits are recognised when the economic rights related to the sold sub­si­dia­ri­es are transferred, however, at the earliest when the profit has been realised or is regarded as realisable. Moreover, realised losses other than impairments are included where identified.   Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from securities, debt and transactions in foreign currencies, as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity.   Intangible fixed assets Acquired goodwill is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over the expected useful life which is estimated to 5-15 years. The period of amortisation is determined based on an assessment of the acquired Company’s position in the market and earnings profile, and the industry-specific conditions.   Property, plant and equipment Land and buildings, production plant and machinery, other plant, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses.   The depreciation base is cost less estimated residual value after end of useful life.   The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used.    Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value:   Useful lifeResidual valueBuildings 35 - 50 years0 %Production plant and machinery 5 - 15 years0 %Other plant, fixtures and equipment 5 years0 %Leasehold improvements 10 years0 % Profit or loss on sale of property, plant and equipment is stated as the difference between the sales price less selling costs and the carrying amount at the date of sale. Profit or loss is recognised in the Income Statement as other operating income or other operating expenses.   Lease contracts Lease contracts relating to tangible fixed assets, where the group has all significant risks and rewards associated with ownership (financial leasing, cf. IAS 17), the assets are recognized in the balance sheet. The assets are initially measured at cost, determined as either the fair value or (if lower) the present value of future lease payments. When calculating the present value, the discount rate used is either the interest rate implicit in the lease or, alternatively, the company’s borrowing rate. Financially leased assets are subsequently treated as the group’s and the company’s other similar tangible fixed assets.    The capitalised residual lease liability is recog­nised in the Balance Sheet as a liability and the interest portion of the lease payment is recog­nised in the Income Statement over the contract period.   All other lease contracts are considered to be operating leases. Payments related to operating leases and other rental agreements are recognised in the Income Statement over the contract period. The Company's total liability relating to operating leases and rental agreements is disclosed as contingencies etc.   Financial non-current assets Investments in sub­si­dia­ri­es are measured in the Parent Company Balance Sheet under the equity method, which is regarded as a method of measuring/consolidation.   Investments in sub­si­dia­ri­es are measured in the Balance Sheet at the proportional share of the enterprises’ carrying equity value, calculated in accordance with the Parent Company’s accounting policies with deduction or addition of unrealised intercompany profits or losses and with addition or deduction of the residual value of positive or negative goodwill calculated according to the acquisition method. Negative goodwill is recognised in the Income Statement when the equity interest is acquired. Where the negative goodwill is related to acquired contingent liabilities, the negative goodwill will be recognised as income when the contingent liabilities have been settled or cease.   Net revaluation of investments in sub­si­dia­ri­es is transferred under equity to reserve for net revaluation under the equity value method to the extent that the carrying amount exceeds the acquisition value.   Investments in sub­si­dia­ri­es are determined as the difference between the net selling price and the carrying amount of the disposed investment at the time of sale, including non-depreciated excess values and goodwill. Profit and loss are recognised in the Income Statement under income from investments.   Sub­si­dia­ri­es with a negative carrying equity value are measured to DKK 0 and any amounts due from these enterprises are written down to the extent that it is deemed to be irrecoverable. If the carrying negative equity value exceeds receivables, the residual amount is recognised under provision for liabilities to the extent that the Company has a legal or actual liability to cover the  sub­si­dia­ri­es deficit.   Deposits include rental deposits which are recognised and measured at cost. Deposits are not depreciated.   Impairment of fixed assets The carrying amount of in­tan­gib­le fi­xed and pro­per­ty, plant and equip­ment to­get­her with fi­xed as­sets, which are not mea­su­red at fair va­lue,, are assessed annually for indications of impairment other than that reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Inventories Inventories are measured at cost using the FIFO-principle. If the net realisable amount is lower than cost, the inventories are written down to the lower amount.   The cost of merchandise as well as raw materials and consumables is calculated at acquisition price with addition of transportation and similar costs.   The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct payroll cost and other direct and other indirect production costs include indirect mate­rials and payroll and maintenance and depreci­ation of the machines, factory buildings and equipment used in the production process, the cost of factory administration and management and capitalised development costs relating to the products.   The net realisable value of inventories is stated at the expected sales price less direct completion costs and costs incurred to execute the sale and is determined with due regard to marketability, obsolescence and development in expected sales price of the inventories.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   The Company is subject to joint taxation with Danish Group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff against deferred tax liabilities within the same legal tax entity.   Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the Balance Sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the Income Statement over the loan period.   The amortised cost of current liabilities corresponds usually to the nominal value.   Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the Income Statement as a financial income or expense. Receivables, payables and other monetary items in foreign currencies that are not settled on the Balance Sheet date are translated at the exchange rate on the Balance Sheet date. The difference between the exchange rate on the Balance Sheet date and the exchange rate at the date when the receivables or payables come into existence recognised in the Income Statement as financial income or expenses. Fixed assets acquired in foreign currencies are translated at the rate of exchange on the transaction date.   The Income Statements of foreign subsidiaries and associates fulfilling the concitions for being independent entities are translated at an average exchange rate for the month and the Balance Sheet items are translated at the rate of exchange on the Balance Sheet date. Exchange differences arising from translation of the equity of foreign subsidiaries at the beginning of the year to the rates of the Balance Sheet date and from translation of Income Statements from average rate to the rates of the Balance Sheet date are recognised directly in the equity.   Exchange rate differences recognised in Equity are accumulated in a fair value reserve for currency translation of foreign entities and are transferred to the Income Statement when object of the currency translation is realised or ends. An exception is exchange rate differences arising from translation of Equity interests, which are recognised at Equity value, where the whole value adjustment, including exchange rate differences, are included in the reserve for net valuation according to the Equity value method.   Cash Flow Statement   The cash flow statement shows the Company’s cash flows for the year for operating activities, investing activities and financing activities in the year, the change in cash and cash equivalents of the year and cash and cash equivalents at beginning and end of the year. Cash flows from operating activities:Cash flows from operating activities are computed as the results for the year adjusted for non-cash operating items, changes in net working capital and corporation tax paid.   Cash flows from investing activities:Cash flows from investing activities include payments in connection with purchase and sale of intangible and tangible fixed asset and fixed asset investments.   Cash flows from financing activities:Cash flows from financing activities include changes in the size or composition of share capital and related costs, and borrowings and repayment of interest-bearing debt and payment of dividend to shareholders.   Cash and cash equivalents:Cash and cash equivalents include cash at bank and in hand, for which there is only negligible risk of changes in value, and which are readily negotiable for cash at bank and in hand.   The cash flow statement shows the Company’s cash flows for the year for operating activities, investing activities and financing activities in the year, the change in cash and cash equivalents of the year and cash and cash equivalents at beginning and end of the year.