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15915641 Christensen Kjærulff, Statsautoriseret Revisionsaktieselskab Østbanegade, 123 2100, København Ø 2023-10-01 2024-09-30 2024-10-01 2025-09-30 31285313 MGS Roskilde A/S Vestre Hedevej 16 4000 Roskilde 2008-03-06 Roskilde Christensen Kjærulff, Statsautoriseret Revisionsaktieselskab 15915641 Torben Laurentz Wiberg statsautoriseret revisor mne11651 Østbanegade 123 2100 København Ø Danmark +45 33 30 15 15 ck@ck.dk 2026-03-30 Paul Edward Manley Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejerne København 2026-03-30 Roskilde 2026-03-30 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Acid test ratio                  Current assets x 100                 / Short term liabilities other than provisionsSolvency ratio Equity, closing balance x 100 / Total assets, closing balanceReturn on equity Net profit or loss for the year x 100 / Average equity 78691831 58618642 38529523 33318096 1914117 1296453 38248191 24004093 17608038 7571589 3456772 3713998 434122 230963 7397599 3069889 52349524 32450754 7653253 5523072 44696271 26927682 17608038 7162895 27088233 19764787 5885878 2743872 2556238 2252189 8442116 4996061 131626249 114018211 375941 346573 132002190 114364784 140444306 119360845 20246228 43871905 64615187 24539515 178577392 178366926 4352873 2071352 779243 486973 268570923 249336671 5894680 4960964 274465603 254297635 414909909 373658480 0 2968778 2968778 24770933 7162895 232000023 101529045 259739734 111660718 10922734 9136727 10922734 9136727 0 103382747 4704852 5492234 4704852 108874981 787381 742812 54190736 109722731 55919592 13146562 11333809 4842846 5867246 2151066 11443825 13380037 139542589 143986054 144247441 252861035 414909909 373658480 44696271 26927682 -4721610 -1627135 -27438466 -14562470 12536195 10738077 3564974 3944961 808634 548244 15292535 14134794 2151066 15863978 13141469 -1729184 5392501 2540399 219975 0 29368 1716 0 97688449 -5201894 -100230564 0 103382747 742813 700766 -742813 102681981 7196762 722233 4960964 6760376 -6263046 -2521645 5894680 4960964 5894680 4960964 35412918 29757556 2720573 3230098 396032 330442 38529523 33318096 0 2821743 62 42 306402 130165 7091197 2939724 7397599 3069889 15260280 4325565 19585845 12516408 1183559 13699967 5885878 5363557 1066936 226304 6204189 3111369 730558 -193976 3647951 2556238 106855316 9166867 0 97688449 106855316 106855316 14223170 -10655 24270274 14233825 38493444 14223170 7060275 398039 6662236 6662236 131626249 114018211 0 Mgs Beringen (SA) B-3583 Beringen, Belgium 100 1250104 73714 MGS Lynge A/S, Lynge Tofteengen 5, Allerød 100 77476936 24196560 346573 29368 375941 375941 -54190736 -109722731 787381 1053693 2968778 2968778 2968778 2968778 7162895 0 17608038 7162895 24770933 7162895 101529045 81764258 27088233 19764787 103382745 0 232000023 101529045 9136727 6772849 1786007 2363878 10922734 9136727 1720141 1296454 6329 0 -17608038 -7571589 -3890894 -3944961 7397599 3069889 7653253 5523072 -19234251 -136393325 -8204215 121830855 Today, the Board of Directors and the Managing Director have approved the annual report of MGS Roskilde A/S for the financial year 1 October 2024 - 30 September 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 September 2025 and of the results of the Company's operations and cash flows for the financial year 1 October 2024 – 30 September 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Paul Edward Manley Paul Edward Manley Derek Murphy Shawn Krenke We have audited the financial statements of MGS Roskilde A/S for the financial year 1 October 2024 - 30 September 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity, statement of cash flows and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 September 2025, and of the results of the Company's operations and cash flows for the financial year 1 October 2024 - 30 September 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s ReviewManagement 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, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. 124453000 37235000 20137000 96237000 13785000 4925000 14101000 8447000 1770000 220000 55000 76391000 10844000 3866000 132623000 44022000 34680000 5393000 2540000 1591000 1706000 1271000 84733000 34842000 23998000 33168000 3799000 -8022000 -9497000 -1366000 -1009000 -20038000 -379000 -200000 7197000 722000 3633000 2054000 -9231000 33 27 25 196.7 176.6 343.3 422.3 285.1 62.6 29.9 63.9 79.1 69.2 24.1 27.4 127.8 36.9 17.5 Description of key activities of the companyAs in previous years, the company's activities consisted of conducting business within production, trade and providing services of tools for the plastic production within the pharma industry and other related businesses.  Unusual circumstancesThe annual report is not influenced by any unusual circumstances and there is no significant uncertainty in relation to the calculation of the annual report. Development in activities and financial mattersThe gross profit for the year totals DKK 78.692 thousand against DKK 58.619 thousand last year. Profit or loss from ordinary activities after tax totals DKK 44.696 thousand against DKK 26.928 thousand last year. Management considers the net profit or loss for the year satisfactory. The company has for the year 2024/25 received group contributions total DKK 103.383 thousand. In 2024/25, the company’s cash and cash equivalents increased by DKK 934thousand, i.e. from DKK 4.961 to DKK 5.895thousand. Development for the year relative to the expectationsIt the annual report 2023/24, a projected gross profit for 2024/25 at a level of approximately t.DKK 59.000 and a profit or loss from ordinary activities after tax of t.DKK 27.000 were announced. The actual gross profit for 2024/25 amounts to DKK 78.692 and the actual profit or loss from ordinary activities after tax amounts to DKK 44.696.  The primary reason for the deviation between the projected and actual gross profit is increased order intake compared to last year, resulting in higher activity and profit.  Expected developmentsMGS expects a similar activity level in the fiscal year 2024/25 compared to the two preceding periods, which were marked by significant earnings growth.  Research and development activitiesThe company does not carry out any separate research development projects. Branches abroadThe company is part of MGS Mfg. GROUP Inc., USA. The Group continues to expand its activities within Europe by acquiring companies with similar activities. Events occurring after the end of the financial yearNo events have occured subsequent to the balance sheet date, which would have material impact on the financial position of the company and Group. 13.Provisions for deferred taxProvisions for deferred tax 1 October 20249.136.7276.772.849Deferred tax of the results for the year1.786.0072.363.878 10.922.7349.136.727 The following items are subject to deferred tax: Property, plant, and equipment1.696-42.488 Current assets10.921.0389.179.215 10.922.7349.136.727 16.Contractual obligations and contingencies, etc.Joint taxationWith MGS Denmark Holding ApS, company reg. no 31082978 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. The total tax payable under the joint taxation scheme appears from the annual report of MGS Denmark Holding ApS for 2024/25. Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities. 17.Related partiesControlling interest MGS Denmark Holding ApS, Vestre Hedevej 16, 4000 Roskilde, DenmarkMajority shareholder FT Holding AB, Götgatan 18, 334 32 Anderstorp, SwedenMajority shareholder of MGS Denmark Holding ApS MGS Mfg. Group Inc, W188 N 11707 Maple Road, Germantown, WI 53022, USAMajority shareholder of FT Holding AB TransactionsThe company has the following related party transactions: 2024/252023/24 Revenue from related parties7.669.16615.579.989 Purchased goods from related parties6.284.83016.868.121 Recharge to related parties4.259.43121.603.263 Recharge from related parties14.446.35313.439.415 Income from investments in group enterprises24.270.27414.233.825 Other financial income from related parties3.456.7723.713.998 Other financial expenses to related parties4.441.714130.165 Receivables from group enterprises178.577.392178.366.926 Payables to group enterprises15.469.121108.225.593 The annual report for MGS Roskilde A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises).   The accounting policies are unchanged from last year, and the annual report is presented in DKK. No consolidated financial statements have been prepared pursuant to section 112 (1) of the Danish Financial Statements Act. The financial statements of MGS Roskilde A/S and its group enterprises are included in the consolidated financial statements for FT Holding AB, Sverige, reg. no. 556873-4296. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Gross profitGross profit comprises the revenue, changes in work in progress, other operating income, and external costs. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Contract work in progress concerning construction contracts is recognised in the revenue concurrently with the production process. Thus, the revenue corresponds to the selling price of the total yearly production (the production method). The revenue is recognised when the total income and costs of the contract and the stage of completion on the reporting date can be reliably validated and it is deemed probable that the financial benefits will flow to the company. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation, amortisation, and write-down for the year and profit and loss on the disposal of intangible and tangible assets. Results from investment in group enterprisesAfter full elimination of intercompany profit or loss less amortised consolidated goodwill, the investment in the entity is recognised in the income statement as a proportional share of the entity’ post-tax profit or loss. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating transactions in foreign currency, amortisation of financial assets and liabilities. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The parent and the Danish group enterprises are subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. Land is not subject to depreciation. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful lifeResidual valuePlant and machinery3-7years0 %Other fixtures and fittings, tools and equipment3-7years0 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement under depreciation. LeasesThe enterprise will be applying IAS 17 as its base of interpretation for recognition of classification and recognition of leases. At their initial recognition in the statement of financial position, leases concerning property, plant, and equipment where the company holds all essential risks and advantages associated with the proprietary right (finance lease) are measured either at fair value of the asset being leased or at the present value of the future lease payments, whichever value is lower. When calculating the present value, the discount rate used is the internal rate of return of the lease or, alternatively, the borrowing rate of the enterprise. Hereafter, assets held under a finance lease are treated in the same way as other similar property, plant, and equipment. The capitalised residual lease commitment is recognised in the statement of financial position as a liability other than provisions, and the interest part of the lease is recognised in the income statement for the term of the contract. All other leases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc. Investments in group enterpriseInvestments in group enterprise is recognised and measured by applying the equity method. The equity method is used as a method of consolidation. Investments in group enterprise is recognised in the statement of financial position at the proportionate share of the enterprise's equity value. This value is calculated in accordance with the parent's accounting policies with deductions or additions of unrealised intercompany gains and losses as well as with additions or deductions of the remaining value of positive or negative goodwill calculated in accordance with the acquisition method. Negative goodwill is recognised in the income statement at the time of acquisition of the equity investment. If the negative goodwill relates to contingent liabilities acquired, negative goodwill is not recognised until the contingent liabilities have been settled or lapsed. Consolidated goodwill is amortised over its estimated useful life, which is determined on the basis of the management's experience with the individual business areas. Consolidated goodwill is amortised on a straight-line basis over the amortisation period, which represent 5-20 years. The depreciation period is determined on the basis of an assessment that these are strategically acquired enterprises with a strong market position and a long-term earnings profile. To the extent the equity exceeds the cost, the net revaluation of equity investment in group enterprise  transferred to the reserve under equity for net revaluation according to the equity method. Dividend from group enterprise expected to be adopted before the approval of this annual report are not subject to a limitation of the revaluation reserve. The reserve is adjusted by other equity movements in group enterprise. Newly acquired or newly established companies are recognised in the financial statement as of the time of acquisition. Sold or liquidated companies are recognised until the date of disposal. On the acquisition of enterprises, the acquisition method, the uniting-of-interests method or the book value method is applied, cf. the above description under Business combinations. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets as well as equity investment in group enterprise are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Contract work in progressContract work in progress is measured at the selling price of the work performed. The selling price is measured on the basis of the stage of completion on the reporting date and the total expected income from the individual work in progress. The stage of completion is calculated as the share of costs incurred in proportion to the estimated total costs of the individual work in progress. When the selling price of the individual work in progress cannot be determined reliably, the selling price is measured at the costs incurred or at net realisable value, if this is lower. The individual work in progress is recognised in the statement of financial position under accounts receivables or liabilities. Net assets consist of the sum of the work in progress, where the selling price of the work performed exceeds invoicing on account. Net liabilities consist of the sum of the work in progress, where invoicing on account exceeds the selling price. Costs in connection with sales work and the procurement of contracts are recognised in the income statement when incurred. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityReserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method comprises net revaluation of equity investments in subsidiaries, associates and equity interests proportional to cost. The reserve may be eliminated in the event of losses, realisation of equity investments, or changes in the accounting estimates. The reserve cannot be recognised by a negative amount. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, MGS Roskilde A/S is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsAlso, capitalised residual leasing liabilities associated with financial leasing contracts are recognised in the financial liabilities. Liabilities other than provisions relating to investmensts in subsidiaries are measured at amortised cost. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. The cash flow statement shows the cash flows for the year, divided in cash flows deriving from operating activities, investment activities and financing activities, respectively, the changes in the liabilities, and cash and cash equivalents at the beginning and the end of the year, respectively. The effect on cash flows derived from the acquisition and sale of enterprises appears separately under cash flows from investment activities. In the statement of cash flows, cash flows derived from acquirees are recognised as of the date of acquisition, and cash flows derived from sold enterprises are recognised until the date of sale. Cash flows from operating activitiesCash flows from operating activities are calculated as the company's share of the profit adjusted for non-cash operating items, changes in the working capital, and corporate income tax paid. Dividend income from equity investments are recognised under “Interest income and dividend received”. Cash flows from investment activitiesCash flows from investment activities comprise payments in connection with the acquisition and sale of enterprises and activities as well as the acquisition and sale of intangible assets, property, plant, and equipment, and investments, respectively. Cash flows from financing activitiesCash flows from financing activities include changes in the size or the composition of the company's share capital and costs attached to it, as well as raising loans, repayments of interest-bearing payables and payment of dividend to shareholders. Cash and cash equivalentsCash and cash equivalents comprise cash on hand and demand deposits and short-term financial instruments with a term of less than 3 months, which can easily be converted into cash and cash equivalents and are associated with an insignificant risk of value change.