xbrli:pureiso4217:DKK286707102023-01-012023-12-31cmn:ConsolidatedMember286707102023-01-012023-12-311cmn:ConsolidatedMember286707102023-01-012023-12-31fsa:LiquidationAccountMembercmn:ConsolidatedMember286707102023-01-012023-12-311cmn:ConsolidatedMember286707102023-01-012023-12-311286707102023-01-012023-12-312286707102023-01-012023-12-313286707102023-01-012023-12-314286707102023-01-012023-12-312cmn:ConsolidatedMember286707102022-01-012022-12-31cmn:ConsolidatedMember286707102023-01-012023-12-31286707102022-01-012022-12-31286707102023-01-012023-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember286707102023-01-012023-12-31fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember286707102023-01-012023-12-31fsa:EquityAttributableToParentMembercmn:ConsolidatedMember286707102023-01-012023-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember286707102023-01-012023-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember286707102023-01-012023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember286707102023-01-012023-12-31fsa:RetainedEarningsMember286707102023-01-012023-12-31fsa:ProposedDividendRecognisedInEquityMember286707102023-12-31cmn:ConsolidatedMember286707102022-12-31cmn:ConsolidatedMember286707102023-12-31286707102022-12-31286707102023-01-01cmn:ConsolidatedMember286707102022-01-01cmn:ConsolidatedMember286707102023-01-01fsa:ContributedCapitalMembercmn:ConsolidatedMember286707102023-01-01fsa:RetainedEarningsMembercmn:ConsolidatedMember286707102023-01-01fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember286707102023-01-01fsa:EquityAttributableToParentMembercmn:ConsolidatedMember286707102023-01-01fsa:MinorityInterestsMembercmn:ConsolidatedMember286707102023-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember286707102023-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember286707102023-12-31fsa:ProposedDividendRecognisedInEquityMembercmn:ConsolidatedMember286707102023-12-31fsa:EquityAttributableToParentMembercmn:ConsolidatedMember286707102023-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember286707102023-01-01fsa:ContributedCapitalMember286707102023-01-01fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember286707102023-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember286707102023-01-01fsa:RetainedEarningsMember286707102023-01-01fsa:ProposedDividendRecognisedInEquityMember286707102023-12-31fsa:ContributedCapitalMember286707102023-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember286707102023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember286707102023-12-31fsa:RetainedEarningsMember286707102023-12-31fsa:ProposedDividendRecognisedInEquityMember286707102023-01-01286707102023-01-012023-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember286707102023-01-012023-12-31fsa:ContributedCapitalMemberGrundlag for konklusionKonklusion2024-06-262024-06-2633963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2022-12-312022-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2023-12-312023-01-01DGE Group A/S28670710ÅrsrapportAarhus C80002City Tower, VærkmestergadeAarhusHøjbjerg8270<br /><br />11Jelshøjvænget0The Board of Directors and the Executive Board have today considered and approved the annual report of DGE Group A/S for the financial year 01.01.2023 - 31.12.2023.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2023 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2023 - 31.12.2023.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.HøjbjergPoul Erik JensenPoul Erik JensenHeikki KalleFlemming BesenbacherHans Jørgen NielsenTo the shareholders of DGE Group A/SWe have audited the consolidated financial statements and the parent financial statements of DGE Group A/S for the financial year 01.01.2023 - 31.12.2023, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2023 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2023 - 31.12.2023 in accordance
with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional
requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the "Auditor’s responsibilities for the audit of the consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group in accordance
with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in
accordance
with the Danish Financial Statements Act, and for such internal control as Management determines
is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements and parent financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the consolidated financial statements and the parent financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
<br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group's and the Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Entity’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the consolidated financial statements and the parent financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Group and the Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required by relevant law and regulations.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.AarhusHenrik VedelMarie Louise Vester Sørensenmne10052mne47319State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2023
DKK'0002022
DKK'0002021
DKK'0002020
DKK'0002019
DKK'000Key figuresGross profit/loss74,29569,67574,19974,14868,991Operating profit/loss2,7831,7233,9475,0642,188Net financials(454)(297)(174)(321)(242)Profit/loss for the year1,6488812,8013,5291,306Profit for the year excl
.
minority interests7445702,5183,218875Balance sheet total50,77543,57545,26752,85846,149Investments in property, plant and equipment9669341,2931,831351Equity13,34012,24213,66111,74910,989Equity excl. minority interests11,01710,57712,08810,4598,828Cash flows from operating activities4,1821,9533482,1882,705Cash flows from investing activities(1,161)(914)000Cash flows from financing activities(897)(1,653)000RatiosReturn on equity (%)6.895.0322.3433.3710.43Equity ratio (%)21.7024.2726.7019.7919.13Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Return on equity (%)
:Profit/loss for the year excl. minority interests * 100
Average equity excl. minority interestsEquity ratio (%)
:Equity excl. minority interests * 100
Balance sheet totalPrimary activitiesPrimary activities comprise holding of investments in companies that provide sustainability and environmental consultancy, planning, and engineering services. The management and coordination tasks of DGE Group include, among other things:
• Development and management of DGE Group strategy and finances,
• Development of priority services,
• Coordination of marketing and sales,
• Coordination of international cooperation, such as INOGEN Alliance partnerships
The company acts as a holding company for the companies listed in the table:
Name Percentage
Group Companies
DGE A/S, Denmark 100%
DGE Soil & Environment Baltic, Lithuania 100%
DGE Latvia, Latvia 100%
DGE Finland, Finland 100%
Stein Miljø Consult AS, Norway 90%
DGE Mark och Miljö AB, Sweden 87%
Hendrikson 6 Ko OÜ, Estonia 74%
Nattoralik AS, Greenland 51%
Associated companies
Vides Eksperti SIA, Latva 40%
The above-mentioned companies' business areas are:
- Strategy and planning, including comprehensive planning, regional planning, detailed planning, site selection for businesses, strategic environmental assessment (SEA), environmental impact assessment (EIA) Natura 2000 assessment.
- Corporate sustainability, including life cycle analysis, environmental product declaration (EPD), sustainability data management, strategy and reporting (ESG, CSRD), GHG protocol, green auditing, climate proofing.
- Soil and water investigations and remediation, including site investigations, geological and geotechnical surveys; surface and groundwater control, solutions design, supervision and monitoring; soil remediation solutions design; supervision and monitoring.
- Due Diligence, including field investigations, assessments and reporting
- Renewables development, including regulatory compliance, spatial planning of facilities and connections, environmental surveys, impact assessment and permitting, circular economy consulting, inlcuding raw materials (re)use management, building materials reuse management
.
- Industrial compliance, including environmental impact assessment (EIA), quality standards, management systems, safety of chemical substance management, environmental permitting, risk management; air pollution control, modelling, solutions design and monitoring; noise control, modelling, solutions design and monitoring;
- Health and safety incuding environmental health and safety (EHS) management and related auditing;
- Building contamination management, including building surveys and materials reuse management
Development in activities and financesThe annual report of the DGE Group shows a profit of DKK 1,648,080. DGE Group A/S' profit share of this is DKK 743,504.Profit/loss for the year in relation to expected developmentsThe results of the companies in Sweden, Estonia, and Lithuania have been satisfactory and in line with expectations. However, in Denmark, the results have been negatively impacted by a relatively large employee turnover. Based on this, the board considers the overall result to be satisfactory.OutlookThe Board of Directors expects the profit for 2024 to be at least at the same level as in 2023.Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 7429499869675185-958215-144368869710140665109412498500016375441436059164704497527826101723210-3456715-144368801691624383858018889257654656444628021620823284191425996-104937205020680339545135-848441-36517716480808808617435040743504904576743504570197007435040103923544764386129874935425351041969236362025219454299694575702793589297951558578758578735945903594590517564514754146281011005411832521415732077479893451220251832521415732077172020905947076672090259232132211251511114793104401411601671807254297649225211571091240365177109124036517745132467805831522190258144791377971675137181041168395357763324099254307659247995842674737267473732889634859494834597564638453159410411331260755077458043575184224293271885815215000001500000150000015000009516896877716840341125782391030000003000001101689610577168232347216645831334036812241751150000087771683000001057716816645831500000951689601101689623234721224175111016896105771681500000-453375344815257823913000001500000-4571515939935403411201057716813233221198198132332211981987500007467127500007467123878580410730565292674253146285804854017140292614892430600000060000069078626244717493487496363504606635501467320828644133222962246900093360185621691163195095287718013401016584870231461800007368731482310252812181000950567917413611089030135235114124318280984507745804357518422429327188581520002092602092600-300000-300000-480586-7805860-300000-3000000-37760-377625639218630-3776000-377616375441436059116801223602955881663395298438385249350-892576-546564-951500-114507641824751953008-111077-64500-719010-9342652863084819-3594590-1160916-91394630215591039062-596712-153288-300000-1500000-896712-16532882124847-614226479958426747371 Events after the balance sheet dateAfter the end of the financial year, no events have occurred that materially affect the company's financial position.1 Events after the balance sheet dateAfter the end of the financial year, no events have occurred that materially affect the company's financial position.2 Staff costs2023
DKK2022
DKKWages and salaries55,042,44352,411,188Pension costs5,595,3125,900,238Other social security costs8,622,4457,677,986Other staff costs449,940521,52969,710,14066,510,941Average number of full-time employees1521492 Staff costs2023
DKK2022
DKKWages and salaries2,244,1500Pension costs249,8500Other social security costs4,50002,498,5000Average number of full-time employees20152149203 Other financial income2023
DKK2022
DKKFinancial income from group enterprises340,3400Other interest income37,6480Other financial income60,39780,188438,38580,1884 Other financial expenses2023
DKK2022
DKKOther interest expenses892,576546,564892,576546,5642023
DKK2022
DKKOther interest expenses892,576546,564892,576546,564<br />3 Other financial expenses2023
DKK2022
DKKFinancial expenses from group enterprises291,193133,409Other interest expenses155,08782,799446,280216,208<br />2023
DKK2022
DKKFinancial expenses from group enterprises291,193133,409Other interest expenses155,08782,799446,280216,2085 Tax on profit/loss for the year2023
DKK2022
DKKCurrent tax1,303,276833,312Change in deferred tax(600,939)(288,177)Refund in joint taxation arrangement(21,998)0680,339545,1354 Tax on profit/loss for the year2023
DKK2022
DKKChange in deferred tax(726,063)(364,930)Adjustment concerning previous years0(247)Refund in joint taxation arrangement(122,378)0(848,441)(365,177)6 Proposed distribution of profit/loss2023
DKK2022
DKKOrdinary dividend for the financial year0300,000Retained earnings743,504270,197Minority interests' share of profit/loss904,576310,6641,648,080880,8615 Proposed distribution of profit and loss2023
DKK2022
DKKOrdinary dividend for the financial year0300,000Retained earnings743,504270,197743,504570,1977435042701977435042701979045763106647 Intangible assetsAcquired licences
DKKGoodwill
DKKCost beginning of year409,8643,830,298Additions111,0770Cost end of year520,9413,830,298Amortisation and impairment losses beginning of year(355,388)(2,842,805)Amortisation for the year(61,630)(548,881)Amortisation and impairment losses end of year(417,018)(3,391,686)Carrying amount end of year103,923438,612Acquired licences
DKKGoodwill
DKKCost beginning of year409,8643,830,298Additions111,0770Cost end of year520,9413,830,298Amortisation and impairment losses beginning of year(355,388)(2,842,805)Amortisation for the year(61,630)(548,881)Amortisation and impairment losses end of year(417,018)(3,391,686)Carrying amount end of year103,923438,6128 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year8,164,457591,698Addition through business combinations etc247,2820Additions719,0100Disposals(188,209)2,743Cost end of year8,942,540594,441Depreciation and impairment losses beginning of year(5,642,512)(134,128)Depreciation for the year(1,095,987)(30,344)Reversal regarding disposals159,5790Depreciation and impairment losses end of year(6,578,920)(164,472)Carrying amount end of year2,363,620429,9699 Financial assetsReceivables from group enterprises
DKKInvestments in associates
DKKDeposits
DKKCost beginning of year585,7870514,754Additions0359,4592,810Cost end of year585,787359,459517,564Carrying amount end of year585,787359,459517,564
AssociatesRegistered inOwnership
%Vides Eksperti SIALatvia40.006 Financial assetsInvestments in group enterprises
DKKInvestments in associates
DKKCost beginning of year12,283,9250Additions319,350359,459Disposals(120,304)0Cost end of year12,482,971359,459Revaluations beginning of year3,448,1520Exchange rate adjustments(3,776)0Amortisation of goodwill(548,881)0Share of profit/loss for the year4,370,9860Dividend(1,879,954)0Other adjustments236,7900Reversal regarding disposals(140,533)0Revaluations end of year5,482,7840Carrying amount end of year17,965,755359,459A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.Investments in
associatesRegistered inOwnership
%Vides Eksperti SIALatvia40.0010 Contract work in progress2023
DKK2022
DKKContract work in progress11,114,79310,440,14111,114,79310,440,14111 Deferred tax
Changes during the year2023
DKK2022
DKKBeginning of year(833,021)(1,047,001)Recognised in the income statement(934,798)(288,177)Recognised directly in equity1,535,737502,157End of year(232,082)(833,021)Deferred tax has been recognised in the balance sheet as follows2023
DKK2022
DKK
Deferred tax assets1,091,240365,177
Deferred tax liabilities(1,323,322)(1,198,198)(232,082)(833,021)Deferred tax assetsDeferred tax relates to intangible and tangible 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. 7 Deferred tax
Changes during the year2023
DKK2022
DKKBeginning of year365,177219,000Recognised in the income statement848,441364,930Used in joint taxation(122,378)(219,000)Other regulations0247End of year1,091,240365,177Deferred tax assetsDeferred tax relates to carryforward tax losses. The losses are expected to be used in the joint taxation within a short number of years. 12 PrepaymentsConsists of prepaid costs.13 Non-current liabilities other than provisionsDue within 12
months
2022
DKKDue after
more than 12
months
2023
DKKOutstanding
after 5 years
2023
DKKBank loans600,000750,000oOther payables03,878,5802,870,361600,0004,628,5802,870,3618 Non-current liabilities other than provisionsDue within 12
months
2022
DKKDue after
more than 12
months
2023
DKKBank loans600,000750,000Other payables0652,926600,0001,402,92614 Changes in working capital2023
DKK2022
DKKIncrease/decrease in inventories(5,577)273Increase/decrease in receivables(4,655,708)(107,995)Increase/decrease in trade payables etc.5,050,015(1,707,150)Other changes779,2822,050,9011,168,012236,02915 Unrecognised rental and lease commitments2023
DKK2022
DKKTotal liabilities under rental or lease agreements until maturity 15,549,46715,326,968Of this, liabilities under rental or lease agreements with group enterprises 7,920,0008,910,00016 Assets charged and collateralCollateral has been issued in the form of a company charge on claims of nominally DKK 5,000 thousand to the company's bank. 10 Assets charged and collateralThe company has not provided any collateral or other collateral in assets as of 31 December 2023. 17 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.12 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.18
Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group:
Proterra ApS, DenmarkName and registered office of the Parent preparing consolidated financial statements for the smallest group:
DGE Group A/S, Denmark19 SubsidiariesRegistered inOwnership
%DGE A/S Denmark100.00DGE FinlandFinland100.00DGE Soil & Environment BalticLithuania100.00DGE LatviaLatvia 100.00Stein Miljø Consult ASNorway90.00DGE Mark och Miljö ABSweden87.00Hendrikson & Ko OÜEstonia74.00Nattoralik ASGreenland51.00379805818649161796575515732077-457151-45337559399353448152-18799541879954004371737-437173709 Contingent liabilitiesThe Entity participates in a Danish joint taxation
with Proterra ApS as the administration company.
According to the joint taxation provisions of
the Danish Corporation Tax Act, the Entity is therefore liable for
income taxes etc. for the jointly taxed entities, and also for obligations, if any, relating to the withholding of tax on
interest, royalties and dividends for the jointly
taxed entities. The jointly taxed entities' total known net liability
under the joint taxation arrangement is
disclosed in the administration company's financial statements.11 Related parties with controlling interestPoul Erik Jensen owns all shares in the Entity, thus exercising control. This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.falseRecognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. <br />Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. <br />Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.
Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date, with net assets having been calculated at fair value.Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, own
work capitalised, other operating income, costs of raw materials and consumables and external expenses.RevenueRevenue from the sale of services is recognised
in the
income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and
sales
discounts and is measured at fair value of the consideration fixed.Contract work in progress is included in revenue based on the stage of completion so that revenue
corresponds
to the selling price of the work performed in the financial year (the percentage-of-completion
method).Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities, including profit from the sale of intangible assets and property, plant and equipment.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory
writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for
premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of
receivables recognised in current assets.Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc
. for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year.Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s
primary
activities.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.
Other financial income from group enterprisesOther financial income from group enterprises comprises interest income etc. on receivables from group
enterprises.<br />Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, including
interest income on receivables from group enterprises, net capital or exchange gains on securities, payables
and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish
Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies,
amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.GoodwillGoodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by
Management for each business area. For other
amounts of goodwill, useful life
has been determined based on an assessment of whether the enterprises
are strategically acquired enterprises
with a strong market position and a long-term earnings profile and whether the amount of goodwill includes
intangible resources of a temporary nature that cannot be
separated and recognised as separate assets. Useful
lives are reassessed annually. The amortisation periods
used are 7 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.<br />Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress with related
intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised
on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentPlant and machinery, and other fixtures and fittings, tools and equipment are
measured at
cost less accumulated depreciation and impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
asset until the time when it is ready to be put into operation. For assets held under
finance
leases, cost is the lower of the asset’s fair value and present value of future lease payments.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Leasehold improvements5-10 yearsPlant and machinery3-7 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period.
Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity
method.
This means that investments are measured at the pro rata share of the enterprises’ equity value plus
unamortised goodwill and plus or minus unrealised intra-group profits or losses.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises
are written down to net realisable value based on a specific assessment. If the Parent has a legal
or constructive
obligation to cover the liabilities of the relevant enterprise, and it is probable that such
obligation will involve a
loss, a provision is recognised that is measured at present value of the costs
necessary to settle the obligations at
the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
the reserve for net revaluation according to the equity method in equity.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.
Investments in associatesInvestments in associates are recognised and measured according to the equity method. This
means that investments are measured at the pro rata share of the associates’ equity value plus unamortised
goodwill and plus or minus unrealised pro rata intra-group profits and losses.
Associates with negative equity value are measured at DKK 0. Any receivables from these associates are
written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive
obligation to cover the liabilities of the relevant associate, and it is probable that such obligation will involve
a loss, a provision is recognised that is measured at present value of the costs necessary to settle the
obligations at the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in associates is transferred to the reserve for
net revaluation according to the equity method in equity.
Investments in associates are written down to the lower of recoverable amount and carrying amount.
Investments in associates fall within the definitions of both participating interests and associates, yet in these consolidated financial statements they have been presented as investments in associates because this designation reflects more accurately the Group’s involvement in the relevant entities.
ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists
of costs of raw materials, consumables, direct labour costs and indirect production costs.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date.
If the selling price of a contract in progress cannot be made up reliably, it is measured at the lower of costs
incurred and net realisable value.
Each contract in progress is recognised in the balance sheet in receivables or liabilities other than provisions,
depending on whether the net value, calculated as the selling price less prepayments received, is
positive or
negative.
Costs of sales work and of securing contracts, and finance costs are recognised in the income statement
as incurred.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each
asset.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises cash in hand and bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for
the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial
year is recognised directly in equity when distributed and disclosed as a separate item in Management's
proposal for distribution of profit/loss.Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the
goods agreed or completion of the service agreed.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash.The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash.2024-06-26Flemming Besenbacher