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2025-06-25 Jesper Slot Regnskabsklasse C, stor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of DK Infrastructure Bidco ApS 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 Parent Company 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 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. 2025-06-25 Ballerup Mette Slesvig CEO Rasmus Forup Helmich Chairman Jesper Slot Mette Slesvig To the shareholder of DK Infrastructure Bidco ApS 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 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 DK Infrastructure Bidco ApS 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 (”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. Hellerup 2025-06-25 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Bo Schou-Jacobsen State Authorised Public Accountant mne28703 Henrik Aslund Pedersen State Authorised Public Accountant mne17120 512124000 350549000 392463000 225642000 216912000 224553000 -43111000 -38218000 -37451000 11419000 31227000 24903000 1082677000 932373000 912365000 55695000 128765000 50997000 74450000 54142000 176735000 157395000 126168000 146 140 138 0.015 0.044 0.052 0.064 0.071 0.12 0.149 0.163 0.169 0.138 -0.237 -0.007 0.068 0.22 0.219 Business modelPlease, refer to the paragraph Operation above for a description of the Cibicom Group’s business model.Environment and climate change, risks and policiesThe Cibicom Group’s only material risk related to the environment and climate change relates to emissions of carbon arising from producing the electricity we consume when providing our services. Here we source only 100% certified “green” electricity, nordic hydro power.We have mapped our impacts on society with respect to the environment and climate change, indicating that special focus should be given to the consumption of energy. Cibicom Group has continued the work to overlook and ensure compliance with environmental regulations as well as discussing opportunities to further reduce the footprint of the Cibicom Group, also due to the coming implications on ESG-reporting in Corporate Social Reporting Directive and the double materiality assessment. The Cibicom Group will continue the work in 20252024 efforts and resultsCibicom Group being annually independently ESG audited, has continued the work in relation to minimizing future risks and expanding the Cibicom Group's focus on management and control of the Cibicom Group's suppliers in relation to compliance with the Cibicom Group's Supplier Code of Conduct, which also constitutes preparation for the future reporting measures, in accordance with the Corporate Social Reporting Directive and the upcoming NIS2 directive on IT security, etc.In 2024 Cibicom Group has committed itself further and publicly in accordance with the Global Compact and the 10 principles on human and labour rights, ecofriendliness measures and the fight against all forms of corruption and bribery:•Respect for and no violation of human rights (Principles 1-2)•Support freedom of association and collective bargaining and prevent all forms of forced and child labour and discrimination (Principles 3-6)•Focus on environmental challenges, environmental responsibility and the development and dissemination of environmentally-friendly technologies (Principles 7-9)•Combating corruption, extortion and bribery (Principle 10), under which the Cibicom Group must also submit a COP, (Communication and Progress) with work on this in the coming years.In 2024, the Cibicom Group's third Sustainability Report for 2023, containing a Climate Account for our CO2 emissions, was published and, among other things, forwarded to a number of major international customers, as documentation for our ESG activities, including a number of ESG goals for the Cibicom Group materialized, and the following have thus been selected as decisive for the Cibicom Group in 2024:Target 1 – Climate footprint:The Cibicom Group will reduce CO2 emissions (climate footprint) by 50% by 2030 with 2019 as the baseline, and this is in line with the subsidiary, Cibicom Services A/S’s commitment to the Ericsson Supplier Climate Action.Target 2 – Diversity:The Cibicom Group will, on average, focus on diversity (on all fronts, such as education, age etc.) and gender diversity towards 2030 and thus have an overall target for Diversity of 25/75 in general in the Cibicom Group companies.Target 3 – Employee satisfaction:Towards 2030, the Cibicom Group will seek to achieve an average employee satisfaction of 80%, as good employee well-being is the foundation for a strengthened Cibicom Group, including creating good and open employee well-being, happy employees who both internally and externally protect, look after the company, which thus has a better foundation for being able to act properly and honestly in all business relationships.The Cibicom Group quality-certifications is continued and upheld in 2024:•ISO/IEC 27001:2013 – Information Security Management system•DS/EN ISO 9001:2015 – Quality Management system•ISAE3402 Type 2 – Assurance Reports on Controls at a Service Organisation for datacentres•KLS-EL – Electrical quality management system•DS/EN ISO 9001:2015 – Quality Management System•DS/ISO 45001:2018 – Health and Safety management system•DS/EN ISO 14001:2015 – Environmental Management system.Regarding the Cibicom Group's data centers, focus was also in 2024 to constantly identify opportunities for buying more efficient equipment for cooling purposes.Human rights, social and employee conditions, risks and policiesThe Cibicom Group’s growth is based on a sustainable and responsible approach to our surroundings, and our employees are crucial for our success in this respect. Therefore, we focus on the health, safety and wellbeing of our employees and work.There are severe health and safety risks related to maintenance of masts since employees need to work at high altitude when performing technical work. Apart from this, no other material risks have been identified with respect to health and safety.As a regional Group doing business in Denmark, the Cibicom Group have not identified any risks with respect to human rights, which in our market is regulated and secured by the authorities. In particular, this includes the protection of personal data (GDPR), however, the Cibicom Group have a GDPR policy and have worked the requirements into a Code of Conduct, which along with requirements regarding climate change, environmental issues, social conditions and anti-corruption is part of contracts with suppliers. The Cibicom Group will continue the work in 2025 on the specific topic.Anti-corruption, risks and policiesThe Cibicom Group tolerates no form of corruption. Measures have been introduced to ensure that no employees accept any kind of bribery and do not give nor accept especially advantageous offers from persons, agents, intermediaries or other third parties. This also includes offers, hospitality, contributions or sponsorships, which if accepted will be announced transparently.No other severe risks have been identified with respect to corruption in the Cibicom Group’s line of business, among its customers or in the marketplace in general. However, with the zero-tolerance policy, the Cibicom Group continue to train and update key individuals in the organization, especially within management, procurement and sales.Cibicom Group has a whistleblower system allowing for both internal and external stakeholders to report incidents and issues they may have experienced. The Cibicom Group will continue the work in 2025 on the specific topic.2024 efforts and resultsBoth the anti-corruption policy and the whistleblower system continues in force. No whistleblower cases were reported in 2024. Target for the supreme management body, the Board of Directors including the CEO of Cibicom GroupThe Board of Directors of the Cibicom Group, including the CEO of Cibicom Group consists of three male Board Members and a female CEO (the CEO of Cibicom Group). This means that Cibicom Group achieved the statutory gender equality target regarding members of the Board. Policy to increase the underrepresented gender on all management levelsThe Cibicom Group’s growth is based on a sustainable and responsible approach to our surroundings, and the employees are crucial for our success. In addition, it is the Cibicom Group’s policy to increase the representation of the underrepresented gender on all management levels in our organization. The line of business, Cibicom Group is part of, is generally challenged by an uneven gender split among the employees. The very specific technical qualifications the Cibicom Group needs are primarily held by male applicants. Even so, Cibicom Group has a strong focus on gender equality when recruiting new employees, and the company always request having a shortlist of both female and male candidates. In the year 2024 Cibicom Group has continued intensifying the actions to secure more applicants and new hires of the underrepresented gender and we believe that having a female CEO in Cibicom Group will attract mores hirings from the underrepresented gender. The Cibicom Group will continue the work in 2025 on the specific topic. The Cibicom Group does not use advanced technologies such as artificial intelligence or machine learning. The Cibicom Group handles general data in the form of customer data and employee data. Data is processed in accordance with the GDPR and our privacy and information security policies. With the limited processing of data, it is the Cibicom Group's assessment that there is no need for a policy on data ethics. The Cibicom Group will continuously assess whether a policy is necessary. 4 0.25 0.25 4 0.25 0.25 438994000 471037000 6847000 7427000 1749000 15255000 0 0 105490000 144724000 0 0 113378000 104649000 1233000 1140000 221875000 236919000 5614000 6287000 115160000 115137000 6684000 7073000 90158000 72263000 0 0 16557000 49519000 -1070000 -786000 0 0 -12932000 20754000 313000 215000 310000 78000 55841000 42657000 24248000 24546000 -38971000 7077000 -37940000 -4500000 -3403000 8329000 -2497000 -2560000 -35568000 -1252000 -35443000 -1940000 -125000 688000 0 0 -35443000 -1940000 -35443000 -1940000 8797000 8613000 0 0 2307000 9774000 0 0 33691000 38569000 0 0 0 2232000 0 0 44795000 59188000 0 0 335791000 353186000 0 0 226846000 213665000 0 0 25340000 22961000 0 0 0 2154000 0 0 235545000 249213000 0 0 0 0 291144000 485074000 2694000 2617000 0 0 2694000 2617000 291144000 485074000 871011000 902984000 291144000 485074000 15289000 20595000 0 0 15289000 20595000 0 0 79341000 74448000 0 0 25253000 18090000 0 0 5401000 0 19903000 27222000 7160000 5153000 41000 0 50750000 47232000 443000 0 1544000 1027000 0 3898000 0 0 2570000 0 36475000 33102000 0 0 205924000 179052000 22957000 31120000 12303000 23051000 84000 233000 233516000 222698000 23041000 31353000 1104527000 1125682000 314185000 516427000 1000000 1000000 1000000 1000000 -330000 -330000 -330000 -330000 130537000 165843000 130538000 165843000 131207000 166513000 131208000 166513000 1005000 1026000 0 0 132212000 167539000 131208000 166513000 0 3696000 0 0 0 3696000 0 0 380933000 221841000 0 0 96975000 100219000 0 0 172501000 334522000 181789000 346417000 18660000 18439000 0 0 4444000 4249000 0 0 673513000 679270000 181789000 346417000 49253000 48946000 0 0 110854000 71528000 0 0 34141000 34875000 0 0 6509000 1909000 0 0 70300000 86289000 244000 233000 5682000 3853000 0 0 21677000 27237000 944000 3264000 386000 540000 0 0 298802000 275177000 1188000 3497000 972315000 954447000 182977000 349914000 1104527000 1125682000 314185000 516427000 1000000 -330000 165843000 166513000 1026000 0 0 -786000 -786000 104000 0 0 -35444000 -35444000 -125000 0 0 -261000 0 0 0 0 1185000 0 0 1000000 -330000 130537000 131207000 1005000 1000000 -330000 165843000 0 0 -786000 0 0 -35443000 0 0 -261000 0 0 1185000 1000000 -330000 130538000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Geographical segments Revenue, Denmark 412865000 415639000 6847000 7427000 Revenue, exports 26129000 55398000 0 0 Total 438994000 471037000 6847000 7427000 Business segments Radio and TV Broadcasting 169551000 178218000 0 0 Installation and services on Towers 157626000 163092000 0 0 Other revenues 111817000 129727000 6847000 7427000 Total 438994000 471037000 6847000 7427000 97606000 98093000 6108000 7073000 11251000 10779000 576000 0 1868000 2029000 0 0 4435000 4236000 0 0 115160000 115137000 6684000 7073000 4945000 5653000 4945000 5653000 50000 50000 50000 50000 4995000 5703000 4995000 5703000 152 150 3 2 Including remuneration to the Executive Board and Board of Directors: 14022000 12917000 0 0 71836000 59346000 0 0 4300000 0 0 0 90158000 72263000 0 0 Special items include reversal of provisions for pensions that have been recognized as income under salaries. Reversal of provisions for pensions and similar obligations -3696000 0 0 0 Impairment of fixed assets 4300000 0 0 0 Total 604000 0 0 0 Share of profits 0 0 -12932000 20754000 Total 0 0 -12932000 20754000 0 0 308000 61000 271000 137000 1000 2000 42000 78000 1000 15000 313000 215000 310000 78000 24153000 24454000 24248000 24546000 31482000 17797000 0 0 206000 406000 0 0 55841000 42657000 24248000 24546000 -1216000 1533000 -2497000 -2560000 -2244000 6846000 0 0 57000 -50000 0 0 -3403000 8329000 -2497000 -2560000 10250000 31310000 46905000 1861000 0 0 12111000 31310000 46905000 1636000 21537000 8336000 1678000 7466000 4878000 3314000 29003000 13214000 8797000 2307000 33691000 457528000 303947000 43478000 2154000 344369000 3248000 40290000 8285000 0 3871000 0 0 314000 1464000 0 6376000 474000 -6160000 -690000 0 467152000 344711000 45289000 0 348240000 104342000 90280000 20517000 0 95156000 20643000 27575000 5816000 0 18618000 0 0 0 0 -1079000 6376000 10000 -6384000 0 0 131361000 117865000 19949000 0 112695000 335791000 226846000 25340000 0 235545000 0 130928000 0 0 0 734322000 734254000 7864000 68000 742186000 734322000 -249248000 -261834000 0 -804000 0 -330000 -13718000 21557000 189000000 0 924000 -7837000 -451042000 -249248000 291144000 485074000 Cibicom A/S Ballerup 100 304024 -12868 Digital Radio Cibicom A/S Ballerup 100 963 61 Cibicom Services A/S Ballerup 100 51565 4631 Cibicom Property A/S Ballerup 100 15066 2258 Cibicom Mobility ApS Ballerup 100 5412 -4081 Cibicom Supply A/S Ballerup 100 355 -7 Sense Solutions ApS Ballerup 90 169 -4215 Telpartner A/S Ballerup 100 40169 3866 Telpartner Sverige Stockholm 90 8948 2459 2617000 93000 16000 2694000 2694000 Investments in subsidiaries are specified as follows: Selling price of work in progress 62794000 89401000 0 0 Payments received on account -43223000 -76281000 0 0 Total 19571000 13120000 0 0 Recognised in the balance sheet as follows: Contract work in progress recognised in assets 25253000 18090000 0 0 Prepayments received recognised in debt -5682000 -3853000 0 0 Total 19571000 14237000 0 0 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest as well.Of the total sum of prepaid expenses, DKK 14,4 million falls due after 1 year. Deferred tax asset at 1 January 47232000 53000000 0 0 Amounts recognised in the income statement for the year 3778000 -7978000 0 0 Amounts recognised in equity for the year -260000 2210000 443000 0 Deferred tax asset at 31 December 50750000 47232000 443000 0 Deferred tax asset amounts to TDKK 50.750. The majority of the deferred tax asset amount is due to temporary differences in tax depreciations concerning fixed assets. The deferred tax assets has been computed based on a tax rate of 22 %. The Group is of the opinion that utilization within 3-5 years is possible. Further there are unrecognized deferred tax assets related to a subsidiary amounting to TDKK 49.090. Other provisions 0 3696000 0 0 0 3696000 0 0 The provisions are expected to mature as follows: After 5 years 0 -3696000 0 0 0 3696000 0 0 175960000 22514000 0 0 204973000 199327000 0 0 380933000 221841000 0 0 49253000 48946000 0 0 1952000 0 0 0 95023000 100219000 0 0 96975000 100219000 0 0 34141000 34875000 0 0 0 0 0 0 172501000 334522000 181789000 346417000 172501000 334522000 181789000 346417000 0 0 0 0 0 0 0 0 18660000 18439000 0 0 18660000 18439000 0 0 0 0 0 0 0 0 0 0 4444000 4249000 0 0 4444000 4249000 0 0 21677000 27237000 944000 3264000 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: Mortgage loans Lease obligations Payables to group enterprises Deposits Other payables Deferred income consists of payments received in respect of income in subsequent years. Charges and security The following assets have been placed as security with mortgage credit institutes: Land and buildings with a carrying amount of 356125000 353186000 0 0 0 88595000 0 0 The following assets have been placed as security for lease obligations: The carrying amount of plant and equipment is 130928000 108947000 0 0 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 3762000 2722000 0 0 Between 1 and 5 years 6163000 2965000 0 0 After 5 years 6000 0 0 0 Total 9931000 5687000 0 0 Lease commitments in the non-cancellable period 59081000 62653000 0 0 Other contingent liabilities The group companies have provided recourse guarantee commitments to credit institution. Cibicom A/S has committed a statement of support in favor of Cibicom Mobility ApS's other creditors, valid until 31 March 2026. 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 DK Infrastructure Topco 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 DK Infrastructure Midco 2 ApS, Industriparken 35, 2750 Ballerup Owns 100 % of the share capital of the company. DK Infrastructure Midco ApS, Industriparken 35, 2750 Ballerup Parent Company for DK Infrastructure Midco 2 ApS DK Infrastructure Topco ApS, Industriparken 35, 2750 Ballerup Ultimate parent company Transactions All transactions have been carried out on an arm’s length basis. 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 DK Infrastructure Topco ApS DK-2750 Ballerup Reference is made to the Annual Report of DK Infrastructure Topco ApS. The Annual Report of DK Infrastructure Bidco ApS for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Consolidated Financial Statements and the Parent Company Financial Statements for 2024 are presented in TDKK. true With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of DK Infrastructure Topco ApS, the Company has not prepared a cash flow statement. 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, DK Infrastructure Bidco ApS, 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. 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. Business combinations Business acquisitions carried through on or after 1 July 2018 On acquisition of subsidiaries, the difference between cost and net asset value of the enterprise acquired is determined at the date of acquisition after the individual assets and liabilities having been adjusted to fair value (the purchase method). Cost comprises the fair value of the consideration paid. The expenses for consultants ect. directly related to the acquisition are recognised in the income statement. Any remaining positive differences are recognised in intangible assets in the balance sheet as goodwill, which is amortised in the income statement on a straightline basis over its estimated useful life. Any remaining negative differences are recognised as income in the income statement at the date of acquisition. Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Where the differences are negative, they are recognised immediately in the income statement. Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively. Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting. Changes in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk. Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in the fair value reserve under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction. Changes in the fair values of financial instruments that are designated and qualify as hedges of net investments in independent foreign subsidiaries or associates are recognised directly in equity as regards the effective portion of the hedge, whereas the ineffective portion is recognised in the income statement. Revenue from the sale of services is recognised when the risks and rewards relating to the services have been rendered to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group. Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract 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 contract. 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 production costs and expenses for premises, sales and distribution as well as office expenses, etc. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with Danish group entreprises. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Goodwill is amortised on a straight-line basis over the estimated useful life of 10 years, determined on the basis of Management’s experience with the individual business areas. Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs. Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 10 year. Rights are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use. Rights are amortised over the period of the agreements, which is 12 years. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period. 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: Production buildings 10-40 years Masts and equipment 11-30 years Plant and machinery 5-20 years Other fixtures and fittings, tools and equipment 2-15 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. 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. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are recognised and measured under the equity method. The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Other fixed asset investments consist of deposits. 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. The cost of goods for resale, raw materials and consumables equals landed cost. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. 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. 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. Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans, such as mortgage loans and 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. Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income comprises payments received in respect of income in subsequent years. 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