20784881 2025-01-01 2025-12-31 2 20784881 2025-01-01 2025-12-31 3 20784881 2025-01-01 2025-12-31 5 20784881 2025-01-01 2025-12-31 6 20784881 2025-01-01 2025-12-31 20784881 2025-01-01 2025-12-31 1 20784881 2024-01-01 2024-12-31 20784881 2025-12-31 20784881 2024-12-31 20784881 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 20784881 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 20784881 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 20784881 2025-01-01 d:ShipsMember 20784881 2025-12-31 d:ShipsMember 20784881 2025-01-01 2025-12-31 d:ShipsMember 20784881 2025-01-01 d:InvestmentsInGroupEnterprisesMember 20784881 2024-01-01 d:InvestmentsInGroupEnterprisesMember 20784881 2025-12-31 d:InvestmentsInGroupEnterprisesMember 20784881 2024-12-31 d:InvestmentsInGroupEnterprisesMember 20784881 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 20784881 2024-01-01 2024-12-31 d:InvestmentsInGroupEnterprisesMember 20784881 2025-01-01 2025-12-31 d:SubsidiaryMember 1 20784881 2025-12-31 d:SubsidiaryMember 1 20784881 2025-01-01 2025-12-31 d:SubsidiaryMember 2 20784881 2025-12-31 d:SubsidiaryMember 2 20784881 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 20784881 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 20784881 2025-12-31 d:LongtermDebtToBanksMember 20784881 2025-01-01 d:ContributedCapitalMember 20784881 2024-01-01 d:ContributedCapitalMember 20784881 2025-12-31 d:ContributedCapitalMember 20784881 2024-12-31 d:ContributedCapitalMember 20784881 2025-01-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 20784881 2024-01-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 20784881 2025-01-01 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 20784881 2024-01-01 2024-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 20784881 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 20784881 2024-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 20784881 2025-01-01 d:RetainedEarningsMember 20784881 2024-01-01 d:RetainedEarningsMember 20784881 2025-01-01 2025-12-31 d:RetainedEarningsMember 20784881 2024-01-01 2024-12-31 d:RetainedEarningsMember 20784881 2025-12-31 d:RetainedEarningsMember 20784881 2024-12-31 d:RetainedEarningsMember 20784881 2025-01-01 d:ProposedDividendRecognisedInEquityMember 20784881 2024-01-01 d:ProposedDividendRecognisedInEquityMember 20784881 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 20784881 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 20784881 2025-01-01 2025-12-31 1 20784881 2025-01-01 2025-12-31 1 20784881 2025-01-01 2025-12-31 2 20784881 2025-01-01 2025-12-31 3 20784881 2025-01-01 2025-12-31 4 iso4217:DKK xbrli:pure Årsrapport 16119040 BUUS JENSEN, Statsautoriserede revisorer Lersø Parkalle, 112 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 20784881 Hyperbaric Consult A/S Havnen 5, 1. 1. 3250  Gilleleje BUUS JENSEN, Statsautoriserede revisorer 16119040 Benjamin Møller Obel Statsautoriseret revisor mne44149 Lersø Parkalle 112 2100 København Ø Danmark 39 29 08 00 Buusjensen@buusjensen.dk 2026-04-28 Kenneth Gudmundsson Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejerne København 2026-04-28  Gilleleje 2026-04-28 Grundlag for konklusion Konklusion 23961028 5599432 14725435 13653088 2253929 4610455 6981664 -12664111 276954 -330047 844285 137204 1319671 642114 6783232 -13499068 1438506 -2890708 5344726 -10608360 -53093 0 5397819 -10608360 1054175 918473 31563803 33434736 32617978 34353209 1621656 1414599 19500 19500 1641156 1434099 34259134 35787308 1687776 766781 2080791 174270 8278 8278 0 94000 1444059 2358477 5220904 3401806 11564218 82938 16785122 3484744 51044256 39272052 0 1000000 1000000 1571646 1694636 30285880 24888061 32857526 27582697 4135998 2697492 4135998 2697492 8000000 0 8000000 0 2000000 0 0 4310548 442753 656471 92790 0 3147541 3012001 367648 1012843 6050732 8991863 14050732 8991863 51044256 39272052 14511497 13440638 133560 134543 28936 29583 51442 48324 14725435 13653088 36 35 1319671 642114 1319671 642114 4523919 518698 5042617 3605446 382996 3988442 1054175 61280481 61280481 27845745 1870933 29716678 31563803 50010 50010 50010 50010 1364589 1614674 -69897 79962 276954 -330047 1571646 1364589 1621656 1414599 Hyperbaric Consult Ltd England 100 Clean Seabed ApS Gribskov 100 19500 19500 19500 2000000 0 1000000 1000000 1000000 1000000 1694636 1614674 -53093 0 -69897 79962 1571646 1694636 24888061 35496421 5397819 -10608360 30285880 24888061 0 3000000 0 3000000 Today, the Board of Directors and the Managing Director have approved the annual report of Hyperbaric Consult A/S for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Christian Lauenbach Eilersen Kenneth Gudmundsson Jan Michael Eilersen Michael Søgaard Madsen Christian Lauenbach Eilersen We have audited the financial statements of Hyperbaric Consult A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. Description of key activities of the companyThe Company´s primary activity is to operate within diving, offshore support and hyperbaric management. Uncertainties about recognition or measurementThe Company's ships are measured at cost and depreciated over their expected useful lives, less any estimated residual value at the end of their use. The depreciation period and residual value are determined at the time of acquisition and reassessed annually. Since the ships are specially designed for offshore use, there is no active market on which they are traded, and there is also ongoing technological development that places demands on the vessels’ capabilities. On this basis, there is an inherent uncertainty in determining the vessels’ residual value and depreciation horizon. Significant changes in the company's activities and financial mattersIn 2025, Hyperbaric Consult A/S has successfully reaped the benefits of the strategic transformation initiated in 2024. The Company’s targeted focus on expanding within the Offshore Wind sector and securing large-scale Operation & Maintenance (O&M) projects has materialized in a marked improvement in financial performance and operational capabilities. Gross profit for 2025 increased significantly to DKK 23,961,028, compared to DKK 5,599,432 in 2024. This substantial growth is a direct result of the new long-term contracts secured in the previous year, which commenced as planned in 2025. The Company has thus delivered on its strategic plan and demonstrated the ability to convert preparatory investments and planning into tangible results.   Operational progress and new experiences A key element of this year’s progress has been the successful integration of chartered vessels into our operations. This has represented a steep learning curve for the organization, but the experience gained has provided valuable insights and established a strong foundation for future projects. The management is confident that these new competencies will further strengthen the Company’s competitive position in the offshore market.   Management’s assessment The Board of Directors and management are satisfied with the results achieved in 2025. The Company has followed the strategic roadmap set out in 2024, and the positive financial outcome confirms that the transformation was both timely and effective. The organization is now well positioned for continued growth and further expansion within its core markets. Despite the challenges associated with rapid operational changes and the adoption of new business models, the Company has demonstrated resilience and adaptability. Management remains confident in the long-term prospects and will continue to pursue opportunities for sustainable growth. 1.Uncertainties concerning recognition and measurementThe Company's ships are measured at cost and depreciated over their expected useful lives, less any estimated residual value at the end of their use. The depreciation period and residual value are determined at the time of acquisition and reassessed annually. Since the ships are specially designed for offshore use, there is no active market on which they are traded, and there is also ongoing technological development that places demands on the vessels’ capabilities. On this basis, there is an inherent uncertainty in determining the vessels’ residual value and depreciation horizon.   11.Charges and securityAs security for bank debts, DKK 21.000.000, mortgage has been granted in one of the companys ships representing a book value of DKK 29.329.247 at 31 December 2025. For bank loans, the company has provided security in company assets representing a nominal value of DKK 6.000.000. This security comprises the assets below, stating the carrying amounts: DKK in thousands Other fixtures, fittings, tools and equipment1.054 Trade receivables3.769 12.Contractual obligations and contingencies, etc.Lease liabilities:the company has entered into leases with an average annual lease payment of DKK 1.296.000. The leases have 66 months to maturity and total outstanding lease payments total DKK 7.020.000. Bank guarantee:The company has entered into a bank guarantee of EUR 561,972 with its bank as security for the company’s obligations to a foreign partner. Joint taxationThe company acts as administration company for the group of companies subject to the Danish scheme of joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to pay the total corporation tax. TheThe company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any subsequent adjustments of corporate taxes or withholding taxes, etc., may result in changes in the company's liabilities. The annual report for Hyperbaric Consult A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Change in accounting estimatesThe usefull life of one of the ships has in 2025 been reassessed from 14 years to 19 years and the residual value has been reassessed and changed from t.kr. 20.000 to t.kr. 22.000 for shpis in total. The reassessment of the residual value and the usefull life of the ships has an positiv effect on the result of t.kr. 1.743. The company's assets and equity will be affected by the same amount, as a result of less depreciations. Gross profitGross profit comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs. The enterprise will be applying IAS 11 and IAS 18 as its basis of interpretation for the recognition of revenue. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and writedown for impairmentDepreciation, amortisation, and writedown for impairment comprise depreciation, amortisation, and writedown for the year and profit and loss on the disposal of intangible and tangible assets. Results from investments in subsidiariesAfter full elimination of intercompany profit or loss less amortised consolidated goodwill, the investment in the individual entities are recognised in the income statement as a proportional share of the entities' post-tax profit or loss. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The company acts as an administration company in relation to the joint taxation. This means that the total Danish tax payable by the Danish consolidated companies is paid to the tax authorities by the company. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Ships and equipmentShips is measured at cost less accrued depreciation and writedown for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period is fixed at the acquisition date and reassessed annually. If the residual value exceeds the carrying mount of the asset, depreciation is discontinued. Reversal of previous revaluations and recognised deferred taxes concerning revaluations are recognised directly in company equity. Other property, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful lifeResidual valueShips14-19years22.000.000Other fixtures and fittings, tools and equipment3-5years0-20 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement under depreciation. LeasesAll other leases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc. Investments in subsidiariesInvestments in subsidiaries are recognised and measured by applying the equity method. The equity method is used as a method of consolidation. Investments in subsidiaries are recognised in the statement of financial position at the proportionate share of the enterprise's equity value. This value is calculated in accordance with the parent's accounting policies with deductions or additions of unrealised intercompany gains and losses as well as with additions or deductions of the remaining value of positive or negative goodwill calculated in accordance with the acquisition method. Negative goodwill is recognised in the income statement at the time of acquisition of the equity investment. If the negative goodwill relates to contingent liabilities acquired, negative goodwill is not recognised until the contingent liabilities have been settled or lapsed. Consolidated goodwill is amortised over its estimated useful life, which is determined on the basis of the management's experience with the individual business areas. Consolidated goodwill is amortised on a straight-line basis over the amortisation period, which represent 5-20 years. The depreciation period is determined on the basis of an assessment that these are strategically acquired enterpriseswith a strong market position and a long-term earnings profile. In relation to material assets and liabilities recognised in subsidiaries but are not represented in the parent, the following accounting policies have been applied. Investments in subsidiaries with a negative equity value are measured at DKK 0, and any accounts receivable from these enterprises are written down to the extent that the account receivable is uncollectible. To the extent that the parent has a legal or constructive obligation to cover an negative balance that exceeds the account receivable, the remaining amount is recognised under provisions. To the extent the equity exceeds the cost, the net revaluation of equity investments in subsidiaries  transferred to the reserve under equity for net revaluation according to the equity method. Dividends from subsidiaries expected to be adopted before the approval of this annual report are not subject to a limitation of the revaluation reserve. The reserve is adjusted by other equity movements in subsidiaries. Newly acquired or newly established companies are recognised in the financial statement as of the time of acquisition. Sold or liquidated companies are recognised until the date of disposal. On the acquisition of enterprises, the acquisition method, the uniting-of-interests method or the book value method is applied, cf. the above description under Business combinations. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets as well as equity investments in subsidiaries are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. Writedown for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired.If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. Contract work in progressContract work in progress is measured at the selling price of the work performed. The selling price is measured on the basis of the stage of completion on the reporting date and the total expected income from the individual work in progress. The stage of completion is determined on the basis of a technical and financial assessment of the progress of the work compared with the total contract sum. When the selling price of the individual work in progress cannot be determined reliably, the selling price is measured at the costs incurred or at net realisable value, if this is lower. The individual work in progress is recognised in the statement of financial position under accounts receivables or liabilities. Net assets consist of the sum of the work in progress, where the selling price of the work performed exceeds invoicing on account. Net liabilities consist of the sum of the work in progress, where invoicing on account exceeds the selling price. Costs in connection with sales work and the procurement of contracts are recognised in the income statement when incurred. PrepaymentsPrepaymentsrecognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityRevaluation reserveRevaluations of property less deferred tax are recognised under the revaluation reserve. The reserve is reduced when the value of revalued property is reduced due to depreciation. The reduction represents the difference between depreciation based on the revalued carrying amount of the property and depreciation based on the original cost of the property. The reserve is partly or totally dissolved on the sale of the property and reduced as a result of impairment loss on property. Reserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method comprises net revaluation of equity investments in subsidiaries, associates and equity interests proportional to cost. The reserve may be eliminated in the event of losses, realisation of equity investments, or changes in the accounting estimates. The reserve cannot be recognised by a negative amount. Income tax and deferred taxAs administration company, Hyperbaric Consult A/S is liable to the tax authorities for the subsidiaries' corporate income taxes. Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsFinancial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.