19256707 2025-01-01 2025-12-31 19256707 2025-01-01 2025-12-31 1 19256707 2025-01-01 2025-12-31 1 19256707 2025-01-01 2025-12-31 2 19256707 2025-01-01 2025-12-31 3 19256707 2025-01-01 2025-12-31 1 19256707 2025-01-01 2025-12-31 2 19256707 2024-01-01 2024-12-31 19256707 2025-12-31 19256707 2024-12-31 19256707 2024-12-31 fsa:ContributedCapitalMember 19256707 2024-12-31 fsa:RetainedEarningsMember 19256707 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 19256707 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 19256707 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 19256707 2025-12-31 fsa:ContributedCapitalMember 19256707 2025-12-31 fsa:RetainedEarningsMember 19256707 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 19256707 2025-01-01 2025-12-31 fsa:ShorttermDeferredIncomeMember iso4217:DKK xbrli:pure Annual report 2026-06-25 Hans Henrik Ebbensgaard The Board of Directors and the Executive Board have today considered and approved the annual report of Init Denmark 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. Soeborg Hans Henrik Ebbensgaard Knut Akselvoll chair Christoffer Arthur Müller Hans Henrik Ebbensgaard To the shareholders of Init Denmark A/S We have audited the financial statements of Init Denmark 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. Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Hans Tauby State Authorised Public Accountant mne44339 Marcus Rathje State Authorised Public Accountant mne51483 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002021/22​DKK'0002020/21​DKK'000Key figuresRevenue547,594457,183227,545149,160100,744Gross profit/loss365,019315,977155,099149,160100,744Operating profit/loss26,60520,39732,81544,91933,625Net financials(1,707)(12,052)(14,424)(700)(116)Profit/loss for the year13,617(6,922)11,28234,43026,130Total assets427,556410,822425,716283,25867,793Investments in property, ​plant and equipment3,97811,0925,8942,477211Equity316,440281,973186,90668,56133,996Average number of employees37734715611895RatiosGross margin (%)66.6669.1168.16100.00100.00EBIT margin (%)4.864.4614.4230.1133.38Net margin (%)2.49(1.51)4.9623.0825.94Return on equity (%)4.55(2.95)8.8367.1488.72Equity ratio (%)74.0168.6443.9024.2050.15The period 2023-2025 comprises 01.01 - 31.12, while 2021/22 comrpises the period 01.10.2021 - 31.12.2022 (14 months) and 2020/21 comprises 01.10 - 30.09. ​​For 2025, 2024 and 2023 the numbers are affected by mergers, why the numbers cannot be compared.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's activities consist of operating an engineering business. The company specialises in automation for businesses within the fields of environment & energy, pharmaceuticals, food & beverage, and industry. Development in activities and financesThe income statement for 2025 shows a profit after tax of DKK 13,617k compared to a loss of DKK 6,922k for the year 2024. The improvement is driven by the mergers in this year and previous years together with synergies harvested from the M&A activity. ​​Merger of businesses ​With effect from January 1, 2025, the former group related company Init 3Tech A/S were merged into Init Denmark A/S, with Init Denmark A/S as the ongoing legal entity. The financial figures of 2025 reflect the merged entities combined, while the comparison figures for 2024 only reflect the figures of Init Denmark A/S. Profit/loss for the year in relation to expected developmentsThe outlook in 2024 was a positive EBITDA in the range of DKK 70-80 million for 2025. The Company realized a positive EBITDA of DKK 69.4, which is within an acceptable level of the estimated range. OutlookThe Company expects a positive EBITDA in the range of DKK XX-XX million for the coming year. #INCLUDE REVENUE. Use of financial instrumentsInterest Rate Risks ​ The company has a large proportion of variable interest rate liabilities and is therefore exposed to interest rate risk. With SEB, the company has entered into an interest rate cap agreement, which means that the interest rate on a significant portion of the bank debt is fixed within a narrow range until Q1 2027. Research and development activitiesIt is crucial for the company to attract, develop, and retain high-quality employees with a corresponding high level​of competence. The realisation of the group's goals to ensure quality, knowledge, and know-how at every employee level will be facilitated through recruitment procedures and continuous development of existing employees and their skills. During the year, a significant number of experienced and highly qualified employees have been added to the group. This initiative has strengthened the group's knowledge and competence base. Statutory report on corporate social responsibilityWe refer to statutory report on corporate social responsibility, which is included in the consolidated annual report​of Init Group A/S. Statutory report on data ethics policyWe refer to statutory report on data ethics policy, which is included in the consolidated annual report ​of Init Group A/S. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 547594000 457183000 0 -1701000 4020000 3716000 129317000 95887000 57278000 50736000 365019000 315977000 295652000 258925000 42762000 36400000 0 255000 26605000 20397000 -728000 -8601000 2138000 555000 3845000 12607000 24170000 -256000 10553000 6666000 13617000 -6922000 2826000 3597000 9781000 12714000 187786000 193248000 200393000 209559000 3987000 4616000 2246000 2949000 6233000 7565000 32000 36523000 3326000 2982000 2616000 3476000 5974000 42981000 212600000 260105000 6970000 11364000 6970000 11364000 110658000 94228000 35509000 23764000 55579000 7705000 0 558000 77000 0 3364000 4683000 205187000 130938000 2799000 8415000 214956000 150717000 427556000 410822000 1000000 1000000 297440000 265973000 18000000 15000000 316440000 281973000 5372000 1505000 5372000 1505000 0 34134000 7069000 6892000 7069000 41026000 0 2506000 231000 454000 22838000 22414000 19312000 17607000 18792000 3538000 0 1000 6575000 15947000 30927000 23362000 0 489000 98675000 86318000 105744000 127344000 427556000 410822000 1000000 265973000 15000000 281973000 0 15000000 15000000 35850000 35850000 -4383000 18000000 13617000 1000000 297440000 18000000 316440000 1 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 2 Revenue2025​DKK'0002024​DKK'000Denmark501,937429,168Rest45,65728,015Total revenue by geographical market547,594457,183Aqua & Agriculture 66,78641,580Buildings 11,38821,115Energy 45,64340,329Food & Beverage 59,18942,093Infrastructure 10,69811,563Life Science 115,994101,124Manufacturing 111,12084,817Marine & Offshore37,87119,200Utility 88,90595,362Total revenue by activity 547,594457,183 3 Fees to the auditor appointed by the Annual General Meeting2025​DKK'0002024​DKK'000Statutory audit services276240Tax services1615Other services2220314275 4 Staff costs2025​DKK'0002024​DKK'000Wages and salaries258,938229,974Pension costs32,27226,124Other social security costs4,4422,827295,652258,925Average number of full-time employees377347In accordance with section 98b, subsection 3, number 2 of the Danish Financial Statements Act, the management remuneration is not disclosed. 377 347 5 Depreciation, amortisation and impairment losses2025​DKK'0002024​DKK'000Amortisation of intangible assets38,27232,621Depreciation of property, plant and equipment4,4903,77942,76236,400 6 Other financial income2025​DKK'0002024​DKK'000Financial income from group enterprises2,138245Other interest income0138Exchange rate adjustments01722,138555 7 Other financial expenses2025​DKK'0002024​DKK'000Financial expenses from group enterprises0187Other interest expenses3,09911,884Exchange rate adjustments2190Other financial expenses5275363,84512,607 8 Tax on profit/loss for the year2025​DKK'0002024​DKK'000Current tax6,57515,947Change in deferred tax3,899(9,228)Adjustment concerning previous years79(53)10,5536,666 9 Proposed distribution of profit and loss2025​DKK'0002024​DKK'000Ordinary dividend for the financial year18,00015,000Retained earnings(4,383)(21,922)13,617(6,922) 18000000 15000000 -4383000 -21922000 13617000 -6922000 10 Intangible assetsCompleted development projects​DKK'000Acquired licences​DKK'000Goodwill​DKK'000Cost beginning of year3,85417,308261,961Addition through business combinations etc0033,487Additions02,8390Cost end of year3,85420,147295,448Amortisation and impairment losses beginning of year(257)(4,594)(68,713)Addition through business combinations etc00(7,220)Amortisation for the year(771)(5,772)(31,729)Amortisation and impairment losses end of year(1,028)(10,366)(107,662)Carrying amount end of year2,8269,781187,786 11 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKK'000Leasehold improvements​DKK'000Cost beginning of year14,1237,226Addition through business combinations etc90052Additions1,9841,042Cost end of year17,0078,320Depreciation and impairment losses beginning of year(9,507)(4,277)Addition through business combinations etc(770)(50)Depreciation for the year(2,743)(1,747)Depreciation and impairment losses end of year(13,020)(6,074)Carrying amount end of year3,9872,246 12 Financial assetsInvestments in group enterprises​DKK'000Deposits​DKK'000Other receivables​DKK'000Cost beginning of year49,3512,9823,476Addition through business combinations etc01890Disposals on divestments etc (49,351)00Additions202174110Disposals0(19)(970)Cost end of year2023,3262,616Impairment losses beginning of year(12,828)00Disposals on divestments etc 13,38600Share of profit/loss for the year(728)00Impairment losses end of year(170)00Carrying amount end of year323,3262,616Additions through business combinations etc. and disposals on divestments etc. relates to changes due to the merger of Init Denmark A/S and one subsidiary. Investments in subsidiariesRegistered inCorporate formEquity​interest​%AN Group Balkan DOOSerbiaDOO100.00 13 PrepaymentsThe accounting item consists of prepaid expenses related to 2025. 14 Contributed capitalNumberPar value​DKK'000Share capital1,0001,0001,000 15 Deferred tax​​Changes during the year2025​DKK'0002024​DKK'000Beginning of year1,5058,264Recognised in the income statement3,899(9,228)Effect from merger(32)2,469End of year5,3721,505Deferred tax relates to intangible assets, property, plant and equipment, and leasehold improvements. 16 Non-current liabilities other than provisionsDue after more than 12 months​2025​DKK'000Outstanding after 5 years​2025​DKK'000Holiday pay obligation7,0697,0697,0697,069 17 Deferred incomeThe accounting item consists of prepayments from customers. 18 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK'0002024​DKK'000Liabilities under rental or lease agreements until maturity in total7,6466,674 19 Contingent liabilities2025​DKK'0002024​DKK'000Recourse and non-recourse guarantee commitments4,1375,680Contingent liabilities 4,1375,680Guarantee obligations ​The company has provided the following guarantees to third parties through its financial institution:​Payment guarantees of DKK 1,433 thousand, of which DKK 197 thousand is to the landlord. ​​Work guarantees of DKK 2,704 thousand.The Entity participates in a Danish joint taxation arrangement where AX VI INV6 Holding III 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. 20 Assets charged and collateralThe company has not pledged any assets or provided any other security. 21 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. This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act ​governing reporting class C enterprises (large). Adjustments in comparative figures The Entity has adjusted its comparison figures with regard to proposed dividend beginning of year under equity.​​​​ ​​​The adjustment has led to a decrease in equity and receivables from group enterprises of DKK 10,000 thousand as of 31.12.2024.​​​ ​​​Apart from the areas mentioned above, the annual report has been presented applying the accounting policies ​​consistent with last year. Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. Merger of businessesWith effect from January 1, 2025, the former group related company Init 3Tech A/S was merged into Init Denmark​A/S, with Init Denmark A/S as the ongoing legal entity. The financial figures of 2025 reflect the merged entities combined, while the comparison figures for 2024 only reflect the figures of Init Denmark A/S. 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 combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time ​of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income ​statement up to the time of their divestment or winding-up. ​​The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and ​liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the ​enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets ​and liabilities taken over are recognised in intangible assets, and they are amortised systematically over ​the income statement based on an individual assessment of their useful lives. If the useful life cannot be ​estimated reliably, it is fixed at 10 years. Useful life is reassessed annually. Negative balances (negative ​goodwill) are recognised as income in the income statement.The uniting-of-interests method is applied on acquisition of enterprises, mergers, demergers, contributions ​of assets and exchanges of shares, etc where the enterprises concerned are controlled by the Parent. 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. The difference between the consideration agreed and the carrying amount of the acquiree is recognised in equity. The comparative figures are restated. RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement ​when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Contract work in progress is included in revenue based on the stage of completion so that revenue corresponds to the selling price of the work performed in the financial year (the percentage-of-completion method). Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in ​cost for proprietary intangible assets and property, plant and equipment. 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. Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns. Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible ​assets comprise depreciation, amortisation and impairment losses for the financial year. 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. Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including ​interest income on receivables from group enterprises, net capital or exchange gains on securities, payables ​and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish ​Tax Prepayment Scheme etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, ​amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.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). GoodwillGoodwill is the positive difference between cost 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. For one amount of goodwill, it has not been possible to estimate useful life reliably, for which reason such useful life has been set at 10 years. For other amounts of goodwill, useful life has been determined based on an assessment of whether the enterprises are strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be separated and recognised as separate assets. Useful lives are reassessed annually.​ ​Goodwill is written down to the lower of recoverable amount and carrying amount.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. If the useful life cannot ​be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised on a straight-line basis over their remaining duration, and licences are amortised over the term of the agreement.​​Acquired intellectual property rights 3-5 years ​ ​Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are ​measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. For self-constructed assets, cost comprises direct and indirect costs of materials, components, subsuppliers and labour costs. For assets held under finance leases, cost is the lower of the asset’s fair value and present value of future lease payments.​​Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible assets and depreciation of property, plant and equipment used in the development process are recognised in cost based on time spent on each asset.​​Interest expenses on loans for the financing of the manufacture of property, plant and equipment are included in​cost if they relate to the manufacturing period. All other finance costs are recognised in the income statement. ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment2Leasehold improvements3For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed ​the contract period. ​​Estimated useful lives and residual values are reassessed annually. ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. 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. Refer to the above section on business combinations for more details about the accounting policies used on acquisitions of investments in group enterprises.​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. For one amount of goodwill, it has not been possible to estimate useful life reliably, for which reason such useful life has been set at 10 years. For other amounts of goodwill, useful life has been determined based on an assessment of whether the enterprises are strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be separated and recognised as separate assets. Useful lives are reassessed annually. The amortisation periods used are 7 years. ​Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​doubtful debts. 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. 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. Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax.Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the ​balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for ​prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are ​expected to be used under the joint taxation arrangement. 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. Extraordinary dividend adopted in the financial ​year is recognised directly in equity when distributed and disclosed as a separate item in Management's ​proposal for distribution of profit/loss. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income. ​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.​​Deferred tax relating to retaxation of previously deducted losses in foreign subsidiaries is recognised on the ​basis of an actual assessment of the purpose of each subsidiary. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the ​goods agreed or completion of the service agreed. 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 Init Group ApS, Business Reg. No. 42896136. Grundlag for konklusion Konklusion 2026-06-25 2026-06-25 Regnskabsklasse C, stor virksomhed 2024-01-01 2024-12-31 København S 2300 6 Weidekampsgade Gladsaxe Søborg 2860 Revisionspåtegning 2025-12-31 2025-01-01 3382 Gladsaxevej Init Denmark A/S 19256707 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab