26991064 2025-01-01 2025-12-31 26991064 2025-01-01 2025-12-31 1 26991064 2025-01-01 2025-12-31 1 26991064 2025-01-01 2025-12-31 1 26991064 2025-01-01 2025-12-31 2 26991064 2025-01-01 2025-12-31 3 26991064 2025-01-01 2025-12-31 4 26991064 2024-01-01 2024-12-31 26991064 2025-12-31 26991064 2024-12-31 26991064 2024-12-31 fsa:ContributedCapitalMember 26991064 2024-12-31 fsa:RetainedEarningsMember 26991064 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 26991064 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 26991064 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 26991064 2025-12-31 fsa:ContributedCapitalMember 26991064 2025-12-31 fsa:RetainedEarningsMember 26991064 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 26991064 2025-01-01 2025-12-31 fsa:ManagementMember 26991064 2025-01-01 2025-12-31 fsa:ShorttermDeferredIncomeMember iso4217:DKK xbrli:pure Annual report 2026-05-04 Per Løwe Jacobsen Knud Højgaards Vej 9 2860 Søborg The Board of Directors and the Executive Board have today considered and approved the annual report of Azelis Denmark A/S for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Herlev Lise Viby Fursund Evy Hellinckx Per Løwe Jacobsen Lise Viby Fursund Basak Vural To the Shareholders of Azelis Denmark A/S We have audited the financial statements of Azelis Denmark A/S for the financial year 1 January 2025 - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including significant 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 company’s financial posi-tion at 31 December 2025, and of the results of the company’s operations for the financial year 1 January 2025 - 31 December 2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Profes-sional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. ​ ​We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ​​Statement on the management's review​Management is responsible for the management’s review. ​ ​Our opinion on the financial statements does not cover the management’s review, and we do not express any form of assurance conclusion thereon. ​ ​In connection with our audit of the financial statements, it is our responsibility to read the man-agement’s review,​and in doing so consider whether the management’s review is materially inconsistent with the financial statements or our knowledge obtained during the audit or oth-erwise appears to be materially misstated. ​ ​Moreover, it is our responsibility to consider whether the management’s review provides the information required under the Danish Financial Statements Act. ​ ​Based on the work we have performed, we conclude that the management’s review is in ac-cordance with the financial statements and has been prepared in accordance with the require-ments of the Danish Financial Statements Act. We did not identify any material misstatement of the management’s review. ​​ Management is responsible for the preparation of the financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as management determines is​necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. ​ ​In preparing the financial statements, management is responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audi-tor’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 require-ments applicable in Denmark will always detect a material misstatement when it exists. Mis-statements 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 tak-en on the basis of these financial statements. ​ ​As part of an audit conducted in accordance with ISAs and the additional requirements applica-ble in Denmark, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the 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 re-sulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepre-sentations or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit pro-cedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of account-ing estimates and related disclosures made by management.​Conclude on the appropriateness of management’s use of the going concern basis of account-ing in preparing the financial statements and, based on the audit evidence obtained, wheth-er a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncer-tainty exists, we are required to draw attention in our auditor’s report to the related disclo-sures in the financial statements or, if such disclosures are inadequate, to modify our opin-ion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.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 de-ficiencies in internal control that we identify during our audit. Soeborg, Copenhagen 2026-05-04 Beierholm Godkendt Revisionspartnerselskab 32895468 Thomas Thomsen State Authorised Public Accountant mne34079 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'000Key figuresRevenue348,277381,748396,652472,027409,475Gross profit/loss59,66971,74457,59360,09761,546Operating profit/loss6,13121,5726,8969,60213,187Net financials(2,364)(3,807)(5,563)(2,967)(2,527)Profit/loss for the year2,93414,2873,6655,3055,831Total assets103,653119,209144,760171,081134,375Investments in property, ​plant and equipment001015403,172Equity44,40257,96847,34744,00539,186Average number of employees5355565655RatiosGross margin (%)17.1318.7914.5212.7315.03Net margin (%)0.843.740.921.121.42Return on equity (%)5.7327.138.0212.7516.10Equity ratio (%)42.8448.6332.7125.7229.16Revenue per employee6,5716,9417,0838,4297,445Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.​​Comparative figures for 2021-2023 have not been restated according to the described change in accounting policies.​​​​​​​​​​​​​Gross margin (%)Gross profit/loss * 100​RevenueNet margin (%) :Profit/loss for the year * 100​RevenueReturn on equity (%) :Profit/loss for the year * 100​Average equityEquity ratio (%):Equity * 100​Total assetsRevenue per employee:Revenue​Average number of employees Primary activitiesThe Groups most significant business activity is to sell Chemicals and Food Ingredients primarily within the Nordic​market area. The comments below only relate to the activities of the Company. Development in activities and financesThe Company’s income statement for the financial year 1. January 2025 to 31. December 2025 shows a result of DKK 2,934,065 and the Balance Sheet at 31. December 2025 a balance sheet total of DKK 103,653,484 and an Equity of DKK 44,402,023. ​​Throughout 2025, the Company has continued to refine and expand its product portfolio, with a particular focus on strengthening the Life Science segments to support future growth. During the year, the Company has also been impacted by price reductions resulting from lower inflation rates. ​​EU Member States have approved EFSA’s proposal to withdraw smoke flavorings from the EU market. The regulation includes transitional periods to allow producers and operators time to adapt to the new requirements.​Under these rules, most of our Scansmoke products (smoke flavors) will be phased out by July 2026. ​​These developments have significantly influenced the Company’s financial results for the year, affecting most business segments. ​​In addition, the Company appointed a new Managing Director during the year. This leadership transition marks an important step in supporting the Company’s strategic direction and future development. ​​Furthermore, the Company’s Finnish subsidiary has completed the acquisition and a legal merge of a local Finnish business. This transaction reinforces our presence in the Nordic markets and is expected to deliver added​value to both our customers and partners. Profit/loss for the year in relation to expected developmentsThe Company’s overall results are not deemed satisfactory, as they have not been in line with our expectations for 2025. The results were impacted by a volatile market. OutlookDemand for our products is stable and Azelis Denmark enters 2026 with the expectation that demand will continue. As a result, the result for 2026 is expected to see a positive development. We still expect a relatively volatile market for selected chemicals and ingredients. The management assesses the company's development positively. ​​We expect in 2026 to have a few new alternative products ready for replacement of our smoked flavors, based on​natural smoked ingredients. ​​The Company expects a positive development in 2026 in revenue and in profitability compared with 2025. The Company expects a profit in the range of DKK 6,500,000 to DKK 8,000,000. Environmental performanceWe continuously contribute to sustainable solutions by taking care of and protecting the environment through both customers and suppliers. We strive to improve our processes in a sustainable manner through our way of working and producing our products in our factory. We work to improve the proportion of environmentally correct materials that emit as little CO2 as possible during procurement and by following a sustainable waste management process. Events after the balance sheet dateNo material events have occurred after the balance sheet date to this date, which have material impact on the ​Company's Financial position. 348276700 381747705 13189404 134515 0 106544 244855802 279280884 30562655 30694546 59668839 71744304 42182746 40929510 11354921 9243128 6131172 21571666 0 -724286 33420 65282 239345 464080 542252 1257383 2094779 3079285 3766906 17040074 832841 2753203 2934065 14286871 12955430 21231768 0 0 12955430 21231768 12587328 13541493 7219107 9289679 28246 74423 19834681 22905595 8811028 8811028 8811028 8811028 41601139 52948391 34421 25892 27412949 40610882 27447370 40636774 10802349 9010542 8441667 10458606 157865 1095212 1312710 1775957 803296 328050 21517887 22668367 13087088 2955378 62052345 66260519 103653484 119208910 3000000 3000000 41402023 38467958 0 16500000 44402023 57967958 77237 361252 27041475 30636533 25646317 22984042 0 792512 5990692 6346013 495740 120600 59251461 61240952 59251461 61240952 103653484 119208910 3000000 40740622 16500000 60240622 -2272664 0 -2272664 0 16500000 16500000 2934065 0 2934065 3000000 41402023 0 44402023 1 Staff costs2025​DKK2024​DKKWages and salaries38,096,00036,646,024Pension costs3,563,3603,736,217Other social security costs523,386547,26942,182,74640,929,510Average number of full-time employees5355Remuneration​of Management2025​DKKExecutive Board1,550,0551,550,055The work of the Board of Directors is limited and consequently the board members do not receive separate remuneration for their work on the Board of Directors. 53 55 Remuneration​of Management2025​DKKExecutive Board1,550,0551,550,055 1550055 2 Depreciation, amortisation and impairment losses2025​DKK2024​DKKAmortisation of intangible assets8,284,0666,123,304Depreciation of property, plant and equipment3,070,8553,119,82411,354,9219,243,128The depreciation regarding application for new license for the sale of ScanSmoke products amounts to DKK 7.5 million. 3 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax01,223,387Change in deferred tax937,3471,960,691Adjustment concerning previous years(104,506)(430,875)832,8412,753,203 4 Proposed distribution of profit and loss2025​DKK2024​DKKOrdinary dividend for the financial year016,500,000Retained earnings2,934,065(2,213,129)2,934,06514,286,871 0 16500000 2934065 -2213129 2934065 14286871 5 Intangible assetsAcquired intangible assets​DKKGoodwill​DKKCost beginning of year38,928,639251,392,788Additions7,7280Disposals(3,811,573)0Cost end of year35,124,794251,392,788Amortisation and impairment losses beginning of year(17,696,871)(251,392,788)Amortisation for the year(8,284,066)0Reversal regarding disposals3,811,5730Amortisation and impairment losses end of year(22,169,364)(251,392,788)Carrying amount end of year12,955,4300 6 Property, plant and equipmentLand and buildings​DKKPlant and machinery​DKKOther fixtures and fittings, tools and equipment​DKKCost beginning of year18,613,96027,304,3461,534,749Disposals00(51,124)Cost end of year18,613,96027,304,3461,483,625Depreciation and impairment losses beginning of year(5,072,467)(18,014,667)(1,460,326)Depreciation for the year(954,165)(2,070,572)(46,118)Reversal regarding disposals0051,065Depreciation and impairment losses end of year(6,026,632)(20,085,239)(1,455,379)Carrying amount end of year12,587,3287,219,10728,246 7 Financial assetsInvestments in group enterprises​DKKCost beginning of year25,506,581Cost end of year25,506,581Impairment losses beginning of year(16,695,553)Impairment losses end of year(16,695,553)Carrying amount end of year8,811,028Investments in subsidiariesRegistered inCorporate formEquity​interest​%Equity​DKKProfit/loss​DKKAzelis Norway ASNorwayAS100.001,544,279(266,110)Azelis Sweden ABSwedenAB100.004,553,721(1,581,803)Azelis Finland OyFinlandOy100.001,342,419(2,082,494) 8 Deferred tax​​Changes during the year2025​DKK2024​DKKBeginning of year1,095,2123,055,903Recognised in the income statement(937,347)(1,960,691)End of year157,8651,095,212​Deferred tax assetsThe tax asset is included in the balance sheet based on the managements expectations to the result of the future operations of the company, and therefore naturally is subject to uncertainty. It is the managements assessment that the tax assets within a 5 year period, can be used in future positive taxable income. 9 PrepaymentsPrepayments consist of prepaid expenses concerning rent and lease agreements for offices and cars as well as prepaid insurance premiums. 10 Deferred incomeDeferred income consist of income received for recognition in subsequent financial years. 11 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKLiabilities under rental or lease agreements until maturity in total23,856,16415,993,501Unrecognised rental and lease commitments consists of rent commitments of DKK 20,873,236 (DKK 12,420,733 in​2024) and operational leasing of DKK 2,982,928 (DKK 3,572,768 in 2024).The Company has entered into a binding contract for the purchases of with a total contract value of DKK 17,218,706, which has not yet been recognised in the balance sheet as of the balance sheet date. Accordingly, the​purchase contracts are considered to be covered by the related sales agreement. 12 Contingent liabilitiesNo contingent liabilities exist at the balance sheet date. 13 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.​ No ​such transactions have been conducted in the financial year. 14 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest and largest​group: ​Azelis Group N.V., Posthofbrug 12, BE-2600 Berchem, Belgium. This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium) with addition of a few provisions governing reporting class C enterprises (large). Changes in accounting policiesWith effect from the financial year, the Company has changed its accounting policy for measuring investments in subsidiaries in the parent company financial statements. Investments will henceforth be measured at cost instead of the equity method. The change has been made to simplify the preparation of the financial statements and to increase comparability with other companies.​​​​ ​The change in accounting policies has led to a decrease in Financial assets of 3,6 Mln DKK, an increase of receivables from group enterprises on 5,0 Mln DKK and an increase of equity on 1,4 Mln DKK. Consquently, the total effect of the change in accounting policies is an increase in this year's pre-tax profit of 3,9 Mln DKK, but a decrease in the profit for last year on 2,3 Mln DKK. Tax for the year incumbent on the change in accounting policies was not affected by the changed accounting policies. The balance sheet total increases by 1,4 Mln DKK, while equity increases by 1,4 Mln DKK at 31.12.2025.​​​ ​​​​ The comparative figures have been restated following the change in accounting policies. ​​​ ​​​Apart from the areas mentioned above, the annual report has been presented applying the accounting policies ​​consistent with last year. Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates.​​When recognising foreign subsidiaries and associates that are independent entities, the income statements ​are translated at average exchange rates for the months that do not significantly deviate from the rates at the transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill​is considered belonging to the independent foreign entity and is translated using the exchange rate at the balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the beginning of the year at the balance sheet date exchange rates and out of the translation of income statements from average rates to the exchange rates at the balance sheet date are classified directly as equity.​Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered ​part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are translated at the exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown. The items of the​income statement are translated at the average rates of the months; however, items deriving from non-monetary​assets and liabilities are translated using the historical rates applicable to the relevant non-monetary items. RevenueIncome from the sale of goods is recognised in the Income Statement from the date of delivery and when the risk ​​has passed to the buyer if it is possible to calculate the income reliably. Revenue is measured at the consideration ​received and is recognised exclusive of VAT and net of discounts relating to sales. Changes in inventories of finished goods and work in progressChanges in inventories of finished goods and work in progress comprise decreases or increases for the ​financial year in inventories of finished goods and work in progress. This item includes ordinary writedowns ​of such inventories. Changes in inventories of raw materials are included in costs of raw materials and ​consumables. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities. Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for inventory writedowns. Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible ​assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and ​losses from the sale of intangible assets and property, plant and equipment. Income from investments in group enterprisesInvestments in group enterprises are measured at cost .​​Income from investments in group enterprises comprises dividends etc. received from the individual group enterprises in the financial year.​​Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. ​Estimated useful lives and residual values are reassessed annually. Other financial income from group enterprisesOther financial income from group enterprises comprises interest income etc on receivables from group enterprises.Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including ​interest income on receivables from group enterprises, net capital or exchange gains on securities, payables ​and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish ​Tax Prepayment Scheme etc. Financial expenses from group enterprisesFinancial expenses from group enterprises comprise interest expenses etc from payables to group enterprises.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, ​amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. GoodwillGoodwill is measured at cost less accumulated amortisation and impairment losses. ​​ ​​Estimated useful lives and residual values are reassessed annually.Intellectual property rights etcIntangible assets, including licences and acquired rights etc., are measured at cost less accumulated ​amor­tisation and impairment losses.​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight line ​depreciation is made on the basis of the following estimated useful lives of the assets:Consessions, patents, licens, trademarks and other similar rights 7-10 years ​​Goodwill 7 years ​​Supplier list 20 years Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are ​measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Buildings10 to 20 yearsPlant and machinery5 to 10 yearsOther fixtures and fittings, tools and equipment3 to 10 yearsLeasehold improvements5 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed ​the contract period. ​​Estimated useful lives and residual values are reassessed annually. ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. Investments in group enterprisesInvestments in group enterprises are measured at cost​​ ​​Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. ​Estimated useful lives and residual values are reassessed annually. InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists ​of costs of raw materials, consumables, direct labour costs and indirect production costs.​​Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation ​of machinery, factory buildings and equipment used in the manufacturing process, and costs of factory administration and management. Finance costs are not included in cost. ​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​costs incurred to execute sale. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value ​​of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. ​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises cash in hand and bank deposits. DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for ​the financial year is disclosed as a separate item in equity. Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the ​goods agreed or completion of the service agreed.​​Tax receivable or payable ​Current tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax. Tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​is measured at cost. Cash flow statementIn accordance with Act S. 86, para (4) of the Danish Financial Statements Act, the Company has not prepared a ​cash flow statement as the cash flow statement is included in the ultimate parent company.​​ Grundlag for konklusion Konklusion 2026-05-04 Regnskabsklasse C, mellemstor virksomhed 2024-01-01 2024-12-31 Herlev Herlev DK- 2730 Revisionspåtegning 2025-12-31 2025-01-01 5 Lyskær Azelis Denmark A/S 26991064 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab