43739573 2025-01-01 2025-12-31 1 43739573 2025-01-01 2025-12-31 43739573 2025-01-01 2025-12-31 2 43739573 2025-01-01 2025-12-31 1 43739573 2025-01-01 2025-12-31 1 43739573 2025-01-01 2025-12-31 2 43739573 2025-01-01 2025-12-31 3 43739573 2024-01-01 2024-12-31 43739573 2025-12-31 43739573 2024-12-31 43739573 2024-01-01 d:ContributedCapitalMember 43739573 2024-01-01 d:RetainedEarningsMember 43739573 2024-01-01 d:ProposedDividendRecognisedInEquityMember 43739573 2024-01-01 2024-12-31 d:RetainedEarningsMember 43739573 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 43739573 2025-01-01 d:ContributedCapitalMember 43739573 2025-01-01 d:RetainedEarningsMember 43739573 2025-01-01 d:ProposedDividendRecognisedInEquityMember 43739573 2025-01-01 2025-12-31 d:RetainedEarningsMember 43739573 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 43739573 2025-12-31 d:ContributedCapitalMember 43739573 2025-12-31 d:RetainedEarningsMember 43739573 2025-12-31 d:ProposedDividendRecognisedInEquityMember 43739573 2025-01-01 d:AcquiredPatentsMember 43739573 2025-12-31 d:AcquiredPatentsMember 43739573 2025-01-01 2025-12-31 d:AcquiredPatentsMember 43739573 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 43739573 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 43739573 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember iso4217:DKK xbrli:pure (venstre underskriver) (venstre underskriver) (venstre underskriver) (venstre underskriver) (venstre underskriver) Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Bavnehøjvej 5 6700 Esbjerg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 43739573 JibFlex A/S Sahara 4 6700 Esbjerg 2022-12-20 Esbjerg +45 70 23 21 22 www.jibflex.com (venstre underskriver) EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Bavnehøjvej 5 Bavnehøjvej 5 6700 Esbjerg 6700 Esbjerg Danmark Danmark +45 73 23 30 00 +45 73 23 30 00 2026-05-08 Tonny Klein Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true 2026-05-08 2026-05-08 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of JibFlex A/S for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the 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 fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Esbjerg Tonny Klein Rune Værndal Chairman Tonny Klein Patrick Jacques Joseph Gilly To the shareholder of JibFlex A/S We have audited the financial statements of JibFlex A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the financial position of the 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. 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Management 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 as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and 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 the 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 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 note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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, our responsibility is to read the Management'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 otherwise 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 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 the Management's review. Esbjerg Morten Østergaard Koch Mads Klausen State Authorised Public Accountant mne35420 State Authorised Public Accountant mne46588 The Company's activities comprise manufacture and sale of the innovative JibFlex lifting equipment and other related business. The income statement for 2025 shows a profit of DKK 8,666 thousand against a profit of DKK 4,246 thousand last year, and the balance sheet at 31 December 2025 shows equity of DKK 9,574 thousand. Management considers the Company's financial performance in the year satisfactory. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. 11460000 5489000 196000 143000 11264000 5346000 14000 130000 139000 32000 11139000 5444000 2473000 1198000 8666000 4246000 0 4500000 8666000 -254000 571000 714000 571000 714000 3151000 0 3151000 0 3722000 714000 2097000 1531000 481000 658000 2578000 2189000 6555000 1943000 57000 4557000 714000 451000 7326000 6951000 311000 190000 10215000 9330000 13937000 10044000 400000 400000 9174000 508000 0 4500000 9574000 5408000 114000 157000 114000 157000 133000 21000 82000 3229000 2516000 1229000 1168000 0 350000 0 4249000 4479000 4249000 4479000 13937000 10044000 400000 762000 3500000 -254000 4500000 0 3500000 400000 508000 4500000 8666000 0 0 4500000 400000 9174000 0 The Company's share capital has remained unchanged DKK 400 thousand since the establishment. The annual report of JibFlex A/S for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currencyThe financial statements are presented in Danish kroner (DKK'000). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Income from the sale of goods for resale and finished goods is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2020.Income from the rendering of services is recognised as revenue as the services are rendered. Accordingly, revenue corresponds to the market value of the services rendered during the year (percentage-of-completion method).Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. The items revenue, cost of sales and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Cost of sales includes the cost of goods used in generating the year's revenue. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Fixtures and fittings, other plant and equipment 5 yearsAquired intangible assets 5-7 years Financial income and expenses are recognised in the income statement at the amounts that relate to the financial reporting period. The items comprise interest income and expenses, e.g. from group entities and associates, declared dividends from other securities and investments, financial expenses relating to finance leases, realised and unrealised capital gains and losses relating to other securities and investments, exchange gains and losses and amortisation of financial assets and liabilities. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Other intangible assets include development projects and other acquired intangible rights, including software licences, distribution rights and development projects.Other intangible assets are measured at cost less accumulated amortisation and impairment losses. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.The cost of self constructed assets includes the cost of direct materials and labour, etc. directly used in the production process and a portion of the relating production overheads.Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. The carrying amount of intangible assets and property, plant and equipment is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price.The cost of raw materials and consumables comprises the cost of acquisition plus delivery costs.The cost of finished goods and work in progress comprises the cost of raw materials, consumables, direct labour and direct production overheads. Indirect production overheads and borrowing costs are not included in the cost. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Proposed dividendsDividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. Other payablesThe Company has chosen IAS 39 as interpretation for liabilities. Other payables are measured at net realisable value. Deposits comprise paid deposits from customers in connection with lease agreements on rental assets. 0 0 0 118000 14000 12000 2516000 1229000 -43000 -31000 1000000 1000000 286000 143000 429000 571000 0 3204000 3204000 0 53000 53000 3151000 The Company is jointly taxed with the ultimate parent company. The companies included in the joint taxation have joint and several unlimited liability for Danish corporation taxes and withholding taxes on dividends, interest and royalties. The Company has issued a letter of unlimited surety in favour of Offshore Capital Partners ApS' bank debt. Bank debt amounts to DKK 0 thousand at 31 December 2025. Information about consolidated financial statements ParentDomicileRequisitioning of the parent company's consolidated financial statements Velacur Holding ApSEsbjergwww.cvr.dk