38896636 2025-01-01 2025-12-31 c:RetainedEarningsMember 38896636 2025-01-01 2025-12-31 c:SharePremiumMember 38896636 2025-01-01 2025-12-31 38896636 2025-01-01 2025-12-31 1 38896636 2025-01-01 2025-12-31 1 38896636 2025-01-01 2025-12-31 2 38896636 2025-01-01 2025-12-31 3 38896636 2025-01-01 2025-12-31 4 38896636 2025-01-01 2025-12-31 1 38896636 2024-01-01 2024-12-31 38896636 2025-12-31 38896636 2024-12-31 38896636 2025-01-01 c:ContributedCapitalMember 38896636 2025-01-01 c:SharePremiumMember 38896636 2025-01-01 c:ReserveForDevelopmentExpenditureMember 38896636 2025-01-01 c:RetainedEarningsMember 38896636 2025-01-01 2025-12-31 c:ContributedCapitalMember 38896636 2025-01-01 2025-12-31 c:ReserveForDevelopmentExpenditureMember 38896636 2025-12-31 c:ContributedCapitalMember 38896636 2025-12-31 c:SharePremiumMember 38896636 2025-12-31 c:ReserveForDevelopmentExpenditureMember 38896636 2025-12-31 c:RetainedEarningsMember 38896636 2025-01-01 c:CompletedDevelopmentProjectsMember 38896636 2025-01-01 c:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38896636 2025-01-01 2025-12-31 c:CompletedDevelopmentProjectsMember 38896636 2025-01-01 2025-12-31 c:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38896636 2025-12-31 c:CompletedDevelopmentProjectsMember 38896636 2025-12-31 c:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38896636 2025-01-01 c:OtherReceivablesMember 38896636 2025-12-31 c:OtherReceivablesMember iso4217:DKK xbrli:pure 0 0 true BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal DK-2450 Copenhagen SV 45719375 2026-06-29 Claus Lind Hansen Årsrapport O2matic ApS Nørrelundvej 10 2730 Herlev Den uafhængige revisors erklæring 38896636 2017-08-29 Herlev 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal 2450 Copenhagen SV Arbejdernes Landsbank Banegårdsvej 9 2600 Glostrup Today the Board of Directors and Executive Board have discussed and approved the Annual Report of O2matic ApS 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. Herlev 2026-06-29 Marie-Louise Little Jacob Kildegaard Larsen Chairman Farzad Saber Vice-chairman Ejvind Frausing Hansen Gishok Govinthasamy To the Shareholder of O2matic ApS Konklusion We ha­ve au­di­ted the Fi­nan­ci­al Sta­te­ments of O2matic ApS for the fi­nan­ci­al year 1 January - 31 December 2025, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty, no­tes and 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 assets, liabilities and financial position of the Com­pa­ny 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 (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements 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 Material uncertainty relating to Going ConcernWe draw attention to note 1 to the financial statements, which describes matters that indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. As stated in the note, the Company is dependent on additional financing through a planned capital raise, which has not yet been finalized, and the outcome is subject to material uncertainty. These conditions indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.   Emphasis of matter We draw attention to note 2 to the financial statements, which describes a material uncertainty related to the valuation of the Company’s intangible assets. The recognition and measurement of these intangible assets involve significant uncertainty, as the impairment test performed is based on assumptions regarding future market penetration in new markets and projected earnings. Our opinion is not modified in respect of this matter.   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 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 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 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 judgment and maintain professional skepticism 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 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.   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 Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the Fi­nan­ci­al Sta­te­ments does not cover 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 Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment 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 Ma­na­ge­ment Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that Ma­na­ge­ment Com­men­ta­ry is in accordance with the Fi­nan­ci­al Sta­te­ments and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of Ma­na­ge­ment Com­men­ta­ry.   Copenhagen 2026-06-29 BDO Statsautoriseret Revisionspartnerselskab 45719375 Mads Juul Hansen Den uafhængige revisors erklæring State Authorised Public Accountant mne44386 Principal activities The company’s principal activities comprise the development, production, and sale of medical devices, software, and related services.   Development in activities and financial and economic position O2matic ApS provides automated oxygen therapy to patients requiring supplemental oxygen, both within the hospital segment and for citizens requiring oxygen therapy at home. The markets are still maturing, and we continue to experience increasing awareness of proper oxygen saturation levels, recognizing not only that excessive oxygen can also be harmful, but also the importance of oxygen for patients’ health and healing processes. The year 2025 has been with an increased focus also on the use of our existing hospital product in new markets. These efforts are financially and clinically supported by Department of Defence, United States, as well as participation in Defence Tech Denmark for Dual Use purpose.  The company is fundraising to grow and strengthen its commercial efforts in key countries and market approval for the United States (FDA).  The result for the year meets the budget for 2025 and is considered satisfactory. Management draws attention to the fact that, as of the balance sheet date, the Company’s liquidity position requires additional capital to maintain the planned activities and strategic objectives. The Company is dependent on the successful completion of the ongoing capital increase, which is expected to take place during the third quarter of 2026. Currently, no binding commitments have been obtained, which creates a material uncertainty about the Company’s ability to continue as a going concern. Management has prepared detailed budgets and contingency plans to address the situation, including potential cost adjustments in the absence of new capital, and continues to consider it realistic to secure the necessary financing.   Significant events after the end of the financial year No events have occurred after the end of the financial year that are of material importance to the company’s financial position.   -928911 1512000 8610265 7636000 1541703 1391000 -11080879 -7515000 601908 70000 24817 1532000 -10503788 -8977000 0 -708000 -10503788 -8269000 -10503788 -8269000 -10503788 -8269000 10066185 11365000 8178985 7838000 18245170 19203000 69043 69000 69043 69000 18314213 19272000 652005 952000 2334668 422000 2986673 1374000 274113 438000 386700 224000 0 734000 660813 1396000 10201558 3768000 13849044 6538000 32163257 25810000 610675 246000 14231233 14978000 8912248 -19558000 23754156 -4334000 0 22483000 410296 396000 410296 22879000 1282988 297000 6153026 6674000 7998805 7265000 8409101 30144000 32163257 25810000 DKKSha­re ca­pi­talShare premium accountReserve for development costsRetained profitTotal Equity at 1 January 2025245,530014,978,288-19,558,078-4,334,260 Proposed profit allocation -10,503,788-10,503,788 Transactions with ownersCapital increase365,14538,802,971 39,168,116Cost of capital increase -575,912-575,912 Other legal bindingsCapitalized development costs 583,939-583,9390 TransfersRetained premium -38,802,971 38,802,9710Depreciations -1,541,7021,541,7020 Tax on changes in equity 210,708-210,7080 Equity at 31 December 2025610,675014,231,2338,912,24823,754,156 245530 0 14978288 -19558078 -10503788 365145 38802971 -575912 583939 -583939 -38802971 38802971 -1541702 1541702 210708 -210708 610675 0 14231233 8912248 1 | Going concern assumptions The financial statements have been prepared on the basis of the going concern assumption. As at 31 December 2025, the Company has limited liquidity and is dependent on the successful completion of a planned capital increase to continue operations and execute its strategic growth plan. While negotiations and a due diligence process with potential investors are ongoing, no binding commitments have been obtained as of the date of approval of these financial statements. Management expects the capital raise to be completed during the third quarter of 2026 and has prepared a liquidity budget for 2026 based on this assumption. Management has also prepared alternative plans (including cost reductions) in the event that the capital increase is postponed or not completed. Failure to obtain the necessary funding may result in the Company being unable to continue its operations. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. 2 | Information on significant uncertainties at recognition and measurement The company’s intangible assets amount to DKK’000 18,245, consisting of completed development projects of DKK’000 10,066 and development projects in progress of DKK’000 8,179. In connection with the preparation of the annual report, management has performed an impairment test of the values. The impairment test carried out does not indicate any need for impairment of the intangible assets. However, the recognition and measurement of the intangible assets are subject to significant uncertainty, as the performed impairment test is based on estimates regarding future market penetration in new markets and earnings. 20252024 DKKDKK '000 3 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees1212 Wages and salaries 7,937,2876,913 Pensions 553,241542 Social security costs 87,474117 Other staff costs 32,26364 8,610,2657,636 12 12 7937287 6913000 553241 542000 87474 117000 32263 64000 8610265 7636000 0 -708000 5 | Intangible assets DKKDevelopment projects completedDevelopment projects in progress Cost at 1 January 2025 14,659,3857,837,727 Transfer 242,681-242,681 Additions 0583,939 Cost at 31 December 2025 14,902,0668,178,985 Amortisation at 1 January 2025 3,294,1790 Amortisation for the year 1,541,7020 Amortisation at 31 December 2025 4,835,8810 Carrying amount at 31 December 202510,066,1858,178,985 The development projects relate to the development of technology for automated oxygen therapy. The technology may lead to significant efficiency improvements in the field of oxygen treatment. Its potential is supported by scientific studies. The costs consist of internal costs in the form of wages, which are recorded through the company’s internal project system, and external costs based on invoices. The development project in progress is expected to be completed within the next 12–24 months. The project is progressing according to plan, using the resources allocated by management. Prior to the initiation of the projects, O2matic ApS has engaged in discussions with relevant business partners, indicating a need for the technology. The development project in progress technology has since been designated as the basis for an EMS product (ambulances, helicopters, and other non-hospital environments). As a result, the release of the development project in progress is for sale is contingent upon the development of additional functionalities, as the company seeks to avoid maintaining multiple standalone products requiring regulatory approval, given the high cost per product. 14659385 7837727 242681 -242681 0 583939 14902066 8178985 3294179 0 1541702 0 4835881 0 10066185 8178985 6 | Financial non-current assets DKKRent deposit and other receivables Cost at 1 January 2025 69,043Cost at 31 December 2025 69,043  Carrying amount at 31 December 202569,043 69043 69043 69043 7 | Long-term liabilities 31/12 2025RepaymentDebt outstanding31/12 2024DKKtotal liabilitiesnext yearafter 5 yearstotal liabilities Convertible debt instruments 00022,483,451Frozen holiday pay 410,2960410,296395,656 410,2960410,29622,879,107 410296 Joint liabilitiesThe Company has been part of a national joint taxation arrangement together with Saber Holding ApS and the other group companies until 10 June 2025. During this period, the Company is jointly and severally liable together with the Saber Holding ApS 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. The Company is not part of a joint taxation as of 31 December 2025. The Annual Report of O2matic ApS for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class B and cer­tain pro­vi­si­ons ap­ply­ing to re­por­ting class C.  Regnskabsklasse B1truetrueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse B true Change of accounting estimates A change in accounting estimates has been made regarding the net realisable value of the Company’s inventories. Realised sales prices during the financial year and after the balance sheet date have demonstrated that the net realisable value of the inventories exceeds previously estimated values, and that the basis for a previously recognised write-down no longer exists. Accordingly, previously recognised write-downs have been reversed up to cost in accordance with the Danish Financial Statements Act. The change has resulted in an increase in profit for the year corresponding to the reversal of the write-down amounting to DKK’000 1,127. A change in accounting estimates has been made regarding the net realisable value of the Company’s inventories. Realised sales prices during the financial year and after the balance sheet date have demonstrated that the net realisable value of the inventories exceeds previously estimated values, and that the basis for a previously recognised write-down no longer exists. Accordingly, previously recognised write-downs have been reversed up to cost in accordance with the Danish Financial Statements Act. The change has resulted in an increase in profit for the year corresponding to the reversal of the write-down amounting to DKK’000 1,127. Net revenue Net revenue from the sale of merchandise and finished goods is recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received.   Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale.   Costs of raw materials and consumables Raw materials and consumables comprises the costs of raw materials and consumables used to reach the revenue for the year. Additionally, decrease or increase of inventories of raw materials and consumables for the year is included, as well as normal impairment of inventories of raw materials and consumables.   Other operating income Other operating income includes items of a secondary nature in relation to the enterprises' principal activities, including profit from sale of intangible and tangible assets, operating loss and conflict compensations, grants, as well as salary refunds. Compensations are recognised when the income is estimated to be realisable.    Own work capitalised Own work capitalised comprises staff costs and other costs incurred in the financial year and recognised in cost for proprietary intangible assets.   Other external expenses Other external expenses include other production, sales, delivery and administrative costs, including costs of energy, marketing, premises, loss on bad debts,  lease expenses, etc   Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Com­pa­ny's employees.   Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from securities, debt and transactions in foreign currencies, as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices.   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.   Intangible fixed assets Development projects comprise costs, including wages and salaries, and amortisation, which directly or indirectly can be related to the Company’s development activities and which fulfil the criteria for recognition in the Balance Sheet.   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 10 years.   Intangible fixed assets are generally written down to the recoverable amount if this is lower than the carrying amount.   Profit or loss from sale of intangible fixed assets is calculated at the difference between the sales price and the carrying amount at the time of the sale. Profit and loss are recognised in the Income Statement under other operating income or other operating expenses.    Financial non-current assets Deposits include rental deposits which are recognised and measured at cost. Deposits are not depreciated.   Impairment of fixed assets The carrying amount of in­tan­gib­le fi­xed as­sets to­get­her with fi­xed as­sets, which are not mea­su­red at fair va­lue, 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 goods for resale as well as raw materials and consumables is calculated at acquisition price with addition of transportation and similar costs.   The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct payroll cost and other direct production cost.   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.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   The Company is subject to joint taxation with Danish Group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff against deferred tax liabilities within the same legal tax entity.   Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the Balance Sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   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.   Accruals, liabilities Accruals recognised as liabilities include 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.