40660097 2025-01-01 2025-12-31 c:ConsolidatedMember 40660097 2025-01-01 2025-12-31 c:ConsolidatedMember 1 40660097 2025-01-01 2025-12-31 40660097 2025-01-01 2025-12-31 c:ConsolidatedMember 1 40660097 2025-01-01 2025-12-31 c:ConsolidatedMember 1 40660097 2025-01-01 2025-12-31 c:ConsolidatedMember 2 40660097 2025-01-01 2025-12-31 c:ConsolidatedMember 3 40660097 2025-01-01 2025-12-31 c:ConsolidatedMember 4 40660097 2025-01-01 2025-12-31 c:ConsolidatedMember 5 40660097 2024-01-01 2024-12-31 c:ConsolidatedMember 40660097 2024-01-01 2024-12-31 40660097 2025-12-31 c:ConsolidatedMember 40660097 2024-12-31 c:ConsolidatedMember 40660097 2025-12-31 40660097 2024-12-31 40660097 2025-01-01 2025-12-31 c:ConsolidatedMember d:RetainedEarningsMember 40660097 2025-01-01 2025-12-31 c:ConsolidatedMember d:ProposedDividendRecognisedInEquityMember 40660097 2025-12-31 c:ConsolidatedMember d:ContributedCapitalMember 40660097 2025-12-31 c:ConsolidatedMember d:ReserveForNetRevaluationAccordingToEquityMethodMember 40660097 2025-12-31 c:ConsolidatedMember d:RetainedEarningsMember 40660097 2025-12-31 c:ConsolidatedMember d:ProposedDividendRecognisedInEquityMember 40660097 2025-01-01 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 40660097 2025-01-01 2025-12-31 d:RetainedEarningsMember 40660097 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 40660097 2025-12-31 d:ContributedCapitalMember 40660097 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 40660097 2025-12-31 d:RetainedEarningsMember 40660097 2025-12-31 d:ProposedDividendRecognisedInEquityMember 40660097 2025-01-01 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 1 40660097 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 1 40660097 2025-01-01 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 2 40660097 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 2 iso4217:DKK xbrli:pure Årsrapport 2026-05-19 Revisionspåtegning Regnskabsklasse B Flemming Mortensen 2026-05-19 Beierholm Langagervej 1 9220 Aalborg Ø Opinion Nikolaj Plads Basis for Opinion 2024-01-01 2024-12-31 1067 2025-01-01 2025-12-31 40660097 København K Everland ApS 2 4. Køge København Beierholm 4600 32895468 Fændediget 13 Danmark true We have on this day presented the annual report for the financial year 01.01.25 - 31.12.25 for Everland ApS. The annual report is presented in accordance with the Danish Finan­cial Sta­te­ments Act. In our opinion, the consolidated financial sta­te­ments and financial statements give a true and fair view of the group's and the parent's assets, lia­bilities and financial position as at 31.12.25 and of the results of the group’s and parent’s ac­ti­vities for the financial year 01.01.25 - 31.12.25. The annual report is submitted for adoption by the general meeting. Thomas Bandolowski Gamst Simon Gareth Bolton Chairman Thomas Bandolowski Gamst Christian Moe Halsted Lena Stølen Emilie Toby Jähnigen Aagreen To the Shareholder of Everland ApS In our opinion the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments give a true and fair view of the group's and the com­pa­ny's finan­cial posi­tion at 31.12.25 and of the results of the group's and the com­pa­ny's ope­ra­tions for the finan­cial year 01.01.25 - 31.12.25 in ac­cor­dan­ce with the Danish Finan­cial Sta­te­ments Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments” section of our report. We are independent of the group and the company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the pre­pa­ra­tion of con­so­li­da­ted fi­nan­cial sta­te­ments and 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 fi­nan­cial sta­te­ments that are free from material misstatement, whether due to fraud or error.In preparing the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments, mana­ge­ment is responsible for assessing the group's and the com­pa­ny's ability to continue as a going concern, dis­closing, as applicable, mat­ters related to going con­cern and using the going concern basis of ac­counting in pre­paring the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments unless mana­ge­ment either intends to liquidate the group and the company or to cease operations, or has no rea­listic alternative but to do so. Our objectives are to obtain reasonable as­surance about whether the con­so­li­da­ted fi­nan­cial sta­te­ments and 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 fi­nan­cial sta­te­ments.As part of an audit conducted in accordance with ISAs and the additional requirements applic­able in Denmark, we exercise pro­fes­sional judgment and maintain professional scepticism through­out the audit. We also: Identify and assess the risks of material misstatement of the con­so­li­da­ted fi­nan­cial sta­te­ments and 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 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 con­so­li­da­ted fi­nan­cial sta­te­ments and 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 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 con­so­li­da­ted fi­nan­cial sta­te­ments and 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 company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments, including the disclosures, and whether the con­so­li­da­ted fi­nan­cial sta­te­ments and 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 expressing an opinion on the consolidated financial statements and 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. Køge Simon Boye Andersen State Authorised Public Accountant mne45864 42558493 33081000 27924447 24020000 35020875 29554000 23446533 22468000 1281000 1007000 655379 588000 0 6000 0 6000 6256618 2514000 3822535 958000 0 0 1808411 892000 21430 2000 21441 87000 20613 341000 53782 148000 6257435 2175000 5598605 1789000 1489266 498000 830436 112000 4768169 1677000 4768169 1677000 0 0 2268055 1182000 1350000 1100000 1350000 1100000 3418169 577000 1150114 -605000 2625621 3394000 926703 1198000 2625621 3394000 926703 1198000 82741 11000 6569 11000 553782 771000 376900 619000 636523 782000 383469 630000 0 0 6376342 4581000 824086 791000 630582 617000 824086 791000 7006924 5198000 4086230 4967000 8317096 7026000 1681103 4188000 1127095 1473000 16378096 20120000 11209073 16271000 0 0 456925 2844000 0 426000 0 426000 170090 144000 169433 133000 890610 817000 668873 575000 19119899 25695000 13631399 21722000 9860079 6212000 6164338 4066000 28979978 31907000 19795737 25788000 33066208 36874000 28112833 32814000 726800 727000 726800 727000 0 0 3899120 1644000 1221 14000 0 0 7278340 10089000 3380439 8459000 1350000 1100000 1350000 1100000 9356361 11930000 9356359 11930000 1144209 1288000 1144209 1288000 1144209 1288000 1144209 1288000 13940196 14941000 13218889 13974000 848226 1168000 614992 1116000 1143161 447000 489896 0 6634055 7100000 3288488 4506000 22565638 23656000 17612265 19596000 22565638 23656000 17612265 19596000 33066208 36874000 28112833 32814000 Figures in t.DKKShare capitalReserve for net revaluation according to the equity methodForeign currency translation reserveRetained earningsProposed dividend for the financial yearGroup:Statement of changes in equity for 01.01.25 - 31.12.25Balance as at 01.01.25726,800013,88010,089,3131,100,000Foreign currency translation adjustment of foreign enterprises00-12,65900Purchase of treasury shares000-6,229,1420Dividend paid0000-1,100,000Net profit/loss for the year0003,418,1691,350,000Balance as at 31.12.25726,80001,2217,278,3401,350,000Parent:Statement of changes in equity for 01.01.25 - 31.12.25Balance as at 01.01.25726,8001,643,72608,459,4671,100,000Foreign currency translation adjustment of foreign enterprises0-12,661000Purchase of treasury shares000-6,229,1420Dividend paid0000-1,100,000Net profit/loss for the year02,268,05501,150,1141,350,000Balance as at 31.12.25726,8003,899,12003,380,4391,350,000 -6229142 -1100000 3418169 1350000 726800 0 7278340 1350000 -12661 -6229142 -1100000 2268055 1150114 1350000 726800 3899120 3380439 1350000 1.Primary activitiesEVERLAND ApS is an independent consumer brand and design business. We are on a mission to humanise brands to shape culture, and drive sustainable value. We work globally out of Scandinavia with market leaders, and those with the ambition to become one. 29611753 24955000 20056198 19181000 2487602 2136000 2040991 1873000 74910 73000 74910 73000 2846610 2390000 1274434 1341000 50 43 32 31 Amortisation of intangible assets768,474448271,230158Depreciation of property, plant and equipment512,526559384,149430Total1,281,0001,007655,379588 768474 448000 271230 158000 512526 559000 384149 430000 0 0 0 80000 21430 2000 21441 7000 20613 341000 53782 148000 -143460 -1000 -143460 -1000 8.Equity invest­ments in group enter­pri­sesFigures in DKKEquity invest­ments in group enter­pri­sesPositive balances ascertainable on initial recognition of equity investments measured at equity value1,698,918Name and registered office:Ownership interestSubsidiaries:EVERLAND AS, Norge100%We Oslo AS, Oslo100%We Oslo AS has been merged with EVERLAND AS and do not exist as of December 31, 2025. EVERLAND AS Norge 100 We Oslo AS Oslo 100 GroupParent31.12.2531.12.2431.12.2531.12.24DKKt.DKK '000DKKt.DKK '0009.Work in progress for third partiesWork in progress for third parties45,916,73745,16742,693,75840,156On-account invoicing-58,175,831-55,920-54,785,553-52,657Total work in progress for third parties-12,259,094-10,753-12,091,795-12,501Work in progress for third parties1,681,1034,1881,127,0951,473Prepayments received from work in progress for third parties, short-term payables-13,940,196-14,941-13,218,889-13,974Total-12,259,093-10,753-12,091,794-12,501 Treasury shares consist of:Purchase-/salesprice DKKQuantityTotal nominal value DKKPercent of capitalHolding of treasury shares as at 01.01.25000.0%Additions during the year6,229,142170,798170,79823.5%Holding of treasury shares as at 31.12.25170,798170,79823.5%The acquisition of treasury shares has been made with a view to establishing an employee share ownership plan. 11.Other commitmentsGroup:The group has concluded lease agreements with terms to maturity of 1-29 months and total lease payments of DKK 1.921k. Parent:The company has concluded lease agreements with terms to maturity of 6 months and total lease payments of DKK 615k. 12.Charges and securityGroup:As security for debt to credit institutions of t.DKK 2.000, a company charge has been provided comprising goodwill, motor vehicles, inventories and trade receivables. The total carrying amount of the comprised assets is t.DKK 12.338.Parent:As security for debt to credit institutions of t.DKK 2.000, a company charge has been provided comprising goodwill, motor vehicles, inventories and trade receivables. The total carrying amount of the comprised assets is t.DKK 12.338. The annual report is presen­ted in accordance with the provisions of the Danish Financial Statements Act for groups and enterprises in re­port­ing class B with application of pro­vi­sions for a higher reporting class. Basis of recognition and measurementIncome is recognised in the income state­ment as earned, including value adjust­ments of fin­an­cial assets and liabilities. All ex­penses, including depreciation, amortisa­tion, impair­ment losses and write-downs, are also recognised in the in­come state­ment.Assets are recognised in the balance sheet when it is probable that future economic bene­fits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. CONSOLIDATED FINANCIAL STATEMENTSThe consolidated financial statements comprise the parent and its subsidiaries in which the parent directly or indirectly holds more than 50% of the voting rights or by way of agreements exercises control.All financial statements used for consolidation are prepared in accordance with the ac­count­ing policies of the group.The consolidated financial statements con­solidate the financial statements of the parent and its subsidiaries by adding to­gether items of a uniform nature, elimi­nating intercompany income and ex­penditure, equity investments, inter­company balances and dividends as well as gains and losses resulting from transactions between the consolidated enterprises to the extent that the underlying assets and liabilities are not realised. BUSINESS COMBINATIONSNewly acquired or newly founded enter­prises are recognised as from the date of acquisition and the date of foundation, respectively. The date of acquisition is the date at which control of the enterprise is obtained. Divested or discontinued enterprises are recognised until the date of divestment or discontinuation. The date of discontinuation is the date at which control of the enterprise passes to a third party.Acquired enterprises are recognised in accordance with the acquisition method, according to which the identifiable assets and liabilities of the newly acquired enterprises are measured at fair value at the date of acquisition.Acquired enterprises had property, plant and equipment, where fair value were estimated to be cost less accumulated depreciation as it was not material for the group. Receiveables were measured at amortised cost.The cost of the equity investments in the acquired enterprises is offset against the proportionate share of the fair value of the enterprises' net assets at the acquisition date.On acquisition of subsidiaries, goodwill is recognised on a proportionate basis based on the actual ownership interest in the acquired equity investments.The goodwill (positive difference) determined at the date of acquisition is recognised under intangible assets in the consolidated financial statements and under equity investments in subsidiaries in the parent’s balance sheet. Goodwill from acquired enterprises is adjusted until 12 months after the acquisition date. CURRENCYThe annual report is presen­ted in Danish kroner (DKK).On initial recognition, transactions den­ominated in foreign currencies are trans­lated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the ex­change rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or ex­penses in the income statement. Fixed assets and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates.On recognition of independent foreign entities, the income statements are translated at the exchangerates applicable at the transaction date or approximate average exchange rates. The balance sheet items are translated using the exchange rates applicable at the balance sheet date. Foreign currency translation adjustments arising from the translation of equity at the beginning of the year using the exchange rates applicable at the balance sheet date and from the translation of income statements from average exchange rates to the exchange rates applicable at the balance sheet date are recognised directly in equity under the reserve for net revaluation according to the equity method in respect of investments measured ac­cord­ing to the equity method, and otherwise un­der the foreign currency translation reserve.Translation adjustments of intercompany balances with independent foreign entities, measured using the equity method and where the balance is considered to be part of the overall investment, are recognised directly in equity under the foreign currency translation reserve. On the divestment of foreign entities, accumulated exchange differences are recognised in the income statement. LEASESLease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. Gross profitGross profit comprises rev­enue, other operating income and cost of sales and other external ex­penses. RevenueIncome from the sale of services is recognised in the income statement in line with completion of services, which means that revenue corresponds to the selling price of the work performed for the year stated on the basis of the stage of completion at the balance sheet date (percentage of completion method). Other operating incomeOther operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, salary supplements and refunds, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. Cost of salesCost of sales comprises cost of sales for the year measured at cost plus any changes in inventories, including write-downs to the extent that these do not exceed normal write-downs. Other external expensesOther external expenses comprise costs re­lating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costsStaff costs comprise wages and salaries as well as other staff-related costs. De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment lossesThe de­pre­ci­a­tion and amor­ti­sa­tion of in­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment aim at systematic de­pre­ci­a­tion and amor­ti­sa­tion over the expected useful lives of the assets. Assets are de­pre­ci­ated and amor­tised according to the straight-line method based on the following ex­pected useful lives and residual values:Goodwill is amortised over 5 years. The use­ful life has been determined in considera­tion of the expected future net earnings of the enterprise or activity to which the goodwill relates.The basis of de­pre­ci­a­tion and amor­ti­sa­tion is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of de­pre­ci­a­tion and amor­ti­sa­tion is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually.In­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Other operating expensesOther operating expenses comprise costs of a secondary nature in relation to the enterprise’s activities, including costs relating to rental activities and losses on the sale of intangible assets and property, plant and equipment. Income from equity investments in group en­tre­prisesFor equity investments in sub­si­di­ar­ies that in the parent are measured using the equity method, the share of the enterprises’ profit or loss is recognised in the income statement after elimination of unrealised intercompany profits and losses and less any goodwill amortisation and im­pairment losses. Other net financialsInterest income and interest expenses, for­eign exchange gains and losses on trans­ac­tions denominated in foreign currencies etc. are recognised in other net financials. Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity. Intangible assetsGoodwillGoodwill is measured in the balance sheet at cost less accumulated amortisation and impairment losses.Goodwill is amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.Gains or losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Property, plant and equipmentProperty, plant and equipment comprise leasehold improvements as well as other fixtures and fittings, tools and equipment.Property, plant and equipment are meas­ured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost.Property, plant and equipment are depreci­ated using the straight-line method based on useful lives and residual values, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses' section.Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Equity investments in group en­tre­prisesEquity investments in subsidiaries are recognised and measured according to the equity method in the balance sheet of the parent. For equity investments in subsidiaries, the equity method is considered a measurement method.Accounting policies for the acquisition of subsidiaries are stated in the 'Business combinations' section.On initial recognition, equity investments measured according to the equity method are measured at cost. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. However, transaction costs on the acquisition of subsidiaries are recognised in the income statement in the consolidated financial statements at the date incurred. On subsequent recognition and measurement of equity investments according to the equity method, equity investments are measured at the proportionate share of the enterprises' equity value, determined according to the accounting policies of the parent, adjusted for the remaining value of goodwill and gains and losses on transactions with the enterprises in question. Equity investments, where information for recognition according to the equity method is not known, are measured at cost.Goodwill recognised under equity invest­ments is amortised according to the straight-line method based on an individual assessment of the useful life of the asset. The useful life of goodwill has been de­ter­mined at 3 years for equity invest­ments in subsidiaries. The useful life has been determined inconsideration of the expected future net earnings of the enterprise to which the goodwill relates.Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. Impairment losses on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in de­pre­ci­a­tion and amor­ti­sa­tion.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. Impairment losses on goodwill are not reversed, unless goodwill is included in the carrying amount of equity investments. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nom­inal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable.Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. Work in progress for third partiesWork in progress for third parties is meas­ured at the selling price of the work per­formed less on-account invoicing made for each piece of work in progress.The selling price is measured according to the stage of completion at the balance sheet date and total expected income from each piece of work in progress. The degree of completion for each piece of work in pro­gress is normally calculated as the ratio between the resources spent and the total budgeted resource consumption. For some work in progress where the resource con­sumption cannot be used as a basis, the ratio between completed subactivities and the combined subactivities for the individ­ual piece of work in progress is used in­stead.When the selling price of a piece of work in progress cannot be determined reliably, the selling price is measured at the lower of costs incurred and net realisable value.The individual piece of work in progress is recognised under receivables or payables in the balance sheet depending on whether the net value of the selling price less pre­payments received is positive or negative.When it is likely that the total costs of the individual piece of work in progress will exceed total sales income, the total expected loss is recognised as a provision. PrepaymentsPrepayments recognised under assets com­prise costs incurred in respect of subse­quent financial years. CashCash includes deposits in bank account. EquityThe net revaluation of equity investments measured according to the equity method is recognized in the financial statements of the parent in the net revaluation reserve in equity according to the equity method to the extent that the carrying amount exceeds the cost.Unrealised foreign currency gains and losses from the translation of the net investment in independent foreign entities are recognised in equity under the foreign currency translation reserve. The reserve is dissolved when the independent foreign entities are disposed of.Acquisition costs and consideration for treasury shares as well as dividends therefrom are recognised directly in equity under retained earnings. The proposed dividend for the financial year is recognised as a separate item in equity. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differ­ences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the tax­able income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities within the same tax jurisdiction or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates in the respective countries which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. PayablesShort-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value.