xbrli:pureiso4217:DKK387177232023-04-012024-03-31cmn:ConsolidatedMember387177232023-04-012024-03-311cmn:ConsolidatedMember387177232023-04-012024-03-31fsa:LiquidationAccountMembercmn:ConsolidatedMember387177232023-04-012024-03-311cmn:ConsolidatedMember387177232023-04-012024-03-311387177232023-04-012024-03-312387177232023-04-012024-03-313387177232023-04-012024-03-314387177232022-04-012023-03-31cmn:ConsolidatedMember387177232023-04-012024-03-31387177232022-04-012023-03-31387177232023-04-012024-03-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember387177232023-04-012024-03-31fsa:RetainedEarningsMembercmn:ConsolidatedMember387177232023-04-012024-03-31fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember387177232023-04-012024-03-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember387177232023-04-012024-03-31fsa:RetainedEarningsMember387177232023-04-012024-03-31fsa:ProposedDividendRecognisedInEquityMember387177232024-03-31cmn:ConsolidatedMember387177232023-03-31cmn:ConsolidatedMember387177232024-03-31387177232023-03-31387177232023-04-01cmn:ConsolidatedMember387177232022-04-01cmn:ConsolidatedMember387177232023-04-01fsa:ContributedCapitalMembercmn:ConsolidatedMember387177232023-04-01fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember387177232023-04-01fsa:RetainedEarningsMembercmn:ConsolidatedMember387177232023-04-01fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember387177232024-03-31fsa:ContributedCapitalMembercmn:ConsolidatedMember387177232024-03-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember387177232024-03-31fsa:RetainedEarningsMembercmn:ConsolidatedMember387177232024-03-31fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember387177232023-04-01fsa:ContributedCapitalMember387177232023-04-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember387177232023-04-01fsa:RetainedEarningsMember387177232023-04-01fsa:ProposedDividendRecognisedInEquityMember387177232023-04-01387177232024-03-31fsa:ContributedCapitalMember387177232024-03-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember387177232024-03-31fsa:RetainedEarningsMember387177232024-03-31fsa:ProposedDividendRecognisedInEquityMember387177232023-04-012024-03-31fsa:ContributedCapitalMembercmn:ConsolidatedMember387177232023-04-012024-03-31fsa:ContributedCapitalMember387177232023-04-012024-03-311cmn:ConsolidatedMember387177232022-04-012023-03-311cmn:ConsolidatedMemberGrundlag for konklusionKonklusion33963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2023-03-312022-04-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-03-312023-04-01Precision Global ApS38717723ÅrsrapportAalborg900026, 4. salØstre HavnepromenadeAalborgSvenstrup J9230<br /><br />13Lansen0The Board of Directors and the Executive Board have today considered and approved the annual report of Precision Global ApS for the financial year 01.04.2023 - 31.03.2024.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.03.2024 and of the results of their operations and the consolidated cash flows for the financial year
01.04.2023 - 31.03.2024.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.Svenstrup J2024-06-11Jesper Rom KnudsenLene-Christine Knüttel WintherMartin Holmgaard ThomsenJeppe MüllerThomas Henrik Dresler PetersenTo the shareholders of Precision Global ApSWe have audited the consolidated financial statements and the parent financial statements of Precision Global ApS for the financial year 01.04.2023 - 31.03.2024, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.03.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.04.2023 - 31.03.2024 in accordance
with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional
requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the "Auditor’s responsibilities for the audit of the consolidated financial statements and the parent financial statements" section of this auditor’s
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 financial statements that give a true and fair view in
accordance
with the Danish Financial Statements Act, and for such internal control as Management determines
is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements and parent 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:<br />Identify and assess the risks of material misstatement of the consolidated financial statements and the parent 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.
<br />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 Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the consolidated financial statements and the parent 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 Entity’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the consolidated financial statements and the parent 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 Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />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 the management commentary.
Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required by relevant law and regulations.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.Aalborg2024-06-11René Winther Pedersenmne34173State Authorised Public AccountantFinancial highlights2023/24
DKK'0002022/23
DKK'0002021/22
DKK'000Key figuresGross profit/loss62,12553,50715,706Operating profit/loss29,06831,7701,173Net financials(3,322)3,028366Profit/loss for the year19,68427,284351Balance sheet total83,062190,64047,766Investments in property, plant and equipment2,6024,806720Equity40,20535,43312,187Cash flows from operating activities46,265(2,514)7,249Cash flows from investing activities7,306(5,342)(6,764)Cash flows from financing activities(104,104)71,1675,710RatiosEquity ratio (%)48.4018.5925.51The financial highlights include only a period of three years as it is the period in which consolidated accounts have been submitted.Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Equity ratio (%)
:Equity * 100
Balance sheet totalPrimary activitiesThe purpose of the Group is to protect people and society. The Group is doing this by providing complex solutions and services to Government Agencies and the defence industry. Solutions and services include Individual Soldier Solutions, Integrated Solutions, Command and Control Solutions, Maintenance and Integrated Logistics Services and Advisory.
The purpose of the Parent company is to own shares in other companies as well as other related business on behalf of the Executive Board.
Development in activities and financesThe result for the year before tax amounts to a profit of DKK 25.7 million compared to a profit of DKK 34.8 million last year. This is considered unsatisfactory, but is heavily impacted by the freeze in government spendings regarding investments in the defence industry as well as delays in donations packages for the Ukrainian defence sector.
The balance for the group has declined from DKK 190.6 million to DKK 83.1 million due to a timing issue at year-end 31 March 2023. At the closing date last year, one Group company has approx. 62 million DKK in cash deposit in Lloyds Bank which should have been transferred to the parent Company to cover bank overdraft. The amount was not transferred until a few days after the closing date resulting in an increase in bank deposits and bank overdrafts respectively.
The overall status of the company group is positive. The Defence industry is still growing and the demand for additional government spendings within the sector seems extremely positive for the years to come. Throughout the corporate territory, defence budgets and spending are being heavily expanded. This is expected to continue throughout the next five to ten years, as the geo-political situation is not likely to change and as the NATO and Coalition countries finally seem to realize that they have neglected to invest in the national defence and security for the past decades. Hence, there seems to be a huge potential for the sector and company in the years to come. The security situation as well as the lessons learned from the global pandemic, does encourage the European NATO partners to prioritize local industry initiatives, but the urgency of time as well as alliance interoperability, on the other hand calls for procurement of US defence articles, which are still considered the most advanced and trendsetting. In addition, the US is trying to optimize the availability of defence related articles by lowering the export restrictions to main NATO partners. In addition, the US is allocating funds to new and smaller economy partners in NATO. These funds are dedicated towards procurement of US defence articles. Such procurements must be conducted government to government but can go into a tender process on the US side, which opens up the possibility to utilize a US based entity to obtain such opportunities.
Through FY2023/24 the global geo-political situation has resulted in a transitions between peace and wartime economy and politics. This has generated a re-negotiation and shift in the National Security strategies within several key markets, which has resulted in a freeze of existing plans and projects. This has severely impacted the Group FY2023/24, however clearly paved the future, which is showing the largest investments within National Security since World War II.
The Precision Technic Defence Group is still in the beginning of the strategy implementation, which will enhance the ability to benefit from the global trends. The Group is, however, seen in very good condition for the future, being more focused and streamlined than ever.
The Precision Technic Defence Group addition of the US entity, which was incorporated late 2022, is still being very well received by the US partners, however full implementation is an on-going process both externally as well as internally. It will, however, make corporation with the group more attractive for US suppliers as well as optimize the internal processes and intercompany resources. Overall objective is still to streamline Group supply chain management and to mediate financial and operational risks, through this entity. Additionally, to exploit new strategic sales channels including US Foreign Military Sales and other Government-to-Government activities.
The Group result is still negatively affected by challenges in some young and “unmature” enterprises. The result is however still supporting the continuous growth of the Group.
Throughout the underlying companies, we have seen growth and activities picking up. Results in the Australian entity has not been satisfactory, and Management change was implemented to initiate a turn-around. This has re-established the company. The APAC region has a huge potential over the next five years, as National Security spendings are being heavily increased. Company activities is being expanded into the wider APAC region to try to capture this potential and to mediate risk from leaning too heavily on one Customer. Results in the French and German companies have not been satisfactory. In the German company, there is a lot of on-going activities and longer terms opportunities, whereas the French company is extremely challenged. There is a focus on pipeline generation, budget planning and execution as well as continuous effort on implementing procedures and processes to streamline organization as well as activities. Main effort for FY2024/2025 will be for the German organization to establish a sovereign business unit. Goal is to have this conducted by FY2025/26.
In FY2022/2023, a professional Board of Directors was implemented to assist the governance and business development. As a result, strategies for each entity have been defined as a foundation for the budgeting process and a new focus on best business practice has been initiated. The Board of Directors is conducted as an active board, which - amongst others – means an active and high intensity engagement.
On the corporate level, main effort has been to ensure that the corporate structure is enabled to support the growth strategy. The Group has teamed with AP Ejendomme in order to finance and build the new headquarter for the Group which - amongst others – ensures that the company liquidity is being made available to finance the continuous growth strategy.
The Group will continue to implement the three strategic initiatives being growth and financial robustness, additional service and support offerings on deliverables and the sustainability agenda. This includes implementation of new initiatives within Environmental, Social and Governance (ESG).
Profit/loss for the year in relation to expected developmentsThe Group had expected a profit before tax of DKK 100-150 million for the FY 2023/24. Realized profit before tax was DKK 25,7 million and the profit is considered unsatisfactory. However the result for FY 2023/24 is highly impacted by cuts in budget spendings and delays in decision processes in most of the countries that Precision Defence Technic is operating in. The Group has established the organization prepared for the announced growth in Government spending within the military in most NATO countries for the years to come. Further agreements has been made with suppliers to support this expected growth and as stated in the Outlook for FY2024/25, the result for the FY2023/24 is considered as a postponement of the strategy implemented.OutlookThe outlook for FY2024/2025 is expected to follow the positive trend and the recent wins within – especially - the British and the Danish companies. In the FY 2023/2024, the company started to deliver on a framework project for British Ministry of Defence (MoD). Afterwards, the British MoD decided to utilize this seven-year framework for a much wider scope and effect. The British company main strategic outlook is therefore to ensure delivery upon this framework contract as well as looking into additional solutions and services being added to the contract vehicle. Secondarily, the company strives to establish additional framework contracts with the British MoD, as well as exploiting adding Services onto the existing contract. This is in order to mediate Operational and Financial risks.
The Danish company has been heavily impacted by the freeze of Government Defence spendings for the first eight months of the financial year. Additionally, the on-going negotiations on additional defence spendings have stopped some major projects and investments that were expected in FY2023/24. The Danish MoD finally signed and initiated the Modular Sensor Contract in the final part of FY2023/24, and the initial orders have been placed for delivery within FY2024/25. The effect of this contract and the new enhanced defence budgets is expected to have a positive impact on the next five years. This will also include activities for Precision Services, who has also achieved some significant milestone throughout FY2023/24. Main activities are around International Defence Corporation partnerships as well as integration services related to other Group entities.
The Danish company strategic efforts to spread activities into wider Scandinavia is proceeding successfully, with positive expectations for FY2024/25 and beyond. Main effort is the Swedish and Finnish markets, where the NATO membership is driving huge investments in National Security and fulfillment of the alliance force objectives. Another main driver for the positive direction has been deliveries on existing Government contracts.
The Group expects a profit before tax of DKK 75-100 million for FY2024/25. The expectation range is a consequence of the uncertainty related to the timing of order deliveries.
Statutory report on corporate social responsibilityThe account of the Corporate Social Responsibility covers the period from 1st of April 2023 until 31st of March 2024.
The Group is a global owner of companies with the main activities being sales of systems, solutions, and services to government authorities within NATO as well as to coalition partners. Sub-suppliers and partners are either located in the USA or within the EU.
The Group does not manufacture any products itself and is constantly monitoring and analyzing the most important aspects of the value chain, not only in terms of the Corporation but also regarding the external environment. Risk management is an integrated part of our business.
Strategic Policies
In 2020, the Group implemented both a Code of Conduct as well as a Corporate Social Responsibility (CSR) Policy throughout the organization. These were approved by the Board of Directors and are an integrated part of the decision-making process for all strategic business decisions. The strategies as well as the Anti-Bribery Policy can be accessed via www.ptdefence.com/about. In addition, as part of the implementation, we have added the CSR aspects into the Supplier Review in our ISO9001 and ISO27001 workflows. Since the last reporting, the Group have received its first ISO14001 certification, and continue to implement new workflows to strengthen our ESG strategy.
Sustainable Development Goals
Our commitment to CSR is an essential part of our Group strategy, and we firmly believe that by prioritizing CSR, we can achieve long-term success while simultaneously making a positive contribution to society and the environment. To ensure that we are making significant progress, we have identified five key areas that are integral to our approach to corporate social responsibility, each of which aligns with the United Nations’ Sustainable Development Goals (SDGs). Our key focus areas, serving as a guiding framework for our initiatives, are:
• Climate
• Social responsibility and workers’ welfare
• Human rights
• Economic sustainability
• Anti-bribery
The United Nations’ 17 Development Goals are a crucial part of the 2030 Agenda for Sustainable Development, with the aim of eliminating poverty, protecting the planet, and promoting prosperity for all. The SDGs encompass a wide range of issues, such as ensuring access to clean water and affordable energy, eradicating hunger, promoting gender equality, and creating sustainable communities.
Climate
Precision Defence Group recognizes the importance of protecting the environment and mitigate climate change and have implemented various measures to contribute to Sustainable Development Goals:
• Goal 12 - Responsible consumption and production
• Goal 13 – Climate action
As part of our commitment to sustainability, we have introduced a comprehensive waste sorting and recycling system and in 2020, our sales organization initiated a web shop to sell used equipment, promoting its reuse. Additionally, we ensure that packaging materials are recycled and used more than once, we recycle and reuse trade show stands again and again, and have replaced printed brochures with digital versions accessible via QR codes.
To achieve our goal of reducing our climate footprint, we have, moreover, transitioned to a more energy-efficient lighting system and have limited air travel to reduce CO2 emissions. Additionally, we have established satellite offices to create local job opportunities and minimize commuting and transportation needs. In instances where colleagues from satellite offices need to travel to other locations for meetings, we encourage carpooling to reduce the overall carbon footprint.
The Group has also taken steps to reduce food waste in its canteen by encouraging employees to inform the kitchen staff if they will be having lunch or not. This proactive approach has led to a reduction in food waste, thereby preserving valuable resources.
As part of our commitment to combat climate change, the Parent company is building a new headquarter in Svenstrup, Denmark, with a vision to design and construct the building in accordance with the UN Sustainable Development Goals. The new facility will be DGNB certified to Platin, demonstrating our dedication to reduce our environmental impact. In addition to the environmental benefits, the new building will also promote social and economic sustainability by providing local job opportunities. Furthermore, the building will include features such as electric charging stations in the parking lot, further promoting sustainable transportation practices. Moving forward, Precision Defence Group is committed to continuing its efforts towards implementing environmentally friendly solutions. In addition, the Group is actively striving to introduce sustainable and climate-friendly products and solutions to its customers. It is a clear and integral part of our strategy that climate preservation and sustainability serve as evaluation criteria for all new products, solutions, and procedures.
Social responsibility and workers’ welfare
At Precision Global we acknowledge the fact that our employees are our biggest asset, and that we have a responsibility for our supply chain and the communities in which we operate. Consequently, we continuously implement measures, contributing to Sustainable Development Goals:
• Goal 3 - Good health & well-being
• Goal 4 - Quality education
• Goal 5 - Gender equality
• Goal 8 - Decent work & sustainable economic growth.
Ensuring a good work environment and a strong focus on safety are high priorities within the Group. Although there is no actual production taking place, the logistic departments involve heavy lifting, and the office workload can be stressful. Throughout the financial year, the Corporation has implemented new equipment and facilities to optimize the safety of its workers.
In addition, we have placed a strong focus on monitoring stress levels within the organization and have implemented new processes, procedures, and personnel to actively address any identified concerns. Furthermore, the Group has implemented remote workspaces to a certain extent in response to the COVID-19 pandemic. This has proven to be an effective tool for improving efficiency and reducing stress. It is a clear strategy for the Group to integrate remote workspaces into the daily business operations.
We believe that investing in our employees and in their education is essential for their personal and professional development, as well as for the success of the Group. Consequently, we offer various training and education programs to our employees and promote employee well-being by providing healthy lunch options, free fruit, discounts on sportswear for all employees, and a range of social events.
As our company grows, we are continuously creating more job opportunities locally, which helps to promote decent work and work conditions for people around the world. We believe that providing good work opportunities is essential not only to the continued growth and success of the Group but also for achieving economic growth on a societal level.
The Group places great importance on job creation and has a special focus on employing veterans and assisting them in transitioning to civilian jobs outside the armed forces. We also support veteran programs and organizations that provide care and support for veterans in general. Moreover, we cooperate with educational institutions to provide practical learning opportunities to students and offer internship programs to support them in their way into the job market.
To promote gender equality, the Group requests recruitment agencies to present mixed-gender candidates for all open positions. The Group also ensures that all employees are treated equally in terms of rights and conditions during employment, and there is no gender-based biases or discrimination in the workplace. Additionally, the Group provides favorable conditions for both men and women during maternity leave and offers a Senior Policy, including attractive benefits for senior employees.
Our commitment to health, safety and decent work conditions also encompasses our suppliers and partners and is a key element of our Supplier Review. Failing to meet our high standards may lead to termination of our cooperation or partnership.
Human Rights
The Group does not tolerate any breaches of human rights.
The risk assessment of human rights and the impact on the Group shows that the main risk is within the supply chain. However, all partners and suppliers are located in democratic countries that are strongly committed to human rights. It is a clear corporate strategy not to engage in direct business with any non-NATO or non-coalition country to ensure full compliance with human rights and best practices for anti-corruption.
Economic sustainability
Precision Global is committed to contributing to the achievement of economic sustainability and to contributing to the following Sustainable Development Goals related to sustainable economic growth, e.g.:
• Development Goal 8 - Decent work & sustainable economic growth
• Development Goal 12 – Responsible consumption and production
The Group has a strong focus on creating job opportunities in the communities where it operates and promoting responsible consumption and production through various measures. The construction of a new headquarters not only provides a modern workplace built in compliance with sustainable construction principles but also creates new job opportunities, which the Group believes is a crucial step towards ensuring sustainable economic growth.
Anti-bribery
Our Group is built on the trust of customers and authorities, and we do not tolerate bribery or any form of corruption.
We have implemented both an anti-bribery strategy and policy, and all employees are educated on these topics as part of their initial training. Follow-up sessions are conducted, especially prior to large events and activities where topics concerning gifts, representation dinners etc. may be relevant. In the financial year, there have been no reports of bribery or corruption.
Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.621253905350674114004705109587783112512720524463403097928569121649640120795221195912007328260745942906801631769732976176779817935352408710022115965002646681867478540717743993806312863025745639347981792112747428510994606185675143211500568184518919683783272838580968378310000000196269062666580509626906100000001338730133873063638095457052722595017681604251259722511338730233441112994780309832393499545967272791018454450309832850932718700896363916358509327187003771052339921882962135485363963784439640231714109314786975138070296991334868760416091242801657442092824151810356473912633983553636451184709703938733331727267261841532249432184000239260815110395624731998223017966038168916215166481089562531898059569513972695139726202747935651191755734404201821038162245229910914800883061774190640212602966951493797225000050000500005000083200-562430072263203884801695605505852910000000150000001000000015000000402054633543285650000-562420388480150000003543285650000832003007226310000000437150053900377150000188952425058529150000003900377150000319694001695605100000001735280134594213757010181317352801345942137570101813568856033118048455490003648455411252065187540478900516115003639995438848414319898135576215664652380619005353422333641327845832379371327845832379372181990706431506579135451399214501757499538728934022099515337686016444120110274138411210311538614141644412011027413883061774190640212602966951493797220-15000000-150000000-15000000-15000000088824008882408432800843281649640122721129966189-3882949160683845-583254840471335260787-8674785-1900567-9791041-4143746265152-2513765-290578-225459-2601932-4805715-132232-5057452901801945621004052107305959-534235753571111-7856122-153374-238179-15000000-4000000Change in bank debt-8895111475405526-10410448871167347-505333776331122518980595695139721 Staff costs2023/24
DKK2022/23
DKKWages and salaries27,364,66617,898,397Pension costs2,479,9461,983,260Other social security costs1,280,515642,80631,125,12720,524,463Average number of full-time employees4132Remunerationof management
2023/24
DKKRemunerationof management
2022/23
DKKTotal amount for management categories2,136,0411,455,2872,136,0411,455,2871 Staff costs2023/24
DKK2022/23
DKKWages and salaries3,550,2112,524,128Pension costs444,440312,418Other social security costs36,32820,3664,030,9792,856,912Average number of full-time employees53Remunerationof
Manage- ment
2023/24
DKKRemunerationof Manage- ment
2022/23
DKKTotal amount for management categories1,798,0411,455,2871,798,0411,455,287413253Remunerationof management
2023/24
DKKRemunerationof management
2022/23
DKKTotal amount for management categories2,136,0411,455,2872,136,0411,455,287Remunerationof
Manage- ment
2023/24
DKKRemunerationof Manage- ment
2022/23
DKKTotal amount for management categories1,798,0411,455,2871,798,0411,455,28721360411455287179804114552872 Depreciation, amortisation and impairment losses2023/24
DKK2022/23
DKKAmortisation of intangible assets530,149318,190Depreciation on property, plant and equipment1,119,491889,7621,649,6401,207,9523 Other financial income2023/24
DKK2022/23
DKKOther interest income324,799832,745Exchange rate adjustments1,305,2756,267,476Other financial income3,722,33405,352,4087,100,2212 Other financial income2023/24
DKK2022/23
DKKFinancial income from group enterprises1,596,5002,286,074Other interest income0360,6071,596,5002,646,6814 Other financial expenses2023/24
DKK2022/23
DKKOther interest expenses1,772,4421,258,776Exchange rate adjustments3,661,7032,171,207Other financial expenses3,240,640641,7918,674,7854,071,7742023/24
DKK2022/23
DKKOther interest expenses1,772,4421,258,776Exchange rate adjustments3,661,7032,171,207Other financial expenses3,240,640641,7918,674,7854,071,774<br />3 Other financial expenses2023/24
DKK2022/23
DKKFinancial expenses from group enterprises321,0713,099,313Other interest expenses806,83629,317Exchange rate adjustments2850Other financial expenses2,865,61403,993,8063,128,630<br />2023/24
DKK2022/23
DKKFinancial expenses from group enterprises321,0713,099,313Other interest expenses806,83629,317Exchange rate adjustments2850Other financial expenses2,865,61403,993,8063,128,6305 Tax on profit/loss for the year2023/24
DKK2022/23
DKKCurrent tax5,867,3037,300,293Change in deferred tax378,56636,747Adjustment concerning previous years(184,013)177,2816,061,8567,514,3214 Tax on profit/loss for the year2023/24
DKK2022/23
DKKCurrent tax1,648,8241,647,095Change in deferred tax35,75720,813Adjustment concerning previous years(184,013)177,2811,500,5681,845,1896 Proposed distribution of profit/loss2023/24
DKK2022/23
DKKOrdinary dividend for the financial year10,000,00015,000,000Extraordinary dividend distributed in the financial year04,000,000Retained earnings9,683,7838,283,85819,683,78327,283,8585 Proposed distribution of profit and loss2023/24
DKK2022/23
DKKOrdinary dividend for the financial year10,000,00015,000,000Extraordinary dividend distributed in the financial year04,000,000Retained earnings9,626,9067,665,80519,626,90626,665,805040000000400000096837838283858962690676658057 Intangible assetsAcquired intangible assets
DKKGoodwill
DKKDevelopment projects in progress
DKKCost beginning of year01,590,9505,017,681Transfers637,79100Additions36,0000254,578Cost end of year673,7911,590,9505,272,259Amortisation and impairment losses beginning of year0(636,380)0Transfers(327,959)00Amortisation for the year(211,959)(318,190)0Amortisation and impairment losses end of year(539,918)(954,570)0Carrying amount end of year133,873636,3805,272,259Acquired intangible assets
DKKGoodwill
DKKDevelopment projects in progress
DKKCost beginning of year01,590,9505,017,681Transfers637,79100Additions36,0000254,578Cost end of year673,7911,590,9505,272,259Amortisation and impairment losses beginning of year0(636,380)0Transfers(327,959)00Amortisation for the year(211,959)(318,190)0Amortisation and impairment losses end of year(539,918)(954,570)0Carrying amount end of year133,873636,3805,272,259<br />6 Intangible assetsAcquired intangible assets
DKKTransfers637,791Additions36,000Cost end of year673,791Transfers(327,959)Amortisation for the year(211,959)Amortisation and impairment losses end of year(539,918)Carrying amount end of year133,873<br />Acquired intangible assets
DKKTransfers637,791Additions36,000Cost end of year673,791Transfers(327,959)Amortisation for the year(211,959)Amortisation and impairment losses end of year(539,918)Carrying amount end of year133,8738 Development projectsThe development projects are to be completed in the financial year of 2024/2025, when products is sold, which is
expected during Q1of the financial year 2024/25. There are indications of future positive cash flows from the development projects which exceeds the capitalized development costs. 9 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year2,830,0911,261,261Transfers(637,791)0Additions2,601,9320Disposals(912,654)(101,211)Cost end of year3,881,5781,160,050Depreciation and impairment losses beginning of year(1,530,577)(715,294)Transfers327,9590Depreciation for the year(967,023)(152,468)Reversal regarding disposals622,474101,211Depreciation and impairment losses end of year(1,547,167)(766,551)Carrying amount end of year2,334,411393,499Recognised assets not owned by Entity650,172-7 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKCost beginning of year637,791Transfers(637,791)Cost end of year0Depreciation and impairment losses beginning of year(327,959)Transfers327,959Depreciation and impairment losses end of year0Carrying amount end of year010 Financial assetsDeposits
DKKCost beginning of year718,700Additions454,231Disposals(321,999)Cost end of year850,932Carrying amount end of year850,9328 Financial assetsInvestments in group enterprises
DKKDeposits
DKKCost beginning of year5,635,005391,635Additions16,4820Disposals0(301,999)Cost end of year5,651,48789,636Revaluations beginning of year33,895,2420Exchange rate adjustments84,3280Amortisation of goodwill(318,190)0Share of profit/loss for the year14,081,2030Dividend(15,000,000)0Investments with negative equity value depreciated over receivables (773,183)0Revaluations end of year31,969,4000Carrying amount end of year37,620,88789,636A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.11 Deferred tax2023/24
DKK2022/23
DKKIntangible assets(1,173,723)(1,103,890)Property, plant and equipment(453,274)(81,435)Receivables(126,515)(269,408)Liabilities other than provisions281,630216,442Tax losses carried forward072,878Other deductible temporary differences0174,834Deferred tax(1,471,882)(990,579)
Changes during the year2023/24
DKK2022/23
DKKBeginning of year(990,579)(925,872)Recognised in the income statement(395,140)(64,707)Adjustment conerning previous years (86,163)0End of year(1,471,882)(990,579)Deferred tax has been recognised in the balance sheet as follows2023/24
DKK2022/23
DKK
Deferred tax assets263,398355,363
Deferred tax liabilities(1,735,280)(1,345,942)(1,471,882)(990,579)Deferred tax assetsThe tax assets recognised are expected to be used in the next few years.12 PrepaymentsPrepayments comprise prepaid expenses, including insurance and rental of properties relating to the next financial year.9 PrepaymentsPrepayments comprise prepaid expenses, including insurance and rental of properties relating to the next financial year.13 Contributed capitalNumberPar value
DKKNominal
value
DKKOrdinary shares5,000100.0050,0005,00050,00014 Non-current liabilities other than provisionsDue within 12
months
2023/24
DKKDue within 12
months
2022/23
DKKDue after
more than 12
months
2023/24
DKKOutstanding
after 5 years
2023/24
DKKLease liabilities00568,856112,944Other payables112,52065,187331,180318,605112,52065,187900,036431,54915 Changes in working capital2023/24
DKK2022/23
DKKIncrease/decrease in inventories50,140,763(62,918,550)Increase/decrease in receivables10,439,864(12,654,802)Increase/decrease in trade payables etc.(30,614,438)36,743,86129,966,189(38,829,491)16 Unrecognised rental and lease commitments2023/24
DKK2022/23
DKKTotal liabilities under rental or lease agreements until maturity 125,402,6101,463,68311 Unrecognised rental and lease commitments2023/24
DKK2022/23
DKKTotal liabilities under rental or lease agreements until maturity 124,012,62519,56317 Contingent assetsThe Group has not recognised a tax asset of 1.557 mdkk.
, which can be set off against future tax profits. No tax asset has been recognised in relation to this as Management assesses that it is unlikely that the Group will be able to use this within a period of 3-5 years.18 Assets charged and collateralThe company's bank connection, Danske Bank, has a corporate mortgage in the company amounting to 15.0 mdkk. The bank has security in simple claims, stock, operating assets and intangible rights, which has an accounting value of 32.018 mdkk.
13 Assets charged and collateralCollateral provided for group enterprises
The entity has guranteed its shares in subsidairy Precision Technic Defence A/S for bank debt amouting DKK 500k, which has a value amounting DKK 25,032k.
Apart from that the Company has issued statements of deposits for some of its subsidiaries.19 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.14 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.20 SubsidiariesRegistered inCorporate
formOwnership
%Precision Facilities ApSAalborgApS100.00Precision Technic Defence A/SAalborgA/S100.00Precision Technic Defence GmbHGermanyGmbH100.00Precision Technic Defence LimitedEnglandLtd100.00Precision Technic Defence SASFranceSAS100.00Precision Technic Defence PTY LtdAustraliaLtd100.00Precision Technic Defence sp. Z.o.o.Polandsp. Z.o.o.100.00Precision Technic Defence IncUSAInc100.00Precision Services ApSAalborgApS100.00Tactical Coatings UK LimitedEnglandLtd100.00Precision Technic Defence ABSwedenAB100.001376301321011150376208873953024716509126103387948180174451511663196940018895242212928299895284021912612989830-12989830010 Deferred tax2023/24
DKK2022/23
DKKIntangible assets13,8260Property, plant and equipment057,852Receivables123,74443,961Deferred tax137,570101,813
Changes during the year2023/24
DKK2022/23
DKKBeginning of year101,81381,000Recognised in the income statement35,75720,813End of year137,570101,813<br />10 Deferred tax12 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint
taxation arrangement. According to the joint
taxation provisions of the Danish Corporation Tax Act, the Entity
is therefore liable for income taxes etc. for the
jointly taxed entities, and also for obligations, if any, relating to
the withholding of tax on interest, royalties and
dividends for these entities.This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (medium).Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. <br />Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence.
Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling, influence are regarded as associates.<br />Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.
Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date, with net assets having been calculated at fair value.Gross profit or lossGross profit or loss comprises revenue, own
work capitalised, other operating income, costs of raw materials and consumables and external expenses.RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement
when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised
in the
income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and
sales
discounts and is measured at fair value of the consideration fixed.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds .Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory
writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for
premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of
receivables recognised in current assets.Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc
. for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and
losses from the sale of intangible assets and property, plant and equipment.Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s
primary
activities.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.
Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, including
interest income on receivables from group enterprises, net capital or exchange gains on securities, payables
and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish
Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies,
amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated
among
the jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax losses).GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by
Management for each business area. For other
amounts of goodwill, useful life
has been determined based on an assessment of whether the enterprises
are strategically acquired enterprises
with a strong market position and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be
separated and recognised as separate assets. Useful
lives are reassessed annually. The amortisation periods
used are 5 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.<br />Intellectual property rights etc.Intellectual property rights etc. comprise development projects in progress.Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets. Other development costs are recognised as costs in the income
statement as incurred. When recognising development projects as intangible assets, an amount equalling
the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs such as salaries and amortisation that are directly and
indirectly attributable to the development projects.
Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised
on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are
measured at
cost less accumulated depreciation and impairment losses. Land is not depreciated.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
asset until the time when it is ready to be put into operation.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Other fixtures and fittings, tools and equipment3 yearsLeasehold improvements5 yearsEstimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity
method.
This means that investments are measured at the pro rata share of the enterprises’ equity value plus
unamortised goodwill and plus or minus unrealised intra-group profits or losses. Reference is made to the above
section on
business combinations for more details about the accounting policies applied to acquisitions of
investments in
group enterprises.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises
are written down to net realisable value based on a specific assessment. If the Parent has a legal
or constructive
obligation to cover the liabilities of the relevant enterprise, and it is probable that such
obligation will involve a
loss, a provision is recognised that is measured at present value of the costs
necessary to settle the obligations at
the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
the reserve for net revaluation according to the equity method in equity.
Goodwill is the difference between cost of investments and fair value of the pro rata share of assets and liabilities arising
from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the
experience gained by Management for each business area. For
amounts of goodwill, useful life has been determined based on an assessment of whether the enterprises
are
strategically acquired enterprises with a strong market position and a long-term earnings profile and whether
the amount of goodwill includes intangible resources of a temporary nature that cannot be
separated and
recognised as separate assets. Useful lives are reassessed annually. The amortisation periods
used are 5 years.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.
InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists
of costs of raw materials, consumables, direct labour costs and indirect production costs.
Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation
on machinery, factory buildings and equipment used in the manufacturing process, and costs of factory administration and management. Finance costs are not included in cost.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.Assets held for saleAssets held for sale are assets that are no longer in use and have been put up for sale. The assets are
measured
at the lower of carrying amount at the date of reclassification and net realisable value, and no
amortisation or
depreciation is made.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each
asset.
However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and
temporary
differences arising at the date of acquisition that do not result from a business combination and
that do not have
any effect on profit or loss or on taxable income.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.<br />Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the
balance sheet, stated as tax computed on this year's taxable income, adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises cash in hand and bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for
the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial
year is recognised directly in equity when distributed and disclosed as a separate item in Management's
proposal for distribution of profit/loss.Lease liabilitiesLease liabilities relating to assets held under finance leases are recognised in the balance sheet as
liabilities
other than provisions, and, at the time of inception of the lease, measured at the present value of
future lease
payments. Subsequent to initial recognition, lease liabilities are measured at amortised
cost. The difference
between present value and nominal amount of the lease payments is recognised in the
income statement as a
financial expense over the term of the leases.<br />Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over
the
term of the lease.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the
goods agreed or completion of the service agreed.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash.
The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash.
2024-06-11Jeppe Müller