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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 at 31 December 2025 of the Company and of the results of the Company operations for 2025. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen 2026-03-26 Jesper Mark Dixen Jacob Rønnov Fredrik Sandström CEO CFO COO Martin Gaarn Thomsen Christian Riis-Hansen Peter Korsholm Chairman Camilla Müller Peter Vinding To the shareholders of Bella Operation A/S Opinion 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 have audited the Financial Statements of Bella Operation 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 a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for 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 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, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. 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 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 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 to obtain sufficient appropriate audit evidence regarding the 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. Hellerup 2026-03-26 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Torben Jensen Claus Carlsson State Authorised Public Accountant State Authorised Public Accountant mne18651 mne29461 Bella Operation A/S Center Boulevard 5 2300 Copenhagen 37939838 Copenhagen Strandvejen 44 2900 Hellerup Seen over a 5-year period, the development of the Company is described by the following financial highlights: 860433000 714594000 251455000 290283000 267600000 212424000 -26971000 -29769000 28739000 -6174000 3137000 -5775000 -27068000 -13598000 17644000 516262000 506559000 406710000 48058000 56970000 40819000 47217000 29770000 175618000 202687000 216284000 538 517 570 534 287 0.349 0.353 0.337 0.374 0.845 0.303 0.328 0.340 0.400 0.532 0.054 0.105 0.143 0.065 0.120 Key activitiesBella Operation A/S, a part of Bellagroup, delivers hospitality and event experiences across Bella Center Copenhagen, Bella Arena, and three hotels: AC Hotel Bella Sky Copenhagen, Copenhagen Marriott Hotel, and Crowne Plaza Copenhagen Towers (managed through our subsidiary, CP Hotel A/S).Our portfolio also includes CIFF Village fashion showrooms, International House office spaces, and several prominent trade and cultural brands, including Copenhagen Gaming Week, Copenhagen International Fashion Fair (CIFF), and BogForum.Through this diversified portfolio, Bella Operation A/S contributes to strengthening Copenhagen’s position as an international hub for tourism, conferences, and events.Development in the yearA Year of Execution and Financial Momentum2025 marked a record year for Bella Operation A/S. We delivered materially improved performance across all business areas, with net profit for the year strongly improved compared to last year and cash flow strengthening - surpassing historical levels and budget expectations.These results reflect disciplined execution, improved operational efficiency, and a more focused commercial approach, supported by favorable market conditions across both hotels and the venue business. Importantly, the performance translated into a materially strengthened balance sheet, leaving Bella Operation A/S in a robust financial position as we enter 2026.Leadership Transition and Renewed Strategic FocusIn 2025, Bellagroup welcomed a new CEO, also governing Bella Operation A/S, marking an important change in our leadership and strategic direction. A new organizational structure and governance model was implemented, establishing two divisions: Hotels and Venue.With this structure providing clear accountability and operational focus, management has sharpened its emphasis on execution, commercial discipline, and improved utilization of the Hotels and Venue Division. This focus is strengthening operational discipline across our organization, enabling higher efficiency, stronger yields, and more effective deployment of capacity.Strong Growth in the Hotels DivisionOur Hotels Division delivered its strongest performance to date. Increased average daily rates and higher occupancy levels were driven by rising overnight demand in Copenhagen, combined with effective revenue management and product positioning. In this favorable market, we expanded our market share within benchmark groups, confirming the competitiveness of our portfolio. Our ongoing focus on guest experience, refurbishment investments, and leadership development continues to advance performance across the Hotels Division.High Activity and Solid Delivery Across the Venue DivisionOur Venue Division was a key driver of increased activity in 2025. Bella Center Copenhagen continued to attract a broad mix of congresses and corporate, national, and international events. A highlight was the successful delivery of the European Political Community (EPC) Summit, which received positive feedback from stakeholders. The event demonstrated our capability to execute complex, high-profile international events and further strengthened the market position and reputation of Bella Center Copenhagen. Alongside landmark events, a stronger commercial focus and operational discipline led to improved planning and higher utilization, driving sustained growth in both activity levels and profitability. As a result, the Venue Division continues to play an increasingly important role in financial performance.Responsible HospitalityESG remains a core priority for Bellagroup and executed through the activities in Bella Operation A/S. Throughout 2025, we advanced our ESG initiatives and developed a new ESG strategy that further embeds sustainability into our operation. During the year, Bellagroup achieved the B Corporation certification, marking an important milestone in our sustainability journey. This achievement reflects our commitment to operate as an inclusive, responsible, and future oriented business.Financial result for the yearThe income statement of the Company for 2025 shows a profit of TDKK 10,091, and at 31 December 2025 the balance sheet of the Company shows a positive equity of TDKK 191,913. The realized EBIT in 2025 was within the range for the outlook given for 2025 of TDKK -15,000 - +15,000.OutlookWith a strengthened financial foundation, strong cash flow, solid hotel performance, and a notable pipeline for the Venue Division, Bella Operation A/S enters 2026 with strong momentum. We expect the positive trajectory to continue, supported by favorable market outlook, ongoing operational improvements, strong commercial drive, and continued investment in guest and customer experience.Bella Operation A/S continues to operate in close partnership with key stakeholders across the tourism, business, and events ecosystem. Thanks to the positive engagement from public authorities, initiatives to improve framework conditions for international events and clients are progressing well. Recent legislative changes easing access to work permits further enhance Copenhagen’s attractiveness as an international destination and support continued growth across both the Hotels and Venue Divisions.Together, these factors provide a solid foundation for sustained performance and value creation in the year ahead.For 2026, we expect an EBIT in the range of TDKK +20,000 - +50,000.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Statement of corporate social responsibility, cf. section 99b of the Financial Statements ActThe Company is included in the Consolidated Financial Statements of BCHG Holding A/S and the ultimate parent company TMC Invest 2021 ApS. Regarding the statement of corporate social responsibility by section 99b of the Danish Financial Statements Act, reference is made to the above-mentioned CSR report "Responsible Hospitality Report 2025” or https://www.bellagroup.dk/om-bellagroup/responsible-hospitality Statement on data ethics, cf. section 99d of the Financial Statements ActThe Company has established a policy regarding data ethics. The data ethic policy includes all employees in the company. It complies with both Danish and EU legislation and comprises our data ethics principles and data privacy policy. Reference is made to the above-mentioned CSR report "Responsible Hospitality Report 2025", page 89. 1068728000 840087000 8513000 27154000 235024000 173546000 469038000 397233000 373179000 296462000 324206000 279392000 35487000 32739000 3385000 212000 10101000 -15881000 7754000 336000 1480000 2031000 8603000 10048000 10732000 -23562000 603000 -4766000 10129000 -18796000 12251000 15180000 1213000 2253000 29103000 33164000 42567000 50597000 85270000 76626000 79638000 69326000 3697000 1786000 168605000 147738000 27925000 20171000 66200000 66200000 39463000 39463000 133588000 125834000 344760000 324169000 2311000 4674000 2311000 4674000 106830000 100195000 25571000 39146000 109000 7955000 31629000 37898000 7450000 0 11504000 22646000 183093000 207840000 103901000 17744000 289305000 230258000 634065000 554427000 1000000 1000000 26825000 19071000 164126000 161751000 191951000 181822000 6518000 7785000 14341000 14341000 12021000 11162000 10947000 25591000 43827000 58879000 81782000 77624000 1709000 1748000 109461000 102178000 88751000 65630000 50864000 14389000 13135000 6675000 52585000 45482000 398287000 313726000 442114000 372605000 634065000 554427000 1000000 19071000 161751000 181822000 0 7754000 2375000 10129000 1000000 26825000 164126000 191951000 Geographical segmentsRevenue, Denmark1,068,728840,0871,068,728840,087Business segmentsHotel403,636331,234Area & Entry237,048201,338Technique & Services194,179109,193Food & Beverage233,865198,3221,068,728840,087 Change in accounting estimate for other payables8,51320,359Other income06,7958,51327,154 280797000 238540000 26390000 23928000 5339000 4694000 11680000 12230000 324206000 279392000 Including remuneration to the Executive Board and Board of Directors: 5671000 7364000 131000 90000 5802000 7454000 538 517 7542000 7496000 27945000 25243000 35487000 32739000 Profit (loss) of the year in subsidiary7,7543367,754336 1221000 1665000 259000 366000 1480000 2031000 104000 0 8499000 10048000 8603000 10048000 -5666000 0 6269000 -4718000 0 -48000 603000 -4766000 7754000 336000 2375000 -19132000 33794000 4160000 40609000 551000 0 0 34345000 4160000 40609000 18613000 1907000 7445000 3481000 1040000 4061000 22094000 2947000 11506000 12251000 1213000 29103000 5 years3 years10 years 162750000 100450000 1786000 27101000 17260000 3697000 1498000 0 -1786000 191349000 117710000 3697000 86123000 31123000 0 19956000 6949000 0 106079000 38072000 0 85270000 79638000 3697000 3-20 years3-20 years 17425000 17425000 17425000 17425000 2746000 2410000 7754000 336000 10500000 2746000 27925000 20171000 Investments in subsidiaries are specified as follows:750.000 CP Hotel A/S Denmark 1.00 The share capital consists of 1,000,000 shares of a nominal value of TDKK 1. No shares carry any special rights. Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Lease obligations8,2279,533Payables to group enterprises65,20528,730Deposits25,15617,837Other payables63,53271,073 0 0 6518000 7785000 6518000 7785000 1709000 1748000 0 0 14341000 14341000 14341000 14341000 50864000 14389000 0 0 12021000 11162000 12021000 11162000 13135000 6675000 0 0 10947000 25591000 10947000 25591000 52585000 45482000 Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year201,127216,619Between 1 and 5 years775,110769,696After 5 years2,648,2202,819,7233,624,4573,806,038Guarantee obligationsThe Company is guarantor with liability for whatever amount BCHG Holding A/S, BCHG Properties A/S and CP Hotel A/S may owe Nordea Danmark, branch of Nordea Bank AB (Publ), Nordea Bank Finland OY and Nordea Kredit A/S in the future, including interest and expenses in the event of default.The BCHG Holding group is in process of prolonging the existing loan facilities agreement covering the financing of all companies in the group. The existing facilities agreement expires 15 June 2026. The group has been in dialogue with the financial institute to prolong the facilities agreement and has in February 2026 received a letter from the financial institute where the financial institute, based on internal group reporting for 2025, confirms that they are willing to prolong the existing loan facilities on unchanged terms and conditions until 15 February 2027.Other contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of TMC Invest 2021 ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. For the income year up to 15 June 2021, the company is jointly and severally liable for tax on the jointly taxed incomes etc., of the Solstra Investments A/S Group and for the period after 16 June 2021 the company is jointly and severally liable for tax on the jointly taxed incomes etc. of the TMC Invest 2021 ApS' Group. The total amount of corporation tax payables is disclosed in the Annual Report of TMC Invest 2021 ApS, which is the management company for the joint taxations group.The Company has the obligation to perform maintenance of rented hotel buildings, both interior and exterior. There is the risk that one of the hotel buildings may require replacement of part of the facade. For the time being, it is not possible to evaluate and conclude the extent of the replacement. However the property owner will cover the majority part of the expense. Including to group enterprisesRental and lease obligations1,010,4161,080,584Controlling interestTMC Invest 2021 ApS, CopenhagenUltimate parent companyBCHG Holding A/S, CopenhagenParent companyOther related partiesBCHG Holding A/S is holding 100 % of the votes in the companyBCHG Properties A/SCP Hotel A/STransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act.The Company has had transactions related to intercompany payables, intercompany receivables and management fees. Interests received from group enterprises are disclosed in the income statement and note 7. Consolidated Financial StatementsThe Company is included in the Consolidated Financial Statements of BCHG Holding A/S and the ultimate parent company TMC Invest 2021 ApS.TMC Invest 2021 ApSCopenhagenBCHG Holding A/SCopenhagen In accordance with section 96(3) of the Danish Financial Statement Act, the Company has not disclosed fees for the financial year to the auditors performing the statutory audit. The Annual Report of Bella Operation A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C.The accounting policies applied remain unchanged from last year.The Financial Statements for 2025 are presented in TDKK. With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2025 of BCHG Holding A/S and TMC Invest 2021 ApS, the Company has not prepared consolidated financial statements. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of BCHG Holding A/S, the Company has not prepared a cash flow statement. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Leases in terms of which the Company assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Company.The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement.All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Translation policiesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates. RevenueInformation on business segments and geographical segments based on the Companys risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company.Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service. Cost of goods soldCost of goods sold comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets and property, plant and equipment.Government grants, such as economic stimulus packages, are recognised when it is reasonably certain that the Company complies with the conditions for receiving the grant, and it is reasonably certain that the Company will receive the grant. The grant is systematically recognised in the income statement over the period to which it relates, or immediately if the grant is not conditional upon incurrence of future costs or investments. Government grants are recognised as other operating income. Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with Danish subsidiaries of TMC Invest 2021 ApS group. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Intangible fixed assetsGoodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over its useful life, which is assessed at 10 year. Acquired other similar rights are measured at the lower of cost less accumulated amortisation and recoverable amount. Non compete clause are amortised over the period in force, however not exceeding 3 year.Completed developments projects relates to the development of new ERP solution which is measured at cost less accumulated amortisation. The new ERP solution is amortised on a straight-line basis over its useful life, which is assessed at 5 years. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans raised directly for financing the construction of property, plant and equipment are recognised in cost over the period of construction. All indirectly attributable borrowing expenses are recognised in the income statement.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment3-20 years Leasehold improvements3-20 years Depreciation period and residual value are reassessed annually.Assets costing less than DKK 32,000 are expensed in the year of acquisition. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.If so, the asset is written down to its lower recoverable amount. Investments in subsidiariesInvestments in subsidiaries are recognised and measured under the equity method. Other fixed asset investments consist of deposits. InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of goods for resale, raw materials and consumables equals landed cost. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value. Financial HighlightsExplanation of financial ratiosGross marginGross profit x 100 / RevenueSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity