41668385 2022-12-31 41668385 2021-12-31 41668385 2024-12-31 41668385 2023-12-31 41668385 2024-01-01 fsa:ContributedCapitalMember 41668385 2024-01-01 fsa:RetainedEarningsMember 41668385 2024-12-31 fsa:ContributedCapitalMember 41668385 2024-12-31 fsa:RetainedEarningsMember 41668385 2024-01-01 fsa:AcquiredTrademarksMember 41668385 2024-12-31 fsa:AcquiredTrademarksMember 41668385 2024-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 41668385 2024-01-01 fsa:LeaseholdImprovementsMember 41668385 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 41668385 2024-12-31 fsa:LeaseholdImprovementsMember 41668385 2024-01-01 fsa:InvestmentsInGroupEnterprisesMember 41668385 2023-01-01 fsa:InvestmentsInGroupEnterprisesMember 41668385 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 41668385 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 41668385 2024-12-31 1 fsa:SubsidiaryMember 41668385 2024-12-31 2 fsa:SubsidiaryMember 41668385 2024-12-31 3 fsa:SubsidiaryMember 41668385 2024-12-31 4 fsa:SubsidiaryMember 41668385 2024-12-31 5 fsa:SubsidiaryMember 41668385 2024-12-31 6 fsa:SubsidiaryMember 41668385 2024-12-31 7 fsa:SubsidiaryMember 41668385 2024-12-31 8 fsa:SubsidiaryMember 41668385 2024-12-31 9 fsa:SubsidiaryMember 41668385 2024-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 41668385 2024-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 41668385 2024-12-31 fsa:LongtermPrepaymentsReceivedFromCustomersMember 41668385 2023-12-31 fsa:LongtermPrepaymentsReceivedFromCustomersMember 41668385 2024-12-31 fsa:ShorttermPrepaymentsReceivedFromCustomersMember 41668385 2023-12-31 fsa:ShorttermPrepaymentsReceivedFromCustomersMember 41668385 2024-12-31 fsa:OtherLongtermPayablesMember 41668385 2023-12-31 fsa:OtherLongtermPayablesMember 41668385 2024-12-31 fsa:OtherShorttermPayablesMember 41668385 2023-12-31 fsa:OtherShorttermPayablesMember 41668385 2024-01-01 2024-12-31 41668385 2024-01-01 2024-12-31 1 41668385 2024-01-01 2024-12-31 memberOfBoardIdentifier_executive_board_1 41668385 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_1 41668385 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_2 41668385 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_3 41668385 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_4 41668385 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_5 41668385 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_6 41668385 2024-01-01 2024-12-31 2 41668385 2022-01-01 2022-12-31 41668385 2021-01-01 2021-12-31 41668385 2023-01-01 2023-12-31 41668385 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 41668385 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 41668385 2024-01-01 2024-12-31 fsa:AcquiredTrademarksMember 41668385 2024-01-01 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 41668385 2024-01-01 2024-12-31 fsa:LeaseholdImprovementsMember 41668385 2024-01-01 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 41668385 2023-01-01 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 41668385 2024-01-01 2024-12-31 1 fsa:SubsidiaryMember 41668385 2024-01-01 2024-12-31 2 fsa:SubsidiaryMember 41668385 2024-01-01 2024-12-31 3 fsa:SubsidiaryMember 41668385 2024-01-01 2024-12-31 4 fsa:SubsidiaryMember 41668385 2024-01-01 2024-12-31 5 fsa:SubsidiaryMember 41668385 2024-01-01 2024-12-31 6 fsa:SubsidiaryMember 41668385 2024-01-01 2024-12-31 7 fsa:SubsidiaryMember 41668385 2024-01-01 2024-12-31 8 fsa:SubsidiaryMember 41668385 2024-01-01 2024-12-31 9 fsa:SubsidiaryMember 41668385 2024-01-01 2024-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember iso4217:EUR pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-01-01 2023-01-01 2024-12-31 2023-12-31 41668385 Monta ApS Strandboulevarden 122, 5. 2100 Copenhagen www.monta.com 2020-09-09 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2025-04-25 Louise Krogh Rindom Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of Monta ApS 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 give a true and fair view of the financial position at 31 December 2024 of the Company and of the results of the Company operations 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. 2025-04-25 Copenhagen Casper Holzmann Rasmussen CEO Louise Krogh Rindom Chairman Casper Holzmann Rasmussen Sara Sande Juan Muldoon Landa Adrienne Gormley Jan Staffan Helgesson To the shareholders of Monta ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of the Company´s operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Monta ApS 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 (”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 Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the 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 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 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 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. 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 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. Hellerup 2025-04-25 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Flemming Eghoff State Authorised Public Accountant mne30221 Mads Blichfeldt Fjord State Authorised Public Accountant mne46065 -656000 -1809000 -12130000 -23648000 -218000 -608000 -11563000 -22336000 4169000 19987000 23000 0 0 266000 -10976000 4363000 77 17 -0.546 -0.712 -2.91 -1.183 -1.174 -1.141 -2.633 0.218 0.621 1.004 3.497 -10.239 Key activities The company's main purpose is to develop and sell software for charging stations and electric cars as well as to carry out related business hereto. Development in the year The income statement of the Company for 2024 shows a loss of EUR 29,809,255, and at 31 December 2024 the balance sheet of the Company shows a negative equity of EUR 62,902,601. The net loss for the year is a result of significant investments made into further development of both product, platform, and organization in accordance with growth plans and budgets. The results are in line with management’s expectations and are considered satisfactory. Capital resources The company has obtained a letter of financial support from the parent company Monta Holding ApS. The letter of support states that payables to Monta Holding ApS will not call a repayment until Monta ApS has the liquidity to repay and that Monta Holding ApS will support the company with further financial support so that the Company can maintain operations and settle the financial obligations when they fall due. The letter of support is effective until 31 December 2025. The letter of support is capped at TEUR 121,000 including to the already provided loans. Operating risks Customer satisfaction remains paramount, supported by strict adherence to the increasingly growing and complex regulatory landscape. We manage customer requirements while mitigating operational risks, especially regarding security, data and reliability. Our scalable product, coupled with a strong partner model, ensures adaptability to market shifts with customer demands increasing as user experience becomes more and more key. Market risks The main market risks for Monta are based on the early stages of the EV industry. There are still immature value chains surrounding hardware installations and end-customer solutions, some markets are slower with adoption of EVs and charging solutions, and many different charging solutions are entering the market at once creating noise and tough competition. Foreign exchange risks The Company's primary business is currently focused on Denmark, Sweden, Norway, Germany, Austria, UK, Ireland, Spain and France. Due to the activities in Sweden, Norway, Germany, Austria, UK, Ireland and the USA, the Company is exposed towards fluctuations in the SEK, NOK, EUR, GBP and USD. As the DKK is pegged to the EUR, the main currency risk is related to SEK, NOK and GBP. The Company may mitigate this risk by introducing an active hedging strategy as the need arises. No hedging has been performed in 2024. Targets and expectations for the year ahead The management expects to keep investing considerably into both product improvements, new features, and market growth in the coming year. As a result of this, management expects to incur operating loss for the Company in the coming year in the range of EUR 28m - 30m. Research and development Throughout the year the Company has incurred considerable research and development costs. The purpose of these investments is to ensure that the Company can maintain and grow its market position in the coming years. Uncertainty relating to recognition and measurement There has been no uncertainty regarding recognition and measurement in the Annual Report. Unusual events The financial position at 31 December 2024 of the Company and the results of the activities and cash flows of the Company for the financial year for 2024 have not been affected by any unusual events. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. -976096 -3537913 14213601 8455030 14088782 8659818 -29278479 -20652761 1190732 453046 3478211 3067108 -31565958 -23266823 -1756703 -1149773 -29809255 -22117050 -29809255 -22117050 86270 98402 86270 98402 56263 83044 22815 86098 79078 169142 72193 72262 411155 320406 483348 392668 648696 660212 3793176 1468929 27459516 12320722 3130798 922662 752259 1488260 1016497 414827 686695 444639 36838941 17060039 16106366 11291761 52945307 28351800 53594003 29012012 10225 10225 -62912826 -33103571 -62902601 -33093346 0 750000 1389620 1883810 1389620 2633810 841787 1165558 1552652 1040613 100850725 51297862 11861820 5967515 115106984 59471548 116496604 62105358 53594003 29012012 10225 -33103571 0 -29809255 10225 -62912826 Due to significant investments in markets and products, the Company’s equity is negative by EUR 62,903k. As the Company is in an early growth phase further future operating losses are expected. The company's shareholder has issued a letter of support obligating the shareholder to support the company financially in the form of loans or investments to the extent necessary to finance its operating activities and to settle its financial obligations when they fall due to an extend not exceeding EUR 121,000k including to the already provided loans. Based on the letter of support received the Annual Report is prepared under the going concern assumption 19699698 16655114 885413 1034130 20585111 17689244 181664 212375 161 123 Wages and salaries etc. are recognised in the following items: Production expenses 7896497 5470314 Distribution expenses 8019991 8281535 Administrative expenses 4668623 3937395 Total 20585111 17689244 The incentive scheme offered to the Executive board, existing ownership and full-time employees includes an option on new subscription of shares of up to 17% of the present share capital. The warrants are vesting monthly over 4 years starting from the first day of employment and subject to a 1 year cliff. The exercise price is set at 20% discount on the latest valuation. The warrants under the incentive scheme are classified as share type A. Incentive programmes are not recognised in the Financial Statements. 876158 151711 174469 195970 140105 105365 1190732 453046 3186312 1601454 153733 1368545 138166 97109 3478211 3067108 -1756703 -1149773 -1756703 -1149773 120492 -115 120377 22090 -21 12038 34107 86270 146659 154386 -91 -159 22804 0 169372 154227 63615 68289 -6 -9 49500 63132 113109 131412 56263 22815 72262 52356 -69 0 0 19906 72193 72262 72193 72262 Monta AS Olso, Norway, 100 -87095 -54496 Monta Platform GmbH Berlin, Germany 100 77009 56384 Monta AB Sundsvall, Sweden 100 -35844 -96333 Monta Platform GmbH Wien, Austria 100 -5444 -10857 Monta Platform Limited North Wall Quay, Ireland 100 14634 -1104 Monta Platform LTD Birmingham, England 100 165453 130922 Monta Platform S.L Madrid, Spain 100 -6271 19063 Monta SAS Paris, France 100 15583 -1783 Monta Platform Inc. Delaware, USA 100 -1675071 -1616731 320406 90749 411155 411155 Investments in subsidiaries are specified as follows: Customer balances, restricted 10568736 3764397 Other cash at bank and in hand 5537630 7527364 Total 16106366 11291761 0 0 0 750000 0 750000 841787 1165558 0 0 1389620 1883810 1389620 1883810 11861820 5967515 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: Prepayments received from customers Other payables Rental and lease obligations Lease obligations within 1 year 260244 47742 Lease obligations between 1 - 5 years 1058179 953009 The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc. of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Monta Holding ApS, which is the management company of the joint taxation purposes. 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.The Company has entered into operating lease contracts for its premises. The lease contracts have an average residual term of 16 months. The Company has entered into operating lease contracts in regards to its office inventory. The lease contracts have an average residual term of 39 months. Basis Controlling interest Monta Holding ApS Parent company 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. There are no related party transactions that have not been carried through on market terms Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest group: Name Place of registered office Monta Holding ApS Denmark The Group Annual Report of Monta Holding ApS may be obtained at the following address: Strandboulevarden 122, 5. 2100 Copenhagen, Denmark The Annual Report of Monta ApS for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2024 are presented in EUR. true With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2024 of Monta Holding ApS, the Company has not prepared consolidated financial statements. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Monta Holding ApS., the Company has not prepared a cash flow statement. 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. EUR is used as the presentation currency. All other currencies are regarded as foreign currencies. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences 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. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. 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 transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting. Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity. Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. Revenue from services is recognized when the service is 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 company. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Production costs comprises of costs incurred to achieve revenue for the year. Cost comprises of direct labour costs, roaming costs and other platform costs With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue and production expenses. Distribution expenses comprise costs in the form of salaries to sales and distribution staff, advertising and marketing expenses as well as operation of motor vehicles, depreciation, etc. Administrative expenses comprise expenses for Management, administrative staff, office expenses, depreciation, etc. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Any changes in deferred tax due to changes to tax rates are recognised in the income statement. The Company is jointly taxed with Monta Holding ApS and Monta Pay ApS . The tax effect of the joint taxation with the subsidiaries is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Patents and trademarks are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and trademarks are amortised over the trademark period; however not exceeding 10 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: Other fixtures and fittings, tools and equipment 3 years Leasehold improvements 3 years The fixed assets’ residual values are determined at nil. 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. The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment. Goodwill, head office buildings and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable. Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Other fixed asset investments consist of deposits paid on rented premises. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. 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. Prepayments received from customers are measured at amortised cost, substantially corresponding to nominal value. 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