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10504473 2024-01-01 2024-12-31 fsa:InvestmentsInAssociatesMember 10504473 2023-01-01 2023-12-31 fsa:InvestmentsInAssociatesMember 10504473 2024-01-01 2024-12-31 1 fsa:AssociateMember 10504473 2024-01-01 2024-12-31 2 fsa:AssociateMember 10504473 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:OtherReceivablesMember 10504473 2024-01-01 2024-12-31 fsa:ReceivablesFromGroupEnterprisesMember 10504473 2024-01-01 2024-12-31 cmn:ConsolidatedMember PriceWaterhouseCoopers 10504473 2023-01-01 2023-12-31 cmn:ConsolidatedMember PriceWaterhouseCoopers 10504473 2024-01-01 2024-12-31 cmn:ConsolidatedMember Other 10504473 2023-01-01 2023-12-31 cmn:ConsolidatedMember Other iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-01-01 2023-01-01 2024-12-31 2023-12-31 10504473 Dinex A/S Fynsvej 39 5500 Middelfart Middelfart 1986-11-01 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Herredsvej 32 7100 Vejle Denmark 79 21 27 00 Underskriv. revisors e-mail anvendes 2025-06-30 Niels Thorborg Regnskabsklasse C, stor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of Dinex 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. 2025-06-04 Middelfart Torben Staal Dinesen CEO Niels Thorborg Chairman Kim Walther Østergaard Torben Staal Dinesen Jens Prytz Sørensen Søren Klarskov Vilby Birgit Bæk Thomsen To the shareholder of Dinex 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 Dinex 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. Trekantområdet 2025-06-04 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Jan Bunk Harbo Larsen State Authorised Public Accountant mne30224 Lasse Berg State Authorised Public Accountant mne35811 2208622000 2193819000 1727418000 516880000 533278000 405053000 188215000 256954000 169133000 -66791000 -53591000 -42926000 76257000 165922000 107087000 1840887000 1697850000 1437225000 64053000 51186000 101067000 112843000 106708000 334972000 249969000 276557000 0.268 0.278 0.234 0.243 0.234 0.095 0.105 0.085 0.117 0.098 0.24 0.196 0.182 0.147 0.192 0.209 0.127 0.261 0.63 0.364 1883545000 2035373000 257604000 288266000 1377921000 1468584000 242317000 273024000 505624000 566789000 15287000 15242000 129005000 142283000 24082000 21729000 199434000 213702000 106927000 113097000 3325000 6655000 130256000 143744000 1633000 4466000 0 0 178877000 212993000 14534000 24160000 0 0 113952000 75795000 -2061000 -5303000 -2061000 -5303000 20706000 2700000 15313000 8509000 100698000 130536000 63672000 65856000 96824000 79854000 78066000 37305000 14666000 36177000 -4092000 -6372000 82158000 43677000 82158000 43677000 111890000 65600000 -29732000 -21923000 44129000 44724000 21505000 28792000 5564000 10784000 4799000 6244000 47484000 33457000 40719000 27209000 97177000 88965000 67023000 62245000 253628000 255135000 0 0 213123000 202036000 20097000 15519000 45495000 54366000 3374000 3041000 0 0 8987000 10342000 52575000 33966000 0 0 564821000 545503000 32458000 28902000 0 0 1090897000 1014500000 41114000 42010000 41114000 42010000 0 0 82932000 149343000 1169000 1168000 0 0 42283000 43178000 1214943000 1205853000 704281000 677646000 1314424000 1297000000 371020000 388654000 32264000 42723000 364973000 381110000 5265000 7384000 0 0 110696000 192297000 13820000 8774000 0 0 76028000 106624000 2581000 8324000 77419000 62977000 0 0 20802000 20607000 6623000 0 17238000 13170000 6964000 5529000 570280000 593262000 132129000 213534000 174332000 132412000 591000 4000 1115632000 1114328000 164984000 256261000 1819913000 1791974000 1479408000 1553261000 2250000 2250000 2250000 2250000 0 0 264283000 351996000 0 0 48535000 43681000 3214000 1362000 0 0 430454000 347689000 120850000 -46626000 435918000 351301000 435918000 351301000 19853000 27924000 1694000 4106000 377000 377000 0 0 20230000 28301000 1694000 4106000 200000000 200000000 200000000 200000000 54698000 58665000 0 0 14000000 55000000 14000000 26000000 16438000 16636000 13227000 12021000 4333000 4261000 4333000 4261000 289469000 334562000 231560000 242282000 3854000 3600000 0 0 769656000 835737000 735520000 832966000 5153000 5607000 3747000 3005000 232359000 162609000 14334000 15971000 0 0 46075000 92181000 4748000 9978000 0 0 58526000 60279000 10560000 11449000 1074296000 1077810000 810236000 955572000 1363765000 1412372000 1041796000 1197854000 1819913000 1791974000 1479408000 1553261000 The share capital consists of 2,250,000 shares of a nominal value of DKK 1. No shares carry any special rights. 2250000 1362000 347689000 0 -1852000 0 0 0 607000 0 0 82158000 2250000 3214000 430454000 2250000 351996000 43681000 -46626000 0 -1852000 0 0 0 -201455000 0 201455000 0 0 4854000 -4247000 0 111890000 0 -29732000 2250000 264283000 48535000 120850000 82158000 43677000 151221000 178826000 123332000 -87041000 356711000 135462000 9841000 1683000 -76969000 -72415000 289583000 64730000 -42604000 -50715000 246979000 14015000 -29627000 -16371000 -64053000 -59169000 0 -343000 67000 89000 -93613000 -75794000 -115737000 -46032000 4291000 6586000 0 92523000 -111446000 53077000 41920000 -8702000 132412000 141114000 174332000 132412000 174332000 132412000 174332000 132412000 The Russian sales and manufacturing subsidiary produces exhaust systems with catalytic technologies for heavy- duty applications (trucks, etc.). Based on the previous setup and to continue compliance with EU sanctions, the operational management of the Russian business is handed over to local management. However, the passive ownership and the control over the Russian company has been maintained and therefore the subsidiary is fully consolidated within Dinex Group financial statements.At the balance sheet date, the Russian subsidiary is recognised in the consolidated financial statements with revenue totalling DKK 274m (2023: DKK 289m), assets totalling DKK 201m (2023: DKK 168m) and in the financial statements with net assets totalling DKK 128m (2023: DKK 106m). The Russian subsidiary’s profit for 2024 accounts for the considerable share of the Group’s and the Parent’s results. The activity level in Russia has been maintained at an unchanged level with an increased profit. Activity level and profit is expected to be maintained at the current level in 2025 as a minimum.The Group has carried out an impairment test that supports the valuation of the Russian subsidiary. Assumptions of the impairment test are based on Management’s budget for 2025 and forecast with annual growth of 5% until 2029. The exchange rate used in forecast for 2026-29 is assumed to be unchanged at the budget level for 2025 at 0,0750. A discount rate of 37% was used for the impairment test.The impairment test does not show any indication of impairment.As it appears from the general media coverage and as also stated in the management commentary, due to the geopolitical situation, there is increased risks associated with the Group’s net assets in Russia.Dinex is closely following the development in Ukraine and comply with sanctions decided by US/EU against Russia. Dinex has and will continue to adapt the business and management setup on an ongoing basis, taking into account increased requirements and continuous tightening of sanctions in Russia. No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Geographical segments Denmark 6835000 11938000 6835000 8885000 Europe 772135000 518652000 240197000 279381000 Turkey and middle east 348002000 787149000 1387000 0 Russia 274473000 289162000 0 0 Asia 299205000 274609000 3223000 0 Other 182895000 153863000 5962000 0 Total 1883545000 2035373000 257604000 288266000 Business segments AEM 588600000 544763000 257452000 286089000 OEM 1294945000 1490610000 152000 2177000 Total 1883545000 2035373000 257604000 288266000 Other operating income consist of received management fee, royalties, it-fee and other administrational intercompany charges. Further more other operating income consist of sales of assets. 208003000 219234000 70920000 80018000 5091000 7829000 3687000 4186000 42394000 48120000 287000 489000 255488000 275183000 74894000 84693000 1797 1866 69 81 Remuneration for 2024 to the Executive Board amounts to TDKK 8,829 (2023: TDKK 7,851) and the Board of Directors TDKK 800 (2023: TDKK 800). 0 0 9819000 8334000 9841000 1683000 18000 0 10865000 1017000 5476000 175000 20706000 2700000 15313000 8509000 0 0 3020000 1600000 76969000 72414000 58727000 61094000 23729000 58122000 1925000 3162000 100698000 130536000 63672000 65856000 39339000 58537000 3013000 1023000 -20209000 -35750000 -7105000 -8034000 -4464000 13390000 0 639000 14666000 36177000 -4092000 -6372000 152211000 26847000 33457000 118696000 14342000 27208000 503000 223000 122000 0 0 0 2319000 627000 26681000 0 252000 19358000 72350000 199000 0 71315000 199000 0 19097000 -6321000 -12776000 5847000 0 -5847000 101780000 21177000 47484000 53228000 14395000 40719000 107487000 16065000 0 89903000 8097000 0 143000 138000 0 0 0 0 17332000 3589000 0 13111000 1698000 0 71291000 199000 0 71291000 199000 0 3980000 -3980000 0 0 0 0 57651000 15613000 0 31723000 9596000 0 44129000 5564000 47484000 21505000 4799000 40719000 Development projects are recognized on the basis of expected future exploitation and when potential future market or technology in the business can be established. Current advanced development projects include, among other things stage V and VI after-treatment technologies for the European off-road market, BSVI, CEV-V and CPCB4+ after-treatment technologies for the Indian market (on-road, offroad and stationary respectively), improvements to CN6 after-treatment systems and component technologies for the on-road Chinese market, TIER 5 aftertreatment technologies for the US off-road market and finally Euro 7, BS7 and CN7 technologies for the on-road markets in Europe, India and China respectively. In addition, in the framework of CO2 regulations, advanced projects also include the development of aftertreatment systems for combustion engines running on hydrogen (H2) and the development of catalyst coated membranes for future mobile and stationary applications running on Fuel Cells.All the projects share the view that they reflect current and future environmental requirements for the respective markets and are thus considered a prerequisite for the future economic growth in these markets. Through the company's long-established know-how in emission technologies and it advanced test center facilities they consider the development projects technically feasible to complete and intend to utilize future technology in the respective markets where they already have established sales channels and unique customer relations. The valuation of the recognized development projects is based on the actual costs incurred for the development projects. The time registration of employees involved in the development projects considers it reliable and possible to measure the costs attributable to the individual projects. 327404000 488991000 140140000 33966000 177000 4258000 1861000 603000 7666000 21731000 13776000 20880000 8045000 5211000 5441000 65000 -456000 19275000 -16010000 -2809000 326746000 529044000 134326000 52575000 72269000 286953000 85774000 0 349000 2015000 944000 0 8545000 32174000 7523000 0 8045000 5221000 5410000 0 73118000 315921000 88831000 0 253628000 213123000 45495000 52575000 0 29395000 0 0 82746000 14000000 19322000 7290000 1061000 3630000 54000 1303000 6233000 89982000 13758000 16719000 67229000 10958000 8979000 2681000 729000 831000 25000 1303000 2078000 69885000 10384000 7732000 20097000 3374000 8987000 18538000 0 0 677314000 677314000 163214000 0 840528000 677314000 337186000 323585000 687000 -25005000 115319000 73763000 201455000 37189000 -1368000 2032000 250369000 337186000 1090897000 1014500000 Dinex Exhausts Ltd. England 100 Dinex Latvia SIA Latvia 100 Dinex Italia SRL Italy 100 Dinex Polska Sp. z.o.o Poland 100 Dinex Iberica Sistemas de escape, S.L.U Spain 100 Dinex France SAS France 100 Dinex Deutschland GmbH Germany 100 Dinex Emission Inc. USA 100 Dinex RUS LLC Russia 100 Dinex Emission Solutions India Pvt. Ltd India 100 Dinex Egzoz Ve Emisyon A.S Turkey 100 DTR Egzoz Dış Ticaret A.Ş Turkey 100 Dinex Emission System Changzhou Co., Ltd China 100 Dinex Balkan D.O.O. Serbia 100 Dinex Ejendomme ApS Denmark 100 Dinex Finland OY Finland 100 3C Fynsvej A/S Denmark 100 Dinex DPF Technology co.ltd. China 100 27200000 26857000 27200000 26857000 0 343000 0 343000 27200000 27200000 27200000 27200000 14810000 21813000 14810000 21813000 1165000 -1700000 1165000 -1700000 -2061000 -5303000 -2061000 -5303000 13914000 14810000 13914000 14810000 41114000 42010000 41114000 42010000 Dinex Tongda Emission Solutions Co. China 50 Active Dinex Emission Solutions Private Limited India 50 1168000 149343000 1000 0 0 66411000 1169000 82932000 1169000 82932000 Investments in subsidiaries are specified as follows: Investments in associates are specified as follows: 154883000 184774000 3770000 5458000 28758000 26500000 0 703000 187379000 177380000 28494000 36562000 371020000 388654000 32264000 42723000 Prepayments primarily comprise insurance, software licenses and lease payments. Other cash at bank and in hand 174332000 132412000 591000 4000 Total 174332000 132412000 591000 4000 Of the total cash, TDKK 41,787 are subject to restrictions implying that the cash may not be readily available for general use or distribution by the Group Deferred tax asset at 1 January 35053000 1467000 -4106000 6189000 Other adjustments 2304000 -2164000 -4693000 -2261000 Amounts recognised in the income statement for the year 20209000 35750000 7105000 -8034000 Deferred tax asset at 31 December 57566000 35053000 -1694000 -4106000 Recognised in the balance sheet as follows: Assets 77419000 62977000 0 0 Provisions -19853000 -27924000 -1694000 -4106000 57566000 35053000 -1694000 -4106000 Deferred tax assets are recognized for all non-utilized tax losses to the extent that it is considered likely that tax profits will be realized within a foreseeable period in which the losses can be off set/used. Determination of the amount that may be recognized for Deferred tax assets shall be based on estimates of the probable date and size of future taxable profits. Furthermore, Deferred taxes are primarily due to unutilized taxation in the United States of America. United States of America is a primary growth market in 2024 and 2025, which is why the unutilized taxation is expected to be utilized in connection with positive earnings in the coming years. Over the past years, extensive optimizations have been made around the management of the American company. The sales force has changed from agents to its own sales force and all internal processes have been improved, so the company is ready for future growth, as the significant inflow of new customers has shown. Revenue growth is expected to be +20% p.a. until 2029. AEM, The market for spare parts for heavy trucks "classes 7+8" is approx. DKK 8 billion and Dinex' market share in 2024 was approx. 2% and this is expected to rise sharply over the coming years, and will thus amount to 6% in the years leading up to 2029, making it possible for investments in new catalogs and systems for EPA 10, 14 and 17 trucks in the USA. The number of trucks in the US is currently approx. 8 million vehicles and there is an increased need for high value replacement parts for DPF, SCR and DOC catalytic units on trucks in the USA. OEM is expected to grow double in the coming years due to new agreements with American customers such as Caterpillar, Carrier and Volvo VCE. EBITDA is expected to double every year in the coming years, until the strategic level for the group of +16% is expected to be achieved in 2027/2028. The uncertainty concerning the tax asset relates in particular to the USA and whether the positive exploitation reaches such a high level that the entire tax asset has been exploited within a period of approximately 5 years. Management expects that the conditions for activation can be realized. Consists of expected cost related to litigation. 0 0 0 0 200000000 200000000 200000000 200000000 200000000 200000000 200000000 200000000 0 0 0 0 38928000 27503000 0 0 15770000 31162000 0 0 54698000 58665000 0 0 3854000 3600000 0 0 0 0 0 0 14000000 55000000 14000000 26000000 14000000 55000000 14000000 26000000 41169000 61000000 0 0 728487000 774737000 735520000 832966000 0 0 0 0 16438000 16636000 13227000 12021000 16438000 16636000 13227000 12021000 5153000 5607000 3747000 3005000 4333000 4261000 4333000 4261000 4333000 4261000 4333000 4261000 58526000 60279000 10560000 11449000 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: Subordinate loan capital Mortgage loans Credit institutions Lease obligations Other payables Subordinate loan capital, TDKK 200,000, is subordinated solely to the creditors of the Parent Company, Dinex A/S and is due for payment in 2027. 20706000 2700000 100698000 130536000 68988000 78180000 -2061000 -5303000 14666000 36177000 151221000 178826000 -14486000 -68670000 17634000 26535000 37619000 152000 -68079000 113728000 123332000 -87041000 Charges and security The following assets have been placed as security with mortgage credit institutes: Land and buildings with a carrying amount of 160301000 162117000 0 0 The Company's shares in 3C Fynsvej ApS have been placed as security with bankers. Rental and lease obligations Total liabilities under rental or lease agreements until maturity 103299000 108576000 47412000 45750000 Of this, liabilities under rental or lease agreements with group enterprises 0 0 47246000 44856000 Other contingent liabilities The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of 3C Holding 2021 ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. The company is engaged in some legal cases. It is management expectations that the outcome of these cases are reflected in the financial statement. Basis Controlling interest 3C Dinex A/S Shareholder Transactions The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act. Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office 3C Holding 2021 ApS Odense 3C GROUPS A/S Odense 1673000 0 636000 0 180000 0 162000 1568000 24000 9000 0 464000 0 165000 PriceWaterhouseCoopers Other The Annual Report of Dinex A/S for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. The accounting policies applied remain unchanged from last year.A few reclassifications have been made in the comparative figures. The reclassifications have had no effect on equity or balance sheet. The Consolidated Financial Statements and the Parent Company Financial Statements for 2024 are presented in TDKK. true Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidation The Consolidated Financial Statements comprise the Parent Company, Dinex 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. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting. Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity. Revenue from the sale of goods for resale and finished goods is recognised in the income statement when the sale is considered effected based on the following criteria:• delivery has been made before year end;• a binding sales agreement has been made;• the sales price has been determined; and• payment has been received or may with reasonable certainty be expected to be received. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Production expenses comprise costs incurred to achieve revenue for the year. Cost comprises raw materials, consumables, direct labour costs and indirect production costs such as maintenance and depreciation, etc, as well as operation, administration and management of factories. Distribution expenses comprise costs in the form of salaries to sales and distribution staff, advertising and marketing expenses as well as operation of motor vehicles, depreciation, etc. Administrative expenses comprise expenses for Management, administrative staff, office expenses, depreciation, etc. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. The items “Income from investments in subsidiaries” and “Income from investments in associates” in the income statement include the proportionate share of the profit for the year. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Any changes in deferred tax due to changes to tax rates are recognised in the income statement. The Company is jointly taxed with 3C Holding 2021 ApS. 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). 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 5 year. Patents are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use. Patents are amortised over the remaining patent period or a shorter useful life. The amortisation period is 5-20 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. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Buildings 40 years Plant and machinery 3-25 years Other fixtures and fittings, tools and equipment 3-15 years Leasehold improvements 5-10 years Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment. Investments in subsidiaries and associates are recognised and measured under the equity method. The items “Investments in subsidiaries” and “Investments in associates” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in subsidiaries and associates is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries and the associates. Subsidiaries and associates with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Other fixed asset investments consist of receivables (fixed assets). Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of goods for resale, raw materials and consumables equals landed cost. The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management. 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 relating to subsequent financial years. Prepayments are measured at cost. Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Deferred 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 mortgage loans and loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan. Other debts are measured at amortised cost, substantially corresponding to nominal value. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group. The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents comprise ”Cash at bank and in hand”. The cash flow statement cannot be immediately derived from the published financial records. Gross margin Gross profit x 100 / Revenue EBITDA-margin EBITDA x 100 / Revenue Profit margin Profit/loss of primary operations x 100 / Revenue Net margin Profit/loss for the year x 100 / Revenue Return on invested capital incl. goodwill Profit/loss for the year x 100 / Average invested capital incl. goodwill Financial gearing Net interest-bearing debt - subordinated loan capital / Equity Equity ratio incl. subordinated loan Equity + subordinated loan x 100 / Balance sheet total Solvency ratio Equity at year end x 100 / Total assets at year end Net interest-bearing debt to EBITDA Net interest-bearing debt - subordinated loan capital / EBITDA Return on equity Net profit for the year x 100 / Average equity