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Skous Vej 1 8000 Aarhus C Denmark 89 32 00 00 aarhus@pwc.dk 2025-06-27 Flemming Besenbacher Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning 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 2024. 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 2024 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2024. 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. 2025-06-27 Højbjerg Poul Erik Jensen CEO Flemming Besenbacher Chairman Poul Erik Jensen Steen Andersen 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 2024 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 2024 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 2024, 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 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. 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. Aarhus C 2025-06-27 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Henrik Berring Rasmussen State Authorised Public Accountant mne34157 Christian Reumert Bilde State Authorised Public Accountant mne50596 69675000 74199000 74148000 1723000 3947000 5064000 -297000 -174000 -321000 881000 2801000 3529000 43575000 45267000 52858000 620000 966000 934000 1293000 1831000 12242000 13661000 11749000 1953000 348000 2188000 -914000 0 0 -1653000 0 0 2675000 0 0 0 0 0 0.099 0.055 0.04 0.087 0.096 0.337 0.263 0.281 0.302 0.222 0.236 0.129 0.068 0.22 0.31 Key activities The primary activities of DGE Group comprise holding investments in companies that provide sustainability and environmental consultancy, planning, and engineering services. The management and coordination tasks of DGE Group include, among others: Development and management of DGE Group’s strategy and finances Development of priority services Coordination of marketing and sales Coordination of international cooperation, such as INOGEN Alliance partnerships The DGE-Group functions as a holding company for the following subsidiaries (with ownership percentages): DGE A/S, Denmark — 100% ownership DGE Mark och Miljö AB, Sweden — 87% ownership DGE Soil & Environment Baltic, Lithuania — 100% ownership Hendrikson-DGE, Estonia — 72% ownership DGE Latvia, Latvia — 100% ownership DGE Finland, Finland — 100% ownership Stein Miljø Consult AS, Norway — 90% ownership Nattoralik AS, Greenland — 51% ownership Associated Companies Vides Eksperti SIA, Latvia — 40% ownership Market overview The companies within the group operate within the following business areas: Strategy and Planning: Including comprehensive planning, regional and detailed planning, site selection, strategic environmental assessments (SEA), environmental impact assessments (EIA), Natura 2000 assessments, corporate sustainability (life cycle analysis, environmental product declarations—EPD), sustainability data management, strategy and reporting (ESG, CSRD), GHG protocol, green auditing, and climate proofing. Soil and Water Investigations & Remediation: Site investigations, geological and geotechnical surveys, surface and groundwater control, solution design, supervision, monitoring, and soil remediation strategies. Due Diligence: Field investigations, assessments, and reporting. Renewables Development: Regulatory compliance, spatial planning, environmental surveys, impact assessments, permitting, circular economy consulting, and raw material reuse management. Industrial Compliance: EIA, quality standards, management systems, chemical safety, environmental permitting, risk management, and pollution control (air, noise, solutions design, monitoring). Health and Safety: Environmental health and safety (EHS) management and auditing. Building Contamination Management: Building surveys and materials reuse management. Review of consultancy activities In 2024, DGE Group initiated an important process of developing a new strategy, along with defining the group’s purpose, mission, and vision, to strengthen our competitiveness. This strategic process will continue into 2025, with finalization of the new DGE-Group strategy, strategic goals, and specific actions—aimed at communicating and cascading the purpose, vision, virtues, and strategic pillars across all local organizations. Additionally, 2024 marked the release of the Group's first ESG report, emphasizing our commitment to sustainability and responsible business practices. Development in the year The annual report shows a profit of DKK 3.540.284, with DGE Group A/S’s share being DKK 2.530.236.The performance of companies in Sweden, Estonia, and Lithuania has been satisfactory and aligned with expectations. However, results in Denmark were below expectations due to management challenges in 2024. As a result, Poul Erik Jensen assumed the CEO role in Denmark as of October 1st. Based on this, the Board considers the overall results to be satisfactory. The Board of Directors anticipates an improved profit for 2025 compared to 2024. Uncertainty relating to recognition and measurement There has been no uncertainty regarding recognition and measurement in the Annual Report. Unusual events The financial position at 31 December 2024 of the Group and the results of the activities and cash flows of the Group for the financial year for 2024 have not been affected by any unusual events. Subsequent events No material events have occurred after the balance sheet date that would influence the evaluation of this annual report. 89432600 74294998 -854779 -958215 83312670 69710140 1931416 2498500 1215279 1637544 0 0 32408 164704 0 0 4872243 2782610 -2786195 -3456715 0 0 5134489 3798058 95679 438385 0 0 629884 892576 542049 446280 4338038 2328419 1806245 -104937 797754 680339 -723991 -848441 3540284 1648080 2530236 743504 1000000 0 1000000 0 0 0 5134489 4371737 1010048 904576 0 0 1530236 743504 -3604253 -3628233 45408 103923 0 0 219307 438612 0 0 264715 542535 0 0 2085476 2363620 0 0 390431 429969 0 0 2475907 2793589 0 0 0 0 18604564 17965755 359459 359459 359459 359459 600000 585787 0 0 538492 517564 0 0 1497951 1462810 18964023 18325214 4238573 4798934 18964023 18325214 0 1720 0 0 0 5947 0 0 164492 0 0 0 164492 7667 0 0 24350549 25923213 0 0 12979061 11114793 0 0 0 1601671 3103803 2976492 1085326 451324 105567 31522 1695902 1091240 1681000 1091240 0 14479 0 0 955495 971675 0 0 41066333 41168395 4890370 4099254 3776628 4799584 3182 4859 45007453 45975646 4893552 4104113 49246026 50774580 23857575 22429327 1500000 1500000 1500000 1500000 0 0 6121593 5482784 -730872 -457151 0 0 11504283 9974047 4651818 4034112 1000000 0 1000000 0 13273411 11016896 13273411 11016896 3333520 2323472 0 0 16606931 13340368 13273411 11016896 1556439 1323322 0 0 1556439 1323322 0 0 0 750000 0 750000 3389532 3878580 0 652926 3389532 4628580 0 1402926 1393072 6907862 330590 493487 6843391 5046066 0 0 3675484 7320828 0 0 807183 0 0 0 3567066 229622 9510048 9336018 2455229 1631950 0 0 93000 180134 0 0 8858699 10165848 743526 180000 27693124 31482310 10584164 10009505 31082656 36110890 10584164 11412431 49246026 50774580 23857575 22429327 1500000 -457151 9974047 0 11016896 2323472 0 273721 0 0 273721 0 0 0 1530236 1000000 2530236 1010048 1500000 -730872 11504283 1000000 13273411 3333520 1500000 5482784 4034112 0 0 273721 0 0 0 -4221959 4221959 0 0 5134489 -3604253 1000000 1500000 6121593 4651818 1000000 3540284 1648080 2273517 2772074 -2301613 1168012 3512188 5588166 95679 438385 -629884 -892576 2977983 5133975 -418675 -951500 2559308 4182475 0 -111077 -619777 -690380 -35141 0 0 -359459 -654918 -1160916 -6264790 -600000 3337444 0 0 3288 0 -300000 -2927346 -896712 -1022956 2124847 4799584 2674737 3776628 4799584 3776628 4799584 3776628 4799584 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 73856939 55042443 1528582 2244150 5336994 5595312 392142 249850 3762343 8622445 10692 4500 356394 449940 0 0 83312670 69710140 1931416 2498500 1010000 1920000 0 0 161 152 2 2 0 340340 0 0 95679 98045 0 0 95679 438385 0 0 0 0 393173 291193 621115 892576 148876 155087 8769 0 0 0 629884 892576 542049 446280 1542388 1281278 0 -122378 -744634 -600939 -723991 -726063 797754 680339 -723991 -848441 520941 3830298 520941 3830298 417018 3391686 58515 219305 475533 3610991 45408 219307 8942540 594441 619777 0 9562317 594441 6578920 164472 897921 39538 7476841 204010 2085476 390431 12482971 12283925 0 319350 0 120304 12482971 12482971 5482784 3448152 -273721 -3776 5354425 4370986 4221959 1879954 219305 548881 0 236790 631 140533 6121593 5482784 18604564 17965755 DGE A/S Denmark 100 DGE Finland Finland 100 DGE Soil & Environment Baltic Lithuania 100 DGE Latvia Latvia 100 Stein Miljø Consult AS Norway 90 DGE Mark och Miljö AB Sweden 87 Hendrikson & Ko OÜ Estonia 72 Nattoralik AS Greenland 51 359459 0 359459 0 0 359459 0 359459 359459 359459 359459 359459 359459 359459 359459 359459 Vides Eksperti SIA Latvia 40 585787 517564 14213 20928 600000 538492 600000 538492 Investments in subsidiaries are specified as follows: Investments in associates are specified as follows: Contract work in progress is recognised in the balance sheet as follows: Contract work in progress recognised in assets 12979061 11114793 0 0 Prepayments received recognised in debt -807183 0 0 0 Total 12171878 11114793 0 0 Prepayments comprise prepaid costs. Deferred tax asset at 1 January -232082 833021 1091240 -365177 Amounts recognised in the income statement for the year 744634 600939 723991 726063 Amounts recognised in equity for the year -373089 -1666042 -134231 730354 Deferred tax asset at 31 December 139463 -232082 1681000 1091240 Recognised in the balance sheet as follows: Assets 1695902 1091240 1681000 1091240 Provisions -1556439 -1323322 0 0 139463 -232082 1681000 1091240 Deferred 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. 0 0 0 0 0 750000 0 750000 0 750000 0 750000 330590 0 330590 493487 1062482 6907862 0 0 3036794 0 0 0 352738 3878580 0 652926 3389532 3878580 0 652926 645482 0 563526 0 8213217 10165848 180000 180000 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: Credit institutions Other payables 95679 438385 629884 892576 1215279 1637544 797754 680339 2273517 2772074 -273721 0 -156825 -5577 692245 -4655708 2837033 -5050015 0 779282 -2301613 1168012 Charges and security Collateral has been issued in the form of a company charge on claims of nominally DKK 5,000 thousand to the company's bank. Rental and lease obligations Lease obligations under operating leases. Total future lease payments: After 5 years 11462589 15549467 0 0 Total 11462589 15549467 0 0 Of this, liabilities under rental or lease agreements with group enterprises DKK 1,650,000. Other contingent liabilities The 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. Basis Controlling interest Poul Erik Jensen Owns all shares in the Entity, Transactions The 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 Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office Proterra ApS Denmark The Group Annual Report of Proterra ApS may be obtained at the following address: CVR-nummer 26110637 The Annual Report of DGE Group A/S for 2024 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. The Consolidated Financial Statements and the Parent Company Financial Statements for 2024 are presented in DKK. true Revenues 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 consolidation The 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 interests Minority 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 2018 Minority 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 2018 Minority 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. Danish 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. 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 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 consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. With 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 losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other 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. The items “Income from investments in subsidiaries” and “Income from investments in associates” in the income statement include 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 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. Goodwill 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 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 improvements 5-10 years Plant and machinery 3-7 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. The 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 associates are recognised and measured under the equity method. The items “Investments in subsidiaries” and “Investments in associates” 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 and associates 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 and the associates. Subsidiaries and associates 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 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. Inventories 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 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. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Dividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Deferred 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 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 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 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 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 comprise ”Cash at bank and in hand”. Return on assets Profit/loss of primary operations x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity