31880351 2025-01-01 2025-12-31 cmn:ConsolidatedMember 31880351 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 31880351 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 31880351 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 31880351 2025-01-01 2025-12-31 cmn:ConsolidatedMember 3 31880351 2025-01-01 2025-12-31 cmn:ConsolidatedMember 4 31880351 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 31880351 2024-01-01 2024-12-31 cmn:ConsolidatedMember 31880351 2025-12-31 cmn:ConsolidatedMember 31880351 2024-12-31 cmn:ConsolidatedMember 31880351 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 31880351 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 31880351 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 31880351 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 31880351 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 31880351 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 31880351 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 31880351 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 31880351 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 31880351 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 31880351 2025-01-01 2025-12-31 cmn:ConsolidatedMember 4 31880351 2024-01-01 2024-12-31 cmn:ConsolidatedMember 4 31880351 2023-12-31 cmn:ConsolidatedMember 31880351 2025-01-01 2025-12-31 31880351 2024-01-01 2024-12-31 31880351 2025-12-31 31880351 2024-12-31 31880351 2024-12-31 fsa:ContributedCapitalMember 31880351 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 31880351 2024-12-31 fsa:RetainedEarningsMember 31880351 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 31880351 2025-01-01 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 31880351 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 31880351 2025-12-31 fsa:ContributedCapitalMember 31880351 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 31880351 2025-12-31 fsa:RetainedEarningsMember 31880351 2025-01-01 2025-12-31 fsa:OtherShorttermPayablesMember iso4217:DKK xbrli:pure Annual report 2026-05-05 Peter Flaskager Laursen Midtadvokaterne A/S, Advokat Martin Plum Juul Sieferts Plads 5, 7430 Ikast The Board of Directors and the Executive Board have today considered and approved the annual report of Core One 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 consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 31.12.2025and of the results of their operations and the consolidated cash flows for the financial year01.01.2025 -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. Ikast Peter Flaskager Laursen chief executive officer Mogens Steenholdt Olsen chairman Lindy Valbjørn Sørensen Henrik Sig Kristensen Peter Flaskager Laursen To the shareholders of Core One A/S We have audited the consolidated financial statements and the parent financial statements of Core One A/S for the financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. ​​ ​​In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 31.12.2025 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. 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 consolidated financial statements and the parent financial statements" section of this auditor’s report. We are independent of the Group in accordance ​with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional ​Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled ​our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines ​is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement, ​whether due to fraud or error. ​​ ​​In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the​consolidated financial statements and the parent financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 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 the parent 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 Entity’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 the parent 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 Entity’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 the parent 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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures ​in the notes, and whether the consolidated financial statements and the parent 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 consolidated financial statements and the parent 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. Management is responsible for the management commentary. ​​ ​​Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​ ​​In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​​the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Silkeborg Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Nicolaj Haarup State Authorised Public Accountant mne46613 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'000Key figuresGross profit/loss36,35832,42929,06051,66452,803Operating profit/loss4,949(682)(2,895)6,0601,066Net financials(1,988)(2,572)(2,201)(1,867)(417)Profit/loss for the year2,217(2,434)(3,982)3,271405Profit for the year excl .​minority interests2,217(2,434)(3,982)555405Balance sheet total65,33358,10064,44157,91967,271Investments in property, plant and equipment1,65975016,4542,3625,678Equity13,04812,31314,66119,30417,691Equity excl. minority interests13,04812,313Cash flows from operating activities(1,975)(1,400)2,5723,4937,394Cash flows from investing activities(1,449)(879)(15,527)(2,370)(6,602)Cash flows from financing activities5,563(969)9,764(1,114)190Average number of ​employees344314353551736RatiosReturn on equity (%)17.48(18.97)(23.45)17.682.01Equity ratio (%)19.9720.8722.7533.3326.30Financial highlights are defined and calculated in accordance with the current version of "Recommendations & ​Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100 ​​​Average equityEquity ratio (%):Equity * 100​Balance sheet total Primary activitiesThe Group designs, manufactures, and sells furniture, with production anchored at its wholly owned facility in Vietnam, enabling full control of quality, flexibility, and supply chain integration. Development in activities and financesThe management finds the result of the year to be satisfactory. ​ ​The global furniture industry continued to face challenging market conditions in 2025 characterized by subdued consumer spending and low consumer confidence. Against this backdrop, the group has demonstrated resilience and robust developments. Order intake began to recover towards the end of 2024 and has remained generally positive throughout 2025, reflecting the Group’s strengthened commercial platform and customer engagement. While certain markets and customers showed signs of improvement during the year, overall consumer spending trends remain cautious and are expected to persist into 2026. Profit/loss for the year in relation to expected developmentsThe profit for the year was in line with management expectations, with a positive result before tax within the range of DKK 2 – 5 million. OutlookConsumer spending on furniture is expected to remain relatively subdued in 2026. However, the Group experienced a solid inflow of new customers during 2025, and activity levels among existing customers have increased. The sales organization has been further strengthened in 2026, and management therefore anticipates continued growth in activity levels. Consequently, a profit before tax in the range of DKK 6 – 10 million is expected​for 2026. Research and development activitiesThe Group does not engage in formal research activities. However, significant resources are continuously allocated to the development and optimization of business processes, digitalization, and production technologies​to meet scalability and evolving market demands and opportunities. ​ ​Design and product development constitute a key strategic pillar, and during the year more than 200 new products were designed, developed, and presented to customers worldwide. 36358397 32429194 28950471 30094929 2138928 2998274 320137 17968 4948861 -681977 363122 820821 2351330 3392821 2960653 -3253977 743896 -820134 2216757 -2433843 56939 96285 56939 96285 14091995 14371197 7388627 8260662 2661715 3465389 24142337 26097248 3712285 3889029 3712285 3889029 27911561 30082562 8646712 6357757 1012400 989086 3501673 4552527 1849319 1696327 15010104 13595697 14230528 8976600 1273308 1900516 2777990 1287248 60000 246000 1680712 1760524 20022538 14170888 2388934 250529 37421576 28017114 65333137 58099676 525000 525000 12523303 11787531 13048303 12312531 7602845 7986340 3516351 3932859 11119196 11919199 770073 745171 29053430 22715906 932170 1683306 4269584 3588108 121994 141150 6018387 4994305 41165638 33867946 52284834 45787145 65333137 58099676 525000 11787531 12312531 0 1480985 1480985 2216757 2216757 525000 12523303 13048303 2138928 2998274 -7124843 -1011939 Exchange rate adjustments 110076 -171406 73022 1132952 363122 820821 2351330 3307083 60000 46377 -1975186 -1399687 1659206 750333 Exchange rate adjustments 210294 -124168 Acquisition, deposits 0 -4033 -1448912 -878534 3424098 2278221 -5562503 968898 5562503 -968898 2138405 -3247119 250529 3497648 2388934 250529 1 Staff costs2025​DKK2024​DKKWages and salaries25,527,85326,542,425Pension costs819,959933,875Other social security costs2,602,6592,618,62928,950,47130,094,929Average number of full-time employees344314Remuneration​of ​management​2025​DKKRemunerationof management​2024​DKKTotal amount for management categories2,172,3372,766,6372,172,3372,766,637 344 314 Remuneration​of ​management​2025​DKKRemunerationof management​2024​DKKTotal amount for management categories2,172,3372,766,6372,172,3372,766,637 2172337 2766637 2 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax116,688180,385Change in deferred tax627,208(782,116)Adjustment concerning previous years0(218,403)743,896(820,134) 3 Proposed distribution of profit/loss2025​DKK2024​DKKRetained earnings2,216,757(2,433,843)2,216,757(2,433,843) 2216757 -2433843 2216757 -2433843 4 Intangible assetsAcquired concessions​DKKCost beginning of year2,129,150Exchange rate adjustments(300,429)Cost end of year1,828,721Amortisation and impairment losses beginning of year(2,032,865)Exchange rate adjustments287,362Amortisation for the year(26,279)Amortisation and impairment losses end of year(1,771,782)Carrying amount end of year56,939 5 Property, plant and equipmentLand and buildings​DKKPlant and machinery​DKKOther fixtures and fittings, tools and equipment​DKKCost beginning of year14,790,00020,841,57410,352,774Exchange rate adjustments0(2,828,499)(1,128,860)Additions01,596,77562,431Cost end of year14,790,00019,609,8509,286,345Depreciation and impairment losses beginning of year(418,803)(12,580,912)(6,887,385)Exchange rate adjustments01,707,409748,482Depreciation for the year(279,202)(1,347,720)(485,727)Depreciation and impairment losses end of year(698,005)(12,221,223)(6,624,630)Carrying amount end of year14,091,9957,388,6272,661,715 6 Financial assetsDeposits​DKKCost beginning of year3,889,029Exchange rate adjustments(176,744)Cost end of year3,712,285Carrying amount end of year3,712,285 7 Deferred tax2025​DKK2024​DKKProperty, plant and equipment(844,442)(435,164)Tax losses carried forward2,117,7502,335,680Deferred tax1,273,3081,900,516​​Changes during the year2025​DKK2024​DKKBeginning of year1,900,5161,118,400Recognised in the income statement(627,208)782,116End of year1,273,3081,900,516​Deferred tax assetsThe tax asset consists primarily of carry-forward losses from previous years. The deficit has arisen as a result of ​individual events, which is why the company expects to be able to utilize the deficit during the ​following 3-5 years. 8 Prepayments Prepayments consist of prepaid tools and equipment and other prepaid costs. 9 Non-current liabilities other than provisionsDue within 12 ​months​2025​DKKDue within 12 ​​months​2024​DKKDue after ​more than 12 ​months​2025​DKKOutstanding ​after 5 years​2025​DKKMortgage debt375,790344,4977,602,8456,613,120Bank loans394,283400,6743,516,3512,110,047770,073745,17111,119,1968,723,167 10 Changes in working capital2025​DKK2024​DKKIncrease/decrease in inventories(1,414,407)(1,401,612)Increase/decrease in receivables(6,664,858)2,860,763Increase/decrease in trade payables etc.954,422(2,471,090)(7,124,843)(1,011,939) 11 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKTotal liabilities under lease rental or agreements until maturity 83,431,00017,607,641There has been signed a new 10 years lease contract in Vietnam. 12 Contingent liabilitiesThe Parent and the Danish subsidiaries participate in a Danish joint taxation arrangement in which Core one A/Sserves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Parent and the Danish subsidiaries are therefore liable for income taxes etc. for the jointly taxed entities,and also for obligations, if any, relating to the withholding of tax on interest, royalties and dividends for the jointly ​taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed​in the administration company's financial statements. 13 Assets charged and collateralBank loans are secured by way of a deposited mortgage deed registered to the mortgagor with a nominal value of DKK 18,000k. The corporate mortgage comprises the following assets, the carrying amount of which at the balance sheet date constitute:​ ​​​Trade receivables: DKK 13.879k ​​​Other fixtures and fittings, tools and equipment: DKK 7k ​​Group debt to mortgage institute is secured through a mortgage in the building, which has a booked value of DKK​14.092k. 14 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year. 15 SubsidiariesRegistered inCorporate ​​formOwnership ​​​%Response Vietnam Co., Ltd.VietnamLtd.100.00One Property ApSDenmarkApS100.00 11417409 8073399 9872495 11594079 39000 123587 1505914 -3644267 1691103 1317805 400953 192987 27326 28565 1263228 1382533 2362068 -3487443 145311 -1053600 2216757 -2433843 6500 45500 6500 45500 9932036 13309398 554400 554400 10486436 13863798 10492936 13909298 13879086 8927870 19450727 13465629 2186869 2421380 169958 176649 60000 246000 89200 250620 365798 373513 36201638 25861661 5288 8682 36206926 25870343 46699862 39779641 525000 525000 6807692 10185054 5715611 1602477 13048303 12312531 29053430 22715906 932170 1683307 705355 473770 2960604 2594127 33651559 27467110 33651559 27467110 46699862 39779641 525000 10185054 1602477 12312531 0 1480985 0 1480985 -3587480 3587480 0 1691103 525654 2216757 525000 6807692 5715611 13048303 1 Staff costs2025​DKK2024​DKKWages and salaries8,949,87710,559,221Pension costs819,959933,875Other social security costs102,659100,9839,872,49511,594,079Average number of full-time employees1113 11 13 2 Tax on profit/loss for the year2025​DKK2024​DKKChange in deferred tax234,511(802,980)Refund in joint taxation arrangement(89,200)(250,620)145,311(1,053,600) 3 Proposed distribution of profit and loss2025​DKK2024​DKKRetained earnings2,216,757(2,433,843)2,216,757(2,433,843) 2216757 -2433843 2216757 -2433843 4 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKCost beginning of year1,371,250Cost end of year1,371,250Depreciation and impairment losses beginning of year(1,325,750)Depreciation for the year(39,000)Depreciation and impairment losses end of year(1,364,750)Carrying amount end of year6,500 5 Financial assetsInvestments in group enterprises​DKKReceivables from group enterprises​DKKCost beginning of year3,124,344554,400Cost end of year3,124,344554,400Revaluations beginning of year10,185,0540Changes in accounting policies(217,780)0Exchange rate adjustments(1,480,985)0Share of profit/loss for the year1,908,8830Dividend(3,587,480)0Revaluations end of year6,807,6920Carrying amount end of year9,932,036554,400A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements. 6 Deferred tax2025​DKK2024​DKKProperty, plant and equipment69,11985,700Tax losses carried forward2,117,7502,335,680Deferred tax2,186,8692,421,380​ ​​Changes during the year2025​DKK2024​DKKBeginning of year2,421,3801,618,400Recognised in the income statement(234,511)802,980End of year2,186,8692,421,380​Deferred tax assetsThe tax asset consists primarily of carry-forward losses from previous years. The deficit has arisen as a result of ​individual events, which is why the company expects to be able to utilize the deficit during the ​following 3-5 years. 7 Prepayments Prepayments consist of prepayments for subscriptions, insurances and education costs. 8 Other payables2025​DKK2024​DKKWages and salaries, personal income taxes, social security costs, etc. payable468,040520,033Other costs payable2,492,5642,074,0942,960,6042,594,127 9 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKTotal liabilities under rental or lease agreements until maturity 4,933,2576,663,708Of this, liabilities under rental or lease agreements with group enterprises 4,207,5005,562,000 10 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint taxation arrangement. According to the joint ​taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the ​jointly taxed entities, and also for obligations, if any, relating to the withholding of tax on interest, royalties and ​dividends for these entities. 11 Assets charged and collateral Bank loans are secured by way of a deposited mortgage deed registered to the mortgagor on plant of DKK ​18.000k nominal. The corporate mortgage comprises the following assets, the carrying amount of which at the balance sheet date constitute: ​​ ​​Trade receivables: DKK 13.879k ​​Other fixtures and fittings, tools and equipment: DKK 7k​​Furthermore there is established assignment in receivables from the subsidiary: DKK 19.200 k.​​Core One A/S has issued a guaranty of payment towards the subsidiary company One Property ApS. 12 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year. This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act ​governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year. 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. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.​​Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements.Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.​​Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date,​with net assets having been calculated at fair value. 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. 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. Derivative financial instrumentsOn initial recognition in the balance sheet, derivative financial instruments are measured at cost and ​subsequently at fair value, which has been calculated as the discounted value of expected future net cash flows by using an approximate risk-free interest rate adjusted for any factors that a potential market participant would attribute value to when acquiring the instrument. Derivative financial instruments are recognised in other receivables or other ​payables. ​​​​ For derivative financial instruments that do not comply with the requirements for being treated as hedging ​​instruments, changes in fair value are recognised currently in the income statement as financial income or ​​financial expenses. Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, own ​​work capitalised, other operating income, costs of raw materials and consumables and external expenses. RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement ​​when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the ​income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales ​discounts and is measured at fair value of the consideration fixed. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​​activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds . Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal 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. Property costsProperty costs include costs incurred to operate the Entity’s properties in the financial year, including repair ​​and maintenance costs, property tax and electricity, water and heating, which are not charged directly from ​​the lessee. Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc . for entity ​staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating toproperty, 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. Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s primary ​activities, including loss from the sale of intangible assets and property, plant and equipment. Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses. 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 ​interest income on receivables from group enterprises. Other financial expensesOther financial expenses compriseinterest expenses, 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.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress with related ​intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised ​on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount. 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. For assets held under finance ​​leases, cost is the lower of the asset’s fair value and present value of future lease payments.​​ ​​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 Buildings20-35 yearsPlant and machinery3-8 yearsOther fixtures and fittings, tools and equipment3-8 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 are written down to the ​​lower of recoverable amount and carrying amount. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​​doubtful debts. InventoriesInventories are measured at the lower of cost using 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. ​​ ​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​​costs incurred to execute sale. 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.​However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary ​differences arising at the date of acquisition that do not result from a business combination and that do not have ​any effect on profit or loss or on taxable income. ​​ ​​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. Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​​taxable income, adjusted for prepaid tax.Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​​cost. CashCash comprises cash in hand and bank deposits. Mortgage debtAt the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds ​​to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at amortised ​cost. This means that the difference between the proceeds at the time of borrowing and the nominal repayable ​amount of the loan is recognised in the income statement as a financial expense over the term of the loan ​applying the effective interest method.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the ​term of the lease. 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. Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash ​​and cash equivalents at the beginning and the end of the financial year. ​​ ​​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​​ ​​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​​etc. of intangible assets and property, plant and equipment. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash. The cash flow statement shows cash flows from operating, investing and financing activities, and cash ​​and cash equivalents at the beginning and the end of the financial year. ​​ ​​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​​ ​​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​​etc. of intangible assets and property, plant and equipment. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash. true Grundlag for konklusion Konklusion 2026-05-05 2026-05-05 Revisionspåtegning Regnskabsklasse C, mellemstor virksomhed 2024-12-31 2024-01-01 33963556 Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab 2300 København S 2025-12-31 2025-01-01 Core One A/S 31880351 8600 Silkeborg 26 Papirfabrikken Ikast-brande Ikast 7430 9 Lene Haus Vej