29798362 2025-01-01 2025-12-31 29798362 2025-01-01 2025-12-31 1 29798362 2025-01-01 2025-12-31 1 29798362 2025-01-01 2025-12-31 2 29798362 2025-01-01 2025-12-31 3 29798362 2025-01-01 2025-12-31 1 29798362 2025-01-01 2025-12-31 2 29798362 2024-01-01 2024-12-31 29798362 2025-12-31 29798362 2024-12-31 29798362 2024-12-31 fsa:ContributedCapitalMember 29798362 2024-12-31 fsa:RetainedEarningsMember 29798362 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 29798362 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 29798362 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 29798362 2025-12-31 fsa:ContributedCapitalMember 29798362 2025-12-31 fsa:RetainedEarningsMember 29798362 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 29798362 2025-01-01 2025-12-31 fsa:ShorttermDeferredIncomeMember iso4217:DKK xbrli:pure Annual report 2026-06-23 Emil Hyllested Levå The Board of Directors and the Executive Board have today considered and approved the annual report of DESMI Danmark A/S for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Nørresundby Emil Hyllested Levå Bjarke Brøns Rene Grywnow Henrik Sørensen To the shareholders of DESMI Danmark A/S We have audited the financial statements of DESMI Danmark A/S for the financial year01.01.2025 - ​31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.​​ ​​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity 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 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 Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity 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 Entity’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 Entity’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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope ​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​that we identify during our audit. Management is responsible for the management commentary. ​​Our opinion on the financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​In connection with our audit of the financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.​ Aarhus Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Lars Dam Østergaard State Authorised Public Accountant mne34501 Jonas Ellevang Vad State Authorised Public Accountant mne50562 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'000Key figuresGross profit/loss49,99255,29649,63748,73141,409Operating profit/loss21,32931,92726,44124,47218,521Net financials1,6042,5111,916130328Profit/loss for the year17,88626,84422,10319,18114,749Total assets73,047114,18070,59665,49847,013Investments in property, ​plant and equipment1272,1840462172Equity35,81442,92831,08428,98123,800RatiosReturn on equity (%)45.4372.5473.6072.68xxEquity ratio (%)49.0337.6044.0344.2550.62Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100​Average equityEquity ratio (%) :Equity * 100​Total assets Primary activitiesThe company's activities comprise selling: ​• pumps and pumping systems for marine and offshore related industry ​• pumps and pumping systems for public faci lities and industries. ​ ​The product range that is completed by agency products from leading manufactures on the world market is also supplemented by associa ted services in the form of projecting and instal lation of pumping systems and after-sales-ser vice through the well-deloped network of service centres Development in activities and financesIn 2025 the company’s profit amounted to DKK 17.885.727 compared to DKK 26.844.355 in 2024. Profit/loss for the year in relation to expected developmentsFor 2025 expectations were profit of DKK 22 – 25 million and the result for of DKK 17,9 million is considered below expectations. OutlookThe company has a good market position and is positioned to improve earnings in 2026 and forward. As a result of this the profit for the year is expected to be between DKK 20 to 25 million in 2026. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 49992189 55296074 23251413 18249083 5411705 5120424 21329071 31926567 1607384 2551719 3495 40324 22932960 34437962 5047233 7593607 17885727 26844355 0 0 1870537 2313511 1870537 2313511 1870537 2313511 3974747 0 12095423 8781882 16070170 8781882 26576793 58196921 7146683 0 20517610 44648539 865498 238951 55106584 103084411 71176754 111866293 73047291 114179804 6000000 6000000 12814072 11928345 17000000 25000000 35814072 42928345 689658 157150 689658 157150 0 586610 518787 2127747 11005478 3011931 14870666 52340473 4514725 7469752 4129929 5557796 1503976 0 36543561 71094309 36543561 71094309 73047291 114179804 6000000 11928345 25000000 42928345 0 25000000 25000000 885727 17000000 17885727 6000000 12814072 17000000 35814072 1 Staff costs2025​DKK2024​DKKWages and salaries18,081,06813,847,93018,081,06813,847,930Average number of full-time employees4542Remuneration​of Management​2025​DKKRemunerationof ​Management2024​DKKTotal amount for management categories1,571,6691,560,7991,571,6691,560,799Remuneration is disclosed for both management categories combined, by reference to §98b section 3 of the Danish Financial Statements Act. 45 42 Remuneration​of Management​2025​DKKRemunerationof ​Management2024​DKKTotal amount for management categories1,571,6691,560,7991,571,6691,560,799 1571669 1560799 2 Other financial income2025​DKK2024​DKKFinancial income from group enterprises1,596,2472,508,570Exchange rate adjustments1,30743,149Other financial income9,83001,607,3842,551,719 3 Other financial expenses2025​DKK2024​DKKExchange rate adjustments035,350Other financial expenses3,4954,9743,49540,324 4 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax4,514,7257,469,752Change in deferred tax532,508123,8555,047,2337,593,607 5 Proposed distribution of profit and loss2025​DKK2024​DKKOrdinary dividend for the financial year17,000,00025,000,000Retained earnings885,7271,844,35517,885,72726,844,355 17000000 25000000 885727 1844355 17885727 26844355 6 Property, plant and equipmentPlant and machinery​DKKOther fixtures and fittings, tools and equipment​DKKCost beginning of year118,2944,414,925Additions0126,949Cost end of year118,2944,541,874Depreciation and impairment losses beginning of year(118,294)(2,101,414)Depreciation for the year0(569,923)Depreciation and impairment losses end of year(118,294)(2,671,337)Carrying amount end of year01,870,537 7 Deferred tax2025​DKK2024​DKKProperty, plant and equipment54,37258,520Receivables635,28698,630Deferred tax689,658157,150​​Changes during the year2025​DKK2024​DKKBeginning of year157,15033,295Recognised in the income statement532,508123,855End of year689,658157,150 8 Deferred incomeDeferred income relates to invoicing up to the year-end for partial deliveries, where the total delivery obligation has not been fulfilled. 9 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKLiabilities under rental or lease agreements until maturity in total5,359,2871,627,000Besides the above rental or lease commitments, the company has no significant unrecognised commitments to be settled after the balance sheet date. 10 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Flow Danish TopCo ApSserves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is​therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. 11 Assets charged and collateralThe company have provided pledged collateral (suretyship) for revolving credit facilities under a joint maximum limit for the Group. 12 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.​ No such transactions have been conducted in the financial year. 13 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: ​OEP 82 BC., HollandName and registered office of the Parent preparing consolidated financial statements for the smallest group:​DESMI Pumping Technology A/S, Tagholm 1, 9400 Nørresundby This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Gross profit or lossGross profit or loss comprises revenue, production costs and other operating income. RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement ​when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Contract work in progress is included in revenue based on the stage of completion so that revenue corresponds to the selling price of the work performed in the financial year (the percentage-of-completion method). Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns. Distribution costsDistribution costs comprise costs incurred for sale and distribution of the Entity’s products, including wages ​and salaries for sales staff, advertising costs, travelling and entertainment expenses, etc, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment involved in the distribution process. Administrative expensesAdministrative expenses comprise expenses incurred for the Entity’s administrative functions, including wages and salaries for administrative staff and Management, stationery and office supplies, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment used for ​administration of the Entity. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds. Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including ​interest income on receivables from group enterprises, net capital or exchange gains on securities, payables ​and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish ​Tax Prepayment Scheme etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, ​amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are ​measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. For self-constructed assets, cost comprises direct and indirect costs of materials, components, subsuppliers and labour costs. For assets held under finance leases, cost is the lower of the asset’s fair value and present value of future lease payments.​​Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible assets and depreciation of property, plant and equipment used in the development process are recognised in cost based on time spent on each asset.​​Interest expenses on loans for the financing of the manufacture of property, plant and equipment are included in​cost if they relate to the manufacturing period. All other finance costs are recognised in the income statement. ​​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Plant and machinery5Other fixtures and fittings, tools and equipment2For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed ​the contract period. ​​Estimated useful lives and residual values are reassessed annually. ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists ​of costs of raw materials, consumables, direct labour costs and indirect production costs.​​Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation ​of machinery, factory buildings and equipment used in the manufacturing process, and costs of factory administration and management. Finance costs are not included in cost. ​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​costs incurred to execute sale. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date.​​The selling price is measured based on the stage of completion and the total estimated income from the ​individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total ​budgeted consumption of resources.​​If the selling price of a project in progress cannot be made up reliably, it is measured at the lower of costs ​incurred and net realisable value.​​Each contract in progress is recognised in the balance sheet in receivables or liabilities other than provisions, ​depending on whether the net value, calculated as the selling price less prepayments received, is positive or negative.​​Costs of sales work and of securing contracts, and finance costs are recognised in the income statement ​as incurred. DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for ​the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial ​year is recognised directly in equity when distributed and disclosed as a separate item in Management's ​proposal for distribution of profit/loss. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset.​However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income. ​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.​​Deferred tax relating to retaxation of previously deducted losses in foreign subsidiaries is recognised on the ​basis of an actual assessment of the purpose of each subsidiary. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the ​goods agreed or completion of the service agreed. Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the ​balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for ​prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are ​expected to be used under the joint taxation arrangement. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​is measured at cost. Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of DESMI A/S, Business Reg. No. 34086796 true Grundlag for konklusion Konklusion 2026-06-23 2026-06-23 Regnskabsklasse C, mellemstor virksomhed 2024-01-01 2024-12-31 Aarhus C 8000 2 City Tower, Værkmestergade Aalborg Nørresundby 9400 Revisionspåtegning 2025-12-31 2025-01-01 1 Tagholm DESMI Danmark A/S 29798362 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab