25539419 2025-01-01 2025-12-31 25539419 2025-01-01 2025-12-31 1 25539419 2025-01-01 2025-12-31 2 25539419 2025-01-01 2025-12-31 1 25539419 2025-01-01 2025-12-31 2 25539419 2025-01-01 2025-12-31 3 25539419 2025-01-01 2025-12-31 4 25539419 2025-01-01 2025-12-31 5 25539419 2025-01-01 2025-12-31 1 25539419 2023-01-01 2023-12-31 25539419 2022-01-01 2022-12-31 25539419 2021-01-01 2021-12-31 25539419 2023-12-31 25539419 2022-12-31 25539419 2021-12-31 25539419 2024-01-01 2024-12-31 25539419 2025-12-31 25539419 2024-12-31 25539419 2025-01-01 c:ContributedCapitalMember 25539419 2025-01-01 c:ReserveForNetRevaluationAccordingToEquityMethodMember 25539419 2025-01-01 c:RetainedEarningsMember 25539419 2025-01-01 c:ProposedDividendRecognisedInEquityMember 25539419 2025-01-01 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 25539419 2025-01-01 2025-12-31 c:RetainedEarningsMember 25539419 2025-01-01 2025-12-31 c:ProposedDividendRecognisedInEquityMember 25539419 2025-12-31 c:ContributedCapitalMember 25539419 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 25539419 2025-12-31 c:RetainedEarningsMember 25539419 2025-12-31 c:ProposedDividendRecognisedInEquityMember 25539419 2025-01-01 c:CompletedDevelopmentProjectsMember 25539419 2025-01-01 c:AcquiredIntangibleAssetsMember 25539419 2025-01-01 c:GoodwillMember 25539419 2025-01-01 2025-12-31 c:CompletedDevelopmentProjectsMember 25539419 2025-01-01 2025-12-31 c:AcquiredIntangibleAssetsMember 25539419 2025-01-01 2025-12-31 c:GoodwillMember 25539419 2025-12-31 c:CompletedDevelopmentProjectsMember 25539419 2025-12-31 c:AcquiredIntangibleAssetsMember 25539419 2025-12-31 c:GoodwillMember 25539419 2025-01-01 c:LandAndBuildingsMember 25539419 2025-01-01 c:PlantAndMachineryMember 25539419 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 25539419 2025-01-01 2025-12-31 c:LandAndBuildingsMember 25539419 2025-01-01 2025-12-31 c:PlantAndMachineryMember 25539419 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 25539419 2025-12-31 c:LandAndBuildingsMember 25539419 2025-12-31 c:PlantAndMachineryMember 25539419 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 25539419 2025-01-01 2025-12-31 c:PlantAndMachineryMember 25539419 2025-01-01 c:LeaseholdImprovementsMember 25539419 2025-01-01 c:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 25539419 2025-01-01 2025-12-31 c:LeaseholdImprovementsMember 25539419 2025-01-01 2025-12-31 c:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 25539419 2025-12-31 c:LeaseholdImprovementsMember 25539419 2025-12-31 c:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 25539419 2025-01-01 c:InvestmentsInGroupEnterprisesMember 25539419 2025-01-01 c:DepositsLongtermInvestmentsAndReceivablesMember 25539419 2025-01-01 2025-12-31 c:InvestmentsInGroupEnterprisesMember 25539419 2025-01-01 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember 25539419 2025-12-31 c:InvestmentsInGroupEnterprisesMember 25539419 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK xbrli:pure BDO Statsautoriseret Revisionspartnerselskab Roms Hule 4, 1. sal DK-7100 Vejle 45719375 Årsrapport 2026-06-25 Henrik Dalsgaard Hansen AMMERAAL BELTECH MODULAR A/S Hjulmagervej 21 7100 Vejle Den uafhængige revisors erklæring 25539419 2000-03-29 Vejle 2025-01-01 2025-12-31 2024-01-01 2024-12-31 KPMG Statsautoriseret Revisionspartnerselskab Vesterballevej 27, 2. sal 7000 Fredericia Today the Supervisory Board and Executive Board have discussed and approved the Annual Report of AMMERAAL BELTECH MODULAR A/S for the fi­nan­ci­al year 1 January  - 31 December 2025. The Annual Report is presented in accor­dance with the Da­nish Fi­nan­ci­al State­ments Act. In our opinion the Fi­nan­ci­al Sta­te­ments give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the fi­nan­ci­al year 1 January  - 31 December 2025. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. We recommend the Annual Report be approved at the Annual General Meeting. Vejle 2026-06-25 Henrik Dalsgaard Hansen Gerrit Jan de Jong Managing Director Managing Director Michiel Christiaan Boks Chairman Karsten Vangsgaard Jensen Staff Representative Jesper Gartner Bang Staff Representative Anders Stounberg Østergaard Board Member Mathieu Marie Gabriel Riomet Board Member To the Shareholder of AMMERAAL BELTECH MODULAR A/S Konklusion We ha­ve au­di­ted the Fi­nan­ci­al Sta­te­ments of AMMERAAL BELTECH MODULAR A/S for the fi­nan­ci­al year 1 January - 31 December 2025, comprising income statement, balance sheet, statement of changes in equity and notes, including 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 Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025 in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Basis for OpinionGrundlag for konklusion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (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 e­vi­den­ce we ha­ve ob­tai­ned is suf­fi­ci­ent and ap­prop­ria­te to pro­vi­de a ba­sis for our con­clu­si­on.   Grundlag for konklusion Ma­na­ge­ment's Re­spon­si­bi­li­ti­es for the Fi­nan­ci­al Sta­te­ments Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control, that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.   In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.   Our objectives are to obtain reasonable assurance as to 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.   obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.   evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.   conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.   evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.   plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. 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.   Statement on Management Commentary Management is responsible for the Management's commentary.   Our opinion on the financial statements does not cover the Management's 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's commentary and, in doing so, consider whether the Management's commentary is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.   Moreover, it is our responsibility to consider whether the Management's commentary provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that the Management's commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's commentary.   Fredericia 2026-06-25 KPMG Statsautoriseret Revisionspartnerselskab 25578198 Michael Lund Siegumfeldt Den uafhængige revisors erklæring State Authorised Public Accountant mne28662 569583000 589768000 587411000 214185000 203053000 290998000 88086000 72711000 156736000 -11281000 4049000 7973000 60404000 63560000 127257000 475976000 418032000 539144000 305655000 245253000 366535000 12069000 86576000 34917000 56448000 25988000 144 147 158 169 181 25.3 36.6 37.6 34.4 49.5 -1.2 12.5 15.5 12.3 26.7 -12.9 20.5 21.9 20.8 36.1 Financial highlights for 2022 have been restated due to material errors in revenue cut-off. The financial highlights for 2021 have not been restated as the required dataset is not present.   The ratios stated in the list of key figures and ratios have been calculated as follows:   Gross margin: Gross profit/loss x 100    Net revenue Operating margin: Operating profit/loss of main activities x 100           Net revenue Return on equity: Profit/loss after tax x 100        Average equity Principal activities The Company's activity consists of the development, production and sale of modular belts and chains made of plastic and steel for the use on internal conveyors. Primary market segments are the food processing, packaging and automotive industries   Business ModelAMMERAAL BELTECH MODULAR A/S is a part of the AMMEGA group, and is responsible for operational management, project management and it owns the manufacturing know-how and technical expertise required in the execution of the manufacturing process. Furthermore, it holds the responsibility and know-how related to R&D for both new products as well as new technologies.  All Finished Goods (belts, chains, and sprockets) are sold to many different industries, where it becomes an integral part of the manufacturing process and equipment. The products are being sold through AMMEGA’s global sales organization, who is responsible for local sales and marketing functions. Furthermore, the sales team is involved in the local business development, designing and technical specifications of the product offering in order to meet the client’s particular needs, installation, as well as after sales services. The Finished Goods are either delivered from AMMERAAL BELTECH MODULAR A/S or via an assembly site in Poland directly to the end customer, which can be either an End User (a factory), and OEM (a machine builder) or a Distributor. Development in activities and financial position Continued tension on the market and the financial market volatility impacted significantly 2025 results. The impact was seen in all major product lines and across all major markets. Furthermore, the Company was impacted by the development in the USD foreign exchange rate.  Revenue decreased 13% to MDKK 451 vs MDKK 517 in 2024. The Company’s income statement for 2025 shows a gross profit of MDKK 114 vs MDKK 189 last year. The gross profit is mainly impacted by a decrease in sales related to the general marketplace and decrease in prices to the US to compensate for the trade tariffs. Furthermore, 2024 was impacted by a one-time impact from a sale and lease back transaction of MDKK 41. Even with a tight cost control program, and reduction in indirect labor, it has not been possible to obtain the expected result. In August 2025 the Company acquired shares in Flexbelt A/S to further strengthen our activities in Denmark.  The result of the business operations in 2025 is considered unsatisfactory in a very challenging year. The result after taxes was MDKK -25,4 vs MDKK 56,6 in 2024. Profit/loss for the year compared to the expected development The outlook for 2025 was an increase in revenue of 7%. The reason for not meeting the target is the development in the market in general and price reductions. EBITDA did not meet our expectations from 2024 as the target was an increase of 7%. Main reason is found in the development of gross profit that decreased by 24%, after adjustment of one-time impact from the sale and lease back transaction in 2024. The decrease in EBITDA is mainly explained by the development in revenue.   Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the Company's financial position. Financial instruments The Company’s risk exposure Particular risksNo special risks apart from generally occurring risks in the industry.  Operating risksThe key business risk of AMMERAAL BELTECH MODULAR A/S is related to the potential inability to be competitive in our main markets. Our continuous development and launch of new products reduce this risk. Financial risksThe Company invoices in Danish kroner as well as several foreign currencies, primarily Euro, US Dollars and Great British Pounds. Business and payments from Russian customers completely stopped due to restrictions related to the war in Ukraine. Purchases are made primarily in Danish kroner, Euro and Polish zloty. Outlook Revenue for 2026 is expected to be 3% higher compared to 2025. We expect a positive EBITDA between 30 and 35 million in 2026 because of increases in sales prices and tight cost control.   Statement of corporate social responsibility The CSR is based on the Danish Financial Statements Act §99a. AMMERAAL BELTECH MODULAR A/S CSR policies and procedures are reflected throughout its overall business model and strategy. AMMERAAL BELTECH MODULAR A/S has conducted a risk evaluation within CSR-related areas and have not found any material risks. AMMERAAL BELTECH MODULAR A/S has not found any breaches of its CSR policies during 2025.   Environment and Climate Policies AMMERAAL BELTECH MODULAR A/S has no policies related to environment and climate, which we have chosen to combine, however it follows the AMMEGA Responsible Sourcing Policy that describes how the AMMEGA Group should work with its suppliers and ask them to meet the minimum health & safety, human rights, ethical and environmental standards.  Further the AMMEGA group and thereby AMMERAAL BELTECH MODULAR A/S supports the UNGC universal principles on human rights, labor, environment and anti-corruption. By this AMMEGA strives to take its social responsibility seriously and strives to do business in a way that minimizes the negative impacts and maximizes the positive value for people, the environment and society. The AMMEGA Group and thereby also AMMERAAL BELTECH MODULAR A/S requests its suppliers to maintain effective policies, processes and procedures to manage their environmental impact and to operate their business in a sustainable manner, consistent with the UNGC’s Sustainable Development Goals. Further AMMEGA Group and thereby also AMMERAAL BELTECH MODULAR A/S is also committed to making its products more sustainable by developing cleaner processes and minimizing the impact on the environment. Actions & Results AMMERAAL BELTECH MODULAR A/S continued to work on the Circle Links project, which is about recycling plastic scrap to new belts. Our recycling partner uses patented technology for plastic resins sorting.   The takeback model was officially launched in the first half of 2025, primarily for products for the corrugated industry. During 2025 we continued to regrind belts returned from customers. KPIs & Due Diligence AMMERAAL BELTECH MODULAR A/S reports a variety of information relating to the environment to its head quarter and several are related to CSR. Amongst others AMMERAAL BELTECH MODULAR A/S is on a continuous basis measuring the: • Energy consumption: Electricity consumption in kWh and Gas consumption in m3• Water consumption: Water consumption in m3 • Fuel consumption for both company cars and driving in non-company cars but for company related matters. AMMERAAL BELTECH MODULAR A/S has no formalized due diligence process related to the Environment and Climate.  Future effortsWe will continue with the Circle Link project in 2026 to expand to other product lines.  Social and employee staff matters Policies AMMEGA’s most important asset is its workforce and AMMERAAL BELTECH MODULAR A/S is aiming at being known as a company taking care of its employees and actively contributing to job satisfaction, well-being, development, and safety. Health and safety are an important part of the overall business operations. AMMERAAL BELTECH MODULAR A/S has a health & safety policy that outlines that the focus is on safety in the execution of the job and on the employee’s well-being, commitment and personal development via on-the-job training and education. Besides this, AMMERAAL BELTECH MODULAR A/S also follows the global AMMEGA Health & safety policy. AMMERAAL BELTECH MODULAR A/S has an absenteeism policy that calls out that the aim is to reduce absenteeism via conversations with the employees. This is in place to avoid long-term illness and support the employees to avoid long-term illness situations. Besides this AMMERAAL BELTECH MODULAR A/S also has a stress policy which outlines AMMERAAL BELTECH MODULAR A/S ’s active role in supporting the employees to avoid stress but also ensuring that the employee returns safely to the workplace after a stress incident.  is the belief of AMMERAAL BELTECH MODULAR A/S that the current efforts are satisfactory. The company will therefore continue to conduct performance appraisals every year. Besides performance, also job satisfaction, education and future opportunities will continuously be evaluated so no further initiatives have been planned for 2026. Actions & Results The Health, Safety and Environment Specialist is responsible for monitoring compliance with local laws and to support and stimulate the awareness of Health and Safety in AMMERAAL BELTECH MODULAR A/S. Each and every health & safety incident is evaluated, communicated in the broader group, and the implementation of related corrective measures is being pursued. In 2025 840 safety observations, 6 medical treatments and 6 near-misses were reported. Furthermore, we passed 1 year without lost time injuries.  The management team participates in weekly Gemba safety walks, with the purpose of identifying potential risks and stimulating safety awareness throughout the entire organization. In 2025 we increased the focus on the physical wellbeing of the employees through different workshops, activities and training.   AMMEGA conducts a yearly Organizational Health Index Survey with the goal of becoming a better organization every single year. The survey is designed to be an in-depth evaluation of the way we organize and complete our work. Survey results were analyzed and distributed by AMMEGA. Focus areas were defined based on the survey and action plans have been initialized.  On a quarterly basis dialogue meetings with AMMERAAL BELTECH MODULAR A/S employees are being held. The goal of these meetings is to ensure that employees know how AMMERAAL BELTECH MODULAR A/S is performing in general but also what new initiatives AMMERAAL BELTECH MODULAR A/S is focusing on. In all these meetings safety is an important agenda topic. A safety week was held in May 2025 and included a variety of activities. First aid courses, lectures in different generations at work and elemental firefighting. The concept of safety week will change to quarterly activities in 2026. Furthermore, a variety of safety trainings are conducted for relevant blue and white collars on a yearly basis. Every year performance appraisals are conducted. Besides performance, also job satisfaction, education and future opportunities are evaluated. KPIs & Due Diligence AMMERAAL BELTECH MODULAR A/S is on a continuous basis measuring the • Illness rate • The Bradford factor • No. of accidents at work and the no. of near miss accidents  AMMERAAL BELTECH MODULAR A/S has no formalized due diligence process related to Labour and Social conditions.  Future effortsIt is the belief of AMMERAAL BELTECH MODULAR A/S that the current efforts are satisfactory, so no further initiatives have been planned for 2026. The current focus areas will continue in 2026.  Human rights  Policies AMMERAAL BELTECH MODULAR A/S has through AMMEGA a Global Human Rights policy that is prepared in line with the UN Guiding Principles on business and human rights (the UNGPs). The policy is derived from The United Nations (UN) Universal Declaration of Human Rights, The International Labor Organization’s (ILO) Declaration of Fundamental Principles and Rights at Work and The United Nations Global Compact. The human rights policy covers:•safe and healthy workplaces •freedom of association •elimination of forced labour, child labour and human trafficking •workplaces free of discrimination, harassment, and violence •fair remuneration •support for local communities •land rights and water use •employee guidance and reporting rules Furthermore, human rights are described in the AMMEGA Code of Conduct with reference to the Human Rights Policy. The company will continue to have mandatory tests relating to the Code of Conduct every year. Actions and ResultsTo ensure compliance with human rights policy, AMMEGA makes sure that all employees, business partners and other stakeholders receive print or digital copies of the Code of Conduct. In 2025 all employees completed an e-learning with a mandatory test relating to the Code of Conduct.  AMMERAAL BELTECH MODULAR A/S is also a member of the Dansk Arbejdsgiverforening (Danish employer association) and has signed and complies with union agreements for all work areas within the company.  AMMEGA conducts a yearly Organizational Health Index Survey with the goal of becoming a better organization every single year. The survey is designed to be an in-depth evaluation of the way we organize and complete our work. Survey results were analyzed and distributed by AMMEGA. Focus areas were defined based on the survey and action plans have been initialized.  Besides this, AMMEGA has a global speak up hotline, hosted by a third party, which is promoted to all employees in AMMEGA. All employees have been informed how to report incidents to this hotline and if any incidents are reported it will be managed by the Group.  KPIs & Due Diligence No specific KPIs are measured.  AMMERAAL BELTECH MODULAR A/S has no formalized due diligence process related to CSR for the local entity, but corporate is assisting in assessing all key suppliers in an annual supplier assessment to validate they also adhere to the UN declaration of Human Rights.  Future effortsAMMERAAL BELTECH MODULAR A/S will continue our efforts within human rights in 2026 as they are deemed satisfactory, so no further initiatives have been planned for 2026. Through AMMEGA there is an enhanced focus on improving rights and conditions for employees. We will follow the development of AMMEGA and implement the policies when they are released.  Anti corruption Policies AMMERAAL BELTECH MODULAR A/S disassociates itself from corruption. The disassociation is expressed in the policies:  • The AMMEGA anti-corruption policy• The AMMEGA anti-trust policy• Code of Conduct, which is published on the AMMEGA and AMMERAAL BELTECH MODULAR A/S intranet. The anti-corruption policy outlines that: • Employees in AMMEGA and hereunder AMMERAAL BELTECH MODULAR A/S must act with business integrity by being compliant with law, not be involved in any bribery, facilitation payments, corruption, extortion or embezzlement. All business activities shall be conducted with honesty, integrity, and in accordance with the moral, ethical and legal standards of the country.  The anti-trust policy outlines that: • Employees in AMMEGA and hereunder AMMERAAL BELTECH MODULAR A/S must comply with applicable antitrust laws that is implemented to control anticompetitive agreements and practices. Antitrust laws are focused mainly on identifying the line between robust competition and anticompetitive. Furthermore, anti-corruption and anti-trust is described in the AMMEGA Code of Conduct with reference to the Anti-Corruption Policy and the Anti-Trust Policy. The company will continue to conduct training for the employees every year and based on that conduct an evaluation of awareness. No further initiatives have been planned for 2026. Actions & Results To ensure compliance with the anti-corruption policy and the anti-trust policy, AMMEGA makes sure that all employees, business partners and other stakeholders receive print or digital copies of the Code of Conduct. In 2025 all employees completed an e-learning with a mandatory test relating to the Code of Conduct, Ethical Workplace Conduct and Anti-Harassment and Discrimination. Furthermore, employees in positions with relations to external parties also had to complete an e-learning course in anti-bribery. AMMEGA has a global speak up hotline, hosted by a third party, which is promoted to all employees in AMMEGA. All employees have been informed how to report incidents to this hotline and if any incidents are reported it will be managed by the Group.  KPIs & Due Diligence No specific KPIs are measured. AMMERAAL BELTECH MODULAR A/S has no formalized due diligence process related to Anti-corruption. Future effortsAMMERAAL BELTECH MODULAR A/S will continue our efforts within anti-corruption in 2026 as they are deemed satisfactory, so no further initiatives have been planned for 2026. Reporting on data ethics Policies AMMERAAL BELTECH MODULAR A/S take responsibility for the data that we, as a company, collect. Most of our data relates to our employees, business partners, suppliers as well as our customers.  Furthermore, we work on data ethics and data security when using data across the value chain. We do not use data to track movements or consumer preferences of any private individuals, nor do we use machine learning, AI or similar to profile customers, employees or other private individuals. Ammega collects and/or processes Personal Data in accordance with its obligations under applicable data protection legislation. The Responsible Person is accountable for Ammega’s ongoing compliance with Group policies and the law. The Group policy applies to all Personal Data (of employees or business partners) collected or processed by Ammega in any of the countries where Ammega does business. To ensure that processing of Personal Data is lawful, fair and transparent, Ammega’s ICT function maintains a Register of Systems. The Register of Systems is reviewed at least annually, and individuals have the right to access their Personal Data and any such requests made to Ammega are dealt with promptly and in accordance with applicable legislation. Ammega ensures that Personal Data are adequate, relevant and limited to what is necessary in relation to the purposes for which they are processed. To ensure that Personal Data is kept for no longer than necessary, Ammega has an archiving policy for each area in which Personal Data is processed and reviews this process annually. The archiving policy specifies what data should/must be retained, for how long, and why.  Ammega ensures that Personal Data is stored securely using software that is kept up to date. Access to Personal Data is limited to personnel who need access to do their jobs and appropriate security is in place to avoid unauthorized sharing of information and when Personal Data is deleted this is done safely such that the Personal Data is irrecoverable.  Actions & Results No specific actions & results in 2025. The company will continue to conduct training for the employees every year and based on that conduct an evaluation of awareness. No further initiatives have been planned for 2026. KPIs & Due Diligence No specific KPIs are measured. AMMERAAL BELTECH MODULAR A/S has no formalized due diligence process related to Data Ethics.  Future effortsIt is the belief of AMMERAAL BELTECH MODULAR A/S that the current efforts are satisfactory, so no further initiatives have been planned for 2026. 450989000 516736000 -265397000 -279302000 5604000 41227000 77298000 89681000 113898000 188980000 92418000 95017000 26948000 29434000 0 118000 -5468000 64411000 -1823000 0 23000 14428000 24219000 3074000 -31487000 75765000 -6049000 19167000 -25438000 56598000 3990000 5985000 2770000 5168000 1325000 1985000 8085000 13138000 1352000 1605000 106687000 117802000 905000 699000 0 0 24630000 23295000 133574000 143401000 41463000 0 5392000 5392000 46855000 5392000 188514000 161931000 16531000 25114000 74005000 70343000 90536000 95457000 9274000 17256000 100953000 185629000 945000 0 4016000 3084000 4293000 5039000 119481000 211008000 3087000 4865000 213104000 311330000 401618000 473261000 3000000 3000000 143815000 169253000 0 75000000 146815000 247253000 0 5505000 7944000 10706000 7944000 16211000 127000 1980000 46424000 31153000 126634000 75209000 0 24130000 48367000 54079000 246859000 209797000 246859000 209797000 401618000 473261000 DKK '000Sha­re ca­pi­talRe­ser­ve for net re­va­lua­ti­on un­der the equi­ty met­hodRetained earningsProposed dividendTotal Equity at 1 January 20253.0000169.25375.000247.253 Proposed profit allocation, see note 8 -1.823-23.615-25.438 Transactions with ownersDividend paid -75.000-75.000 TransfersAllowed equalization 1.823-1.823 0 Equity at 31 December 20253.0000143.8150146.815 3000000 0 169253000 75000000 -1823000 -23615000 -75000000 1823000 -1823000 3000000 0 143815000 0 1 | Net revenue Segment details (geography) Revenue, Europe362.163374.247 Revenue, USA41.91888.822 Revenue, Latin America19.59419.474 Revenue, Asia26.93734.207 Revenue, Other377-14 450.989516.736 Segment  information  is  provided  on  geographical  markets.  The  segment  information  is  in  line  with  the Group's accounting policies, risks and internal financial management. In  accordance  with  section  96  of  the  Danish  Financial  Statements  Act,  the  distribution  of  revenue  across business segments is not disclosed, as such information may be detrimental to the Group. 2 | Other operating income Gain from a sale and lease back transaction in 2024. The total gain is MDKK 88 million in 2024, of which MDKK 2,5 is recognized as other operating income in 2025 (MDKK 41 in 2024). The remaining amount is recognized as deferred income and will be recognized to the income statement over the next 14 years.    Other operating income furthermore, relates to the re-invoicing of payroll expenses to group companies amounting to MDKK 3 and gain from sales of property, plant and equipment. 3 | Fee to statutory auditor Fee to the auditor appointed at the general meeting has not been disclosed in accordance with section 96 (3) of the Danish Financial Statements Act. Reference is made to the Consolidated Statements of Alpha ABMD Holdco BV. Marconistraat 15, Heerhugowaard, 1704RH, the Netherlands. 20252024 DKK '000DKK '000 4 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees144147 Wages and salaries 79.02581.804 Pensions 11.03311.327 Social security costs 2.3601.886 92.41895.017 Staff costs include remuneration of Company's Executive Board, DKK 1.299 thousand (2024: DKK 1.472 thounsand), pensions, DKK 133 thousand (2024: DKK 153 thousand) and remuneration of the Company's Supervisory Board, DKK 11 thousand (2024: DKK 11 thousand). 144 147 79025000 81804000 11033000 11327000 2360000 1886000 92418000 95017000 5 | Other financial income Interest income from group enterprises 23156 Other interest income 014.272 2314.428 23000 156000 0 14272000 23000 14428000 6 | Other financial expenses Other interest expenses 24.2193.074 24.2193.074 24219000 3074000 24219000 3074000 0 28470000 401000 1176000 -6450000 -10479000 8 | Proposed distribution of profit Proposed dividend for the year 075.000 Allocation to re­ser­ve for net re­va­lua­ti­on un­der the equi­ty met­hod -1.8230 Retained earnings -23.615-18.402 -25.43856.598 0 75000000 -1823000 0 -23615000 -18402000 -25438000 56598000 9 | Intangible assets DKK '000Other intangible assetsSoftwareGoodwill Cost at 1 January 2025 17.95452.1815.947 Transfer 0510 Cost at 31 December 2025 17.95452.2325.947   Amortisation at 1 January 2025 11.96947.0133.962 Amortisation for the year 1.9952.449660 Amortisation at 31 December 2025 13.96449.4624.622 Carrying amount at 31 December 20253.9902.7701.325 17954000 52181000 5947000 0 51000 0 17954000 52232000 5947000 11969000 47013000 3962000 1995000 2449000 660000 13964000 49462000 4622000 3990000 2770000 1325000 10 | Property, plant and equipment DKK '000Land and buildingsProduction plant and machineryOther plant, fixtures and equipment Cost at 1 January 2025 17.300436.65416.167 Transferred 010.171511 Cost at 31 December 2025 17.300446.82516.678   Depreciation and impairment losses at 1 January 2025 15.695318.85215.468 Depreciation for the year 25321.286305 Depreciation and impairment losses at 31 December 2025 15.948340.13815.773 Carrying amount at 31 December 20251.352106.687905 Finance lease assets 2.842 DKK '000Leasehold improvementsProperty, plant and equipment in progress and prepayments for Property, plant and equipment Cost at 1 January 2025 1.39123.295 Transferred 0-10.734 Additions 012.069 Cost at 31 December 2025 1.39124.630   Depreciation and impairment losses at 1 January 2025 1.3910 Depreciation and impairment losses at 31 December 2025 1.3910 Carrying amount at 31 December 2025024.630 17300000 436654000 16167000 0 10171000 511000 17300000 446825000 16678000 15695000 318852000 15468000 253000 21286000 305000 15948000 340138000 15773000 1352000 106687000 905000 2842000 1391000 23295000 0 -10734000 0 12069000 1391000 24630000 1391000 0 1391000 0 0 24630000 11 | Financial non-current assets DKK '000Investments in subsidiariesRent deposit and other receivables Cost at 1 January 2025 05.392 Additions 43.2860 Cost at 31 December 2025 43.2865.392   Profit/loss for the year -8230 Revaluation at 31 December 2025 -8230 Amortisation of goodwill 1.0000 Impairment losses and amortisation of goodwill at 31 December 2025 1.0000 Carrying amount at 31 December 202541.4635.392 GoodwillAmmeraal Beltech Modular A/S  has acquired investments in subsidiary Flexbelt A/S during the financial year. The cost price of the investment in subsidiary amounts to DKK 43.286 thousand, including the expected earn-out there is calculated pending on future sales and DB, for the period ending 31 December 2027. Goodwill from the acquisition during the year amounts to DKK 30.011 thousand. Investments in subsidiaries (DKK '000) Name and domicilEquityProfit/loss for the yearOwnership Flexbelt A/S, Lanciavej 11, 7100 Vejle 12.4523.196100 % 0 5392000 43286000 0 43286000 5392000 -823000 0 -823000 0 1000000 0 1000000 0 41463000 5392000 Ammeraal Beltech Modular A/S  has acquired investments in subsidiary Flexbelt A/S during the financial year. The cost price of the investment in subsidiary amounts to DKK 43.286 thousand, including the expected earn-out there is calculated pending on future sales and DB, for the period ending 31 December 2027. Goodwill from the acquisition during the year amounts to DKK 30.011 thousand. 12 | Receivables from group enterprises Receivables from group enterprises comprise DKK 34.990 thousand regarding cash pool (2024: DKK 76.011 thousand) 13 | Deferred tax assets The deferred tax is related to differences between the carrying amount and tax value of securities, receivables, intangible and tangible fixed assets, including recognised finance lease contracts and tax loss carryforward. Deferred tax assets, beginning of year -5.505-15.984 Deferred tax of the year, income statement 6.45010.479 Deferred tax assets 31 December 2025945-5.505 Deferred tax asset are recognized with the assumption of utilization in the next 1-3 years.   Tax loss carryforward are included in the deferred tax assets as we expect to realize positive taxable income in the next years due to expectations for market and business growth. Deferred tax asset are recognized with the assumption of utilization in the next 1-3 years.   Tax loss carryforward are included in the deferred tax assets as we expect to realize positive taxable income in the next years due to expectations for market and business growth. 14 | Prepayments Prepayments comprise prepaid expenses regarding rent, insurance premiums, subscribtions and interest. 20252024 DKK '000DKK '000 15 | Sha­re ca­pi­talAllocation of Share capital: A-shares, 3 unit in the denomination of 1.000 DKK'0003.0003.000 3.0003.000 16 | Other provision Other provisions 1 January 10.7063.453 Provisions for the year -2.7627.253 7.94410.706 17 | Long-term liabilities 31/12 2025RepaymentDebt outstanding31/12 2024DKK '000total liabilitiesnext yearafter 5 yearstotal liabilities Lease liabilities 12712701.980 12712701.980 0 18 | Debt to group enterprises Debt to group entities comprise DKK 81.131 thousand regarding cash pool (2024: DKK 0 thousand). 19 | Deferred income Deferred income constitutes of a profit on a sale and lease back transaction and deferred revenue. Joint liabilitiesThe Company is jointly and severally liable together with the Parent Company and the other group companies in the joint taxable group for tax on the group’s joint taxable income and for certain possible withholding taxes, such as dividend tax, etc. Tax payable on the Group’s joint taxable income is stated in the annual report of Ammega Holding Denmark ApS, which serves as management Company for the joint taxation. 2025 DKK '000 Lease commitment The Company has entered into operating leases with a remaining term of 14 years and an average yearly lease payments of DKK 11,173 thousand The total lease commitment as of the balance sheet date amount to: 156.427 We have entered into ordinary purchase obligations on purchase of selected raw materials to cover our usage in 2026 21 | Related parties AMMERAAL BELTECH MODULAR A/S' related parties comprise the following transactions:   Receiveables and payables to group entities are disclosed in the balance sheet. Interest income is disclosed in note 5 and interest expense in note 6.   22 | Significant events after the end of the finan­cial year No significant events have occured after the balance sheet date. 23 | Consolidated Financial Statements Ammeraal Beltech Danmark A/S, Hjulmagervej 21, 7100 Vejle. Ammeraal Beltech Danmark A/S holds the majority of the contributed capital in the Company. AMMERAAL BELTECH MODULAR A/S is part of the consolidated financial statements of Ammega Group BV, Marcoistraat 15, Heerhugowaard, 1704RH, and the consolidated financial statements of Alpha ABMD Holdco BV, Marcoistraat 15, Heerhugowaard, 1704RH, which are the smallest and largest groups, respectively, in which the Company is included as a subsidiary. The consolidated financial statements of Ammega Group BV and the consolidated financial statements of Alpha ABMD Holdco BV can be obtained by contacting the companies at the above addresses.   The Annual Report of AMMERAAL BELTECH MODULAR A/S for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish lar­ge-si­ze Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class C.  Regnskabsklasse C, stor virksomhed1trueThe Annual Report is prepared consistently with the accounting principles applied last year. The Annual Report 2025 is presented in DKK thousand.   Regnskabsklasse C, stor virksomhed true Pursuant of secion 112(1) of Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of Ammeraal Beltech Modular A/S and group entities are included in the consolidated financial statements of Alpha ABMD Holdco BV. Marconistraat 15, Heerhugowaard, 1704RH, the Netherlands.   Net revenue Income from the sale of goods is recognised in revenue when delivery and transfer of risk to the buyer have taken place, and the income may be measured reliably and is expected to be received. The date of transfer of the most significant benefits and risks is determined using standard Incoterms @ 2020.   Revenue from the sale of goods where installation is a condition for significant risks being considered to have been transferred to the buyer is recognised as revenue when installation has been completed.   Revenue from the sale of goods where delivery has been postponed at the buyer's request is recognised as revenue when ownership of the goods has been transferred to the buyer.   A contract is broken down by individual transactions when the fair value of the individual sales transactions may be reliably measured, and the individual sales transactions are of separate value to the buyer. Sales transactions are deemed to be of a separate value to the buyer when the transaction is individually identifiable and usually sold individually. The contract price is broken down by the individual sales transactions in accordance with the fair value method. The separate sales transactions are recognised as revenue when complying with the criteria applying to the sale of goods and services.   Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts granted are recognised in revenue. For products with a high degree of customisation, revenue is recognised as production takes place, and accordingly, revenue corresponds to the selling price of the work performed for the year (the percentage of completion method). When total income and costs attributable to the contract or the stage of completion at the balance sheet date cannot be estimated reliably, revenue is recognised only at costs incurred and only to the extent that the recovery thereof is likely. Revenue from the sale of services is recognised on a straight-line basis in the income statement as the services are provided.   Services based on time spent are recognised in revenue as the work is performed.   Cost of sales Change in inventories of finished goods/work in progress include costs relating to raw materials and consumables used in generating the year's revenue.   Other operating income Other operating income comprises items secondary to the activities of the entity, including gains on the disposal of intangible assets as well as property, plant and equipment.   Other external expenses Other external expenses include other production, sales, delivery and administrative costs, including costs of energy, marketing, premises, loss on bad debts,  operating lease expenses, etc.   Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs, etc., to the Company's employees, excluding reimbursements from public authorities.   Other operating expenses Other operating expenses comprise items secondary to the activities of the entity, including losses on the disposal of intangible assets and property, plant and equipment.   Income from investments in subsidiaries The Income Statement of the Parent Company recognises the proportional share of the results of sub­si­dia­ri­es determined according to the Parent Company’s accounting policies and after full elimination of intercompany profits/losses and deduction of amortisation of goodwill. Resulting from purchase price allocation at the date of acquisition, is recognised in the Parent Company’s Income Statement.   Profits from sale are recognized, if the economic rights related to the sold sub­si­dia­ri­es are transferred. However, not before the profit is realised or regarded as realisable. Moreover, realised losses besides impairments are recognised when they are demonstrated.   Financial income and expenses Financial income and expenses comprise interest income and expense, financial costs regarding finance leases, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.   In case of indication of impairment, an impairment test is conducted. Indication of impairment exists if distributed dividend exceeds profit for the year or if the carrying amount of equity investments exceeds the consolidated carrying amounts of the net assets in the subsidiary.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity. The entity and its Danish group entities are taxed on a joint basis. The Danish income tax charge is allocated between  profit-making  and  loss-making  Danish  entities  in  proportion  to  their  taxable  income  (full  allocation method). Jointly taxed companies entitled to a tax refund are, as a minimum, reimbursed by the management company according to the current rates applicable to interest allowances, and jointly taxed companies with insufficient tax  payments,  as  a  maximum,  are  to  pay  a  surcharge  according  to  the  current  rates  applicable  to  interest surcharges to the management company.   Intangible assets Goodwill is amortised on a straight-line basis over the estimated useful life determined on the basis of Management's experience within the individual business areas. The maximum amortisation period is between 5 and 25 years and longest for strategically acquired entities with a strong market position and longterm earnings profile.   Software are measured at cost less accumulated amortisation and impairment losses. Software are amortised on a straight-line basis over 3-5 years.   Other intangible assets are measured at cost less accumulated amortisation and impairment losses. Other intangible assets are amortised on a straight line basis over 10 years.   The accounting item is measured at the lower of the capitalised costs less accumulated amortisation and recoverable amount. Capitalised development costs are amortised on a straight-line basis over the estimated useful life after completion of the development work. The amortisation period is normally 5 years.   Intangible assets are generally written down to the recoverable amount if this is lower than the carrying amount.   Gains and losses on the disposal of intangible assets are stated as the difference between the selling  price  less  selling  costs  and  the  carrying  amount  at  the  date  of  disposal.  Gains  and  losses  are recognised in the income statement as other operating income or other operating costs, respectively.   Property, plant and equipment Land and buildings, production plant and machinery, other plant, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses.   Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.   Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.   The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:   Buildings 10-33 yearsProduction plant and machinery 3-10 yearsOther plant, fixtures and equipment 3-10 yearsLeasehold improvements 10-14 years The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. Fixed assets under construction are recognised and measured at cost at the balance sheet date. Upon entry into service, the cost is transferred to the relevant group of property, plant and equipment. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively.   Lease contracts On initial recognition, leases for non-current assets that transfer substantially all risks and rewards incident to ownership to the Company (finance leases) are recognised in the balance sheet at the lower of fair value and the net present value of future lease payments. When calculating the net present value, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently depreciated as the Company's other fixed assets.   The capitalised lease obligation is recognised in the balance sheet as a liability at amortised cost, allowing the interest element of the lease payment to be recognised in the income statement over the term of the lease.   All other lease contracts are considered to be operating leases. Payments related to operating leases and other rental agreements are recognised in the Income Statement over the contract period. The Company's total liability relating to operating leases and rental agreements is disclosed as contingencies etc.   Financial non-current assets Investments in sub­si­dia­ri­es are measured in the Parent Company Balance Sheet under the equity method, which is regarded as a method of measuring/consolidation.   Investments in sub­si­dia­ri­es are measured in the Balance Sheet at the proportional share of the enterprises’ carrying Equity value, calculated in accordance with the Parent Company’s accounting policies with deduction or addition of unrealised intercompany profits or losses, and with addition of remaining additional values and goodwill calculated according to the acquisition method. Negative goodwill is recognised in the Income Statement upon acquisition of the Equity interest. Where the negative goodwill is related to takeover of contingent liabilities, the negative goodwill is not recognised before the contingent liabilities are settled or cancelled.   Net revaluation of investments in sub­si­dia­ri­es is transferred under equity to reserve for net revaluation under the equity value method to the extent that the carrying amount exceeds the acquisition value.   Profit and loss at disposal of investments in sub­si­dia­ri­es are determined as the difference between the net selling price and the carrying amount of the disposed investment at the time of sale, including non-depreciated excess values and goodwill. Profit and loss are recognised in the Income Statement under income from investments.   Investments in sub­si­dia­ri­es with negative equity value are measured at DKK 0. Any receivables with these companies are written off, to the extent that the receivable is uncollectible from a specifically assessed indication of impairment. To the extent that the Parent Company has a legal or actual obligation to cover a negative balance which exceeds the receivable, the remainder is recognised under provisions for liabilities.   Other receivables are measured at amortised cost which usually corresponds to the nominal amount. The amount is written down to meet expected losses.   Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment, as well as equity investments in subsidiaries, are assessed annually for indications of impairment other than that reflected by amortisation and depreciation. In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Inventories Inventories are measured at cost using the FIFO-principle. If the net realisable amount is lower than cost, the inventories are written down to the lower amount.   The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct payroll cost and other direct and other indirect production costs include indirect mate­rials and payroll and maintenance and depreci­ation of the machines, factory buildings and equipment used in the production process, the cost of factory administration and management and capitalised development costs relating to the products.  The net realisable value of inventories is stated at the expected sales price less direct completion costs and costs incurred to execute the sale and is determined with due regard to marketability, obsolescence and development in expected sales price of the inventories.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Write-off is performed to provide for losses when an objective indication has been assessed to have incurred that a receivable or a portfolio of receivables are impaired. If there is an objective indication that an individual receivable is impaired, the write-off is performed at individual level.   Receivables for which there are no objective indication of impairment at individual level are assessed at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors’ registered office and credit rating in accordance with the Company’s policy for credit risk management. The objective indicators, which are applied for portfolios, are determined based on the historical loss experiences.   Write-off is determined as the difference between the carrying amount of receivables and the present value of the expected cash flows, including realisable value of any received collaterals. The effective interest rate is used as discount rate for the single receivable or portfolio.   Prepayments Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Cash and cash equivalents Cash at bank and in hand comprise cash and bank deposits.   Equity Dividends The expected dividend payment for the year is disclosed as a separate item under equity. Dividends are recognised as a liability at the date of declaration by the annual general meeting.   Other provisions for liabilities Provisions comprise expected expenses relating to guarantee commitments, etc. Provisions are recognised when the Company has a legal or constructive obligation as a result of a past event at the balance sheet date and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.   Provisions are measured at net realisable value or at fair value if the obligation concerned is expected to be settled far into the future.   Tax payable and deferred tax Current  tax  payable  and  receivable  is  recognised  in  the  balance  sheet  as  tax  computed  on  the  taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying  amount  and  the  tax  value  of  assets  and  liabilities  measured  on  the  planned  use  of  the  asset  or settlement  of  the  liability,  respectively.  However,  deferred  tax  is  not  recognised  on  temporary  differences relating to office buildings non-deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within  the foreseeable future; either as  a set-off against tax on  future income or as a  set-off against  deferred  tax  liabilities  in  the  same  legal  tax  entity.  Any  deferred  net  assets  are  measured  at  net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when  the deferred  tax is  expected to  crystallise as  current tax.  Changes in  deferred tax  as a  result of changes in tax rates are recognised in the income statement or equity, respectively.   Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the Income Statement over the loan period.   The amortised cost of current liabilities corresponds usually to the nominal value.   Lease  liabilities  are  measured  at  the  net  present  value  of  the  remaining  lease  payments  including  a guaranteed residual value, if any, based on the interest rate implicit in the lease.   Deferred income Deferred income comprises payments received regarding income in subsequent years.   Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the Income Statement as a financial income or expense. Receivables, payables and other monetary items in foreign currencies that are not settled on the Balance Sheet date are translated at the exchange rate on the Balance Sheet date. The difference between the exchange rate on the Balance Sheet date and the exchange rate at the date when the receivables or payables come into existence recognised in the Income Statement as financial income or expenses. Fixed assets acquired in foreign currencies are translated at the rate of exchange on the transaction date.   Cash Flow Statement   Pursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are included in the cash flow statement in the consolidated financial statements of Alpha ABMD Holdco BV. Marconistraat 15, Heerhugowaard, 1704RH, the Netherlands. Pursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are included in the cash flow statement in the consolidated financial statements of Alpha ABMD Holdco BV. Marconistraat 15, Heerhugowaard, 1704RH, the Netherlands.