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PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning true 2026-05-27 Flemming Besenbacher The Executive Board and Board of Directors have today considered and adopted the Annual Report of DGE Group 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 and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows 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. Højbjerg 2026-05-27 Poul Erik Jensen CEO Flemming Besenbacher Poul Erik Jensen Steen Andersen Chairman Kalle Heikki To the shareholder of DGE Group A/S Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025 and of the results of the Group’s and the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of DGE Group 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, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”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 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 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 Consolidated Financial Statements and the Parent Company 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 consolidated financial statements and parent company 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 Group’s and the Parent 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 Group or the Parent 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 Group’s and the Parent 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 Group’s and the Parent 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 Group and the Parent 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 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 Company 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. Aarhus C 2026-05-27 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Henrik Berring Rasmussen Christian Reumert Bilde State Authorised Public Accountant State Authorised Public Accountant mne34157 mne50596 DGE Group A/S Jelshøjvænget 11 8270 Højbjerg 28670710 Aarhus Jens Chr. Skous Vej 1 8000 Aarhus C Seen over a 5-year period, the development of the Group is described by the following financial highlights:Cash flows from: 74295000 69675000 74199000 2783000 1723000 3947000 -454000 -297000 -174000 1648000 881000 2801000 50775000 43575000 45267000 1417000 620000 966000 934000 1293000 13340000 12242000 13661000 4182000 1953000 348000 -1161000 -914000 0 -897000 -1653000 0 2124000 2675000 0 158 161 152 0 0 0.235 0.099 0.055 0.040 0.087 0.407 0.337 0.263 0.281 0.302 0.515 0.236 0.129 0.068 0.220 Key activitiesDGE Group is a holding company that invests in firms providing sustainability and environmental consultancy, planning, and engineering services. Group management and coordination responsibilities include developing and overseeing group strategy and finances; defining priority services; coordinating marketing and sales; and managing international cooperation, including INOGEN Alliance partnerships.Group structure (ownership)DGE A/S, Denmark — 100%DGE Mark och Miljö AB, Sweden — 87%DGE Soil & Environment Baltic, Lithuania — 90%Hendrikson & Ko OÜ, Estonia — 72%DGE Latvia, Latvia — 100%DGE Finland, Finland — 90%Stein Miljø Consult AS, Norway — 90%Nattoralik AS, Greenland — 51%Associated companyVides Eksperti SIA, Latvia — 40%Market overviewDGE Group companies operate across the following business areas:Strategy and Planning: Regional and detailed planning, site selection, strategic environmental assessments (SEA), environmental impact assessments (EIA), Natura 2000 assessments, corporate sustainability services (LCA, EPD), sustainability data management, ESG/CSRD strategy and reporting, GHG Protocol compliance, green auditing, and climate-proofing.Soil and Water Investigations & Remediation: Site investigations, geological and geotechnical surveys, surface and groundwater monitoring, solution design, supervision, and remediation strategies.Due Diligence: Field investigations, assessments, and reporting to support transactions and development projects.Renewables Development: Regulatory compliance, spatial planning, environmental surveys, impact assessments, permitting, circular economy consulting, and raw material reuse management.Industrial Compliance: Environmental impact assessments, quality and management systems, chemical safety, environmental permitting, risk management, and pollution control (air and noise), including monitoring and solution design.Health and Safety: Environmental Health and safety (EHS) management and auditing.Building Contamination Management: Building surveys and materials reuse management.The scope and emphasis of these service areas vary across companies, and market positions differ between countries. The client base ranges from private enterprises to public sector organizations.Aligned with the DGE Group strategy, a common denominator across all entities is a strong market position built on high-quality expertise in environmental and sustainability services.Review of consultancy activitiesIn 2025, DGE Group developed a structured strategy for DGE Group: a shared purpose and vision, clear virtues, strategic focus areas, concrete goals, and short-, medium- and long-term KPIs — including human and financial implications.The purpose of DGE Group is to build a more resilient world for a sustainable future beyond our own. A clear purpose enables DGE Group to act with clarity in a complex world, aligning decisions across countries, services, and markets. The Group’s vision declares our intent: we will not only grow, but we will grow responsibly. Virtuous growth means scaling solutions that benefit nature, create meaningful value for society, and deliver solid business results. It guides how we innovate, expand, and lead without compromising who we are. DGE Group exists to enable people and the planet to prosper — now and for generations to come. Realizing this vision depends on our people, guided by three core virtues: bravery, integrity, and empathy. These virtues are the driving force behind DGE Group’s purpose and strategy.To further strengthen the sense of unity and fully harness the synergies across the DGE Group, we have recently embarked on a journey to align our companies around a shared purpose, vision, virtues, and strategy that guide how we collaborate, make decisions, and create impact — ultimately becoming ONE DGE.Additionally, 2024 Group's second ESG report was published, emphasizing our commitment to sustainability and responsible business practices.Development in the yearThe annual report shows a profit of DKK 10,428,917, with DGE Group A/S’s share being DKK 9,246,376.The performance of companies in Norway, Finland, Estonia, Sweden, Lithuania, and Denmark has been satisfactory and aligned with expectations. However, results in Latvia were below expectations. The Board considers the overall results to be satisfactory. The Board of Directors anticipates an improved profit for 2026 compared to 2025.Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Unusual eventsThe Group’s financial position on 31 December 2025, and the results of the Group’s operations and cash flows for the 2025 fiscal year, have not been affected by any unusual events.Subsequent eventsNo material events have occurred after the balance sheet date that would affect the assessment of this annual report. 99582186 87501184 807167 -2786195 84580936 81381254 0 0 993165 1215279 0 0 185914 32408 0 0 13822171 4872243 807167 -2786195 0 0 8916183 5134489 7993 95679 90474 0 638868 629884 469352 542049 13191296 4338038 9344472 1806245 2762379 797754 98096 -723991 10428917 3540284 9246376 2530236 10823 45408 0 0 0 219307 0 0 10823 264715 0 0 2802917 2085476 0 0 350893 390431 0 0 3153810 2475907 0 0 0 0 23313298 18604564 359459 359459 359459 359459 600000 600000 0 0 549896 538492 0 0 1509355 1497951 23672757 18964023 4673988 4238573 23672757 18964023 44698 164492 0 0 44698 164492 0 0 26661416 24350549 0 0 16545097 12979061 0 0 112500 0 2648938 3103803 1141587 1085326 3383 105567 1487524 1695902 1477323 1681000 1295510 955495 0 0 47243634 41066333 4129644 4890370 6786885 3776628 812996 3182 54075217 45007453 4942640 4893552 58749205 49246026 28615397 23857575 1500000 1500000 1500000 1500000 0 0 10290954 6121593 -270765 -730872 0 0 11820730 11504283 1259011 4651818 8000000 1000000 8000000 1000000 21049965 13273411 21049965 13273411 2880849 3333520 0 0 23930814 16606931 21049965 13273411 2162465 1556439 0 0 2162465 1556439 0 0 3383042 3389532 0 0 3383042 3389532 0 0 0 1393072 0 330590 6934698 3675484 0 0 2947146 7650574 0 0 4592221 3567066 7260275 9510048 625957 2455229 0 0 482342 93000 0 0 13690520 8858699 305157 743526 29272884 27693124 7565432 10584164 32655926 31082656 7565432 10584164 58749205 49246026 28615397 23857575 1500000 -730872 11504283 1000000 13273411 3333520 16606931 0 0 -929929 0 -929929 0 -929929 1,500,000-730,87210,574,3541,000,00012,343,4823,333,52015,677,0021,500,0005,191,6644,651,8181,000,00012,343,482 0 -460107 0 0 -460107 -197281 -657388 0 0 0 1000000 1000000 1832493 2832493 0 0 1246376 8000000 9246376 1182541 10428917 1500000 -270765 11820730 8000000 21049965 2880849 23930814 1500000 6121593 4651818 1000000 13273411 0 -929929 0 0 -929929 0 -460107 0 0 -460107 0 0 0 1000000 1000000 0 -4277000 4277000 0 0 0 8916183 -7669807 8000000 9246376 1500000 10290954 1259011 8000000 21049965 10428917 3540284 5043807 2273517 -3614284 -2301613 11858440 3512188 7993 95679 638868 629884 11227565 2977983 3387905 418675 7839660 2559308 1417176 619777 11404 35141 -1428580 -654918 1393072 6264790 0 -3337444 87913 0 912655 0 2832493 0 -3400823 -2927346 3010257 -1022956 3776628 4799584 6786885 3776628 Cash and cash equivalents are specified as follows:Exchange adjustments657,388-273,721 6786885 3776628 6786885 3776628 73084631 72328357 0 0 6914449 4944852 0 0 4068319 3751651 0 0 513537 356394 0 0 84580936 81381254 0 0 2110676 2173000 614800 602300 158 161 0 0 0 0 90474 0 7993 95679 0 0 7993 95679 90474 0 136500 0 454585 393173 452824 621115 14767 148876 49544 8769 0 0 638868 629884 469352 542049 2268283 1542388 0 0 494096 -744634 98096 -723991 2762379 797754 98096 -723991 8000000 1000000 8000000 1000000 0 0 7660884 5134489 1182541 1010048 0 0 1246376 1530236 -6414508 -3604253 520941 3830298 520941 3830298 475533 3610991 34585 219307 510118 3830298 10823 0 9562317 594441 1417176 0 957256 0 10022237 594441 7476841 204010 699735 39538 957256 0 7219320 243548 2802917 350893 12482971 12482971 545340 0 5967 0 13022344 12482971 6121593 5482784 460107 -273721 9135488 5354425 4277000 4221959 219305 219305 -929929 0 0 631 10290954 6121593 23313298 18604564 Investments in subsidiaries are specified as follows:Investments in associates are specified as follows: DGE A/S Denmark 1.00 DGE Finland Finland 0.90 DGE Soil & Environment Baltic Lithuania 0.90 Stein Miljø Consult AS Norway 0.90 DGE Mark och Miljö AB Sweden 0.87 Hendrikson & Ko OÜ Estonia 0.72 Nattoralik AS Greenland 0.51 SIA DGE Latvia Latvia 1.00 359459 359459 359459 359459 359459 359459 359459 359459 359459 359459 359459 359459 Vides Eksperti SIA Latvia 0.40 600000 538492 0 11404 600000 549896 600000 549896 Contract work in progress is recognised in the balance sheet as follows:Contract work in progress recognised in assets16,545,09712,979,06100Prepayments received recognised in debt-2,947,146-7,650,5740013,597,9515,328,48700 Prepayments comprise prepaid costs. Deferred tax liabilities at 1 January-139,463232,082-1,681,000-1,091,240Amounts recognised in the income statement for the year494,096-744,63498,096-723,991Amounts recognised in equity for the year 320,308373,089105,581134,231Deferred tax liabilities at 31 December674,941-139,463-1,477,323-1,681,000Recognised in the balance sheet as follows:Assets1,487,5241,695,9021,477,3231,681,000Provisions-2,162,465-1,556,43900674,941-139,463-1,477,323-1,681,000Deferrred tax relates to intangible assets, inventories and other provisions. Deferred tax also relates to the tax loss for the year, which is expected to be used within a short number of years. 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:Other payables17,073,56212,248,231305,157743,526 2855565 3036794 0 0 527477 352738 0 0 3383042 3389532 0 0 2888278 645482 0 563526 10802242 8213217 305157 180000 7993 95679 638868 629884 993165 1215279 2762379 797754 5043807 2273517 119794 -156825 -6273179 692245 -2539101 2837033 -3614284 -2301613 Charges and securityCollateral has been issued in the form of a company charge on claims of nominally DKK 5,500 thousand to the company's bank. Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year5,788,1085,202,71600Between 1 and 5 years7,042,4185,630,33100After 5 years049,9730012,830,52610,883,02000Of this, liabilities under rental or lease agreements with group enterprises DKK 673,200Guarantee obligationsDGE Group A/S has provided a joint and several guarantee to DGE A/S.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 Proterra 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. Controlling interestPoul Erik JensenOwns all shares in the Entity,TransactionsThe 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. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Proterra ApSDenmarkThe Group Annual Report of Proterra ApS may be obtained at the following address:CVR-nummer 26110637 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of DGE Group A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The accounting policies applied remain unchanged from last year. Certain reclassifications of comparative figures in the financial statements have been made. The reclassifications have not affected the profit or equity.The Consolidated Financial Statements and the Parent Company Financial Statements for 2025 are presented in DKK. A correction relating to accrued overtime has been recognised as an adjustment to the opening balance of equity. 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. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, DGE Group A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Minority interestsMinority interests form part of the Group's total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquistition of subsidiaries.Business acquisitions carried through before 1 July 2018Minority interests are recognised at the carrying amounts of the acquired assets and liabilities at the time of acquisition of subsidiaries.Business acquisitions carried through on or after 1 July 2018Minority interests are initially measured at their proportionate share of the fair value of the acquired entity’s identifiable net assets. In this way, only goodwill related to the Parent Company’s share of the entity acquired is recognised.On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences 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. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.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 transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting.Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity.Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. RevenueServices 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 Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, expenses for raw materials and consumables and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. 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 Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Income from investments in subsidiaries and associatesDividends from associates are recognised as income in the income statement when adopted at the General Meeting of the associate. However, dividends relating to earnings in the associate before it was acquired by the Parent Company are set off against the cost of the associate.The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the 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 Proterra ApS. 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 7 year. Patents and licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the licence period; however not exceeding 5 year. 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. 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:Leasehold improvements5-10 years Plant and machinery3-7 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually.Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount. 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.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment.Goodwill, head office buildings and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable. Investments in subsidiaries and associatesInvestments in subsidiaries are recognised and measured under the equity method. Investments in associates are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Fixed asset investmentsFixed asset investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price.Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. Other fixed asset investments consist of receivables from affiliated companies and deposit. 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.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. 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. Contract work in progressContract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement.Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value.Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative.Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. DividendDividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income.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. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured 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.Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan.Other debts are measured at amortised cost, substantially corresponding to nominal value. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group.The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalents Cash and cash equivalents comprise ”Cash at bank and in hand”. Financial HighlightsExplanation of financial ratiosReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity