25569083 2025-01-01 2025-12-31 cmn:ConsolidatedMember 25569083 2025-01-01 2025-12-31 2 cmn:ConsolidatedMember 25569083 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 25569083 2025-01-01 2025-12-31 1 cmn:ConsolidatedMember 25569083 2023-01-01 2023-12-31 cmn:ConsolidatedMember 25569083 2022-01-01 2022-12-31 cmn:ConsolidatedMember 25569083 2021-01-01 2021-12-31 cmn:ConsolidatedMember 25569083 2023-12-31 cmn:ConsolidatedMember 25569083 2022-12-31 cmn:ConsolidatedMember 25569083 2021-12-31 cmn:ConsolidatedMember 25569083 2024-01-01 2024-12-31 cmn:ConsolidatedMember 25569083 2025-01-01 2025-12-31 25569083 2024-01-01 2024-12-31 25569083 2025-12-31 cmn:ConsolidatedMember 25569083 2024-12-31 cmn:ConsolidatedMember 25569083 2025-12-31 25569083 2024-12-31 25569083 2025-01-01 cmn:ConsolidatedMember fsa:ContributedCapitalMember 25569083 2025-01-01 cmn:ConsolidatedMember fsa:ReserveForCurrentValueOfHedgingMember 25569083 2025-01-01 cmn:ConsolidatedMember fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 25569083 2025-01-01 cmn:ConsolidatedMember fsa:RetainedEarningsMember 25569083 2025-01-01 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 25569083 2025-01-01 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 25569083 2025-01-01 cmn:ConsolidatedMember fsa:MinorityInterestsMember 25569083 2025-01-01 cmn:ConsolidatedMember 25569083 2025-01-01 2025-12-31 fsa:ContributedCapitalMember cmn:ConsolidatedMember 25569083 2025-01-01 2025-12-31 fsa:ReserveForCurrentValueOfHedgingMember cmn:ConsolidatedMember 25569083 2025-01-01 2025-12-31 fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember cmn:ConsolidatedMember 25569083 2025-01-01 2025-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 25569083 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember cmn:ConsolidatedMember 25569083 2025-01-01 2025-12-31 fsa:EquityAttributableToParentMember cmn:ConsolidatedMember 25569083 2025-01-01 2025-12-31 fsa:MinorityInterestsMember cmn:ConsolidatedMember 25569083 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 25569083 2025-12-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueOfHedgingMember 25569083 2025-12-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 25569083 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 25569083 2025-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 25569083 2025-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 25569083 2025-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 25569083 2025-01-01 fsa:ContributedCapitalMember 25569083 2025-01-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25569083 2025-01-01 fsa:RetainedEarningsMember 25569083 2025-01-01 fsa:ProposedDividendRecognisedInEquityMember 25569083 2025-01-01 25569083 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 25569083 2025-01-01 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25569083 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 25569083 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 25569083 2025-12-31 fsa:ContributedCapitalMember 25569083 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25569083 2025-12-31 fsa:RetainedEarningsMember 25569083 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 25569083 2025-01-01 2025-12-31 1 cmn:ConsolidatedMember 25569083 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 25569083 2024-01-01 cmn:ConsolidatedMember 25569083 2025-01-01 cmn:ConsolidatedMember fsa:CompletedDevelopmentProjectsMember 25569083 2025-01-01 cmn:ConsolidatedMember fsa:AcquiredPatentsMember 25569083 2025-01-01 cmn:ConsolidatedMember fsa:AcquiredTrademarksMember 25569083 2025-01-01 cmn:ConsolidatedMember fsa:AcquiredOtherSimilarRightsMember 25569083 2025-01-01 cmn:ConsolidatedMember fsa:GoodwillMember 25569083 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:CompletedDevelopmentProjectsMember 25569083 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:AcquiredPatentsMember 25569083 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:AcquiredTrademarksMember 25569083 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:AcquiredOtherSimilarRightsMember 25569083 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:GoodwillMember 25569083 2025-12-31 cmn:ConsolidatedMember fsa:CompletedDevelopmentProjectsMember 25569083 2025-12-31 cmn:ConsolidatedMember fsa:AcquiredPatentsMember 25569083 2025-12-31 cmn:ConsolidatedMember fsa:AcquiredTrademarksMember 25569083 2025-12-31 cmn:ConsolidatedMember fsa:AcquiredOtherSimilarRightsMember 25569083 2025-12-31 cmn:ConsolidatedMember fsa:GoodwillMember 25569083 2025-01-01 fsa:LandAndBuildingsMember cmn:ConsolidatedMember 25569083 2025-01-01 fsa:PlantAndMachineryMember cmn:ConsolidatedMember 25569083 2025-01-01 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 25569083 2025-01-01 2025-12-31 fsa:LandAndBuildingsMember cmn:ConsolidatedMember 25569083 2025-01-01 2025-12-31 fsa:PlantAndMachineryMember cmn:ConsolidatedMember 25569083 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 25569083 2025-12-31 fsa:LandAndBuildingsMember cmn:ConsolidatedMember 25569083 2025-12-31 fsa:PlantAndMachineryMember cmn:ConsolidatedMember 25569083 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 25569083 2025-01-01 fsa:InvestmentsInGroupEnterprisesMember 25569083 2024-01-01 fsa:InvestmentsInGroupEnterprisesMember 25569083 2025-01-01 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 25569083 2024-01-01 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 25569083 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 25569083 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_2 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_2 fsa:SubsidiaryMember 25569083 2025-12-31 2 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_3 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_3 fsa:SubsidiaryMember 25569083 2025-12-31 3 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_4 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_4 fsa:SubsidiaryMember 25569083 2025-12-31 4 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_5 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_5 fsa:SubsidiaryMember 25569083 2025-12-31 5 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_6 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_6 fsa:SubsidiaryMember 25569083 2025-12-31 6 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_7 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_7 fsa:SubsidiaryMember 25569083 2025-12-31 7 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_8 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_8 fsa:SubsidiaryMember 25569083 2025-12-31 8 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_9 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_9 fsa:SubsidiaryMember 25569083 2025-12-31 9 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_10 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_10 fsa:SubsidiaryMember 25569083 2025-12-31 10 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_11 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_11 fsa:SubsidiaryMember 25569083 2025-12-31 11 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_12 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_12 fsa:SubsidiaryMember 25569083 2025-12-31 12 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_13 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_13 fsa:SubsidiaryMember 25569083 2025-12-31 13 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_14 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_14 fsa:SubsidiaryMember 25569083 2025-12-31 14 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_15 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_15 fsa:SubsidiaryMember 25569083 2025-12-31 15 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_16 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_16 fsa:SubsidiaryMember 25569083 2025-12-31 16 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_17 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_17 fsa:SubsidiaryMember 25569083 2025-12-31 17 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_18 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_18 fsa:SubsidiaryMember 25569083 2025-12-31 18 fsa:SubsidiaryMember 25569083 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_19 fsa:SubsidiaryMember 25569083 2025-12-31 relatedEntityIdentifier_sub_19 fsa:SubsidiaryMember 25569083 2025-12-31 19 fsa:SubsidiaryMember 25569083 2025-01-01 cmn:ConsolidatedMember fsa:InvestmentsInAssociatesMember 25569083 2024-01-01 cmn:ConsolidatedMember fsa:InvestmentsInAssociatesMember 25569083 2025-01-01 fsa:InvestmentsInAssociatesMember 25569083 2024-01-01 fsa:InvestmentsInAssociatesMember 25569083 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:InvestmentsInAssociatesMember 25569083 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:InvestmentsInAssociatesMember 25569083 2025-01-01 2025-12-31 fsa:InvestmentsInAssociatesMember 25569083 2024-01-01 2024-12-31 fsa:InvestmentsInAssociatesMember 25569083 2025-12-31 cmn:ConsolidatedMember fsa:InvestmentsInAssociatesMember 25569083 2024-12-31 cmn:ConsolidatedMember fsa:InvestmentsInAssociatesMember 25569083 2025-12-31 fsa:InvestmentsInAssociatesMember 25569083 2024-12-31 fsa:InvestmentsInAssociatesMember 25569083 2025-12-31 ClassOfSharesIdentifier_list_2 25569083 2025-12-31 ClassOfSharesIdentifier_list_3 25569083 2025-12-31 cmn:ConsolidatedMember fsa:LongtermMortgageLoansMember 25569083 2024-12-31 cmn:ConsolidatedMember fsa:LongtermMortgageLoansMember 25569083 2025-12-31 fsa:LongtermMortgageLoansMember 25569083 2024-12-31 fsa:LongtermMortgageLoansMember 25569083 2025-12-31 cmn:ConsolidatedMember fsa:LongtermDebtToOtherCreditInstitutionsMember 25569083 2024-12-31 cmn:ConsolidatedMember fsa:LongtermDebtToOtherCreditInstitutionsMember 25569083 2025-12-31 fsa:LongtermDebtToOtherCreditInstitutionsMember 25569083 2024-12-31 fsa:LongtermDebtToOtherCreditInstitutionsMember 25569083 2025-12-31 fsa:ShorttermDebtToOtherCreditInstitutionsMember cmn:ConsolidatedMember 25569083 2024-12-31 fsa:ShorttermDebtToOtherCreditInstitutionsMember cmn:ConsolidatedMember 25569083 2025-12-31 fsa:ShorttermDebtToOtherCreditInstitutionsMember 25569083 2024-12-31 fsa:ShorttermDebtToOtherCreditInstitutionsMember 25569083 2025-12-31 cmn:ConsolidatedMember fsa:LongtermLeaseCommitmentsMember 25569083 2024-12-31 cmn:ConsolidatedMember fsa:LongtermLeaseCommitmentsMember 25569083 2025-12-31 fsa:LongtermLeaseCommitmentsMember 25569083 2024-12-31 fsa:LongtermLeaseCommitmentsMember 25569083 2025-12-31 cmn:ConsolidatedMember fsa:OtherLongtermPayablesMember 25569083 2024-12-31 cmn:ConsolidatedMember fsa:OtherLongtermPayablesMember 25569083 2025-12-31 fsa:OtherLongtermPayablesMember 25569083 2024-12-31 fsa:OtherLongtermPayablesMember 25569083 2025-12-31 fsa:OtherShorttermPayablesMember cmn:ConsolidatedMember 25569083 2024-12-31 fsa:OtherShorttermPayablesMember cmn:ConsolidatedMember 25569083 2025-12-31 fsa:OtherShorttermPayablesMember 25569083 2024-12-31 fsa:OtherShorttermPayablesMember 25569083 2025-01-01 2025-12-31 PwC cmn:ConsolidatedMember 25569083 2024-01-01 2024-12-31 PwC cmn:ConsolidatedMember 25569083 2025-01-01 2025-12-31 Others cmn:ConsolidatedMember 25569083 2024-01-01 2024-12-31 Others cmn:ConsolidatedMember iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, stor virksomhed Revisionspåtegning false 2026-03-27 Sune Uhrenholt The Executive Board has today considered and adopted the Annual Report of SU II ApS for the financial year 1 January - 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my 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 my opinion, Management's Review includes a true and fair account of the matters addressed in the Review. I recommend that the Annual Report be adopted at the Annual General Meeting. Odense 2026-03-27 Sune Uhrenholt CEO To the shareholders of SU II 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 SU II 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. Odense M 2026-03-27 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Line Hedam Kristian Rath State Authorised Public Accountant State Authorised Public Accountant mne27768 mne42817 SU II ApS Langelinie 27 5230 Odense M 25569083 Odense Munkebjergvænget 1, 3. og 4. sal 5230 Odense M Seen over a 5-year period, the development of the Group is described by the following financial highlights:Cash flows from:Until March 31st, 2024 the Group consisted only of SU II ApS. On April 1st 2024 SU II ApS made a step-acquisition of the Uhrenholt Holding A/S Group, and from this date the key figures are affected by the consolidation of the Uhrenholt Holding A/S Group. 0 0 0 -3000 -3000 -3000 -3000 -3000 -3000 -632000 -348000 -556000 -635000 -351000 -560000 143830000 143830000 143829000 14714000 5342000 0 0 0 134055000 134690000 135041000 0 1000 0 0 0 0 0 0 0 0 1000 0 285 196 0 0 0 0.089 0.104 0.000 0.000 0.000 0.024 0.031 0.000 0.000 0.000 0.047 0.044 0.000 0.000 0.000 0.603 0.608 0.932 0.936 0.939 0.054 1.483 0.005 0.003 0.004 Key activitiesSU II ApS is the majority stakeholder of the Uhrenholt Group, a privately-owned dairy group based in Denmark. The Group operates in more than 125 markets worldwide, either directly or through subsidiaries, and provides a wide range of own brands and private label solutions to retail, wholesale, food service, and industrial customers. The Uhrenholt Group's competitive advantage is agility, speed, and unparalleled service, and we collaborate closely with our customers to create market-driven food solutions tailored to their needs. We partner with a select group of trusted suppliers to ensure that these often-complex solutions are delivered to the global markets swiftly and efficiently while meeting the agreed standards, commercial targets, and sustainability goals. At Uhrenholt, our approach to business is straightforward and built on trust, dialogue, and efficiency. Our company structure and culture empower our employees to make decisions and improvements quickly and efficiently. We prioritize long-term relationships with our customers and suppliers to ensure mutual benefit in everything we do.Development in the yearThe income statement of the Group for 2025 shows a profit of TDKK 54,894, and at 31 December 2025 the balance sheet of the Group shows an equity of TDKK 1,029,550.2025 has been a demanding year, as the Group faced a series of challenging business conditions that significantly impacted our operations. The year was marked by exceptionally high raw material prices, driven by global supply chain disruptions and high demand. Additionally, geopolitical instability in several regions created an unpredictable environment, complicating trade and regulatory compliance.Moreover, the outbreak of foot-and-mouth disease in Europe during the first half of the year posed severe risks to our dairy supply chain, necessitating stringent biosecurity measures and leading to temporary shortages. Despite these adversities, Uhrenholt remained committed to delivering quality products and maintaining our standards of sustainability and innovation.Our resilience and adaptive organization enabled us to navigate these turbulent times and continue to serve our customers across the globe. As a result, earnings before tax in 2025 amounted to TDKK 76,989, which was in line with the high end of our expectations for the year.Foreign exchange risksForeign trade entails transactions and positions in foreign currency. Transactions are mainly in USD, EURO and AUD. It is the company policy to hedge against currency risks. Exchange rate risks related to investments in affiliated enterprises abroad are not hedged.Targets and expectations for the year aheadWe continue to expect high global uncertainty and fluctuating market conditions, geopolitical tensions, and supply chain disruptions, making the financial outlook highly uncertain. However, the company has proven its ability to navigate these complexities effectively over the past years. Therefore, we remain positive about 2026 and expect Earnings Before Tax for 2026 to be in the range of TDKK 70,000-90,000.Subsequent eventsThere have been no significant events occurring after the balance sheet date that would materially impact the evaluation of the Annual Report. Statement of corporate social responsibilityThe Uhrenholt Group has signed the UN's Global Compact and is actively working with social Responsibility and does see ESG as a key driver of the business. The Group has published the CSR report for 2025 on our website according to §99b of the Danish Financial Statement Act. The CSR report can be found at https://nozebra.ipapercms.dk/Uhrenholt/CSR/csr-2025/uhrenholt-sustainability-report-2025-SUU-II-APS/ Statement on data ethicsThe Group has published the CSR report for 2025 on our website, wherein our statement on data ethics according to §99d of the Danish Financial Statement Act is disclosed. The CSR report can be found at https://nozebra.ipapercms.dk/Uhrenholt/CSR/csr-2025/uhrenholt-sustainability-report-2025-SUU-II-APS/ 3383355000 2343792000 0 0 1000 547000 0 0 2975332000 2006460000 0 0 108144000 94054000 155000 23000 299880000 243825000 -155000 -23000 184245000 138436000 0 0 36512000 27323000 0 0 -550000 5467000 0 0 79673000 72599000 -155000 -23000 0 0 24082000 1376000 0 939976000 0 0 4860000 1357000 54000 140000 7544000 13163000 273000 938000 76989000 1000769000 23708000 555000 22095000 160939000 389000 -911000 54894000 839830000 23319000 1466000 5862000 4544000 0 0 1995000 2109000 0 0 616813000 629662000 0 0 3383000 3779000 0 0 267517000 280465000 0 0 895570000 920559000 0 0 45799000 44983000 0 0 4448000 5372000 0 0 13779000 5089000 0 0 64026000 55444000 0 0 0 0 149849000 149849000 0 0 149849000 149849000 959596000 976003000 149849000 149849000 139035000 126401000 0 0 139035000 126401000 0 0 533960000 478985000 0 0 0 0 0 4292000 49360000 26262000 0 0 2253000 1049000 0 0 600000 2944000 516000 2431000 0 0 6333000 1394000 8048000 16032000 0 0 594221000 525272000 6849000 8117000 100000 100000 0 0 13367000 13289000 152000 137000 746723000 665062000 7001000 8254000 1706319000 1641065000 156850000 158103000 191000 191000 191000 191000 0 0 0 0 -2774000 -1184000 0 0 -921000 1162000 0 0 817578000 802697000 149841000 126520000 0 8000000 0 8000000 814074000 810866000 150032000 134711000 215476000 187640000 0 0 1029550000 998506000 150032000 134711000 141219000 143413000 0 0 3407000 3407000 0 0 144626000 146820000 0 0 15588000 17100000 0 0 0 10000000 0 10000000 2214000 0 0 0 13821000 14329000 0 0 31623000 41429000 0 10000000 1512000 1504000 0 0 119777000 89848000 0 10087000 612000 0 0 0 276518000 289783000 0 0 0 0 1877000 0 1229000 606000 0 0 0 0 4550000 2914000 100872000 72569000 391000 391000 500520000 454310000 6818000 13392000 532143000 495739000 6818000 23392000 1706319000 1641065000 156850000 158103000 191000 -1184000 1162000 802696000 8000000 810865000 187640000 998505000 0 0 0 0 8000000 8000000 0 8000000 0 0 0 0 0 0 10918000 10918000 0 0 -2083000 0 0 -2083000 -713000 -2796000 0 -2039000 0 0 0 -2039000 -698000 -2737000 0 0 0 -22083000 0 -22083000 22083000 0 0 -449000 0 0 0 -449000 -153000 -602000 0 0 0 36965000 0 36965000 17929000 54894000 191000 -2774000 -921000 817578000 0 814074000 215476000 1029550000 191000 653583000 126522000 8000000 788296000 0 -653583000 0 0 -653583000 1910126,5228,000134,713TDKK19,116172,044191 0 0 0 8000000 8000000 0 0 23319000 0 23319000 191000 0 149841000 0 150032000 54894000 839830000 61294000 -738775000 -81547000 -16127000 34641000 84928000 4860000 1357000 7544000 13163000 31957000 73122000 21924000 21618000 10033000 51504000 6251000 7041000 14714000 5341000 0 5600000 0 97000 Liquidity effect of step acquisition of the Uhrenholt Holding A/S-group 0 16703000 -20965000 -1182000 1504000 376000 0 36658000 28606000 0 2826000 0 18918000 0 11010000 -37034000 78000 13288000 13289000 1000 13367000 13289000 Cash and cash equivalents are specified as follows:Cash and bank balances at 31 December 2025 include 2,5 MDKK that relates to bank balances subject to restrictions. These funds are not readily available for general use by the SU II ApS Group. 13367000 13289000 13367000 13289000 Geographical segmentsEurope822,108546,01900Asia and Pacific1,497,198967,37000Middle East and Africa598,667408,86800Other465,382421,535003,383,3552,343,79200Business segmentsConsumer division1,885,2431,238,03300Trading division1,498,1121,105,759003,383,3552,343,79200 170487000 127988000 0 0 10014000 7605000 0 0 1603000 1101000 0 0 2141000 1742000 0 0 184245000 138436000 0 0 285 196 0 0 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. Fair value step-up adjustment related to step-acquisition (presented under "Income from investments in associates")0939,97600Fair value step-up adjustment related to step-acquisition (presented under "Tax on profit/loss for the year")0-143,861000796,11500 -14000 0 52000 130000 1687000 1357000 2000 10000 3187000 0 0 0 4860000 1357000 54000 140000 -13000 0 0 0 7557000 7133000 273000 938000 0 6030000 0 0 7544000 13163000 273000 938000 24193000 15540000 -82000 -911000 -3398000 145372000 0 0 698000 -421000 471000 0 21,493160,491389-911thus distributed:21,493160,491389-911 22095000 160939000 389000 -911000 -602000 -448000 0 0 0 8000000 0 0 0 0 23319000 -6534000 7835000 5526000 642513000 31314000 367979000 0 2000 0 0 -2565000 3891000 416000 0 1944000 0 0 0 0 634000 0 11726000 5944000 642513000 32624000 365414000 3291000 3416000 12850000 27534000 87513000 0 0 0 0 -2244000 2573000 533000 12850000 2341000 12628000 0 0 0 634000 0 5864000 3949000 25700000 29241000 97897000 5862000 1995000 616813000 3383000 267517000 Development costs relate to the external development and implementation cost of software systems for internal use. 84914000 31367000 21105000 -679000 0 -286000 2729000 218000 11767000 0 0 4594000 86964000 31585000 27992000 39931000 25995000 16015000 -319000 0 -103000 1553000 1142000 2892000 0 0 -4591000 41165000 27137000 14213000 45799000 4448000 13779000 149849000 143829000 0 420000 0 5600000 149849000 149849000 149849000 149849000 Investments in subsidiaries are specified as follows:TDKKTDKK Uhrenholt Holding A/S Middelfart, Denmark 0.7451 271465000 77492000 Uhrenholt A/S Middelfart, Denmark 0.7451 263146000 70651000 F. Uhrenholt Handel ApS Middelfart, Denmark 0.7451 130000 35000 F. Uhrenholt Holding A/S Middelfart, Denmark 0.7451 109415000 12569000 Uhrenholt Middle East FZCO Dubai 0.7451 4617000 2832000 Uhrenholt Philippines Inc. Philippines 0.7451 34063000 2362000 Uhrenholt Polska SP z.o.o. Poland 0.7451 794000 74000 Uhrenholt Sdn Bhd Malaysia 0.7451 17163000 4883000 Uhrenholt Oceania Pty. Ltd. Australia 0.7451 2221000 1921000 Uhrenholt Food Solutions (Shanghai) Co. Ltd. China 0.7451 903000 38000 Uhrenholt South Africa Pty Ltd. South Africa 0.7451 2221000 590000 Uhrenholt Food Service Hong Kong Ltd. China 0.7451 -1000 -7000 Uhrenholt LLC Russia 0.7451 10849000 -19000 F. Uhrenholt Holding International ApS Middelfart, Denmark 0.7451 268000 53000 F. Uhrenholt Dairy Products ApS Middelfart, Denmark 0.7451 91000 2000 Selskabet af 17.08.2007 ApS Middelfart, Denmark 0.7451 -53610000 -1098000 UES ApS Middelfart, Denmark 0.7451 15554000 1289000 Emborg Foods USA Inc. USA 0.7451 2039000 121000 0 0 0 143829000 0 0 0 -143829000 0 0 0 0 0 0 0 0 Derivative financial instruments contracts in the form of forward exchange contracts and futures have been concluded. At the balance sheet date, the fair value of derivative financial instruments amounts to:Assets18,238000Liabilities16,33910,79100Forward exchange contracts have been concluded to hedge future sale and purchase of goods in USD, EUR, AUD, SGD, SEK, NZD, HKD and GBP. At the balance sheet date, the fair value of the forward exchange contracts amounts to DKK 60k. The group has contracted the selling of USD of 45,424k, the buying of EUR 3,000k, the selling of AUD of 8,093k, the selling of SGD of 4,268k, the selling of SEK of 7,500k, the selling of NZD of 1,995k, the buying of GBP 2,314k, the selling of HKD of 7,675k All currencies with a term of maximum 7.5 months. The Group has entered the forward exchange contracts with large Danish banking institutions as counterparts and assesses the counterparty risk as very limited.The Group has engaged in commodity futures contracts to either hedge or capitalize on price fluctuations in dairy-related commodities. These contracts are cash-settled and denominated in EUR and USD. As of the balance sheet date, the fair value of the futures contracts is DKK 1,839k. The majority of the volume is in fat-based products, such as cheeses and butter (net sale of 845 MT), while the remainder consists of protein-based products, including milk or protein powders (net sale of 115 MT). All contracts have maturities ranging from 0 to 12 months. The futures are traded through commodity brokers specializing in dairy. These counterparties are publicly listed companies with S&P credit ratings of BB- or higher, and all trades are collateralized, significantly reducing counterparty risk.Forward exchange contracts8,1401,44260Futures6,163-4,1781,839 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions etc. A-shares 19000 B-shares 172000 Deferred tax liabilities at 1 January142,364000Deferred tax addition, net effect from merger and acquisitions0-3,00800Amounts recognised in the income statement for the year-3,398145,37200Deferred tax liabilities at 31 December138,966142,36400Recognised in the balance sheet as follows:Assets2,2531,04900Provisions-141,219-143,41300138,966142,36400The deferred tax asset is based on temporary differences between accounting and tax values primarily related to internal profit on inventory. The deferred tax asset is not based on carry forward tax losses. Other provisions3,4073,407003,4073,40700The provisions are expected to mature as follows:Within 1 year3,4073,40700After 5 years00003,4073,40700Other provisions relate to the accrual for a loss making contract. 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:Mortgage loans17,10018,60400Credit institutions119,77799,848020,087Lease obligations2,826000Other payables114,69386,898391391Other payables of 12,722 TDKK as of 31 December 2025 carry interest. 9455000 11001000 0 0 6133000 6099000 0 0 15588000 17100000 0 0 1512000 1504000 0 0 0 0 0 0 0 10000000 0 10000000 0 10000000 0 10000000 0 89848000 0 10087000 119777000 0 0 0 0 0 0 0 2214000 0 0 0 2214000 0 0 0 612000 0 0 0 794000 1323000 0 0 13027000 13006000 0 0 13821000 14329000 0 0 529000 529000 0 0 100343000 72040000 391000 391000 4860000 1357000 7544000 13163000 36515000 28456000 0 939976000 22095000 160939000 61294000 -738775000 -12634000 -7370000 -70089000 -11461000 0 3407000 -3913000 -1334000 -2737000 -2037000 -81547000 -16127000 Charges and securityThe following assets have been placed as security with mortgage credit institutes:Land and buildings with a carrying amount of45,79944,98300Booked value of debt to mortgage credit institutes of17,10018,60400At 31 December bank guarantees have been provided to the tax authorities through banks/finance companies of6,5001,45000The following assets have been placed as security with a loan providerLand and buildings with a carrying amount of5,2805,24800Booked value of debt to loan provider of3,4403,96900 Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year3,7083,23000Between 1 and 5 years4,4764,262008,1847,49200Rental obligations, non-cancellation period 3-36 months.10,60017,45200Other contingent liabilitiesThe Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Danish companies in the Group. The total amount of Danish corporation tax payable by the Group amounts to DKK 0. 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 Group’s liability.The group company Uhrenholt A/S is a partner in Interessentskabet 12. april 2024 and is jointly and severally liable for the partnership's obligations. As of 31 December 2025, the total assets and liabilities of the partnership amounted to TDKK 15,165 and TDKK 116, respectively.Other financial obligationsNo other financial obligations as of 31 December 2025 exist. Related partiesInteressentskabet af 12. april 2024Teglgårdsparken 1065500 MiddelfartAssociated company (Joint operation)Ownership and votes: 49%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.No transactions with related parties have been made, which are not on arm's length basis. PwCOthersWith reference to the Danish Financial Statements Act § 96, 3 information on auditing fees is exclusively provided for the consolidated financial statements of SU II ApS and not for the parent company. 636000 648000 26000 30000 585000 260000 1009000 647000 2256000 1585000 97000 63000 43000 16000 266000 163000 406000 242000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of SU II ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C.The Consolidated Financial Statements and the Parent Company Financial Statements for 2025 are presented in TDKK. Measurement of investments in subsidiaries was changed from equity method to cost price during 2025. This is to give a more true and fair view of the activities and the financial position of the Parent Company. The change in accounting policy reduced net profits for 2025 by DKK 14,123k and equity was reduced by DKK 653,583k. Comparative figures have been amended to reflect the changed accounting policies. 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. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, SU II 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. Minority interestsMinority interests form part of the Group's total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquistition of subsidiaries.Business acquisitions carried through on or after 1 July 2018Minority interests are initially measured at their proportionate share of the fair value of the acquired entity’s identifiable net assets. In this way, only goodwill related to the Parent Company’s share of the entity acquired is recognised.On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group.The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement.All other 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 policiesTransactions 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; however, see the section on hedge accounting.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.Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively.Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting. Hedge accountingChanges in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in the fair value reserve under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction. Segment information on revenueInformation on business segments and geographical segments is based on the Group's risks and returns and its internal financial reporting system. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods 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 Group.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 expenses for premises, sales as well as office expenses, etc. 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. 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 subsidiaries and associatesDividends from subsidiaries and associates are recognised as income in the income statement when adopted at the General Meeting of the companies. However, dividends relating to earnings in the companies before they were acquired by the Parent Company are set off against the cost of the companies.Investments in associates consists of joint arrangements classified as joint operations. The group recognises its share of any jointly held or incurred assets, liabilities, revenues and expenses (Pro rata). These have been incorporated in the financial statements under the appropriate headings. 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 group companies. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Intangible fixed assetsGoodwillGoodwill is amortised on a straight-line basis over the estimated useful life of 10-25 years, determined on the basis of Management’s experience with the individual business areas, including an assessment of strong market presence over many decades and strong stakeholder relations, and an assessment of a stabile environment for the industry with a low degree of technical and technological obsolescence.Goodwill is written down to recoverable amount if this is lower than the carrying amount.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.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 3-10 year. Other intangible fixed assetsPatents and trademarks are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use.Patents and trademarks are amortised over the remaining patent period or a shorter useful life. The amortisation period is maximum 50 years. The amortization period is determined on the basis of Management’s assessment of the strength of the brands including market penetration, level of awareness and relative popularity.Other intangible fixed assets are written down to the recoverable amount if this is lower than the carrying amount. 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. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period.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:Plant and machinery3-15 years Other fixtures and fittings, tools and equipment3-8 years Other buildings20-65 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.If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries and associatesInvestments in subsidiaries and associates are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value.Investments in associates consists of joint arrangements classified as joint operations. The group recognises its share of any jointly held or incurred assets, liabilities, revenues and expenses (Pro rata). These have been incorporated in the financial statements under the appropriate headings. InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of goods for resale equals landed cost.The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management. 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 unlisted shares.Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. DividendDividend distribution proposed by Management for the year is disclosed as a separate Dividend item. 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 accrual for loss making contracts. Provisions are measured and recognised based on experience with guarantee work. 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 mortgage loans and 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.Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan.Other debts are measured at amortised cost, substantially corresponding to nominal value. 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