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41908033 2024-01-01 2024-12-31 fsa:LeaseholdImprovementsMember cmn:ConsolidatedMember 41908033 2024-01-01 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 41908033 2023-01-01 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 41908033 2024-01-01 2024-12-31 1 fsa:SubsidiaryMember 41908033 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:InvestmentsInAssociatesMember 41908033 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:InvestmentsInAssociatesMember 41908033 2024-01-01 2024-12-31 fsa:InvestmentsInAssociatesMember 41908033 2023-01-01 2023-12-31 fsa:InvestmentsInAssociatesMember 41908033 2024-01-01 2024-12-31 1 fsa:AssociateMember 41908033 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:OtherInvestmentsMember 41908033 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-01-01 2023-01-01 2024-12-31 2023-12-31 41908033 Sonas Midco ApS Telefonvej 8D, 2. 2860 Søborg PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2025-04-29 Jeppe Ragnar Andersen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Board of Directors has today considered and adopted the Annual Report of Sonas Midco 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 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. 2025-04-29 Søborg Karl Sebastian Inger Jeppe Ragnar Andersen Andrea Jayne Davis To the shareholder of Sonas Midco 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 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 Sonas Midco 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, 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. Hellerup 2025-04-29 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Kristian Højgaard Carlsen State Authorised Public Accountant mne44112 Christian Lønne State Authorised Public Accountant mne51542 266045000 202964000 142686000 108048000 65358000 472000 16710000 -29043000 -27372000 -13881000 -15714000 -27372000 -17681000 -50580000 -27677000 979340000 970160000 1422082000 5771000 1862000 0 0 0 620339000 637963000 650543000 71517000 2017000 -7465000 -1379000 -7362000 -1337597000 -2836000 41215000 1368507000 67302000 59315000 23448000 120 66 51 0.477 0.511 0.406 0.322 0.003 0.162 0.155 0.063 -0.143 -0.192 0.05 0.045 0.017 -0.03 -0.019 0.636 0.644 0.633 0.658 0.457 0.027 0.014 -0.028 -0.079 -0.085 Key activities The company's main activity is to provide services exclusively to the group companies and and also owning investments in associates as well as in subsidiaries. Development in the year The income statement of the Group for 2024 shows a profit of DKK 17,042,251, and at 31 December 2024 the balance sheet of the Group shows a positive equity of DKK 644,868,399. The past year and follow-up on development expectations from last year The company’s expectations of an increase in the net result have been met. Targets and expectations for the year ahead Management expects an increase in profit in the coming year. Research and development The group invests in development projects to support the digital strategy. External environment The Group is conscious abouts its impact on the environment and is committed to improving in this area. 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 events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 315174727 281128935 0 0 164841434 137498096 0 0 150333293 143630839 0 0 99284539 99951640 90201 64643 51048754 43679199 -90201 -64643 0 0 16202415 8791215 -1179159 0 0 0 6589341 5563621 61243 242851 28953094 21786197 0 0 27505842 27456623 16173457 8969423 10463591 18672025 -6371 39206 17042251 8784598 16179828 8930217 0 0 16179828 8930217 53674 125240 0 0 642789458 661785605 0 0 2465000 0 0 0 645308132 661910845 0 0 26225594 23610756 0 0 9908763 11652791 0 0 2084762 2718332 0 0 38219119 37981879 0 0 0 0 633818858 618993687 12968891 0 0 0 130569836 48001511 0 0 1247460 485619 0 0 144786187 48487130 633818858 618993687 828313438 748379854 633818858 618993687 59993571 56689572 0 0 0 4233644 9000000 0 17379931 14388944 0 0 18110897 17038871 0 0 0 0 6371 0 482904 0 0 0 95967303 92351031 9006371 0 89117213 136937100 1061915 10079373 185084516 229288131 10068286 10079373 1013397954 977667985 643887144 629073060 83817007 83817007 83817007 83817007 22000000 22000000 22000000 22000000 1922700 0 0 0 536046731 523166847 537969431 523166847 643786438 628983854 643786438 628983854 1081961 219538 0 0 644868399 629203392 643786438 628983854 215897577 213968582 0 0 64200 64200 0 0 22727470 18108895 0 0 238689247 232141677 0 0 15537476 20157868 61500 50000 2549001 14906026 39206 39206 11241429 0 0 0 26425119 16568587 0 0 74087283 64690435 0 0 129840308 116322916 100706 89206 368529555 348464593 100706 89206 1013397954 977667985 643887144 629073060 83817007 22000000 0 523166847 219538 0 0 0 -279093 0 0 0 0 -1098151 0 0 0 0 16179828 862423 0 0 1922700 -1922700 0 83817007 22000000 1922700 536046731 1081961 83817007 22000000 523166847 0 0 -279093 0 0 -1098151 0 0 16179828 83817007 22000000 537969431 17042251 8784598 81380115 92612909 11471591 -9335930 109893957 92061577 6589341 5563621 -23955294 -21786197 92528004 75839001 -11054288 -17345160 81473716 58493841 -25510036 0 -5771486 -1861629 -96299000 -46555181 -127580522 -48416810 0 -1326865 Other equity entries -1098151 0 0 62265 1507848 1507848 -7162500 0 5039722 0 -1713081 243248 -47819887 10320279 136937100 126616821 89117213 136937100 89117213 136937100 89117213 136937100 Personnel expenses 85369097 73094721 0 0 Depreciation on PP&E 3620594 3650934 0 0 Other expenses 75851743 60752441 0 0 Total 164841434 137498096 0 0 Personnel expenses 26430595 22585911 0 0 Depreciation on PP&E 54389 1654603 0 0 Depreciation on goodwill 42042639 52259568 0 0 Depreciation on patents 71566 71566 0 0 Other expenses 30685350 23379992 90201 64643 Total 99284539 99951640 90201 64643 111086764 94975460 0 0 712938 705173 0 0 111799702 95680633 0 0 157 131 0 0 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. In 2024, the company has capitalized DKK 2,465 thousand in payroll costs for development projects specified in note 9. Share of losses -1004498 0 0 0 Amortisation of goodwill -174661 0 0 0 Total -1179159 0 0 0 4768539 5563621 61243 242851 1820802 0 0 0 6589341 5563621 61243 242851 Unrealized gain on shares 836994 701721 0 0 5018067 0 0 0 23935027 20738455 0 0 0 1047742 0 0 28953094 21786197 0 0 11532537 14873225 -6371 39206 -1076162 2771166 0 0 7216 1027634 0 0 10463591 18672025 -6371 39206 357829 850202426 0 0 23045213 2465000 357829 873247639 2465000 232589 188416821 0 71566 42041360 0 304155 230458181 0 53674 642789458 2465000 The company has capitalized labor costs related to the development of the company's electronic Patient Reported Outcome (ePRO) solution as well as a software recruitment solution for clinical trials. The capitalized costs can be measured reliably, are attributable to the projects, and are expected to generate positive financial benefits going forward. 27905558 23224121 6980832 3644569 1512293 614623 31550127 24736414 7595455 4294802 11571330 4262500 1029731 3256321 1248193 5324533 14827651 5510693 26225594 9908763 2084762 678220074 678220074 678220074 678220074 -59226387 -68099239 -279093 81637 16202415 8791215 -1098151 0 -44401216 -59226387 633818858 618993687 Sanos Group ApS Søborg 100 0 0 0 0 7758400 0 0 0 7758400 0 0 0 -1004498 0 0 0 6389650 0 0 0 174661 0 0 0 5210491 0 0 0 12968891 0 0 0 NSC Therapeutics GmbH St. Radegund bei Graz 48 46814102 485619 86749398 761841 133563500 1247460 1187409 0 836994 0 2024403 0 0 0 5018067 0 5018067 0 130569836 1247460 Investments in subsidiaries are specified as follows: Positive differences arising on initial measurement of associates at net asset value 6986566 0 0 0 Remaining positive difference included in the above carrying amount at 6811905 0 0 0 Investments in associates are specified as follows: Deferred tax asset at 1 January 17038871 19803788 0 0 Reclassification of deferred tax -4136 6249 0 0 Amounts recognised in the income statement for the year -307393 -2771166 0 0 Amounts recognised in equity for the year 1383555 0 0 0 Deferred tax asset at 31 December 18110897 17038871 0 0 Deferred tax assets are primarily attributable to special tax-loss carry forward in two of the Group's subsidiaries which expect to use this within a budgeted future. Both subsidiaries currently utilize current tax assets as a result of their positive taxable income. 0 0 0 0 215897577 213968582 0 0 215897577 213968582 0 0 0 0 0 0 0 0 0 0 64200 64200 0 0 64200 64200 0 0 0 0 0 0 0 0 0 0 22727470 18108895 0 0 22727470 18108895 0 0 26425119 16568587 0 0 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 Deposits Other payables Deferred income contains prepayments received for costs derived from ongoing projects. -6589341 -5563621 28953094 21786197 47652705 57636671 1179159 0 10463591 18672025 81380115 92612909 -279093 81637 -2544246 -6166003 9396848 -8541223 4618989 5371296 11471591 -9335930 Rental and lease obligations Total liabilities under rental or lease agreements until maturity 9862517 12108061 0 0 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 Sonas HoldCo 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. The Group has entered into an implementation of new software for three years totaling EUR 650,000. 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 Investcorp Holdings B.S.C. Kingdom of Bahrain Sonas HoldCo ApS Søborg The Group Annual Report of Investcorp Holdings B.S.C. may be obtained at the following address: Telefonvej 8D, 22860 SøborgDenmark The Annual Report of Sonas Midco ApS 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, Sonas Midco 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. 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. Revenue from the sale of goods for resale and finished goods is recognised in the income statement when the sale is considered effected based on the following criteria:• delivery has been made before year end;• a binding sales agreement has been made;• the sales price has been determined; and• payment has been received or may with reasonable certainty be expected to be received. 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. 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. Production expenses comprise costs incurred to achieve revenue for the year. Cost comprises raw materials, consumables, direct labour costs and indirect production costs such as maintenance and depreciation, etc, as well as operation, administration and management of factories. Production expenses also include amortisation of goodwill to the extent that goodwill relates to production activities. Administrative expenses comprise expenses for Management, administrative staff, office expenses, depreciation, etc. 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 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. Any changes in deferred tax due to changes to tax rates are recognised in the income statement. The Company is jointly taxed with wholly owned Danish and foreign subsidiaries. The tax effect of the joint taxation with the subsidiaries is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). 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 less the effect of deferred tax 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. Goodwill is amortised on a straight-line basis over the estimated useful life of 10-20 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 less the effect of deferred tax 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 5 year. Patents and licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the licence period; however not exceeding 5 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: Buildings 10-50 years Other fixtures and fittings, tools and equipment 3-10 years Leasehold improvements 3-7 years 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 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 deposit. 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. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. 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. Deferred income comprises payments received in respect of income in subsequent years. 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”. The cash flow statement cannot be immediately derived from the published financial records. Gross margin Gross profit x 100 / Revenue Profit margin Profit/loss of primary operations x 100 / Revenue 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