39135647 2025-01-01 2025-12-31 39135647 2025-01-01 2025-12-31 1 39135647 2025-01-01 2025-12-31 1 39135647 2025-01-01 2025-12-31 1 39135647 2025-01-01 2025-12-31 2 39135647 2025-01-01 2025-12-31 3 39135647 2025-01-01 2025-12-31 4 39135647 2025-01-01 2025-12-31 5 39135647 2023-01-01 2023-12-31 39135647 2022-01-01 2022-12-31 39135647 2021-01-01 2021-12-31 39135647 2023-12-31 39135647 2022-12-31 39135647 2021-12-31 39135647 2024-01-01 2024-12-31 39135647 2025-12-31 39135647 2024-12-31 39135647 2025-01-01 2025-12-31 c:ProposedDividendRecognisedInEquityMember 39135647 2025-01-01 2025-12-31 c:ReserveForDevelopmentExpenditureMember 39135647 2025-01-01 2025-12-31 c:RetainedEarningsMember 39135647 2025-12-31 c:ContributedCapitalMember 39135647 2025-12-31 c:ReserveForDevelopmentExpenditureMember 39135647 2025-12-31 c:RetainedEarningsMember 39135647 2025-12-31 c:ProposedDividendRecognisedInEquityMember 39135647 2025-01-01 c:CompletedDevelopmentProjectsMember 39135647 2025-01-01 c:AcquiredIntangibleAssetsMember 39135647 2025-01-01 c:DevelopmentProjectsInProgressMember 39135647 2025-01-01 2025-12-31 c:CompletedDevelopmentProjectsMember 39135647 2025-01-01 2025-12-31 c:AcquiredIntangibleAssetsMember 39135647 2025-01-01 2025-12-31 c:DevelopmentProjectsInProgressMember 39135647 2025-12-31 c:CompletedDevelopmentProjectsMember 39135647 2025-12-31 c:AcquiredIntangibleAssetsMember 39135647 2025-12-31 c:DevelopmentProjectsInProgressMember 39135647 2025-01-01 c:LeaseholdImprovementsMember 39135647 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 39135647 2025-01-01 2025-12-31 c:LeaseholdImprovementsMember 39135647 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 39135647 2025-12-31 c:LeaseholdImprovementsMember 39135647 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 39135647 2025-01-01 c:InvestmentsInGroupEnterprisesMember 39135647 2025-12-31 c:InvestmentsInGroupEnterprisesMember 39135647 2025-01-01 2025-12-31 c:InvestmentsInGroupEnterprisesMember 39135647 2025-01-01 2025-12-31 c:SubsidiaryMember 1 39135647 2025-12-31 c:SubsidiaryMember 1 39135647 2025-01-01 c:DepositsLongtermInvestmentsAndReceivablesMember 39135647 2025-01-01 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember 39135647 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember 39135647 2025-12-31 1 39135647 2025-12-31 c:LongtermDeferredIncomeMember 39135647 2024-12-31 c:LongtermDeferredIncomeMember iso4217:DKK xbrli:pure xbrli:shares Årsrapport Martin Lippert 2026-03-03 Revisionspåtegning Regnskabsklasse C, mellemstor virksomhed 2026-03-20 Beierholm Langagervej 1 9220 Aalborg Ø Opinion Niels Jernes Vej Basis for Opinion 2024-01-01 2024-12-31 9220 2025-01-01 2025-12-31 39135647 Aalborg Øst XCI A/S Aarhus N 6 A Aalborg Øst Beierholm 8200 32895468 Tangen 9 Danmark true We have on this day presented the annual report for the financial year 01.01.25 - 31.12.25 for XCI A/S. The annual report is presented in accordance with the Danish Finan­cial Sta­te­ments Act. In our opinion, the financial statements give a true and fair view of the company's assets, liabilities and financial position as at 31.12.25 and of the results of the company's activities for the financial year 01.01.25 - 31.12.25. We believe that the management's review includes a fair review of the matters dealt with in the management's review. The annual report is submitted for adoption by the general meeting. Tue From Hermansen Mads Peter Lübeck Mads Wiederholdt Jensen Peter Dahl Thruelsen Anders Christian Schelde Martin Lippert To the Shareholder of XCI A/S In our opinion the fi­nan­cial sta­te­ments give a true and fair view of the company's finan­cial posi­tion at 31.12.25 and of the results of the company's ope­ra­tions for the finan­cial year 01.01.25 - 31.12.25 in ac­cor­dan­ce with the Danish Finan­cial Sta­te­ments Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the fi­nan­cial sta­te­ments” section of our report. We are independent of the 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the mana­ge­ment’s review.Our opinion on the fi­nan­cial sta­te­ments does not cover the management’s review, and we do not express any form of assurance con­clu­sion thereon. In connection with our audit of the fi­nan­cial sta­te­ments, it is our responsibility is to read mana­gement’s review and, in doing so, con­sider whether management’s review is mate­rially in­con­sistent with the fi­nan­cial sta­te­ments or our know­ledge obtained during the audit, or other­wise appears to be mate­rially misstated.Moreover, it is our responsibility to consider whether management’s review provides the infor­mation required under the Danish Financial Statements Act.Based on the work we have performed, 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 Statements Act. We did not identify any material misstatement of the management’s review. 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.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. Our objectives are to obtain reasonable as­surance about whether the fi­nan­cial sta­te­ments as a whole are free from material mis­statement, whether due to fraud or error, and to issue an auditor’s report that inclu­des our opinion. Reasonable assurance is a high level of assurance, but is not a gua­ran­tee that an audit conducted in accor­dance with ISAs and the additional requirements applic­able in Denmark will always detect a material misstatement when it exists. Mis­sta­te­ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be ex­pec­ted to influence the economic decisions of users taken on the basis of these fi­nan­cial sta­te­ments.As part of an audit conducted in accordance with ISAs and the additional requirements applic­able in Denmark, we exercise pro­fes­sional judgment and maintain professional scepticism through­out the audit. We also: Identify and assess the risks of material misstatement of the fi­nan­cial sta­te­ments, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and ap­pro­priate to provide a basis for our opinion. The risk of not detecting a mate­rial misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, mis­repre­sen­tations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appro­priate in the cir­cum­stances, but not for the purpose of expres­sing an opinion on the effectiveness of the company's inter­nal control.Evaluate the appropriateness of accoun­ting policies used and the reason­able­ness of accounting estimates and related disclosures made by management.Conclude on the appropriateness of manage­ment’s use of the going concern basis of accoun­ting in preparing the fi­nan­cial sta­te­ments and, based on the audit evidence obtained, whether a mate­rial uncertainty exists related to events or conditions that may cast signi­ficant doubt on the 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.Evaluate the overall presentation, structure and contents of the fi­nan­cial sta­te­ments, including the disclosures, and whether the fi­nan­cial sta­te­ments repre­sent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for expressing an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with gover­nance regarding, among other mat­ters, the planned scope and timing of the audit and significant audit findings, inclu­ding any significant deficiencies in internal control that we identify during our audit. Aarhus Carsten Andersen State Authorised Public Accountant mne27703 35820000 22983000 12921000 517000 -223000 -382000 28726000 18099000 10068000 143597000 79092000 70010000 8845000 3140000 2590000 4597000 94000 60751000 36975000 23877000 57 51 42 47 34 Ratios definitionsSolvency ratio:Equity, end of year x 100Total assets Primary activitiesAs in previous years, the company´s main activities are to develop products that help organizations investigate cyber crime. Development in activities and financial affairsThe income statement for the period 01.01.25 - 31.12.25 shows a profit of DKK 65,160,201 against DKK 53,632,920 for the period 01.01.24 - 31.12.24. The balance sheet shows equity of DKK 139,694,368. The expectations to earnings for 2025 were a net profit of DKK 55,000,000. The actual result were better than expected in the budget, primarily due to an increase in revenue driven by increase in customer demand and by improved contract-to-delivery performance compared to previous years. The management considers the net profit for the year to be satisfactory. OutlookXCI expects a profit before tax in the range of mDKK 30-50 for the financial year 2026. As XCI is scaling operations, investments in product development, sales activities and infrastructure are expected to decrease profits in XCI. Research and development activitiesThe company´s continued investments in development of the software platform as well as new features ensure XCI´s continued value creation for customers and competitiveness in the market.A total of mDKK 38,8 was invested in development activities in the financial year. In 2026, development activities are expected to increase due to expected increase in development capacity. Subsequent eventsNo important events have occurred after the end of the financial year. 175533012 135760051 61375845 45896791 28432316 21847554 85724851 68015706 -2896543 -488058 1507851 1624041 798865 651065 83537294 68500624 18377093 14867704 65160201 53632920 37192203 26978327 1907587 3011576 20431665 15099024 59531455 45088927 1435359 0 8163037 4785843 9598396 4785843 0 0 3682412 937453 3682412 937453 72812263 50812223 13139856 29388804 6551080 1072087 0 690511 44546 187815 3441066 1111060 23176548 32450277 150241224 91434560 173417772 123884837 246230035 174697060 500000 500000 44946619 32820336 42247749 41213831 52000000 14850000 139694368 89384167 12588528 9570359 12588528 9570359 19422860 13626794 19422860 13626794 242700 194136 2511259 955682 334809 0 12113959 10086704 59321552 50879218 74524279 62115740 93947139 75742534 246230035 174697060 Figures in DKKShare capitalReserve for development costsRetained earningsProposed dividend for the financial yearTotal equityStatement of changes in equity for 01.01.25 - 31.12.25Balance as at 01.01.25500,00032,820,33641,213,83114,850,00089,384,167Dividend paid000-14,850,000-14,850,000Other changes in equity012,126,283-12,126,28300Net profit/loss for the year0013,160,20152,000,00065,160,201Balance as at 31.12.25500,00044,946,61942,247,74952,000,000139,694,368 -14850000 12126283 -12126283 13160201 52000000 500000 44946619 42247749 52000000 46426755 35088397 9991736 6351426 808208 715248 4149146 3741720 111 80 Remuneration for the management:Remuneration for the Executive Board and Board of Directors7,945,1046,893,141 7945104 6893141 With reference to section 98b(3) no. 1 of the Dan­ish Fi­nan­cial Statements Act, re­mune­ration for the Executive Board and Board of Di­rectors are sum­marized for 2025 and 2024, as infor­ma­tion would other­wise lead to a­mounts be­ing shown for a single mem­ber of man­age­ment. 158130 104877 1188615 1518794 0 370 5795 0 155311 0 138841 45216 408216 540083 251808 65766 52000000 14850000 13160201 38782920 80467790 3694387 15099024 18251409 159600 20431665 15099024 -15099024 113818223 3853987 20431665 -53489463 -682811 0 -23136557 -1263589 -76626020 -1946400 0 37192203 1907587 20431665 Development projects relate to the development of products within the Company's core business. The projects are progressing according to plan through the use of resources allocated by Management to the development. Prior to the launching of the projects the company has assessed that there is a need in the market for the products. 7.Property, plant and equipmentFigures in DKKLeasehold improvementsOther fixtures and fittings, tools and equipmentCost as at 01.01.25010,571,198Additions during the year1,435,3597,409,363Cost as at 31.12.251,435,35917,980,561Depreciation and impairment losses as at 01.01.250-5,785,354Depreciation during the year0-4,032,170Depreciation and impairment losses as at 31.12.250-9,817,524Carrying amount as at 31.12.251,435,3598,163,037 0 10571198 1435359 7409363 1435359 17980561 0 -5785354 -4032170 0 -9817524 1435359 8163037 8.Equity invest­ments in group enter­pri­sesFigures in DKKEquity invest­ments in group enter­pri­sesCost as at 01.01.25186,438Cost as at 31.12.25186,438Revaluations as at 01.01.25-488,058Net profit/loss from equity investments-2,896,543Revaluations as at 31.12.25-3,384,601Negative equity value impaired in receivables3,198,163Depreciation and impairment losses as at 31.12.253,198,163Carrying amount as at 31.12.250Name and registered office:Ownership interestSubsidiaries:XCI GmbH, Tyskland100% 186438 186438 3198163 3198163 0 XCI GmbH Tyskland 100 937452 3058852 -313892 3682412 3682412 31.12.2531.12.24DKKDKK10.PrepaymentsOther prepayments3,441,0661,111,060Total3,441,0661,111,060 Share capital 500000 500000 12.Deferred taxDeferred tax recognised in the income statement12,588,5289,570,359Deferred tax as at 31.12.2512,588,5289,570,359 12588528 9570359 19422860 13626794 14.Contingent liabilitiesGuarantee commitmentsThe company has provided a guarantee of EUR 2.929k as a payment guarantee to a costumer.Other contingent liabilitiesThe company is taxed jointly with the other Danish companies in the group and has joint, several and unlimited liability for income taxes and any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The total tax liability for the jointly taxed companies at the balance sheet date has not yet been determined. For further information, please see the financial statements of the management company XCI Holding A/S. 15.Other commitmentsLease commitmentsThe company has concluded lease agreements with terms to maturity of 3-113 months and total lease payments of DKK 58.265k. Other commitmentsThe company has entered into a binding agreement for the purchase of other external expenses that will not be deliveret until the next financial year. The agreement concern the purchase of other external expenses for DKK 1.425k 16.Charges and securityAs a security for payment guarantee from credit institutions, a company charge of DKK 4.000k and DKK 6.736k has been provided from the company. As at 31.12.25, the com­pa­ny charge comprises the following as­sets with the following carrying amounts:Other plant, fixtures and fittings, tools and equipment, DKK 8,163kInventories, DKK 0kTrade receivables, DKK 13,140k 17.Related partiesRelated party transactions are not disclosed, as all transactions are entered into in the ordinary course of business at arms’ length.Remuneration for the management is specified in note 1. Staff costs. The annual report is presen­ted in ac­cord­ance with the provisions of the Danish Fi­nan­cial Statements Act (Årsregn­skabs­lov­en) for medium-sized enterprises in re­port­ing class C with application of pro­vi­sions for a higher reporting class. Basis of recognition and measurementIncome is recognised in the income state­ment as earned, including value adjust­ments of fin­an­cial assets and liabilities. All ex­penses, including depreciation, amortisa­tion, impair­ment losses and write-downs, are also recognised in the in­come state­ment.Assets are recognised in the balance sheet when it is probable that future economic bene­fits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. CURRENCYThe annual report is presen­ted in Danish kroner (DKK).On initial recognition, transactions den­ominated in foreign currencies are trans­lated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the ex­change rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or ex­penses in the income statement. Fixed assets and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates.On recognition of independent foreign entities, the income statements are translated at the exchange rates applicable at the transaction date or approximate average exchange rates. The balance sheet items are translated using the exchange rates applicable at the balance sheet date. Foreign currency translation adjustments arising from the translation of equity at the beginning of the year using the exchange rates applicable at the balance sheet date and from the translation of income statements from average exchange rates to the exchange rates applicable at the balance sheet date are recognised directly in equity under the reserve for net revaluation according to the equity method in respect of investments measured ac­cord­ing to the equity method, and otherwise un­der the foreign currency translation reserve.Translation adjustments of intercompany balances with independent foreign entities, measured using the equity method and where the balance is considered to be part of the overall investment, are recognised directly in equity under the foreign currency translation reserve. On the divestment of foreign entities, accumulated exchange differences are recognised in the income statement. LEASESLease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. Gross profitGross profit comprises rev­enue, other operating income and cost of sales and other external ex­penses. RevenueIncome from the sale of goods is recognised in the income statement if delivery has taken place and the risk has passed to the buyer before the end of the financial year and where the selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value and is determined exclusive of VAT and other taxes collected on behalf of third parties and less discounts.Income from the sale of services is recognised in the income statement in line with completion of services, which means that revenue corresponds to the selling price of the work performed for the year stated on the basis of the stage of completion at the balance sheet date (percentage of completion method). Other operating incomeOther operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, salary supplements and refunds, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. Cost of salesCost of sales comprises cost of sales for the year measured at cost plus any changes in inventories, including write-downs to the extent that these do not exceed normal write-downs. Other external expensesOther external expenses comprise costs re­lating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costsStaff costs comprise wages and salaries as well as other staff-related costs. De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment lossesThe de­pre­ci­a­tion and amor­ti­sa­tion of in­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment aim at systematic de­pre­ci­a­tion and amor­ti­sa­tion over the expected useful lives of the assets. Assets are de­pre­ci­ated and amor­tised according to the straight-line method based on the following ex­pected useful lives and residual values:The basis of de­pre­ci­a­tion and amor­ti­sa­tion is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of de­pre­ci­a­tion and amor­ti­sa­tion is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually.In­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Income from equity investments in group en­tre­prisesFor equity investments in equity invest­ments in sub­si­di­ar­ies, measured using the equity method, the share of the enterprises’ profit or loss is recognised in the income statement after elimination of unrealised intercompany profits and losses and less any goodwill amortisation and impairment losses. Income from equity investments in equity investments in sub­si­di­ar­ies also comprises gains and losses on the sale of equity investments. Other net financialsInterest income and interest expenses, for­eign exchange gains and losses on trans­ac­tions denominated in foreign currencies etc. are recognised in other net financials. Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity.The company is jointly taxed with Danish consolidated enterprises. In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their tax­able incomes. This means that enter­prises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Intangible assetsCompleted de­vel­op­ment projects and de­vel­op­ment projects in progressDevelopment projects are recognised in the balance sheet where the project aims at developing a specific product or a specific process, intended to be produced or used, respectively, by the company in its production process. On initial recognition, development projects are measured at cost. Cost comprises the purchase price plus expenses resulting directly from the purchase, including wages and salaries directly attributable to the development projects until the asset is ready for use. Interest on loans arranged to finance development projects in the development period is not included in the cost. Other development projects and development costs are recognised in the income statement in the year in which they are incurred.Development projects in progress are trans­ferred to completed development projects when the asset is ready for use. Development projects are subsequently measured in the balance sheet at cost less accumulated amortisation and impairment losses.Completed development projects are amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.Acquired rightsAquired rights are measured in the balance sheet at cost less accumulated amortisation and impairment losses.Acquired rights are amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.Gains and losses on the disposal of intangi­ble assetsGains and losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Property, plant and equipmentProperty, plant and equipment comprise leasehold improvements as well as other fixtures and fittings, tools and equipment.Property, plant and equipment are meas­ured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost.Property, plant and equipment are depreci­ated using the straight-line method based on useful lives and residual values, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses' section.Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Equity investments in group en­tre­prisesEquity investments in subsidiaries are recognised and measured according to the equity method. For equity investments in subsidiaries, the equity method is considered a measurement method.On initial recognition, equity investments measured according to the equity method are measured at cost. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. Under subsequent recognition and measurement of equity investments according to the equity method, equity investments are measured at the proportionate share of the enterprises' equity value, determined according to the accounting policies of the parent, adjusted for the remaining value of goodwill and gains and losses on transactions with the enterprises in question. Equity investments, where information for recognition according to the equity method is not known, are measured at cost.Equity investments with a negative carrying amount are measured at DKK 0. Receivables that are considered part of the combined investment in the enterprises in question are impaired by any remaining negative equity value. Other receivables from such enterprises are impaired to the extent that such receivables are considered uncollectible. Provisions to cover the remaining negative equity value are recognised to the extent that the company has a legal or constructive obligation to cover the liabilities of the enterprise in question.Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. Impairment losses on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in de­pre­ci­a­tion and amor­ti­sa­tion.Impairment losses are reversed when the reasons for the impairment no longer exist. The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.The carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in de­pre­ci­a­tion and amor­ti­sa­tion.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nom­inal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable.Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. PrepaymentsPrepayments recognised under assets com­prise costs incurred in respect of subse­quent financial years.Prepayments recognised under assets com­prise costs incurred in respect of subse­quent financial years. CashCash includes deposits in bank account. EquityThe net revaluation of equity investments measured according to the equity method is recognized in the net revaluation reserve in equity according to the equity method to the extent that the carrying amount exceeds the cost.An amount equivalent to internally generated development costs in the balance sheet is recognised in equity under reserve for development costs. The reserve is measured less deferred tax and reduced by amortisation and impairment losses on the asset. If impairment losses on development costs are subsequently reversed, the reserve will be restored with a corresponding amount. The reserve is dissolved when the development costs are no longer recognized in the balance sheet, and the remaining amount will be transferred to retained earnings. The proposed dividend for the financial year is recognised as a separate item in equity. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differ­ences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the tax­able income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. PayablesShort-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Deferred incomeDeferred income under liabilities comprises payments received in respect of income in sub­sequent financial years. Referring to section 86(4) of the Danish Fi­nancial Statements Act a cash flow state­ment has not been prepared as the enter­prise is included in the consolidated cash flow statement.