40727671 2024-01-01 2024-12-31 40727671 2023-01-01 2023-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 40727671 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 40727671 2024-01-01 2024-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 40727671 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 40727671 2024-01-01 2024-12-31 1 cmn:ConsolidatedMember 40727671 2024-01-01 2024-12-31 2 cmn:ConsolidatedMember 40727671 2024-01-01 2024-12-31 1 cmn:ConsolidatedMember 40727671 2024-01-01 2024-12-31 1 cmn:ConsolidatedMember 40727671 2024-01-01 2024-12-31 2 cmn:ConsolidatedMember 40727671 2023-12-31 cmn:ConsolidatedMember 40727671 2023-12-31 40727671 2024-12-31 cmn:ConsolidatedMember 40727671 2024-12-31 40727671 2023-01-01 2023-12-31 cmn:ConsolidatedMember 40727671 2023-01-01 2023-12-31 40727671 2024-01-01 2024-12-31 cmn:ConsolidatedMember 40727671 2024-01-01 2024-12-31 40727671 2023-01-01 2023-12-31 fsa:MinorityInterestsMembercmn:ConsolidatedMember 40727671 2023-01-01 2023-12-31 fsa:MinorityInterestsMember 40727671 2024-01-01 2024-12-31 fsa:MinorityInterestsMembercmn:ConsolidatedMember 40727671 2024-01-01 2024-12-31 fsa:MinorityInterestsMember 40727671 2023-01-01 cmn:ConsolidatedMember 40727671 2023-01-01 40727671 2024-01-01 cmn:ConsolidatedMember 40727671 2024-01-01 iso4217:DKK xbrli:pure 7537546 5380184 0 0 774390 0 322635851 817549 541761851 2234849 271242 0 16440740 0 -10956267 0 -1200418 0 117665385 0 143426978 0 117665385 0 143426978 0 CASH FLOW STATEMENT The cash flow statement shows the companys cash flows broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as wells as cash and cash equivalents at the beginning and end of the year. Cash flows from acquisitions and divestments are shown separately under cash flows from investing activities. In the cash flow statement, cash flows regarding acquired companies are recognized from the date of acquisition and cash flows from divested companies are recognized until the transfer date. Cash flows from operating activities have been calculated as profit or loss adjusted for non-cash operating items, financial income and expenses paid, corporation taxes, as well as increase and decrease in inventories, trade receivables, trade payables, and other changes in assets and liabilities other than provisions derired from operations. Cash flows from investing activities comprise payments in the year in connection with acquisition and sale of fixed assets as well as payments in connection with acquisition and divestment of companies. Cash flows from financing activities comprise payments in the year from inception and repayment of long-term liabilities other than provisions as well as payments made to and received from the shareholders. Cash and cash equivalents comprise cash deposited in the bank and cash in hand. In accordance with the Danish Financial Statement Act § 86, section 4 the parent company has not prepared a cash flow statement. Development in activities and finances The Group has continued to expand with acquisitions of new clinics, which have impacted the Group’s financial results. The Group has made investments throughout its markets to build the competences and organizations required for further growth. Further, the Group has strengthened the backbone, which has impacted the group costs. Therefore, the financial results are different to the expectations for the year. The Group realized an operating result of T.DKK 328 this year and the years profit after tax amounts to T.DKK -288.188. Management expected organic revenue growth in the range of 5-10% for 2024. The Group realized organic revenue growth within the expected range. During 2024, additional veterinary clinics have been acquired and in connection with expanding the Group, the organization is also strengthened with the necessary skills to support the operational development. Among other things, a continued education program have been put in place, which aims to ensure the high level of professionalism through theoretical and practical training. Additionally, management training has been conducted to develop the managers to remain among the best in the industry. The main goal is to facilitate a healthy life for all animals, and this is emphasized through education and prevention. Outlook For 2025, a positive development in the result is expected, supported by continued investment in new veterinary clinics, an increased market share and an overall growing market. Management expects a positive organic revenue growth of 5-10% in 2025. BASIS OF CONSOLIDATION The consolidated financial statements comprise the parent company and the enterprises (group enterprises) controlled by the parent company. The parent company is deemed to be controlling an enterprise when it directly or indirectly controls more than 50% of the voting rights or is otherwise able to exercise control of more than 50% of the voting rights or is otherwise able to exercise control or de facto control with respect to the economic and operational decisions in the enterprise. The consolidated financial statements are prepared on the basis of the financial statements of the parent company and the Group enterprises by the adding together items of a uniform nature. In the preparation of the consolidated financial statements, all intercompany balances, income and expenses as well as gains and losses arising from transactions between the group enterprises have been eliminated. Equity investments in the group enterprises have been eliminated by the group enterprises proportionate shares of the equity value The financial statements used for the purpose of consolidation have been prepared in accordance with the consolidated accounting policies. The net profit or loss for the year and the equity of foreign enterprises have been expressed in Danish Kroner. Foreign currency translation adjustments arising as a result of translation of the equity of the foreign enterprises at the beginning of the financial years and translation of the net profit or loss for the financial years from the average rate of exchange to the closing rate are charged directly to equity. Where group enterprises have been acquired, the balance resulting from the elimination has to the extent possible been distributed on the assets and liabilities of the group enterprises whose value is above or below the amount at which they were booked when the group relation was established. Any remaining positive balance is treated as goodwill and stated under intangible assets. Any negative balance which is equal to an expected cost or an adverse development in the group enterprises is recognised in the income statement when acquired. BUSINESS COMBINATIONS In the financial year 2024 there has been several acquisitions where the group has achieved control. Acquisitions of enterprises and other business transfers (assets acquired and liabilities assumed constituting a business) are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value to the extent that the value can be measured reliably. The time of acquisition is the time when obtaining control of the acquired entity. ACOUNTING POLICIES, CONTINUED 13 BUSINESS COMBINATIONS, CONTINUED The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events (earn outs). Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred. Positive differences between the cost of the entity acquired and the fair value of 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 entity 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. In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement. RECOGNITION AND MEASUREMENT The financial statements have been prepared based on historical cost. The income is recognised in the income statement as earned. Value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Furthermore, all costs incurred to earn the profit or loss for the year have been recognised in the income statement, including amortisation, depreciation, write-down and provisions, as well as reversals as a consequence of changed accounting estimates of amounts previously recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow into 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. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described below for each financial statement item. Certain financial assets and liabilities are measured at amortised cost, by which a constant redemption yield is recognised over the term. Amortised cost is calculated as original cost less installments and addition/deduction of the accumulated amortisation of the difference between cost and the nominal amount. Thereby, capital and exchange losses or gains are allocated over the term. On recognition and measurement, anticipated losses and risks that appear before presentation of the annual report and which confirm or invalidate affairs or conditions existing at the balance sheet date are considered. The functional currency is Danish Kroner, DKK. All other currencies are considered foreign currencies. ACOUNTING POLICIES, CONTINUED 14 To the shareholders of Vetopia III ApS 2860 Søborg Buddingevej 312 189552236 0 287896758 -172917103 -297141012 1384 0 2067 0 207617847 24678 317687769 51728 -619847528 0 -744992757 0 3840265 0 5288257 0 236985930 0 350596974 0 -6434657 0 3130127 0 statsautoriseret revisor statsautoriseret revisor Account of the gender composition of Management In general, the Group’s employees and Management are meant to experience an open and unprejudiced culture where the individual can use her or his skills in the best possible way, regardless of gender, race, sexual orientation, or age. Women and men have the same opportunities for career advancement and leadership positions. We always strive to have both genders represented in all recruitment processes. The Group’s policies about the under-represented gender are reassessed on a continuous basis to create a base for increasing gender equality. Vetopia ApS III ApS has less than 50 employees and is therefore not obliged to set targets for the under-represented gender or explain the policy for increasing the proportion of the under-represented gender for the other management levels. Board of Directors 2024 2023 Total members 2 2 Under-represented gender in % 0% 0% Target in % 50% 50% Year of meeting target 2025 2025 Management and other leadership Total members 1 1 Under-represented gender in % N/A N/A Target in % N/A N/A Year of meeting target N/A N/A Board of Directors The Companys board members are appointed by the shareholders at the general meeting. The board now consists of 2 persons of which 0 is woman. The Company’s aim of having at least one member from the under-represented gender before 2025 Management and other leadership positions for the Group The Group aims to have at least 40% of its managers from the underrepresented gender. The extended management team, defined as CEO-2, women make up 53% of the leadership positions. The Group has established a strategy for working with diversity throughout the group to facilitate enabling a diverse line of thought, increasing innovation, and leading to better decision-making. The policy focuses on three principal drivers: Developing high quality leadership who act like owners, promote well-being and a positive work environment based on local needs, and promote constructive and collaborative culture. The Group will continue to work dedicated to having both male and female candidates in the recruiting process for management positions. Therefore, there has continued to be a focus on recruiting candidates of any gender, wherever possible, for leadership positions. MANAGEMENT’S REVIEW, CONTINUED 6 21326711 0 0 0 2900 Hellerup Strandvejen 130, 2. 4633486 -8431026 -3690677 -5593412 88224755 0 207617847 0 415235694 0 635375538 0 415235694 0 635375538 0 813373978 0 907715743 0 -90462014 0 -51473327 0 413312 413312 413312 343269 0 1800925 0 2860 Søborg Buddingevej 312 2357212068 379846579 3461528122 381263879 71480329 0 129577120 0 Regnskabsklasse C, stor virksomhed The annual report and consolidated financial statements has been prepared in accordance with the Danish Financial Statements Act. In our opinion the financial statements give a true and fair view of the Group and the Companys financial position at 31 December 2024 and of the result of its operations and the Groups cash flows for the financial year 1 January - 31 December 2024. 2025-05-30 2025-06-26 Leasing Investments in group enterprises Investments in group enterprises have been measured at cost In the event, the cost exceeds the recoverable amount, a write-down is made to this lower value. Indications of impairment exists for example when dividends exceeds the accumulated earnings since the acquisition or when the cost exceeds the net asset value of the investments in group enterprises. Recoverable amount used is the highest value of the expected net sales price and capital value. Capital value is determined as the present value of the expected net cash flow from the possession of the individual investments. Impairment is recognized in the income statement as impairment of financial assets. Other operating income Other operating income includes financial statement items of a secondary nature in relation to the primary activity of the enterprise, including reimbursements received from public authorities and gains from the sale of fixed assets. Other operating expenses Other operating expenses comprises expenses of a secondary nature as viewed in relation to the companys primary activities, including losses on sale of fixed assets and transaction costs. Staff costs include wages and salaries, including holiday pay, pensions, and other social security costs etc. to the Company´s employees. Other receivables (fixed assets) Other receivables recognised under fixed assets comprise loans and rental deposits measured at amortised cost which usually corresponds to nominal amount. In events when the carrying amount exceeds the recoverable amount, impairment for loss is made to such lower value. Impairment for loss for the year is recognised in the income statement as impairment for loss of financial assets. External expenses External expenses comprise cost of selling costs, facility costs, and administrative expenses. Income from investments in group enterprises Income from investments in group enterprises comprises the dividends received for the year. Impairment of financial assets Receivables 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. Provisions for bad debts are determined on the basis of an individual assessment of each receivable. Revenue Revenue from the sale of goods and finished products are recognized in the income statement if delivery and transfer of risk to the buyer have occurred before the end of the year, and if the revenue can be measured reliably and the income is expected to be received. For the sale of services, revenue is generally recognized based on a measurable percentage of completion. However, linear recognition is used for services delivered over time in a consistent pattern. If the percentage of completion is not measurable or if the sales value or total completion costs are uncertain, revenue is recognized at the maximum amount that the company believes it is entitled to and is expected to receive for the services rendered on the balance sheet date. Revenue is recorded excluding taxes and after deducting any applicable duties and discounts related to the sale. Tax on profit or loss for the year Tax on profit or loss for the year represents 22 % of the book profit or loss adjusted for non-taxable. and non-deductible items. Tax on profit or loss for the year consists of the anticipated tax portion of the taxable income for the year adjusted for the changes for the year in deferred tax. Changes in deferred taxes due to the adjustment of tax rates is recognised in the income statement. Cost of goods sold The cost of raw materials and consumables used to generet the companys revenue. Primary activities Vetopia III ApS, together with its subsidiaries (collectively the “Group”), main activity is to run Veterinary clinics. The Group is present in seven European countries where more than 170 clinics are committed to delivering high-quality veterinary care services. Today, Vetopia operates veterinary clinics across Denmark, Norway, Finland, Sweden, Germany, Austria and Switzerland. The Group’s purpose is to build the best home for veterinary professionals. As a group, we ensure comprehensive knowledge-sharing, continued education and valuable support to help vets and their clinics develop. Clinics have all relevant diagnostic equipment to operate on an individual basis and initiate any treatment efficiently. It is important for the Group to continuously expand and strengthen the professional quality of the services around animal welfare and treatment. The Company is headquartered in Denmark and is indirectly majority owned by Danish private equity fund Axcel, who is a member of “Active Owners Denmark” (previously DVCA). Veterinarians and management together own the minority share of the company, which constitutes nearly half of the ownership. The Company is governed by the guidelines of “Active Owners Denmark”. For further information, see Vetopia’s website: www.vetopia.com Events after the balance sheet date During 2025, the Company has continued to acquire veterinary clinics. Otherwise, there has been no material events affecting the Groups financial position after the financial year-end. <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 765px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">15</td><td Colspan = 12 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Fair value - Financial derivatives</td></tr><tr><td Colspan = 13 style="border-top: 1px solid; font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 12 style="text-align: left">The group uses financial derivatives to reduce risks related to changes in interest rates. All derivatives are entered into with </td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 12 style="text-align: left">established credit institutions and the fair value are calculated based on observable market data.</td></tr><tr><td Colspan = 13 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 9 style="font-weight: bold; text-align: left">Interest SWAP:</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">THE GROUP</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">PARENT</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 12 style="text-align: left">This year’s adjustment of fair value related to derivatives classified as </td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 9 style="text-align: left">cash flow hedging recognized directly on the equity: </td><td Colspan = 1 style="text-align: Right">-2.242.316</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 13 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 9 style="text-align: left">Fair value at 31/12 2024</td><td Colspan = 1 style="text-align: Right">-782.433</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 13 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">The following financial derivative have been </td><td Colspan = 1 style="font-weight: bold; text-align: Right">Curency</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: Right"> Expiration date</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="font-weight: bold; text-align: Right">Interests paid</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="font-weight: bold; text-align: Right">Interest recieved</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">entered into as of the balance sheet date:</td><td Colspan = 1 style="text-align: Right">DKK</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">30-06-2025</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right">3,31% & 3,25%</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right">CIBOR 3M</td></tr><tr><td Colspan = 6 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: Right">EUR</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">30-06-2025</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right">3,12% & 3,18%</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right">EUBOR 3M</td></tr><tr><td Colspan = 6 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: Right">NOK</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">30-06-2025</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right">3,13% & 4,05%</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right">OIBOR 3M</td></tr><tr><td Colspan = 6 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: Right">SEK</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">30-06-2025</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right">3,00% & 3,28%</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right">STBOR 3M</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">27</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Subsidiaries</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="font-weight: bold; text-align: left">Name</td><td Colspan = 1 style="font-weight: bold; text-align: left">City</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left">Ownership</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Denmark: </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vetopia II ApS</td><td Colspan = 1 style="text-align: left">Gentofte</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vetopia I ApS</td><td Colspan = 1 style="text-align: left">Gentofte</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vetopia ApS</td><td Colspan = 1 style="text-align: left">Gentofte</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vetgruppen Holding A/S</td><td Colspan = 1 style="text-align: left">Birkerød</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vetgruppen A/S</td><td Colspan = 1 style="text-align: left">Birkerød</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Dyrlæge Mikkelsen ApS</td><td Colspan = 1 style="text-align: left">Herning</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Nordre Dyrehospital ApS</td><td Colspan = 1 style="text-align: left">Lystrup</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Skejby Dyreklinik ApS</td><td Colspan = 1 style="text-align: left">Århus</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Dyrehospitalet Heden ApS</td><td Colspan = 1 style="text-align: left">Herning</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">KØGE BUGT DYREKLINIK ApS</td><td Colspan = 1 style="text-align: left">Køge</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Skive Dyrehospital ApS</td><td Colspan = 1 style="text-align: left">Skive</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Frederiksberg Dyreklinik & Spa ApS</td><td Colspan = 1 style="text-align: left">København</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Frederikshavn Dyrehospital ApS</td><td Colspan = 1 style="text-align: left">Frederikshavn</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vetgruppen Brønderslev Dyrehospital ApS</td><td Colspan = 1 style="text-align: left">Brønderslev</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Hørsholm Hestepraksis ApS</td><td Colspan = 1 style="text-align: left">Hørsholm</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Nykøbing F. Dyrehospital ApS</td><td Colspan = 1 style="text-align: left">Nykøbing Falster</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Risskov Dyrehospital ApS</td><td Colspan = 1 style="text-align: left">Aarhus</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Ny Esbjerg Dyrehospital af 2015 ApS</td><td Colspan = 1 style="text-align: left">Esbjerg</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Norway:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">AX VI VET NO Holding AS</td><td Colspan = 1 style="text-align: left">Strømmen</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Empet Holding AS</td><td Colspan = 1 style="text-align: left">Strømmen</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Empet AS</td><td Colspan = 1 style="text-align: left">Strømmen</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Empet Kristiansund AS</td><td Colspan = 1 style="text-align: left">Kristiansund</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Empet Romerike Hesteklinikk AS</td><td Colspan = 1 style="text-align: left">Skjetten</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">38,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Empet Larvik AS</td><td Colspan = 1 style="text-align: left">Larvik</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Empet Stabekk AS</td><td Colspan = 1 style="text-align: left">Stabekk</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Empet Østfold AS</td><td Colspan = 1 style="text-align: left">Frederikstad</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Steinkjer Veterinærsenter AS</td><td Colspan = 1 style="text-align: left">Steinkjer</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Stange Dyreklinikk AS</td><td Colspan = 1 style="text-align: left">Ottestad</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Ålesund Dyresykehus AS</td><td Colspan = 1 style="text-align: left">Alesund</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Veterinærkontoret i Førde AS</td><td Colspan = 1 style="text-align: left">Førde</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Smådyrsykehuset Gjøvik AS</td><td Colspan = 1 style="text-align: left">Gjøvik</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Empet Kløfta Dyreklinikk AS</td><td Colspan = 1 style="text-align: left">Kløfta</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Indre Østfold Dyreklinikkk AS</td><td Colspan = 1 style="text-align: left">Askim</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Porsgrunn Dyreklinikk AS</td><td Colspan = 1 style="text-align: left">Porsgrunn</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Hinna Dyreklinikk AS</td><td Colspan = 1 style="text-align: left">Stavanger</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Halden Dyreklinikk AS</td><td Colspan = 1 style="text-align: left">Halden</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">MinDyrlege AS</td><td Colspan = 1 style="text-align: left">Bønes</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">MinDyrlege Åsane AS</td><td Colspan = 1 style="text-align: left">Åsane</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Myrbø Dyreklinikk AS</td><td Colspan = 1 style="text-align: left">Espeland</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Smådyrsykehuset i Haugesund AS</td><td Colspan = 1 style="text-align: left">Haugesund</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Dyreklinikken Bergen Vest AS</td><td Colspan = 1 style="text-align: left">Loddefjord</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Ranheim Dyreklinikk AS</td><td Colspan = 1 style="text-align: left">Ranheim</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Sveberg Dyrehospital AS</td><td Colspan = 1 style="text-align: left">Hommelvik</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Asker dyreklinikk AS</td><td Colspan = 1 style="text-align: left">Nesbru</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">(continued on next page)</td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">NOTES</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">27</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Subsidiaries, continued</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="font-weight: bold; text-align: left">Name</td><td Colspan = 1 style="font-weight: bold; text-align: left">City</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left">Ownership</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Norway, continued:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Bergen Hesteklinik</td><td Colspan = 1 style="text-align: left">Bergen</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Jæren Smådyrklinikk AS</td><td Colspan = 1 style="text-align: left">Bryne</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Sarpsborg Smådyrklinikk 2 AS</td><td Colspan = 1 style="text-align: left">Sarpsborg</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Bergen Smådyrklinikk AS</td><td Colspan = 1 style="text-align: left">Bergen</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Bergen Katteklinikk AS</td><td Colspan = 1 style="text-align: left">Bergen</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Bjerke Dyrehospital AS </td><td Colspan = 1 style="text-align: left">Oslo</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Aksdal dyreklinikk AS </td><td Colspan = 1 style="text-align: left">Førresfjorden</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vetsentrum AS</td><td Colspan = 1 style="text-align: left">Ingeberg</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Dyrlegene på Hadeland AS</td><td Colspan = 1 style="text-align: left">Gran</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Hamar Dyreklinikk AS</td><td Colspan = 1 style="text-align: left">Hamar</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Finland:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vireä Group Oy</td><td Colspan = 1 style="text-align: left">Helsinki</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Hakametsän Eläinlääkäripalvelu Oy</td><td Colspan = 1 style="text-align: left">Tampere</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Eläinsairaala Aisti Oy</td><td Colspan = 1 style="text-align: left">Vantaa</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Kaarinan Eläinlääkäriasema Oy</td><td Colspan = 1 style="text-align: left">Kaarina</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Anident Oy</td><td Colspan = 1 style="text-align: left">Veikkola</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Eläinlääkäriasema Taikatassu Oy</td><td Colspan = 1 style="text-align: left">Klaukkala</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Kuopion Eläinlääkärikeskus Oy</td><td Colspan = 1 style="text-align: left">Kuopio</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Almavet Oy</td><td Colspan = 1 style="text-align: left">Jyväskylä</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Oulun Eläinklinikka Oy</td><td Colspan = 1 style="text-align: left">Oulu</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Lenia Oy</td><td Colspan = 1 style="text-align: left">Lenia</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Tuulivet Oy</td><td Colspan = 1 style="text-align: left">Heinola</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Karvainen Kaveri Oy</td><td Colspan = 1 style="text-align: left">Siilinjärvi</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Oy Länsirannikon eläinklinikka</td><td Colspan = 1 style="text-align: left">Vaasa</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Laukaan Eläinklinikka Oy</td><td Colspan = 1 style="text-align: left">Vihtavuori</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Hyvinkään Hevossairaala Oy</td><td Colspan = 1 style="text-align: left">Hyvinkää</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vetserv Oy</td><td Colspan = 1 style="text-align: left">Rauma</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Eläinlääkäriasema Pups n Pets Oy</td><td Colspan = 1 style="text-align: left">Helsinki</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Eläintohtori Kivuton Oy</td><td Colspan = 1 style="text-align: left">Joensuu</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Sipoon Pieneläinklinikka Morelius Oy</td><td Colspan = 1 style="text-align: left">Sipoo</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Sweden:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Svenska Veterinärgruppen Holding AB</td><td Colspan = 1 style="text-align: left">Stockholm</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Alingsås Djursjukhus AB</td><td Colspan = 1 style="text-align: left">Alingsås</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Skövde Djurklinik AB</td><td Colspan = 1 style="text-align: left">Skövde</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Skara Djursjukhus/smådjur AB</td><td Colspan = 1 style="text-align: left">Skara</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vara Veterinärstation AB</td><td Colspan = 1 style="text-align: left">Vara</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">A City Veterinären AB</td><td Colspan = 1 style="text-align: left">Malmö</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Södermalms Veterinärklinik AB</td><td Colspan = 1 style="text-align: left">Stockholm</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Mjönäs Djurklinik AB</td><td Colspan = 1 style="text-align: left">Munkfors</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Gnesta Veterinärpraktik AB</td><td Colspan = 1 style="text-align: left">Gnesta</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Veterinärkliniken i Kalmar AB</td><td Colspan = 1 style="text-align: left">Kalmar</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Gävle Djurklinik AB</td><td Colspan = 1 style="text-align: left">Gävle</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Smådjursveterinär Örebro AB</td><td Colspan = 1 style="text-align: left">Örebro</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Din Veterinär i Märsta AB</td><td Colspan = 1 style="text-align: left">Märsta</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Min Veterinär i Skaraborg AB</td><td Colspan = 1 style="text-align: left">Skövde</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Djurläkarna Nord AB</td><td Colspan = 1 style="text-align: left">Gällivare</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">(continued on next page)</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">NOTES</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">27</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Subsidiaries, continued</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="font-weight: bold; text-align: left">Name</td><td Colspan = 1 style="font-weight: bold; text-align: left">City</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left">Ownership</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Sweden, continued:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Göteborgs Djurklinik AB</td><td Colspan = 1 style="text-align: left">Göteborg</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Djurcentralen i Gävle AB</td><td Colspan = 1 style="text-align: left">Gävle</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Din Veterinär Smådjurspraktiken i Enköping AB</td><td Colspan = 1 style="text-align: left">Enköping</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Håkan Ahlström AB (Ramkvilla)</td><td Colspan = 1 style="text-align: left">Ramkvilla</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Helsingborgs Veterinärklinik AB</td><td Colspan = 1 style="text-align: left">Helsingborg</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vetlanda Djurklinik AB</td><td Colspan = 1 style="text-align: left">Vetlanda</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Maglebergs Veterinärpraktik AB</td><td Colspan = 1 style="text-align: left">Sjöbo</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Sollentuna Djurklinik AB</td><td Colspan = 1 style="text-align: left">Sollentuna</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vallentuna Djurklinik AB</td><td Colspan = 1 style="text-align: left">Vallentuna</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Germany:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vetgruppen Deutschland GmbH </td><td Colspan = 1 style="text-align: left">Hamburg</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">VetGruppen MidCo GmbH</td><td Colspan = 1 style="text-align: left">Hamburg</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Kleintierpraxis am Haigst GmbH </td><td Colspan = 1 style="text-align: left">Stuttgart</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Tierärztliche Praxis Fohlenweide GmbH </td><td Colspan = 1 style="text-align: left">Fohlenweide</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Tierklinik Maischeiderland GmbH</td><td Colspan = 1 style="text-align: left">Maischeiderland</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Tierarzt Essen GmbH</td><td Colspan = 1 style="text-align: left">Essen</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Fachtierarztpraxis Amerang/Traunreut GmbH</td><td Colspan = 1 style="text-align: left">Amerang</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Kleintierpraxis Dr. Kuntze GmbH</td><td Colspan = 1 style="text-align: left">Berlin</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Dr. Diekmann Tierärzte GmbH</td><td Colspan = 1 style="text-align: left">Bünde</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">VetGruppen 5 GmbH</td><td Colspan = 1 style="text-align: left">Hamburg</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">cpvet GmbH</td><td Colspan = 1 style="text-align: left">Herford</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Kleintierpraxis am Heerbusch GmbH</td><td Colspan = 1 style="text-align: left">Bochum</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Tierarztpraxis Dr. Tyrell und Dr. Haege GmbH</td><td Colspan = 1 style="text-align: left">Wiesbaden</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Tiergesundheitszentrum Arnstadt GmbH</td><td Colspan = 1 style="text-align: left">Jena</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Tierarztpraxis Petra Morlock GmbH</td><td Colspan = 1 style="text-align: left">Stuttgart</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Kleintierpraxis Khelladi GmbH</td><td Colspan = 1 style="text-align: left">Stuttgart</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">VetGruppen 16 GmbH</td><td Colspan = 1 style="text-align: left">Hamburg</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">VetGruppen 17 GmbH</td><td Colspan = 1 style="text-align: left">Hamburg</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">VetGruppen 18 GmbH</td><td Colspan = 1 style="text-align: left">Hamburg</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">VetGruppen 19 GmbH</td><td Colspan = 1 style="text-align: left">Hamburg</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">VetGruppen 20 GmbH</td><td Colspan = 1 style="text-align: left">Hamburg</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Austria:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">VHH Veterinaria Health Holding GmbH </td><td Colspan = 1 style="text-align: left">Wien</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vet-Webinar GmbH</td><td Colspan = 1 style="text-align: left">Wien</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">VHB Veterinaria Health Betriebs GmbH</td><td Colspan = 1 style="text-align: left">Wien</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vet-webinar pty ltd. (Australia)</td><td Colspan = 1 style="text-align: left">Noosa Heads</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">(continued on next page)</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">NOTES</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">27</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Subsidiaries, continued</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="font-weight: bold; text-align: left">Name</td><td Colspan = 1 style="font-weight: bold; text-align: left">City</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left">Ownership</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Switzerland:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Helvetiera AG</td><td Colspan = 1 style="text-align: left">Zürich</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Cabinet Terreaux Vétérinaire des Terreaux Sàrl</td><td Colspan = 1 style="text-align: left">Cossonay-Ville</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Pfötliteam GmbH </td><td Colspan = 1 style="text-align: left">Altdorf</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Areda Sàrl</td><td Colspan = 1 style="text-align: left">Bex</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Tierarztpraxis Pfeffingerhof GmbH</td><td Colspan = 1 style="text-align: left">Arlesheim</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Pferdeklinik Niederlenz AG</td><td Colspan = 1 style="text-align: left">Niederlenz</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Cabinet vétérinaire du Boiron Sàrl</td><td Colspan = 1 style="text-align: left">Nyon</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">In accordance with the Danish Financial Statement ACT § 97a, section 3 the profit/loss for the year and equity </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">for the subsidiaries has been omitted as they are included in the consolidated financial statement. </td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">25</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Consolidated financial statements </td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">There are no parent company that prepares a consolidated financial statements wherein this company is included.</td></tr></table> FINANCIAL HIGHLIGHTS Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark. Financial highlights are calculated on basis of the financial statements, and no adjustments nor normalisations for analysis purposes have been unless expressed in the section of the financial highlights. The ratios have been calculated as follows: Return on invested capital = EBITDA * 100 Av. invested capital Solvency = Equity at year-end * 100 Total assets Return on equity = Profit or loss for the year * 100 Average equity * Invested capital = Intangible and fixed assets relating to the activities + networkingcapital. CEO Board member Chairman EQUITY AND LIABILITIES Equity The proportional share of minority interests part of the equity in the subsidiary companies is presented as a separate item under the equity. The proportional share of minority interests part of the results of subsidiary companies is presented separately in the appropriation of the result and is also included in the consolidated statement of equity along with other adjustments, including changes in ownership interests during the financial year. Managements proposed dividends for the financial year is disclosed as a separate item in equity. Financial liabilities Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred, which are directly related with the loan. In subsequent years, financial liabilities are measured at amortised cost equal to the capitalised value using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement over the period of the loan. Financial liabilities also include the capitalized residual obliagtion on finance leases. Short-term liabilities are measured at amortised cost, substantially corresponding to nominal value. Social responsibility Social conditions People are our most important asset, and every employee must be treated with respect and fairness. Employment terms The Group complies with all applicable laws and regulations regarding employer and employee rights and duties, including the right to freedom of association and the right to collective bargaining in accordance with applicable legislation. The work must be organized in such a way that the employees’ right to privacy and free time with their family is respected, and there must be no requirement that the employees act in a way that is incompatible with their personal values. Health and well-being The Group strives to ensure that it is possible to maintain a healthy work-life balance and proactively seeks to address concerns related to health or working conditions before they develop into problems. Through investments in the physical and mental working environment, the Company will create more time and space for employees to do what they do best – helping animals and their owners. Through measures such as employee surveys, we continuously monitor and work with the relevant areas to ensure a good work environment and employee well-being. Anti-discrimination and equal opportunities The Group does not tolerate any form of discrimination based on religion, race, skin colour, gender, disability, age, nationality, sexual orientation, or political opinion. Every employee has the right to a working environment that is open, accepting, and inclusive. The basis for recruitment, promotion and development in the Group is based on merits such as qualifications, experience, and performance. Sexually offensive behavior and harassment Abusive behavior of all kinds is serious and is not accepted. We have a zero-tolerance policy towards harassment of any kind, whether it is discrimination based on race, religion, gender, ethnicity, sexual orientation or any other type of discrimination. Human rights The Group respects and observes international human rights and complies with national legislation in our markets. The Group does not accept child labour, forced labor or any form of human trafficking. The risk of violations is generally assessed as low, and there have been no cases of violations or violations of human rights in 2024. MANAGEMENT’S REVIEW, CONTINUED 5 Code of conduct and anti-corruption The Group disapproves of any kind of corruption and complies with national legislation. We have zero tolerance towards any form of corruption, fraudulent behavior or human rights violations. Based on our commitment, we have prepared a code of conduct and an anti-corruption policy that all employees must follow. This is supported by a whistleblower policy. We have also drawn up a code of conduct for suppliers that covers our expectations and requirements in connection with, among other things, child labour, forced labour, discrimination, anti-corruption and bribery. <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">20</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Contingent assets</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Group:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Group has unrecognised deferred tax assets of T.DKK 17.562 which primarily consists of tax losses carried forward.</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Parent:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Company has unrecognised deferred tax assets of T.DKK 396 which consists of tax losses carried forward.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">22</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Assets charged and security</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Group:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Company pledge, nom. T.DKK 3.000, in the Groups inventory and receivables from sales has been deposited as security for the </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">engagement with credit institution. The book value of the pledged assets amounts to T.DKK 3.129.</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Pledge, nom. T.DKK 1.000, in the Groups inventory, plant and equipment has been deposited as security for the engagement </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">with credit institution. The book value of the pledged assets amounts to T.DKK 2.096.</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Cash relating to the Norwegian subsidaries which amounts to T.DKK 9.538 are restricted for tax withholding purposes and </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">as a rental guarantee.</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Parent:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Company has no assets charged or securities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">18</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Other provisions</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The group uses earn-out as a part of the acquisition price of acquired clinics. The earn-out obligation is measured based </td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 13 style="text-align: left">on the realized results and future budgets compared to the agreed targets. This years change in earn-outs is explained below:</td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 13 style="text-align: left">Provisions for earn-out payments:</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Provisions at 1/1 2024</td><td Colspan = 1 style="text-align: Right">148.449.016</td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Transfers during the year</td><td Colspan = 1 style="text-align: Right">-23.355.981</td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Additions regarding acquisitions</td><td Colspan = 1 style="text-align: Right">172.422.694</td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Financing costs for the year</td><td Colspan = 1 style="text-align: Right">23.523.561</td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Changed payout estimates</td><td Colspan = 1 style="text-align: Right">6.340.569</td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Paid earn-outs in the year</td><td Colspan = 1 style="text-align: Right">-15.640.641</td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-3.306.871</td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">PAYABLE AT 31/12 2024</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">308.432.347</td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 13 style="text-align: left">Earn-outs provision estimated at m.DKK 32 are expected to be paid out in 2025.</td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 13 style="text-align: left">The group also has a provision related to a binding lease agreement for premises that cannot be utilized by the Group estimated </td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 13 style="text-align: left">at m.DKK 4,5 (2023: m.DKK 5,1).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">NOTES</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">24</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Related parties</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Companys related parties comprise the following:</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Controlling influence: </td><td Colspan = 1 style="text-align: left">Basis of controlling influence:</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Axcel VI K/S 2</td><td Colspan = 1 style="text-align: left">Main shareholder</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">No diclosures of transactions with related parties as Management believes that all trancations </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">with related parties has been carried out on arms lenght basis. </td></tr></table> Special risks - operating and financial risks The Group is exposed to financial risks related to changes in interest rates and foreign currency. The Group uses interest rate swaps to partly manage its exposure to changes in interest rates and has a policy to hedge the majority of the cash interest payments on an ongoing basis. Foreign currency exposures are mainly related to sales and purchases are mainly in DKK, NOK, EUR, SEK and CHF. Foreign exchange risks are therefore limited to the listed currencies and are not hedged; however, Management assesses the exposure on a continuous basis. The Group is not significantly affected by other financial or operational risks, which are uncommon for the industry in which the Group operates. MANAGEMENT’S REVIEW, CONTINUED 3 The Board of Directors and Board of Executives have today considered and adopted the annual report and consolidated financial statements for 1 January - 31 December 2024 for Vetopia III ApS. 13936216 0 5333396 0 MANAGEMENT’S REVIEW, CONTINUED 7 Financial highlights Amounts in T.DKK. 2024 2023 Ge0eral Ge0eral 2019/20 Income statement Revenue 1.660.877 1.163.203 695.637 162.329 Ge0eral Gross profit/loss 1.032.520 730.119 403.371 87.465 Ge0eral EBITDA 186.509 102.211 12.720 492 Ge0eral Net financials -291.548 -169.226 -59.315 -10.052 Ge0eral Profit/loss for the year -288.188 -224.322 -192.089 -43.254 Ge0eral Balance sheet Total assets 3.461.528 2.357.212 1.686.844 1.043.412 Ge0eral Investment in property, plant and equipment 44.578 23.810 61.147 16.632 Ge0eral Invested capital 2.833.426 1.915.567 1.442.519 889.389 0 Equity 78.165 260.237 454.353 440.295 Ge0eral Cash flows Ge0eral Cash flow from operating activities -51.473 -90.462 -80.315 -33.770 Cash flow from investing activities -744.993 -619.848 -678.385 -652.797 Ge0eral Cash flow from financing activities 907.716 813.374 752.168 759.349 Ge0eral Cash flows for the year 111.250 103.064 -6.531 72.782 Ge0eral Average number of full-time employee 2.067 1.384 739 385 Ge0eral Ratios Return on invested capital (%) 7,9% 6,1% 1,1% 0,1% 0,0% Solvency ratio (%) 2,3% 11,0% 26,9% 42,2% 100,0% Return on equity (%) -170,3% -62,8% -42,9% -19,6% 0,0% Financial highlights are defined and calculated in accordance with the current version of Recommendations & Ratios issued by the CFA Society Denmark. Please refer to account policies for definitions and calculations. The annual report has been prepared in accordance with Danish financial statements legislation as well as generally accepted accounting principles. The annual report has been prepared in accordance with the reporting requirements of the Danish Financial Statements Act of class C enterprises (large enterprises). The accounting policies are the same as last year. CHANGE OF CLASSIFICATION The classification of earn-out, amounting to m.DKK 148,4 as of 31 December 2023, has been changed from long-term liabilities to other provisions in the comparative figures. 3690677 0 5593412 0 16924648 0 57489934 0 1937646162 21851712 3053257377 FOREIGN CURRENCY TRANSLATION During the year, transactions in foreign currencies have been translated by applying the exchange rate at the transaction date. If currency positions are considered a hedge of future cash flows, the value adjustments are recognised directly in equity. Receivables and debt denominated in foreign currencies have been recognised at the exchange rate of the balance sheet date. Realised and unrealised exchange gains and losses have been recognised in the income statement under other financial income and expenses. Foreign group enterprises are considered as separate entities. Income statements are converted using the average exchange rate for the year, while balance sheet items are converted using the exchange rates on the balance sheet date. Exchange rate differences arising from the conversion of foreign group enterprises’ equity at the beginning of the year to the exchange rates on the balance sheet date, as well as from the conversion of income statements from average rates to the exchange rates on the balance sheet date, are directly recognized in the equity in the fair value reserve. Currency adjustments of transactions with foreign group enterprises, which are considered part of the overall investment in affiliated companies, are directly recognized in equity in the fair value reserve. Similarly, gains and losses on foreign exchange rates related to loans and derivative financial instruments entered to hedge separate foreign group enterprises are directly recognized in equity. Prepayments Prepayments comprise costs incurred relating to subsequent financial years. ACOUNTING POLICIES, CONTINUED 19 Intangible assets Intangible assets are measured at cost less accumulate amortisation. Cost comprises the acquisition price as well as costs directly related to the acquisition until the time when the asset is ready to be put into operation. Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the company can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs not meeting the criteria for capitalisation are recognised as costs in the income statement as incurred. For own-developed development projects, capitalised after 1st January 2016 the carrying amount less deferred tax is transferred from "Retained earnings" to "Reserve for development expenditure" under equity. Carrying amounts which exist as a consequence of purchases of assets or enterprises are not taken into the reserve. Assets are amortised on a straight-line basis over their estimated useful lives: Useful lives Development projects 5 y. Goodwill 25 y. Determine the amortisation period for goodwill is based on an assessment of the acquired enterprises market position, earnings, strong customer loyalty and expectations of a continuously positive development in the market for the Groups services. As the intangible assets are not being traded in an active and effective market, no residual values after end of use are included when determining the depreciation period. Profit/loss on sale has been included in the income statement under other operating income and other operating expenses. ACOUNTING POLICIES, CONTINUED 17 Inventories Inventories are measured at cost according to the FIFO method. In the event of cost exceeding net realisable value, write-down is made to this lower value. Cost of goods for resale as well as raw materials and consumables comprises purchase price plus landing costs. The net realisable value of inventories is calculated at the amount expected to be generated by sale 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 sales. Property, plant and equipment Property, plant and equipment are measured at cost less accumulate depreciation. The basis of depreciation is cost less estimated residual value after the end of useful life. Land is not depreciated. Cost comprises the acquisition price as well as costs directly related to the acquisition until the time when the asset is ready to be put into operation. The cost of an asset is divided into separate components that are depreciated separately if the useful life of the individual components is significantly different. Depreciation is initiated when the assets are ready to be taken into operation. Assets are depreciated on a straight-line basis over their estimated useful lives with following residual values: Useful Resudial lives value Land and buildings 20 y. 0% Leasehold improvement 5-10 y. 0% Fixtures and fittings, tools and equipment 3-10 y. 0% Minor purchases with useful lives below one year have been recognised as expenses in the income statement in external expenses. Profit/loss on sale or retirement has been included in the income statement under other operating income and other operating expenses. Property, plant and equipment that are assets held under lease and meet the conditions for financial leasing are accounted for according to the same guidelines as owned assets. Assets held under lease are recognised in the balance sheet at the lower of fair value and present value of the future lease payments. On calculation of the present value, the internal interest rate of the lease is applied as discount factor or an approximate value thereof. Assets held under finance lease are depreciated and written down according to the same policies as are determined for the Companys remaining fixed assets. The capitalised remaining lease commitment is recognised in the balance sheet as a liability other than provisions, and the interest portion of lease payments is recognised over the term of the lease in the income statement. Remaining leases are considered operating lease. Payments in relation to operating lease are recognised on a straight-line basis in the income statement over the term of the lease. ACOUNTING POLICIES, CONTINUED 18 Other provisions Other provisions include expected future payments of earn-out to the sellers of the acquired clinics. Provisions are initially recognized when a legal or constructive obligation has arisen as a result of an event occurring before the balance sheet date, and it is probable that the settlement of the obligation will require the use of resources. Provisions are measured at capitalised value. The earn-out obligation is measured based on the realized results and future budgets compared to the agreed targets. Provisions that mature after one year or later from the balance sheet date are discounted using a rate that reflects the risk and maturity of the obligation. Deferred tax and corporation tax Deferred tax is measured using the balance sheet liability method. Provision has been made for deferred tax by 22% on all temporary differences between carrying amount and tax-based value of assets and liabilities. Deferred tax is also measures with respect of the planned use of the asset and the settlement of the liability. The tax value of the tax losses to be carried forward are included in the calculation of deferred taxes if it is probable that the losses can be used. Deferred tax assets are measured at net realisable value. Deferred tax assets that are not expected to be used withn a few years are dislosed as contingent assets in the notes to the financial statements. The Company is jointly taxed with other Danish group enterprises with Vetopia III ApS as management Company. The tax effect of the joint taxation is allocated among the group enterprises in ratio to their taxable income according to the rules on full allocation with a refund for tax losses of the Danish Corporation Tax Act. Joint tax contributions between the jointly taxed companies which have not been settled at the balance sheet date are classified as joint tax contributions in receivables or liabilities. <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">17</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Share capital</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The share capital consists of 41.331.200 certificates of DKK 0,01 of which are divided into: 40.917.888 B- share certificates and</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">413.312 C- share certificates.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">6</td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Staff costs</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2023</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2023</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Wages and salaries</td><td Colspan = 1 style="text-align: Right">711.365.140</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">510.546.141</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Pensions </td><td Colspan = 1 style="text-align: Right">58.362.565</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">47.058.365</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other social security costs</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">76.283.417</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">70.302.881</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">846.011.122</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">627.907.387</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Average number of full-time employees</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.067</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.384</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Management remuneration:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Board of Directors and Board of Executives</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2.184.800</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">1.865.168</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.184.800</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.865.168</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Incentive program:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Group offers management and other key employees and clinic owners (sellers) the opportunity to co-invest in the </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">company to create a financial incentive for future growth. All parties invest in the same company to create a consistent </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">incentive. The investments consist of a combination of preference and ordinary shares, and all employees enter into the </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">same shareholder agreement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1134px" ><tr><td style="width: 21%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 1%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 6 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Statement of changes in equity</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">GROUP</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 17 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 8 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Reserve for</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Reserve for</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Share</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">foreign currency</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">fair value</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Retained</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Minority</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">capital</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">translation</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">adjustments</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">earning</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">interest</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">TOTAL</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 6 style="text-align: left">Equity at 1/1 2023</td><td Colspan = 1 style="text-align: Right">413.312</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-2.071.384</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">250.156.798</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">205.854.766</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">454.353.492</td></tr><tr><td Colspan = 6 style="text-align: left">Adjustment, previous year</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-424.707</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">424.707</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 6 style="text-align: left">Capital increase</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">37.994.776</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">33.485.553</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">71.480.329</td></tr><tr><td Colspan = 6 style="text-align: left">Dividends paid</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-401.846</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-401.846</td></tr><tr><td Colspan = 6 style="text-align: left">Revaluation, fair value</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">776.341</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">683.532</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.459.873</td></tr><tr><td Colspan = 6 style="text-align: left">Tax on equity entries</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-170.795</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-150.377</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-321.172</td></tr><tr><td Colspan = 6 style="text-align: left">Purchase of own shares</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-5.686.259</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-5.006.489</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-10.692.748</td></tr><tr><td Colspan = 6 style="text-align: left">Acquisition of minority interests</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-21.326.711</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-21.326.711</td></tr><tr><td Colspan = 6 style="text-align: left">Transferred from distribution of profit/loss</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-119.850.346</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-104.471.382</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-224.321.728</td></tr><tr><td Colspan = 6 style="text-align: left">Equity adjustments, minority interests</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-6.355.713</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">6.303.016</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-52.697</td></tr><tr><td Colspan = 6 style="text-align: left">Net exchange differences, investments in group enterprises </td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-5.278.898</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-4.660.886</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-9.939.784</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 6 style="text-align: left">Equity at 1/1 2024</td><td Colspan = 1 style="text-align: Right">413.312</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-7.350.282</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">605.546</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">134.507.838</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">132.060.594</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">260.237.008</td></tr><tr><td Colspan = 6 style="text-align: left">Capital increase</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">66.654.471</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">62.922.649</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">129.577.120</td></tr><tr><td Colspan = 6 style="text-align: left">Revaluation, fair value</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-1.153.442</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-1.088.874</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-2.242.316</td></tr><tr><td Colspan = 6 style="text-align: left">Tax on equity entries</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">253.757</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">239.560</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">493.317</td></tr><tr><td Colspan = 6 style="text-align: left">Purchase of own shares</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-8.275.775</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-7.812.435</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-16.088.210</td></tr><tr><td Colspan = 6 style="text-align: left">Transferred from distribution of profit/loss</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-149.057.800</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-139.130.539</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-288.188.339</td></tr><tr><td Colspan = 6 style="text-align: left">Equity adjustments, minority interests</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">240.313</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-19.798</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-5.123.147</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">4.902.632</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 6 style="text-align: left">Net exchange, foreign subsidary</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-2.887.518</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-2.735.887</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-5.623.405</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 6 style="text-align: left">Equity at 31/12 2024</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">413.312</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">-9.997.487</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">-313.937</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">38.705.587</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">49.357.700</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">78.165.175</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1134px" ><tr><td style="width: 21%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 1%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 12 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Statement of changes in equity</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">PARENT</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 17 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 12 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Share</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Retained</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 12 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">capital</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">earning</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">TOTAL</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 12 style="text-align: left">Equity at 1/1 2023</td><td Colspan = 1 style="text-align: Right">413.312</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">357.907.539</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">358.320.851</td></tr><tr><td Colspan = 12 style="text-align: left">Transferred from distribution of profit/loss</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-325.984</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-325.984</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 12 style="text-align: left">Equity at 1/1 2024</td><td Colspan = 1 style="text-align: Right">413.312</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">357.581.555</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">357.994.867</td></tr><tr><td Colspan = 12 style="text-align: left">Transferred from distribution of profit/loss</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-528.809</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-528.809</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 12 style="text-align: left">Equity at 31/12 2024</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">413.312</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">357.052.746</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">357.466.058</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1096px" ><tr><td style="width: 3%"></td><td style="width: 4%"></td><td style="width: 22%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 1%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left">11</td><td Colspan = 15 style="font-weight: bold; text-align: left">List of fixed assets, amortisation and</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="border-bottom: 1px solid; font-weight: bold; text-align: left">impairment, intangible assets</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">GROUP</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 10 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Development</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Acquired</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 8 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">Goodwill</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">Projects</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">rights</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">I ALT</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2023</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Cost at 1/1 2024</td><td Colspan = 1 style="text-align: Right">2.036.778.217</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">4.790.731</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">588.536</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">2.042.157.484</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.503.341.667</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">-37.622.576</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-29.173</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">422.770</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-37.228.979</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-23.625.329</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Additions for the year</td><td Colspan = 1 style="text-align: Right">1.014.401.416</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">4.199.074</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">713.716</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.019.314.206</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">590.645.871</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Transfers during the year</td><td Colspan = 1 style="text-align: Right">-33.245.020</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-137.767</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">431.320</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-32.951.467</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-3.846.032</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-3.846.032</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-28.204.725</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">COST AT 31/12 2024</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2.976.466.005</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">8.822.865</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2.156.342</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2.987.445.212</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2.042.157.484</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Amortisation and impairment at 1/1 2024</td><td Colspan = 1 style="text-align: Right">158.349.874</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">950.466</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">245.267</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">159.545.607</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">104.507.229</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">-2.724.507</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-22.201</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-53</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-2.746.761</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-768.914</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Transfers during the year</td><td Colspan = 1 style="text-align: Right">-3.490.058</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.110.089</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-188.141</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-2.568.110</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Amortisation for the year</td><td Colspan = 1 style="text-align: Right">98.264.653</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.496.254</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">298.344</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">100.059.251</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">71.310.460</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Impairment for the year</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">12.701.557</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Amortisation, depreciation and impairment, disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-28.204.725</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">AMORTISATION AND IMPAIRMENT AT 31/12 2024</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">250.399.962</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">3.534.608</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">355.417</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">254.289.987</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">159.545.607</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">CARRYING AMOUNT AT 31/12 2024</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.726.066.043</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">5.288.257</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.800.925</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.733.155.225</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.882.611.877</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 15 style="text-align: left">The Groups development projects include the development of internal systems for managing the administration of the clinics, which are expected to significantly reduce </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 15 style="text-align: left">administration costs. The systems are in use. </td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">3</td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Revenue</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2023</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2023</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Denmark</td><td Colspan = 1 style="text-align: Right">565.111.326</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">485.410.456</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Rest of Nordics</td><td Colspan = 1 style="text-align: Right">877.781.305</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">607.482.881</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Rest of Europe</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">217.984.393</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">70.309.768</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.660.877.024</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.163.203.105</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">5</td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Special items</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2023</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2023</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Impairment of intangible assets</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">12.701.557</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Adjustment of purchase price, previous years</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">16.032.745</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">16.032.745</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">12.701.557</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 13 style="text-align: left">Special items for the year are recognized in the income statement in the item "Other operating expenses".</td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">&nbsp</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 6 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">GROUP</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">PARENT</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left">9</td><td Colspan = 13 style="font-weight: bold; text-align: left">Tax on profit/loss for the year,</td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left"></td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">corporation tax and deferred tax</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2023</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2023</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Tax on profit/loss for the year:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Tax on taxable income for the year</td><td Colspan = 1 style="text-align: Right">9.592.198</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">3.849.987</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Adjustment, previous years</td><td Colspan = 1 style="text-align: Right">-4.192.800</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">128.965</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-31.410</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-8.596</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Deferred tax</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-8.431.026</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">4.633.486</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">-3.031.628</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">8.612.438</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">-31.410</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">-8.596</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Deferred tax:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Deferred tax at 1/1 2024</td><td Colspan = 1 style="text-align: Right">5.508.640</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-3.808.297</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Additions regarding acquisitions</td><td Colspan = 1 style="text-align: Right">4.477.400</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">722.012</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">-310.000</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">81.673</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Tax on equity entries</td><td Colspan = 1 style="text-align: Right">-493.317</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">321.172</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Adjustment, previous years</td><td Colspan = 1 style="text-align: Right">-19.214</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">3.558.594</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Deferred tax for the year </td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-8.431.026</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">4.633.486</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Deferred tax at 31/12 2024</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">732.483</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">5.508.640</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Deferred tax is incumbent upon the following </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left"> assets and liabilities:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Intangible assets</td><td Colspan = 1 style="text-align: Right">16.328.974</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">11.585.197</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Tangible assets</td><td Colspan = 1 style="text-align: Right">2.645.261</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.204.616</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Current assets</td><td Colspan = 1 style="text-align: Right">-1.133.786</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-815.707</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Liabilities</td><td Colspan = 1 style="text-align: Right">13.211.348</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">2.981.509</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Unutilised losses</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-30.319.314</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-9.446.975</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">732.483</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">5.508.640</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Deferred tax assets are measured at net realizable value, and are based on Management´s best estimate of the ability to use</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">losses carried forward within a 1-3 years period. In the assessment, management has paid special attention to the budgets </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">and assessed the entities ability to utilize the losses carried forward. This has resulted in a write-down of the deferred tax </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">asset. Please refer to note 20.</td></tr></table> 627907387 0 846011122 0 260237008 357994867 78165175 357466058 88552806 0 111650104 0 19263096 40727671 mne34318 mne35841 0 0 0 413312 2041532 0 14913825 0 8787489 0 27945094 0 DERIVATIVES Derivatives are initially recognized in the balance sheet at cost and subsequently measured at fair value. Positive and negative fair values of derivatives are included in other receivables or other payables. Changes in the fair value of derivatives that meets the criteria for cash flow hedges are recognized in other receivables or other liabilities and in equity. If the hedged transaction results in the recognition of assets or liabilities, amounts previously recognized in equity are transferred to the cost of the asset or liability, respectively. If the hedged transaction results in income or expenses, amounts previously recognized in equity are transferred to the income statement in the period when the hedged item affects the income statement. For derivatives that do not qualify for hedge accounting, changes in fair value are recognized in the income statement as they occur. ACOUNTING POLICIES, CONTINUED Impairment of financial assets Impairment of financial assets includes the impairment of investments in group enterprises for the financial year. Knowledge resources The Group’s employees are the most important resource. It is important for the ongoing development of the company to maintain and attract a high level of professional competence within veterinarians, veterinary nurses, and clinic managers in particular. We do that, among other things, by the measures below: The Group collaborates with educational institutions. There is ongoing dialogue with these educational institutions regarding the development and updating of education and courses A management training program has also been developed in-house for clinic managers and selected other employees The Group uses both internal and external specialists to train employees at clinics in specialized medical procedures, as well as further work on knowledge sharing across clinics Our ambition is to create an international community dedicated to providing the highest quality pet care. As a group, we ensure comprehensive knowledge-sharing, continued education and valuable support to help vets and their clinics develop. We constantly strive to improve the well-being of the pets entrusted to us in the clinics. It is important that we work with high ethical standards based on science, evidence, and best practice in order to ensure the highest medical quality. The Vetopia Scientific and Ethical Council advises management and the Board of Directors regarding all medical, clinical and quality-related topics within Vetopia. The council is comprised of country representatives collectively ensuring a comprehensive and informed approach to decision-making The Group has implemented a wide range of policies across all clinics and countries, including sustainability policy, code of conduct, supplier code of conduct, data privacy, IT security and whistleblowing schemes (to be found at the local country websites, among others). Impairment of intangible assets and property, plant and equipment The carrying amount of intangible assets and property plant and equipment is reviewed annually for indication of impairment for loss, apart from what is expressed by usual amortisation and depreciation. If this applies, impairment for loss is made of each asset or group of assets, respectively, to lower recoverable amount. As recoverable amount, the higher of expected net selling price and net present value is applied. The net present value is calculated as the present value of the anticipated cash flows from the use of the asset or the group of assets. Impairment for loss for the year is recognised in the income statement as amortisation, depreciation and impairment for loss of property, plant and equipment and intangible assets. 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 Consolidated Financial Statements and the Parent Company 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. Environment The Group has an ambition to act responsibly to ensure sustainability of the environment. The Group complies with all applicable laws and regulations and strives to conduct business with integrity and high ethical standards. As a fast-growing company, the Group’s impact on our surrounding environment will increase. The company recognizes its responsibility to be a good corporate citizen and is committed to reducing its relative environmental footprint while growing. The group ambition is being translated into actual policies and procedures, including exercising high standards in pharmacy product management and promoting carbon neutral real estate management. The Group supports the UN Sustainable Development Goals (the “SDGs”). The SDGs promote 17 specific themes aimed at achieving sustainable development. These themes are categorized into climate change, environmental protection, and social needs such as education, health, social protection, and job opportunities. The Group has centered the sustainability commitment around the three “Ps”: People, Planet and Pets, which are aligned with the ten principles of the UN Global Compact. MANAGEMENT’S REVIEW, CONTINUED 4 Data ethics The board has adopted this policy for data ethics, which applies to all companies in the Group. The Group is committed to using and processing data in an ethically acceptable way in all aspects of the business. The Group complies with statutory regulations regarding data and privacy protection and has implemented safeguards to ensure the safe storage of data. The Group has a high standard for data ethics and only uses and processes data for legitimate purposes that are in the common interest of the parties concerned. Data processing in the group must never lead to any form of discrimination or biased decisions or results. The Group has a data management policy that follows local government requirements, and which is reviewed at least annually or whenever significant changes require it to be updated. Group websites and further information Further information about the group can be found on the main group website, vetopia.com. <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">21</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Contingent liabilities</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Group:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Group has no contigent liabilities.</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Parent:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The company has provided an unlimited security for group companies engagement with credit institutions.</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The company is jointly taxed with other group companies and is jointly liable with the other group companies for payable </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">and unsettled corporation and withholding taxes. Any subsequent corrections to the corporate tax and withtholding</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">taxes can lead to a higher liability for the Company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">23</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Contractual obligations</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Group:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Group has entered into lease agreements for premises. The lease agreements are non-cancellable and expire progressively </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">until 2041. The remaining lease obligation amounts to approximately T.DKK 391.523.</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Group has entered into operational lease agreements for cars and equipment. The lease agreements are non-cancellable </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">and expire progressively until 2029. The remaining lease obligation amounts to approximately T.DKK 13.520.</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Parent:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Company has no contractual obligations.</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">NOTES</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">1</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Accounting estimates</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The valuation of goodwill and investments in group enterprises has been assessed through a discounted cash flow analysis. The </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">cash flow analysis includes five-year projections, along with a terminal period, and is based on the actual results for 2024. </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The expectations reflect decisions that have already been made and include managements assessments of pricing, product </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">portfolio, procurement agreements, and similar factors. The growth expectations used for the next 5 years reflect external </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">market assessments. A WACC of 12,0% (9,8% in 2023) has been applied for all countries, which reflects the risk-free rate, market </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">risk premium, and interest rate on external financing. A reduction of the EBITDA margin by 1 percentage point would result in an </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">impairment of m.DKK 6,4. An increase of the WACC by 1 percentage point would result in an impairment of m.DKK 32,0.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1096px" ><tr><td style="width: 3%"></td><td style="width: 4%"></td><td style="width: 22%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 1%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left">12</td><td Colspan = 15 style="font-weight: bold; text-align: left">List of fixed assets, amortisation and depreciation,</td></tr><tr><td Colspan = 2 style="font-weight: bold; text-align: left"></td><td Colspan = 6 style="border-bottom: 1px solid; font-weight: bold; text-align: left">property, plant and equipment</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">GROUP</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 17 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 10 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Leasehold</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 8 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Buildings and</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right">improve-</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 8 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">land</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">ments</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">Fixtures etc.</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">TOTAL</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2023</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Cost at 1/1 2024</td><td Colspan = 1 style="text-align: Right">37.798.525</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">23.849.050</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">135.374.850</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">197.022.425</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">149.771.674</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">-2.048.612</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-28.546</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-4.417.960</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-6.495.118</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-3.997.580</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Additions for the year</td><td Colspan = 1 style="text-align: Right">2.856</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">12.983.166</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">73.026.846</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">86.012.868</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">55.988.645</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Transfers during the year</td><td Colspan = 1 style="text-align: Right">-31.922.812</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">65.904.284</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">42.064.147</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">76.045.619</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-1.400.000</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-4.357.630</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-5.757.630</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-4.740.314</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">COST AT 31/12 2024</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">3.829.957</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">101.307.954</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">241.690.253</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">346.828.164</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">197.022.425</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Amortisation, depreciation and impairment at 1/1 2024</td><td Colspan = 1 style="text-align: Right">3.094.371</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">6.924.402</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">46.822.044</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">56.840.817</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">27.253.263</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">-689.407</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-77.326</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-2.374.636</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-3.141.369</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-382.329</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Amortisation and depreciation for the year</td><td Colspan = 1 style="text-align: Right">358.047</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">10.646.891</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">32.362.789</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">43.367.727</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">32.937.657</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Impairment for the year</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">715.711</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Transfers during the year</td><td Colspan = 1 style="text-align: Right">-1.624.326</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">26.324.053</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">53.518.409</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">78.218.136</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Amortisation, depreciation and impairment, disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-288.457</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-288.457</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-3.683.485</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">AMORTISATION, DEPRECIATION AND IMPAIRMENT AT 31/12 2024</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">1.138.685</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">43.818.020</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">130.040.149</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">174.996.854</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">56.840.817</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">CARRYING AMOUNT AT 31/12 2024</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.691.272</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">57.489.934</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">111.650.104</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">171.831.310</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">140.181.608</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Hereof, financially leased assets</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.786.738</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.786.738</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.908.027</td></tr></table><table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1096px" ><tr><td style="width: 3%"></td><td style="width: 4%"></td><td style="width: 22%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 1%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 17 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left">12</td><td Colspan = 15 style="font-weight: bold; text-align: left">List of fixed assets, amortisation and depreciation,</td></tr><tr><td Colspan = 2 style="font-weight: bold; text-align: left"></td><td Colspan = 6 style="border-bottom: 1px solid; font-weight: bold; text-align: left">property, plant and equipment</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">GROUP</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 17 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 10 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Leasehold</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 8 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Buildings and</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right">improve-</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 8 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">land</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">ments</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">Fixtures etc.</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">TOTAL</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2023</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Cost at 1/1 2024</td><td Colspan = 1 style="text-align: Right">37.798.525</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">23.849.050</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">135.374.850</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">197.022.425</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">149.771.674</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">-2.048.612</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-28.546</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-4.417.960</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-6.495.118</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-3.997.580</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Additions for the year</td><td Colspan = 1 style="text-align: Right">2.856</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">12.983.166</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">73.026.846</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">86.012.868</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">55.988.645</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Transfers during the year</td><td Colspan = 1 style="text-align: Right">-31.922.812</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">65.904.284</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">42.064.147</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">76.045.619</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-1.400.000</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-4.357.630</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-5.757.630</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-4.740.314</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">COST AT 31/12 2024</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">3.829.957</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">101.307.954</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">241.690.253</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">346.828.164</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">197.022.425</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Amortisation, depreciation and impairment at 1/1 2024</td><td Colspan = 1 style="text-align: Right">3.094.371</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">6.924.402</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">46.822.044</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">56.840.817</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">27.253.263</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">-689.407</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-77.326</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-2.374.636</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-3.141.369</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-382.329</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Amortisation and depreciation for the year</td><td Colspan = 1 style="text-align: Right">358.047</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">10.646.891</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">32.362.789</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">43.367.727</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">32.937.657</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Impairment for the year</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">715.711</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Transfers during the year</td><td Colspan = 1 style="text-align: Right">-1.624.326</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">26.324.053</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">53.518.409</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">78.218.136</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Amortisation, depreciation and impairment, disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-288.457</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-288.457</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-3.683.485</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">AMORTISATION, DEPRECIATION AND IMPAIRMENT AT 31/12 2024</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">1.138.685</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">43.818.020</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">130.040.149</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">174.996.854</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">56.840.817</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">CARRYING AMOUNT AT 31/12 2024</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.691.272</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">57.489.934</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">111.650.104</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">171.831.310</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">140.181.608</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Hereof, financially leased assets</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.786.738</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.786.738</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.908.027</td></tr></table><table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1096px" ><tr><td style="width: 3%"></td><td style="width: 4%"></td><td style="width: 22%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 1%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 17 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left">13</td><td Colspan = 15 style="font-weight: bold; text-align: left">List of fixed assets, amortisation and depreciation,</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="border-bottom: 1px solid; font-weight: bold; text-align: left">fixed asset investments</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">GROUP</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 10 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Other securities </td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right">Other </td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 10 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">and investments</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">receivables</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">TOTAL</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2023</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">COST AT 1/1 2024</td><td Colspan = 1 style="text-align: Right">4.867.795</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">6.914.937</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">11.782.732</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">8.357.882</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">68.857</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Additions for the year</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">4.056.121</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">4.056.121</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">3.590.915</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-1.059.117</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-1.059.117</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-234.922</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">COST AT 31/12 2024</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">3.808.678</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">10.971.058</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">14.779.736</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">11.782.732</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">IMPAIRMENT AT 1/1 2024</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">177.650</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Impairment, disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-177.650</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">IMPAIRMENT AT 31/12 2024</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">CARRYING AMOUNT AT 31/12 2024</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">3.808.678</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">10.971.058</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">14.779.736</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">11.782.732</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">2</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Events after the balance sheet date </td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">During 2025, the Group has continued to acquire veterinary clinics. Otherwise, no events materially affecting the Groups </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">financial position have occurred after the financial year-end.</td></tr></table> 401846 0 0 0 730118644 -69547 1032520300 54080 <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1096px" ><tr><td style="width: 3%"></td><td style="width: 4%"></td><td style="width: 22%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 1%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">14</td><td Colspan = 15 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Investments in group enterprises</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Ownership</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right">Share</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">share</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">capital</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 15 style="border-bottom: 1px solid; text-align: left">Group enterprises</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 4 style="border-top: 1px solid; text-align: left">Vetopia II ApS , Registered in: Gentofte</td><td Colspan = 1 style="text-align: Right">51,4%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">742.939</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 15 style="text-align: left">For indirect ownerships please refer to note 27.</td></tr><tr><td Colspan = 17 style="font-weight: bold; text-align: Right">34</td></tr></table> Årsrapport 1882611877 0 2733155225 <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1096px" ><tr><td style="width: 3%"></td><td style="width: 4%"></td><td style="width: 22%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 1%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left">13</td><td Colspan = 15 style="font-weight: bold; text-align: left">List of fixed assets, amortisation and depreciation,</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 10 style="border-bottom: 1px solid; font-weight: bold; text-align: left">fixed asset investments</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">PARENT</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 12 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Investments</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 12 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">in group</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 12 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">enterprises</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">TOTAL</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2023</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 10 style="text-align: left">COST AT 1/1 2024</td><td Colspan = 1 style="text-align: Right">382.554.708</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">382.554.708</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">370.761.206</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 10 style="text-align: left">Additions for the year</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">21.326.711</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 10 style="text-align: left">Disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-9.533.209</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 10 style="text-align: left">COST AT 31/12 2024</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">382.554.708</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">382.554.708</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">382.554.708</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 10 style="text-align: left">IMPAIRMENT AT 1/1 2024</td><td Colspan = 1 style="text-align: Right">3.525.678</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">3.525.678</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">13.058.887</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 10 style="text-align: left">Impairment, disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-9.533.209</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 10 style="text-align: left">IMPAIRMENT AT 31/12 2024</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">3.525.678</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">3.525.678</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">3.525.678</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 10 style="text-align: left">CARRYING AMOUNT AT 31/12 2024</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">379.029.030</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">379.029.030</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">379.029.030</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">19</td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Long-term liabilities other than provisions</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2023</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2023</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Debts to credit institutions</td><td Colspan = 1 style="text-align: Right">2.557.242.372</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.650.529.963</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Lease commitments</td><td Colspan = 1 style="text-align: Right">2.782.599</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">2.008.209</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other payables</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">205.917.813</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">66.508.075</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">22.280.664</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">21.631.712</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.765.942.784</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.719.046.247</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">22.280.664</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">21.631.712</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Instalments next financial year:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Debts to credit institutions</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.985.911</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Lease commitments</td><td Colspan = 1 style="text-align: Right">614.537</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">685.835</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other payables</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">7.531.678</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">58.278</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">8.146.215</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.730.024</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Debt outstanding after 5 years:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Debts to credit institutions</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.548.814.107</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Lease commitments</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">253.548</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other payables</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">88.896.676</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">4.296.225</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">88.896.676</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.553.363.880</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">NOTES</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">8</td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Other financial expenses</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2023</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2023</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Interest expenses to group enterprises</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other financial expenses</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">297.141.012</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">172.917.103</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">649.007</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">306.144</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">297.141.012</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">172.917.103</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">649.007</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">306.144</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">NOTES</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">7</td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Other financial income</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2023</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2023</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Interest income to group enterprises</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other financial income</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">5.593.412</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">3.690.677</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">34.708</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">41.111</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">5.593.412</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">3.690.677</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">34.708</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">41.111</td><td Colspan = 1 style="text-align: left"></td></tr></table> 16328656 0 -1179737 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">16</td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Prepayments</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2023</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2023</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Borrowing costs, unutilized facilities</td><td Colspan = 1 style="text-align: Right">21.343.142</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Prepaid rent</td><td Colspan = 1 style="text-align: Right">701.264</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.803.755</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Insurance, subscription fees, etc.</td><td Colspan = 1 style="text-align: Right">752.132</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.676.948</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other prepayed external costs</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">5.148.556</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">5.306.786</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">27.945.094</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">8.787.489</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr></table> 1878428343 0 2726066043 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 784px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 15%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 3%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 6 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">GROUP</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="font-weight: bold; text-align: Center"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left">4</td><td Colspan = 13 style="font-weight: bold; text-align: left">Fee to the auditor elected on </td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left"></td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">the annual general meeting</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2024</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2023</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Fee for statutory audit</td><td Colspan = 1 style="text-align: Right">5.255.461</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">3.463.860</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Fee for other assignments with assurance</td><td Colspan = 1 style="text-align: Right">175.225</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">441.353</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Fee for tax advice</td><td Colspan = 1 style="text-align: Right">300.349</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">285.913</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left"> Fee for other service</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">1.447.066</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">498.462</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">7.178.101</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">4.689.588</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">In accordance with the Danish Financial Statement Act § 96, section 3 the fee to the auditor elected on the annual general meeting </td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 13 style="text-align: left">for the parent company has been omitted as they are included in the consolidated financial statement. </td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">NOTES</td></tr></table> 162812239 0 168350603 0 52231177 0 79292382 0 2357212068 379846579 3461528122 381263879 1648606389 0 2557242372 0 Vetopia III ApS 7097949 -600000 23797821 0 379029030 0 379029030 1716316223 21631712 2757796569 22280664 Lasse Sværke Jesper Tranegaard Berril Andersen Michael Koefoed Asbjørn Mosgaard Hyldgaard Björn Erik Larsson inforevision, Statsautoriseret Revisionsaktieselskab 103064436 0 111249659 0 2034576217 379029030 2919766271 379029030 Opinion We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Vetopia III 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 Consolidated Financial Statements and the Parent Company Financial Statements are prepared under the Danish Financial Statements Act. 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 and Parent Company operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. 3690677 41111 5593412 34708 -52126403 0 -58434272 0 23810416 0 0 1322374 0 2168062 0 We believe that the Managements review contains a fair review of the affairs and conditions referred to therein. 132060594 0 49357700 0 Peter Thomsen 172917103 306144 297141012 649007 153549016 0 312932347 0 154283590 0 195020572 0 2023-12-31 179895664 0 0 0 281107 0 0 0 0 0 0 0 0 34704154 0 2691272 0 11782732 379029030 14779736 379029030 52231177 0 79292382 0 inforevision, Statsautoriseret Revisionsaktieselskab -2780207 0 -15934857 0 -15640641 0 4867795 0 3808678 0 66449797 21631712 198386135 22280664 6914937 0 10971058 0 -119850346 -325984 -149057800 0 196098531 69547 277759750 -54080 14468512 784275 43520428 780958 Hellerup 2023-01-01 -215709290 -334580 -291219967 -560219 5779882 0 17173223 0 212878 0 2216046 0 593359318 0 693286407 0 0 0 0 1402163 4811546 0 9023368 0 44577514 0 594700397 0 809971476 0 0 0 878392 0 -7350282 0 -9997487 0 134507838 357581555 38705587 357052746 1163203105 0 1660877024 0 0 70000 0 1467157 Management’s Responsibilities for the Consolidated Financial Statements and the Parent Company Financial Statements 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 Consolidated Financial Statements and Parent Company Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Consolidated Financial Statements and the Parent Company 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 Consolidated Financial Statements and the Parent Company Financial Statements unless Management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so. Grundlag for konklusion -21097667 0 -15679705 0 62786827 792871 144781700 2183121 1375998 0 17143887 0 0 8596 0 0 62877990 150000 75150134 50000 34448038 0 47852070 0 2025-05-30 Søborg Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and the Parent Company Financial Statements Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements and the Parent Company Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Statements and Parent Company Financial Statements. INDEPENDENT AUDITORS AUDIT REPORT, CONTINUED 10 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 Consolidated Financial Statements and the Parent Company 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 Consolidated Financial Statements and the Parent Company 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 Consolidated Financial Statements and the Parent Company Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Company to cease to continue as a going concern. * Evaluate the overall presentation, structure and contents of the Consolidated Financial Statements and the Parent Company Financial Statements, including the disclosures, and whether the Consolidated Financial Statements and the Parent Company 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 group 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. INDEPENDENT AUDITORS AUDIT REPORT, CONTINUED 11 8612438 -8596 -3031628 -31410 -528809 -224321728 -325984 -288188339 -528809 -104471382 0 -139130539 0 102211257 -69547 186509178 54080 -46482864 -69547 327633 54080 -1056829 0 140181608 0 171831310 0 159328898 0 330105570 0 2522188 0 4912790 0 10692748 0 16088210 0 Statement on the Management’s review Management is responsible for Management’s Review. Our opinion on the Consolidated Financial Statements and the Parent Company 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 Consolidated Financial Statements and the Parent Company Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Consolidated Financial Statements or the Parent Company 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, we conclude that 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 Statement Act. We did not identify any material misstatement of Management’s Review. Konklusion We recommend that the annual report and consolidated financial statements be adopted at the Annual General Meeting. 2024-12-31 2024-01-01 605546 0 -313937 0 57272 0 0 0 221329939 220000 295460808 1517157 2730024 0 8146215 0 Revisionspåtegning