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Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning true 2026-03-31 Marc-Antoine Olivier Léonard Andreoli The Executive Board and Board of Directors have today considered and adopted the Annual Report of Fox TopCo ApS for the financial year 1 January - 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2025. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Brabrand 2026-03-31 Marc-Antoine Olivier Léonard Andreoli Marco Sodi Fernando Cobo Piekenbrock Marc-Antoine Olivier Léonard Andreoli To the shareholders of Fox TopCo ApS Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025 and of the results of the Group’s and the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Fox TopCo ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements and the Parent Company Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Aarhus C 2026-03-31 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Christian Roding Martin Stenstrup Toft State Authorised Public Accountant State Authorised Public Accountant mne33714 mne42786 Fox TopCo ApS Sintrupvej 71B, 1. th Brabrand 41656190 Aarhus Jens Chr. Skous Vej 1 Aarhus C Seen over a 5-year period, the development of the Group is described by the following financial highlights:EBITDA85,99879,74763,75354,36642,580Cash flows from: 191744000 144795000 144379000 -11743000 -6452000 -18771000 -14916000 -7881000 -6391000 -33419000 -18641000 -33099000 753397000 605257000 606881000 979000 691000 228000 442000 400000 409170000 353647000 376591000 37197000 29771000 750000 -204455000 -28196000 -350229000 152582000 -17378000 401602000 187 168 131 94 83 0.849 0.847 0.834 0.847 0.744 0.062 0.003 0.061 0.045 0.130 0.025 0.001 0.016 0.011 0.031 0.558 0.529 0.543 0.584 0.621 0.096 0.059 0.088 0.051 0.176 Key activitiesThe primary activity for Fox Topco ApS is to hold shares in Boyum IT Solutions Group ApS and subsidiaries hereof. Boyum IT Solutions A/S is a global leader within the ERP software ecosystem, with a strong strategic position in the SAP Business One market and a rapidly expanding presence in Microsoft Dynamics 365 Business Central (BC). Supported by solid financial performance, a continuously growing partner network, and a strategic transition toward greater ERP independence, the company is well positioned to sustain its growth trajectory and further strengthen its market leadership.Market Position & Strategic DirectionBoyum IT Solutions is the leading software solution partner (SSP) within the SAP Business One ecosystem, supporting more than 300,000 daily users across over 8,000 installations worldwide. The company distributes its solutions through a global partner network consisting of more than 1,100 partners across more than 100 countries.The strategic focus of Boyum IT Solutions includes:SAP Business One LeadershipStrengthening and maintaining market leadership in supply chain, manufacturing, and warehouse management solutions within the SAP Business One ecosystem.Microsoft Business Central ExpansionExpanding the company’s presence within the Microsoft Dynamics 365 Business Central ecosystem, with the ambition of becoming a top-10 ISV and supporting the company’s strategic objective of ERP platform independence.Cloud TransformationAccelerating the development and adoption of cloud-based solutions to address increasing customer demand and evolving market dynamics.The company’s acquisition strategy continues to play an important role in expanding its product portfolio and strengthening its market position. In 2023, the acquisition of Perfion A/S added a critical Product Information Management (PIM) capability to the portfolio. In 2024, the acquisition of Netronic GmbH introduced advanced cloud scheduling solutions, further strengthening the company’s footprint within Microsoft Business Central and enabling additional revenue opportunities.Financial Performance & GrowthDespite ongoing global economic uncertainties, 2025 has proven to be a year of strong financial performance.Key financial highlights include:•Revenue: MDKK 258.5 (+9.3% YoY)•EBITDA: MDKK 86.0 (+7.9% YoY)•Net Profit: MDKK -36.4 (-115.4% YoY)•Cash Flow from Operations: MDKK 63.1, supporting continued expansion and acquisition opportunities•Solvency Ratio: 58.8%, reflecting a strong and stable financial positionRevenue and EBITDA for 2025 was below the expected range outlined in the 2024 Annual Report. This is due to lower growth in some of our markets and products than expected.Net Profit for the period has been negatively impacted by an impairment of Boyum IT Solutions CPH amounting to MDKK 20.7. Looking ahead, the Group expects continued revenue growth. For 2026, revenue is projected to grow organically by approximately 10%, reaching a range of MDKK 255–277, with EBIT expected to fall within the range of MDKK 80–90. This growth is expected to be driven by continued expansion within the SAP Business One and Microsoft Business Central ecosystem and ongoing investments in cloud-based technologies.Growth & Strategic OpportunitiesBoyum IT Solutions represents a compelling platform for continued expansion and value creation, supported by several strategic strengths:Scalable Business ModelA highly scalable recurring revenue model supported by a global network of more than 1,100 partners operating across 100+ countries.High Margins and Strong Cash FlowA resilient business model characterized by high gross margins (approximately 85%) and strong, predictable cash flow generation.Market LeadershipThe largest supply chain management ISV within the SAP Business One ecosystem, supported by a clear strategic roadmap for growth within the Microsoft Business Central ecosystem.Attractive M&A OpportunitiesA strong track record of successful acquisitions that continue to expand the company’s product portfolio and create additional value.Group structureThe company was founded in June 2016 in connection with a demerger of the original Boyum IT organization into several independent business units. Since then, the Group has completed multiple strategic acquisitions to support its growth ambitions.The current Group structure is presented on page 6 of this report.Operational Strength & Talent RetentionBoyum IT Solutions is committed to building a high-performance organization supported by a strong corporate culture and a global talent base.Key elements include:•Global Talent Pool: The company employs 143 employees across more than 10 countries, with major operational hubs located in Denmark, Germany, Belgium, and the United States.•Workplace Excellence: Boyum IT Solutions has been awarded the “Healthy Place to Work” certification for four consecutive years, reflecting its strong commitment to employee wellbeing.•Technology Leadership: The company continues to invest significantly in research and development to maintain its position at the forefront of product innovation and technology leadership.Knowledge resourcesOperating in a technology-driven industry places significant demands on the knowledge and competencies of the Group’s employees. Consequently, management prioritizes the development and retention of highly skilled professionals and ensures continuous investment in knowledge-sharing platforms and collaboration tools.Attracting new talent and retaining existing employees remains a strategic priority.Over the years, the Group has worked systematically to develop a strong Nordic-inspired company culture centered on a holistic understanding of employees’ desire for a healthy work–life balance. This cultural vision is embodied in the concept of “Energy for LIFE”, which reflects the company’s commitment to supporting the physical and mental wellbeing of its employees.In 2025, the Group was awarded the “Healthy Place to Work” certification for the fourth consecutive year. This recognition reflects the company’s ongoing commitment to building a healthy, effective, and sustainable organization in which employee wellbeing is a central priority.Understanding organizational health and implementing the right initiatives to support employee wellbeing requires a structured and strategic approach. Participation in the Healthy Place to Work program forms an integral part of this effort.ConclusionWith a strong financial foundation, established market leadership, and a clear strategic roadmap for continued growth, Boyum IT Solutions is well positioned for the future. The company offers a compelling opportunity to expand within the global ERP ecosystem while leveraging a scalable, high-growth, and high-margin business model with significant market potential. 258499000 236514000 0 0 76000 96000 0 0 8062000 7459000 0 0 31174000 28930000 103000 138000 219339000 200221000 -103000 -138000 133341000 120474000 0 0 101897000 80477000 0 0 -15899000 -730000 -103000 -138000 0 0 -36128000 -23716000 1132000 3040000 1000 16000 17314000 19253000 40000 0 -32081000 -16943000 -36270000 -23838000 4363000 6880000 174000 -15000 -36444000 -23823000 -36444000 -23823000 238115000 300428000 0 0 574000 532000 0 0 14453000 19478000 0 0 330800000 364478000 0 0 583942000 684916000 0 0 1290000 968000 0 0 1290000 968000 0 0 0 0 366940000 402671000 1230000 2230000 0 0 1230000 2230000 366940000 402671000 586462000 688114000 366940000 402671000 21775000 19599000 0 0 560000 795000 0 0 3586000 5316000 0 0 0 0 9514000 8251000 2518000 1908000 0 0 28439000 27618000 9514000 8251000 7000 7000 0 0 26704000 41176000 9000 2000 55150000 68801000 9523000 8253000 641612000 756915000 376463000 410924000 7841000 7841000 7841000 7841000 7512000 6711000 0 0 342972000 386103000 350484000 392814000 358325000 400655000 358325000 400655000 54759000 68193000 0 0 54759000 68193000 0 0 0 227958000 0 0 597000 543000 0 0 597000 228501000 0 0 175209000 6193000 0 0 0 38000 0 0 3116000 3143000 60000 10000 0 0 18053000 10238000 7113000 4362000 0 0 22010000 28351000 25000 21000 20483000 17479000 0 0 227931000 59566000 18138000 10269000 228528000 288067000 18138000 10269000 641612000 756915000 376463000 410924000 7841000 6711000 386102000 400654000 0 -801000 0 -801000 0 0 8827000 8827000 0 0 2545000 2545000 0 0 -404000 -404000 0 0 -36444000 -36444000 7841000 7512000 342972000 358325000 7841000 392813000 400654000 0 -801000 -801000 0 8827000 8827000 0 2545000 2545000 0 -404000 -404000 0 -36444000 -36444000 7841000 350484000 358325000 -36444000 -23823000 123239000 103054000 5790000 2538000 92585000 81769000 1132000 3040000 17314000 19253000 76403000 65556000 13316000 15035000 63087000 50521000 300000 34000 946000 691000 444000 226000 0 2000 1449000 89000 0 38713000 -241000 -39573000 59485000 20518000 0 74580000 8827000 74000 2545000 2544000 Deferred payment, current year acquisitions 0 11551000 Deferred payment, prior years acquisitions -11551000 -59492000 -77318000 8591000 -14472000 19539000 41183000 21644000 26711000 41183000 Cash and cash equivalents are specified as follows:Exchange adjustments797-516Intangible assets061,646Financial assets0129Receivables0880Deferred tax0-3,688Short term debt0-2,768Deferred income0-4,030052,169Debt raised regarding business acquisitions (delayed payment)0-11,551Capital increase in connection with business acquisitions0-13,456027,162 26704000 41176000 7000 7000 26711000 41183000 125727000 114640000 0 0 5323000 4984000 0 0 636000 574000 0 0 1655000 276000 0 0 133341000 120474000 0 0 187 168 0 0 The Group has not paid remuneration to Executive Board or Board of Directors. Impairment of fixed assets26,99400026,994000 15879000 14301000 -14000 -8000 -11704000 -7423000 0 0 188000 2000 188000 -7000 4363000 6880000 174000 -15000 -36444000 -23823000 564865000 1058000 35242000 453878000 16000 -11000 0 0 0 268000 0 0 564881000 1315000 35242000 453878000 264437000 526000 15764000 89400000 16000 -14000 0 0 26961000 0 0 0 35352000 229000 5025000 33678000 326766000 741000 20789000 123078000 238115000 574000 14453000 330800000 5-15 years3-5 years7 years15 yearsDevelopment projects include the development of add-on modules for SAP Business One and Microsoft Dynamics 365 Business Central. Boyum IT Solutions provides a portfolio of software solutions designed to extend ERP systems with industry-specific capabilities. These products enhance operational efficiency, improve data quality, and enable companies to better control and optimize their end-to-end business processes.The Boyum product portfolio includes several complementary solutions that address different areas of the operational value chain. From managing product information and automating ERP workflows to controlling production processes, warehouse operations, and production scheduling, these tools work together to provide a comprehensive digital platform for manufacturing and distribution businesses.Based on impairment test prepared at year-end an impairment loss of TDKK 26,961 has been recognized. The impairment is referred to development project within digital document scanning. Thus, development projects are recognized with a carrying amount of TDKK 0 (nil) at 31 December 2025.Intangible assets also contain positive differences arising on initial measurement of subsidiaries at net asset value. The company's investment in the subsidiaries is considered to be of strategic importance to the group. Taking the Group's expected plans for increasing activities and earnings into account, the useful life of goodwill recognised on initial measurement of business acquisitions is considered to be 7-15 years. 5325000 13000 979000 6317000 4357000 17000 33000 620000 5027000 1290000 504670000 491214000 0 13456000 504670000 504670000 -101999000 -77665000 801000 -618000 -36128000 -23716000 -404000 0 -137730000 -101999000 366940000 402671000 Investments in subsidiaries are specified as follows: Boyum IT Solutions Group ApS Denmark 1.00 - Boyum IT Solutions A/S Denmark 1.00 -- Boyum IT Inc. United States of America 1.00 -- Boyum IT Solutions Germany GmbH Germany 1.00 -- Boyum IT Solutions Spain S.L. Spain 1.00 -- Boyum IT Solutions Co., Ltd. China 1.00 -- Boyum IT Solutions BV Belgium 1.00 -- Boyum IT Solutions Hungary Kft. Hungary 1.00 - Boyum IT Solutions CPH ApS Denmark 1.00 -- Paperflow Service Center Bulgaria EOOD Bulgaria 1.00 2230000 5000 444000 1449000 1230000 1230000 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest. TDKK36,724,6574,140,007411,359,4067,446,9557,841 A-shares 367000 B-shares 1201000 C-shares 4114000 D-shares 2159000 At the beginning of the year the Company hold nominal DKK 2,230 A-shares and nominal DKK 38,868 C-shares, corresponding to 1%. On 19 November 2025, the Company sold nominal DKK 2,230 A-shares for a total amount of TDKK 2,545. On 15 September 2025, the Company acquired nominal DKK 1.858 A shares and DKK 6.180 C shares for a total payment of TDKK 8.827. All buys and sales have been transferred through retained earnings under equity.At the balance date the Company holds a total of nominal DKK 1,858 A-shares and nominal DKK 45,048 C-shares, corresponding to 1% of the total capital. These shares have not been cancelled and are therefore held as treasury shares. The Company may choose to sell these shares at a later time. The shares have been acquired as part of the Company's strategy. Deferred tax liabilities at 1 January62,87766,61200Net effect from merger and acquisition03,68800Amounts recognised in the income statement for the year-11,704-7,42300Deferred tax liabilities at 31 December51,17362,87700Recognised in the balance sheet as follows:Assets3,5865,31600Provisions-54,759-68,1930051,17362,87700The Group has per 31 December 2025 recognized a deferred tax asset of TDKK 3,586, which can primarily be attributed to tax losses carried forward. The deferred tax asset is recognized on the basis of expectations for tax results and the utilization of tax losses carried forward for the coming years. According to the management's expectations, the tax asset will be fully utilized in 2026. Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Credit institutions175,209234,15100Other payables22,60728,8942521 0 0 0 0 0 227958000 0 0 0 227958000 0 0 175209000 6193000 0 0 0 0 0 0 597000 543000 0 0 597000 543000 0 0 22010000 28351000 25000 21000 1132000 3040000 17314000 19253000 101897000 80477000 4363000 6880000 123239000 103054000 -2955000 -1491000 -8745000 -4029000 5790000 2538000 Charges and securityThe following assets have been placed as security with credit institutionsAs security for debt to credit institutions amounting to TDKK 175,210 a mortgage has been granted to Boyum IT Solutions Group ApS's investments in subsidiaries amounting to580,069605,56400 Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year3,0854,50700Between 1 and 5 years1,4542,568004,5397,07500Other contingent liabilitiesThe Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability. Controlling interestVolpi Capital II Link Lux S.à.r.l.LuxembourgUltimate shareholder of Fox TopCo ApSTransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act. No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of Fox TopCo ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The accounting policies applied remain unchanged from last year.The Consolidated Financial Statements and the Parent Company Financial Statements for 2025 are presented in TDKK. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, Fox TopCo ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Business combinationsBusiness acquisitions carried through on or after 1 July 2018Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably.The time of acquisition is the time when the Group obtains control of the entity acquired.The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred.Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Where the differences are negative, they are recognised immediately in the income statement.Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made.Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement.In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement.Pooling of interestsIntragroup business combinations are accounted for under the pooling-of-interests method. Under this method, the two enterprises are combined at carrying amounts, and no differences are identified. Any consideration which exceeds the carrying amount of the acquired enterprise is recognised directly in equity. The pooling-of-interests method is applied at the date of acquisition, and comparative figures have not been restated. All leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement.Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity. RevenueRevenue from the sale of goods for resale and finished goods is recognised in the income statement when the sale is considered effected based on the following criteria:delivery has been made before year end;a binding sales agreement has been made;the sales price has been determined; andpayment has been received or may with reasonable certainty be expected to be received.Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. Staff expenses comprise wages and salaries as well as payroll expenses furthermore include payments of consultants. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with Danish subsidiaries. The tax effect of the joint taxation with the subsidiaries is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Intangible fixed assetsGoodwillGoodwill is amortised on a straight-line basis over the estimated useful life of 7-15 years, determined on the basis of Management’s experience with the individual business areas. The estimated useful life has been determined by taking into consideration the business platform acquired, including a strong brand and reputatation.Development projectsCosts of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities.Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis.As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 5-15 year. Other intangible fixed assetsPatents, licences and rights are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use.Patents are amortised over the remaining patent period or a shorter useful life. Software licences and rights are amortised over the period of the agreements, which is 3-5 years and 7 years, respectively. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment3-7 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.Goodwill, head office buildings and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable. Investments in subsidiariesInvestments in subsidiaries are recognised and measured under the equity method.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Other fixed asset investments consist of deposits. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Current Asset InvestmentsCurrent Asset Investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price. Treasury sharesPurchase and sales prices for treasury shares are recognised directly in retained earnings under equity. A reduction of capital by cancellation of treasury shares reduces the share capital by an amount equal to the nominal value of the shares and increases retained earnings. Dividend on treasury shares is recognised directly in equity under retained earnings. Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred incomeDeferred income comprises payments received in respect of income in subsequent years. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group.The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalentsThe cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand” and ”Current asset investments”. ”Current asset investments” consist of short-term securities with an insignificant risk of value changes that can readily be turned into cash. Financial HighlightsExplanation of financial ratiosGross marginGross profit x 100 / RevenueProfit marginProfit/loss of primary operations x 100 / RevenueReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity