33253923 2025-01-01 2025-12-31 33253923 2025-01-01 2025-12-31 45 33253923 2024-01-01 2024-12-31 46 33253923 2023-01-01 2023-12-31 47 33253923 2022-01-01 2022-12-31 48 33253923 2021-01-01 2021-12-31 49 33253923 2025-01-01 2025-12-31 0 33253923 2025-01-01 2025-12-31 1 33253923 2025-01-01 2025-12-31 1 33253923 2025-01-01 2025-12-31 0 33253923 2021-01-01 2021-12-31 4 33253923 2022-01-01 2022-12-31 3 33253923 2023-01-01 2023-12-31 2 33253923 2024-01-01 2024-12-31 1 33253923 2025-01-01 2025-12-31 0 33253923 2021-01-01 2021-12-31 9 33253923 2022-01-01 2022-12-31 8 33253923 2023-01-01 2023-12-31 7 33253923 2024-01-01 2024-12-31 6 33253923 2025-01-01 2025-12-31 5 33253923 2021-01-01 2021-12-31 14 33253923 2022-01-01 2022-12-31 13 33253923 2023-01-01 2023-12-31 12 33253923 2024-01-01 2024-12-31 11 33253923 2025-01-01 2025-12-31 10 33253923 2021-01-01 2021-12-31 19 33253923 2022-01-01 2022-12-31 18 33253923 2023-01-01 2023-12-31 17 33253923 2024-01-01 2024-12-31 16 33253923 2025-01-01 2025-12-31 15 33253923 2021-01-01 2021-12-31 24 33253923 2022-01-01 2022-12-31 23 33253923 2023-01-01 2023-12-31 22 33253923 2024-01-01 2024-12-31 21 33253923 2025-01-01 2025-12-31 20 33253923 2021-01-01 2021-12-31 29 33253923 2022-01-01 2022-12-31 28 33253923 2023-01-01 2023-12-31 27 33253923 2024-01-01 2024-12-31 26 33253923 2025-01-01 2025-12-31 25 33253923 2021-01-01 2021-12-31 34 33253923 2022-01-01 2022-12-31 33 33253923 2023-01-01 2023-12-31 32 33253923 2024-01-01 2024-12-31 31 33253923 2025-01-01 2025-12-31 30 33253923 2021-01-01 2021-12-31 39 33253923 2022-01-01 2022-12-31 38 33253923 2023-01-01 2023-12-31 37 33253923 2024-01-01 2024-12-31 36 33253923 2025-01-01 2025-12-31 35 33253923 2021-01-01 2021-12-31 44 33253923 2022-01-01 2022-12-31 43 33253923 2023-01-01 2023-12-31 42 33253923 2024-01-01 2024-12-31 41 33253923 2025-01-01 2025-12-31 40 33253923 2024-01-01 2024-12-31 33253923 2023-01-01 2023-12-31 33253923 2022-01-01 2022-12-31 33253923 2021-01-01 2021-12-31 33253923 2021-01-01 2021-12-31 54 33253923 2022-01-01 2022-12-31 53 33253923 2023-01-01 2023-12-31 52 33253923 2024-01-01 2024-12-31 51 33253923 2025-01-01 2025-12-31 50 33253923 2021-01-01 2021-12-31 59 33253923 2022-01-01 2022-12-31 58 33253923 2023-01-01 2023-12-31 57 33253923 2024-01-01 2024-12-31 56 33253923 2025-01-01 2025-12-31 55 33253923 2021-01-01 2021-12-31 64 33253923 2022-01-01 2022-12-31 63 33253923 2023-01-01 2023-12-31 62 33253923 2024-01-01 2024-12-31 61 33253923 2025-01-01 2025-12-31 60 33253923 2025-12-31 33253923 2024-12-31 33253923 2024-12-31 fsa:ContributedCapitalMember 33253923 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 33253923 2024-12-31 fsa:DistributionsMember 33253923 2024-12-31 fsa:ReserveForCurrentValueOfHedgingMember 33253923 2024-12-31 fsa:RetainedEarningsMember 33253923 2024-12-31 33253923 2025-01-01 2025-12-31 fsa:DistributionsMember 33253923 2025-01-01 2025-12-31 fsa:ReserveForCurrentValueOfHedgingMember 33253923 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 33253923 2025-12-31 fsa:ContributedCapitalMember 33253923 2025-12-31 fsa:DistributionsMember 33253923 2025-12-31 fsa:ReserveForCurrentValueOfHedgingMember 33253923 2025-12-31 fsa:RetainedEarningsMember xbrli:pure iso4217:DKK Regnskabsklasse B 2025-01-01 true Annual report 30700228 EY Godkendt revisionspartneselskab Cortex park vest 3 5230 Odense m xWizard version 1.1.1505.0, by EasyX Aps. www.easyx.eu 2024-01-01 2024-12-31 Independent Auditor’s Report Basis for Opinion Opinion 0 0.96 0.96 0.96 0.95 0.94 STATEMENT BY MANAGEMENT The Executive Board has today discussed and approved the annual report for   Danish Microfinance Partners K/S for the financial year 1 January - 31 December 2025. 2025-12-31 The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the limited partnership's   assets, liabilities and financial position at 31 December 2025 and of the results of the limited   partnership's operations for the financial year 1 January - 31 December 2025.   We believe that the Management commentary and the supplementary report in   accordance with the Sustainable Financial Disclosure Regulation (EU) include a fair   review of the affairs and conditions referred to therein.   We recommend the annual report 2025 for adoption at the annual general meeting. Copenhagen 2026-03-23 Thomas Riis Bjarne Thorup INDEPENDENT AUDITORS' REPORT To the limited partners of Danish Microfinance Partners K/S Opinion   We have audited the financial statements of Danish Microfinance Partners K/S for the financial   year 1 January - 31 December 2025, which comprise income statement, balance sheet,   statement of changes in equity and notes, including accounting policies. The financial   statements are prepared in accordance with the Danish Financial Statements Act.   In our opinion, the financial statements give a true and fair view of the financial position of the   Limited Partnership at 31 December 2025 and of the results of the Limited Partnership's   operations for the financial year 1 January - 31 December 2025 in accordance with the Danish   Financial Statements Act.   Basis for opinion   We conducted our audit in accordance with International Standards on Auditing (ISAs) and   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 believe that the audit evidence we have   obtained is sufficient and appropriate to provide a basis for our opinion.   Independence   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.   Management's responsibilities for the financial statements   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 Limited   Partnership'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 Limited Partnership or to cease   operations, or has no realistic alternative but to do so.   INDEPENDENT AUDITORS' REPORT Auditor's responsibilities for the audit of the financial statements   Our objectives are to obtain reasonable assurance as to 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 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 the financial statements.   As part of an audit conducted in accordance with ISAs and additional requirements applicable   in Denmark, we exercise professional judgement and maintain professional scepticism   throughout the audit. We also:   · Identify and assess the risks of material misstatement of the financial statements, whether  due to fraud or error, design and perform audit procedures responsive to those risks and   obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The   risk of not detecting a material misstatement resulting from fraud is higher than for one   resulting from error, as fraud may involve collusion, forgery, intentional omissions,   misrepresentations or the override of internal control.   · Obtain an understanding of internal control relevant to the audit in order to design audit  procedures that are appropriate in the circumstances, but not for the purpose of expressing   an opinion on the effectiveness of the Limited Partnership'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 Limited Partnership'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 Limited Partnership to   cease to continue as a going concern.   · Evaluate the overall presentation, structure and contents of the financial statements,  including the note disclosures, and whether the financial statements represent the underlying   transactions and events in a manner that gives a true and fair view.   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.   INDEPENDENT AUDITORS' REPORT Statement on the Management's commentary and other information in accordance with SFDR   Management is responsible for the Management's commentary, and other information in   accordance with SFDR, hereafter referred to "other information".   Our opinion on the financial statements does not cover the Management's commentary or   other information, 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 the   Management's commentary as well as other information and, in doing so, consider whether   the Management's commentary and other information 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 the Management's commentary provides   the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that the Management's commentary and   other information is in accordance with the financial statements and the Management's   commentary has been prepared in accordance with the requirements of the Danish Financial   Statements Act. We did not identify any material misstatement of the Management's   commentary or other information.   Copenhagen 2026-03-23 EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Lars Rhod Søndergaard State Authorised Public Accountant mne28632 Rasmus Berntsen State Authorised Public Accountant mne35461 Danish Microfinance Partners K/S Gammeltorv 18 DK-1457 Copenhagen K Denmark 33253923 Copenhagen Key figures Income statement Balance sheet Financial resources Ratios Equity ratio = Equity/total assets * 100 Paid-in capital to committed capital (%) = Paid-in capital/total commitment * 100 In accordance with the Danish Financial Statement Act, all investments in subsidiaries are measured at fair value and positive unrealised value adjustments are made directly in the equity. Investments in participating interests are measured at fair value and unrealised value adjustments are recognised in the income statement. In case, all unrealised fair value adjustments were recognised in the income statement, the key figures for profit/loss would have been as the following: portfolio companies portfolio companies portfolio companies portfolio companies portfolio companies Operating profit/loss Operating profit/loss Operating profit/loss Operating profit/loss Operating profit/loss Profit/loss for the year Profit/loss for the year Profit/loss for the year Profit/loss for the year Profit/loss for the year 29530000 29262000 29471000 -5500000 -7733000 -7763000 2864000 361000 328000 -18356000 -21603000 -21634000 -14884000 -18780000 -18829000 Investments in portfolio companies Investments in portfolio companies Investments in portfolio companies Investments in portfolio companies Investments in portfolio companies Total assets Total assets Total assets Total assets Total assets Equity Equity Equity Equity Equity 24742000 25653000 25532000 169136000 169145000 168816000 188240000 188900000 188672000 208796000 209733000 207551000 181731000 182821000 181642000 Cash Cash Cash Cash Cash Remaining commitment Remaining commitment Remaining commitment Remaining commitment Remaining commitment Total financial resources Total financial resources Total financial resources Total financial resources Total financial resources 911000 14292000 15203000 9000 15442000 15451000 113000 16953000 17066000 395000 19654000 20049000 339000 22777000 23115000 Paid-in capital to committed capital (%) Paid-in capital to committed capital (%) Paid-in capital to committed capital (%) Paid-in capital to committed capital (%) Paid-in capital to committed capital (%) 100 100 100 99 99 portfolio companies portfolio companies portfolio companies portfolio companies portfolio companies Operating profit/loss Operating profit/loss Operating profit/loss Operating profit/loss Operating profit/loss Profit/loss for the year Profit/loss for the year Profit/loss for the year Profit/loss for the year Profit/loss for the year -5294000 -5562000 -5353000 -19105000 -21338000 -21368000 -19045000 -21548000 -21581000 26064000 22817000 22786000 -15196000 -19092000 -19141000 BUSINESS REVIEW Primary activities   The limited partnership Danish Microfinance Partners K/S (Danish Microfinance Partners or   the Fund) was established on 26 October 2010. Danish Microfinance Partners has a total   capital commitment of DKK 401.3 million. The investment period ended in June 2015 and   consequently, no investments will be made in new portfolio companies. The Fund has   invested in six portfolio companies since inception, of which five investments have been   exited. As of year-end 2025, Danish Microfinance Partners has one active investment.   The Fund’s investment policy and strategy focus on financial inclusion institutions in Latin   America, Asia and Africa and the investments are both directly with equity instruments and   indirectly via funds. The Fund is an active minority investor, taking a 5-15% stake and   appointing a board member in the financial inclusion institution. Investments are mainly in   unquoted companies; however, investments in listed companies are possible as well.   Sustainability Policy   As part of the Maj Invest group, Maj Invest Equity has been a signatory to the UN-backed   Principles for Responsible Investment (PRI) since 2010, demonstrating its commitment to   responsible investing.   Danish Microfinance Partners focuses on long-term value creation and is committed to   promoting social characteristics by investing in financial institutions and providers that   leverage technology to deliver accessible and affordable financial services to underserved   populations, as well as micro and small businesses in emerging markets.   Investing in financial institutions with a strong social mission helps improve clients’   economic development and livelihood by providing access to formal and fair financial   services. Financial inclusion is also essential for enabling access to basic needs such as   education, skill training, healthcare, clean water, and sanitation facilities.   As a part of the investment process, an ESG assessment of potential portfolio companies is   conducted. This assessment includes the integration of investor guidelines for responsible   investment as well as an exclusion list. The Fund’s Sustainability Policy considers the   provisions laid down in international ESG standards. These include the Client Protection   Principles, the Universal Standards for Social Performance Management of the Social   Performance Task Force, the Principles for Investors in Inclusive Finance as well as IFC’s   Exclusion List. Through implementation of its Sustainability Policy, the Fund a   ims to generate both sound financial return and positive social impact for its investors.   The Fund is classified as article 8 under the Sustainable Financial Disclosure Regulation (EU)   2019/2088. This annual report includes a supplementary report in accordance with SFDR   (EU), to which we refer for further information.   BUSINESS REVIEW Ownership   Danish Microfinance Partners is mainly owned by Danish pension funds and other Danish   professional investors. The remaining stake is owned by Maj Invest Holding A/S and staff   involved in investments who have all invested as special limited partners.   Commitment Interest in   Investors   DKKm   % Danish Pension funds   300.0   74.8%   Other Danish professional investors   100.0   24.9%   Maj Invest Holding A/S and staff   1.3   0.3%   401.3   100.0%   License as manager with the Danish FSA   The Manager has received a license as manager (in Danish: forvalter) with the Danish FSA (in   Danish: Finanstilsynet) and the Manager is under financial regulation and the Danish FSA su-   pervision. The fund has appointed a depositary in accordance with the provisions in FAIF.   The requested disclosure of the total remuneration paid to employees and management of   Maj Invest Equity A/S is presented below and in the annual report of Maj Invest Equity A/S.   The annual report of Maj Invest Equity A/S will be made available on the website   majinvest.com.   The disclosure is not allocated to, nor presented for, individual funds or business units.   000’ DKK   2024   2023   Staff costs   38,837   33,493   Average number of full-time employees   25   22   Remuneration of other material risk takers   In 2024, the Company paid remuneration totaling TDKK 8,874 for 4 material risk takers   other than the Executive Board. (2023: TDKK 7,216 for 8 material risk takers other than the   Executive Board). The remuneration consists of a fixed remuneration of TDKK 8,543, a   variable remuneration of TDKK 331 (2023: TDKK 7,131, TDKK 85).   Development in activities and the financial position   Danish Microfinance Partners has exited nearly all its investments, with the only remaining   one as of 31 December 2025 being Aavishkaar Goodwell India Microfinance Development   Company II Ltd (Aavishkaar). There have been no exits of investments in 2025.   BUSINESS REVIEW Result for the year   The result for 2025 is a gain of DKK 29.5 million (against a loss in 2024 of DKK -7.8   million). Income of the investments amounts to DKK 29.5 million (in 2024 DKK -5.5 million).   mainly due to the dividend received regarding the proceeds from the sale of Baobab S.A.S   completed in 2024.   Uncertainties relating to recognition and measurement in the financial statements   The investments in portfolio companies are valued at their fair value, according to the   description in accounting policies. The valuation includes accounting estimates, and such a   valuation is therefore subject to some uncertainty. For further description, please refer to   note 3.   Financial risks   The objective of Danish Microfinance Partners is to invest in and create value in private   financial institutions and financial service providers in emerging markets. The   macroeconomic environment can significantly impact the Fund’s portfolio companies’   performance and valuation. This includes global risks such as market volatility, trade and   tariff tensions, currency fluctuations, inflation, interest rates, and geopolitical developments.   Additionally, all investments are subject to country-specific and company-specific risks,   including political and regulatory risks, structural economic challenges, business and   operational risks, and risks related to digitalisation and cyber security.   Events after the balance sheet day   There have been no events after the balance sheet day and to date that materially affect the   assessment of the annual report.   29530000 -5500000 2233000 268000 261000 34000 29489000 5000 35000 -7763000 18000 0 29471000 -7763000 29471000 -7763000 900000 23842000 24742000 138441000 30695000 169136000 24742000 911000 169136000 9000 9000 911000 25653000 169145000 387008000 -570176000 0 385858000 -431094000 34823000 208700000 25532000 179229000 168816000 80000 80000 80000 80000 32000 9000 41000 32000 217000 249000 121000 329000 25653000 169145000 385858000 1150000 -431094000 34823000 179229000 168816000 1150000 139082000 -34823000 29471000 0 0 0 0 0 0 0 0 139082000 0 -34823000 0 0 0 29471000 387008000 -570176000 0 208700000 25532000 NOTE 1 Income from investments in portfolio companies   Unrealised value adjustments, subsidiaries   (102,716)   - Unrealised value adjustments, participating interests   (6,854)   (5,500)   Dividend received from portfolio companies   139,100   - 29,530   (5,500)   NOTE 2 Investments in subsidiaries   In case, no unrealised fair value adjustments were recognised directly in equity of investments in subsidiaries,   the value of investments in subsidiaries would have been as the following:   900   89,442   NOTE 3 Investments in portfolio companies   Maj Invest Equity applies the valuation principles set out in the International Private Equity and Venture Capital   Valuation Guidelines (IPEV). Investments in portfolio companies are valued at fair value under Level 3 of the   fair value hierarchy. As unlisted investments are not traded in active markets, valuations are inherently subject   to estimation uncertainty.   Fair value is determined from a market participant perspective using methods that best reflect the individual   company’s risk profile, life cycle stage, and industry conditions. In accordance with the IPEV Guidelines,   accepted valuation techniques include recent observable transaction price, market-based methods (such as   multiple analysis and benchmarking), earnings-based approaches, cost-based methods, or other relevant   methodologies as appropriate.   Fund investments are measured at fair value based on the most recently reported Net Asset Value (NAV) of   the underlying portfolio funds.   The underlying funds apply internationally recognized valuation guidelines, and fair value is determined by   their respective managers. As the fund has limited insight into the specific methods and assumptions used, it   assesses the reasonableness of reported values based on available market information, company-specific   developments, and ongoing dialogue with the fund managers.   Valuation methodologies are applied consistently from period to period unless changes in market conditions   or investment-specific factors require an alternative approach, subject to approval by the Valuation   Committee. Given the use of significant unobservable inputs, changes in assumptions may materially impact   reported fair values.   Valuation recommendations are submitted quarterly to the General Partner and reviewed by the Valuation   Committee, which assesses the appropriateness of the models, key inputs, and resulting valuations in line   with industry standards.   NOTE 4 Debt to general partner   Debt to general partner is an installment-free loan to Danish Microfinance Partners for the full term of   Danish Microfinance Partners.   The long-term liabilities fall due for payment within five years.   NOTE 5 Contingent liabilities and other liabilities   Other liabilities   There are no outstanding commitments to the investments in portfolio companies as of 31 December 2025.   NOTE 6 Information on average number of employees ACCOUNTING POLICIES GENERAL In order to achieve a true and fair view of operations of the limited partnership, the presentation of the income statement has been changed compared with the reporting form shown in schedule 2 of the Danish Financial Statements Act. Income from investments in portfolio companies is presented as an item under operating profit/loss. Recognition and measurement All income and expenses relating to the financial year are recognised in the income statement regardless of time of payment. Negative unrealised value adjustments of investments in subsidiaries as well as unrealised value adjustments of investments in participating interests are also recognised in the income statement. Assets are recognised in the balance sheet, if, in all probability, future economic benefits will flow to the limited partnership, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet, if, in all probability, future economic benefits will flow out of the limited partnership, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Recognition and measurement of assets and liabilities have taken into account any information available after the balance sheet date but before the presentation of the financial statements, either affirming or not affirming conditions existing on the balance sheet date. The annual report for Danish Microfinance Partners is prepared in accordance with the   provisions of the Danish Financial Statements Act for reporting class B entities with the   adoption of rules for reporting class C entities such as statement of changes in equity,   and selected other notes to class C entities, and with the necessary adjustments   considering that the company is a limited partnership, whose activity is private equity.   Investments in portfolio companies are recognised in compliance with the International   Private Equity and Venture Capital Valuation Guidelines, drawn by the IPEV Board.   With reference to the Danish Financial Statements Act § 110, the limited partnership has   not prepared consolidated financial statements.   ACCOUNTING POLICIES Foreign currency translation   Transactions in foreign currencies are translated into Danish kroner using the exchange   rates applicable on the transaction date. Assets and liabilities in foreign currencies are   translated into Danish kroner using the rates on the balance sheet date.   INCOME STATEMENT Income from investments in portfolio companies   Realised gains/losses on investments, negative unrealised value adjustments of investments   in subsidiaries and unrealised value adjustments of investments in participating interests   are recognised in the income statement. Dividends received from portfolio companies   are also recognised as "Income from investments in portfolio companies".   Administrative expenses   Administrative expenses mainly include management fees, depositary fee and other   administrative expenses.   Financial income and expenses   Financial income and expenses include interest expense due to credit facilities, interest on   bank deposits and interest on loans provided by the general partner "Danish Microfinance   Partners General Partner ApS".   Tax   Danish Microfinance Partners is a Danish limited partnership. The limited partnership is   transparent for tax purposes and taxes are levied on the individual investor in proportion   to their shares in the partnership. Consequently, no provisions for tax have been made in   the financial statements. However, tax withheld on the payment of dividends and on gains   from sale of shares are recognised in the income statement under "Withholding tax".   ACCOUNTING POLICIES BALANCE SHEET ASSETS Investments in subsidiaries   On initial recognition, investments in subsidiaries are measured at cost, with the   addition of transaction costs. On subsequent recognition, investments in subsidiaries   are measured at fair value and unrealised negative value adjustments are recognised in the   income statement and positive value adjustments are made directly at the equity.   Reversals of positive unrealised value adjustments are made directly at the equity.   The fair value is based on the principles described in note 3.   Investments in participating interests   On initial recognition, investments in participating interests are measured at cost, with   addition of transaction costs. On subsequent recognition, investments in participating   interests are measured at fair value and any value adjustments are recognised in the income   statement.   The fair value is based on the principles described in note 3.   Cash   Cash includes deposits with financial institutions.   LIABILITIES Financial liabilities Financial liabilities are measured at amortised cost, usually corresponding to the nominal value.