57817712 2023-10-01 2024-09-30 57817712 2022-10-01 2023-09-30 57817712 2024-09-30 57817712 2023-09-30 57817712 2023-10-01 fsa:ContributedCapitalMember 57817712 2023-10-01 fsa:HedgeFundMember 57817712 2023-10-01 fsa:RetainedEarningsMember 57817712 2023-10-01 57817712 2023-10-01 2024-09-30 fsa:ContributedCapitalMember 57817712 2023-10-01 2024-09-30 fsa:HedgeFundMember 57817712 2023-10-01 2024-09-30 fsa:RetainedEarningsMember 57817712 2024-09-30 fsa:ContributedCapitalMember 57817712 2024-09-30 fsa:HedgeFundMember 57817712 2024-09-30 fsa:RetainedEarningsMember 57817712 2023-10-01 fsa:AcquiredOtherSimilarRightsMember 57817712 2023-10-01 fsa:AcquiredLicencesMember 57817712 2023-10-01 fsa:DevelopmentProjectsInProgressMember 57817712 2022-10-01 57817712 2023-10-01 2024-09-30 fsa:AcquiredOtherSimilarRightsMember 57817712 2023-10-01 2024-09-30 fsa:AcquiredLicencesMember 57817712 2023-10-01 2024-09-30 fsa:DevelopmentProjectsInProgressMember 57817712 2024-09-30 fsa:AcquiredOtherSimilarRightsMember 57817712 2024-09-30 fsa:AcquiredLicencesMember 57817712 2024-09-30 fsa:DevelopmentProjectsInProgressMember 57817712 2023-10-01 fsa:LandAndBuildingsMember 57817712 2023-10-01 fsa:PlantAndMachineryMember 57817712 2023-10-01 fsa:FixturesFittingsToolsAndEquipmentMember 57817712 2023-10-01 fsa:PropertyPlantAndEquipmentInProgressMember 57817712 2023-10-01 2024-09-30 fsa:LandAndBuildingsMember 57817712 2023-10-01 2024-09-30 fsa:PlantAndMachineryMember 57817712 2023-10-01 2024-09-30 fsa:FixturesFittingsToolsAndEquipmentMember 57817712 2023-10-01 2024-09-30 fsa:PropertyPlantAndEquipmentInProgressMember 57817712 2024-09-30 fsa:LandAndBuildingsMember 57817712 2024-09-30 fsa:PlantAndMachineryMember 57817712 2024-09-30 fsa:FixturesFittingsToolsAndEquipmentMember 57817712 2024-09-30 fsa:PropertyPlantAndEquipmentInProgressMember 57817712 2023-10-01 2024-09-30 0 57817712 2023-10-01 2024-09-30 0 57817712 2023-10-01 2024-09-30 1 57817712 2023-10-01 2024-09-30 2 57817712 2023-10-01 2024-09-30 3 57817712 2023-10-01 2024-09-30 4 57817712 2023-10-01 2024-09-30 5 57817712 2023-10-01 2024-09-30 6 57817712 2023-10-01 2024-09-30 7 57817712 2021-10-01 2022-09-30 57817712 2020-10-01 2021-09-30 57817712 2019-10-01 2020-09-30 57817712 2023-10-01 2024-09-30 0 57817712 2022-10-01 2023-09-30 1 57817712 2021-10-01 2022-09-30 2 57817712 2020-10-01 2021-09-30 3 57817712 2019-10-01 2020-09-30 4 57817712 2023-10-01 2024-09-30 5 57817712 2022-10-01 2023-09-30 6 57817712 2021-10-01 2022-09-30 7 57817712 2020-10-01 2021-09-30 8 57817712 2019-10-01 2020-09-30 9 57817712 2022-09-30 57817712 2021-09-30 57817712 2020-09-30 57817712 2023-10-01 2024-09-30 10 57817712 2022-10-01 2023-09-30 11 57817712 2021-10-01 2022-09-30 12 57817712 2020-10-01 2021-09-30 13 57817712 2019-10-01 2020-09-30 14 57817712 2023-10-01 2024-09-30 0 57817712 2023-10-01 2024-09-30 1 iso4217:DKK xbrli:pure Regnskabsklasse C, stor virksomhed 2023-10-01 2024-09-30 806510000 -43962000 398010000 72679000 4164000 383947000 150008000 19157000 12649000 202133000 3314000 2560000 3819000 204188000 41714000 162474000 0 -761000 -167000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" >Notes</td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" ></td><td width="75%" colspan="3" align="left" valign="middle" ><b>Revenue</b></td></tr><tr><td width="25%" ></td><td width="25%" ></td><td width="25%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="25%" colspan="1" align="right" valign="middle" ><b>2022/23</b></td></tr><tr><td width="25%" ></td><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="25%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Denmark</td><td width="25%" align="right" valign="middle" >210.915</td><td width="25%" align="right" valign="middle" >208.725</td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Other countries excluding Denmark</td><td width="25%" align="right" valign="middle" >595.595</td><td width="25%" align="right" valign="middle" >333.411</td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Total revenue</td><td width="25%" align="right" valign="middle" >806.510</td><td width="25%" align="right" valign="middle" >542.136</td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" ></td><td width="75%" colspan="3" align="left" valign="middle" >With reference to section 96(1) of the Danish Financial Statement Act, no further geographical segmentation is disclosed due to competition reasons.</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff costs</td></tr></table> 134340000 14037000 1631000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Remuneration</td></tr><tr><td /><td>Remuneration of the Executive Board</td><td>3.942</td><td>4.168</td></tr><tr><td /><td>Pensions of the Executive Board</td><td>53</td><td>57</td></tr><tr><td /><td>Total remuneration</td><td>3.995</td><td>4.225</td></tr></table> 252 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Fees paid to auditor appointed at the annual general meeting</td></tr></table> 374000 15000 4000 393000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial income</td></tr></table> 2377000 183000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial expenses</td></tr></table> 395000 846000 617000 784000 1177000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tax for the year</td></tr></table> 41683000 161000 -130000 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Distribution of profit/loss</td></tr></table> 162474000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Intangible assets</td></tr></table> 142000 0 1416000 28632000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Amortised over</td><td>10 years</td><td>3-8 years</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Customer relations are a long-term strategic investment and therefore amortised over 10 years.</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Software mainly consists of the ERP system and the customer software platform (Galaxy).</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Software projects in progress is related to improvements of customer software platform (Galaxy) and the server set-up.</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Management has not identified any indication of impairment in relation to the carrying amount intangible assets.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Property, plant and equipment</td></tr></table> 2000 15523000 0 6187000 0 17741000 -6099000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Property, plant and equipment include assets held under finance leases with a carrying amount totalling</td><td>0</td><td>19.052</td><td>0</td><td>0</td><td>19.052</td><td>24,53</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>.Amortised over</td><td>5-40 years</td><td>3-10 years</td><td>5 years</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Investments in group entities</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>2022/23</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b></b></td><td width="20%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="20%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="60%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Cost at 1 October</td><td width="20%" align="right" valign="middle" >75.393</td><td width="20%" align="right" valign="middle" >76.499</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Disposals</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >-1.106</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Cost at 30 September</td><td width="20%" align="right" valign="middle" >75.393</td><td width="20%" align="right" valign="middle" >75.393</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Impairments at 1 October</td><td width="20%" align="right" valign="middle" >12.091</td><td width="20%" align="right" valign="middle" >11.927</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >impairments for the year</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >1.270</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Disposals</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >-1.106</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Impairments at 30 September</td><td width="20%" align="right" valign="middle" >12.091</td><td width="20%" align="right" valign="middle" >12.091</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>Carrying amount at 30 September</b></td><td width="20%" align="right" valign="middle" >63.302</td><td width="20%" align="right" valign="middle" >63.302</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>Country of incorporation</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Proportion of shares</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Equity</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Result</b></td></tr><tr><td width="20%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td></tr><tr><td width="20%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >CUBIC Svenska AB</td><td width="20%" colspan="1" align="right" valign="middle" >Sweden</td><td width="20%" align="right" valign="middle" >100%</td><td width="20%" align="right" valign="middle" >3.573</td><td width="20%" align="right" valign="middle" >1.802</td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >CUBIC Modular Systems (U.K.) Ltd.</td><td width="20%" colspan="1" align="right" valign="middle" >United Kingdom</td><td width="20%" align="right" valign="middle" >100%</td><td width="20%" align="right" valign="middle" >7.851</td><td width="20%" align="right" valign="middle" >977</td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >CUBIC-Norge A/S</td><td width="20%" colspan="1" align="right" valign="middle" >Norway</td><td width="20%" align="right" valign="middle" >100%</td><td width="20%" align="right" valign="middle" >2.649</td><td width="20%" align="right" valign="middle" >163</td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >CUBIC Electromechanical System (Tianjin) Co. Ltd</td><td width="20%" colspan="1" align="right" valign="middle" >China</td><td width="20%" align="right" valign="middle" >100%</td><td width="20%" align="right" valign="middle" >61.174</td><td width="20%" align="right" valign="middle" >4.823</td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >CUBIC Nederland B.V.</td><td width="20%" colspan="1" align="right" valign="middle" >The Netherlands</td><td width="20%" align="right" valign="middle" >100%</td><td width="20%" align="right" valign="middle" >1.278</td><td width="20%" align="right" valign="middle" >263</td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >CUBIC Polska Sp. Z o.o.</td><td width="20%" colspan="1" align="right" valign="middle" >Poland</td><td width="20%" align="right" valign="middle" >100%</td><td width="20%" align="right" valign="middle" >24.302</td><td width="20%" align="right" valign="middle" >5.517</td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >CUBIC Modular System India Private Limited</td><td width="20%" colspan="1" align="right" valign="middle" >India</td><td width="20%" colspan="1" align="right" valign="middle" >99.99%</td><td width="20%" align="right" valign="middle" >-22.558</td><td width="20%" align="right" valign="middle" >-6.337</td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >CUBIC Modular System España SLU.</td><td width="20%" colspan="1" align="right" valign="middle" >Spain</td><td width="20%" align="right" valign="middle" >100%</td><td width="20%" align="right" valign="middle" >766</td><td width="20%" align="right" valign="middle" >514</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Investments in participating interests</b></td></tr><tr><td width="20%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>2022/23</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b></b></td><td width="20%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="20%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="60%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Cost at 1 October</td><td width="20%" align="right" valign="middle" >1.449</td><td width="20%" align="right" valign="middle" >1.449</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Additions</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Disposals</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Cost at 30 September</td><td width="20%" align="right" valign="middle" >1.449</td><td width="20%" align="right" valign="middle" >1.449</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Value adjustments at 1 October</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Value adjustments for the year</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Value adjustments at 30 September</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>Carrying amount at 30 September</b></td><td width="20%" align="right" valign="middle" >1.449</td><td width="20%" align="right" valign="middle" >1.449</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>Country of incorporation</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Proportion of shares</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Equity</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Result</b></td></tr><tr><td width="20%" ></td><td width="20%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td></tr><tr><td width="20%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Sabelco Electrical Industries (PTY) Ltd.</td><td width="20%" colspan="1" align="right" valign="middle" >South Africa</td><td width="20%" align="right" valign="middle" >40%</td><td width="20%" align="right" valign="middle" >10.126</td><td width="20%" align="right" valign="middle" >1.826</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="33%" ></td><td width="33%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="34%" colspan="1" align="right" valign="middle" ><b>2022/23</b></td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="34%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Receivables from group entities</b></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Value at 1 October</td><td width="33%" align="right" valign="middle" >64.950</td><td width="34%" align="right" valign="middle" >52.873</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Additions in receivables</td><td width="33%" align="right" valign="middle" >44</td><td width="34%" align="right" valign="middle" >12.077</td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" ><b>Value at 30 September</b></td><td width="33%" align="right" valign="middle" >64.994</td><td width="34%" align="right" valign="middle" >64.950</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Prepayments</b></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Other prepaid expenses</td><td width="33%" align="right" valign="middle" >833</td><td width="34%" align="right" valign="middle" >287</td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Total Prepayments</td><td width="33%" align="right" valign="middle" >833</td><td width="34%" align="right" valign="middle" >287</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>.Share capital</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The share capital comprises 280,000 shares of a nominal value of DKK 100 each. All shares rank equally.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>.Deferred tax</b></td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="34%" colspan="1" align="right" valign="middle" ><b>2022/23</b></td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="34%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Deferred tax at 1 October</td><td width="33%" align="right" valign="middle" >9.002</td><td width="34%" align="right" valign="middle" >8.794</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Change in accounting policy</td><td width="33%" align="right" valign="middle" >0</td><td width="34%" align="right" valign="middle" >0</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Deferred tax adjustment for the year</td><td width="33%" align="right" valign="middle" >-130</td><td width="34%" align="right" valign="middle" >99</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Deferred tax adjustment last year</td><td width="33%" align="right" valign="middle" >0</td><td width="34%" align="right" valign="middle" >109</td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" ><b>Deferred tax at 30 September</b></td><td width="33%" align="right" valign="middle" >8.872</td><td width="34%" align="right" valign="middle" >9.002</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax relates to</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Property, plant and equipment</td><td width="33%" align="right" valign="middle" >8.461</td><td width="34%" align="right" valign="middle" >8.319</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Non-fixed assets</td><td width="33%" align="right" valign="middle" >411</td><td width="34%" align="right" valign="middle" >683</td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Total deferred tax</td><td width="33%" align="right" valign="middle" >8.872</td><td width="34%" align="right" valign="middle" >9.002</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Non-current liabilities</b></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Non-current liabilities are specified as follows</td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="25%" colspan="1" align="right" valign="middle" ><b>< 1 year</b></td><td width="25%" colspan="1" align="left" valign="middle" ><b>> 5 year</b></td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="25%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="25%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Mortgage credit institutions</td><td width="25%" align="right" valign="middle" >37.553</td><td width="25%" align="right" valign="middle" >2.283</td><td width="25%" align="right" valign="middle" >25.845</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Lease commitments</td><td width="25%" align="right" valign="middle" >15.887</td><td width="25%" align="right" valign="middle" >4.600</td><td width="25%" align="right" valign="middle" >732</td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Total non-current liabilities</td><td width="25%" align="right" valign="middle" >53.440</td><td width="25%" align="right" valign="middle" >6.883</td><td width="25%" align="right" valign="middle" >26.577</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="33%" ></td><td width="33%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="34%" colspan="1" align="right" valign="middle" ><b>2022/23</b></td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="34%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Corporation tax payable</b></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Corporation tax payable at 1 October</td><td width="33%" align="right" valign="middle" >12.378</td><td width="34%" align="right" valign="middle" >8.181</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Current corporation tax for the year</td><td width="33%" align="right" valign="middle" >41.683</td><td width="34%" align="right" valign="middle" >14.753</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Corporation tax paid in the year</td><td width="33%" align="right" valign="middle" >-15.619</td><td width="34%" align="right" valign="middle" >-10.556</td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" ><b>Corporation tax payable at 30 September</b></td><td width="33%" align="right" valign="middle" >38.442</td><td width="34%" align="right" valign="middle" >12.378</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Mortgages, collateral, obligations and contingencies</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Land and buildings accounting for DKK 55.5 (2022/23: 57.9m) of the total carrying amount of land and buildings totalling DKK 55.5m (2022/23: 57.9m) at 30 September 2024 have been provided as collateral for mortgage debt, DKK 38.8m (2023/23: 39.8m).</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has issued guarantees for lease commitments in subsidiaries at an amount of DKK 0.4m (2022/23: 0.3m) as well as guarantee for mortgage deeds in subsidiaries of DKK 22m (2022/23: 23.2m)</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Operating lease commitments</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Lease commitments (operating leases) that fall due within 1-3 years total DKK 0.2m (2023: DKK 0.1m).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Interest rate risks and use of derivative financial instruments</b></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The Company uses an interest rate swap to hedge expected interest risks relating to mortgage loan with a floating interest rate.</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Expire</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>Contractual value</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>Contractual value</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>Gains and losses recognised in equity and expected to be realised after the balance sheet date</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Gains and losses recognised in equity and expected to be realised after the balance sheet date</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>2022/23</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>2022/23</b></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td></tr><tr><td width="16%" colspan="1" align="left" valign="middle" >Interest rate swap</td><td width="16%" align="right" valign="middle" >2029</td><td width="16%" align="right" valign="middle" >897</td><td width="16%" align="right" valign="middle" >1.658</td><td width="16%" align="right" valign="middle" >-594</td><td width="20%" align="right" valign="middle" >-178</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Fair values</b></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The fair value of the below financial instruments deviates from the value recognised in the Company's balance sheet at 30 September 2024.</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Carry­ing amount</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Fair value</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Principle for calculating fair value</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b></b></td><td width="20%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="68%" colspan="4" align="left" valign="middle" ><b>DKK'000</b></td></tr><tr><td width="16%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="16%" align="right" valign="middle" >897</td><td width="16%" align="right" valign="middle" >897</td><td width="16%" colspan="1" align="right" valign="middle" >level 2</td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="20%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The derivative financial instruments are categorised in level 2 in the fair value hierarchy, and no significant unobservable input is included in the valuation.</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >CUBIC-Modulsystem A/S' related parties comprise the following</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Control</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Rockwell Automation, Inc., 1201 South Second Street, 53204 Milwaukee, Wisconsin, USA</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Rockwell Automation, Inc. holds 100% of the share capital in the Company. The consolidated financial statement can be obtained at Rockwell Automation's website.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Related party transactions</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Remuneration of the Executive Board is disclosed in note 3.</td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="34%" colspan="1" align="right" valign="middle" ><b>2022/23</b></td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="34%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Transactions with group entities</b></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Sale of goods and services</td><td width="33%" align="right" valign="middle" >246.189</td><td width="34%" align="right" valign="middle" >174.036</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Purchase of goods and services</td><td width="33%" align="right" valign="middle" >119.682</td><td width="34%" align="right" valign="middle" >71.435</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Other operating costs</td><td width="33%" align="right" valign="middle" >12.649</td><td width="34%" align="right" valign="middle" >9.612</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Sale of PPE</td><td width="33%" align="right" valign="middle" >3.097</td><td width="34%" align="right" valign="middle" >38</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Interest income</td><td width="33%" align="right" valign="middle" >2.377</td><td width="34%" align="right" valign="middle" >2.309</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Interest expenses</td><td width="33%" align="right" valign="middle" >617</td><td width="34%" align="right" valign="middle" >483</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Royalty income</td><td width="33%" align="right" valign="middle" >3.715</td><td width="34%" align="right" valign="middle" >3.369</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Receivables on the balance sheet date</td><td width="33%" align="right" valign="middle" >146.163</td><td width="34%" align="right" valign="middle" >88.750</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Liabilities on the balance sheet date</td><td width="33%" align="right" valign="middle" >45.427</td><td width="34%" align="right" valign="middle" >25.727</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Transactions with participating interests</b></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Sale of goods and services</td><td width="33%" align="right" valign="middle" >8.438</td><td width="34%" align="right" valign="middle" >8.435</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Receivables on the balance sheet date</td><td width="33%" align="right" valign="middle" >3.384</td><td width="34%" align="right" valign="middle" >2.053</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Events after the balance sheet date</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No significant events after the balance sheet date have arisen.</td></tr></table> CUBIC-Modulsystem A/S Skjoldborgsgade 21 9700 Brønderslev 57817712 2025-02-20 Barry Norton Elliott <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today discussed and approved the annual report of CUBIC-Modulsystem A/S for the financial year 1 October 2023 – 30 September 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 September 2024 and of the results of its operations for the financial year 1 October 2023 – 30 September 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Brønderslev 2025-02-20 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of CUBIC-Modulsystem A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the financial statements of CUBIC-Modulsystem A/S for the financial year 1 October 2023 – 30 September 2024, which comprise income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 September 2024 and of the results of the Company's operations and cash flows for the financial year 1 October 2023 – 30 September 2024 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">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 financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Company 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and 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 the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.</td></tr><tr><td colspan="1">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 Company's internal control.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. </td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review.</td></tr></table> Aalborg 2025-02-20 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="6">Financial highlights</td></tr><tr><td /><td>2023/24</td><td>2022/23</td><td>2021/22</td><td>2020/21*</td><td>2019/20*</td></tr><tr><td /><td>DKK'000</td><td>DKK'000</td><td>DKK'000</td><td>DKK'000</td></tr></table> 15523000 0.251 0.476 0.653 0.437 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Gender composition</td></tr><tr><td colspan="2">Board of directors in gender composition</td></tr><tr><td>Total number of representatives</td><td>6</td></tr><tr><td>Under-represented gender in pct.</td><td>0</td></tr><tr><td>Target figure in pct.</td><td>30</td></tr><tr><td>Year for fulfilment of target figure</td><td>2026/27</td></tr><tr><td colspan="2">Other management levels in gender composition</td></tr><tr><td>Total number of representatives</td><td>0</td></tr><tr><td>Under-represented gender in pct.</td><td>N/A</td></tr><tr><td>Target figure in pct.</td><td>N/A</td></tr><tr><td>Year for fulfilment of target figure</td><td>N/A</td></tr><tr><td colspan="2">*The comparative figures for 2020/21, and 2019/20 are not restated to the effect of the change in accounting policy for equity investments in group entities and participating interests from equity method to cost price method.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Report on the gender composition of Management</td></tr><tr><td colspan="1">In November 2013, the Board of Directors approved a policy and targets for the underrepresented gender.</td></tr><tr><td colspan="1">The Company believes that diversity among employees and management, including gender distribution, contributes positively to the working environment and strengthens the company performance and competitiveness. Therefore, the overall goal is to increase the proportion of the underrepresented gender on the board and at the other management levels.</td></tr><tr><td colspan="1">CUBIC's target is for the proportion of board members elected by the general meeting to be at least 20% before 2026/27.</td></tr><tr><td colspan="1">This goal has not been met in 2023/24, as none of the 6 board members elected by the general meeting are from the underrepresented gender. In 2023/24, there were no relevant candidates of the underrepresented gender for the board.</td></tr><tr><td colspan="1">To actively increase the recruitment of the underrepresented gender for management, CUBIC has taken several specific measures to our recruitment efforts. A clearly structured recruitment process is being established to ensure that job openings appeal to both genders. The policy also requires a representation of both genders by relevant candidates for consideration by the hiring manager whenever possible.</td></tr><tr><td colspan="1">The share of the underrepresented gender in the rest of management has thus been unchanged in 2023/24.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">The financial ratios stated under "Financial highlights" have been calculated as follows</td></tr><tr><td>Operating margin</td><td>Profit/loss before net financials (EBIT) x 100 / Revenue</td></tr><tr><td>Gross margin</td><td>Gross proft/loss x 100 / Revenue</td></tr><tr><td>Current ratio</td><td>Current assets x 100 / Current liabilities</td></tr><tr><td>Equity ratio</td><td>Equity at year end x 100 / Total equity and liabilities at year end</td></tr><tr><td>Return on equity</td><td>Profit/loss after tax x 100 / Average equity</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Operating review</td></tr><tr><td colspan="1">Principal activities</td></tr><tr><td colspan="1">CUBIC was founded in 1973 based on a unique idea of a modular system for the construction of electrical panels. Since the very beginning, this idea has developed CUBIC into a global and recognized partner in the electromechanical industry and with a product range that includes enclosures for every purpose.</td></tr><tr><td colspan="1">The activity in CUBIC primarily includes the development, production, and sale of flexible and modular components as well as customized solutions in steel plate. The products are sold worldwide. CUBIC's solutions are used in industry, mining, and airports. We provide solutions for ships, hospitals, power plants, wind turbines and much more.</td></tr><tr><td colspan="1">All products from CUBIC are tested and certified by several of the world's most recognized certification institutes. These approvals, combined with our partner philosophy, make it possible to work towards the goal of ensuring a high and consistent level of quality on boards around the world. CUBIC has always focused on quality, credibility, relationships, and our product concept. Through these values, we set the agenda for the meeting with the future.</td></tr><tr><td colspan="1">CUBIC is aware of the societal impact, which is why it is continuously reduced. On the one hand, CUBIC offers long-lasting and optimized solutions, and on the other hand, energy consumption in both production and administration is continuously reduced through process and energy optimizations. CUBIC has a strategic goal of continuously reducing relative CO2 emissions.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in activities and financial matters</td></tr><tr><td colspan="1">Profit/loss for the year</td></tr><tr><td colspan="1">Compared to last year, revenue increased by DKK 264m 49% to DKK 806m (FY 23: DKK 542) which exceeds the expectations expressed in the annual report 2022/23 (in the range of DKK 675m - 700m.)</td></tr><tr><td colspan="1">The company profit before tax was DKK 204m compared to DKK 80m last year.</td></tr><tr><td colspan="1">Revenue and profit exceed expectation in a market, still characterized by inflationary conditions, delivery challenges for our customers, high freight rates and energy prices, and increased competitiveness.</td></tr><tr><td colspan="1">Capital resources</td></tr><tr><td colspan="1">The high activity level, especially in the last throughout the year increased our receivables, and in addition safety stocks have still been added to secure our delivery resilience. The mentioned increases were partly offset by an increase in trade payable.</td></tr><tr><td colspan="1">In total our net cash position has improved during the year.</td></tr><tr><td colspan="1">Investments</td></tr><tr><td colspan="1">During the year, there have been investments in capacity expansion, upgrade, and automation at the factories in Denmark.</td></tr><tr><td colspan="1">A project on modernizing and upgrading our ERP system has been postponed by the parent company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Outlook</td></tr><tr><td colspan="1">Despite the geopolitical challenges in some regions, we still see high activity levels across many sectors like digitalization, electrification, and future energy solutions which suit our business.</td></tr><tr><td colspan="1">Overall, it is expected that revenue in the coming year will be realized in the range of DKK 1,000m – 1,200m. The expected growth is broad-based and stems from organic growth. The expanded channel of Rockwell Automation will play a role in increasing our market reach to become a global supplier.</td></tr><tr><td colspan="1">CUBIC expects strong growth in the coming years and is therefore investing in additional capacity in production and organization. Both the expectations for revenue and profit are dependent on the development in the previously mentioned conditions.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">General business risks</td></tr><tr><td colspan="1">CUBIC is not considered to be exposed to special or abnormal business risks beyond what may be considered normal for similar industrial companies.</td></tr><tr><td colspan="1">In the parent company, a structured Risk management process is carried out, including hedging of commercial risks, assessment of residual risk and implementation of risk mitigation measures.</td></tr><tr><td colspan="1">Interest rate and currency risks</td></tr><tr><td colspan="1">CUBIC has risks in currency and interest rates. To a certain extent, these risks are identified, but overall assessed at a satisfactory and manageable level. The cash preparedness is considered satisfactory.</td></tr><tr><td colspan="1">Credit risks</td></tr><tr><td colspan="1">CUBIC does not have significant risks regarding a single customer or partner. The Company's policy for the assumption of credit risks means that all major customers and other business partners are continuously rated for credit.</td></tr><tr><td colspan="1">Knowledge resources</td></tr><tr><td colspan="1">CUBIC has a committed, loyal, qualified, and enthusiastic staff.</td></tr><tr><td colspan="1">The fact that there is a high seniority among employees is considered proof that CUBIC is a good and reasonable workplace with a good working environment. CUBIC is certified according to the working environment standard DS/OHSAS 18001.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate social responsibility</td></tr><tr><td colspan="1">The activity in CUBIC primarily includes the development, production and sale of flexible and modular components as well as customized solutions in steel plate. The products are sold worldwide. CUBIC's solutions are used in industry, mining and airports. We provide solutions for ships, hospitals, power plants, wind turbines and much more.</td></tr><tr><td colspan="1">CUBIC works with the conviction that a responsible way of doing business goes hand in hand with our earnings. We therefore want a continuous dialogue with employees, customers, partners, suppliers, the surrounding community and other stakeholders to ensure that we can meet the challenges we face in everyday life in an open and responsible way. As an international company, we want to take a credible approach to the above, which is why we at CUBIC exhibit a behavior that is always in accordance with applicable national and international laws.</td></tr><tr><td colspan="1">Climate impact</td></tr><tr><td colspan="1">Policy: CUBIC is environmentally and climate conscious and works actively to reduce negative environmental and climate impacts associated with daily operations as much as possible.</td></tr><tr><td colspan="1">It is CUBIC's policy to be aware of our impact on the environment and the climate, so that we can minimize CUBIC's impact on the environment and the climate while respecting competitiveness.</td></tr><tr><td colspan="1">Including</td></tr><tr><td colspan="1">to seek a minimum waste of materials and energy</td></tr><tr><td colspan="1">development and construction shall take account of the energy footprint.</td></tr><tr><td colspan="1">addressing the environmental and climate impacts of products and processes</td></tr><tr><td colspan="1">that in our daily behaviour and attitudes we focus on the environment and climate as well as continuous improvements in this.</td></tr><tr><td colspan="1">Risks, actions, and results: The company's main risks of negative impact on the environment and climate are assessed to be in the supply chain, energy consumption in the Group's own production processes and, to a lesser extent, the company's own waste management.</td></tr><tr><td colspan="1">As part of the company's policies, suppliers are required to comply with the principles of the UN Global Compact, the ROHS Directive and the REACH Regulation.</td></tr><tr><td colspan="1">CUBIC has a strategic goal of continuously reducing relative CO2 emissions. CUBIC works actively with energy optimizations to lower the total energy consumption.</td></tr><tr><td colspan="1">The company has invested in optimizing and reducing energy consumption, which has a natural impact on CO2 emissions. Further improvement the heating system and the installation of additional solar panels is an initiative lowering the temperature in our facilities during winter season and increasing solar energy usage in the summer. The company will continue with improvements in this area.</td></tr><tr><td colspan="1">In the field of the environment and climate, several activities have also been carried out. During the year, CUBIC has worked with the selection of materials and optimal utilization thereof to reduce waste, optimize machines and changes in production processes. In addition, preparations have been made for more solar cells at the company's factories.</td></tr><tr><td colspan="1">It is CUBIC's wish to be perceived as a respected production company and partner – also in the environmental and climate area. To support this, CUBIC's management system is, among other things, certified according to DS/EN ISO 14001.</td></tr><tr><td colspan="1">This means, among other things, that new processes, improvements to existing products and the development of new ones include the environmental aspect on an equal footing with technical and economic considerations. Likewise, the certifications mean that CUBIC's management system is continuously evaluated to ensure it is suitable, adequate, and effective.</td></tr><tr><td colspan="1">No violations of current legislation etc. have been recorded in the past year.</td></tr><tr><td colspan="1">Social and employee relations</td></tr><tr><td colspan="1">Policy: CUBIC emphasizes that there must be a high focus on job satisfaction, well-being and safe working conditions for all employees.</td></tr><tr><td colspan="1">It is CUBIC's policy to be aware of our influence on the working environment so that we can create a good working environment considering our competitiveness.</td></tr><tr><td colspan="1">Including</td></tr><tr><td colspan="1">to always comply with applicable safety, health, and environmental legislation</td></tr><tr><td colspan="1">development and design considering the effects on the working environment of products and processes.</td></tr><tr><td colspan="1">that in our daily behavior and attitudes we focus on the working environment and continuous improvements in this.</td></tr><tr><td colspan="1">that we will proactively prevent occupational injuries and work-related illness</td></tr><tr><td colspan="1">Risks, actions, and results: CUBIC recognizes its employees as one of the most important resources for the company, which is why it is important to focus on workplace safety, employee well-being and proper working conditions.</td></tr><tr><td colspan="1">The company's main risks related to social and employee conditions have been assessed to be poor well-being and lack of focus on working conditions that can lead to increased stress, sick leave and the loss of competent and qualified employees.</td></tr><tr><td colspan="1">Therefore, CUBIC is continuously working to improve working conditions in the company so that all employees thrive in good and safe working conditions.</td></tr><tr><td colspan="1">As in previous years, several activities have been carried out to improve this. Among other things, mention should be made of ongoing assessment of workplaces in relation to optimization of workplace settings for office staff.</td></tr><tr><td colspan="1">It is CUBIC's wish to be perceived as a respected production company and workplace – also in the field of the working environment. To support this, CUBIC's management system is, among other things, certified according to DS/OHSAS 18001.</td></tr><tr><td colspan="1">This means, among other things, that new processes, improvements to existing products and the development of new ones include the working environment aspect on an equal footing with technical and economic considerations.</td></tr><tr><td colspan="1">Similarly, no violations of current legislation have been recorded in the past year.</td></tr><tr><td colspan="1">Anticorruption</td></tr><tr><td colspan="1">Policy: CUBIC does not tolerate forms of corruption and bribery.</td></tr><tr><td colspan="1">Risks, actions, and results: As the company works across borders and cultures, there is a risk that CUBIC employees may find themselves in situations of corruption, bribery or 'lubricant' issues.</td></tr><tr><td colspan="1">CUBIC has written in the staff manual that we work against all forms of corruption, including bribery and extortion. It is expected that all employees will work in accordance with this.</td></tr><tr><td colspan="1">In 2023/24, all employees have been taking training on anti-corruption. We will continue our mandatory anti-corruption training in the coming years and communicate our guidelines and expectations to employees and business relations.</td></tr><tr><td colspan="1">In 2023/24, we have not experienced any violations of our rules.</td></tr><tr><td colspan="1">Human rights</td></tr><tr><td colspan="1">Policy: CUBIC supports and respects internationally recognised human rights as set out in the UN Declaration of Human Rights and the International Labour Organization (ILO) core conventions.</td></tr><tr><td colspan="1">Risks, actions, and results: The most significant risks of adverse impact/human rights violations are assessed to be in the supply chain.</td></tr><tr><td colspan="1">As part of the company's policies, suppliers are required to comply with the principles of the UN Global Compact, including human rights.</td></tr><tr><td colspan="1">In 2023/24, all new suppliers have signed up to comply with the company's policies, which require suppliers to comply with the principles of the UN Global Compact.</td></tr><tr><td colspan="1">We expect that all new and future suppliers will comply with the principles of the UN Global Compact.</td></tr><tr><td colspan="1">In 2023/24, we have not experienced any violations of our policies.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Report on data ethics</td></tr><tr><td colspan="1">CUBIC-Modulsystem A/S is working with data in alliance with the Rockwell Automation Business Principles within the Compliance and Ethics Program valid for the Rockwell Automation group.</td></tr><tr><td colspan="1">Policies and guidelines for working with data are in place. CUBIC-Modulsystem A/S is working with several types of data such as personal data, confidential business information – such as technical, financial and data about employees, customers and business partners. For CUBIC-Modulsystem A/S data is a valuable asset and treated in a secure and confidential way. Use of new technologies are only used if in line with internal principles, policies and guidelines. Employees are trained in working with data securely and in compliance with relevant legislations.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Research and Development activities</td></tr><tr><td colspan="1">Cubic will continue to invest in R&amp;D in achieve it with goals. Throughout 2023/24 there were no capitalization of R&amp;D cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the balance sheet date</td></tr><tr><td colspan="1">No significant events have taken place.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report of CUBIC-Modulsystem A/S for 2024 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to large reporting class C entities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Pursuant to section 112(2) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Omission of a cash flow statement</td></tr><tr><td colspan="1">With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The entity's cash flows are part of the consolidated cash flow statement for the parent company, Rockwell Automation, Inc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Fixed assets acquired in foreign currency are measured at the exchange rate at the transaction date.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Derivative financial instruments</td></tr><tr><td colspan="1">On initial recognition, derivative financial instruments are recognised in the balance sheet at cost and are subsequently measured at fair value. Positive and negative fair values of derivative financial instruments are presented as separate items in the balance sheet as other receivables or other payables.</td></tr><tr><td colspan="1">Fair value adjustments of derivative financial instruments designated and qualifying as hedging of the fair value of a recognised asset or liability are recognised in the income statement together with fair value adjustments of the hedged asset or liability.</td></tr><tr><td colspan="1">Fair value adjustments of derivative financial instruments designated and qualifying as hedging of future assets or liabilities are recognised as separate items in the balance sheet and in the hedging reserve under equity. If the forecast transaction results in the recognition of assets or liabilities, amounts previously recognised in equity are transferred to the cost of the asset or liability, respectively. If the forecast transaction results in income or expenses, amounts previously recognised in equity are transferred to the income statement in the period in which the hedged item affects the income statement.</td></tr><tr><td colspan="1">Fair value adjustments of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement on an ongoing basis.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">The Company has chosen IAS 18 as interpretation for revenue recognition.</td></tr><tr><td colspan="1">Revenue is measured at the fair value of the agreed consideration exclusive of VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue.</td></tr><tr><td colspan="1">Revenue from the sale of goods</td></tr><tr><td colspan="1">Income from the sale of goods for resale and finished goods, including sale of modular systems for construction of electrical panels, is recognised in revenue when the most significant rewards and risks have been transferred to the buyer, the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2020.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Raw materials and consumables</td></tr><tr><td colspan="1">Raw materials and consumables include the costs of raw materials and consumables incurred to generate revenue for the year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other external expenses</td></tr><tr><td colspan="1">Other external expenses comprise costs relating to the Company's primary activities incurred in the year, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, lease payments under operating leases, etc</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff costs</td></tr><tr><td colspan="1">Staff costs include salaries and wages, including holiday pay and pension costs, as well as other social security costs for the company's employees. The item is net of refunds from public authorities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other operating income</td></tr><tr><td colspan="1">Other operating income comprise items secondary to the principal activities of the Company, including royalty income from group entities, gains on the disposal of property, plant and equipment, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other operating expenses</td></tr><tr><td colspan="1">Other operating expenses comprise items secondary to the entities' activities, including losses on disposal of intangible assets and property, plant and equipment. Other operating expenses also include costs related to transfer pricing adjustments.</td></tr><tr><td colspan="1">Dividends of shares in subsidiaries and participating interest</td></tr><tr><td colspan="1">Dividends of shares in subsidiaries and participating interest (consisting of investments in associates), measured at cost, shall be recognised in the income statement for the year the dividend is declared.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Financial income and expenses comprise interest income and expense, charges in respect of finance leases, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax for the year</td></tr><tr><td colspan="1">The Company is subject to the Danish rules on compulsory joint taxation of the Group's Danish group entities. Group entities are included in the joint taxation arrangement from the date when they are included in the consolidated financial statements and up to the date when they are excluded from the consolidation.</td></tr><tr><td colspan="1">The Company acts as administration company for the joint taxation arrangement and consequently settles all corporate income tax payments with the tax authorities.</td></tr><tr><td colspan="1">On payment of joint taxation contributions, the Danish corporation tax charge is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use the tax losses to reduce their own taxable income.</td></tr><tr><td colspan="1">Tax for the year comprises current income tax, joint taxation contribution and changes in deferred tax for the year due to changes in the tax rate. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts recognised directly in equity is recognised directly in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Intangible assets</td></tr><tr><td colspan="2">On initial recognition, intangible assets are measured at cost.</td></tr><tr><td colspan="2">Amortisation is made over the estimated economic life without the determination of a residual value.</td></tr><tr><td colspan="2">Development costs comprise expenses, salaries and amortisation directly attributable to the Company's development activities.</td></tr><tr><td colspan="2">Development projects that are clearly defined and identifiable and where the technical feasibility, sufficient resources and a potential future market or development potential are evidenced, and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs, administrative expenses and development costs. Other development costs are recognised in the income statement as incurred.</td></tr><tr><td colspan="2">Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.</td></tr><tr><td colspan="2">On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life.</td></tr><tr><td colspan="2">Customer relations and software are measured at cost less accumulated amortisation and impairment losses. The amortisation period is</td></tr><tr><td>Customer relations</td><td>10 years</td></tr><tr><td>Software</td><td>3-8 years</td></tr><tr><td colspan="2">Gains and losses on the disposal of development projects, patents and licences are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating expenses, respectively.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">Property, plant and equipment</td></tr><tr><td colspan="3">Land and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.</td></tr><tr><td colspan="3">Land is not depreciated.</td></tr><tr><td colspan="3">Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries as well as borrowing costs relating to specific and general borrowing directly attributable to the construction of the individual asset and which incur during the production process.</td></tr><tr><td colspan="3">Individual components of property, plant and equipment that have different useful lives and where the individual component accounts for a significant part of total costs are accounted for as separate items, which are depreciated separately.</td></tr><tr><td colspan="3">The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight-line basis over the expected useful life. The expected useful lives of the assets are as follows</td></tr><tr><td /><td>Buildings</td><td>5-40 years</td></tr><tr><td /><td>Plant and machinery</td><td>3-10 years</td></tr><tr><td /><td>Other fixtures and fittings, tools and equipment</td><td>5 years</td></tr><tr><td /><td>Depreciation is based on the residual value of the asset after the end of the useful life and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the acquisition date and are reassessed annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.</td></tr><tr><td /><td>In case of changes in the depreciation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates.</td></tr><tr><td /><td>Depreciation is recognised in the income statement as amortisation/depreciation and impairment of fixed assets.</td></tr><tr><td /><td>Gains and losses on the disposal of items of property, plant and equipment are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating expenses, respectively.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Leases</td></tr><tr><td /><td>The Company has chosen IAS 17 as interpretation for classification and recognition of leases.</td></tr><tr><td /><td>On initial recognition, leases for assets that transfer substantially all the risks and rewards incident to ownership to the Company (finance leases) are measured in the balance sheet at the lower of fair value and the present value of future lease payments. In calculating the present value, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently accounted for as the Company's other assets.</td></tr><tr><td /><td>The capitalised residual lease commitment is recognised in the balance sheet as a liability, and the interest element of the lease payment is recognised in the income statement over the term of the lease.</td></tr><tr><td /><td>Leases that do not transfer substantially all the risks and rewards incident to ownership to the entity are operating leases. Payments relating to operating leases and any other leases are recognised in the income statement over the term of the lease. The Company's total liabilities relating to operating leases and other leases are disclosed under contingencies.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Equity investment in group entities and participating interests</td></tr><tr><td /><td>Equity investments in group entities and participating interests (which solely include associates) are measured at cost. Cost includes the consideration measured at fair value plus direct acquisition costs. Where cost exceeds the recoverable amount, write-down is made to this lower value. In case of indication of impairment, an impairment test is conducted. Equity investments are written down to the lower of the carrying amount and the recoverable amount.</td></tr><tr><td /><td>Distributions of dividend where the dividend exceeds the profit/loss for the year or where the carrying amount of the Company's equity investments exceed the consolidated carrying amounts of the group entity's and associate's net asset value and the equity interest will be evidence of impairment, meaning that an impairment test must be conducted.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Impairment of fixed assets</td></tr><tr><td /><td>The carrying amount of intangible assets and property, plant and equipment, and equity investments in group entities and participating interests is tested annually for evidence of impairment other than the decrease in value reflected by amortisation and depreciation.</td></tr><tr><td /><td>Impairment tests are conducted on individual assets or cash-generating units when there is indication of impairment. Write-down is made to the lower of the carrying amount and the recoverable amount.</td></tr><tr><td /><td>The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.</td></tr><tr><td /><td>Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Inventories</td></tr><tr><td /><td>Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value.</td></tr><tr><td /><td>Raw materials and consumables are measured at cost, comprising purchase price plus delivery costs and other costs directly related to the purchase.</td></tr><tr><td /><td>Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries as well as indirect production overheads. Production overheads comprise costs of material and labour as well as maintenance of and depreciation on production machinery, buildings and equipment as well as costs relating to plant administration and management.</td></tr><tr><td /><td>The net realisable value of inventories is determined as the selling price less any discounts, costs of completion and costs incurred to effect the sale, taking into account marketability, obsolescence and developments in the expected selling price.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Receivables</td></tr><tr><td /><td>The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.</td></tr><tr><td /><td>Receivables are measured at amortised cost.</td></tr><tr><td /><td>Write-down for bad and doubtful debts is made when there is objective evidence that a receivable or a portfolio of receivables has been impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.</td></tr><tr><td /><td>Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the country of domicile and credit ratings of the debtors in accordance with the credit risk management policy of the Company and the Group. The objective evidence applied to portfolios is determined based on historical loss experience.</td></tr><tr><td /><td>Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate of the individual receivable or portfolio is used as discount rate.</td></tr><tr><td /><td>The Company's tax account deposits are classified as "Other receivables".</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Prepayments</td></tr><tr><td /><td>Prepayments “recognized under Assets” comprise costs incurred concerning subsequent financial years such as insurance and licenses etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Cash</td></tr><tr><td /><td>Cash in the statement of financial position comprise cash at banks and on hand.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Equity</td></tr><tr><td /><td>Hedging reserve</td></tr><tr><td /><td>The hedging reserve comprises the cumulative net change in the fair value of hedging transactions that qualify for recognition as a cash flow hedge and where the hedged transaction has not yet been realised. The reserve is dissolved when the hedged transaction is realised, if the hedged cash flows are no longer expected to be realised or if the hedging relationship is no longer effective. The hedging reserve does not represent a limitation under company law and may therefore be negative.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Corporation tax and deferred tax</td></tr><tr><td /><td>Current tax payables and receivables are recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on taxable income in previous years and tax paid on account.</td></tr><tr><td /><td>Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to non-deductible goodwill and on office premises and other items where temporary differences – apart from acquisitions – arise at the acquisition date without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.</td></tr><tr><td /><td>Deferred tax assets, including the tax value of tax loss carry-forwards, are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.</td></tr><tr><td /><td>Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax.</td></tr><tr><td /><td>As administration company in the joint taxation group liability for the group entities’ corporation tax to the tax authorities is taken over as the group entities pay their joint taxation contribution. Joint taxation contributions payable or receivable are recognised in the balance sheet as joint taxation contribution receivable or payable.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Contingent liabilities</td></tr><tr><td /><td>The Company is jointly taxed with its Danish group entities. As administration company, the Company has unlimited joint and several liability, together with the group entities, for payment of Danish corporation taxes and withholding taxes on dividends, interest and royalties within the joint taxation group. Any subsequent corrections of income subject to joint taxation and withholding taxes, etc., may entail that the entities' liability will increase. The Group as a whole is not liable to any third parties.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Liabilities other than provisions</td></tr><tr><td /><td>The Company has chosen IAS 39 as interpretation for recognition and measurement of liabilities.</td></tr><tr><td /><td>Financial liabilities are recognised at the date of borrowing at the proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.</td></tr><tr><td /><td>Financial liabilities also include the capitalised residual lease commitment in respect of finance leases.</td></tr><tr><td /><td>Other liabilities are measured at net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Fair value</td></tr><tr><td /><td>Fair value is determined based on the principal market. If no principal market exists, the measurement is based on the most advantageous market, i.e. the market that maximises the price of the asset or liability.</td></tr><tr><td /><td>All assets and liabilities that are measured at fair value or whose fair value is disclosed are classified based on the fair value hierarchy, see below</td></tr><tr><td /><td>Level 1</td><td /><td>Value based on the fair value of similar assets/liabilities in an active market.</td></tr><tr><td /><td>Level 2</td><td /><td>Value based on generally accepted valuation methods on the basis of observable market information.</td></tr><tr><td /><td>Level 3</td></tr><tr><td /><td /><td>Value based on generally accepted valuation methods and reasonable estimates based on non-observable market information.</td></tr><tr><td /><td>If a reliable fair value cannot be stated according to the above levels, the asset or liability is measured at cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Segment information</td></tr><tr><td /><td>Information is disclosed by activities and geographical markets. The business of CUBIC only includes one segment, the financial statements of comprehensive income, the statements of financial position, and the statements of equity changes and notes represent this segment.</td></tr></table> Årsrapport 30700228 EY Godkendt revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1323.0, by EasyX Aps. www.easyx.eu 2022-10-01 2023-09-30 Ledelsespåtegning Revisionspåtegning Grundlag for konklusion Konklusion 542136000 -14689000 275460000 55824000 3838000 229379000 129636000 20451000 9612000 69680000 13100000 2321000 4788000 80313000 14737000 65576000 117529000 10550000 1557000 242 373000 114000 80000 567000 2309000 12000 413000 2089000 483000 748000 1055000 14800000 -271000 99000 109000 65576000 218000 0 3221000 27216000 3000 14727000 0 24201000 1000 17230000 -24201000 14727000 0.129 0.423 0.58 0.245 0 514000 251000 765000 55532000 54247000 2006000 5675000 117460000 63302000 1449000 64994000 129745000 247970000 24235000 6292000 114654000 145181000 135422000 81169000 3384000 5295000 833000 226103000 74501000 445785000 693755000 28000000 700000 424292000 452992000 8872000 8872000 35270000 11287000 0 46557000 2283000 4600000 72780000 45427000 38442000 21802000 185334000 240763000 693755000 29397000 377248000 259788000 501000 1429000 109000 2039000 57878000 56561000 1601000 3724000 119764000 63302000 1449000 64950000 129701000 251504000 19517000 6602000 63971000 90090000 104466000 23800000 2053000 3574000 287000 134180000 25738000 250008000 501512000 28000000 1294000 261818000 291112000 9002000 9002000 37558000 15886000 15406000 68850000 2233000 5588000 68816000 10321000 12378000 33212000 132548000 210400000 501512000 29255000 367910000 248146000 28000000 1294000 261818000 291112000 29255000 27216000 367910000 248146000 0 0 0 0 0 -761000 -167000 0 0 0 0 162474000 28000000 700000 424292000 5479000 4978000 23667000 22238000 109000 0 29037000 23995000 377381000 255116000 0 0 501000 5479000 0 0 915000 23153000 142000 0 0 0 5479000 0 23667000 514000 251000 251000 123681000 65803000 235321000 178760000 5184000 3583000 3724000 0 0 694000 0 0 0 3040000 0 2000 6434000 5024000 4802000 0 13773000 -4801000 0 1420000 0 1385000 0 928000 -1298000 0 6975000 -5024000 0 0 0 0 124375000 68843000 55532000 241979000 187732000 54247000 5219000 3213000 2006000 5675000 0 5675000 Jesper Fristrup CCO Barry Norton Elliott Chairman Thomas Felix Langkjær Kawal Maharaj Jan Maria J. Van Den Bossche Erik Julien Jozef Casselman Peter Louis Heegaard Andersen Employee elected Mikael Løth Jensen Employee elected Lars Poulsen Employee elected 474686000 36051000 10361000 0.089 0.393 0.547 0.15 403843000 44227000 18782000 0.111 0.458 0.542 0.199 415661000 35778000 17171000 0.078 0.435 0.562 0.177 Profit/loss before net financials 202133000 Profit/loss before net financials 69680000 Profit/loss before net financials 42172000 Profit/loss before net financials 44848000 Profit/loss before net financials 32620000 Profit/loss from net financials 2055000 Profit/loss from net financials 10633000 Profit/loss from net financials 3806000 Profit/loss from net financials 10172000 Profit/loss from net financials 10027000 447207000 244675000 432946000 234599000 375127000 210730000 .Current ratio 2.405 .Current ratio 1.886 .Current ratio 1.515 .Current ratio 1.366 .Current ratio 1.803 EY Godkendt Revisionspartnerselskab 30700228 Allan Terp State Authorised Public Accountant mne33198 Chris Mark State Authorised Public Accountant mne42788 30700228 EY Godkendt Revisionspartnerselskab