35480463 2022-10-31 cmn:ConsolidatedMember 35480463 2021-10-31 cmn:ConsolidatedMember 35480463 2020-10-31 cmn:ConsolidatedMember 35480463 2024-10-31 cmn:ConsolidatedMember 35480463 2023-10-31 cmn:ConsolidatedMember 35480463 2024-10-31 35480463 2023-10-31 35480463 2023-11-01 cmn:ConsolidatedMember fsa:ContributedCapitalMember 35480463 2023-11-01 cmn:ConsolidatedMember fsa:ReserveForCurrentValueOfHedgingMember 35480463 2023-11-01 cmn:ConsolidatedMember fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 35480463 2023-11-01 cmn:ConsolidatedMember fsa:RetainedEarningsMember 35480463 2023-11-01 cmn:ConsolidatedMember fsa:MinorityInterestsMember 35480463 2024-10-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 35480463 2024-10-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueOfHedgingMember 35480463 2024-10-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 35480463 2024-10-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 35480463 2024-10-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 35480463 2023-11-01 fsa:ContributedCapitalMember 35480463 2023-11-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 35480463 2023-11-01 fsa:ReserveForCurrentValueOfHedgingMember 35480463 2023-11-01 fsa:RetainedEarningsMember 35480463 2024-10-31 fsa:ContributedCapitalMember 35480463 2024-10-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 35480463 2024-10-31 fsa:ReserveForCurrentValueOfHedgingMember 35480463 2024-10-31 fsa:RetainedEarningsMember 35480463 2023-11-01 cmn:ConsolidatedMember 35480463 2022-11-01 cmn:ConsolidatedMember 35480463 2023-11-01 cmn:ConsolidatedMember fsa:CompletedDevelopmentProjectsMember 35480463 2023-11-01 cmn:ConsolidatedMember fsa:AcquiredLicencesMember 35480463 2023-11-01 cmn:ConsolidatedMember fsa:GoodwillMember 35480463 2023-11-01 cmn:ConsolidatedMember fsa:DevelopmentProjectsInProgressMember 35480463 2023-11-01 fsa:CompletedDevelopmentProjectsMember 35480463 2024-10-31 cmn:ConsolidatedMember fsa:CompletedDevelopmentProjectsMember 35480463 2024-10-31 cmn:ConsolidatedMember fsa:AcquiredLicencesMember 35480463 2024-10-31 cmn:ConsolidatedMember fsa:GoodwillMember 35480463 2024-10-31 cmn:ConsolidatedMember fsa:DevelopmentProjectsInProgressMember 35480463 2024-10-31 fsa:CompletedDevelopmentProjectsMember 35480463 2023-11-01 fsa:LandAndBuildingsMember cmn:ConsolidatedMember 35480463 2023-11-01 fsa:PlantAndMachineryMember cmn:ConsolidatedMember 35480463 2023-11-01 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 35480463 2023-11-01 fsa:LeaseholdImprovementsMember cmn:ConsolidatedMember 35480463 2023-11-01 fsa:PropertyPlantAndEquipmentInProgressMember cmn:ConsolidatedMember 35480463 2024-10-31 fsa:LandAndBuildingsMember cmn:ConsolidatedMember 35480463 2024-10-31 fsa:PlantAndMachineryMember cmn:ConsolidatedMember 35480463 2024-10-31 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 35480463 2024-10-31 fsa:LeaseholdImprovementsMember cmn:ConsolidatedMember 35480463 2024-10-31 fsa:PropertyPlantAndEquipmentInProgressMember cmn:ConsolidatedMember 35480463 2023-11-01 fsa:LandAndBuildingsMember 35480463 2023-11-01 fsa:FixturesFittingsToolsAndEquipmentMember 35480463 2023-11-01 fsa:LeaseholdImprovementsMember 35480463 2024-10-31 fsa:LandAndBuildingsMember 35480463 2024-10-31 fsa:FixturesFittingsToolsAndEquipmentMember 35480463 2024-10-31 fsa:LeaseholdImprovementsMember 35480463 2023-11-01 fsa:InvestmentsInGroupEnterprisesMember 35480463 2022-11-01 fsa:InvestmentsInGroupEnterprisesMember 35480463 2024-10-31 fsa:InvestmentsInGroupEnterprisesMember 35480463 2023-10-31 fsa:InvestmentsInGroupEnterprisesMember 35480463 2024-10-31 1 fsa:SubsidiaryMember 35480463 2024-10-31 2 fsa:SubsidiaryMember 35480463 2024-10-31 3 fsa:SubsidiaryMember 35480463 2024-10-31 4 fsa:SubsidiaryMember 35480463 2024-10-31 5 fsa:SubsidiaryMember 35480463 2024-10-31 6 fsa:SubsidiaryMember 35480463 2024-10-31 7 fsa:SubsidiaryMember 35480463 2024-10-31 8 fsa:SubsidiaryMember 35480463 2024-10-31 9 fsa:SubsidiaryMember 35480463 2024-10-31 10 fsa:SubsidiaryMember 35480463 2024-10-31 11 fsa:SubsidiaryMember 35480463 2024-10-31 12 fsa:SubsidiaryMember 35480463 2024-10-31 13 fsa:SubsidiaryMember 35480463 2024-10-31 14 fsa:SubsidiaryMember 35480463 2024-10-31 15 fsa:SubsidiaryMember 35480463 2024-10-31 16 fsa:SubsidiaryMember 35480463 2024-10-31 17 fsa:SubsidiaryMember 35480463 2024-10-31 18 fsa:SubsidiaryMember 35480463 2024-10-31 19 fsa:SubsidiaryMember 35480463 2024-10-31 20 fsa:SubsidiaryMember 35480463 2024-10-31 21 fsa:SubsidiaryMember 35480463 2024-10-31 22 fsa:SubsidiaryMember 35480463 2024-10-31 23 fsa:SubsidiaryMember 35480463 2024-10-31 24 fsa:SubsidiaryMember 35480463 2024-10-31 25 fsa:SubsidiaryMember 35480463 2024-10-31 26 fsa:SubsidiaryMember 35480463 2024-10-31 27 fsa:SubsidiaryMember 35480463 2023-11-01 cmn:ConsolidatedMember fsa:InvestmentsInAssociatesMember 35480463 2022-11-01 cmn:ConsolidatedMember fsa:InvestmentsInAssociatesMember 35480463 2023-11-01 fsa:InvestmentsInAssociatesMember 35480463 2022-11-01 fsa:InvestmentsInAssociatesMember 35480463 2024-10-31 cmn:ConsolidatedMember fsa:InvestmentsInAssociatesMember 35480463 2023-10-31 cmn:ConsolidatedMember fsa:InvestmentsInAssociatesMember 35480463 2024-10-31 fsa:InvestmentsInAssociatesMember 35480463 2023-10-31 fsa:InvestmentsInAssociatesMember 35480463 2024-10-31 1 fsa:AssociateMember 35480463 2024-10-31 2 fsa:AssociateMember 35480463 2023-11-01 cmn:ConsolidatedMember fsa:DepositsLongtermInvestmentsAndReceivablesMember 35480463 2023-11-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 35480463 2024-10-31 cmn:ConsolidatedMember fsa:DepositsLongtermInvestmentsAndReceivablesMember 35480463 2024-10-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 35480463 2024-10-31 cmn:ConsolidatedMember fsa:LongtermMortgageLoansMember 35480463 2023-10-31 cmn:ConsolidatedMember fsa:LongtermMortgageLoansMember 35480463 2024-10-31 fsa:LongtermMortgageLoansMember 35480463 2023-10-31 fsa:LongtermMortgageLoansMember 35480463 2024-10-31 cmn:ConsolidatedMember fsa:LongtermDebtToOtherCreditInstitutionsMember 35480463 2023-10-31 cmn:ConsolidatedMember fsa:LongtermDebtToOtherCreditInstitutionsMember 35480463 2024-10-31 fsa:LongtermDebtToOtherCreditInstitutionsMember 35480463 2023-10-31 fsa:LongtermDebtToOtherCreditInstitutionsMember 35480463 2024-10-31 fsa:ShorttermDebtToOtherCreditInstitutionsMember cmn:ConsolidatedMember 35480463 2023-10-31 fsa:ShorttermDebtToOtherCreditInstitutionsMember cmn:ConsolidatedMember 35480463 2024-10-31 fsa:ShorttermDebtToOtherCreditInstitutionsMember 35480463 2023-10-31 fsa:ShorttermDebtToOtherCreditInstitutionsMember 35480463 2024-10-31 cmn:ConsolidatedMember fsa:LongtermLeaseCommitmentsMember 35480463 2023-10-31 cmn:ConsolidatedMember fsa:LongtermLeaseCommitmentsMember 35480463 2024-10-31 fsa:LongtermLeaseCommitmentsMember 35480463 2023-10-31 fsa:LongtermLeaseCommitmentsMember 35480463 2024-10-31 cmn:ConsolidatedMember fsa:OtherLongtermPayablesMember 35480463 2023-10-31 cmn:ConsolidatedMember fsa:OtherLongtermPayablesMember 35480463 2024-10-31 fsa:OtherLongtermPayablesMember 35480463 2023-10-31 fsa:OtherLongtermPayablesMember 35480463 2024-10-31 fsa:OtherShorttermPayablesMember cmn:ConsolidatedMember 35480463 2023-10-31 fsa:OtherShorttermPayablesMember cmn:ConsolidatedMember 35480463 2024-10-31 fsa:OtherShorttermPayablesMember 35480463 2023-10-31 fsa:OtherShorttermPayablesMember 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember 35480463 2023-11-01 2024-10-31 1 cmn:ConsolidatedMember 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember memberOfBoardIdentifier_executive_board_1 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember memberOfBoardIdentifier_board_of_director_1 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember memberOfBoardIdentifier_board_of_director_2 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember memberOfBoardIdentifier_board_of_director_3 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember memberOfBoardIdentifier_board_of_director_5 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember memberOfBoardIdentifier_board_of_director_6 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember memberOfBoardIdentifier_board_of_director_7 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember memberOfBoardIdentifier_board_of_director_8 35480463 2023-11-01 2024-10-31 2 cmn:ConsolidatedMember 35480463 2021-11-01 2022-10-31 cmn:ConsolidatedMember 35480463 2020-11-01 2021-10-31 cmn:ConsolidatedMember 35480463 2019-11-01 2020-10-31 cmn:ConsolidatedMember 35480463 2022-11-01 2023-10-31 cmn:ConsolidatedMember 35480463 2023-11-01 2024-10-31 35480463 2022-11-01 2023-10-31 35480463 2023-11-01 2024-10-31 fsa:ContributedCapitalMember cmn:ConsolidatedMember 35480463 2023-11-01 2024-10-31 fsa:ReserveForCurrentValueOfHedgingMember cmn:ConsolidatedMember 35480463 2023-11-01 2024-10-31 fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember cmn:ConsolidatedMember 35480463 2023-11-01 2024-10-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 35480463 2023-11-01 2024-10-31 fsa:MinorityInterestsMember cmn:ConsolidatedMember 35480463 2023-11-01 2024-10-31 fsa:ContributedCapitalMember 35480463 2023-11-01 2024-10-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 35480463 2023-11-01 2024-10-31 fsa:ReserveForCurrentValueOfHedgingMember 35480463 2023-11-01 2024-10-31 fsa:RetainedEarningsMember 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember 16 35480463 2022-11-01 2023-10-31 cmn:ConsolidatedMember 16 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember fsa:ManagementMember 35480463 2022-11-01 2023-10-31 cmn:ConsolidatedMember fsa:ManagementMember 35480463 2023-11-01 2024-10-31 fsa:ManagementMember 35480463 2022-11-01 2023-10-31 fsa:ManagementMember 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember fsa:BoardOfDirectorsMember 35480463 2022-11-01 2023-10-31 cmn:ConsolidatedMember fsa:BoardOfDirectorsMember 35480463 2023-11-01 2024-10-31 fsa:BoardOfDirectorsMember 35480463 2022-11-01 2023-10-31 fsa:BoardOfDirectorsMember 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember fsa:CompletedDevelopmentProjectsMember 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember fsa:AcquiredLicencesMember 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember fsa:GoodwillMember 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember fsa:DevelopmentProjectsInProgressMember 35480463 2023-11-01 2024-10-31 fsa:CompletedDevelopmentProjectsMember 35480463 2023-11-01 2024-10-31 fsa:LandAndBuildingsMember cmn:ConsolidatedMember 35480463 2023-11-01 2024-10-31 fsa:PlantAndMachineryMember cmn:ConsolidatedMember 35480463 2023-11-01 2024-10-31 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 35480463 2023-11-01 2024-10-31 fsa:LeaseholdImprovementsMember cmn:ConsolidatedMember 35480463 2023-11-01 2024-10-31 fsa:PropertyPlantAndEquipmentInProgressMember cmn:ConsolidatedMember 35480463 2023-11-01 2024-10-31 fsa:LandAndBuildingsMember 35480463 2023-11-01 2024-10-31 fsa:FixturesFittingsToolsAndEquipmentMember 35480463 2023-11-01 2024-10-31 fsa:LeaseholdImprovementsMember 35480463 2023-11-01 2024-10-31 fsa:InvestmentsInGroupEnterprisesMember 35480463 2022-11-01 2023-10-31 fsa:InvestmentsInGroupEnterprisesMember 35480463 2023-11-01 2024-10-31 1 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 2 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 3 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 4 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 5 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 6 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 7 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 8 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 9 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 10 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 11 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 12 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 13 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 14 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 15 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 16 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 17 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 18 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 19 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 20 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 21 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 22 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 23 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 24 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 25 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 26 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 27 fsa:SubsidiaryMember 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember fsa:InvestmentsInAssociatesMember 35480463 2022-11-01 2023-10-31 cmn:ConsolidatedMember fsa:InvestmentsInAssociatesMember 35480463 2023-11-01 2024-10-31 fsa:InvestmentsInAssociatesMember 35480463 2022-11-01 2023-10-31 fsa:InvestmentsInAssociatesMember 35480463 2023-11-01 2024-10-31 1 fsa:AssociateMember 35480463 2023-11-01 2024-10-31 2 fsa:AssociateMember 35480463 2023-11-01 2024-10-31 cmn:ConsolidatedMember fsa:DepositsLongtermInvestmentsAndReceivablesMember 35480463 2023-11-01 2024-10-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 35480463 2023-11-01 2024-10-31 PricewaterhouseCoopers cmn:ConsolidatedMember 35480463 2022-11-01 2023-10-31 PricewaterhouseCoopers cmn:ConsolidatedMember 35480463 2023-11-01 2024-10-31 PricewaterhouseCoopers 35480463 2022-11-01 2023-10-31 PricewaterhouseCoopers iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-11-01 2022-11-01 2024-10-31 2023-10-31 35480463 Eltronic Group A/S Kilde Alle 4 8722 Hedensted Hedensted PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Herredsvej 32 7100 Vejle Denmark 79 21 27 00 Underskriv. revisors e-mail anvendes 2025-01-15 Jens Jørgen Madsen Regnskabsklasse C, stor virksomhed Revisionspåtegning 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 2023 - 31 October 2024. 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 2024 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2023/24. 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. 2025-01-15 Hedensted Lars Jensen CEO Jens Jørgen Madsen Chair Carl Sinnerup Jensen Lars Tveen Mari-Louise Kahr Andreasen Hans-Christian Ellegård Employee representative Claus Norring Jensen Employee representative Jeppe Kiilerich Østerlund 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 2024 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 2023 - 31 October 2024 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 2023 - 31 October 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Group´s and the Parent Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group´s and the Parent Company´s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group´s and the Parent Company´s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Trekantområdet 2025-01-15 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Lars Almskou Ohmeyer State Authorised Public Accountant mne24817 Heidi Bonde State Authorised Public Accountant mne42815 1663233000 1040632000 718449000 651757000 536468000 362943000 81649000 111518000 38258000 10377000 -16171000 -4161000 71163000 66704000 22780000 1134749000 612111000 515438000 32508000 22633000 75988000 11367000 6253000 282396000 210085000 141484000 -2547000 8738000 95826000 -214228000 -17815000 -21196000 264864000 -17924000 -39502000 48089000 -27002000 35128000 999 704 609 0.447 0.411 0.392 0.516 0.505 0.052 0.048 0.049 0.107 0.053 0.106 0.091 0.072 0.182 0.074 0.385 0.318 0.249 0.343 0.274 0.161 0.142 0.289 0.379 0.177 The statutory statement is available on the Company's website cf. https://catalog.eltronic.dk/esg-report-2023-2024/esg-report-2023-2024/ The statutory statement is available on the Company's website cf. https://catalog.eltronic.dk/esg-report-2023-2024/esg-report-2023-2024/ Key activities The Company’s key activities are:1.to invest in small and medium-sized enterprises or parts of such enterprises2.to develop the enterprises mentioned in paragraph 1, including participation in strategic management of such enterprises3.to complete sales of the enterprises mentioned in paragraph 14.to carry out other activities which the Executive Board considers to be related to the activities mentioned in paragraphs 1-3.Eltronic A/SEltronic A/S is a knowledge-based company developing, manufacturing and servicing production technology and platforms globally for the manufacturing industry.Eltronic FuelTech A/SEltronic FuelTech A/S is a knowledge-based company developing, manufacturing and servicing process platforms for fuel gas supply systems and platforms globally for the maritime industry.ENABL A/SENABL A/S is a knowledge-based company developing, manufacturing and servicing production technology and platforms globally for the wind energy industry.Eltronic PtX A/SEltronic PtX A/S is a knowledge-based company that develops, manufactures, and services modular process platforms for balance of stack PtX systems. Primarily focusing on electrolysis and synthesis for scaling PtX capacity globally for the energy sector.Dynatest A/SDynatest A/S is a knowledge-based business which develops, manufactures, and services pavement test systems. The company is world-leading within evaluation of road and runway pavements.Epcido A/SEpcido A/S is a knowledge- and project company which installs and services equipment for logistics and distribution centers globally.MME Nordic A/SMME Nordic A/S is a knowledge-based company which develops, manufactures, and services production platforms globally for the medico industry. Development in the year The income statement of the Group for 2023/24 shows a profit of DKK 58,490k, and at 31 October 2024 the balance sheet of the Group shows a positive equity of DKK 391,917k. The past year and follow-up on development expectations from last year In the fiscal year, the Group has continued to focus on developing, manufacturing, delivering, and servicing advanced production facilities, products, processes, and digitalization for its Danish and international customers.In 2023/24 Eltronic Group delivered a performance on a satisfactory level. We continued to deliver top line growth and revenue increased with 4,2% to DKK 2,066,740k, slightly above our target. Profit on primary operations was DKK 107,391k, an increase of DKK 11,521k compared to 2022/23. Profit before tax was DKK 87,947, an increase of 33% compared to 2022/23, slightly below our target. The year's financial results were influenced by challenges faced by the PtX and wind power industry, particularly towards the end of the year. Several projects were cancelled as national governments and developers reacted late to inflationary pressures and interest rate developments. In ENABL, the second half of the year was affected by significant costs related to two projects. Those projects and market postponed planned projects from our customers will affect the outlook for 2025. We believe that our customers’ projects will start again in the second half of 2025.Furthermore, the financial results were impacted by a gain from sales of land and buildings and expenses related to market research, business development and transactions.The Group's management tools are being strengthened and adjusted and have been integrated into the IT management platform, which extensively digitizes the company. The goal is to enhance the performance culture throughout the organization, creating the greatest possible value for customers in the future. Significant investments have been made in expanding and upgrading the company's business platforms and processes to anchor standardized business systems. These investments will continue in 2025 to support increased activity, with a specific focus on AI and ongoing efforts to strengthen and expand cyber security.Additionally, there has been a focus on the company's sustainability strategy, reflected in a new ESG report. Several initiatives have been introduced to minimize the company's own environmental footprint and, in particular, to minimize customers' footprints in their product manufacturing processes. Special risks - operating risks and financial risks Operating risks The 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 risks Most of the revenue is generated in DKK and EUR. As a result, the Group is exposed to a lesser extent to risks related to currency fluctuations. The uncertainties in other currencies are attempted to be mitigated through the reduction of net positions or the use of financial instruments in significant risk situations. Credit risks The Group’s customer portfolio primarily consists of large, well-reputed companies, assessed to have a good financial standing. Customers are subject to regular credit ratings, and risks are minimized through payment terms that reduce exposure. Targets and expectations for the year ahead Next year, we will focus on consolidation and optimization of the Group’s activities.The company expects demand within its core business and anticipates achieving a financially satisfactory result for 2024/25 with approximately DKK 2,000m in revenue and an EBT of approximately DKK 100m. Research and development Eltronic A/SDevelopment activities include product maturing of supply platforms for increased recycling, development, and integration of the Company's processes for managing all tasks across the Company.Eltronic Fueltech A/SDevelopment activities include the development of product families that ensure new alternative, fossil free, and more environmentally friendly energy and fuel solutions for the maritime industry.ENABL A/SThe financial year has been a re prioritization year for ENABL and the development curve for ENABL in the Tower and Monopile market segment has continued. The company has built capacity and has allocated funding in the budget in the coming year for the development of new products and competences expected to support a significant growth and market position in the years to come. The solutions support the development of the offshore wind turbines as well as our consulting business allowing ENABL to take a larger share of the global market. The planned investments contains both competences and automated product solutions.Dynatest A/SIn the coming years, we expect to invest substantially in the development of digital solutions and new products which can be applied globally across the company. Our collaboration with universities entails a steady pipeline of qualified resources. We continuously execute 4-5 projects with students at multiple levels through a controlled process. This has already resulted in subsequent solutions and employment. External environment The Group is aware of its responsibilities in relation to both the external and the internal environment and 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 Group has obtained the ISO 14001 environmental certification, and its environmental impact is considered to be low. Intellectual capital resources The Group is a knowledge-based business whose key resources are the competencies and knowledge possessed by its employees.Competence development and knowledge sharing are keywords. Initiatives for the retention of employees are given high priority. Uncertainty relating to recognition and measurement There has been no uncertainty regarding recognition and measurement in the Annual Report. Unusual events The property company Techno Ejendomme ApS has been sold. Besides that, the financial position on 31 October 2024 of the Group and the results of the activities and cash flows of the Group for the financial year for 2023/24 have not been affected by any unusual events. Subsequent events In December 2024, an extraordinary dividend of DKK 125.000k was approved in Eltronic Group A/S.After the balance sheet date, there has been a merger in the ownership between Techno Vision ApS and Eltronic Finans A/S, with Techno Vision ApS as the future owner of Eltronic Group A/S.No further events have occurred since the balance sheet date, which could materially impact the Group’s or the Parent Company’s financial position. Udgået 2066740000 1983916000 54818000 62344000 86958000 1956000 21032000 16315000 1013955000 1027087000 0 0 215446000 143220000 75410000 40998000 924297000 815565000 440000 37661000 770313000 663602000 16666000 23546000 46216000 55340000 1303000 647000 377000 753000 20880000 15566000 107391000 95870000 -38409000 -2098000 0 0 89923000 41244000 -650000 -409000 -650000 -409000 9580000 7280000 7755000 8396000 28374000 36764000 2859000 12227000 87947000 65977000 55760000 34906000 29457000 22085000 -2848000 -1298000 58490000 43892000 58608000 36204000 0 0 24362000 5565000 -118000 7688000 0 0 58608000 36204000 34246000 30639000 125000000 0 125000000 0 47842000 50547000 0 0 3891000 5089000 0 0 45148000 66451000 0 0 23529000 25725000 0 0 120410000 147812000 0 0 968000 158763000 1592000 1644000 3064000 2437000 0 0 21103000 8260000 8132000 2378000 9600000 2359000 4456000 0 206000 7770000 0 0 34941000 179589000 14180000 4022000 0 0 321738000 324889000 87000 737000 87000 737000 18758000 1844000 16876000 0 18845000 2581000 338701000 325626000 174196000 329982000 352881000 329648000 157288000 152365000 0 0 324428000 330165000 0 0 217198000 156715000 0 0 0 0 154649000 158097000 44497000 31830000 26621000 15748000 98000 0 0 323000 1701000 2777000 4708000 9537000 15265000 9273000 3950000 400000 603187000 530760000 189928000 184105000 82142000 44568000 11043000 42000 842617000 727693000 200971000 184147000 1016813000 1057675000 553852000 513795000 1311000 1311000 1311000 1311000 0 0 86388000 82118000 0 -974000 0 -974000 1220000 1359000 0 0 352242000 296056000 267074000 215297000 354773000 297752000 354773000 297752000 37144000 38861000 0 0 391917000 336613000 354773000 297752000 29251000 39201000 23000 0 20530000 13922000 0 0 49781000 53123000 23000 0 0 70778000 0 0 0 13500000 0 13500000 1502000 750000 938000 0 18710000 17824000 2430000 2300000 20212000 102852000 3368000 15800000 0 3892000 0 0 2730000 152708000 111000 150745000 459000 175000 274000 0 47479000 48281000 0 0 195550000 155101000 16057000 4817000 162478000 56403000 0 0 0 0 174651000 39503000 5737000 5714000 0 0 124628000 130452000 4595000 5178000 15842000 12361000 0 0 554903000 565087000 195688000 200243000 575115000 667939000 199056000 216043000 1016813000 1057675000 553852000 513795000 1311000 -974000 1359000 296056000 38861000 0 0 0 0 -4561000 0 0 -139000 0 83000 0 0 0 -2422000 2879000 0 0 0 58608000 -118000 0 974000 0 0 0 1311000 0 1220000 352242000 37144000 1311000 82118000 -974000 215297000 0 -13031000 0 13031000 0 -139000 0 0 0 -4500000 0 4500000 0 -2422000 0 279000 0 24362000 0 34246000 0 0 974000 0 1311000 86388000 0 267074000 58490000 43892000 10376000 102327000 72633000 -17990000 141499000 128229000 9580000 7280000 -28374000 -36764000 122705000 98745000 -20147000 -9941000 102558000 88804000 -12818000 -18765000 -32508000 -22634000 -17229000 -1459000 237870000 3579000 497000 375000 0 -2873000 -9000 18886000 175803000 -22891000 -74670000 -3937000 -163478000 -94037000 -415000 -74000 0 -789000 1451000 998000 886000 0 -4561000 -3000000 -240787000 -100839000 37574000 -34926000 44568000 79494000 82142000 44568000 82142000 44568000 82142000 44568000 In December 2024, an extraordinary dividend of DKK 125.000k was approved in Eltronic Group A/S.After the balance sheet date, there has been a merge in the ownership between Techno Vision ApS and Eltronic Finans A/S, with Techno Vision ApS as the future owner of Eltronic Group A/S. No further events have occurred since the balance sheet date which could materially impact the Group’s or the Parent Company’s financial position. Geographical segments Revenue, Denmark 668739000 614708000 54818000 62344000 Export sales, EU 677208000 764655000 0 0 Export sales, non-EU 720793000 604553000 0 0 Total 2066740000 1983916000 54818000 62344000 Business segments Wind 872216000 982351000 0 0 Production systems 631296000 458464000 0 0 Electrical installations 2638000 22632000 0 0 Fuel systems 312024000 252849000 0 0 Installation 149886000 173693000 0 0 Road surface 98680000 93927000 0 0 Management fee 0 0 54818000 62344000 Total 2066740000 1983916000 54818000 62344000 687654000 587627000 14843000 20705000 66035000 62570000 1693000 2612000 16624000 13405000 130000 229000 770313000 663602000 16666000 23546000 1764000 2473000 1764000 2473000 238000 213000 200000 175000 2002000 2686000 1964000 2648000 1273 1217 22 37 Including remuneration to the Executive Board and Board of Directors: 40083000 44393000 0 0 6133000 10521000 1303000 647000 0 426000 0 0 46216000 55340000 1303000 647000 Gain from sales of land and buildings 82994000 0 0 0 Expenses related to market research, business development and transactions. -25354000 0 -25354000 0 Gain from sales of subsidiaries 0 0 64735000 0 Total 57640000 0 39381000 0 Share of profits -650000 -409000 -650000 -409000 Total -650000 -409000 -650000 -409000 0 0 6888000 7991000 6258000 2023000 867000 405000 3322000 5257000 0 0 9580000 7280000 7755000 8396000 22377000 29907000 2859000 12227000 5997000 6857000 0 0 28374000 36764000 2859000 12227000 12878000 16096000 -3198000 -1322000 16928000 7316000 346000 24000 -344000 -6985000 4000 0 -5000 5658000 0 0 29457000 22085000 -2848000 -1298000 79076000 7658000 184973000 25725000 1124000 -68000 -85000 0 0 0 211000 70000 0 12537000 0 1613000 1357000 1780000 0 0 14733000 0 0 -14733000 0 92339000 6286000 183193000 23529000 1124000 28529000 2569000 118522000 0 1124000 -11000 -5000 0 0 0 17592000 1188000 21303000 0 0 1613000 1357000 1780000 0 0 44497000 2395000 138045000 0 1124000 47842000 3891000 45148000 23529000 0 Some of the development projects involve the further development of equipment within the company'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 company'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 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. This project is expected to be completed in 2025 and the relevant resources in the development department have been budgeted to carry out the planned activities. The solution can be marketed and sold the same year. There is great interest in the market for this future solution of carbon-free fuels.A project concerning a Fuel Supply System for Methanol-powered engines and 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 is ready for the market. A project concerning a product for use with low pressure LNG-powered engines in a new variant on the existing market. The project is finalized and has had a relatively short development period, and was thus fully developed in 2022, when both marketing and sales have begun. There has thus been no capitalized cost in 2022-23 or 2023-24.A development of robot-cells regarding the handling of sustainable packaging alternatives in the product environment. 181038000 2973000 14870000 2878000 7770000 0 0 -103000 0 0 115000 1500000 17150000 7946000 5797000 180089000 0 3040000 0 13361000 1064000 4473000 28877000 10824000 206000 22275000 536000 6610000 519000 0 0 0 -23000 0 0 904000 873000 3651000 705000 0 23083000 0 2464000 0 0 96000 1409000 7774000 1224000 0 968000 3064000 21103000 9600000 206000 0 561000 1351000 0 0 1688000 3156000 0 0 6875000 4586000 1688000 10031000 4586000 44000 778000 0 52000 1121000 130000 96000 1899000 130000 1592000 8132000 4456000 242772000 280774000 27899000 400000 35321000 37395000 0 -1007000 235350000 242772000 82117000 81056000 -138000 -2503000 40759000 63464000 4500000 64000000 -4213000 -1938000 14606000 21735000 0 -486000 86388000 82117000 321738000 324889000 DataIntelligence A/S Denmark 100 Eltronic FuelTech A/S Denmark 96.7 - Eltronic Fueltech Korea Yuhanhoesa South Korea 96.7 Eltronic A/S Denmark 100 Udlejningsselskabet af 4. januar 2024 A/S Denmark 100 ENABL A/S Denmark 94.1 - Eltronic Global ApS Denmark 94.1 - ENABL (Taicang) Co Ltd China 94.1 - ENABL A/S Taiwan Branch Taiwan 94.1 - ENABL Engineering Private Limited India 94.1 - ENABL Bulgaria EOOD Bulgaria 94.1 - ENABL Ukraina LLC Ukranie 94.1 - ENABL-Wind UK Ltd United Kingdom 94.1 - ENABL Inc USA 94.1 - ENABL Hungary Kft Hungary 94.1 Dynatest A/S Denmark 100 - Dynatest US Inc USA 100 - Dynatest North America Inc USA 100 EPCIDO Holding A/S Denmark 50 - EPCIDO US Inc USA 50 - EPCIDO Sp. Z.o.o. Poland 50 - EPCIDO A/S Denmark 50 - EPCIDO Ltd United Kingdom 50 - EPCIDO GmbH Germany 50 MME Nordic A/S Denmark 70 - MME Nordic Hungary Kft. Hungary 70 Eltronic PTX A/S Denmark 100 1146000 535000 1146000 0 0 1007000 0 139000 0 396000 0 0 0 0 0 1007000 1146000 1146000 1146000 1146000 -409000 -21000 -409000 0 -343000 -102000 -343000 -102000 0 21000 0 0 307000 307000 307000 307000 -1059000 -409000 -1059000 -409000 87000 737000 87000 737000 Sonne Management Invest ApS Denmark 33.33 MME Management Invest ApS Denmark 11.67 1844000 0 17229000 16876000 315000 0 18758000 16876000 18758000 16876000 Disposals for the year 0 0 -13031000 28259000 Remaining positive difference included in the above carrying amount at 0 0 30857000 45463000 Investments in subsidiaries are specified as follows: Remaining positive difference included in the above carrying amount at 794000 1101000 794000 1101000 Investments in associates are specified as follows: 87773000 84937000 0 0 50193000 50400000 0 0 17548000 16336000 0 0 1774000 692000 0 0 157288000 152365000 0 0 Selling price of work in progress 1103842000 849723000 0 0 Payments received on account -1049122000 -749411000 0 0 Total 54720000 100312000 0 0 Recognised in the balance sheet as follows: Contract work in progress recognised in assets 217198000 156715000 0 0 Prepayments received recognised in debt -162478000 -56403000 0 0 Total 54720000 100312000 0 0 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and other costs as well. Deferred tax liabilities at 1 November 39201000 26228000 -323000 -347000 Disposals due to business transactions -26971000 0 0 0 Amounts recognised in the income statement for the year 16923000 12973000 346000 24000 Deferred tax liabilities at 31 October 29153000 39201000 23000 -323000 Recognised in the balance sheet as follows: Assets 98000 0 0 323000 Provisions -29251000 -39201000 -23000 0 29153000 39201000 23000 -323000 The provision for deferred tax is mainly attributed to temporary differences between the accounting value and the tax value of development projects, lease obligations, machinery and equipment, leasehold improvements, work in progress and other provisions. The Group have recognized provisions which primarily relates to loss-making agreements. Other provisions 20530000 13922000 0 0 20530000 13922000 0 0 The provisions are expected to mature as follows: Within 1 year -20530000 -13922000 0 0 After 5 years 0 0 0 0 20530000 13922000 0 0 0 54328000 0 0 0 16450000 0 0 0 70778000 0 0 0 3892000 0 0 0 0 0 0 0 13500000 0 13500000 0 13500000 0 13500000 0 4761000 0 4500000 2730000 147947000 111000 146245000 0 0 0 0 1502000 750000 938000 0 1502000 750000 938000 0 459000 175000 274000 0 15671000 14939000 0 0 3039000 2885000 2430000 2300000 18710000 17824000 2430000 2300000 124628000 130452000 4595000 5178000 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: Mortgage loans Credit institutions Lease obligations Other payables Deferred income consists of payments received in respect of income in subsequent years. -9580000 -7280000 28374000 36764000 -38675000 52424000 650000 409000 29457000 22085000 10376000 102327000 150000 -2075000 -4923000 -6224000 -73405000 31009000 6608000 -396000 143379000 -42442000 974000 63000 72633000 -17990000 Charges and security The 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 467,895k.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 109,210k. Rental and lease obligations The Group has assumed lease commitments amounting to DKK 21,793k as at the balance sheet date.The Group has assumed obligation to designate buyer, operating leases. Expected residual value on expiry agreement DKK 309k.The Parent company has assumed lease commitments amounting to DKK 1,030k as at the balance sheet date. The Group has has assumed rent obligations amounting to DKK 487,971k as at the balance sheet date. The Parent Company has has assumed rent obligations amounting to DKK 463,795k as at the balance sheet date. Guarantee obligations The Parent Company has provided security in respect of subsidiaries balances with credit institutions to DKK 1,312k at the balance sheet date. The Parent Company has issued a letter of support in respect of the subsidiaries Udlejningsselskabet af 4. januar 2024 A/S, Dataintelligence A/S, Eltronic PTX A/S and ENABL A/S. Other contingent liabilities In connection with the sale of a capital share, the group has undertaken, if certain circumstances arise in the future until April 2027, to repay a share of the sale price to the buyer. 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 by the Group amounts to DKK 3,872k. 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 Group’s liability. Transactions The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act.All transactions have been conducted on an arm's length basis. 1385000 1557000 88000 85000 29000 149000 0 0 1514000 903000 845000 576000 7448000 1344000 6544000 744000 PricewaterhouseCoopers The Annual Report of Eltronic Group A/S for 2023/24 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Consolidated Financial Statements and the Parent Company Financial Statements for 2023/24 are presented in TDKK. true Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. 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 consolidation The 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. Minority interests Minority interests form part of the Group's total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquistition of subsidiaries. Business acquisitions carried through on or after 1 July 2018 Minority interests are initially measured at their proportionate share of the fair value of the acquired entity’s identifiable net assets. In this way, only goodwill related to the Parent Company’s share of the entity acquired is recognised. On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity. Business combinations Business acquisitions carried through on or after 1 July 2018 Acquisitions 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. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. 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. Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively. Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting. Changes in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk. Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in the fair value reserve under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction. Information on business segments and geographical segments is based on the Group´s risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group. 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 consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other 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 losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. The 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 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). Goodwill 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. Costs 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. Patents and licences are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use. Patents are amortised over the remaining patent period or a shorter useful life. The amortisation period is 3-8 years. Software 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 buildings 20-50 years Plant and machinery 3-5 years Other fixtures and fittings, tools and equipment 3-5 years Leasehold improvements 5-20 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. 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 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. Other fixed asset investments consist of security deposits etc. measured at cost. Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of goods for resale, 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 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. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. 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 income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans, such as mortgage loans and loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan. Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred 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 activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents comprise ”Cash at bank and in hand”. The cash flow statement cannot be immediately derived from the published financial records. Gross margin Gross profit x 100 / Revenue Profit margin Profit/loss of primary operations x 100 / Revenue Return on assets Profit/loss of primary operations x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity