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29526532 2024-01-01 2024-12-31 5 fsa:SubsidiaryMember 29526532 2024-01-01 2024-12-31 6 fsa:SubsidiaryMember 29526532 2024-01-01 2024-12-31 7 fsa:SubsidiaryMember 29526532 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:DepositsLongtermInvestmentsAndReceivablesMember 29526532 2024-01-01 2024-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-01-01 2023-01-01 2024-12-31 2023-12-31 29526532 Auditdata A/S Wildersgade 10 1408 Copenhagen +45 40 51 87 85 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2025-06-30 Martin Connie Pinborg Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of Auditdata A/S for the financial year 1 January - 31 December 2024. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2024 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2024. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. 2025-06-30 Copenhagen Kurt Groth Bager CEO Martin Connie Pinborg Executive Officer Lars Rahbæk Boilesen Chairman Claus Bak Petersen Lars Christian Lunde Frederik Mosegaard Knudsen To the shareholder of Auditdata A/S Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2024 and of the results of the Group’s and the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Auditdata A/S for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Group´s and the Parent Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group´s and the Parent Company´s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group´s and the Parent Company´s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements and the Parent Company Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Hellerup 2025-06-30 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Søren Ørjan Jensen State Authorised Public Accountant mne33226 Martin Lunden State Authorised Public Accountant mne32209 489000 -1827000 6612000 -1836000 -741000 -5023000 -1033000 -2385000 1378000 127857000 107253000 99646000 273000 307000 1427000 2036000 1083000 8792000 10864000 14092000 9162000 14313000 16755000 -28054000 -20053000 -17014000 18381000 4693000 6253000 -511000 -1047000 5994000 125 116 98 -0.037 0.007 0.004 -0.017 0.066 -0.066 0.023 0.069 0.101 0.141 3.947 -0.916 -0.105 -0.191 0.132 Key activities Established in 1992, Auditdata is an independent provider of data-driven audiology solutions helping hearing care providers to improve clinical care, customer satisfaction, and business operations. The Company is specialising in the development and sale of software and software-enabled instruments and serves both private and public sectors on a global scale. The Company’s offering includes Practice Management Systems (PMS) and a number of proprietary software-enabled audiologist instruments, all designed to enhance the overall patient care experience. As of today, more than 20,000 users across more than 50 countries use Auditdata software on a daily basis. Market overview Auditdata distributes its products globally through direct and indirect channels Development in the year The income statement of the Group for 2024 shows a loss of TDKK 15,075, and at 31 December 2024 the balance sheet of the Group shows a negative equity of TDKK 11,623.The negative result and equity for the year is due to extraordinary costs incurred by the business. Without taking these into account the Company would have seen an increase in profit of primary operations.In the past year, Auditdata successfully executed its growth strategy and increased its market share in our core markets.In the Hospitals segment, this included the continued upgrade of hospitals to the latest version of our software system, Auditbase. In the Retail sector, Auditdata continued its global expansion, focusing on upgrading our enterprise customers to the new version of Manage. Many of these projects will continue into 2025, contributing to a steady increase in recurring and professional service revenue. We continue to experience strong demand for our solutions (in both existing and new markets) from strategic customers and plan to expand existing partnerships and win new ones in the year ahead.In the North America, we experienced strong success with the launch of our new instrument solution Measure. The past year and follow-up on development expectations from last year The results for the year were below the guidance given last year. Management finds the result to be satisfactory given costs related to extraordinary activities and refinancing of debt during the year. Capital resources The company has debt financing with term facilities that runs to 2029. Moreover, the company extended credit facilities with additional DKK 15m in Q3 of 2024 to finance extraordinary activities, within the year. With the additional financing in place, and a letter of comfort from the owners, the company has the financial resources to execute the growth strategy for 2025 and other planned activities. The capital resources are found to be adequate for the following financial year. Foreign exchange risks Foreign exchange risks relating to investments in foreign subsidiaries are not hedged. Main risk are related to income in local currency in end markets, primarily exposed to GBP, SEK and USD. Main risks are to some extent mitigated through having operational expenses in same currencies. Targets and expectations for the year ahead The Company expects continued growth in the sale of our products, particularly to the private retail sector. Management expects a profit before depreciation and amortisation for 2025 to end in the range amount of TDKK 30,000 to TDKK 40,000. Research and development To support the expected growth, we expect to continue our investments in the development of new products in the years to come. External environment Auditdata is inherently committed to integrating ESG responsibility into all its business practices, effectively demonstrating commitment to sustainability. The Company acknowledges that responsible business tactics are crucial to long-term growth. The Company’s work with ESG focus around 3 key pillars: •Impact on climate •Diversity and inclusion •Anti-corruption and anti-bribery As an organization working in healthcare, Auditdata links the health of the planet with the well-being and health of the people. The approach is implemented through a Climate Policy, a Gender Diversity and Inclusion Policy, and a Anti-corruption and Bribery Policy. The Company aims at achieving carbon neutrality by 2030, including priority for sustainable products and services, investment in renewable energy, reducing waste, and tracking progress year by year. As the Group does not produce hardware but buys it from subcontractors, the direct impact on the external environment limited. Auditdata is working together with its main subcontractors to limit our overall carbon emissions and environmental footprint. Intellectual capital resources The Company knowledge resources are crucial to the future earnings, which is why supplementary education and practical training of employees are essential for the Group. Out of our employees, 22 % have a bachelor’s degree, 61 % have a master's degree, and 3 % have a PhD. We continuously ensure that employees receive relevant further training and development to maintain an efficient workforce. Uncertainty relating to recognition and measurement There has been no uncertainty regarding recognition and measurement in the Annual Report. Unusual events The financial position at 31 December 2024 of the Group and the results of the activities and cash flows of the Group for the financial year for 2024 have not been affected by any unusual events. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 93907000 88869000 68298000 73649000 75291000 70603000 54350000 56326000 25065000 17145000 19079000 12138000 -6449000 1121000 -5131000 5185000 0 0 -2206000 -5014000 1339000 120000 1365000 68000 9598000 7742000 9517000 6967000 -14708000 -6501000 -15489000 -6728000 367000 -649000 -414000 -876000 -15075000 -5852000 -15075000 -5852000 -15075000 -5852000 84117000 71377000 82402000 68071000 325000 576000 325000 576000 14255000 17986000 0 0 2943000 1387000 2943000 1387000 105780000 95466000 85670000 70034000 4140000 4140000 0 0 1219000 2130000 723000 1268000 1219000 2130000 723000 1268000 0 0 25356000 27123000 533000 511000 533000 511000 533000 511000 25889000 27634000 107532000 98107000 112282000 98936000 6216000 9766000 4945000 8689000 6216000 9766000 4945000 8689000 37185000 41939000 18210000 32048000 0 0 55962000 6870000 7391000 7115000 6688000 4513000 3966000 4541000 3967000 4541000 5030000 1665000 4536000 1368000 53572000 55260000 89363000 49340000 7806000 8727000 3370000 3870000 67594000 73753000 97678000 61899000 175126000 171860000 209960000 160835000 1513000 1513000 1513000 1513000 0 0 66571000 54178000 0 0 22000 557000 -13137000 2473000 -79730000 -52262000 -11624000 3986000 -11624000 3986000 14326000 10774000 14326000 10774000 0 0 12000 11000 14326000 10774000 14338000 10785000 76556000 78402000 76556000 78402000 7256000 7002000 7256000 7002000 83812000 85404000 83812000 85404000 30862000 13959000 30835000 13959000 11296000 18135000 10165000 16291000 0 0 61450000 9413000 907000 388000 0 0 9676000 7996000 4249000 5134000 35871000 31218000 16735000 15863000 88612000 71696000 123434000 60660000 172424000 157100000 207246000 146064000 175126000 171860000 209960000 160835000 1513000 2473000 0 535000 0 -15075000 1513000 -13137000 1513000 54178000 557000 -52262000 0 0 -535000 0 0 0 0 -15075000 0 12393000 0 -12393000 1513000 66571000 22000 -79730000 The Company issues warrants to key employees entitling them to subscribe for B shares in the Company. The total value of issued warrants is DKK TDKK 1,224.Warrants can only be exercised in connection with a sale of the Company, an IPO, etc. (exit event) and are conditional upon the employees being employed by the Company at that time. In addition, it is a prerequisite that, on exit, an average annual return has been achieved that exceeds a level stipulated in the agreements (hurdle rate). The exercise price is generally a price established at the time of issuance plus 10% p.a. Employees have paid a price for the warrants equal to the estimated fair value at the time of granting. -15075000 -5852000 33041000 24652000 4161000 -7804000 22127000 10996000 1339000 120000 -9598000 -7742000 13868000 3374000 4279000 3340000 18147000 6714000 -34084000 -43090000 -273000 -307000 -22000 -24000 -34379000 -43421000 0 -29984000 0 -33000000 15057000 0 254000 99684000 Other equity entries 0 560000 15311000 37260000 -921000 553000 8727000 8174000 7806000 8727000 7806000 8727000 7806000 8727000 As of the balance sheet date, the company has negative equity. Based on the budgets and liquidity forecasts prepared for the coming years, management has assessed that the company has sufficient financial resources to continue its operations. It is expected that equity will gradually be restored through future profits. Accordingly, the financial statements have been prepared under the going concern assumption. No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 69513000 64888000 48572000 50660000 4379000 4195000 4379000 4195000 528000 312000 528000 263000 871000 1208000 871000 1208000 75291000 70603000 54350000 56326000 4100000 5929000 4100000 5929000 480000 720000 480000 720000 4580000 6649000 4580000 6649000 156 142 112 97 Including remuneration to the Executive Board and Board of Directors: To read about the Company's incentive programme, please see the description under the statement of changes in equity. 23897000 15724000 18446000 11377000 1168000 1421000 633000 761000 25065000 17145000 19079000 12138000 Impairment of fixed assets 25065000 17145000 19079000 12138000 Total 25065000 17145000 19079000 12138000 During the financial year, expenses amounting to DKK 13,963,571 were incurred related to the implementation of the company's long-term strategy. The expenses primarily relate to development projects, organizational changes, and investments in future growth initiatives. The item is recognized under other external expenses in the income statement. 30000 120000 30000 68000 1309000 0 1335000 0 1339000 120000 1365000 68000 8824000 6687000 8815000 5912000 774000 1055000 702000 1055000 9598000 7742000 9517000 6967000 -3185000 -4314000 -3966000 -4541000 3552000 3665000 3552000 3665000 367000 -649000 -414000 -876000 165825000 7380000 1340000 51428000 1387000 65000 0 0 167000 0 32525000 0 0 0 1556000 198415000 7380000 1340000 51595000 2943000 94447000 3240000 764000 33442000 0 84000 0 0 19000 0 19767000 0 251000 3879000 0 114298000 3240000 1015000 37340000 0 84117000 4140000 325000 14255000 2943000 153879000 1340000 17926000 1387000 0 0 0 0 32525000 0 0 1556000 186404000 1340000 17926000 2943000 85808000 764000 17926000 0 0 0 0 0 18194000 251000 0 0 104002000 1015000 17926000 0 82402000 325000 0 2943000 The development projects completed by the Company concern the development of various types of software and instruments for hearing tests and office management systems. The developed projects are today part of the Company’s product portfolio and sold in the present market to existing customers. The development projects in progress concern the development of new versions of software and hardware within all of our categories. The projects are proceeding as planned and are expected to be completed within 1 to 2 years. The projects are progressing according to plan. The new products are expected to be sold Company’s existing customers through migration from older versions, which has end-of-life, as well as to new customers and in new markets. 9046000 6166000 -108000 0 273000 87000 9211000 6253000 6916000 4898000 -92000 0 1168000 632000 7992000 5530000 1219000 723000 40231000 25809000 0 14422000 40231000 40231000 -38231000 -33700000 -606000 484000 1105000 -2930000 3311000 2084000 -41043000 -38230000 26156000 25111000 12000 11000 25356000 27123000 Auditdata Ukraine TOV Ukarine 100 Auditdata North America Inc. Pensylvania, USA 100 Auditdata Ltd Middlesex, England 100 Auditdata LLC. Pensylvania, USA 100 Audidata Inc. Ontario, Canada 100 Auditdata PTY Ltd. Sydney, Australia 100 Acousoft Informatisering B.V Etten-Leur, Netherlands 100 511000 511000 22000 22000 533000 533000 533000 533000 Positive differences arising on initial measurement of subsidiaries at net asset value 0 0 26922000 26922000 Remaining positive difference included in the above carrying amount at 0 0 15484000 18765000 Investments in subsidiaries are specified as follows: Prepayments consist of prepaid expenses concerning rent, insurance premiums etc. Deferred tax liabilities at 1 January 10774000 7109000 10774000 7109000 Amounts recognised in the income statement for the year 3552000 3665000 3552000 3665000 Deferred tax liabilities at 31 December 14326000 10774000 14326000 10774000 73712000 75219000 73712000 75219000 2844000 3183000 2844000 3183000 76556000 78402000 76556000 78402000 30862000 13959000 30835000 13959000 0 0 0 0 7256000 7002000 7256000 7002000 7256000 7002000 7256000 7002000 9676000 7996000 4249000 5134000 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: Credit institutions Other payables Deferred income consists of payments received in respect of income in subsequent years. 1339000 120000 9598000 7742000 25065000 17145000 367000 -649000 33041000 24652000 -650000 534000 3550000 -6585000 1116000 -9274000 505000 -8055000 4161000 -7804000 Charges and security The following assets have been placed as security with bankers: A company charge totalling TDKK55.000 serving as a charge inintangible assets and property, plantand equipment, as well as inventoriesand trade receivables at a totalcarrying amount of 109548000 112040000 109548000 112040000 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 1282000 42000 646000 42000 Total 1282000 42000 646000 42000 Auditdata A/S has issued a statement of support for Auditdata Inc. and are committed to provide sufficient financial support for the following year. Transactions There have been no transactions with the Supervisory Board, the Executive Board, senior officers, significant shareholders, group enterprises or other related parties, except for intercompany transactions and normal management remuneration. The Annual Report of Auditdata A/S for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Consolidated Financial Statements and the Parent Company Financial Statements for 2024 are presented in TDKK. true The Financial Statements have been prepared under the historical cost method. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidation The Consolidated Financial Statements comprise the Parent Company, Auditdata A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Business combinations Business acquisitions carried through on or after 1 July 2018 Acquisitions of subsidiaries 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 in the Consolidated Financial Statements to the extent that the value can be measured reliably. The time of acquisition is the time when the Group obtains control of the entity acquired. The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. 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 identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Where the differences are negative, they are recognised immediately in the income statement. Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made. 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. 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. Business acquisitions carried through before 1 July 2018 Subject to some exemptions, acquisitions carried through before 1 July 2018 are accounted for under the same accounting policies as those applying to business combinations carried through on or after 1 July 2018. The most material exemptions are: Identifiable assets and liabilities of the entity acquired are recognised only if they are probable. Identifiable contingent liabilities of the entity acquired are not recognised in the consolidated balance sheet. Where the purchase price allocation is not final, positive and negative differences due to changes to the recognition and measurement of the acquired net assets may be adjusted until the end of the financial year following the year of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made. Transaction costs directly attributable to the acquisition of subsidiaries are included as part of cost. After the initial recognition, adjustment of contingent consideration is recognised directly with its counter entry in initial purchase price, thus correcting the value of goodwill or negative goodwill. In respect of step acquisitions, the carrying amount of the existing investments is recognised in cost. Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. If currency positions are considered to hedge future cash flows, value adjustments are recognized directly in equity. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively. Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting. Changes in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk. Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in the fair value reserve under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction. Changes in the fair values of financial instruments that are designated and qualify as hedges of net investments in independent foreign subsidiaries or associates are recognised directly in equity as regards the effective portion of the hedge, whereas the ineffective portion is recognised in the income statement. The value of share-based payment, including share option and warrant plans that do not involve an outflow of cash and cash equivalents, offered to the Executive Board and a number of senior employees is not recognised in the income statement. The most significant conditions of the share option plans are disclosed in the notes. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group. Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, work on own account recognised in assets, expenses for raw materials and consumables and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Any changes in deferred tax due to changes to tax rates are recognised in the income statement. The Company is jointly taxed with wholly owned Danish and foreign subsidiaries . The tax effect of the joint taxation with the subsidiaries is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Customer relations are measured at cost less accumulated depreciation. Customer relations is amortised on a straight-line basis over the estimated useful life of 5 - 10 years. Goodwill are measured at cost less accumulated depreciation. Goodwill is amortised on a straight-line basis over the estimated useful life of 5 - 10 years. Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs. Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 3-5 year. Patents and licences are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use. Patents and licences are amortised over the remaining patent period or a shorter useful life. The amortisation period is 5-10 years. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 3-5 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are recognised and measured under the equity method. The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Other fixed asset investments consist of deposit. Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of goods for resale equals landed cost. The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities. Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income comprises payments received in respect of income in subsequent years. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group. The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents comprise ”Cash at bank and in hand”. The cash flow statement cannot be immediately derived from the published financial records. Return on assets Profit/loss of primary operations x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity