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35208453 2025-12-31 d:LongtermMortgageLoansMember iso4217:DKK xbrli:pure Anchor Point ApS Årsrapport Casper Grenaa Nordhavn Opinion Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning 2860 Beierholm 2026-04-08 Langagervej 1 Danmark 9220 Aalborg Ø Basis for Opinion 2026-04-08 2024-01-01 7 2024-12-31 2025-01-01 2025-12-31 35208453 true Sundkaj 2150 København Beierholm 32895468 Knud Højgaards Vej 9 Søborg We have on this day presented the annual report for the financial year 01.01.25 - 31.12.25 for Anchor Point ApS. The annual report is presented in accordance with the Danish Finan­cial Sta­te­ments Act. In our opinion, the consolidated financial sta­te­ments and financial statements give a true and fair view of the group's and the parent's assets, lia­bilities and financial position as at 31.12.25 and of the results of the group’s and parent’s ac­ti­vities and of the group's cash flows for the financial year 01.01.25 - 31.12.25. We believe that the management's review includes a fair review of the matters dealt with in the management's review. The annual report is submitted for adoption by the general meeting. Finn Hunneche Finn Hunneche Anders Arnum Jensen To the capital owner of Anchor Point ApS In our opinion the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments give a true and fair view of the group's and the com­pa­ny's finan­cial posi­tion at 31.12.25 and of the results of the group's and the com­pa­ny's ope­ra­tions and con­solidated cash flows for the finan­cial year 01.01.25 - 31.12.25 in ac­cor­dan­ce with the Danish Finan­cial Sta­te­ments Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments” section of our report. We are independent of the group and the company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the mana­ge­ment’s review.Our opinion on the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments does not cover the management’s review, and we do not express any form of assurance con­clu­sion thereon. In connection with our audit of the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments, it is our responsibility is to read mana­gement’s review and, in doing so, con­sider whether management’s review is mate­rially in­con­sistent with the con­so­li­da­ted fi­nan­cial sta­te­ments or pa­rent com­pa­ny fi­nan­cial sta­te­ments or our know­ledge obtained during the audit, or other­wise appears to be mate­rially misstated.Moreover, it is our responsibility to consider whether management’s review provides the infor­mation required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the management’s review is in accordance with the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management’s review. Management is responsible for the pre­pa­ra­tion of con­so­li­da­ted fi­nan­cial sta­te­ments and 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 con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments that are free from material misstatement, whether due to fraud or error.In preparing the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments, mana­ge­ment is responsible for assessing the group's and the com­pa­ny's ability to continue as a going concern, dis­closing, as applicable, mat­ters related to going con­cern and using the going concern basis of ac­counting in pre­paring the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments unless mana­ge­ment either intends to liquidate the group and the company or to cease operations, or has no rea­listic alternative but to do so. Our objectives are to obtain reasonable as­surance about whether the con­so­li­da­ted fi­nan­cial sta­te­ments and 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 con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments.As part of an audit conducted in accordance with ISAs and the additional requirements applic­able in Denmark, we exercise pro­fes­sional judgment and maintain professional scepticism through­out the audit. We also: Identify and assess the risks of material misstatement of the con­so­li­da­ted fi­nan­cial sta­te­ments and 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 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 con­so­li­da­ted fi­nan­cial sta­te­ments and 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 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 con­so­li­da­ted fi­nan­cial sta­te­ments and 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 company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments, including the disclosures, and whether the con­so­li­da­ted fi­nan­cial sta­te­ments and 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 expressing an opinion on the consolidated financial statements and 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. Soeborg, Copenhagen Anders Ladegaard State Authorised Public Accountant mne18830 155303000 121418000 96348000 24639000 22124000 11915000 153000 78000 69000 19093000 11997000 9952000 83647000 70901000 60971000 881000 2183000 157000 348000 574000 62124000 52089000 45243000 36 33 25 24 57 66 74 73 74 Liquidity ratio 223 263 379 365 373 142 89 97 Ratios definitionsReturn on equity:Profit/loss for the year x 100Average equitySolvency ratio:Equity, end of year x 100Total assetsLiquidity ratio:Current assets x 100Short-term payables Primary activitiesEmendo Consulting Group provides a broad range of consulting services, including management consulting, support for life science product development, design and management of large-scale projects, technical expertise for the development of new facilities and production processes, and the implementation of system integrations and software solutions.The majority of consulting services are delivered to clients within the pharmaceutical industry as well as the food and beverage production sectors. In Germany, selected services focus on Product Lifecycle Management within the fashion industry, with the ambition of expanding these technologies to additional industries. These services support companies in optimizing processes and preparing their ecosystems and compliance structures for Digital Product Passport regulations.Services are delivered through established subsidiaries in Denmark, the USA, and Germany.Further information about the Group’s activities, case studies and contact details can be found at www.emendo.com. Development in activities and financial affairsThe financial result for 2025 reflects continued demand for consultancy services across all core business areas.Gross result increased by DKK 63.8 million compared to 2024, reaching a total of DKK 279,5 million in 2025.Profit after tax for the year amounted to DKK 28.7 million, compared to DKK 24.6 million in 2024. The result for 2025 was in line with management’s expectations compared with the projections made at the beginning of the year.The improvement of the result was primarily driven by continued demand across the Group’s consulting services, expansion of the customer base and increased focus on developing newer service areas. The higher demand for services was supported by a higher average number of employees during 2025 compared to 2024. At year-end 2025, the number of employees was broadly in line with the level at the end of 2024.Management is currently not aware of any specific circumstances that could significantly affect the company’s financial position, apart from potential changes in general market demand.At present, there is no awareness of any specific circumstances that could negatively impact the company’s situation. OutlookThe company expects a profit after tax in the region of DKK 26-31 million for the coming financial year. The outlook is based on expectations of continued demand for the Group’s consulting services. Financial risksEmendo Consulting Group is not considered to be particularly exposed to financial risks related to exchange rate fluctuations or interest rate developments. Research and development activitiesEmendo Consulting Group continuously invests in research and development to improve and optimize its services and internal processes. These activities support the development of new concepts for clients and strengthen the Group’s internal capabilities.Employees and CompetencesContinued development of the Group’s highly skilled employees is essential to support Emendo Consulting Group’s growth and ability to deliver high-quality consulting services.Employees represent the Group’s most important asset. Emendo Consulting Group therefore focuses on attracting and retaining highly educated professionals across the business areas where external demand is strongest.Employee development is supported through initiatives such as internal and external training, knowledge-sharing sessions, cross-functional collaboration, strengthening of social relationships, and professional growth through relevant projects and responsibilities.External EnvironmentIn 2021, Emendo Consulting Group launched the “Beyond Emendo” initiative, focusing on global challenges such as population growth, food accessibility, demographic shifts and climate change.The Group achieved ISO 14001 certification in February 2023 and was recertified in early 2026. All employees are trained in the Environmental Management System and contribute actively to the implementation of environmental improvements aligned with the certification framework.During 2025, Emendo Consulting Group continued to contribute through charitable services and pro bono work, including collaboration with Engineers Without Borders and support of several charitable initiatives. Non-profit organizations, including initiatives in North Carolina, were also supported as part of the Beyond Emendo initiative. Subsequent eventsNo significant events have occurred after the end of the financial year that would materially affect the Emendo Consulting Group’s financial position. 279519000 215714000 -229000 -145000 241612000 183487000 0 0 1023000 652000 101000 25000 12000 58000 0 0 36872000 31517000 -330000 -170000 0 0 20832000 17577000 926000 872000 71000 181000 595000 342000 68000 25000 37203000 32047000 20505000 17563000 8456000 7475000 47000 165000 28747000 24572000 20458000 17398000 7987000 8028000 7987000 8028000 807000 732000 0 0 1133000 1273000 0 0 9927000 10033000 7987000 8028000 0 0 41859000 39082000 3254000 2925000 0 0 3254000 2925000 41859000 39082000 13181000 12958000 49846000 47110000 53000 38000 0 0 53000 38000 0 0 1205000 2378000 0 0 59471000 67878000 0 0 0 0 22122000 13107000 0 0 12000 0 382000 0 577000 39000 835000 1323000 257000 200000 535000 0 0 0 2248000 2711000 73000 68000 64676000 74290000 23041000 13414000 55270000 24573000 5676000 1496000 119999000 98901000 28717000 14910000 133180000 111859000 78563000 62020000 90000 90000 90000 90000 0 0 30504000 28033000 -723000 246000 0 0 48245000 37598000 17018000 9811000 10000000 20000000 10000000 20000000 57612000 57934000 57612000 57934000 17746000 16214000 0 0 75358000 74148000 57612000 57934000 23000 35000 0 9000 23000 35000 0 9000 4022000 0 4022000 0 4022000 0 4022000 0 160000 0 160000 0 18000 16000 0 0 172000 151000 0 0 4065000 4049000 157000 74000 0 0 6576000 0 10000000 4000000 10000000 4000000 0 1474000 0 0 36451000 27238000 36000 3000 2911000 748000 0 0 53777000 37676000 16929000 4077000 57799000 37676000 20951000 4077000 133180000 111859000 78563000 62020000 Figures in DKK '000Share capitalReserve for net revaluation according to the equity methodForeign currency translation reserveRetained earningsProposed dividend for the financial yearEquity attributable to owners of the parentNon-controlling interestsTotal equityGroup:Statement of changes in equity for 01.01.25 - 31.12.25Balance as at 01.01.2590024637,59820,00057,93416,21474,148Foreign currency translation adjustment of foreign enterprises00-96900-969-573-1,542Dividend paid0000-20,000-20,000-5,936-25,936Purchase of non-controlling interests0000001212Sale of non-controlling interests000000-71-71Net profit/loss for the year00010,64710,00020,6478,10028,747Balance as at 31.12.25900-72348,24510,00057,61217,74675,358Parent:Statement of changes in equity for 01.01.25 - 31.12.25Balance as at 01.01.259028,03309,81120,00057,934057,934Foreign currency translation adjustment of foreign enterprises0-780000-7800-780Dividend paid0000-20,000-20,0000-20,000Net profit/loss for the year03,25107,20710,00020,458020,458Balance as at 31.12.259030,504017,01810,00057,612057,612 -20000000 12000 -71000 10647000 10000000 8100000 90000 0 48245000 10000000 17746000 -780000 -20000000 3251000 7207000 10000000 90000 30504000 17018000 10000000 0 9193000 7654000 -15000 -38000 9949000 -24329000 15000 1864000 18310000 11747000 66199000 21470000 842000 959000 -559000 -342000 -12846000 -4000000 53636000 18087000 -881000 -10281000 -316000 -58000 9000 0 -1188000 -10339000 -25936000 -13335000 4182000 0 3000 10000 -21751000 -13325000 30697000 -5577000 24573000 30150000 55270000 24573000 55270000 24573000 225135000 170877000 0 0 14132000 10847000 0 0 2345000 1763000 0 0 228 210 0 0 Remuneration for the management:Salaries for the Executive Board16,7137,56400Total remuneration for the Executive Board16,7137,56400Remuneration for the Board of Directors0000Remuneration for the Executive Board and Board of Directors16,7137,56400 16713 7564 0 0 16713000 7564000 0 0 With reference to section 98b(3) no. 1 of the Dan­ish Fi­nan­cial Statements Act, re­mune­ration for the Executive Board and Board of Di­rectors are sum­marized for 2025 and 2024, as infor­ma­tion would other­wise lead to a­mounts be­ing shown for a single mem­ber of man­age­ment. 281000 54000 68000 21000 314000 279000 0 0 0 9000 0 4000 0 0 3251000 7234000 10000000 20000000 10000000 20000000 8100000 7173000 0 0 10647000 -2601000 7207000 -9836000 5.Property, plant and equipmentFigures in DKK '000Land and buildingsLeasehold improvementsOther fixtures and fittings, tools and equipmentGroup:Cost as at 01.01.258,0532,1234,722Additions during the year60311510Disposals during the year0-10-90Cost as at 31.12.258,1132,4245,142Depreciation and impairment losses as at 01.01.25-25-1,391-3,449Depreciation during the year-101-228-646Reversal of depreciation of and impairment losses on disposed assets0286Depreciation and impairment losses as at 31.12.25-126-1,617-4,009Carrying amount as at 31.12.257,9878071,133Parent:Cost as at 01.01.258,05300Additions during the year6000Cost as at 31.12.258,11300Depreciation and impairment losses as at 01.01.25-2500Depreciation during the year-10100Depreciation and impairment losses as at 31.12.25-12600Carrying amount as at 31.12.257,98700 8053000 2123000 4722000 60000 311000 510000 -10000 -90000 8113000 2424000 5142000 -25000 -1391000 -3449000 -101000 -228000 -646000 2000 86000 -126000 -1617000 -4009000 7987000 807000 1133000 8053000 0 0 60000 8113000 0 0 -25000 0 0 -101000 -126000 0 0 7987000 0 0 6.Equity invest­ments in group enter­pri­sesFigures in DKK '000Equity invest­ments in group enter­pri­sesParent:Cost as at 01.01.2511,049Additions during the year316Disposals during the year-10Cost as at 31.12.2511,355Revaluations as at 01.01.2528,032Foreign currency translation adjustment of foreign enterprises-780Amortisation of goodwill99Net profit/loss from equity investments20,884Dividend relating to equity investments-17,580Elimination of intra-group profit from property, plant and equipment-151Revaluations as at 31.12.2530,504Carrying amount as at 31.12.2541,8596.Equity invest­ments in group enter­pri­ses  -  continued  -Name and registered office:Ownership interestSubsidiaries:emendo Consulting Group A/S, København100%emendo Implementation ApS, København76%emendo R&D ApS, København51%emendo Engineering ApS, København51%Advanced Thinking Studio ApS, København100%emendo Project Services ApS, København61%emendo Inc., USA60%emendo Improvement ApS, København100%emendo Project Consulting ApS, København100%emendo Digital ApS, København76%emendo Implementation II ApS, København63%emendo PLM Solutions GmbH, Tyskland53%emendo Supply Chain ApS, København76% 11049000 316000 -10000 11355000 41859000 emendo Consulting Group A/S København 100 emendo Implementation ApS København 76 emendo R&D ApS København 51 emendo Engineering ApS København 51 Advanced Thinking Studio ApS København 100 emendo Project Services ApS København 61 emendo Inc. USA 60 emendo Improvement ApS København 100 emendo Project Consulting ApS København 100 emendo Digital ApS København 76 emendo Implementation II ApS København 63 emendo PLM Solutions GmbH Tyskland 53 emendo Supply Chain ApS København 76 2925000 329000 3254000 3254000 GroupParent31.12.2531.12.2431.12.2531.12.24DKK '000DKK '000DKK '000DKK '0008.Work in progress for third partiesWork in progress for third parties1,2052,37800Total work in progress for third parties1,2052,37800 9.PrepaymentsPrepaid rent1,4271,54300Other prepayments8211,1687368Total2,2482,7117368 11.Deferred taxDeferred tax as at 01.01.252631-129Deferred tax recognised in the income statement-3300Deferred tax as at 31.12.252334-129 26000 31000 -12000 9000 -3000 3000 0 0 -160000 3331000 4182000 -160000 3331000 4182000 13.Contingent liabilitiesThe group has no contingent liabilities as at 31.12.25.Parent:The company is taxed jointly with the other Danish companies in the group and has joint, several and unlimited liability for income taxes and any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The total known tax liability for the jointly taxed companies is DKK 0k at the balance sheet date The liability also includes any subsequent corrections to the calculated tax liability as a consequence of changes made to the jointly taxable income etc. 14.Other commitmentsGroup:The group has concluded lease agreements with terms to maturity of 24-34 months and total lease payments of 208k.In addition the group has entered into rental agreements with 3–6 months’ notice and a total commitment of 3,690k.Parent:The company has no other commitments as at 31.12.25. 15.Related partiesRelated party transactions are not disclosed, as all transactions are entered into in the ordinary course of business at arms’ length.Remuneration for the management is specified in note 1. Staff costs. 1023000 652000 0 -1000 -926000 -872000 595000 342000 8456000 7475000 33000 0 The annual report is presen­ted in accordance with the provisions of the Danish Financial Statements Act for medium-sized groups and enterprises in re­port­ing class C with application of pro­vi­sions for a higher reporting class. Material errorThe company has identified a material error in the financial statements for 2024.A material error has been identified in the previous year's financial statements regarding the parent company. An intercompany balance of 13,107k was incorrectly classified as liabilities with a negativ operational sign to group entities instead of receivables from group entities in the parent company.The error relates solely to presentation and classification and has no impact on equity. Comparative figures have been restated accordingly. Basis of recognition and measurementIncome is recognised in the income state­ment as earned, including value adjust­ments of fin­an­cial assets and liabilities. All ex­penses, including depreciation, amortisa­tion, impair­ment losses and write-downs, are also recognised in the in­come state­ment.Assets are recognised in the balance sheet when it is probable that future economic bene­fits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. CONSOLIDATED FINANCIAL STATEMENTSThe consolidated financial statements comprise the parent and its subsidiaries in which the parent directly or indirectly holds more than 50% of the voting rights or by way of agreements exercises control.All financial statements used for consolidation are prepared in accordance with the ac­count­ing policies of the group.The consolidated financial statements con­solidate the financial statements of the parent and its subsidiaries by adding to­gether items of a uniform nature, elimi­nating intercompany income and ex­penditure, equity investments, inter­company balances and dividends as well as gains and losses resulting from transactions between the consolidated enterprises to the extent that the underlying assets and liabilities are not realised. Non-controlling interestsThe financial items of the subsidiaries are recog­nised in full in the consolidated finan­cial state­ments. The non-controlling interests’ proportion­ate share of the subsidiaries’ equity is classified as a part of consolidated equity. The subsidiar­ies’ results are distributed proportionately to non-controlling interests and the parent’s equity interest.Purchase and sale of non-controlling interests in a subsidiary which do not result in changes in control of the subsidiary are treated in the consolidated financial statements as equity transactions, and the difference between the consideration and the carrying amount is allocated to the parent’s equity interest. CURRENCYThe annual report is presen­ted in Danish kroner (DKK).On initial recognition, transactions den­ominated in foreign currencies are trans­lated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the ex­change rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or ex­penses in the income statement. Fixed assets, inventories and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates.On recognition of independent foreign entities, the income statements are translated at the exchange rates applicable at the transaction date or approximate average exchange rates. The balance sheet items are translated using the exchange rates applicable at the balance sheet date. Foreign currency translation adjustments arising from the translation of equity at the beginning of the year using the exchange rates applicable at the balance sheet date and from the translation of income statements from average exchange rates to the exchange rates applicable at the balance sheet date are recognised directly in equity under the reserve for net revaluation according to the equity method in respect of investments measured ac­cord­ing to the equity method, and otherwise un­der the foreign currency translation reserve.Translation adjustments of intercompany balances with independent foreign entities, measured using the equity method and where the balance is considered to be part of the overall investment, are recognised directly in equity under the foreign currency translation reserve. On the divestment of foreign entities, accumulated exchange differences are recognised in the income statement. LEASESLease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. Gross resultGross result comprises rev­enue, other operating income, property costs, raw materials and consumables and cost of sales and other external ex­penses. RevenueIncome from the sale of goods is recognised in the income statement if delivery has taken place and the risk has passed to the buyer before the end of the financial year and where the selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value and is determined exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Other operating incomeOther operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. Costs of raw materials and consuma­blesCosts of raw materials and consumables comprise raw materials and consumables used for the year as well as any changes in inventories, including any inventory wastage.Write-downs of inventories of raw materials and consumables are also recognised under raw materials and consumables to the extent that these do not exceed normal write-downs. Cost of salesCost of sales comprises cost of sales for the year measured at cost plus any changes in inventories, including write-downs to the extent that these do not exceed normal write-downs. Property costsProperty costs comprise costs relating to property management, including repair and maintenance costs, real property taxes, insurance, overhead costs and other costs. Other external expensesOther external expenses comprise costs re­lating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costsStaff costs comprise wages and salaries as well as other staff-related costs. De­pre­ci­a­tion and impair­ment lossesThe de­pre­ci­a­tion of prop­er­ty, plant and equip­ment aim at systematic de­pre­ci­a­tion over the expected useful lives of the assets. Assets are de­pre­ci­ated according to the straight-line method based on the following ex­pected useful lives and residual values:Goodwill is amortised over 5 years. The use­ful life has been determined in considera­tion of the expected future net earnings of the enterprise or activity to which the goodwill relates.Land is not depreciated.The basis of de­pre­ci­a­tion is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of de­pre­ci­a­tion is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually.Prop­er­ty, plant and equip­ment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Other operating expensesOther operating expenses comprise costs of a secondary nature in relation to the enterprise’s activities, including costs relating to rental activities and losses on the sale of intangible assets and property, plant and equipment. Income from equity investments in group en­tre­prises and as­so­ci­atesFor equity investments in sub­si­di­ar­ies that in the parent are measured using the equity method, the share of the enterprises’ profit or loss is recognised in the income statement after elimination of unrealised intercompany profits and losses and less any goodwill amortisation and im­pairment losses. Income from equity investments in equity investments in sub­si­di­ar­ies and as­so­ci­ates also comprises gains and losses on the sale of equity investments. Other net financialsInterest income and interest expenses, for­eign exchange gains and losses on trans­ac­tions denominated in foreign currencies etc. are recognised in other net financials.Amortisation of capital losses and borrowing costs relating to financial liabilities is recognised on an ongoing basis as financial expenses. Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity.The company is jointly taxed with Danish consolidated enterprises. The parent is the ad­min­is­tra­tion company for the joint taxation and thus settles all income tax payments with the tax authorities.In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their tax­able incomes. This means that enter­prises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Intangible assetsGoodwillGoodwill is measured in the balance sheet at cost less accumulated amortisation and impairment losses.Goodwill is amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion and impair­ment losses’ section.Gains or losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Property, plant and equipmentProperty, plant and equipment comprise land and buildings, leasehold improvements as well as other fixtures and fittings, tools and equipment.Property, plant and equipment are meas­ured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost.The total cost of an asset is decomposed into separate components that are depreciated separately if the useful lives of the individual components vary.Property, plant and equipment are depreci­ated using the straight-line method based on useful lives and residual values, which are stated in the ‘De­pre­ci­a­tion and impair­ment losses' section.Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Equity investments in group en­tre­prisesEquity investments in subsidiaries are recognised and measured according to the equity method in the balance sheet of the parent. For equity investments in subsidiaries, the equity method is considered a measurement method.On initial recognition, equity investments measured according to the equity method are measured at cost. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. However, transaction costs on the acquisition of subsidiaries are recognised in the income statement in the consolidated financial statements at the date incurred. On subsequent recognition and measurement of equity investments according to the equity method, equity investments are measured at the proportionate share of the enterprises' equity value, determined according to the accounting policies of the parent, adjusted for the remaining value of goodwill and gains and losses on transactions with the enterprises in question. Equity investments, where information for recognition according to the equity method is not known, are measured at cost.On the acquisition of non-controlling interests in subsidiaries, the acquisition method is applied in the balance sheet of the parent, according to which the acquired identifiable assets and liabilities are measured at fair value at the date of acquisition.Goodwill recognised under equity invest­ments is amortised according to the straight-line method based on an individual assessment of the useful life of the asset. The useful life of goodwill has been de­ter­mined at 5 years for equity invest­ments in subsidiaries. The useful life has been determined in consideration of the expected future net earnings of the enterprise to which the goodwill relates.Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. Impairment losses on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in de­pre­ci­a­tion.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. Impairment losses on goodwill are not reversed, unless goodwill is included in the carrying amount of equity investments. InventoriesInventories are measured at cost calculated according to the FIFO-method. Inventories are written down to the lower of cost and net realisable value.The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting directly from the purchase.The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nom­inal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable.Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. Work in progress for third partiesWork in progress for third parties is meas­ured at the selling price of the work per­formed less on-account invoicing made for each piece of work in progress.The selling price is measured according to the stage of completion at the balance sheet date and total expected income from each piece of work in progress. The degree of completion for each piece of work in pro­gress is normally calculated as the ratio between the resources spent and the total budgeted resource consumption. For some work in progress where the resource con­sumption cannot be used as a basis, the ratio between completed subactivities and the combined subactivities for the individ­ual piece of work in progress is used in­stead.When the selling price of a piece of work in progress cannot be determined reliably, the selling price is measured at the lower of costs incurred and net realisable value.The individual piece of work in progress is recognised under receivables or payables in the balance sheet depending on whether the net value of the selling price less pre­payments received is positive or negative.When it is likely that the total costs of the individual piece of work in progress will exceed total sales income, the total expected loss is recognised as a provision. PrepaymentsPrepayments recognised under assets com­prise costs incurred in respect of subse­quent financial years. CashCash includes deposits in bank accounts as well as operating cash. EquityThe net revaluation of equity investments measured according to the equity method is recognized in the financial statements of the parent in the net revaluation reserve in equity according to the equity method to the extent that the carrying amount exceeds the cost.Unrealised foreign currency gains and losses from the translation of the net investment in independent foreign entities are recognised in equity under the foreign currency translation reserve. The reserve is dissolved when the independent foreign entities are disposed of. The proposed dividend for the financial year is recognised as a separate item in equity. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differ­ences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the tax­able income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities within the same tax jurisdiction or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates in the respective countries which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. PayablesLong-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time of contracting the liability.Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Prepayments received from customersPrepayments received from customers com­prise amounts received from customers prior to the time and date of delivery of the agreed product or completion of the agreed service. Deferred incomeDeferred income under liabilities comprises payments received in respect of income in sub­sequent financial years. The cash flow statement is prepared using the indirect method, showing cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and end of the year.Cash flows from operating activities com­prise the net profit or loss for the year, adjusted for non-cash operating items, income tax paid and changes in working capital.Cash flows from investing activities com­prise payments in connection with the ac­quisition and divestment of companies and financial assets as well as the purchase, development, improvement and sale of in­tangible assets and property, plant and equipment.Cash flows from financing activities com­prise changes in the parent’s share capital and as­so­ci­a­ted costs and finan­cing from and di­vidends paid to sharehold­ers as well as the ar­ran­ge­ment and repay­ment of long-term pay­ables. Cash and cash equivalents at the beginning and end of the year comprise cash and short-term securities with no significant price risk. Referring to section 86(4) of the Danish Fi­nancial Statements Act a cash flow state­ment has not been prepared for the parent as the parent is included in the consolidated cash flow statement.