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35480463 2024-10-31 fsa:OtherShorttermPayablesMember cmn:ConsolidatedMember 35480463 2025-10-31 fsa:OtherShorttermPayablesMember 35480463 2024-10-31 fsa:OtherShorttermPayablesMember 35480463 2024-11-01 2025-10-31 PricewaterhouseCoopers cmn:ConsolidatedMember 35480463 2023-11-01 2024-10-31 PricewaterhouseCoopers cmn:ConsolidatedMember iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-11-01 2023-11-01 2025-10-31 2024-10-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, stor virksomhed Revisionspåtegning true 2026-01-14 Lars Tveen The Executive Board and Board of Directors have today considered and adopted the Annual Report of Eltronic Group A/S for the financial year 1 November 2024 - 31 October 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 October 2025 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2024/25. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Hedensted 2026-01-14 Lars Jensen CEO Lars Tveen Carl Sinnerup Jensen Mari-Louise Kahr Andreasen Chair Mads Kragh Jensen Maria Gabriela Barslev Jensen Hans-Christian Ellegård Employee representative Claus Norring Jensen Jeppe Kiilerich Østerlund Employee representative Employee representative To the shareholders of Eltronic Group A/S Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 October 2025 and of the results of the Group’s and the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 November 2024 - 31 October 2025 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Eltronic Group A/S for the financial year 1 November 2024 - 31 October 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.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 Consolidated 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. Trekantområdet 2026-01-14 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Lars Almskou Ohmeyer Heidi Bonde State Authorised Public Accountant State Authorised Public Accountant mne24817 mne42815 Eltronic Group A/S Kilde Alle 4 8722 Hedensted 35480463 Hedensted Herredsvej 32 7100 Vejle Seen over a 5-year period, the development of the Group is described by the following financial highlights:EBITDA186,432153,607151,211119,381136,358Depreciation, amortisation and impairment-49,607-46,216-55,340-37,732-24,840Profit/loss before tax116,58087,94765,97792,02595,347Tax on profit/loss for the year-35,990-29,457-22,085-20,862-28,643Cash flows from:Please refer to the definitions in the section on accounting policies. 1983916000 1663233000 1040632000 815565000 651757000 536468000 95870000 81649000 111518000 -29893000 10377000 -16171000 43892000 71163000 66704000 1057675000 1134749000 612111000 21085000 32508000 22633000 75988000 11367000 336613000 282396000 210085000 88804000 -2547000 8738000 -22891000 -214228000 -17815000 -100839000 264864000 -17924000 -34926000 48089000 -27002000 1472 1273 1217 999 704 0.458 0.447 0.411 0.392 0.516 0.057 0.052 0.048 0.049 0.107 0.133 0.106 0.091 0.072 0.182 0.332 0.385 0.318 0.249 0.343 0.220 0.161 0.142 0.289 0.379 Key activitiesEltronic Group is a knowledge-based company that develops, produces and services production technology and platforms globally for: green power, life science and manufacturing industries.Eltronic Group's customer portfolio includes leading global companies.Development in the yearThe income statement of the Group for 2024/25 shows a profit of TDKK 80,590, and at 31 October 2025 the balance sheet of the Group shows a positive equity of TDKK 340,719.The past year and follow-up on development expectations from last yearEltronic Group continued developing advanced production solutions for Danish and international clients during the financial year.In 2024/25 Eltronic Group delivered a performance on a very satisfactory level.We continued to deliver top line growth and revenue increased with 15% to DKK 2,386m which was above our target of DKK 2,000m. Profit on primary operations was DKK 137m, an increase of DKK 29m compared to 2023/24. Profit before tax was DKK 117m, an increase of 33% compared to 2023/24 which was above our target of DKK 100m.This year’s financial results were primarily impacted by challenges in ENABL and we exceeded expectations in Eltronic A/S and Eltronic FuelTech A/S.ENABL has been challenged by a number of complex and demanding projects that have put both the organization and the financial performance under pressure. Three major projects, in particular, have delivered a significant technological uplift to wind turbine production, strengthening ENABL’s capabilities and know-how. However, these projects have also had a negative short-term financial impact on the 2024/25 results.Eltronic A/S exceeded expectations, especially in the Life Science segment. Higher Life Science volume and better project execution drove result after tax to exceed expectations.Furthermore, Eltronic FuelTech A/S exceeded expectations with a growth in revenue of 41% compared to 2023/24.Special risks - operating risks and financial risksOperating risksThe Group’s activities cover development, manufacturing, and delivery of large and complex production solutions to the industry sector, which imply both technical and contractual risks.However, in Management’s assessment, the Group currently has internal systems and procedures to ensure that the activities for the year may be carried out without any significant technical and contractual risks.Foreign exchange risksMost of the revenue is generated in DKK and EUR. As a result, the Group runs a low risk of exchange rate fluctuations.Credit risksThe Group’s customer portfolio primarily comprises major well-reputed enterprises assessed to have a good financial standing. Customers are regularly subject to credit ratings, and risks are sought minimized through payment terms that reduce exposure.Targets and expectations for the year aheadNext year, the Company will focus on optimizing productivity and targeting more strategic customer. Revenue is expected to decline by about 10% to approximately DKK 2,150m in 2025/26 due to the halt of the green power segment.Despite lower turnover, demand for core business is anticipated. The Company anticipates achieving a financially satisfactory result for 2025/26 with a profit before tax of approximately DKK 120m for 2025/26.Research and developmentDevelopment activities include product maturing of supply platforms for increased productivity. Further development, and integration of the Group's processes for managing all tasks across the Company.External environmentThe Group is aware of its responsibilities in relation to both the external and the internal environment. Eltronic Group shows the necessary consideration when performing individual assignments and with respect to the environment in its services and supplies to customers. Thus, the UN Sustainable Development Goals (SDG) form the basis for the Company’s strategic direction, with the clear objective of contributing with technological solutions which reduce the environmental impact. The environmental impact is considered to be low.Intellectual capital resourcesThe Group is a knowledge-based business, and its key resources are the competencies and the knowledge possessed by its employees.Competence development and knowledge sharing are key words. Initiatives for the retention of employees are given high priority.Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Statement of corporate social responsibilityThe statutory statement is available on the Company's website cf. https://catalog.eltronic.dk/esg-report-2024-2025/esg-report-2024-2025/?page=1 Statement on data ethicsThe statutory statement is available on the Company's website cf. https://catalog.eltronic.dk/esg-report-2024-2025/esg-report-2024-2025/?page=1 2386125000 2066740000 64835000 54818000 6531000 86958000 8995000 21032000 1072296000 1013955000 0 0 228575000 215446000 54723000 75410000 1091785000 924297000 19107000 440000 904272000 770313000 20364000 16666000 49607000 46216000 2617000 1303000 1081000 377000 9133000 20880000 136825000 107391000 -13007000 -38409000 0 0 87680000 89923000 444000 -650000 444000 -650000 12323000 9580000 6757000 7755000 33012000 28374000 5098000 2859000 116580000 87947000 76776000 55760000 35990000 29457000 -2225000 -2848000 80590000 58490000 79001000 58608000 55158000 47842000 0 0 6183000 3891000 0 0 25171000 45148000 0 0 17987000 23529000 0 0 104499000 120410000 0 0 916000 968000 1540000 1592000 2826000 3064000 0 0 28694000 21103000 6092000 8132000 10762000 9600000 4365000 4456000 21000 206000 0 0 43219000 34941000 11997000 14180000 0 0 352943000 321738000 531000 87000 531000 87000 14687000 0 14687000 0 19899000 18758000 16876000 16876000 35117000 18845000 385037000 338701000 182835000 174196000 397034000 352881000 191096000 157288000 0 0 327234000 324428000 0 0 201710000 217198000 0 0 0 0 130963000 154649000 43277000 44497000 17605000 26621000 35000 98000 0 0 2376000 1701000 4327000 4708000 20126000 15265000 5038000 3950000 594758000 603187000 157933000 189928000 57147000 82142000 0 11043000 843001000 842617000 157933000 200971000 1025836000 1016813000 554967000 553852000 1311000 1311000 1311000 1311000 0 0 111269000 86388000 -2804000 1220000 0 0 231200000 352242000 117127000 267074000 75000000 0 75000000 0 304707000 354773000 304707000 354773000 36012000 37144000 0 0 340719000 391917000 304707000 354773000 53394000 29251000 761000 23000 28589000 20530000 0 0 81983000 49781000 761000 23000 2641000 1502000 625000 938000 19436000 18710000 2430000 2430000 22077000 20212000 3055000 3368000 121798000 2730000 119844000 111000 1959000 459000 289000 274000 29727000 47479000 0 0 225754000 195550000 6928000 16057000 48204000 162478000 0 0 0 0 116166000 174651000 1516000 5737000 0 0 128091000 124628000 3217000 4595000 24008000 15842000 0 0 581057000 554903000 246444000 195688000 603134000 575115000 249499000 199056000 1025836000 1016813000 554967000 553852000 1311000 1220000 352242000 0 354773000 37144000 391917000 0 4024000 0 0 4024000 394000 4418000 0 0 0 0 0 968000 968000 0 0 125000000 0 125000000 0 125000000 0 0 -43000 0 -43000 -1359000 -1402000 0 0 4001000 75000000 79001000 1589000 80590000 1311000 -2804000 231200000 75000000 304707000 36012000 340719000 1311000 86388000 267074000 0 354773000 0 4024000 0 0 4024000 0 0 125000000 0 125000000 0 -58732000 58732000 0 0 0 -43000 0 0 -43000 0 87680000 -83679000 75000000 79001000 1311000 111269000 117127000 75000000 304707000 80590000 58490000 101049000 10376000 -106901000 72633000 74738000 141499000 12323000 9580000 33012000 28374000 54049000 122705000 16680000 20147000 37369000 102558000 25043000 12818000 21084000 32508000 16329000 17229000 1744000 0 2495000 237870000 512000 497000 Purchase of minority interests -1124000 -9000 -58829000 175803000 0 74670000 0 163478000 1128000 415000 119068000 0 3767000 1451000 726000 886000 125968000 4561000 -3535000 -240787000 -24995000 37574000 82142000 44568000 57147000 82142000 Cash and cash equivalents are specified as follows:Other adjustments-4,581150 57147000 82142000 57147000 82142000 Geographical segmentsRevenue, Denmark1,069,676668,73964,83554,818Export sales, EU568,120677,20800Export sales, non-EU748,329720,793002,386,1252,066,74064,83554,818Business segmentsWind894,509872,21600Production systems689,077631,29600Electrical installations02,63800Fuel systems432,572312,02400Installation264,638149,88600Road surface105,32998,68000Management fee0064,83554,8182,386,1252,066,74064,83554,818 Gain from sales of land and buildings082,99400Expenses related to market research, business development and transactions.0-25,3540-25,354Gain from sales of subsidiaries00064,735057,640039,381 809396000 687654000 18115000 14843000 70563000 66035000 2087000 1693000 24313000 16624000 162000 130000 904272000 770313000 20364000 16666000 Including remuneration to the Executive Board and Board of Directors: 1764000 1764000 238000 200000 2002000 1964000 2127000 1627000 1472 1273 27 22 Interest from group enterprises006,2606,888Foreign exchange adjustments9,2953,32200Other financial income3,0286,25849786712,3239,5806,7577,755 Foreign exchange adjustments11,0225,99700Other financial expenses21,99022,3775,0982,85933,01228,3745,0982,859 9118000 12878000 -3150000 -3198000 24595000 16928000 738000 346000 2333000 -344000 187000 4000 -56000 -5000 0 0 35990000 29457000 -2225000 -2848000 125000000 0 125000000 0 75000000 0 75000000 0 0 0 87680000 24362000 1589000 -118000 0 0 -120999000 58608000 -208679000 34246000 0 125000000 0 125000000 92339000 6286000 183193000 23529000 1124000 -152000 103000 0 0 0 12907000 3406000 0 8730000 0 0 1612000 0 85000 0 12548000 1639000 0 -14187000 0 117642000 9822000 183193000 17987000 1124000 44497000 2395000 138045000 0 1124000 -56000 17000 0 0 0 18043000 1227000 19977000 0 0 62484000 3639000 158022000 0 1124000 55158000 6183000 25171000 17987000 0 5 years3-8 years3-10 years5 yearsA part of the development projects involve the further development of equipment within the Group's existing product range whereas some of the products are already on the market. The equipment is sold in both current and new markets to the Group's existing customers as well as new ones. There is, and is expected to be, a high demand for these products in the coming years.Larger development projects within the Group consists of the following:A project concerning the Tower and Foundation segment where the products are used to facilitate the entire production of Monopiles – to the offshore wind industry. The products are already on the market. The equipment is sold in both current and new markets to the groups' existing customers as well as new ones. There is, and is expected to be, a high demand for these products in the coming years. There is a known need to increase the production capacity within offshore wind – and this is directly related to production of Monopiles and foundations. We serve the monopile production with the equipment related to the development project.The Aengine project; development of a complete fuel supply system for future ammonia-powered marine engines, that started in 2020. This project is completed in spring 2025 with the final full scale test on the land-based test-sites. The first commercial version of the Fuel Valve Train (FVT NH3) has also been developed in 2025 based on the design from the AEngine. The solutions have been marketed, and the first order for part of the equipment (an FVT NH3) obtained. There is still great interest in the market for this future solution of carbon-free fuels.A project concerning a Fuel Supply System for Methanol-powered engines which is a supplement to our Gas Valve Train to deliver the full system from tank to engine. The project has been finished in 2023/24 and the product has been marketed since then.A project concerning a new version of the GVT (Gas Valve Train) for LNG Dual Fuel engines. The engine designer has developed an upgrade of the Dual Fuel LNG engine, and the GVT therefore needs a new design to match the upgrade of the engine. The design is still ongoing and is expected to be marketed in 2026.A project concerning a product to a 4 stroke Methanol Dual Fuel engine. This is a solution where the Fuel Supply System is combined with the Fuel Valve Train and is called a LFSVT. This product was developed during 2025, is also already marketed, and the first order is obtained and delivered at the end of October 2025. 1064000 4473000 28877000 10824000 206000 0 0 -230000 0 8000 0 1321000 16855000 2895000 13000 0 0 2897000 0 0 0 0 206000 0 -206000 1064000 5794000 42811000 13719000 21000 96000 1409000 7774000 1224000 0 0 0 -60000 0 0 52000 1559000 7016000 1733000 0 0 0 613000 0 0 148000 2968000 14117000 2957000 0 916000 2826000 28694000 10762000 21000 20-50 years3-5 years3-5 years5-20 years20-50 years3-5 years5-20 years 0 423000 5438000 0 0 1688000 10031000 4586000 0 0 468000 0 84000 0 1688000 9947000 5054000 96000 1899000 130000 52000 2006000 559000 0 50000 0 148000 3855000 689000 1540000 6092000 4365000 0 900000 0 235350000 242772000 6324000 27899000 0 35321000 241674000 235350000 86388000 82117000 0 -13031000 -4024000 -138000 101269000 40759000 58732000 4500000 -43000 -4213000 13589000 14606000 111269000 86388000 352943000 321738000 Investments in subsidiaries are specified as follows:Investments in associates are specified as follows: DataIntelligence A/S Denmark 1.00 Eltronic FuelTech A/S Denmark 0.967 - Eltronic Fueltech Korea Yuhanhoesa South Korea 0.967 - Eltronic FuelTech (Shanghai) Co., Ltd. China 0.967 Eltronic A/S Denmark 1.00 Udlejningsselskabet af 4. januar 2024 A/S Denmark 1.00 Dynatest A/S Denmark 1.00 - Dynatest US Inc United States 1.00 ENABL A/S Denmark 0.966 - Eltronic Global ApS Denmark 0.966 - ENABL (Taicang) Co Ltd China 0.966 - ENABL A/S Taiwan Branch Taiwan 0.966 - ENABL Engineering Private Limited India 0.966 - ENABL Bulgaria EOOD Bulgaria 0.966 - ENABL Ukraina LLC Ukranie 0.966 - ENABL-Wind UK Ltd United Kingdom 0.966 - ENABL Inc United States 0.966 - ENABL Hungary Kft Hungary 0.966 EPCIDO Holding A/S Denmark 0.50 - EPCIDO US Inc United States 0.50 - EPCIDO Sp. Z.o.o. Poland 0.50 - EPCIDO A/S Denmark 0.50 - EPCIDO Ltd United Kingdom 0.50 - EPCIDO GmbH Germany 0.50 Eltronic PTX A/S Denmark 1.00 MME Nordic A/S Denmark 0.70 - MME Nordic Hungary Kft. Hungary 0.70 1146000 1146000 1146000 1146000 1146000 1146000 1146000 1146000 -1059000 -409000 -1059000 -409000 760000 -343000 760000 -343000 316000 307000 316000 307000 -615000 -1059000 -615000 -1059000 531000 87000 531000 87000 Sonne Management Invest ApS Denmark 0.3333 MME Management Invest ApS Denmark 0.1167 0 18758000 0 16876000 0 -490000 0 0 14687000 1721000 14687000 0 0 90000 0 0 14687000 19899000 14687000 16876000 14687000 19899000 14687000 16876000 87792000 87773000 0 0 63322000 50193000 0 0 39982000 17548000 0 0 0 1774000 0 0 191096000 157288000 0 0 Selling price of work in progress1,397,1611,103,84200Payments received on account-1,243,655-1,049,12200153,50654,72000Recognised in the balance sheet as follows:Contract work in progress recognised in assets201,710217,19800Prepayments received recognised in debt-48,204-162,47800153,50654,72000 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and other costs as well. Deferred tax liabilities at 1 November29,15339,20123-323Disposals due to business transactions0-26,97100Foreign exchange adjustments-333000Amounts recognised in the income statement for the year24,53916,923738346Deferred tax liabilities at 31 October53,35929,15376123Recognised in the balance sheet as follows:Assets359800Provisions-53,394-29,251-761-2353,35929,15376123The provision for deferred tax is mainly attributed to temporary differences between the accounting value and the tax value of development projects, prepayments, machinery and equipment, leasehold improvements, work in progress and other provisions. The Group provides a warranty on certain products, committing to repair or replace items that are not satisfactory. Other provisions have been recognized for expected warranty claims based on past experience with the level of repairs and returns, as well as provisions for loss-making agreements.Other provisions28,58920,5300028,58920,53000The provisions are expected to mature as follows:Within 1 year28,58920,53000After 5 years000028,58920,53000 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Lease obligations4,6001,9619141,212Other payables147,527143,3385,6477,025 0 0 0 0 2641000 1502000 625000 938000 2641000 1502000 625000 938000 1959000 459000 289000 274000 14547000 15671000 0 0 4889000 3039000 2430000 2430000 19436000 18710000 2430000 2430000 128091000 124628000 3217000 4595000 Deferred income consists of payments received in respect of income in subsequent years. 12323000 9580000 33012000 28374000 49395000 -38675000 444000 -650000 35990000 29457000 101049000 10376000 -33808000 -4923000 9041000 -73405000 8059000 6608000 90193000 -143379000 0 974000 -106901000 72633000 Charges and securityThe following assets have been placed as security with bankers:A company charge of DKK 113,600k has been created on trade receivables, inventories, fixtures and fittings, tools and equipment as well as goodwill and other intangible rights at a total carrying amount of DKK 473,573k.The Group and the Parent Company have provided security for balances with credit institutions through a charge on shares in group enterprises with a carrying amount of DKK 117,844k. Rental and lease obligationsThe Group has assumed lease commitments amounting to DKK 21,976k as at the balance sheet date.The Group has assumed obligation to designate buyer, operating leases. Expected residual value on expiry agreement DKK 194k.The Parent company has assumed lease commitments amounting to DKK 1,782k as at the balance sheet date.The Group has assumed rent obligations amounting to DKK 463,762k as at the balance sheet date.The Parent Company has assumed rent obligations amounting to DKK 448,455k as at the balance sheet date.Guarantee obligationsThe Parent Company has provided security in respect of subsidiaries balances with credit institutions to DKK 126,466k at the balance sheet date.Other contingent liabilitiesThe Group has pledged a bank deposit of DKK 1,045 to a third party.The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Visign Holding ApS, which is the management company of the joint taxation purposes. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability.Other financial obligationsThe Group has entered into agreements regarding other financial obligations of DKK 97,077k. TransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act.All transactions have been conducted on an arm's length basis. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company:Visign Holding ApSDK-8240 Risskov PricewaterhouseCoopers 1793000 1385000 76000 29000 993000 1514000 1856000 7448000 4718000 10376000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of Eltronic Group A/S for 2024/25 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C.The accounting policies applied remain unchanged from last year.The Consolidated Financial Statements and the Parent Company Financial Statements for 2024/25 are presented in TDKK. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, Eltronic Group A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Business combinationsBusiness acquisitions carried through on or after 1 July 2018Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably.The time of acquisition is the time when the Group obtains control of the entity acquired.The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred.Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Where the differences are negative, they are recognised immediately in the income statement.Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made.Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement.In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement. Minority interestsMinority interests form part of the Group's total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquistition of subsidiaries.Business acquisitions carried through on or after 1 July 2018Minority interests are initially measured at their proportionate share of the fair value of the acquired entity’s identifiable net assets. In this way, only goodwill related to the Parent Company’s share of the entity acquired is recognised.On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group.The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement.All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting.Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity.Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively.Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting. Hedge accountingChanges in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in the fair value reserve under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction. Segment information on revenueInformation on business segments and geographical segments is based on the Group´s risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group.Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract.Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc.Other external expenses also include research and development costs that do not qualify for capitalisation. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Income from investments in subsidiaries and associatesThe items “Income from investments in subsidiaries” and “Income from investments in associates” in the income statement include the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.The Company is jointly taxed with Danish subsidiaries. The tax effect of the joint taxation with the subsidiaries is allocated to Danish enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Intangible fixed assetsGoodwillGoodwill is amortised on a straight-line basis over the estimated useful life of 3-10 years, determined on the basis of Management’s experience with the individual business areas. The amortization period of goodwill has been determined to be 3-10 years, reflecting the subsidiaries strong market position and sustained earnings profile. The subsidiaries is regarded as strategic investments for the Group and is expected to generate a positive contribution to consolidated results over an extended horizon.Development projectsCosts of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities.Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis.As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 5 year. Other intangible fixed assetsLicences are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use.Licences are amortised over the period of the agreements, which is 3-8 years. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other buildings20-50 years Plant and machinery3-5 years Other fixtures and fittings, tools and equipment3-5 years Leasehold improvements5-20 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment.Goodwill, head office buildings and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable. Investments in subsidiaries and associatesInvestments in subsidiaries and associates are recognised and measured under the equity method.The items “Investments in subsidiaries” and “Investments in associates” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries and associates is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries and the associates.Subsidiaries and associates with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Fixed asset investmentsInvestments which are not traded in an active market are measured at the lower of cost and recoverable amount. Other fixed asset investments consist of security deposits etc. measured at cost. InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of goods for resale, raw materials and consumables equals landed cost.The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Contract work in progressContract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement.Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value.Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. DividendDividend distribution proposed by Management for the year is disclosed as a separate Dividend item. ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.Other provisions include loss-making agreements and warranty obligations in respect of repair work within the warranty period of 1-5 years. Provisions are measured and recognised based on experience with guarantee work. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value. Deferred incomeDeferred income comprises payments received in respect of income in subsequent years. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group.The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalentsThe cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand”. Financial HighlightsExplanation of financial ratiosGross marginGross profit x 100 / RevenueProfit marginProfit/loss of primary operations x 100 / RevenueReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity