11537677 2025-01-01 2025-12-31 1 11537677 2025-01-01 2025-12-31 11537677 2025-01-01 2025-12-31 2 11537677 2025-01-01 2025-12-31 1 11537677 2025-01-01 2025-12-31 1 11537677 2025-01-01 2025-12-31 2 11537677 2025-01-01 2025-12-31 3 11537677 2024-01-01 2024-12-31 11537677 2025-12-31 11537677 2024-12-31 11537677 2024-01-01 d:ContributedCapitalMember 11537677 2024-01-01 d:RetainedEarningsMember 11537677 2024-01-01 2024-12-31 d:RetainedEarningsMember 11537677 2025-01-01 d:ContributedCapitalMember 11537677 2025-01-01 d:RetainedEarningsMember 11537677 2025-01-01 2025-12-31 d:RetainedEarningsMember 11537677 2025-12-31 d:ContributedCapitalMember 11537677 2025-12-31 d:RetainedEarningsMember 11537677 2025-01-01 d:GoodwillMember 11537677 2025-12-31 d:GoodwillMember 11537677 2025-01-01 2025-12-31 d:GoodwillMember 11537677 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 11537677 2025-01-01 d:LeaseholdImprovementsMember 11537677 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 11537677 2025-01-01 2025-12-31 d:LeaseholdImprovementsMember 11537677 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 11537677 2025-12-31 d:LeaseholdImprovementsMember 11537677 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 11537677 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 11537677 2025-12-31 d:ReceivablesFromOwnersAndManagementMember iso4217:DKK xbrli:pure (venstre underskriver) (venstre underskriver) (venstre underskriver) (venstre underskriver) (venstre underskriver) Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Værkmestergade 25 Postboks 330, 8100 Aarhus C 2025-01-01 2025-12-31 2024-01-01 2024-12-31 11537677 LAPS A/S Sønder Allé 33 8000 Aarhus 1987-11-01 Aarhus (venstre underskriver) EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Værkmestergade 25 Værkmestergade 25 8100 Aarhus C 8100 Aarhus C Danmark Danmark +45 73 23 30 00 +45 73 23 30 00 2026-06-29 Johnny Tekin Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true true 2026-06-29 2026-06-29 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of LAPS A/S for the financial year 1 January - 31 December 2025. 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 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. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Aarhus Johnny Tekin CEO Juan Roma Vives Chairman Nicolas Jean Yves Bonnard Board Member Johnny Tekin Board Member To the shareholders of LAPS A/S We have audited the financial statements of LAPS A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including 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 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. 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe 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. 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 as to 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 the 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 note 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 the Management's review.Our opinion on the financial statements does not cover the 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 the Management's review and, in doing so, consider whether the 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 the Management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Compliance with the Danish Bookkeeping ActIn our opinion, the Company has not complied with the requirements of the Danish Bookkeeping Act regarding receiving of electronic invoices and sharing data by a SAF-T file. The Company's Management may be held liable for not adhering to the requirements in the Danish Bookkeeping Act. Aarhus Tobias Oppermann Casper Wolff Jespersen State Authorised Public Accountant mne46362 State Authorised Public Accountant mne52597 The Company's purpose is to operate a laboratory business. The income statement for 2025 shows a loss of DKK 3,238,393 against a loss of DKK 5,569,069 last year, and the balance sheet at 31 December 2025 shows a negative equity of DKK 8,039,498. Management considers the Company's financial performance in the year unsatisfactory.Due to the negative results in 2024 and 2025 the company' equity is negative. Management expects equity to be restored through positive results or capital increase. The parent company Corus Nordic AB has confirmed in a statement of support that they will provide the necessary liquidity, so that LAPS A/S can at any time meet its payment obligations and for the continuation of the Company's continuation of the Company's operations and activities until 1 January 2027 at the earliest. Furthermore, LAPS A/S have entered into a new loan agreement during 2025 which extends the maturity date of an intercompany loan further improving the Company's liquidity. Please refer to note 2 for a more detailed description of the Company's ability to continue operations. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. 13047366 15831726 10141972 13273135 3142478 5109027 1428 46673 -238512 -2597109 312219 402089 3312100 3374049 -3238393 -5569069 0 0 -3238393 -5569069 -3238393 -5569069 12938283 15662133 12938283 15662133 559190 925979 53264 106531 612454 1032510 159800 159800 159800 159800 13710537 16854443 977686 1008594 977686 1008594 2117498 2861592 93667 53401 180222 0 392891 465366 2784278 3380359 1395151 3613047 5157115 8002000 18867652 24856443 500000 500000 -8539498 -5301105 -8039498 -4801105 22441522 0 552475 1144058 22993997 1144058 284447 2900000 7326 19282 551774 627459 2041927 23758728 1027679 1208021 3913153 28513490 26907150 29657548 18867652 24856443 500000 267964 -5569069 500000 -5301105 -3238393 500000 -8539498 The annual report of LAPS A/S for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currencyThe financial statements are presented in Danish kroner (DKK). Recently acquired entities are recognised in the consolidated financial statements from the date of acquisition. Entities sold or otherwise disposed of are recognised up to the date of disposal. Comparative figures are not restated to reflect newly acquired entities. Discontinued operations are presented separately, see below.The date of acquisition is the date when the group actually obtains control of the acquiree.The acquisition method is applied to the acquisition of new entities of which the group obtains control. The acquirees’ identifiable assets, liabilities and contingent liabilities are measured at fair value at the date of acquisition. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised.Positive differences (goodwill) between, on the one hand, the consideration for the acquiree, the value of non-controlling interests in the acquired entity and the fair value of any previously acquired equity investments and, on the other hand, the fair value of the assets, liabilities and contingent liabilities acquired are recognised as goodwill under “Intangible assets”. Goodwill is amortised on a straight-line basis in the income statement based on an individual assessment of the economic life of the asset.Negative differences (negative goodwill) are recognised in the income statement at the date of acquisition.Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with a functional currency different from the presentation currency used in the consolidated financial statements are accounted for as assets and liabilities belonging to the foreign entity and are, on initial recognition, translated into the foreign entity's functional currency using the exchange rate at the transaction date.The consideration paid for an entity consists of the fair value of the agreed consideration in the form of assets transferred, liabilities assumed and equity instruments issued. If part of the consideration is contingent on future events or compliance with agreed terms, such part of the consideration is recognised at fair value at the date of acquisition. Subsequent adjustments of contingent considerations are recognised in the income statement.Expenses incurred to acquire entities are recognised in the income statement in the year in which they are incurred.Where, at the date of acquisition, the identification or measurement of acquired assets, liabilities or contingent liabilities or the determination of the consideration is associated with uncertainty, initial recognition will take place on the basis of provisional amounts. If it turns out subsequently that the identification or measurement of the consideration transferred, acquired assets, liabilities or contingent liabilities was incorrect on initial recognition, the statement will be adjusted retrospectively, including goodwill, until 12 months after the acquisition, and comparative figures will be restated. Hereafter, any adjustments are recognised as misstatements.Gains or losses from disposal of group entities which result in loss of control are calculated as the difference between, on the one hand, the fair value of the selling price less selling expenses and, on the other hand, the carrying amount of net assets. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IAS 11 and IAS 18 as interpretation for revenue recognition.Income from the sale of goods for resale and finished goods, is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2020.Income from construction contracts involving a high degree of customisation is recognised as revenue by reference to the stage of completion. Accordingly, revenue corresponds to the market value of the contract work performed during the year (percentage-of-completion method). This method is used where the total income and expenses and the degree of completion of the contract can be measured reliably.Where income from a construction contract cannot be estimated reliably, contract revenue corresponding to the expenses incurred is recognised only in so far as it is probable that such expenses will be recoverable from the counterparty.Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. The items revenue, other operating income and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Other operating income comprise items secondary to the principal activities of the Company, including refund of wages and salaries and gains on the disposal of intangible assets and property, plant and equipment, etc. Raw materials and consumables include expenses relating to raw materials and consumables used in generating the year's revenue. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises amortisation/depreciation and impairment of intangible assets and property, plant and equipment.The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Goodwill 7 years Fixtures and fittings, other plant and equipment 5-8 yearsLeasehold improvements 10 years Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the acquisition date and are reassessed annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.In the case of changes in the depreciation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates. Other operating expenses comprise items of a secondary nature relative to the Company's core activities, including losses on the sale of fixed assets. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. Goodwill is amortised over the expected economic life of the asset, measured by reference to Management’s experience in the individual business segments. Goodwill is amortised on a straight-line basis over the amortisation period, which is 7 years. The amortisation period is based on Management's experience in the industry. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. Deposits, investmentsRent deposits are recognized in the balance sheet at nominal value, as premises are continously maintained, so that no significant losses are expected at the end of the lease. Rent deposits are recognized in the balance sheet at nominal value, as premises are continously maintained, so that no significant losses are expected at the end of the lease. The carrying amount of intangible assets, property, plant and equipment and deposits is assessed for impairment on an annual basis.Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed. Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price.The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct labour and indirect production overheads.Indirect production overheads include the indirect cost of material and labour as well as maintenance and depreciation of production machinery, buildings and equipment and expenses relating to plant administration and management. Borrowing costs are not recognised in the cost. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Service supplies and contract work in progress for third parties are measured at the market value of the work performed less progress billings. The market value is calculated based on the stage of completion at the balance sheet date and the total expected income from the relevant contract. The stage of completion is calculated based on the expenses incurred relative to the expected total expenses relating to the relevant contract.Where the outcome of contract work in progress cannot be estimated reliably, the market value is measured at the expenses incurred in so far as they are expected to be paid by the purchaser.Where the total expenses relating to the work in progress are expected to exceed the total market value, the expected loss is recognised as a loss-making agreement under "Provisions" and is expensed in the income statement.The value of work in progress less progress billings is classified as assets when the selling price exceeds progress billings and as liabilities when progress billings exceed the market value. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash and cash equivalents include cash. Proposed dividendsDividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.Other liabilities are measured at net realisable value. Special itemsSpecial items comprise significant income and expenses that are of an unusual nature in relation to the company’s revenue-generating operating activities. Due to negative results, the Company has lost more than 50 % of its share capital and are therefore subject to the privisions of the Danish Companies Act regarding capital loss pursuant to section 119 of the Companies Act. Management expects equity to be restored through positive results or capital increase. The parent company Corus Nordic AB has confirmed in a statement of support that they will provide the necessary liquidity, so that LAPS A/S can at any time meet its payment obligations and for the continuation of the Company's continuation of the Company's operations and activities until 1 January 2027 at the earliest. Furthermore, LAPS A/S have entered into a new loan agreement during 2025 which extends the maturity date of an intercompany loan further improving the Company's liquidity. 9004936 12172269 932310 892622 204726 208244 10141972 13273135 20 25 1821010 1478701 1491090 1895348 21156135 21156135 5494002 2723850 8217852 12938283 3726231 1065294 6950 0 3719281 1065294 2800252 958763 365361 53267 5522 0 3160091 1012030 559190 53264 Note13provides more details on security for loans, etc. as regards property, plant and equipment. 159800 159800 159800 Of the long-term liabilities, DKK 0 falls due for payment after more than 5 years after the balance sheet date. Rent and lease liabilities include a rent obligation totalling DKK 1,131,199 (2024: 1,523,518 DKK) in interminable rent agreements with remaining contract terms of 1-2 years. The Company has, as part of its normal course of business, entered into customary executory contracts. The company has tax loss carry-forwards and other temporary tax differences totalling tDKK 8,822. The nominal value thereof is 22%, totalling tDKK 1,941. TDKK 0 of the amount has been recognised in the balance sheet under deferred tax asset, whereas tDKK 1,941 has not been recognised in the balance sheet due to the uncertainty as to application of the tax losses. The Company has not provided any security or other collateral in assets at 31 December 2025. Information about consolidated financial statements ParentDomicile Corus Europé: Spoetnik 30Amersfoort, The Netherlands Opera Signadens: Val FleuriLuxembourg, Luxembourg