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The supervisory board and executive board have today discussed and approved the annual report of EC Power A/S for the financial year 1 January - 31 December 2025. Års­rap­por­ten af­læg­ges i ov­er­ens­stem­mel­se med års­regn­skabs­lov­en. The annual report is prepared in accordance with the Danish Financial Statements Act. Det er vo­res op­fat­tel­se, at kon­cern­regn­ska­bet og års­regn­ska­bet gi­ver et ret­vi­sen­de bil­lede af kon­cer­nens og sel­ska­bets  ak­ti­ver, pas­si­ver og fi­nan­si­el­le stil­ling pr. 31. december 2025 og re­sul­ta­tet af kon­cer­nens og sel­ska­bets  ak­ti­vi­te­ter samt af kon­cer­nens pen­ge­strøm­me for regn­skabs­året 1. januar - 31. december 2025. In our opinion, the consolidated financial statements and parent financial statements give a true and fair view of the company and the group financial position at 31 December 2025 and of the results of the group and the company operations and consolidated cash flows for the financial year 1 January - 31 December 2025. Le­del­ses­be­ret­ning­en in­de­hol­der ef­ter vo­res op­fat­tel­se en ret­vi­sen­de re­de­gø­rel­se for de for­hold, be­ret­ning­en om­hand­ler. In our opinion, management's review includes a fair review of the matters dealt with in the management's review. Års­rap­por­ten ind­stil­les til ge­ne­ral­for­sam­ling­ens god­ken­del­se. Management recommends that the annual report should be approved by the company in general meeting. Bjarne Bogner direktør Flemming Hynkemejer formand Karsten Buchhave Bjarne Bogner Hans Olesen Damgaard Cord Müller Til kapitalejeren i EC Power A/S To the shareholder of EC Power A/S Konklusion Vi har re­vi­de­ret kon­cern­regn­ska­bet og års­regn­ska­bet for EC Power A/S for regn­skabs­å­ret 1. januar - 31. december 2025, der om­fat­ter re­sul­tat­op­gø­rel­se, ba­lan­ce, eg­en­ka­pi­tal­op­gø­rel­se og no­ter, her­un­der an­vendt regn­skabs­prak­sis for såvel kon­cer­nen som sel­ska­bet samt pen­ge­strøms­op­gø­rel­se for kon­cer­nen. Kon­cern­regn­ska­bet og års­regn­ska­bet ud­ar­bej­des ef­ter års­regn­skabs­lov­en.Det er vores opfattelse, at koncernregnskabet og års­regn­ska­bet giver et retvisende billede af koncernens og sel­ska­bets aktiver, passiver og finansielle stilling pr. 31. december 2025 samt af resultatet af koncernens og sel­ska­bets aktiviteter og koncernens pengestrømme for regnskabsåret 1. januar - 31. december 2025 i overensstemmelse med års­regn­skabs­lov­en. We have audited the consolidated financial statements and the parent company financial statements of EC Power A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equi­ty and notes, including summary of significant accounting policies, for both the group and the parent company as well as consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared under the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the group and the parent company's financial position at 31 December 2025 and of the results of the group and the parent company's operations and consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Grundlag for konklusion Vi har udf­ørt vores re­vi­si­on i over­ens­stem­mel­se med int­er­na­tio­na­le stand­ard­er om re­vi­si­on og de yd­er­li­ge­re krav, der er gæld­en­de i Dan­mark. Vores an­svar i­føl­ge dis­se stand­ard­er og krav er nær­me­re be­skrev­et i re­vi­si­ons­på­tegn­ing­ens af­snit “Re­vi­sors an­svar for re­vi­si­on­en af kon­cern­regn­skab­et og års­regn­ska­bet“. Vi er u­af­hæng­ige af kon­cern­en i ov­er­ens­stem­mel­se med In­ter­na­tio­nal Ethics Standards Board for Accountants' internationale retningslinjer for re­vi­so­rers etiske adfærd (IESBA’s Code) og de yd­er­lig­ere etiske krav, der er gæld­en­de i Dan­mark, li­ge­som vi har op­fyldt vores ø­vri­ge e­tis­ke for­plig­tel­ser i hen­hold til dis­se krav og IESBA Code. Det er vores op­fat­tel­se, at det op­nå­ede re­vi­si­ons­be­vis er til­stræk­ke­ligt og eg­net som grund­lag for vores konklusion. 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 parent company ” section of our report. We are independent of the group in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Led­el­sen har an­svar­et for ud­ar­bej­del­sen af et kon­cern­regn­skab og et års­regn­skab, der gi­ver et ret­vi­sen­de bil­le­de i over­ens­stem­mel­se med års­regn­skabs­lov­en. Led­el­sen har end­vi­de­re an­svar­et for den in­ter­ne kon­trol, som led­el­sen an­ser for nød­ven­dig for at ud­ar­bej­de et kon­cern­regn­skab og et års­regn­skab ud­en væ­sent­lig fejl­in­for­ma­ti­on, u­an­set om den­ne skyl­des be­svig­el­ser el­ler fejl.Ved ud­ar­bej­del­sen af koncernregnskabet og års­regn­skab­et er led­el­sen an­svar­lig for at vur­de­re kon­cern­ens og sel­skab­ets ev­ne til at fort­sæt­te drif­ten, at op­ly­se om for­hold ved­rør­en­de fort­sat drift, hvor det­te er re­le­vant, samt at ud­ar­bej­de koncernregnskabet og års­regn­skab­et på grund­lag af regn­skabs­prin­cip­pet om fort­sat drift, med­mind­re led­el­sen ent­en har til hen­sigt at li­kvi­de­re kon­cern­en eller sel­skab­et, ind­stil­le drif­ten el­ler ik­ke har and­et rea­li­stisk al­ter­na­tiv end at gø­re det­te. 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 the consolidated financial statements and the parent company financial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated financial statements and parent company 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 consolidated financial statements and parent company financial statements unless management either intends to liquidate the group or the company or to cease operations, or has no realistic alternative but to do so. Vores mål er at op­nå høj grad af sik­ker­hed for, om koncernregnskabet og års­regn­skab­et som hel­hed er ud­en væ­sent­lig fejl­in­for­ma­ti­on, u­an­set om den­ne skyld­es be­svig­el­ser el­ler fejl, og at af­gi­ve en re­vi­si­onspå­tegn­ing med en kon­klu­si­on. Høj grad af sik­ker­hed er et højt ni­veau af sik­ker­hed, men er ik­ke en ga­ran­ti for, at en re­vi­si­on, der ud­fø­res i over­ens­stem­mel­se med in­ter­na­tio­na­le stan­dard­er om re­vi­sio­n og de yd­er­lig­ere krav, der er gæld­en­de i Dan­mark, al­tid vil af­dæk­ke væ­sent­lig fejl­in­for­ma­ti­on, når så­dan find­es. Fej­lin­for­ma­ti­on­er kan op­stå som føl­ge af be­svig­el­ser el­ler fejl og kan be­trag­tes som væ­sent­li­ge, hvis det med ri­me­lig­hed kan for­ven­tes, at de en­kelt­vis el­ler sam­let har ind­flyd­el­se på de ø­ko­no­mi­ske be­slut­ning­er, som regn­skabs­brug­er­ne træf­fer på grund­lag af koncernregnskabet og års­regn­skab­et.Som led i en re­vi­si­on, der ud­fø­res i ov­er­ens­stem­mel­se med in­ter­na­tio­na­le stan­dard­er om re­vi­si­on og de yd­er­lig­ere krav, der er gæld­en­de i Dan­mark, fo­re­tag­er vi fag­lige vur­de­ring­er og op­ret­hold­er pro­fes­sio­nel skep­sis und­er re­vi­si­on­en. Her­ud­over:I­den­ti­fi­cer­er og vur­de­rer vi ri­si­ko­en for væ­sent­lig fejl­in­for­ma­ti­on i kon­cern­regn­ska­bet og års­regn­ska­bet, u­an­set om den­ne skyld­es be­svig­el­ser el­ler fejl, ud­form­er og ud­fø­rer re­vi­si­ons­hand­ling­er som re­ak­tion på dis­se ri­si­ci samt op­når re­vi­si­ons­be­vis, der er til­stræk­ke­ligt og egn­et til at dan­ne grund­lag for vores kon­klu­si­on. Ri­si­ko­en for ik­ke at op­dage væ­sent­lig fejl­in­for­ma­ti­on for­år­sag­et af be­svig­el­ser er høj­ere end ved væ­sent­lig fejl­in­for­ma­ti­on for­år­sag­et af fejl, i­det be­svig­el­ser kan om­fat­te sam­men­svær­gel­ser, do­ku­ment­falsk, be­vid­ste ude­lad­el­ser, vild­led­ning el­ler til­si­de­sæt­tel­se af in­tern kon­trol.Op­når vi for­stå­el­se af den int­er­ne kon­trol med re­le­vans for re­vi­si­on­en for at kun­ne ud­for­me re­vi­si­ons­hand­ling­er, der er pas­sen­de ef­ter om­stæn­dig­hed­er­ne, men ik­ke for at kun­ne ud­tryk­ke en kon­klu­si­on om ef­fek­ti­vi­tet­en af kon­cern­ens og sel­ska­bets in­ter­ne kon­trol.Tag­er vi stil­ling til, om den regn­skabs­prak­sis, som er an­vendt af led­el­sen, er pas­sen­de, samt om de regn­skabs­mæs­sige skøn og til­knyt­tede op­lys­ning­er, som led­el­sen har ud­ar­bej­det, er ri­me­li­ge.Kon­klu­de­rer vi, om led­el­sens ud­arbej­del­se af koncernregnskabet og års­regn­skab­et på grund­lag af regn­skabs­prin­cip­pet om fort­sat drift er pas­sen­de, samt om der på grund­lag af det op­nå­ede re­vi­si­ons­be­vis er væ­sent­lig u­sik­ker­hed for­bund­et med be­giv­en­hed­er el­ler for­hold, der kan ska­be be­ty­de­lig tvivl om kon­cern­ens og selskabets ev­ne til at fort­sæt­te drift­en. Hvis vi kon­klu­de­rer, at der er en væ­sent­lig u­sik­ker­hed, skal vi i vores re­vi­si­ons­på­tegn­ing gø­re op­mærk­som på op­lys­ning­er her­om i koncernregnskabet og års­regn­skab­et el­ler, hvis så­dan­ne op­lys­ning­er ik­ke er til­stræk­ke­li­ge, mo­di­fi­ce­re vores kon­klu­si­on. Vores kon­klu­si­on­er er ba­se­ret på det re­vi­si­ons­be­vis, der er op­nå­et frem til da­to­en for vores re­vi­si­ons­på­tegn­ing. Frem­ti­di­ge be­gi­ven­hed­er el­ler for­hold kan dog med­fø­re, at kon­cern­en og selskabet ik­ke læng­ere kan fort­sæt­te drif­ten.Tager vi stilling til den samlede præsentation, struktur og indhold af koncernregnskabet og års­regn­skab­et, herunder noteoplysningerne, samt om koncernregnskabet og års­regn­skab­et afspejler de underliggende transaktioner og begivenheder på en sådan måde, at der gives et retvisende billede heraf.Planlægger og udfører vi koncernrevisionen for at opnå tilstrækkeligt og egnet revisionsbevis vedrørende de finansielle oplysninger for virksomhederne eller forretningsenhederne i koncernen som grundlag for at udforme en konklusion om koncernregnskabet og årsregnskabet. Vi er ansvarlige for at lede, føre tilsyn med og gennemgå det udførte revisionsarbejde med henblik på koncernrevisionen. Vi er eneansvarlige for vores revisionskonklusion.Vi kom­mu­ni­ke­rer med den øv­er­ste led­el­se om blandt and­et det plan­lagte om­fang og den tids­mæs­sige pla­ce­ring af re­vi­si­on­en samt be­ty­de­li­ge re­vi­si­ons­mæs­si­ge ob­ser­va­ti­on­er, her­und­er ev­en­tu­el­le be­ty­de­li­ge mang­ler i int­ern kon­trol, som vi i­den­ti­fi­ce­rer und­er re­vi­si­on­en. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and parent company 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 parent company 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 consolidated financial statements and parent company 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 consolidated financial statements and parent company 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 consolidated financial statements and parent company 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 parent company financial statements, including the disclosures, and whether the consolidated financial statements and parent company 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 Group 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. Udtalelse om ledelsesberetningenLed­el­sen er an­svar­lig for led­el­ses­be­ret­ning­en.Vores kon­klu­si­on om koncernregnskabet og års­regn­skab­et om­fat­ter ik­ke led­el­ses­be­ret­ning­en, og vi ud­tryk­ker ing­en form for kon­klu­si­on med sik­ker­hed om led­el­ses­be­ret­ning­en.I til­knyt­ning til vores re­vi­si­on af kon­cern­regn­skab­et og års­regn­skab­et er det vores an­svar at læse led­el­ses­be­ret­ning­en og i den for­bind­el­se ov­er­ve­je, om led­el­ses­be­ret­ning­en er væ­sent­ligt in­kon­si­stent med kon­cern­regn­skab­et eller års­regn­skab­et el­ler vores vi­den op­nå­et ved re­vi­si­on­en el­ler på and­en må­de sy­nes at in­de­hol­de væ­sent­lig fejl­in­for­ma­ti­on.Vores an­svar er der­ud­ov­er at ov­er­ve­je, om led­el­ses­be­ret­ning­en in­de­hold­er kræ­ve­de op­lys­ning­er i hen­hold til års­regn­skabs­lov­en.Ba­se­ret på det ud­før­te ar­bej­de er det vores op­fat­tel­se, at led­el­ses­be­ret­ning­en er i over­ens­stem­mel­se med koncernregnskabet og års­regn­skab­et og er ud­ar­bej­det i over­ens­stem­mel­se med års­regn­skabs­lov­ens krav. Vi har ik­ke fund­et væ­sent­lig fejl­in­for­ma­ti­on i led­el­ses­be­ret­ning­en. Statement on management's reviewManagement is responsible for management's review.Our opinion on the consolidated financial statements and parent company 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 consolidated financial statements and parent company financial statements, 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 and 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 management's review is in accordance with the consolidated financial statements and 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 of management's review. Skanderborg 2026-04-07 ADVOSION Michael Rathleff Algren Statsautoriseret revisor mne35388 EC Power A/S Samsøvej  25 8382  Hinnerup 19228509 Favrskov 37557064 Dronning Sophies Allé 7D 8660 Skanderborg Set over en 5-årig periode kan sel­ska­bets udvikling beskrives ved følgende hoved- og nøgletal: Seen over a 5-year period, the development of the Company may be described by means of the following financial highlights: 56854000 81017000 82555000 -4639000 16597000 22349000 240000 491000 890000 1048000 -67000 -2980000 13593000 17080000 133300000 141742000 141572000 -729000 -1333000 -2028000 -1136000 -1554000 98846000 101944000 105897000 -9441000 483000 28360000 -4262000 -1701000 -6249000 92000 -14949000 -7494000 -2206000 -7000000 -13611000 -16166000 14618000 93 102 96 81.3 79.9 74.2 71.9 74.8 3.5 -10.2 -3.0 13.1 16.9 Koncernens og selskabets væ­sent­lig­ste ak­ti­vi­te­terKoncernens aktiviteter omfatter udvikling, produktion og salg af mikrokraftvarmeløsninger (micro combined heat and power, mCHP) samt beslægtede energiteknologiske løsninger. Koncernen opererer primært på de europæiske og nordamerikanske markeder gennem moderselskabet EC Power A/S samt de 100 % ejede datterselskaber i Tyskland og USA. Business reviewThe Group’s activities comprise the development, production, and sale of micro combined heat and power solutions (mCHP), as well as related energy technology solutions. The Group operates primarily in the European and North American markets through the parent company EC Power A/S and its wholly owned subsidiaries in Germany and the United States. Usikkerhed ved indregning og målingDer er ikke forekommet usikkerhed ved ind­reg­ning og måling i årsrapporten. Recognition and measurement uncertaintiesThe recognition and measurement of items in the annual report is not associated with any uncertainty. Usædvanlige forholdKoncernens ak­ti­ver, pas­si­ver og fi­nan­si­el­le stil­ling pr. 31. december 2025 samt re­sul­ta­tet af koncernens ak­ti­vi­te­ter og pen­ge­strøm­me for regn­skabs­året 2025 er ik­ke på­vir­ket af u­sæd­van­li­ge for­hold. Unusual mattersThe group's financial position at 31 December 2025 and the results of its operations and cash flows for the financial year ended 31 December 2025 are not affected by any unusual matters. Udviklingen i aktiviteter og økonomiske forholdKoncernens resultatopgørelse for 2025 udviser et overskud på kr. 3.154.810, og koncernens balance pr. 31. december 2025 udviser en egenkapital på kr. 92.353.656.Regnskabsåret 2025 har været kendetegnet ved en stabilisering og forbedring af koncernens indtjening sammenlignet med de foregående år. Koncernen realiserede i 2025 et positivt resultat efter skat på 3,1 mio. kr. mod et underskud året før. Årets resultat svarer til de forventninger, der blev fastlagt sidste år.   Ledelsen vurderer koncernens kapitalberedskab som tilfredsstillende og tilstrækkeligt til at understøtte den fortsatte drift og planlagte udviklingsaktiviteter. Financial review The group's income statement for the year ended 31 December 2025 shows a profit of kr. 3.154.810, and the balance sheet at 31 December 2025 shows equity of kr. 92.353.656.The financial year 2025 was characterized by a stabilization and improvement in the Group’s earnings compared to previous years. In 2025, the Group achieved a positive result after tax of DKK 3.1 million, compared to a loss in the prior year. The results for the year are in line with the expectations set in the previous year.   Management considers the Group’s capital resources to be satisfactory and sufficient to support continued operations and planned development activities. Betydningsfulde hændelser, som er indtruffet efter regnskabsårets afslutningDer er ef­ter regn­skabs­årets af­slut­ning ik­ke ind­truf­fet be­gi­ven­he­der, som væ­sent­ligt vil kun­ne på­vir­ke koncernens fi­nan­si­el­le stil­ling. Significant events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the the group's financial position. Målsætninger og forventninger for det kommende årFor regnskabsåret 2026 forventer ledelsen en fortsat positiv udvikling i omsætning og indtjening, understøttet af igangværende produktudvikling, styrket markedsposition og fortsat fokus på omkostningseffektiv drift. Koncernen forventer at fastholde et tilfredsstillende kapitalberedskab og fortsætte investeringer i udviklingsaktiviteter. Targets and expectations for the year aheadFor the financial year 2026, management expects continued positive development in revenue and earnings, supported by ongoing product development, a strengthened market position, and a continued focus on cost-efficient operations. The Group expects to maintain a satisfactory capital preparedness and to continue investments in development activities. VidensressourcerKoncernens vigtigste vidensressourcer er de højt specialiserede medarbejdere inden for udvikling, produktion, service og salg. Ledelsen prioriterer fortsat fastholdelse og udvikling af medarbejderkompetencer som et centralt element i koncernens fremtidige vækst. Intellectual capital resourcesThe Group’s most important knowledge resources are its highly specialized employees within development, production, service, and sales. Management continues to prioritize the retention and development of employee competencies as a key element of the Group’s future growth. Eksternt miljøKoncernen er påvirket af udviklingen på energimarkederne, herunder energipriser, regulering og den generelle omstilling mod mere energieffektive og bæredygtige løsninger. Ledelsen vurderer, at disse forhold på både kort og lang sigt understøtter efterspørgslen efter koncernens produkter. External environmentThe Group is affected by developments in the energy markets, including energy prices, regulation, and the general transition toward more energy-efficient and sustainable solutions. Management assesses that these factors support demand for the Group’s products in both the short and long term. Forskning og udviklingKoncernen har i 2025 fortsat et betydeligt fokus på forskning og udvikling med henblik på videreudvikling af eksisterende produktplatforme samt udvikling af nye og mere effektive løsninger. Udviklingsprojekterne forløber planmæssigt, og flere produkter forventes færdiggjort i 2026 og 2027. Udviklingsaktiviteterne understøtter koncernens langsigtede strategi om teknologisk førerposition og øget konkurrenceevne. Research and developmentIn 2025, the Group has maintained a significant focus on research and development with the aim of further developing existing product platforms as well as developing new and more efficient solutions. The development projects are progressing according to plan, and several products are expected to be completed in 2026 and 2027. The development activities support the Group’s long-term strategy of technological leadership and increased competitiveness. Årets resultat sammenholdt med senest offentliggjorte forventningLedelsens forventede et positivt resultat for regnskabsåret 2025. Udviklingen i resultatet i forhold til forventningerne er beskrevet under afsnittet "Udvikling i aktiviteter og økonomiske forhold". Profit/(loss) for the year relative to the expectations most recently expressedManagement expected a positive result for the financial year 2025. The development in the result compared to expectations is described in the section "Financial review " 63143052 52722801 56662916 59491088 3057401 5322771 3422735 -12091058 0 0 534379 925386 294464 434517 3662650 -11600189 507840 -2021393 3154810 -9578796 5061045 4519153 2831948 522877 2291426 5396879 10184419 10438909 2466584 2868383 358044 436350 2824628 3304733 0 0 1762898 1803001 237324 266957 2000222 2069958 15009269 15813600 47240686 53864157 1457071 2599741 18876973 15257336 0 26743 67574730 71747977 17513311 10132150 0 0 1337350 757682 2970750 0 394530 1952621 788064 1555848 23004005 14398301 8002659 10208476 98581394 96354754 113590663 112168354 6000000 6000000 0 0 5734927 7734506 0 -82209 80618729 75980437 92353656 89632734 1329400 920966 1500000 4000000 2829400 4920966 4206653 4141152 4206653 4141152 104551 0 8328821 5984762 12605 0 99220 0 5655757 7488740 14200954 13473502 18407607 17614654 113590663 112168354 6000000 7734506 -82209 75980437 0 0 -351679 -82209 0 -690056 256168 -1309523 4464333 6000000 5734927 0 80618729 3154810 -9578796 511809 1055222 -5463197 6485516 -1796578 -2038058 534379 925386 -294464 -434517 -1556663 -1547189 1557905 544306 1242 -1002883 -1683988 -4795131 -729256 -1332979 29633 -14999 6500 2000 -2377111 -6141109 170052 144452 170052 144452 -2205817 -6999540 10208476 17208016 8002659 10208476 8002659 10208476 47977802 52793060 3520486 3716911 3160820 726173 2003808 2254944 56662916 59491088 3842960 3980306 84 85 1853171 2054105 1118922 1357764 85308 1910902 3057401 5322771 44662 20409 97015 678395 392702 226582 534379 925386 294464 434517 294464 434517 99406 31687 533120 -2087973 -124686 34893 0 0 -1309523 -2471588 4464333 -7107208 19756711 3840405 8847561 2135459 682450 1001538 0 0 -2135459 0 1886225 -1886225 21892170 6409080 5827415 -15237558 -3317528 -3450681 -1593567 -259604 -85308 -16831125 -3577132 -3535989 5061045 2831948 2291426 Udviklingsprojekter vedrører udvikling af nye forbedrede versioner af EC Powers eksisterende produkter samt nye produkter til markedet. Flere af produkterne forventes færdiggjort i 2026 og enkelte i 2027. Projekterne forløber som planlagt ved anvendelse af de ressourcer, som ledelsen har afsat til udviklingen. Det forventes, at produkterne skal sælges på nuværende- og nye markeder til koncernens eksisterende kunder og mulige nye kunder. Forud for igangsætningen af projekterne har EC Power hos kunderne undersøgt behovet for et opdateret produktprogram, hvilket blev godt modtaget. Development projects relate to the development of new improved versions of EC Power's existing products as well as new products for the market. Several of the products are expected to be completed in 2026 and some in 2027. The projects are proceeding as planned using the resources allocated to the development by Management. It is expected that the products will be sold in current and new markets to the Group's existing customers and potential new customers. Prior to the launch of the projects, EC Power has examined the need for an updated product programme with their customers, which was well received. 15924661 7061284 -3875 -13003 729256 0 -76525 0 16573517 7048281 13056278 6624934 -1664 -1301 1052319 66604 -14106933 6690237 2466584 358044 NavnHjemstedSelskabskapitalEjerandelNameRegistered officeShare capitalOwnership interestEC-Power GmbHBerlinTEUR 200100%American EC Power Inc.New YorkTUSD 100100% EC-Power GmbH Berlin 100 American EC Power Inc. New York 100 46890 266957 -2204 -29633 44686 237324 1756111 0 -82561 0 44662 0 1718212 0 1762898 237324 Tilgodehavende hos virksomhedsdeltager og ledelse i 2025 vedrører tilgodehavende hos Menved Holding ApS.   The receivable from company participant and management in 2025 relates to receivables from Menved Holding ApS. Pe­ri­ode­af­græns­nings­pos­ter ud­gø­res af for­ud­be­tal­te om­kost­nin­ger ved­rø­ren­de hus­leje, for­si­krings­præ­mi­er, abon­ne­men­ter og ren­ter . Prepayments comprise prepaid expenses regarding rent, insurance premiums, subscriptions and interest. Virksomhedskapitalen består af 6.000.000 aktier à nominelt kr. 1. Ingen anparter er tillagt særlige rettigheder.Der har ikke været ændringer i virksomhedskapitalen i de seneste 5 år. 6000000 1 The share capital consists of 6,000,000 shares of a nominal value of kr. 1. No shares carry any special rights.There have been no changes in the share capital during the last 5 years. Hensættelse til udskudt skat 1. januar 2025 920.9661.993.041920.9661.993.041Provision for deferred tax at 1 January 2025 Udskudt skat indregnet i resultatopgørelsen  533.120-2.087.973533.120-2.087.973Deferred tax recognised in income statement Overført til tilgodehavende selskabsskat, netto (skattekreditordningen) -124.6861.015.898-124.6861.015.898Transferred to corporate tax receivable, net (tax credit scheme) Hensættelse til udskudt skat 31. december 2025 1.329.400920.9661.329.400920.966Provision for deferred tax at 31 December 2025  Saldo primo 1. januar 2025 4.000.0006.000.0004.000.0006.000.000Balance at beginning of year at 1 January 2025 Anvendt i året -2.500.000-2.000.000-2.500.000-2.000.000Applied in the year Saldo ultimo 31. december 2025 1.500.0004.000.0001.500.0004.000.000Balance at 31 December 2025Koncernen giver 1 til 5 års reklamation/garanti på visse produkter og forpligter sig derved til at reparere eller erstatte varer, som ikke er tilfredsstillende. Der er indregnet andre hensatte forpligtelser på TDKK 1.500 (2024: TDKK 4.000) til forventede garantikrav på grundlag af tidligere erfaringer og fremtidige forventninger vedrørende niveauet for reparationer. 4000000 6000000 1500000 4000000 The Group provides warranties of 1 to 5 years on some of its products and is therefore obliged to repair or replace goods which are not satisfactory. Based on previous experience and future expectations in respect of the level of repairs and returns, other provisions of DKK 1,500k (2024: DKK 4,000k) have been recognised for expected warranty claims. 4141152 4311204 104551 4155352 Der er ikke efter balancedagen indtruffet forhold, som har væsentlig indflydelse på bedømmelsen af årsrapporten.    No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Leje- og leasingforpligtelserRent and lease liabilitiesLea­sing­for­pligt­el­ser fra o­pe­ra­ti­on­el lea­sing. Sam­led­e frem­tid­i­ge lea­sing­yd­el­ser:Operating lease liabilities. Total future lease payments:Inden for et år1.418.8071.861.675115.277228.165Within 1 yearMellem 1 og 5 år557.1791.675.790345.406184.283Between 1 and 5 yearsEfter 5 år0000After 5 years1.975.9863.537.465460.683412.448Lejeforpligtelser, uopsigelighedsperiode på 14-67 mdr.14.810.22319.004.59513.136.99916.602.694Lease liabilities, with 14-67 -month period of interminability Selskabet har afgivet en selvskyldnerkaution overfor datterselskabet EC Power GmbHs bankforbindelse. Pr. statusdagen udgør bankbeholdningen et indestående på TDKK 3.820. The Company has issued a letter of unlimited surety in favour of the subsidiary EC Power GmbH's bank. As  of 31 December 2025 the cash in hand amounts to DKK 3,820k. Til sik­ker­hed for bank­gæld har selskabet gi­vet pant t.kr. 25.000 i nu­væ­ren­de og frem­ti­di­ge er­hver­vel­ser af simle fordringer/varedebitorer, lagerbeholdning, immaterielle rettigheder og driftsinventar/driftsmateriel efter reg­ler­ne om virk­som­heds­pant (flydende pant). Den bog­førte vær­di af ak­ti­ver om­fat­tet af virk­som­heds­pan­tet ud­gør pr. 31. december 2025 t.kr. 77.238.  The company has placed existing and future purchases of simple receivables, inventory, intangible assets and operating equipment/equipment as security for bank debt in accordance with the rules on company charges (floating charges). The carrying amount of assets covered by the company charge totals DKK 77,238 thousand at 31 December 2025. Der er ingen bestemmende indflydelse. There is no controlling interest. Selskabet har valgt kun at oplyse om transaktioner, der ikke er foretaget på normale markedsvilkår efter årsregnskabslovens § 98 c, stk. 7. The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act -534379 -925386 294464 434517 3050901 5320771 507840 -2021393 -2500000 -2000000 -307017 246713 4173247 9396903 -10163796 6079834 527352 -8991221 -5463197 6485516 Årsrapporten for EC Power A/S for 2025 er aflagt i overensstemmelse med årsregnskabslovens bestemmelser  for mel­lem­sto­re virk­som­he­der i regn­skabs­klas­se C.Den an­vend­te regn­skabs­prak­sis er u­æn­dret i for­hold til sid­ste år.Årsrapporten for 2025 er aflagt i kr. The annual report of EC Power A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act ap­plying to me­di­um-sized en­ter­pri­ses of re­por­ting class C.The accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in kr. I re­sul­tat­op­gø­rel­sen ind­reg­nes ind­tæg­ter i takt med, at de ind­tje­nes. Her­ud­over ind­reg­nes vær­di­re­gu­le­ring­er af fi­nan­si­el­le ak­ti­ver og for­plig­tel­ser. I re­sul­tat­op­gø­rel­sen ind­reg­nes li­ge­le­des al­le om­kost­nin­ger, her­under af­skriv­nin­ger og ned­skriv­nin­ger. Ak­ti­ver ind­reg­nes i ba­lan­cen, når det er sand­syn­ligt, at frem­ti­di­ge ø­ko­no­mis­ke for­de­le vil til­fly­de kon­cer­nen og mo­der­sel­ska­bet og ak­ti­vets vær­di kan må­les på­li­de­ligt.For­plig­tel­ser ind­reg­nes i ba­lan­cen, når det er sand­syn­ligt, at frem­ti­di­ge ø­ko­no­mis­ke for­de­le vil fra­gå kon­cer­nen og mo­der­sel­ska­bet, og for­plig­tel­sens vær­di kan må­les på­li­de­ligt.Ved før­ste ind­reg­ning må­les ak­ti­ver og for­plig­tel­ser til kost­pris. Ef­ter­­føl­gen­de må­les ak­ti­ver og for­­plig­tel­ser som be­skre­vet for hver en­kelt regn­skabs­post ne­den­for.Vis­se fi­nan­si­el­le ak­ti­ver og for­plig­tel­ser må­les til a­mor­ti­se­ret kost­pris, hvor­ved der ind­reg­nes en kon­stant ef­fek­tiv ren­te over lø­be­ti­den. A­mor­ti­se­ret kost­pris op­gø­res som op­rin­de­lig kost­pris med fra­drag af e­ven­tu­el­le af­drag samt til­læg/fra­drag af den ak­ku­mu­le­re­de a­mor­ti­se­ring af for­skel­len mel­lem kost­pris og no­mi­nelt be­løb. Ved ind­reg­ning og må­ling ta­ges hen­syn til for­ud­si­ge­li­ge tab og ri­si­ci, der frem­kom­mer, in­den årsrapporten af­læg­ges, og som be- el­ler af­kræf­ter for­hold, der ek­si­ste­re­de på ba­lan­ce­da­gen. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, 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 group's and the parent company's 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 from the group's and the parent company's and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. Kon­cern­regn­ska­bet om­fat­ter mo­der­virk­som­he­den EC Power A/S og dat­ter­virk­som­he­der, hvor­i EC Power A/S di­rek­te el­ler in­di­rek­te be­sid­der me­re end 50% af stem­me­ret­tig­he­der­ne el­ler på an­den må­de har be­stem­men­de ind­fly­del­se. Virk­som­he­der, hvori kon­cer­nen be­sid­der mel­lem 20% og 50% af stem­me­ret­tig­he­der­ne og ud­øver be­ty­de­lig, men ik­ke be­stem­men­de ind­fly­del­se, be­trag­tes som kapitalinteresser eller as­so­ci­ere­de virk­som­he­der, jf. kon­cern­ov­er­sig­ten.Koncernregnskabet er ud­ar­bej­det som et sam­men­drag af mo­der­sel­ska­bets og dat­ter­virk­som­he­ders års­regn­ska­ber ved sam­men­læg­ning af ens­ar­te­de regn­skabs­po­ster. Ved kon­so­li­de­rin­gen fo­re­ta­ges e­li­mi­ne­ring af kon­cern­in­ter­ne ind­tæg­ter og om­kost­nin­ger, ak­tie­be­sid­el­ser, in­ter­ne mel­lem­vær­en­der og ud­byt­ter samt re­a­li­se­re­de og u­re­a­li­se­re­de for­tjen­es­ter og tab ved trans­ak­tio­ner mel­lem kon­so­li­de­re­de virk­som­he­der.Ka­pi­tal­an­de­le i dat­ter­virk­som­he­der ud­lig­nes med den for­holds­mæs­si­ge an­del af dat­ter­virk­som­he­ders dags­vær­di af net­to­ak­ti­ver og for­plig­tel­ser på an­skaf­fel­ses­tids­punk­tet.Ny­er­hver­ve­de el­ler ny­stif­te­de virk­som­he­der ind­reg­nes i kon­cern­regn­ska­bet fra det tids­punkt, hvor der op­nås kon­trol. Solg­te el­ler af­vik­le­de virk­som­he­der, ind­reg­nes i den kon­so­li­de­re­de re­sul­tat­op­gør­el­se frem til af­stå­el­ses­tids­punk­tet. Sam­men­lig­nings­tal kor­ri­ge­res ik­ke for ny­er­hver­ve­de, solg­te el­ler af­vik­le­de virk­som­he­der. The consolidated financial statements comprise the parent company EC Power A/S and subsidiaries in which the parent company, directly or indirectly, holds more than 50% of the voting rights or otherwise has a controlling interest. Entities in which the Group holds between 20% and 50% of the voting rights and over which it exercises significant influence, but which it does not control, are considered participating interests or associates, cf. the group chart.The consolidated financial statements are prepared as a consolidation of the parent company's and subsidiaries' financial statements by aggregating uniform accounting items. On consolidation, intra-group income and expenses, holdings of shares, intra-group balances and dividends as well as realised and unrealised gains and losses on intra-group transactions are eliminated.Investments in subsidiaries are set off against the proportionate share of the subsidiaries' fair value of net assets and liabilities at the acquisition date.Entities acquired or formed during the year are recognised in the consolidated financial statements from the date at which control is obtained. Entities sold during the year are recognised in the consolidated income statement until the date of disposal. Comparative figures are not restated for acquisitions or disposals. Sel­ska­bet an­ven­der be­stem­mel­sen i års­regn­skabs­lo­vens § 32, hvor­efter sel­ska­bets om­sæt­ning ik­ke er op­lyst.Bruttofortjeneste er et sam­men­drag af net­to­om­sæt­ning, æn­dring i lag­re af fær­dig­va­rer og va­rer un­der frem­stil­ling samt an­dre drifts­ind­tæg­ter med fra­drag af om­kost­ning­er til rå­va­rer og hjæl­pe­ma­te­ri­aler og an­dre eks­ter­ne om­kost­nin­ger. In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit reflects an aggregation of revenue, changes in inventories of finished goods and work in progress and other operating income less costs of raw materials and consumables and other external expenses. Ind­tæg­ter ved salg af hand­els­var­er og fær­dig­var­er ind­reg­nes i re­sul­tat­op­gø­rel­sen, hvis ri­si­ko­ov­er­gang, nor­malt ved le­ve­ring til kø­ber, har fun­det sted, og hvis ind­tæg­ten kan op­gø­res på­li­de­ligt og for­ven­tes mod­tag­et.Net­to­om­sæt­ning­en må­les til dags­vær­di­en af det af­tal­te ved­er­lag ekskl. moms og af­gif­ter op­kræ­vet på veg­ne af tred­je­part. Al­le for­mer for af­giv­ne ra­bat­ter ind­reg­nes i om­sæt­ning­en. Income from the sale of goods for resale and finished goods is recognised in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received.Revenue is measured at fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. Revenue is net of all types of discounts granted. Om­kost­ning­er til rå­va­rer og hjæl­pe­ma­te­ri­al­er in­de­hold­er det for­brug af rå­va­rer og hjæl­pe­ma­te­ri­al­er, der er an­vendt for at op­nå år­ets net­to­om­sæt­ning. Costs of raw materials and consumables include the raw materials and consumables used in generating the year’s revenue. Andre driftsindtægter indeholder regnskabsposter af sekundær karakter i forhold til virksomhedens aktiviteter, herunder fortjeneste ved salg af immaterielle og materielle anlægsaktiver, driftstabs- og konflikterstatninger samt lønrefusioner. Erstatninger indregnes, når det er overvejende sandsynligt, at virksomheden vil modtage erstatningen. The item Other operating income includes items of a secondary nature relative to the company’s activities, including gains on the sale of intangible assets and items of property, plant and equipment, operating losses, indemnities relating to operating losses and conflicts as well as payroll refunds. Indemnities are recognised when it is more probable than not that the company is going to be indemnified. Andre eksterne omkostninger om­fat­ter om­kost­ning­er til dis­tri­bu­tion, salg, re­kla­me, ad­mi­ni­stra­tion, lo­kal­er, tab på de­bi­tor­er, o­pe­ra­tio­nel­le le­a­sing­om­kost­ning­er mv. Other external expenses include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Per­so­na­le­om­kost­ning­er om­fat­ter løn og ga­ger, in­klu­si­ve fe­rie­pen­ge og pen­sion­er samt an­dre om­kost­ning­er til so­ci­al si­kring mv. til sel­skab­ets med­ar­bej­de­re. 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. Af- og ned­skriv­nin­ger af im­ma­te­ri­el­le og ma­te­ri­el­le an­lægs­ak­ti­ver in­de­hol­der år­ets af- og ned­skriv­nin­ger af im­ma­te­ri­el­le og ma­te­ri­el­le an­lægs­ak­ti­ver. Depreciation, amortisation and impairment of intangible assets and property, plant and equipment comprise the year's depreciation, amortisation and impairment of intangible assets and property, plant and equipment. Finansielle ind­tæg­ter og om­kost­nin­ger ind­reg­nes i re­sul­tat­op­gø­rel­sen med de be­løb, der ved­rø­rer regn­skabs­året. Fi­nan­siel­le pos­ter om­fat­ter ren­te­ind­tæg­ter og -om­kost­nin­ger, gæld og trans­ak­tio­ner i frem­med va­lu­ta, amor­ti­se­ring af fi­nan­siel­le ak­ti­ver og for­plig­tel­ser samt til­læg og godt­gø­rel­se un­der acon­to­skat­te­ord­nin­gen mv. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses, liabilities and foreign currency transactions, amortisation of financial assets and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, etc. I mod­er­virk­som­he­dens re­sul­tat­op­gø­rel­se ind­reg­nes den for­holds­mæs­si­ge an­del af de en­kel­te dat­ter­virk­som­he­ders re­sul­tat ef­ter skat ef­ter fuld e­li­mi­ne­ring af in­tern a­van­ce/tab. The proportionate share of the profit/loss for the year of subsidiaries is recognised in the parent company's income statement after full elimination of intra-group profits/losses. Årets skat, som be­står af årets ak­tuel­le sel­skabs­skat og æn­dring i ud­skudt skat, ind­reg­nes i re­sul­tat­op­gø­rel­sen med den del, der kan hen­fø­res til årets re­sul­tat, og di­rek­te i egen­ka­pi­ta­len med den del, der kan hen­føres til po­ste­rin­ger di­rek­te i egen­ka­pi­ta­len. Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Ud­vik­lings­pro­jek­ter, pa­ten­ter og li­cen­serUd­vik­lings­om­kost­nin­ger om­fat­ter om­kost­nin­ger, der di­rek­te kan hen­før­es til ud­vik­lings­ak­ti­vi­tet­er.Ud­vik­lings­pro­jek­ter, der er ind­reg­net i ba­lan­cen, mål­es til kost­pris med fra­drag af ak­ku­mu­le­re­de af- og ned­skriv­nin­ger.   Udviklingsprojekter, der er klart definerede og identificerbare, og hvor den tekniske gennem-førlighed, tilstrækkelige ressourcer og et potentielt fremtidigt marked eller udviklingsmulighed kan påvises, og hvor det er hensigten at fremstille, markedsføre eller anvende projektet, indregnes som immaterielle aktiver, hvis kostprisen kan opgøres pålideligt, og der er tilstrækkelig sikkerhed for, at den fremtidige indtjening kan dække produktions-, salgs- og administrations-omkostninger samt udviklingsomkostningerne. Øvrige udviklingsomkostninger indregnes i resultatopgørelsen, efterhånden som om-kostningerne afholdes.Ef­ter fær­dig­gør­el­sen af ud­vik­lings­ar­bej­det af­skri­ves ud­vik­lings­om­kost­nin­ger li­ne­ært ov­er den vur­de­re­de ø­ko­no­mis­ke brugs­tid. Af­skriv­nings­pe­ri­od­en ud­gør sæd­van­lig­vis 5 år.Pa­ten­ter og li­cen­ser må­les til kost­pris med fra­drag af ak­ku­mu­le­re­de af- og ned­skriv­nin­ger. Pa­ten­ter af­skri­ves li­ne­ært ov­er den res­te­ren­de pa­tent­pe­ri­ode, og li­cen­ser af­skri­ves ov­er af­ta­le­pe­ri­od­en, dog mak­si­malt 3 år. Development projects, patents and licencesDevelopment costs comprise costs that are directly attributable to the company's development activities.Developments projects recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.   Development projects that are clearly defined and identifiable, and for which technical feasibility, adequate resources, and a potential future market or development opportunity can be demonstrated, and where there is an intention to produce, market, or use the project, are recognized as intangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings can cover production, sales and administrative costs as well as development costs. Other development costs are recognized in the income statement as incurred.Following the completion of the development work, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually five years.Patents and licences are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight-line basis over the remaining patent period, and licences are amortised over the term of the licence, however not more than 3 years. Materielle anlægsaktiver mål­es til kost­pris med fra­drag af ak­ku­mu­le­re­de af- og ned­skriv­ning­er.Af­skriv­nings­grund­la­get er kost­pris med fra­drag af for­ven­tet rest­vær­di ef­ter af­slut­tet brugs­tid.Kost­pris om­fat­ter an­skaf­fel­ses­pri­sen og om­kost­nin­ger di­rek­te til­knyt­tet an­skaf­fel­sen ind­til det tids­punkt, hvor ak­ti­vet er klar til brug.Der fo­re­tag­es li­neæ­re af­skriv­ning­er ba­se­ret på føl­gen­de vur­de­ring af ak­ti­ver­nes for­ven­te­de brugs­tider og rest­vær­di­er:BrugstidRestværdiUseful lifeResidual value Andre anlæg, driftsmateriel og inventar 3-10 år0 %Other fixtures and fittings, tools and equipment 3-10 years0 %Indretning af lejede lokaler 10 år0 %Leasehold improvements 10 years0 %Ak­tiv­er med en kost­pris på und­er kr. 34.400 om­kost­nings­fø­res i an­skaf­fel­ses­år­et.Brugstiden og rest­vær­di­en re­vur­de­res år­ligt. En æn­dring be­hand­les som et regn­skabs­mæs­sigt skøn, og ind­virk­nin­gen på af­skriv­nin­ger ind­reg­nes frem­ad­ret­tet. Items of  plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.The depreciable amount is cost less the expected residual value at the end of the useful life.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets:Assets costing less than kr. 34.400 are expensed in the year of acquisition.The useful life and residual value are re-assessed annually. A change is accounted for as an accounting estimate, and the impact on amortisation/depreciation is recognised going forward. Kapitalandele i dattervirksomheder må­les til den for­holds­mæs­si­ge an­del af virk­som­he­dernes in­dre vær­di op­gjort ef­ter kon­cer­nens regn­skabs­prak­sis med fra­drag el­ler til­læg af urea­li­se­re­de kon­cern­in­ter­ne avan­cer og tab og med til­læg af re­ste­ren­de mer­vær­di­er og po­si­tiv good­will op­gjort ef­ter over­ta­gel­ses­me­to­den. Ne­ga­tiv good­will ind­reg­nes i re­sul­tat­op­gø­rel­sen ved kø­bet af ka­pi­tal­an­de­len. Ved­rø­rer den ne­ga­ti­ve good­will over­tag­ne even­tu­al­for­plig­tel­ser, ind­tægts­fø­res ne­ga­tiv good­will først, når even­tu­al­for­plig­tel­ser­ne er af­vik­let el­ler bort­fal­det.Ka­pi­tal­an­de­le i dattervirksomheder med regn­skabs­mæs­sig ne­ga­tiv in­dre vær­di må­les til kr. 0, og et e­ven­tu­elt til­go­de­hav­en­de hos dis­se virk­som­hed­er ned­skri­ves, i det om­fang til­go­de­hav­en­det er u­er­hol­de­ligt. I det om­fang mo­der­virk­som­he­den har en ret­lig el­ler fak­tisk for­pligt­el­se til at dæk­ke en und­er­ba­lan­ce, der ov­er­sti­ger til­go­de­hav­en­det, ind­reg­nes det res­te­ren­de be­løb und­er hen­sat­te for­pligt­el­ser.Net­to­op­skriv­ning af ka­pi­tal­an­de­le i dat­ter­virk­som­he­der bin­des som re­ser­ve for net­to­op­skriv­ning ef­ter den in­dre vær­dis me­to­de un­der eg­en­ka­pi­tal­en, i det om­fang den regn­skabs­mæs­si­ge vær­di ov­er­sti­ger kost­pri­sen. Investments in subsidiaries are measured at the proportionate share of the net asset value of the entities, calculated on the basis of the group's accounting policies, plus or less unrealised intra-group gains or losses and plus or less any remaining value of positive or negative goodwill stated according to the purchase method. Negative goodwill is recognised in the income statement on acquisition. Where the negative goodwill relates to contingent liabilities having been taken over, the negative goodwill is not recognised until the contingent liabilities have been settled or no longer exist.Investments in subsidiaries with a negative net asset value are measured at DKK 0, and the carrying amount of any receivables from these entities is reduced to the extent that they are considered irrecoverable. If the parent company has a legal or constructive obligation to cover a deficit that exceeds the receivable, the balance is recognised under provisions.Net revaluations of investments in subsidiaries are taken to the net revaluation reserve according to the equity method in so far as that the carrying amount exceeds the cost. Ka­pi­tal­an­de­le, som ikke handles på et aktiv marked, måles til dagsværdi. Kan en dagsværdi ikke bestemmes, måles kapitalandele til kostpris. Investments which are not traded in an active market are measured at fair value. If a fair value cannot be determined, investments are measured at cost price. Varebeholdninger må­les til kost­pris ef­ter FIFO-me­to­den.  Er net­to­rea­li­sa­tions­vær­di­en la­ve­re end kost­pri­sen, ned­skri­ves til den­ne la­ve­re vær­di.Kost­pris for han­dels­var­er samt rå­var­er og hjæl­pe­ma­te­ria­ler om­fat­ter an­skaf­fel­ses­pris med til­læg af hjem­ta­gel­ses­om­kost­ning­er.Kost­pris for frem­stil­le­de fær­dig­var­er samt var­er und­er frem­stil­ling om­fat­ter kost­pris for rå­va­rer, hjæl­pe­ma­te­ri­a­ler, di­rek­te løn og in­di­rek­te pro­duk­tions­om­kost­ning­er.Net­to­reali­sa­tions­vær­di­en for varebeholdninger op­gø­res som for­ven­tet salgs­pris med fra­drag af di­rek­te fær­dig­gø­rel­ses­om­kost­nin­ger og om­kost­nin­ger, der af­hol­des for at ef­fek­tu­ere sal­get. Vær­di­en fast­sæt­tes un­der hen­syn­ta­gen til va­re­be­hold­nin­gers om­sæt­te­lig­hed, u­ku­rans og for­ven­tet ud­vik­ling i salgs­pris. Stocks are mea­sured at cost using the FIFO method.  Where the net realisable value is lower than the cost, inventories are recognised at this lower value.The cost of goods for resale, raw materials and consumables comprises the purchase price plus delivery costs.The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct cost of labour and production/production overheads.The net realisable value of stocks is calculated as the expected selling price less direct costs of completion and expenses incurred to effect the sale. The net realisable value is determined taking into account marketability, obsolescence and expected selling price movements. Den regn­skabs­mæs­si­ge vær­di af im­ma­te­ri­el­le og ma­te­ri­el­le an­lægs­ak­ti­ver samt ka­pi­tal­an­de­le i dat­ter­virk­som­he­der, as­so­cie­re­de virk­som­hed­er og ka­pi­tal­in­te­res­ser vur­der­es år­ligt for in­di­ka­tion­er på vær­di­for­ring­el­se, ud ov­er det som ud­tryk­kes ved af­skriv­ning.Fo­re­lig­ger der in­di­ka­tion­er på vær­di­for­rin­gel­se, fo­re­tag­es ned­skriv­nings­test af hvert en­kelt ak­tiv el­ler grup­pe af ak­ti­ver. Der fo­re­ta­ges ned­skriv­ning til gen­ind­vin­dings­vær­di­en, hvis den­ne er la­ve­re end den regn­skabs­mæs­si­ge vær­di. The carrying amount of intangible assets, items of property, plant and equipment and investments in subsidiaries, associates and participating interests is tested annually for impairment, other than what is reflected through normal amortisation and depreciation.Where there is evidence of impairment, an impairment test is performed for each individual asset or group of assets. Write-down is made to the lower of the recoverable amount and the carrying amount. Tilgodehavender måles i balancen til amortiseret kostpris eller en lavere nettorealisationsværdi, hvilket normalt udgør nominel værdi med fradrag af nedskrivning til imødegåelse af tab. 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. Periodeafgrænsningsposter, ind­reg­net un­der om­sæt­nings­ak­ti­ver, om­fat­ter af­hold­te om­kost­ning­er ved­rø­ren­de ef­ter­føl­gen­de regn­skabs­år. Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years. Lik­vi­de behold­ning­er om­fat­ter indestå­ende i pen­ge­institut­ter. Cash and cash equivalents comprise deposits at banks. Reserve for udviklingsomkostningerI reserven ind­reg­nes et be­løb sva­ren­de til ak­ti­ve­re­de ud­vik­lings­om­kost­nin­ger. Re­ser­ven re­du­ce­res, i takt med at ud­vik­lings­om­kost­nin­ger af­skri­ves.DagsværdireserveI dagsværdireserven i kon­cern­regn­ska­bet ind­reg­nes årets va­lu­ta­kurs­æn­dring ved om­reg­ning af uden­land­ske dat­ter­virk­som­he­der til ba­lan­ce­da­gens kurs samt årets æn­dring i vær­di­re­gu­le­ring af sik­rings­in­stru­men­ter.I dagsværdireserven i mo­der­virk­som­he­den ind­reg­nes årets æn­dring i vær­di­re­gu­le­ring af sik­rings­in­stru­men­ter. Va­lu­ta­kurs­æn­drin­ger ved om­reg­ning af uden­land­ske dat­ter­virk­som­he­der, kapitalinteresser og asso­cie­re­de virk­som­he­der ind­reg­nes i net­to­re­ser­ve ef­ter in­dre vær­dis me­to­de.Re­ser­ve for net­to­op­skriv­ning ef­ter den in­dre vær­dis me­to­deReserve for net­to­op­skriv­ning efter in­dre vær­dis me­to­de i mo­der­sel­ska­bets års­regn­skab om­fat­ter net­to­op­skriv­ning af ka­pi­tal­an­de­le i dat­ter­virk­som­he­der i for­hold til kost­pris.Ud­byt­teFo­re­slå­et ud­byt­te vi­ses som en sær­skilt post un­der e­gen­ka­pi­ta­len. Ud­byt­te ind­reg­nes som en for­plig­tel­se på tids­punk­tet for ved­ta­gel­se på ge­ne­ral­for­sam­ling­en. Reserve for development costsAn amount corresponding to capitalised development costs is recognised in the reserve. The reserve is reduced as development costs are amortised.Fair value reserveThe year's changes in exchange rates from translating foreign subsidiaries based on closing rates as well as the year's changes in value adjustments of hedging instruments are recognised in the fair value reserve in the consolidated financial statements.The year's changes in value adjustments of hedging instruments are recognised in the fair value reserve in the parent company financial statements. Changes in exchange rates from translating foreign subsidiaries, participating interests and associates are recognised in the net reserve according to the equity method.Reserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method in the company's financial statements comprises net revaluation of investments in subsidiaries relative to the cost.DividendsProposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders. Hensatte forpligtelser om­fat­ter for­ven­te­de om­kost­nin­ger til ga­ran­ti­for­plig­tel­ser, tab på igang­væ­ren­de ar­bej­der, om­struk­tu­re­rin­ger mv. Hen­sat­te for­plig­tel­ser ind­reg­nes, når koncernen som føl­ge af en tid­li­ge­re be­gi­ven­hed har en retlig el­ler fak­tisk for­plig­tel­se, og det er sand­syn­ligt, at ind­fri­el­se af for­plig­tel­sen vil med­fø­re et for­brug af sel­ska­bets ø­ko­no­mis­ke res­so­ur­cer.Ga­ran­ti­for­plig­tel­ser om­fat­ter for­plig­tel­ser til ud­be­dring af ar­bej­der in­den for ga­ran­ti­pe­rio­den på 1-5 år. De hen­sat­te ga­ran­ti­for­plig­tel­ser må­les på bag­grund af er­fa­rin­ger med ga­ran­ti­ar­bej­der. Provisions comprise expected expenses relating to warranty commitments, losses on work in progress, restructuring, etc. Provisions are recognised when, as a result of a past event, the group has a legal or constructive obligation and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.Warranty commitments include expenses for remedial action within the warranty period of 1-5 years. Provisions for warranty commitments are measured and recognised based on experience gained from guarantee work. Ak­tu­el­le skat­te­for­plig­tel­ser og til­go­de­ha­ven­de ak­tuel skat ind­reg­nes i ba­lan­cen som be­reg­net skat af årets skat­te­plig­ti­ge ind­komst, re­gu­le­ret for skat af tid­li­ge­re års skat­te­plig­ti­ge ind­komster samt for be­tal­te a­con­to­skat­ter.Ud­skudt skat må­les ef­ter den ba­lan­ce­o­ri­en­te­re­de gælds­me­to­de af mid­ler­ti­di­ge for­skel­le mel­lem regn­skabs­mæs­sig og skat­te­mæs­sig vær­di af ak­ti­ver og for­plig­tel­ser op­gjort på grund­lag af den plan­lag­te an­ven­del­se af ak­ti­vet hen­holds­vis af­vik­ling af for­plig­tel­sen. Ud­skudt skat må­les til net­to­rea­li­sa­tions­vær­di.Ud­skudt skat må­les på grund­lag af de skat­te­reg­ler og skat­te­sat­ser, der med ba­lan­ce­da­gens lov­giv­ning vil være gæld­en­de, når den ud­skud­te skat for­ven­tes ud­løst som ak­tu­el skat. Æn­dring i ud­skudt skat som føl­ge af æn­drin­ger i skat­te­sat­ser ind­reg­nes i re­sul­tat­op­gø­rel­sen bort­set fra pos­ter, der føres di­rek­te på eg­en­ka­pi­ta­len.Ud­skud­te skat­te­ak­ti­ver, her­un­der skat­te­vær­di­en af frem­før­sels­be­ret­ti­get skat­te­mæs­sigt un­der­skud, må­les til den vær­di, hvor­til ak­ti­vet for­ven­tes at kun­ne re­a­li­se­res, en­ten ved ud­lig­ning i skat af frem­ti­dig ind­tje­ning el­ler ved mod­reg­ning i ud­skud­te skat­te­for­plig­tel­ser in­den for sam­me ju­ri­dis­ke skat­te­en­hed. Even­tu­el­le ud­skudte net­to­skat­te­ak­ti­ver måles til nettorealisationsværdi. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity.Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value. Gælds­for­plig­tel­ser, som om­fat­ter gæld til le­ve­ran­dø­rer, til­knyt­tede virk­som­he­der samt an­den gæld, må­les til amor­ti­se­ret kost­pris, hvil­ket sæd­van­lig­vis sva­rer til no­mi­nel vær­di. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. Trans­ak­tio­ner i frem­med va­lu­ta om­reg­nes ved første ind­reg­ning til trans­ak­tions­da­gens kurs. Va­lu­ta­kurs­dif­fe­ren­cer, der op­står mel­lem trans­ak­tions­da­gens kurs og kur­sen på be­talings­da­gen, ind­reg­nes i re­sul­tat­op­gø­rel­sen som en fi­nan­siel post. Hvis va­lu­ta­in­stru­men­ter an­ven­des til si­kring af frem­ti­dige penge­strøm­me, ind­reg­nes urea­li­se­re­de vær­di­re­gu­le­rin­ger di­rek­te på eg­en­ka­pi­ta­len i dags­vær­di­re­ser­ven.Til­go­de­ha­ven­der, gæld og an­dre mo­ne­tæ­re pos­ter i frem­med va­lu­ta om­reg­nes til ba­lan­ce­dagens va­lu­ta­kurs. For­skel­len mel­lem ba­lan­ce­dagens kurs og kur­sen på tids­punk­tet for til­go­de­ha­ven­dets el­ler gælds­for­plig­tel­sens op­stå­en el­ler ind­reg­ning i se­nes­te års­regn­skab ind­reg­nes i re­sul­tat­op­gø­rel­sen un­der fi­nan­si­el­le ind­tæg­ter og om­kost­nin­ger. An­lægs­ak­ti­ver, der er købt i frem­med va­lu­ta, om­reg­nes til kur­sen på trans­ak­tions­da­gen. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Fixed assets acquired in foreign currencies are translated at the exchange rate at the transaction date. Pen­ge­strøms­op­gø­rel­sen vi­ser kon­cer­nens pen­ge­strøm­me for­delt på drifts-, in­ve­ste­rings- og fi­nan­sie­rings­ak­ti­vi­tet for året, årets for­skyd­ning i li­kvi­der og kon­cer­nens li­kvi­der ved årets be­gyn­del­se og slut­ning.Li­kvi­di­tets­virk­nin­gen af køb og salg af virk­som­he­der vi­ses se­pa­rat un­der pen­ge­strøm­me fra in­ve­ste­rings­ak­ti­vi­tet. I pen­ge­strøms­op­gø­rel­sen ind­reg­nes pen­ge­strøm­me ved­rø­ren­de køb­te virk­som­he­der fra an­skaf­fel­ses­tids­punk­tet, og pen­ge­strøm­me ved­rø­ren­de solg­te virk­som­he­der ind­reg­nes frem til salgs­tids­punk­tet.Pen­ge­strømme fra drifts­ak­ti­vi­tetPen­ge­strøm­me fra drifts­ak­ti­vi­tet op­gø­res som kon­cer­nens an­del af re­sul­tat re­gu­le­ret for ik­ke-kon­tan­te drifts­pos­ter, æn­dring i drifts­ka­pi­tal og be­talt sel­skabs­skat. Ud­byt­te­ind­tæg­ter fra ka­pi­tal­an­de­le ind­reg­nes un­der 'ren­te­ind­tæg­ter og ud­byt­ter, mod­ta­get'.Pen­ge­strømme fra in­ve­ste­rings­­ak­ti­vi­tetPen­ge­strøm­me fra in­ve­ste­rings­ak­ti­vi­tet om­fat­ter be­ta­ling i for­bin­del­se med køb og salg af virk­som­he­der og ak­ti­vi­te­ter samt køb og salg af im­ma­te­ri­el­le, ma­te­ri­el­le og fi­nan­si­el­le an­lægs­ak­ti­ver.Pen­ge­strømme fra fi­nan­sie­rings­ak­ti­vi­tetPen­ge­strøm­me fra fi­nan­sie­rings­ak­ti­vi­tet om­fat­ter æn­drin­ger i stør­rel­se eller sam­men­sæt­ning af kon­cer­nens ka­pi­tal og om­kost­nin­ger for­bun­det her­med samt op­ta­gel­se af lån, af­drag på ren­te­bæ­ren­de gæld og be­ta­ling af ud­byt­te til sel­skabs­del­ta­ge­re.Lik­vi­derLi­kvi­der om­fat­ter li­kvi­de be­hold­nin­ger og kort­fris­te­de vær­di­pa­pi­rer med en lø­be­tid un­der 3 må­ne­der, og som uden hin­dring kan om­sæt­tes til li­kvi­de be­hold­nin­ger, og hvor­på der kun er u­be­ty­de­li­ge ri­si­ci for vær­di­æn­drin­ger. The cash flow state­ment shows the group's cash flows for the year, broken down under cash flows from operating, investing and financing activities, the year's changes in cash and cash equivalents and the group's cash and cash equivalents at the beginning and at the end of the year.The cash flow effect of additions and disposals of entities is shown separately under cash flows from investing activities. The cash flow statement includes cash flows from acquired entities from the time of acquisition, and cash flows from sold entities are included until the date of sale.Cash flows from ope­ra­ting ac­ti­vi­tiesCash flows from operating activities are stated as the group's profit or loss for the year, adjusted for non-cash operating items, changes in working capital and paid income taxes. Dividend income from investments is recognised under ‘Interest income and dividend received’.Cash flows from in­ves­ting ac­ti­vi­tiesCash flows from investing activities comprise payments related to the acquisition and sale of entities and activities as well as intangible assets, property, plant and equipment and investments.Cash flows from fi­nan­cing ac­ti­vi­tiesCash flows from financing activities comprise changes in the size or composition of the group's share capital and related costs, as well as the raising of loans, repayment of interest-bearing debt and payment of dividends to shareholders.Cash and cash equi­va­lentsCash and cash equivalents comprise cash and short-term securities whose remaining life is less than three months and which are readily convertible into cash and which are subject only to insignificant risks of changes in value. SoliditetsgradEgenkapital ultimo x 100Samlede aktiver ultimoSolvency ratio Equity at year end x 100Total assets Forrentning af egenkapitalOrdinært resultat efter skat x 100Gennemsnitlig egenkapitalReturn on equityNet profit for the year x 100Average equity