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Board and Board of Directors have today considered and adopted the Annual Report of e-Boks Group Holding 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. Hellerup 2026-02-19 Ulrik Falkner Thagesen Henrik Ostenfeld Larsen CEO CFO Leif Vestergaard Jens Jørgen Hahn-Petersen Frank Vestergaard Suhr Olesen Chairman Vice chairman Christian Kolding Andreasen Monika Juul Henriksen To the shareholder of e-Boks Group Holding 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 e-Boks Group Holding 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. Hellerup 2026-02-19 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Henrik Kyhnauv Sune Christensen Bjerre State Authorised Public Accountant State Authorised Public Accountant mne40028 mne47832 e-Boks Group Holding ApS Hans Bekkevolds Alle 7, 1. 2900 Hellerup 44376814 Gentofte Strandvejen 44 2900 Hellerup Seen over a 2-year period, the development of the Group is described by the following financial highlights:Cash flows from: 316000 0 82 2 0.431 0.000 0.218 0.000 0.065 0.360 0.337 0.733 0.421 0.909 Key activitiese-Boks help individuals, companies, and institutions to digitally interact, communicate and service themselves effectively and securely through our platforms. Companies and institutions are our partners and together we create better secure digitalization where the users remain in control.Owned by Danish Private Equity Fund, CataCap III K/S (“CataCap”)In July 2025, e-Boks Group A/S and all affiliated subsidiaries "the e-Boks Group" were acquired by the private equity fund, CataCap through their third fund CataCap III K/S.The Group is controlled by CataCap, which has 74.6% of the shares and 100% of the voting shares. CataCap is a member of “Active Owners” and complies with ethical guidelines, guidelines for responsible ownership. e-Boks Group strives to fulfil the guidelines issued by “Active Owners”. More information about Active Owners is found on http://aktiveejere.dkMarket overviewThe economic trend only has a minor effect on net revenue and profit as the total number of digitally sent documents from companies and institutions is not greatly affected by these trends. e-Boks have partners in many sectors. The primary share of partners being in the financial sector.Development in the yearThe parent Company (e-Boks Group Holding) was dormant until July 2025, when the parent Company through e-Boks Holding ApS bought e-Boks Group. Accordingly, the activities of e-Boks Group are limited to include the period 1 July to 31 December 2025 (6 months).The income statement of the Group for 2025 shows a loss of TDKK 23,512, and as of 31 December 2025 the balance sheet of the Group shows an equity of TDKK 111,622.As the Company was dormant in 2024, no follow-up on development expectations from last year is included.Operating riskse-Boks has maintained long-term relationships with our suppliers and has entered necessary agreements for the operations including security and back up procedures.Foreign exchange risksCurrency risks mainly relate to the Group’s operating activity, where income or costs are in a currency other than DKK. In addition, the Group is exposed to currency risks on certain intra-group balances. The Group is primarily exposed to EUR and USD, which means that profit and cash flow are affected by changes in exchange rates.The currency risks are not considered material, and the Group does not engage in forward exchange transactions for hedging purposes, nor does it make speculative currency dispositions.Interest rate risksAs a result of the Group's financing, the Group is exposed to changes in the level of interest rates. The interest rate risk consists primarily of long-term loans with variable interest rates.Credit risksAs part of the normal operation the Group has certain credit risk. The Group has not realized any loss on customer receivables and the credit risk is not considered material.Targets and expectations for the year aheadNew products and functionalities will have a positive impact on revenue in Denmark e.g. enable us to service more customers in the utility sector and other sectors.The revenue is expected to be between DKK 230-240 million for the full year of 2026 (12 months).Efficiency gain led production cost to be lower in 2025 than expected. Production cost and general administration costs are expected to increase in 2026.The operating profit before depreciation is expected to reach a level of DKK 60 million for 2026.Depreciation is expected to be approximately DKK 45 million.Accordingly, a profit before tax is expected at the level of DKK 5-10 million for 2026.Research and developmente-Boks is being used in a number of countries, thus the understanding of both the users’ and customers’ needs is crucial for further expansion. This understanding is provided by an ongoing analysis of usage along with user feedback and reactions. The constant assurance of a high secure level and high degree of stability of the critical infrastructure solutions such as signing, payment and two-way encrypted communication, are important factors to maintain the trust of all users and customers. As a result, constant monitoring, optimization and development of these services are ongoing to meet the expected growth.Uncertainty relating to recognition and measurementRefer to note 1 for uncertainty relating to recognition and measurement.Unusual eventsThe financial position at 31 December 2025 of the Group and the results of the activities and cash flows of the Group for the financial year for 2025 have not been affected by any unusual events.Subsequent eventsRefer to note 22 for subsequent events after the balance sheet date. 98816000 0 0 0 56201000 27000 137000 15000 42615000 -27000 -137000 -15000 42120000 0 225000 0 22013000 0 0 0 -21518000 -27000 -362000 -15000 0 0 -23238000 -11000 355000 2000 1520000 1000 3226000 0 1513000 0 -24389000 -25000 -23593000 -25000 -877000 0 -81000 0 -23512000 -25000 -23512000 -25000 104853000 0 0 0 50175000 0 0 0 76789000 0 0 0 40279000 0 0 0 272096000 0 0 0 143000 0 0 0 143000 0 0 0 0 0 109411000 29000 1396000 0 0 0 1396000 0 109411000 29000 273635000 0 109411000 29000 39671000 0 0 0 0 0 51512000 0 1067000 3000 0 0 0 0 81000 0 4738000 0 0 0 45476000 3000 51593000 0 12023000 72000 2455000 36000 57499000 75000 54048000 36000 331134000 75000 163459000 65000 49000 40000 49000 40000 135110000 40000 135110000 40000 -23537000 -25000 -23537000 -25000 111622000 55000 111622000 55000 45381000 0 0 0 15625000 0 100000 0 61006000 0 100000 0 60000000 0 0 0 60000000 0 0 0 25370000 0 0 0 12895000 0 0 0 52079000 0 51737000 0 323000 0 0 0 7233000 20000 0 10000 606000 0 0 0 98506000 20000 51737000 10000 158506000 20000 51737000 10000 331134000 75000 163459000 65000 40000 40000 -14000 66000 0 0 -11000 -11000 4040-25554040-2555TDKK3,674,175425,825826,94249 1000 132669000 0 132670000 8000 2401000 0 2409000 0 0 -23512000 -23512000 49000 135110000 -23537000 111622000 40000 40000 -14000 66000 0 0 -11000 -11000 1000 132669000 0 132670000 8000 2401000 0 2409000 0 0 -23512000 -23512000 49000 135110000 -23537000 111622000 -23512000 -25000 24007000 -2000 -9138000 17000 -8643000 -10000 355000 2000 3226000 0 -11514000 -8000 247671000 0 1396000 0 -249067000 0 85370000 0 52083000 80000 135079000 0 272532000 80000 11951000 72000 72000 0 12023000 72000 Cash and cash equivalents are specified as follows: 12023000 72000 12023000 72000 Uncertainty relating to recognition and measurementIn the preparation of the Financial Statements, Management undertakes accounting estimates and judgments and makes assumptions which provide the basis for recognition and measurement of the revenue, expences, assets and liabilities of the Group and the Parent Company, e-Boks Group Holding ApS.These assumptions are based on historical experience and other factors which Management considers reasonable under the circumstances, but which by their nature are uncertain and unpredictable.The assumptions may be incomplete or inaccurate and unanticipated events or circumstances may occur, for which reason the actual results may deviate from the applied estimates, assessments, and assumptions.DevelopmentThe preparation of the Financial Statements requires Management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities as well as the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amounts of assets or liabilities in future periods. Management continuously reassesses these estimates and judgements based on the circumstances prevailing at the time.The most significant judgments, estimates and assumptions relate to the valuation of capitalised development costs in the subsidiary, e-Boks Development A/S, including the assessment of whether development costs meet the criteria for capitalisation and whether the capitalised amounts are recoverable.The recoverable amount of the capitalised development costs in e-Boks Development A/S depends on the conclusion of new contracts for deliveries to new customers, including the expected profitability of such contracts. At the time of presentation of the financial statements, ongoing dialogues with potential customers of e-Boks Development A/S have resulted in one new contract, which on a stand-alone basis cannot support the carrying amount of the capitalised development costs in e-Boks Development A/S.As a result, the valuation of the capitalised development costs in e-Boks Development A/S is subject to significant estimation uncertainty, as future customer contracts, market entry and profitability have not yet been realised by e-Boks Development A/S. Based on Management’s assessment of the uncertainty and delays in expected contracts and market entry in e-Boks Development A/S, the recoverable amount of the capitalised development costs in e-Boks Development A/S has been assessed at DKK 0 at the balance sheet date.The uncertainty concerns the recognition of the investment in e-Boks Development A/S under the equity method in e-Boks Group A/S, presented within the line item ‘investments in subsidiaries. Other external expenses includes transaction costs of DKK 11.1 million, which are significant due to their size and nature, e.g. additional costs incurred in connection with the acquisition. These costs relate to non-recurring transaction costs for the year. 35177000 0 225000 0 6364000 0 0 0 579000 0 0 0 42120000 0 225000 0 Including remuneration to the Executive Board and Board of Directors: 2716000 0 136000 0 350000 0 35000 0 3066000 0 171000 0 82 2 2 2 18953000 0 0 0 173000 0 0 0 2887000 0 0 0 22013000 0 0 0 Which is specified as follows:Amortisation - Completed development projects12,147000Amortisation - Goodwill1,033000Depreciation - Leasehold improvements173000Amortisation - Customer Relations4,042000Amortisation - Brand1,731000Impairment - Completed development projects2,88700022,013000 Share of losses-23,238-11-23,238-11 0 0 1512000 0 170000 2000 8000 1000 185000 0 0 0 355000 2000 1520000 1000 1512000 0 1512000 0 1476000 0 1000 0 238000 0 0 0 3226000 0 1513000 0 -1314000 0 -81000 0 437000 0 0 0 -877000 0 -81000 0 -23512000 -25000 0 0 0 0 119887000 51906000 80831000 41312000 7032000 0 0 0 112855000 51906000 80831000 41312000 0 0 0 0 2887000 0 0 0 12147000 1731000 4042000 1033000 7032000 0 0 0 8002000 1731000 4042000 1033000 104853000 50175000 76789000 40279000 Development projectsThe significant upgrade of the IT infrastructure has been completed in prior year. This has increased the scalability of the e-Boks solution and improve the “time to market” for new products. An overall cost saving was obtained during 2023-2024.The completed development project for the year relates to the development of a feature and enhancement of the platform.The development costs are expected to add significant value to the product portfolio.The calculation of development costs are based on actual progress in terms of time registrations and costs incurred in the development projects. 0 316000 316000 0 173000 173000 143000 40000 0 132620000 40000 132660000 40000 -11000 0 -23238000 -11000 -23249000 -11000 109411000 29000 Investments in subsidiaries are specified as follows: e-Boks Holding ApS Hellerup 1.00 e-Boks Group A/S (owned by e-Boks Holding ApS) Hellerup 1.00 e-Boks Nordic A/S (owned by e-Boks Group A/S) Hellerup 1.00 e-Boks Development A/S (owned by e-Boks Group A/S) Hellerup 1.00 e-Boks International A/S (owned by e-Boks Group A/S) Hellerup 1.00 e-Boks GCC ApS (owned by e-Boks International A/S) Hellerup 1.00 0 1396000 1396000 1396000 Prepayments consist of prepaid rent, insurance premiums and subscriptions. A1-aktier: 37000 A2-aktier: 4000 B1-aktier 8000 Deferred tax liabilities due to acquisition44,944000Amounts recognised in the income statement for the year437000Deferred tax liabilities at 31 December45,381000Intangible assets45,38100045,381000 In dealing with user documents, the Company has undertaken a commercial obligation to storage the documents for a minimum of 5 years from the year of creation. The liability is calculated at TDKK 15,525. 355000 2000 3226000 0 22013000 0 -877000 0 24007000 -2000 -45473000 -3000 15625000 0 -20710000 -20000 -9138000 17000 Charges and securityAs security for the Group’s bank facilities with Sydbank A/S raised in connection with the acquisition of e-Boks Group A/S, the Group has provided security over shares in e-Boks Group A/S and its subsidiaries, as well as pledges over bank accounts and receivables. Shareholder loans within the Group are contractually subordinated to the bank facilities. The bank facilities amount to DKK 75 million. Rental and lease obligationsLiabilities under rental or lease agreements until maturity in total2,6392,72300Other contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of CC EB Invest ApS, which is the management company of the joint taxation purposes. Moreover, the 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. TransactionsThe 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.The Company did not enter into any such transactions during the year. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest group:CataCap III K/SCopenhagen, CVR-no. 42990388 The Group’s subsidiary, e-Boks Nordic A/S, acquired a controlling interest in Dewa ApS. The transaction was completed on 15 January 2026.Besides from the above, no subsequent events has occurred. The Annual Report of e-Boks Group Holding 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 Consolidated Financial Statements and the Parent Company Financial Statements for 2025 are presented in TDKK. The accounting policy for measurement of investments in subsidiaries has been changed in 2025, such that the investment in e-Boks Holding ApS is now recognised using the equity method instead of at cost. The change has been applied retrospectively. The change in accounting policy affects the result and equity for 2024, which have been adjusted and reduced by TDKK 11. The change in accounting policy has no effect on equity 19 October 2023. Comparable figures for 2024 have been adjusted accordingly. 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, e-Boks Group Holding 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. RevenueRevenue from the sale of services is recognised when the risks and rewards relating to the services sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts. Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment 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 or loss for the year. Financial income and expenses comprise interest relating group enterprises, other interest, realised and unrealised exchange adjustments, 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 CC EB Invest ApS and all its Danish group enterprises. 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 assetsGoodwillThe amortization period for goodwill is set at 20 years, as it is estimated that the expected useful life of goodwill is 20 years. The assessment is based on the expected period during which goodwill contributes to future earnings, including the stability of the customer base and market conditions.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.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 10 year. Other intangible fixed assetsOther intangible fixed assets are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use.Customer relations are amortised over the estimated period of the agreements, which is 10 years.Brand is amortised over the period of 15 years.Depreciation period and residual value are reassessed annually. 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:Leasehold improvements5 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.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment.Goodwill 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 deposit. 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. ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.Other provisions include warranty obligations in respect of repair work within the warranty period of 1-5 years. Provisions are measured and recognised based on experience with guarantee work. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes 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 within the same legal tax entity.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. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. 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. 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”. 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