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PricewaterhouseCoopers cmn:ConsolidatedMember 19201112 2024-01-01 2024-12-31 Other auditors cmn:ConsolidatedMember 19201112 2023-01-01 2023-12-31 Other auditors cmn:ConsolidatedMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-01-01 2023-01-01 2024-12-31 2023-12-31 19201112 BPW FINANS A/S Vranderupvej 2 6000 Kolding +45 75525200 www.bpw.dk bpw@bpw.dk PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Herredsvej 32 7100 Vejle Denmark 79 21 27 00 Underskriv. revisors e-mail anvendes 2025-05-27 Peter Christian Kierkegaard Regnskabsklasse C, stor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of BPW FINANS A/S for the financial year 1 January - 31 December 2024. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2024 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2024. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. 2025-05-27 Kolding Thorsten Winterberg Manager Tobias Wiedeking Chairman Peter Christian Kierkegaard Thorsten Winterberg Markus Manfred Schell To the shareholder of BPW FINANS A/S Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2024 and of the results of the Group’s and the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of BPW FINANS A/S for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion 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 Group 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 consolidated financial statements and parent company 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 Group´s and the Parent 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 Group or the Parent 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 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 Group´s and the Parent 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 Group´s and the Parent 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 Group and the Parent Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements and the Parent Company Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. 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 Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, 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’s Review and, in doing so, consider whether Management’s Review 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’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Trekantområdet 2025-05-27 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Jan Bunk Harbo Larsen State Authorised Public Accountant mne30224 Henrik Juul Junker State Authorised Public Accountant mne42818 2873128000 2516124000 1956969000 439601000 351908000 318309000 64058000 22584000 10901000 -12375000 -4309000 -9923000 39283000 10437000 -8977000 2168142000 1950278000 1482680000 20721000 31672000 30090000 43260000 40029000 732945000 707201000 583146000 -154999000 -265702000 -82442000 785 778 674 0.17 0.161 0.153 0.14 0.163 0.014 0.024 0.022 0.009 0.006 0.019 0.032 0.03 0.012 0.007 0.428 0.388 0.338 0.363 0.393 0.014 0.073 0.055 0.016 -0.015 The parent company BPW Finans A/S acts as an administratively shared service center for the parent company and the 3 Danish subsidiaries as well as a subsidiary in Germany. Thus, the production of the parent company consists exclusively of administrative services and financial services provided by the parent company's 15 employees. All deliveries from the parent company are delivered in close cooperation between management and employees. The activities in question do not have a significant use of resources and thus do not have significant negative effects on the environment. As a result of this organizing, management considers that there are no particular risks in the areas of environment and climate, social and employee relations, respect for human rights, as well as anti-corruption and bribery, and therefore the parent company has not developed written policies in these areas. BPW Finans A/S also acts as the parent company of several foreign subsidiaries that are not subject to reporting under sections 99a of the Danish Financial Statements Act.None of the 3 Danish subsidiaries that operate the development, production, and trade of components for the transport industry and related industries are separately reporting obligations under ÅRL §99a. *Climate change and environmental approach*The activities in question do not have a significant use of resources and thus do not have significant negative effects on the environment. As a result of this organizing, management considers that there are no particular risks in the areas of environment and climate, and therefore the parent company has not developed written policies in these areas. *Human rights, employee relations and social relations approach*The parent company has a relatively low number of employees and because of this management considers that there are no particular risks in the areas of social and employee relations and respect for human rights, and therefore the parent company has not developed written policies in these areas. *Anti-corruption and bribery approach*The activities in question lays within areas with low or no bribery and corruption. As a result of this organizing, management considers that there are no particular risks in the areas of anti-corruption and bribery, and therefore the parent company has not developed written policies in these areas. It is the Group's assessment, that it does not have data that has not been adequately handled within GDPR legislation, why it is considered that there currently is no need of a data ethics policy. Key activities The group's main activities include the production and marketing of components, spare parts and body accessories for semi-trailers and trucks. In addition, the sale of industrial components to selected industrial segments.The group's products are primarily sold on the European market. Development in the year The income statement of the Group for 2024 shows a profit of TDKK 11,408, and at 31 December 2024 the balance sheet of the Group shows a positive equity of TDKK 828,868. It is the view of the management that all important statements for judging the financial position and the result of the year appear from the annual report and this statement.In the fiscal year, the Group realized a net profit of TDKK 11,408 against a net profit in 2023 of TDKK 56,313. The equity then amounts to TDKK 828,913 corresponding to a solidity of 42.8%. The past year and follow-up on development expectations from last year The expectation for 2024 has not been fulfilled. Expected was a result between TDKK 48-52.000, which is higher than the realized TDKK 11,408. The major reason for this is a general slowdown in economics through out Europe. Foreign exchange risks Management considers that there are no specific business or financial risks beyond what may be considered common to the industry. Beside DKK, the group's companies trade mainly in EUR and GBP. Foreign cross boarder exchange risks shall be hedged on an individual basis. Targets and expectations for the year ahead In light of the realized result of TDKK 11,408 in 2024, the fact that a recovery of the economy in Europe is only slowly gaining pace, it is expected that the profit in 2025 will be at the same level as in 2024, which is between TDKK 10,000 and TDKK 15,000. Research and development Investments in product and market development will continue in 2025. External environment Management considers that the group's activities do not have a negative impact on the external environment. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 2541518000 2743789000 16359000 11948000 49981000 43324000 0 199000 1901048000 2091743000 0 0 258091000 253548000 3280000 3504000 432360000 441822000 13079000 8643000 371495000 347439000 14617000 9593000 24549000 28202000 882000 1183000 36316000 66181000 -2420000 -2133000 0 0 7300000 54780000 32324000 27639000 45318000 41063000 36397000 38735000 37016000 36883000 32243000 55085000 13182000 56827000 20835000 -1228000 1774000 514000 11408000 56313000 11408000 56313000 7298000 54776000 4110000 1537000 2843000 4192000 244000 967000 446000 524000 0 0 3289000 4716000 244000 967000 128731000 131629000 14511000 14658000 40617000 49383000 0 0 27575000 20326000 53000 23000 1106000 4000 0 0 198029000 201342000 14564000 14681000 0 0 788203000 766125000 17472000 14602000 17471000 14602000 464323000 568491000 596609000 713743000 6130000 1864000 6130000 1863000 372000 0 0 0 914000 363000 0 0 489211000 585320000 1408413000 1496333000 690529000 791378000 1423221000 1511981000 570519000 589748000 0 1000 500825000 513059000 124000 79000 71183000 66663000 120235000 16344000 14000 0 14000 0 22689000 30992000 420000 477000 11793000 20446000 0 0 0 0 1858000 680000 13795000 10866000 853000 891000 620299000 642026000 123504000 18471000 55540000 46779000 17147000 332000 1246358000 1278553000 140651000 18804000 1936887000 2069931000 1563872000 1530785000 179114000 179114000 179114000 179114000 0 0 382414000 360338000 -596000 0 -596000 0 10197000 -4581000 0 0 640153000 628790000 267936000 263871000 828868000 803323000 828868000 803323000 4357000 409000 1554000 1585000 23373000 23989000 0 0 13640000 12710000 0 0 41370000 37108000 1554000 1585000 355029000 623243000 399775000 623132000 355029000 623243000 399775000 623132000 2638000 20207000 0 0 12000 0 0 0 68394000 86144000 504000 1299000 500778000 377757000 331044000 99409000 35311000 3650000 0 0 104487000 118499000 2127000 2037000 711620000 606257000 333675000 102745000 1066649000 1229500000 733450000 725877000 1936887000 2069931000 1563872000 1530785000 179114000 0 -4581000 628789000 0 0 14778000 0 0 0 0 -44000 0 0 0 11408000 0 168000 0 0 0 -764000 0 0 179114000 -596000 10197000 640153000 179114000 360338000 0 263870000 0 14778000 0 0 0 0 0 -44000 0 7298000 0 4110000 0 0 168000 0 0 0 -764000 0 179114000 382414000 -596000 267936000 11408000 56313000 64235000 52137000 -84883000 -34041000 -9240000 74409000 32324000 27639000 -36397000 -38735000 -13313000 63313000 23595000 -9936000 10282000 53377000 -1489000 -146000 -20722000 -16770000 -5189000 49635000 104168000 0 76768000 32719000 -17569000 -72617000 -60720000 -64699000 -78289000 -137316000 8761000 -51220000 46779000 97999000 55540000 46779000 55540000 46779000 55540000 46779000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Geographical segments EU countries 1594138000 1772095000 16359000 11948000 Other European countries 943695000 969549000 0 0 Other countries 3685000 2145000 0 0 Total 2541518000 2743789000 16359000 11948000 The distribution of net revenue by business area does not differ significantly from each other, as the groups net revenue consists solely of production and marketing of components, spare parts and body accessories for semi-trailers and trucks and associated services. 306305000 288828000 12897000 8744000 21889000 20179000 1149000 633000 43301000 38432000 67000 44000 0 0 504000 172000 371495000 347439000 14617000 9593000 4051000 4016000 1040000 1040000 778 801 18 12 31343000 27090000 43086000 38490000 0 0 246000 235000 981000 549000 650000 1393000 0 0 1336000 945000 32324000 27639000 45318000 41063000 544000 4321000 0 0 34369000 32807000 36426000 32166000 1484000 1607000 590000 4717000 36397000 38735000 37016000 36883000 10650000 9922000 1277000 303000 10017000 -11150000 -31000 141000 0 0 360000 70000 20835000 -1228000 1774000 514000 -168000 0 -168000 0 Total 20667000 -1228000 1606000 514000 42941000 37269000 10334000 6998000 188000 0 0 0 1489000 0 0 0 729000 0 0 0 43889000 37269000 10334000 6998000 38748000 36747000 9367000 6998000 83000 0 0 0 2944000 76000 723000 0 729000 0 0 0 41046000 36823000 10090000 6998000 2843000 446000 244000 0 263591000 224613000 134907000 4000 51501000 73000 3262000 1972000 1546000 0 0 0 605000 6507000 12321000 1288000 0 42000 2314000 6558000 4703000 4000 0 0 389000 -389000 0 0 0 0 265533000 226145000 144071000 1288000 51501000 115000 131962000 175231000 114581000 0 36843000 50000 1890000 4997000 675000 0 0 0 4765000 11077000 5493000 194000 147000 12000 1815000 5777000 4253000 12000 0 0 136802000 185528000 116496000 182000 36990000 62000 128731000 40617000 27575000 1106000 14511000 53000 405789000 405789000 405789000 405789000 360336000 291489000 14778000 14067000 7300000 54780000 382414000 360336000 788203000 766125000 Exmax A/S Kolding, Denmark 100 HBN-Teknik A/S Ringsted, Denmark 100 Besko A/S Aarhus, Denmark 100 Hesterberg & Söhne GmbH & Co. KG Ennepetal, Germany 100 Hestal Umformung GmbH Ennepetal, Germany 100 BPW Ltd. Leicester, UK 100 Transpec Ltd. Dublin, Ireland 100 BPW Polska Sp.Z.o.o. Lomianki, Poland 100 BPW Benelux N.V. Herstal, Belgium 100 EMS-FP&S Limited (subsidiary of BPW Limited) Norwich, UK 100 Besko Nutzfahrzeugteile GmbH (subsidiary of Besko A/S) Büdelsdorf, Germany 100 TVP Benelux B.V. (subsidiary of BPW Benelux N.V.) Veghel, Netherlands 100 Marpeto Polska Sp. Z.o.o. (subsidiary of BPW Polska Sp.Z.o.o.) Lomianki, Poland 100 22420000 22420000 22420000 22420000 3414000 0 3414000 0 25834000 22420000 25834000 22420000 -7818000 -3712000 -7819000 -3712000 -544000 -4106000 -544000 -4106000 -8362000 -7818000 -8363000 -7818000 17472000 14602000 17471000 14602000 Hendrickson Austria GmbH Judenburg, Austria 50 568491000 1864000 372000 363000 0 4266000 0 551000 104168000 0 0 0 464323000 6130000 372000 914000 0 0 0 0 0 0 0 0 464323000 6130000 372000 914000 713743000 1863000 14945000 0 4267000 0 117134000 0 0 596609000 6130000 14945000 0 0 14945000 0 0 14945000 596609000 6130000 0 Investments in subsidiaries are specified as follows: Investments in associates are specified as follows: 44320000 44189000 0 0 41416000 11528000 0 0 484783000 534031000 0 1000 570519000 589748000 0 1000 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred tax asset at 1 January 20037000 9389000 -1585000 -1444000 Other adjustments -2584000 -502000 0 0 Amounts recognised in the income statement for the year -10017000 11150000 31000 -141000 Deferred tax asset at 31 December 7436000 20037000 -1554000 -1585000 Recognised in the balance sheet as follows: Assets 11793000 20446000 0 0 Provisions -4357000 -409000 -1554000 -1585000 7436000 20037000 -1554000 -1585000 The recognised tax asset comprises tax loss carry-forwards expected to be utilised within the next two to four years. In connection with the assessment of the utilisation of the tax asset, special emphasis has been placed on the Group having implemented efficiency measures which are expected to have an effect in the coming years. The Company provides warranties of on some of its products and is therefore obliged to repair or replace goods which are not satisfactory. Based on previous experience in respect of the level of repairs and returns, other provisions have been recognised for expected warranty claims. Other provisions 13640000 12710000 0 0 13640000 12710000 0 0 The provisions are expected to mature as follows: Between 1 and 5 years -13640000 -12710000 0 0 After 5 years 0 0 0 0 13640000 12710000 0 0 126783000 260925000 126783000 260925000 228246000 362318000 272992000 362207000 355029000 623243000 399775000 623132000 207494000 75990000 185121000 98460000 293284000 301767000 145923000 949000 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: Payables to group enterprises Derivative financial instruments contracts in the form of forward exchange contracts have been concluded. At the balance sheet date, the fair value of derivative financial instruments amounts to: Liabilities 764000 0 0 0 Forward exchange contracts have been concluded to hedge future cash flow in other currencies than DKK. At the balance sheet date, the fair value of the forward exchange contracts amounts to TDKK -764. Value adjustment, equity Forward exchange contracts -764000 32324000 27639000 36397000 38735000 24549000 28202000 20835000 -1228000 64235000 52137000 14778000 14067000 19229000 -45709000 12562000 42612000 314000 1458000 116224000 32402000 -764000 0 -84883000 -34041000 Rental and lease obligations Future lease and rent commitments until expiration 155284000 137819000 0 558000 Other contingent liabilities The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. Owner mortgage deeds nom. TDKK 7,800 with a mortgage on the property Bragesvej 16, Ringsted, lies within the company. Basis Controlling interest BPW Bergische Achsen, Wiehl, Germany Ultimate parent Other related parties Tobias Wiedeking Board member Peter Christian Kierkegaard Board member Markus Manfred Schell Board member Thorsten Winterberg Board member Transactions The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act. Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office BPW Bergische Achsen Wiehl, Germany The Group Annual Report of BPW Bergische Achsen may be obtained at the following address: Ohlerhammer, 51674 Wiehl, Germany 617000 575000 0 4000 270000 282000 129000 158000 1383000 1584000 123000 139000 113000 99000 21000 0 PricewaterhouseCoopers Other auditors The Annual Report of BPW FINANS A/S for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Consolidated Financial Statements and the Parent Company Financial Statements for 2024 are presented in TDKK. true Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidation The Consolidated Financial Statements comprise the Parent Company, BPW FINANS A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively. Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Dividends from associates are recognised as income in the income statement when adopted at the General Meeting of the associate. However, dividends relating to earnings in the associate before it was acquired by the Parent Company are set off against the cost of the associate. The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with wholly owned Danish and foreign subsidiaries. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Goodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over its useful life, which is assessed at 8 year. Patents and licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the licence period; however not exceeding 20 year. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Production buildings 25-50 years Plant and machinery 3-10 years Other fixtures and fittings, tools and equipment 3-10 years Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are recognised and measured under the equity method. Investments in associates are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Fixed asset investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price. Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. Other fixed asset investments consist of deposits. Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of goods for resale, raw materials and consumables equals landed cost. The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management. Receivables are recognised in the balance sheet at amortised cost, which substantially corresponds to nominal value. Provisions for estimated bad debts are made. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Other provisions include warranty obligations in respect of repair work within the warranty period of 1-5 years. Provisions are measured and recognised based on experience with guarantee work. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off 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 will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other debts are measured at amortised cost, substantially corresponding to nominal value. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group. The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents comprise ”Cash at bank and in hand”. The cash flow statement cannot be immediately derived from the published financial records. Gross margin Gross profit x 100 / Revenue Profit margin Profit/loss of primary operations x 100 / Revenue Return on assets Profit/loss of primary operations x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity