19351211 2025-01-01 2025-12-31 19351211 2025-01-01 2025-12-31 1 19351211 2025-01-01 2025-12-31 1 19351211 2025-01-01 2025-12-31 2 19351211 2025-01-01 2025-12-31 3 19351211 2025-01-01 2025-12-31 4 19351211 2025-01-01 2025-12-31 5 19351211 2025-01-01 2025-12-31 1 19351211 2025-01-01 2025-12-31 2 19351211 2024-01-01 2024-12-31 19351211 2025-12-31 19351211 2024-12-31 19351211 2024-12-31 fsa:ContributedCapitalMember 19351211 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 19351211 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 19351211 2024-12-31 fsa:RetainedEarningsMember 19351211 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 19351211 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 19351211 2025-01-01 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 19351211 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 19351211 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 19351211 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 19351211 2025-12-31 fsa:ContributedCapitalMember 19351211 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 19351211 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 19351211 2025-12-31 fsa:RetainedEarningsMember 19351211 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 19351211 2025-01-01 2025-12-31 fsa:ShorttermDeferredIncomeMember iso4217:DKK xbrli:pure Annual report 2026-06-23 Bjarke Brøns The Board of Directors and the Executive Board have today considered and approved the annual report of DESMI PUMPING TECHNOLOGY 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 31.12.2025 and 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 Henrik Sørensen Henrik Oppelstrup Hung Chung Humphrey Lau Bjarke Brøns Jørgen Osvald Mougaard Laursen Martin Overgaard Bro To the shareholders of DESMI PUMPING TECHNOLOGY A/S We have audited the financial statements of DESMI PUMPING TECHNOLOGY A/S for the financial year 01.01.2025 - 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 at 31.12.2025 and 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.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. 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. Aalborg 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 figuresRevenue857,862712,218923,1371,016,796711,045Gross profit/loss189,409129,607127,40448,66376,734Operating profit/loss53,06917,68739,483(19,219)21,783Net financials(4,327)(17,216)65,94766,72355,132Profit/loss for the year127,47853,183102,20254,47372,874Total assets1,035,707874,558826,331964,136820,965Investments in property, ​plant and equipment10,2415,9605256141,807Equity533,223436,158428,325379,738412,818RatiosGross margin (%)22.0818.2013.804.7910.79EBIT margin (%)6.192.484.28(1.89)3.06Net margin (%)14.867.4711.075.3610.25Return on equity (%)26.3012.3025.3013.7517.74Equity ratio (%)51.4849.8751.8339.3950.28*The company have carried out a intra-group merger with DESMI Ocean Guard A/S and Desmi DeServe A/S with effect from 1 January 2025 applying the unit-of-interest method ("book value method") for intra-group mergers. Comparative figures have not been restated in accordance with the accounting practice. Accordingly, the financial​figures for 2021-2024 are not comparable to 2025.Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Gross margin (%) :Gross profit/loss * 100​RevenueEBIT margin (%):Operating profit/loss * 100​RevenueNet margin (%) :Profit/loss for the year * 100​RevenueReturn on equity (%) :Profit/loss for the year * 100​Average equityEquity ratio (%) :Equity * 100​Total assets Primary activitiesThe Company designs, produces, markets and services pumps, environmental equipment and solutions related to these. ​​The company’s activity is divided into the following segments and customer verticals: ​• Marine, pumps and systems for vessels all over the world ​• Industry & Utility, pumps and systems for small to large-scale industry & utility sites ​• Defence, pumps and supporting systems for naval applications ​• Aquaculture, critical flow processes for well-boats and land-based fish farming ​• New Green Solutions, pumps supporting the green transition ​​​The product range, which is complemented by agency products from globally leading manufacturers, is also supplemented by associated services in the form of complete design and installation of pumping systems including automation/controls and aftersales service through the well-developed group network of subsidiaries and service centers.​​The mission of the DESMI Group is to develop leading flow technology products, solutions, and services, tailored to optimize critical processes in core customer applications. Since 1834, DESMI has pioneered the development and optimization of critical flow processes providing our customers the dependable solutions they need to operate with a high degree of product reliability and efficiency. DESMI exist to keep the businesses of our customers and end-users flowing – summarized in our purpose “Make life flow”. Development in activities and financesThe Company carried out an intragroup merger with two sister companies, DESMI Ocean Guard A/S and Desmi DeServe A/S, with effect from 1 January 2025. Numbers for 2025 include the combined activities, whereas comparative figures for 2024 have not been adjusted. The activity from DESMI Ocean Guard A/S contains development and sales of ballast water treatment systems and business related to this area. DESMI Deserve A/S engages in service and aftersales related to DESMI Products or similar products from other manufacturers and related activities.​​The company’s revenue reached DKK 857,9 million in 2025. The company increased revenue and extended its market position in the Marine, Defense, Aquaculture, and New Green Solutions segments. The aftersales business comprising spare parts and aftersales service grew significantly in 2025 as a result of focused Group efforts on further developing and widening offering to customers. ​​In 2025 the company’s Operating Profit amounted to DKK 53,1 million compared to DKK 17,7 million in 2024. The improvement was related to higher sales and with continued investments in development in the organization e.g.​within product development, commercial setup, IT infrastructure and efficiency in processes. ​​The profit in 2025 amounted to DKK 127,5 million compared to DKK 53,2 million in 2024. Profit/loss for the year in relation to expected developmentsFor 2025 expectations were profit of DKK 95-105 million and the result for the year is considered satisfactory. Uncertainty relating to recognition and measurementThe Company's management does not see any significant uncertainties. Unusual circumstances affecting recognition and measurementThe Company has carried out an intragroup merger with two sister companies, DESMI Ocean Guard A/S and Desmi DeServe A/S, with effect from 1 January 2025 applying the unit of interest method ("book value method"). This method does not require restatement of comparative figures. ​​The activity from DESMI Ocean Guard A/S contains development and sales of ballast water treatment systems and business related to this area. DESMI Deserve A/S engages in service and aftersales related to DESMI Products​or similar products from other manufactureres and related activities. On the basis of the merger with DESMI PUMPING TECHNOLOGY A/S, as the continued entity, Management deems to have assembled the aforementioned activities ro continue adding value to clients. ​​Following the merger, the assets and liabilities from the discontinuing entities, is disclosed as "effect from business mergers" throughout the financial statements. No differences between the consideration agreed and the carrying amounts. OutlookThe company has implemented a number of activities to increase sales and improve earnings in 2026 and forward. As a result of this the profit for the year for the Company is expected to be between DKK 125 to 145 million in 2026. Use of financial instrumentsIn connection with the global activities of the Group, exchange rate fluctuations are considered a risk factor. The Group’s currency policy is to hedge commercial exchange rate risks when deemed ​attractive. Forward exchange contracts are the primary method used for exchange rate hedging. ​A major part of the cost of goods sold in the Group relates to metals, primarily copper, and consequently fluctuations in metal cost prices are considered a risk factor in relation to the current order book and quotations. The price development is followed, and ad hoc hedging of this risk is done when considered attractive based on expected future price development. ​​Parts of the Group are dependent on certain key suppliers. To mitigate this risk, the Group develops alternative solutions such as alternative suppliers, alternative components, safety stocks etc. Research and development activitiesThe Group is engaged in a number of development projects, which aims to develop, optimize and extend the existing product range. Especially within the automation and digitization field and the ​products within the New Green Solutions verticals, concepts and solutions are being developed, which supports the strategy and contributes to an increase in long-term competitiveness. Statutory report on corporate social responsibilityThe company is part of the DESMI A/S Group. Reference is made to the group corporate social responsibility report in the annual report for 2025 for the parent DESMI A/S, CVR-no. 34 08 67 96. Statutory report on data ethics policyThe company is part of the DESMI A/S Group. Reference is made to the group corporate social responsibility report in the annual report for 2025 for the parent DESMI A/S, CVR-no. 34 08 67 96. 857862000 712218000 668453000 582611000 189409000 129607000 114637000 95577000 40036000 28466000 18524000 12123000 191000 0 53069000 17687000 91859000 82672000 1934000 1322000 4193000 4183000 8520000 21399000 142535000 84465000 15057000 31282000 127478000 53183000 39313000 6280000 11620000 5873000 50933000 12153000 1414000 2020000 4051000 3118000 11138000 2612000 16603000 7750000 408540000 442051000 12941000 13251000 6130000 5844000 427611000 461146000 495147000 481049000 110684000 127674000 45274000 16767000 27255000 44738000 0 6683000 183213000 195862000 72638000 31032000 29763000 19852000 250673000 131759000 0 4304000 3139000 374000 773000 1855000 356986000 189176000 361000 8471000 540560000 393509000 1035707000 874558000 25799000 25799000 341090000 374924000 39727000 9480000 1607000 -30045000 125000000 56000000 533223000 436158000 3371000 0 3000000 4100000 6371000 4100000 9407000 8888000 16163000 0 54488000 49572000 347873000 308073000 40367000 30267000 20920000 37500000 6895000 0 496113000 434300000 496113000 434300000 1035707000 874558000 25799000 374924000 9480000 955000 56000000 0 0 27977000 19701000 25000000 0 0 0 -31000000 0 0 81000000 0 25968000 0 0 -27000 26000 0 3878000 0 0 -105510000 105510000 0 2270000 -2270000 93793000 -91315000 125000000 25799000 341090000 39727000 1607000 125000000 467158000 72678000 -31000000 81000000 25968000 -1000 3878000 0 0 127478000 533223000 The company have carried out a intra-group merger with DESMI Ocean Guard A/S and Desmi DeServe A/S with effect from 1 January 2025.​​Correction of material errors are disclosed under accounting policies. 1 Revenue2025​DKK'0002024​DKK'000Denmark150,079270,463Norway125,32540,896Other counries582,458400,859Total revenue by geographical market857,862712,218Products670,586563,417Spare parts146,641121,095Service40,63527,706Total revenue by activity 857,862712,218 2 Fees to the auditor appointed by the Annual General MeetingWith reference to section 96(3), the fee to the auditor appointed by the Annual General Meeting has not been disclosed. The fee is included in the consolidated financial statements of Flow Danish Topco ApS. 3 Staff costs2025​DKK'0002024​DKK'000Wages and salaries154,237141,191Pension costs10,3586,500Other social security costs8,2591,400172,854149,091Average number of full-time employees296248With reference to section 98b(3) no. 1 of the Danish Financial Statements Act, the Company has not dislcosed remuneration of the Executive Board and Board of Directors for 2024 and 2025. The members of the Board of Directors do not receive any remuneration in their capacity as board members.​ 296 248 4 Depreciation, amortisation and impairment losses2025​DKK'0002024​DKK'000Amortisation of intangible assets8,4652,319Depreciation of property, plant and equipment1,3881,0009,8533,319 5 Other financial income2025​DKK'0002024​DKK'000Financial income from group enterprises0206Exchange rate adjustments8210Other financial income3,3723,9774,1934,183 6 Other financial expenses2025​DKK'0002024​DKK'000Financial expenses from group enterprises0570Other financial expenses8,52020,8298,52021,399 7 Tax on profit/loss for the year2025​DKK'0002024​DKK'000Current tax11,48431,098Change in deferred tax(451)(251)Adjustment concerning previous years4,02443515,05731,282 8 Proposed distribution of profit and loss2025​DKK'0002024​DKK'000Ordinary dividend for the financial year125,00056,000Retained earnings2,478(2,817)127,47853,183 125000000 56000000 2478000 -2817000 127478000 53183000 9 Intangible assetsCompleted development projects​DKK'000Development projects in progress​DKK'000Cost beginning of year28,2325,873Addition through business combinations etc83,7142,847Transfers3,598(3,598)Additions3,1906,498Disposals(258)0Cost end of year118,47611,620Amortisation and impairment losses beginning of year(21,952)0Addition through business combinations etc(48,746)0Amortisation for the year(8,465)0Amortisation and impairment losses end of year(79,163)0Carrying amount end of year39,31311,620 10 Development projectsAs mentioned in the managements review, the company's primary activitiy is to develop, optimize and extend the​existing product range. The company is working continuously and intensively on completing deelopment projects​in progress and on new development projects as well as on the marketing production thereof. ​​Management is of the opinion that there continues to be a lucrative market for the sale of the company's equipment, and it is the management's continued intention to support the development projects by allocating the necessary resources for completing the development of the projects as well as for production, marketing and sales etc. On this basis, management is of the opinion that the value of the development projects still exists at the​balance sheet date. 11 Property, plant and equipmentPlant and machinery​DKK'000Other fixtures and fittings, tools and equipment​DKK'000Property, plant and equipment in progress​DKK'000Cost beginning of year22,29819,0122,612Additions321,6838,526Cost end of year22,33020,69511,138Depreciation and impairment losses beginning of year(20,278)(15,894)0Depreciation for the year(638)(750)0Depreciation and impairment losses end of year(20,916)(16,644)0Carrying amount end of year1,4144,05111,138 12 Financial assetsInvestments in group enterprises​DKK'000Investments in associates​DKK'000Deposits​DKK'000Cost beginning of year73,1727,2065,844Additions00286Cost end of year73,1727,2066,130Revaluations beginning of year368,8796,0450Exchange rate adjustments(23,744)(2,243)0Adjustments on equity3,884(1)0Share of profit/loss for the year86,2991,6770Adjustment of intra-group profits5,5602570Dividend(105,510)00Revaluations end of year335,3685,7350Carrying amount end of year408,54012,9416,130Investments in subsidiariesRegistered inCorporate formEquity​interest​%DESMI Ltd.Newcastle, EnglandLtd.100.00DESMI GmbHHamburg, GermanyGmbH100.00DESMI B.VUtrecht, NetherlandsB.V100.00DESMI sp Z.o.oWarszawa, PolandSp. Z.o.o100.00DESMI NORGE ASKristiansand, NorwayAS100.00DESMI SarlVoisins-le-bretonneux, FranzeSarl100.00DESMI China Holding A/SAalborg, DenmarkA/S100.00DESMI Pumping Technology (Suzhou) Co. Ltd.Suzhou, ChinaCo. Ltd.100.00DESMI Pumping Technology (Xuancheng) Co. Ltd.Xuancheng, ChinaCo. Ltd.100.00DESMI PTS Hong Kong Limited Wanchai, Hong KongLimited100.00DESMI Singapore Pte. Ltd.SingaporeLtd.100.00DESMI Inc.Chesapeake, USAInc.100.00DESMI Danmark A/SAalborg, DenmarkA/S100.00DESMI Canada Inc.Quebec, CanadaInc.100.00Investments in associatesRegistered inCorporate ​formEquity​​interest ​​%DESMI India LLPHyderabad, IndiaLLP25.00With reference to the Danish Financial Statements Act section 97a(3,3), information regarding equity and result for the year is not disclosed. 13 Contract work in progress2025​DKK'0002024​DKK'000Contract work in progress29,76325,169Progress billings regarding contract work in progress0(5,317)29,76319,852 14 Deferred tax​​Changes during the year2025​DKK'0002024​DKK'000Beginning of year4,3044,053Recognised in the income statement3,354251Deferred tax arising from merger(8,127)0Deferred tax regarding prior year3,8400End of year3,3714,304Deferred tax relates to intangible assets, property, plant and equipment, inventories and other provisions. 15 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. 16 Contributed capitalNumberNominal​value​DKK'000Share Capital25,799,37525,79925,799,37525,799 17 Other provisionsWarranty commitments comprise the obligation to repair defective work within the warranty period of 1-5 years. 18 Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. 19 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK'0002024​DKK'000Liabilities under rental or lease agreements until maturity in total24,90126,490Besides the above rental or lease commitments, the company has, as of the balance sheet date, entered into the following significant unrecognised commitments to be settled after the balance sheet date:Other unrecognised commitments2025​DKK'0002024​DKK'000Purchase orders from external parties 74,56450,827Purchase orders from group enterprises77,62071,190 20 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Flow Danish TopCo ApS serves 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.​​The Company has placed a recourse guarantee commitment for DESMI Sarl's debt to credit institutions​​As an international Group there is a risk related to transfer pricing adjustments. Management is of the opinion that this risk is not material and consequently no provisions are recognized in this respect. 21 Assets charged and collateralThe company have provided pledged collateral (suretyship) for revolving credit facilities under a joint maximum limit for the Group. ​​The Company has pledged nom. GBP 150.000 capital in DESMI Ltd.​​The Company has pledged nom. NOK 2.000.000 capital in DESMI Norge AS. 22 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. 23 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 A/S, Nørresundby Copies of the consolidated financial statements of Flow Danish TopCo ApS may be ordered at the following address:​Tagholm 1, 9400 Nørresundby This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act ​governing reporting class C enterprises (large). Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. Non-comparabilityThe company has carried out an intra-group merger with DESMI Ocean Guard A/S and Desmi DeServe A/S with effect from 1 January 2025 applying the unit-of-interest method ("book value method") for intra-group mergers. Comparative figures have not been restated in accordance with the accounting practice. Accordingly, the financial ​figures for 2021-2024 are not comparable to 2025. Material errors in previous yearsBy reference to section 54 of the Danish Financial Statements Act an error has been corrected, since the effect of a transfer pricing settlement related to the income years 2018-20 was not reflected in the financial statements for​2024. ​​The comparative figures for 2024 have been adjusted as follows: ​- Tax on profit for the year is reduced from DKK -282k to DKK -31,282k ​- Profit for the year is reduced from DKK 84,183k to DKK 53,183k ​- Income tax receivable is reduced from DKK 733k to DKK 0k ​- Income tax payable is increased from DKK 0k to DKK 30,267k ​- Equity is reduced from DKK 467,158k to DKK 436,158k 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. Business combinationsThe uniting-of-interests method is applied on mergers, where the enterprises concerned are controlled by the same Parent, under which method the combination is considered completed at the date of acquisition without restatement of comparative figures. Under the uniting-of-interests method, the acquiree’s assets and liabilities are recognised at their carrying amounts, adjusted for any differences in accounting policies and accounting estimates. The difference between the consideration agreed and the carrying amount of the acquiree is recognised in equity. GrantsGrants are recognised when a final commitment has been received from the grantor and it is probable that the conditions of the grant will be fulfilled. Grants are recognised as income in the income statement as earned. Grants awarded for acquisition of assets are recognised as deferred income in the balance sheet, which is taken to income on a straight-line basis over the useful life of the asset. 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 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). Production costsProduction costs comprise expenses incurred to earn revenue for the financial year. Production costs comprise direct and indirect costs for raw materials and consumables, wages and salaries, rent and lease, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment included in the production process. In addition, the item includes normal write-down of inventories. 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 operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s primary activities, including loss from the sale of intangible assets and property, plant and equipment. Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual ​enterprises’ profit/loss after full elimination of intra-group profits or losses.Income from investments in associatesIncome from investments in associates comprises the pro rata share of the individual associates’ profit/loss after pro rata elimination of intra-group profits or losses. Other financial incomeOther financial income comprises 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.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Intellectual property rights etcIntellectual property rights etc comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate ​of utilisation, adequate resources and a potential future market or development opportunity in the enterprise ​can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income ​statement as incurred. When recognising development projects as intangible assets, an amount equalling ​the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced ​as the development projects are amortised and written down.​​ ​​The cost of development projects comprises costs such as salaries and amortisation that are directly and ​indirectly attributable to the development projects.​​​​Completed development projects are amortised on a straight-line basis using their estimated useful lives ​which are determined based on a specific assessment of each development project. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 10 years. ​ ​Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentProperty, 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. ​​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 machinery12Other fixtures and fittings, tools and equipment5Estimated 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. Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus unamortised goodwill and plus or minus unrealised intra-group profits or losses. ​​Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises ​are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation will involve a loss, a provision is recognised that is measured at present value of the costs necessary to settle the obligations at the balance sheet date.​​Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to the reserve for net revaluation according to the equity method in equity.​​Goodwill is the positive difference between cost of investments and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. Investments in associatesInvestments in associates are recognised and measured according to the equity method. This ​means that investments are measured at the pro rata share of the associates’ equity value.​​With respect to "equity method", refer to the accounting policy as mentioned above for investments in group enterprises.Investments in associates fall within the definitions of both participating interests and associates, yet in the financial statements they have been presented as investments in associates because this designation reflects more accurately the Company’s involvement in the relevant entities. 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. However, costs which arise directly from securing contracts and which are expected to be recovered, are recognised over the term of the contract. 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. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises cash in hand and bank deposits. 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. Other provisionsOther provisions comprise anticipated costs of warranty commitments, loss on contract work in progress, decided and published restructuring, etc. ​​Other provisions are recognised and measured as the best estimate of the expenses required to settle the ​liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the ​balance sheet date are measured at their discounted value.​​Warranty commitments comprise the obligation to repair defective work within the warranty period of 1-5 years. ​​Once it is probable that total costs will exceed total income from a contract in progress, provision is made ​for the total loss estimated to result from the relevant contract. 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. Tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax. 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 Flow Danish TopCo ApS, Nørresundby. Grundlag for konklusion Konklusion 2026-06-23 2026-06-23 Regnskabsklasse C, stor virksomhed 2024-01-01 2024-12-31 Aalborg 9000 26, 4. sal Østre Havnepromenade Aalborg Nørresundby 9400 Revisionspåtegning 2025-12-31 2025-01-01 1 Tagholm DESMI PUMPING TECHNOLOGY A/S 19351211 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab