38717723 2024-04-01 2025-03-31 cmn:ConsolidatedMember 38717723 2024-04-01 2025-03-31 cmn:ConsolidatedMember 1 38717723 2024-04-01 2025-03-31 cmn:ConsolidatedMember 1 38717723 2024-04-01 2025-03-31 cmn:ConsolidatedMember 2 38717723 2024-04-01 2025-03-31 cmn:ConsolidatedMember 3 38717723 2024-04-01 2025-03-31 cmn:ConsolidatedMember 4 38717723 2024-04-01 2025-03-31 cmn:ConsolidatedMember 5 38717723 2024-04-01 2025-03-31 cmn:ConsolidatedMember 1 38717723 2023-04-01 2024-03-31 cmn:ConsolidatedMember 38717723 2025-03-31 cmn:ConsolidatedMember 38717723 2024-03-31 cmn:ConsolidatedMember 38717723 2024-03-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 38717723 2024-03-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38717723 2024-03-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 38717723 2024-03-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 38717723 2024-04-01 2025-03-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 38717723 2024-04-01 2025-03-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 38717723 2024-04-01 2025-03-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 38717723 2024-04-01 2025-03-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38717723 2025-03-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 38717723 2025-03-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38717723 2025-03-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 38717723 2025-03-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 38717723 2024-04-01 2025-03-31 cmn:ConsolidatedMember 1 38717723 2023-04-01 2024-03-31 cmn:ConsolidatedMember 1 38717723 2023-03-31 cmn:ConsolidatedMember 38717723 2024-04-01 2025-03-31 cmn:ConsolidatedMember fsa:ManagementMember 38717723 2023-04-01 2024-03-31 cmn:ConsolidatedMember fsa:ManagementMember 38717723 2024-04-01 2025-03-31 cmn:ConsolidatedMember fsa:BoardOfDirectorsMember 38717723 2023-04-01 2024-03-31 cmn:ConsolidatedMember fsa:BoardOfDirectorsMember 38717723 2024-04-01 2025-03-31 38717723 2023-04-01 2024-03-31 38717723 2025-03-31 38717723 2024-03-31 38717723 2024-03-31 fsa:ContributedCapitalMember 38717723 2024-03-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 38717723 2024-03-31 fsa:RetainedEarningsMember 38717723 2024-03-31 fsa:ProposedDividendRecognisedInEquityMember 38717723 2024-04-01 2025-03-31 fsa:RetainedEarningsMember 38717723 2024-04-01 2025-03-31 fsa:ProposedDividendRecognisedInEquityMember 38717723 2024-04-01 2025-03-31 fsa:ContributedCapitalMember 38717723 2024-04-01 2025-03-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 38717723 2025-03-31 fsa:ContributedCapitalMember 38717723 2025-03-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 38717723 2025-03-31 fsa:RetainedEarningsMember 38717723 2025-03-31 fsa:ProposedDividendRecognisedInEquityMember 38717723 2024-04-01 2025-03-31 fsa:ManagementMember 38717723 2023-04-01 2024-03-31 fsa:ManagementMember 38717723 2024-04-01 2025-03-31 fsa:BoardOfDirectorsMember 38717723 2023-04-01 2024-03-31 fsa:BoardOfDirectorsMember iso4217:DKK xbrli:pure 2025-06-18 Jeppe Müller The Board of Directors and the Executive Board have today considered and approved the annual report of Precision Global ApS for the financial year 01.04.2024 - 31.03.2025. 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 31.03.2025and of the results of their operations and the consolidated cash flows for the financial year01.04.2024 -31.03.2025. 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 J 2025-06-18 Jesper Rom Knudsen Lene-Christine Knüttel Winther Jeppe Müller Thomas Henrik Dresler Petersen Kim Gudiksen Hansen Søren Ehlert To the shareholders of Precision Global ApS We have audited the consolidated financial statements and the parent financial statements of Precision Global ApS for the financial year 01.04.2024 - 31.03.2025, 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 31.03.2025 and of the results of their operations and the consolidated cash flows for the financial year 01.04.2024 - 31.03.2025 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: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.​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.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​​and related disclosures made by Management.​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​​preparing the consolidated financial statements and the parent 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.​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.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope ​​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​​that we identify during our audit. 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.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. Aalborg 2025-06-18 René Winther Pedersen State Authorised Public Accountant mne34173 Financial highlights2024/25​DKK'0002023/24​DKK'0002022/23​DKK'0002021/22​DKK'000Key figuresGross profit/loss58,31962,12553,50715,706Operating profit/loss21,26229,06831,7701,173Net financials(5,058)(3,322)3,028366Profit/loss for the year12,53219,68427,284351Balance sheet total128,93083,062190,64047,766Investments in property, plant and equipment7,1672,6024,806720Equity42,95340,20535,43312,187Cash flows from operating activities(20,060)46,265(2,514)7,249Cash flows from investing activities(8,784)7,306(5,342)(6,764)Cash flows from financing activities15,336(104,104)71,1675,710RatiosReturn on equity (%)30.1452.05114.595.76Equity ratio (%)33.3148.4018.5925.51The financial highlights include only a period of four 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.Return on equity (%) :Profit/loss for the year * 100 ​​​Average equityEquity ratio (%) :​Equity * 100 ​​​Balance sheet total Primary activitiesThe purpose of the Group is to protect people and society. The Group is doing this by providing complex integrated solutions, services and supply chain to Government Agencies and the defence industry. Integrated Solutions include Individual Soldier Solutions, Integrated Solutions, Command and Control Solutions, while Services include Service & Maintenance, Production, Training and Integration. Our Supply Chain offering include 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 16.2 million compared to a profit of DKK 25.7 million​last year. This is considered unsatisfactory, but is heavily impacted by the freeze in United Kingdom government spendings regarding all investments in the government sector following the election and new government. Additionally the Group has invested heavily in additional employees, new systems as well as relocation into a new​Head Quarter building in Denmark has influenced the result. ​​The balance for the group has increased from DKK 83.1 million to DKK 128.9 million due to investments in the new leased Head Quarter facility in Denmark as well as significant increase in the level of activity at the end of the​year, resulting in increased inventories and receivables. Profit/loss for the year in relation to expected developmentsThe Group had expected a profit before tax of DKK 75-100 million for the FY 2024/25. Realized profit before tax was DKK 16.3 million and the profit is considered unsatisfactory. However the result for FY 2024/25 is highly impacted by especially the freze in budget spendings in connection with the UK election, as well as delays in decision processes in most of the countries that Precision Defence Technic Group 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 FY2025/26, the result for the FY2024/25 is considered as a postponement of the strategy implemented. OutlookThe outlook for FY2025/2026 is expected to follow the significant positive trends seen in the beginning of 2025 and the recent wins within – especially the Australian, 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). After award, 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 somewhat impacted by the delays in the decision process of Government Defence​spendings for the first 3 quarters of the financial year. However, The Danish MoD has received the first deliveries on the Modular Sensor Contract (signed in 2022/23) in the first part of FY2024/25, and additional orders have been placed for delivery within FY2026/27. 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 FY2025/26 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 55-65 million for FY2025/26. The expectation range is a consequence of the uncertainty related to the timing of order deliveries. In addition, the amount of multi-year orders and deliveries are increasing, which adds to positive prognosis of the Group. Research and development activitiesThe Gorup is currently developing an integrated system to improve sniper efficiency and effectiveness, driven by operational insights from the war in Ukraine. The project focuses on delivering a complete solution, initially for Ukrainian special forces, with future applications for Danish and allied units. It includes a digital day/night ballistic ​sight and software, adaptable to various weapon platforms or as a standalone system, optimized for all terrains and conditions. Statutory report on corporate social responsibilityThe account of the Corporate Social Responsibility covers the period from 1st of April 2024 until 31st of March 2025. ​ ​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. In FY 2024/25 the Group also 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. 58318719 62125390 33675127 31125127 3381588 1649640 0 282607 21262004 29068016 711033 5352408 5768842 8674785 16204195 25745639 3672330 6061856 12531865 19683783 3389334 0 1159292 133873 318190 636380 1228293 5272259 6095109 6042512 3716765 2334411 3783267 393499 7500032 2727910 6460802 850932 6460802 850932 20055943 9621354 14388494 10931478 5501527 13348687 19890021 24280165 78466683 24151810 258100 263398 1214952 645118 1008132 2726726 2564306 2392608 83512173 30179660 5472219 18980595 108874413 73440420 128930356 83061774 50000 50000 299025 83200 37004128 30072263 5600000 10000000 42953153 40205463 1807340 1735280 1807340 1735280 557331 568856 1103919 331180 1661250 900036 389439 207958 25493062 54047 7771325 4319898 17724000 15664652 17625816 13278458 1392161 2181990 12112810 4513992 82508613 40220995 84169863 41121031 128930356 83061774 50000 83200 30072263 10000000 40205463 0 10000000 10000000 0 -215825 0 0 -215825 0 6931865 5600000 12531865 50000 299025 37004128 5600000 42953153 3381588 1649640 -37409622 29966189 -12766030 60683845 711033 4047133 4815178 8674785 3190122 9791041 -20060297 46265152 1218109 290578 7144279 2601932 5574230 132232 193051 290180 -4959343 -10040521 -8784224 7305959 28844521 -53571111 102337 153374 10000000 15000000 Change in bank debt 25438482 -88951114 15336145 -104104488 -13508376 -50533377 18980595 69513972 5472219 18980595 1 Staff costs2024/25​DKK2023/24​DKKWages and salaries29,177,80927,364,666Pension costs3,300,9702,479,946Other social security costs1,196,3481,280,51533,675,12731,125,127Average number of full-time employees4541Remuneration​of ​management​2024/25​DKKRemunerationof management​2023/24​DKKExecutive Board2,145,8790Board of Directors786,4220Total amount for management categories02,136,0412,932,3012,136,041 45 41 Remuneration​of ​management​2024/25​DKKRemunerationof management​2023/24​DKKExecutive Board2,145,8790Board of Directors786,4220Total amount for management categories02,136,0412,932,3012,136,041 2145879 0 786422 0 0 2136041 2 Depreciation, amortisation and impairment losses2024/25​DKK2023/24​DKKAmortisation of intangible assets1,165,512530,149Depreciation on property, plant and equipment2,216,0761,119,4913,381,5881,649,640 3 Other financial income2024/25​DKK2023/24​DKKOther interest income186,239324,799Exchange rate adjustments524,7941,305,275Other financial income03,722,334711,0335,352,408 4 Other financial expenses2024/25​DKK2023/24​DKKOther interest expenses2,264,1731,772,442Exchange rate adjustments2,674,4163,661,703Other financial expenses830,2533,240,6405,768,8428,674,785 5 Tax on profit/loss for the year2024/25​DKK2023/24​DKKCurrent tax3,719,8255,867,303Change in deferred tax61,678378,566Adjustment concerning previous years(109,173)(184,013)3,672,3306,061,856 6 Proposed distribution of profit/loss2024/25​DKK2023/24​DKKOrdinary dividend for the financial year5,600,00010,000,000Retained earnings6,931,8659,683,78312,531,86519,683,783 5600000 10000000 6931865 9683783 12531865 19683783 7 Intangible assetsCompleted development projects​DKKAcquired intangible assets​DKKGoodwill​DKKDevelopment projects in progress​DKKCost beginning of year0673,7911,590,9505,272,259Transfers4,043,96600(4,043,966)Additions01,218,10900Cost end of year4,043,9661,891,9001,590,9501,228,293Amortisation and impairment losses beginning of year0(539,918)(954,570)0Amortisation for the year(654,632)(192,690)(318,190)0Amortisation and impairment losses end of year(654,632)(732,608)(1,272,760)0Carrying amount end of year3,389,3341,159,292318,1901,228,293 8 Development projectsThe development projects completed in thsi financial year indicates future positive cashflow, which exceeds the capitalized costs. The development projects in progress is missing finalization in cooperation with customer. The Management expects a positive cashflow from the development projects will exceed the capitalizzed development costs. 9 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKLeasehold improvements ​DKKCost beginning of year3,881,5781,002,574Exchange rate adjustments(20,979)0Additions2,948,2774,218,376Cost end of year6,808,8765,220,950Depreciation and impairment losses beginning of year(1,547,167)(766,551)Exchange rate adjustments21,6660Depreciation for the year(1,566,610)(671,132)Depreciation and impairment losses end of year(3,092,111)(1,437,683)Carrying amount end of year3,716,7653,783,267Recognised assets not owned by Entity541,568- 10 Financial assetsDeposits​DKKCost beginning of year850,932Exchange rate adjustments9,620Additions5,945,953Disposals(345,703)Cost end of year6,460,802Carrying amount end of year6,460,802 11 Deferred tax2024/25​DKK2023/24​DKKIntangible assets(1,028,199)(1,173,723)Property, plant and equipment(765,963)(453,274)Receivables41,971(126,515)Liabilities other than provisions202,951281,630Deferred tax(1,549,240)(1,471,882)​​Changes during the year2024/25​DKK2023/24​DKKBeginning of year(1,471,882)(990,579)Recognised in the income statement(61,678)(395,140)Exchange rate adjustments(15,680)0Adjustment conerning previous years 0(86,163)End of year(1,549,240)(1,471,882)Deferred tax has been recognised in the balance sheet as follows2024/25​DKK2023/24​DKK Deferred tax assets258,100263,398 Deferred tax liabilities(1,807,340)(1,735,280)(1,549,240)(1,471,882)​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. 13 Contributed capitalNumberPar value​DKKNominal ​​value​DKKOrdinary shares5,000100.0050,0005,00050,000 14 Non-current liabilities other than provisionsDue within 12 ​months​2024/25​DKKDue within 12 ​​months​2023/24​DKKDue after ​more than 12 ​months​2024/25​DKKOutstanding ​after 5 years​2024/25​DKKLease liabilities269,83595,438557,3310Other payables119,604112,5201,103,919324,096389,439207,9581,661,250324,096 15 Changes in working capital2024/25​DKK2023/24​DKKIncrease/decrease in inventories4,390,14450,140,763Increase/decrease in receivables(55,006,157)10,439,864Increase/decrease in trade payables etc.13,206,391(30,614,438)(37,409,622)29,966,189 16 Unrecognised rental and lease commitments2024/25​DKK2023/24​DKKTotal liabilities under rental or lease agreements until maturity 126,020,867125,402,610The Group has a entered an agreemnt regarding rent of properties and the non-termination for the agreement is 19 years from the balancesheet date. 17 Contingent assetsThe Group has not recognised a tax asset of 1.480 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 Group'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 76.147 mdkk. 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. 20 SubsidiariesRegistered inCorporate ​​formOwnership ​​​%Precision 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 ApSAalborgApS100.00Precision Technic Services UK Ltd*EnglandLtd100.00Precision Technic Defence ABSwedenAB100.00*Precision Technic Services UK Ltd was previous known as Tactical Coatings UK Limited 454568 14004705 5930259 4030979 725991 211959 -6201682 9761767 17768288 13763013 1501094 1596500 2830175 3993806 10237525 21127474 -1644100 1500568 11881625 19626906 1159292 133873 1159292 133873 3510578 0 3510578 0 55155297 37620887 5915829 89636 61071126 37710523 65740996 37844396 29912468 16509126 110724 393873 1008132 2249432 3429932 1801744 517383 562473 34978639 21516648 66357 935651 35044996 22452299 100785992 60296695 50000 50000 39543810 31969400 608545 1695605 5600000 10000000 45802355 43715005 55643 137570 55643 137570 700879 0 700879 0 0 1500 1080252 535342 34480945 2129282 17625816 13278458 467778 0 572324 499538 54227115 16444120 54927994 16444120 100785992 60296695 50000 31563097 1695605 10000000 43308702 406303 406303 0 10000000 10000000 0 -205725 0 0 -205725 7774988 -7774988 0 0 6281625 5600000 11881625 50000 39543810 608545 5600000 45802355 Dividends from group enterprises in the statement of changes in equity for 2024/2025 include dividends of DKK 10,000,000 adopted at the Annual General Meeting of Precision Technic Defence A/S where the annual report 2024/25 was approved. 1 Staff costs2024/25​DKK2023/24​DKKWages and salaries5,124,3383,550,211Pension costs752,704444,440Other social security costs53,21736,3285,930,2594,030,979Average number of full-time employees75Remuneration​of Manage- ment​2024/25​DKKRemunerationof Manage- ment​2023/24​DKKExecutive Board2,145,879-Board of Directors786,422-Total amount for management categories-1,798,0412,932,3011,798,041 7 5 Remuneration​of Manage- ment​2024/25​DKKRemunerationof Manage- ment​2023/24​DKKExecutive Board2,145,879-Board of Directors786,422-Total amount for management categories-1,798,0412,932,3011,798,041 2145879 0 786422 0 0 1798041 2 Other financial income2024/25​DKK2023/24​DKKFinancial income from group enterprises1,445,7771,596,500Other interest income55,31701,501,0941,596,500 3 Other financial expenses2024/25​DKK2023/24​DKKFinancial expenses from group enterprises1,011,976321,071Other interest expenses1,193,199806,836Exchange rate adjustments0285Other financial expenses625,0002,865,6142,830,1753,993,806 4 Tax on profit/loss for the year2024/25​DKK2023/24​DKKCurrent tax01,648,824Change in deferred tax(81,927)35,757Adjustment concerning previous years(8)(184,013)Refund in joint taxation arrangement(1,562,165)0(1,644,100)1,500,568 5 Proposed distribution of profit and loss2024/25​DKK2023/24​DKKOrdinary dividend for the financial year5,600,00010,000,000Retained earnings6,281,6259,626,90611,881,62519,626,906 5600000 10000000 6281625 9626906 11881625 19626906 6 Intangible assetsAcquired intangible assets​DKKCost beginning of year673,791Additions1,218,109Cost end of year1,891,900Amortisation and impairment losses beginning of year(539,918)Amortisation for the year(192,690)Amortisation and impairment losses end of year(732,608)Carrying amount end of year1,159,292 7 Property, plant and equipmentLeasehold improvements ​DKKAdditions4,043,879Cost end of year4,043,879Depreciation for the year(533,301)Depreciation and impairment losses end of year(533,301)Carrying amount end of year3,510,578 8 Financial assetsInvestments in group enterprises​DKKDeposits​DKKCost beginning of year5,611,48789,636Additions05,945,953Disposals0(119,760)Cost end of year5,611,4875,915,829Revaluations beginning of year31,563,0970Exchange rate adjustments212,4250Share of profit/loss for the year17,768,2880Revaluations end of year49,543,8100Carrying amount end of year55,155,2975,915,829A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements. 9 PrepaymentsPrepayments comprise prepaid expenses, including insurance and rental of properties relating to the next financial year. 10 Deferred tax2024/25 ​DKK2023/24​DKKIntangible assets12,32113,826Property, plant and equipment(70,502)0Receivables113,824123,744Deferred tax55,643137,570​ ​​Changes during the year2024/25​DKK2023/24​DKKBeginning of year137,570101,813Recognised in the income statement(81,927)35,757End of year55,643137,570 11 Non-current liabilities other than provisionsDue after ​more than 12 ​months​2024/25​DKKOther payables700,879700,879 12 Unrecognised rental and lease commitments2024/25​DKK2023/24​DKKTotal liabilities under rental or lease agreements until maturity 124,035,366124,012,625The Company has a entered an agreemnt regarding rent of properties and the non-termination for the agreement is 19 years from the balancesheet date. 13 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.​​Precision Global ApS, has issued a letter of support to its subsidiary, Precision Technic Defence Ltd. 14 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 36,297k. ​​Apart from that the Company has issued statements of deposits for some of its subsidiaries. 15 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. 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. 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.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. Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time ​​of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income ​​statement up to the time of their divestment or winding-up. ​​ ​​The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and ​​liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of ​restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the ​​enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets ​​and liabilities taken over are recognised in intangible assets, and they are amortised systematically over ​​the income statement based on an individual assessment of their useful lives. If the useful life cannot be ​​estimated reliably, it is fixed at 10 years. Useful life is reassessed annually. Negative balances (negative ​​goodwill) are recognised as income in the income statement.The modified uniting-of-interests method is applied to vertical mergers, reverse vertical mergers in which the participating entities are subject to the Parent’s control. Under this method, assets and liabilities of the participating entities are recognised at the amounts at which they are recognised in the consolidated financial statements of the parent forming part of the merger. The comparative figures are restated back to the date when​the entities first formed part of the Group. Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction ​date. Receivables, payables and other monetary items denominated in foreign currencies that have not been ​settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange ​differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the ​rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. ​Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been ​purchased in foreign currencies are translated using historical rates. ​​ ​​When recognising foreign subsidiaries and associates that are independent entities, the income statements ​​are translated at average exchange rates for the months that do not significantly deviate from the rates at the ​transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill​​is considered belonging to the independent foreign entity and is translated using the exchange rate at the ​balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the ​beginning of the year at the balance sheet date exchange rates and out of the translation of income statements ​from average rates to the exchange rates at the balance sheet date are recognised directly in the translation reserve in equity. ​​ ​​Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered ​​part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated ​using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are translated at the ​exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown. The items of the ​​income statement are translated at the average rates of the months; however, items deriving from non-monetary ​​assets and liabilities are translated using the historical rates applicable to the relevant non-monetary items. 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 toproperty, 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 compriseinterest 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 5years. ​​ ​​Goodwill is written down to the lower of recoverable amount and carrying amount.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 years​Estimated 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 5years. ​​ ​​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. 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.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.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. Grundlag for konklusion Konklusion 33963556 Deloitte Statsautoriseret Revisionspartnerselskab Revisionspåtegning Regnskabsklasse C, mellemstor virksomhed 2024-03-31 2023-04-01 33963556 Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab 2300 København S 2025-03-31 2024-04-01 Precision Global ApS 38717723 Årsrapport Aalborg 9000 26, 4. sal Østre Havnepromenade Aalborg Svenstrup J 9230 6 Hellebarden