38529587 2025-01-01 2025-12-31 c:RestOfOtherReservesMember 38529587 2025-01-01 2025-12-31 38529587 2025-01-01 2025-12-31 1 38529587 2025-01-01 2025-12-31 2 38529587 2025-01-01 2025-12-31 1 38529587 2023-01-01 2023-12-31 38529587 2022-01-01 2022-12-31 38529587 2021-01-01 2021-12-31 38529587 2023-12-31 38529587 2022-12-31 38529587 2021-12-31 38529587 2024-01-01 2024-12-31 38529587 2025-12-31 38529587 2024-12-31 38529587 2025-01-01 c:ContributedCapitalMember 38529587 2025-01-01 c:RestOfOtherReservesMember 38529587 2025-01-01 c:ReserveForDevelopmentExpenditureMember 38529587 2025-01-01 c:RetainedEarningsMember 38529587 2025-01-01 2025-12-31 c:RetainedEarningsMember 38529587 2025-01-01 2025-12-31 c:ReserveForDevelopmentExpenditureMember 38529587 2025-12-31 c:ContributedCapitalMember 38529587 2025-12-31 c:RestOfOtherReservesMember 38529587 2025-12-31 c:ReserveForDevelopmentExpenditureMember 38529587 2025-12-31 c:RetainedEarningsMember 38529587 2025-01-01 2025-12-31 c:ManagementMember 38529587 2024-01-01 2024-12-31 c:ManagementMember 38529587 2025-01-01 c:CompletedDevelopmentProjectsMember 38529587 2025-01-01 c:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38529587 2025-01-01 2025-12-31 c:CompletedDevelopmentProjectsMember 38529587 2025-01-01 2025-12-31 c:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38529587 2025-12-31 c:CompletedDevelopmentProjectsMember 38529587 2025-12-31 c:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38529587 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 38529587 2025-01-01 c:LeaseholdImprovementsMember 38529587 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 38529587 2025-01-01 2025-12-31 c:LeaseholdImprovementsMember 38529587 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 38529587 2025-12-31 c:LeaseholdImprovementsMember 38529587 2025-01-01 c:DepositsLongtermInvestmentsAndReceivablesMember 38529587 2025-01-01 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember 38529587 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK xbrli:pure 0 BDO Statsautoriseret Revisionspartnerselskab Vestre Ringgade 28 DK-8000 Aarhus C 45719375 Årsrapport 2026-06-01 Michael Andersen PEAK Wind ApS Jens Baggesens Vej 90K 8200 Aarhus N Den uafhængige revisors erklæring 38529587 2017-03-27 Aarhus 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Vestre Ringgade 28 8000 Aarhus C Today the Executive Board have discussed and approved the Annual Report of PEAK Wind ApS for the fi­nan­ci­al year 1 January  - 31 December 2025. The Annual Report is presented in accor­dance with the Da­nish Fi­nan­ci­al State­ments Act. In our opinion the Fi­nan­ci­al Sta­te­ments give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the fi­nan­ci­al year 1 January  - 31 December 2025. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. We recommend the Annual Report be approved at the Annual General Meeting. Aarhus 2026-06-01 Kasper Alexander Kildegaard Simonsen Nicolaj From Mensberg To the Shareholder of PEAK Wind ApS Konklusion We ha­ve au­di­ted the Fi­nan­ci­al Sta­te­ments of PEAK Wind ApS for the fi­nan­ci­al year 1 January - 31 December 2025, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty, no­tes and a summary of significant accounting policies. The Fi­nan­ci­al Sta­te­ments are pre­pared in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   In our o­pi­ni­on, the Fi­nan­ci­al Sta­te­ments give a true and fair view of the assets, liabilities and financial position of the Com­pa­ny at 31 December 2025 and of the results of the Com­pa­ny's operations for the fi­nan­ci­al year 1 January - 31 December 2025 in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Basis for OpinionGrundlag for konklusion 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 Com­pa­ny in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We be­lie­ve that the e­vi­den­ce we ha­ve ob­tai­ned is suf­fi­ci­ent and ap­prop­ria­te to pro­vi­de a ba­sis for our con­clu­si­on.   Grundlag for konklusion Ma­na­ge­ment's Re­spon­si­bi­li­ti­es for the Fi­nan­ci­al Sta­te­ments Management is responsible for the preparation of 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 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 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 judgment and maintain professional skepticism 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 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 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 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.   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.   Statement on Management Commentary Management is responsible for Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the Fi­nan­ci­al Sta­te­ments does not cover Ma­na­ge­ment Com­men­ta­ry, 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 Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment Com­men­ta­ry 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 Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that Ma­na­ge­ment Com­men­ta­ry is in accordance with the Fi­nan­ci­al Sta­te­ments and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of Ma­na­ge­ment Com­men­ta­ry.   Aarhus 2026-06-01 BDO Statsautoriseret Revisionspartnerselskab 45719375 Thomas Nørgaard Christensen Den uafhængige revisors erklæring State Authorised Public Accountant mne40048 122446000 94840000 67182000 17374000 13931000 13522000 -505000 -581000 -112000 10513000 10471000 10484000 60990000 51685000 33968000 27399000 20938000 12998000 -513000 -863000 -1400000 -2085000 -120000 152 151 164 99 45 41.9 45.7 44.9 40.5 38.3 16.6 1.3 43.5 61.7 93.1 The ratios stated in the list of key figures and ratios have been calculated as follows:   Equity ratio:  Equity, at year-end x 100 Total assets, at year-end Return on equity: Profit/loss after tax x 100        Average equity Principal activities The Company’s objective is to provide advisory and asset management services on globally within the renewable energy infrastructure sector and other related business hereto as determined by the Management.   Unusual matters Unusual events The financial position at 31 December 2025 of the Group and the results of the activities and cash flows of the Group for the financial year for 2025 have not been affected by any unusual events.   Recognition and measurement uncertainty There has been no uncertainty regarding recognition and measurement in the Annual Report.   Development in activities and financial and economic position For the financial year 2025, The PEAK Wind ApS  reported a profit of T.DKK 5.774, As of 31 December 2025 the balance sheet of Peak Wind ApS reflects positive equity of T.DKK 38.119.   Despite ongoing challenges in the renewable energy sector throughout 2025, PEAK Wind ApS successfully supported both existing and new clients, markets, and projects in the global green energy transition.   PEAK Wind ApS did not deliver fully on its financial objectives for the year. Management considers the overall performance not to be in line with expectations.   Profit/loss for the year compared to the expected development The 2025 financial results did not meet expectations and failed to deliver the anticipated top-line EBIT growth. This performance was negatively influenced by increased risk relating to customers’ failure to pay as well as currency exposure, both of which further impacted the Group’s overall financial outcome for 2025.    Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the Company's financial position.   Future expectations Despite challenging market condition, PEAK Wind ApS anticipates top-line growth in 2026, with expectations profit margins will recover and return to levels achieved in prior years. The Group foresees stable revenue and earnings, underpinned by its core markets and service offerings.   Peak Wind Group foresees stable revenue and earnings, underpinned by its core markets and service offerings. EBIT for the group is expected to be in the range of DKK 15 to 20 Million.   The Company’s foreign branches PEAK Wind has branches located in Taiwan and Germany.   126813090 117560324 113818039 114143335 1699213 1870944 11295838 1546045 2945169 1091122 2814122 444454 11426885 2192713 5652494 1798353 5774391 394360 2208575 2755527 3931037 3498242 6139612 6253769 956430 1429171 120124 313514 1076554 1742685 1895864 1923727 1895864 1923727 9112030 9920181 25452504 24769568 14256053 9642857 18041676 7227571 2289703 702003 509813 947255 209375 209375 1598858 4778999 3358625 1564068 65716607 49841696 16047394 8709105 81764001 58550801 90876031 68470982 58450 58450 10020 10020 4788897 4877939 33261654 26352611 38119021 31299020 2357258 2058144 2357258 2058144 5672485 5551554 5677382 4405470 20105078 14496523 1151269 2334932 50399752 35113818 52757010 37171962 90876031 68470982 DKKSha­re ca­pi­talOther reservesReserve for development costsRetained earningsTotal Equity at 1 January 202558.45010.0204.877.93926.352.61131.299.020 Proposed profit allocation, see note 5 5.774.3915.774.391Warrant programme 1.045.6101.045.610 Other legal bindingsCapitalized development costs -89.04289.0420 Equity at 31 December 202558.45010.0204.788.89733.261.65438.119.021 58450 10020 4877939 26352611 5774391 1045610 -89042 89042 58450 10020 4788897 33261654 1 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees152151 Wages and salaries 102.526.407101.534.942 Pensions 8.942.9939.699.483 Social security costs 618.9061.920.459 Other staff costs 1.729.733988.451 113.818.039114.143.335 Remuneration of Executive Board 6.011.1386.897.707 6.011.1386.897.707 Warrants to senior employees have been issued in 2022. The warrants include an option to purchase new shares in Peak Wind Group ApS in the period from 2023 to 2026, of shares of up to approximately 10% of the share capital at an option price that is lower than the assessed fair value of the company at grant date. 152 151 102526407 101534942 8942993 9699483 618906 1920459 1729733 988451 113818039 114143335 6011138 6897707 2 | Other financial income Interest income from group enterprises 1.008.25979.360 Other interest income 1.936.9101.011.762 2.945.1691.091.122 1008259 79360 1936910 1011762 2945169 1091122 3 | Other financial expenses Interest expenses to group enterprises 1.624.1120 Other interest expenses 1.190.010444.454 2.814.122444.454 1624112 0 1190010 444454 2814122 444454 1719158 1083427 3495894 1138733 437442 -423807 5 | Proposed distribution of profit Retained earnings 5.774.391394.360 5.774.391394.360 5774391 394360 5774391 394360 6 | Intangible assets DKKDevelopment projects completed, including patents and similar rights originating from development projectsDevelopment projects in progress and prepayments for intangible assets Cost at 1 January 2025 3.505.4383.498.242 Additions 0432.795 Cost at 31 December 2025 3.505.4383.931.037   Amortisation at 1 January 2025 749.9120 Amortisation for the year 546.9510 Amortisation at 31 December 2025 1.296.8630 Carrying amount at 31 December 20252.208.5753.931.037 Development projects under development relate to a Health and Safety management system to be used in the global renewable sector. The software is used by existing customers and offered to new customers. The software technology developed relates to capturing, processing, analysing and presenting data related to renewable energy sources to be used in the delivery model to customers. 3505438 3498242 0 432795 3505438 3931037 749912 0 546951 0 1296863 0 2208575 3931037 7 | Property, plant and equipment DKKOther plant, fixtures and equipmentLeasehold improvements Cost at 1 January 2025 3.442.2881.026.537 Additions 505.3048.069 Disposals -23.738-3.504 Cost at 31 December 2025 3.923.8541.031.102   Depreciation and impairment losses at 1 January 2025 2.013.117713.023 Depreciation for the year 954.307197.955 Depreciation and impairment losses at 31 December 2025 2.967.424910.978 Carrying amount at 31 December 2025956.430120.124 3442288 1026537 505304 8069 23738 3504 3923854 1031102 2013117 713023 954307 197955 2967424 910978 956430 120124 8 | Financial non-current assets DKKRent deposit and other receivables Cost at 1 January 2025 1.923.727Disposals -27.863Cost at 31 December 2025 1.895.864  Carrying amount at 31 December 20251.895.864 1923727 27863 1895864 1895864 9 | Deferred tax assets The provision for deferred tax is related to differences between the carrying amount and tax value of securities, receivables, intangible assets and property, plant and equipment, including recognised finance lease contracts. Deferred tax assets, beginning of year 947.255947.255 Deferred tax of the year, income statement -437.4420 Deferred tax assets 31 December 2025509.813947.255 Deffered tax is expected to be used within 2-3 years. Deffered tax is expected to be used within 2-3 years. 10 | Prepayments Prepayments primarily relate to expenses paid in the current financial year for services that also pertain to the following financial year. These include, among others, prepaid rent, insurance, and various licenses. Costs 3.358.6251.564.068 3.358.6251.564.068 11 | Long-term liabilities 31/12 2025RepaymentDebt outstanding31/12 2024DKKtotal liabilitiesnext yearafter 5 yearstotal liabilities Frozen holiday pay 2.357.258002.058.144 2.357.258002.058.144 0 Lease obligations Rental obligations The Company has entered into rental agreements for buildings, which may be terminated with six months notice. As of the balance sheet date, the total lease commitment amounts to:1.459 Operating lease obligations   The Company has entered into operating leases with a remaining term of 9-12 months and an average monthly lease payments of DKK 4,5 thousand. As of the balance sheet date, the total lease commitment amounts to:49 Joint liabilitiesThe Company is jointly and severally liable together with the Parent Company and the other group companies in the joint taxable group for tax on the group’s joint taxable income and for certain possible withholding taxes, such as dividend tax, etc. Tax payable on the Group’s joint taxable income is stated in the annual report of Peak Wind Group ApS, which serves as management Company for the joint taxation. 1459 49 13 | Related parties Transactions with related parties The Company did not carry out any material transactions that were not concluded on market conditions. According to section 98c, subsection 7 of the Danish Financial Statements Act information is given only on transactions that were not performed on common market conditions. 14 | Consolidated Financial Statements The Company is included in the consolidated financial statements of Peak Wind Group ApS , address Jens Baggesens Vej 90K, st., 8200 Aarhus N, CVR no 39 88 33 09.   The Annual Report of PEAK Wind ApS for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish me­di­um-si­ze Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class C.  Regnskabsklasse C, mellemstor virksomhed1trueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse C, mellemstor virksomhed true Changes have been made to the presentation of certain financial statement items in the income statement and balance sheet, and the comparative figures have therefore been adjusted accordingly. These changes have no impact on the profit for the year, equity, or cash flows.   Net revenue Net revenue from the sale of goods is recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received.   When the result of contract work cannot be assessed reliably, revenue is only recognised corresponding to the related costs and only to the extent that it is likely that they will be recovered.    Sale of services is generally recognised on the basis of a measurable degree of completion, using straight-line recognition of services delivered over time in a regular pattern. Where the degree of completion is not measurable or the sales value or the total costs of completion are uncertain, revenue is recognised by the amount that the enterprise as a maximum believes to have a right to claim and is expected to be received for services delivered at the Balance Sheet date.   Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale.   Other external expenses Other external expenses include other sales and administrative costs, including costs of marketing, premises, office expenses, etc.   Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Com­pa­ny's employees.   Financial income and expenses Financial income and expenses include interest income and expenses, realised and unrealised gains and losses arising from securities, debt and transactions in foreign currencies , as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity.   Intangible fixed assets Development projects comprise costs, including wages and salaries, and amortisation, which directly or indirectly can be related to the Company’s development activities and which fulfil the criteria for recognition in the Balance Sheet.   The accounting item is measured at the lower of the capitalised costs less accumulated amortisation and recoverable amount. Capitalised development costs are amortised on a straight-line basis over the estimated useful life after completion of the development work. The amortisation period is normally 5 years.   Intangible fixed assets are generally written down to the recoverable amount if this is lower than the carrying amount.   Profit or loss from sale of intangible fixed assets is calculated at the difference between the sales price and the carrying amount at the time of the sale. Profit and loss are recognised in the Income Statement under other operating income or other operating expenses.    Property, plant and equipment Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.   The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used.    Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value:   Useful lifeOther fixtures and fittings, tools and equipment 3 år0 %Leasehold improvements  3 år0 % Profit or loss on sale of property, plant and equipment is stated as the difference between the sales price less selling costs and the carrying amount at the date of sale. Profit or loss is recognised in the Income Statement as other operating income or other operating expenses.   Financial non-current assets Deposits include rental deposits which are recognised and measured at cost. Deposits are not depreciated.   Impairment of fixed assets The carrying amount of in­tan­gib­le fi­xed and pro­per­ty, plant and equip­ment to­get­her with fi­xed as­sets, which are not mea­su­red at fair va­lue,, are assessed annually for indications of impairment other than that reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Contract work in progress Work in progress on contract is measured at the sales value of the work performed. The sales value is measured on the basis of the degree of completion on the Balance Sheet date and the total anticipated revenue related to the specific piece of work in progress. The stage of completion is determined based on an assessment of the work performed, usually calculated as the relation between the costs incurred and the total expected costs for the contract in question.   The specific piece of work in progress is recognised in the Balance Sheet as receivables or payables, depending on the net value of the selling price less progress invoicing and progress payments.   Costs relating to sales work and obtaining of contracts are recognised in the Income Statement as and when they are incurred.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Cash and cash equivalents Cash and cash equivalents include cash at bank.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   The Company is subject to joint taxation with Danish Group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff 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 under the legislation in force on the Balance Sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities The amortised cost of current liabilities corresponds usually to the nominal value.   Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the Income Statement as a financial income or expense. Receivables, payables and other monetary items in foreign currencies that are not settled on the Balance Sheet date are translated at the exchange rate on the Balance Sheet date. The difference between the exchange rate on the Balance Sheet date and the exchange rate at the date when the receivables or payables come into existence recognised in the Income Statement as financial income or expenses. Fixed assets acquired in foreign currencies are translated at the rate of exchange on the transaction date.   Cash Flow Statement   With reference to Section 86(4) of the Danish Financial Statements Act, the Company has not prepared a cash flow statement. A cash flow statement has been prepared for the Group.   With reference to Section 86(4) of the Danish Financial Statements Act, the Company has not prepared a cash flow statement. A cash flow statement has been prepared for the Group.