66089215 2023-10-01 2024-09-30 66089215 2023-10-01 2024-09-30 auditor_1 66089215 2023-10-01 2024-09-30 memberOfBoardIdentifier_1 66089215 2023-10-01 2024-09-30 memberOfBoardIdentifier_2 66089215 2023-10-01 2024-09-30 memberOfBoardIdentifier_3 66089215 2023-10-01 2024-09-30 memberOfBoardIdentifier_1 66089215 2023-10-01 2024-09-30 memberOfBoardIdentifier_2 66089215 2023-10-01 2024-09-30 memberOfBoardIdentifier_3 66089215 2023-10-01 2024-09-30 memberOfBoardIdentifier_4 66089215 2022-10-01 2023-09-30 66089215 2022-01-01 2022-09-30 66089215 2021-01-01 2021-12-31 66089215 2020-01-01 2020-12-31 66089215 2024-09-30 66089215 2023-09-30 66089215 2022-09-30 66089215 2021-12-31 66089215 2020-12-31 66089215 2023-09-30 fsa:ContributedCapitalMember 66089215 2023-09-30 fsa:ReserveForDevelopmentExpenditureMember 66089215 2023-09-30 fsa:RetainedEarningsMember 66089215 2023-10-01 2024-09-30 fsa:ContributedCapitalMember 66089215 2023-10-01 2024-09-30 fsa:ReserveForDevelopmentExpenditureMember 66089215 2023-10-01 2024-09-30 fsa:RetainedEarningsMember 66089215 2024-09-30 fsa:ContributedCapitalMember 66089215 2024-09-30 fsa:ReserveForDevelopmentExpenditureMember 66089215 2024-09-30 fsa:RetainedEarningsMember 66089215 2023-09-30 fsa:CompletedDevelopmentProjectsMember 66089215 2023-09-30 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 66089215 2023-10-01 2024-09-30 fsa:CompletedDevelopmentProjectsMember 66089215 2023-10-01 2024-09-30 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 66089215 2024-09-30 fsa:CompletedDevelopmentProjectsMember 66089215 2024-09-30 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 66089215 2023-09-30 fsa:LandAndBuildingsMember 66089215 2023-09-30 fsa:PlantAndMachineryMember 66089215 2023-09-30 fsa:FixturesFittingsToolsAndEquipmentMember 66089215 2024-09-30 fsa:LandAndBuildingsMember 66089215 2024-09-30 fsa:PlantAndMachineryMember 66089215 2024-09-30 fsa:FixturesFittingsToolsAndEquipmentMember 66089215 2023-10-01 2024-09-30 fsa:LandAndBuildingsMember 66089215 2023-10-01 2024-09-30 fsa:PlantAndMachineryMember 66089215 2023-10-01 2024-09-30 fsa:FixturesFittingsToolsAndEquipmentMember 66089215 2023-09-30 fsa:InvestmentsInGroupEnterprisesMember 66089215 2024-09-30 fsa:InvestmentsInGroupEnterprisesMember 66089215 2023-10-01 2024-09-30 fsa:InvestmentsInGroupEnterprisesMember 66089215 2024-09-30 fsa:LongtermMortgageLoansMember 66089215 2023-09-30 fsa:LongtermMortgageLoansMember 66089215 2024-09-30 fsa:LongtermPrepaymentsReceivedFromCustomersMember 66089215 2023-09-30 fsa:LongtermPrepaymentsReceivedFromCustomersMember 66089215 2024-09-30 fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongtermMember 66089215 2023-09-30 fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongtermMember iso4217:DKK pure Årsrapport 2023-10-01 2022-10-01 2024-09-30 2023-09-30 2025-04-29 66089215 2025-04-29 1980-06-16 Reporting class C, medium-size enterprise KPMG P/S 8000 Aarhus C Frederiks Plads 42 25578198 Auditor's report on audited financial statements Aarhus 2025-04-29 KPMG 25578198 true Klaus Kromann Knudsen The Board of Directors and the Executive Board have today discussed and approved the annual report for Mita-Teknik A/S for the financial year 1 October 2023 - 30 September 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 30 September 2024 and of the results of the Company's operations for the financial year 1 October 2023 - 30 September 2024.Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company's financial position. We recommend that the annual report be approved at the annual general meeting. Klaus Kromann Knudsen Managing Director Robert Lewis Yeager Director Guido Wink Director James Alistair Fraser Chairman Richard Rodney Nelson Guido Wink Richard William Kephart Jr. Independent auditor's report To the shareholder of Mita-Teknik A/S Opinion We have audited the financial statements of Mita-Teknik A/S for the financial year 1 October 2023 - 30 September 2024, comprising 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 Company's assets, liabilities and financial position at 30 September 2024 and of the results of the Company's operations for the financial year 1 October 2023 - 30 September 2024 in accordance with the Danish Financial Statements Act. 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's responsibility for the financial statementsManagement 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 that 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. Auditor's responsibilities for the audit of the financial statementsOur 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 alsoidentify and assess the risks of material misstatement of the company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on the Management's reviewManagement 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. Mikkel Trabjerg Knudsen mne34459 Mita-Teknik A/S Håndværkervej 1 DK-8840 Rødkærsbro +45 86 65 86 00 mtmail@Emerson.com Viborg 30615000 26603000 21670000 32149000 38224000 -17434000 -19923000 -12057000 -12557000 -5601000 -7578000 -991000 725000 312000 8695000 -20158000 -16076000 -8287000 -8794000 5173000 118839000 112455000 111363000 104910000 105541000 0 1903000 0 317000 526000 72117000 10899000 -26975000 -35262000 -44456000 -486 -849 -266 -221 122 607 97 242 336 421 47000 48000 49000 50000 50000 The financial ratios have been calculated as follows:Return on equityProfit/loss after tax x 100 / Average equitySolvency ratioEquity at year end x 100 / Total equity and liabilities at year end Principal activities The principal activities of the Company include development, production, sale and service of control and monitoring solutions. The operation takes place from the Company's headquarters in Rødkærsbro, Denmark, as well as from our subsidiaries in Ukraine and China. Operations are supported with sales and technical support in our main markets as well as Emerson's sales organisation worldwide. As a system supplier and sub-supplier, Mita-Teknik works in the areas of sustainable energy, marine, mechanical engineering and other industries. Mita-Teknik A/S has gained traction as an important supplier to the wind turbine and solar industry in Europe, United States and Asia. Development in activities and financial position Loss for the year (including comparison with forecasts previously announced) Mita-Teknik A/S was acquired by Emerson Electric Co. on 15 December 2021. While integration into Emerson is still ongoing, 2024 has been a year of significant growth, with synergies materialising across multiple areas. This integration holds immense potential for the company, and we anticipate that 2025 will be a pivotal year in unlocking even greater benefits from these synergies Gross profit for the year amounted to DKK 30,615 thousand against DKK 26,603 thousand the previous year. The Company reported a loss before tax of DKK 25,012 thousand for the year against a loss of DKK 20,914 thousand for the previous year. The Company’s loss before tax is not in line with the initial expectations set forth in the annual report for 2022/23 lead by the following factors: 2023/24 has been characterised by several external impacts. The war in Ukraine has adversely affected the cost of business, while also postponing customer projects because of travel restrictions. The situation with regards to materials, the price level remains high, and transport costs had impacted earnings for the full year 2024. The acquisition by Emerson Co. has led to increased investments in the business and thus had an impact on our earnings in the short term. Our operations, especially in China, have been under pressure. Here, we continue to observe price pressure and tougher market conditions. As a consequence of price pressure and continous losses, the cost price of equity investments in group entities related to the subsidiary, Mita-Teknik (Ningbo) Co. Ltd., has been written down to 0 with a negative impact on the income statement of DKK 2,950 thousand in 2023/24. In addition, a solvent liquidation was initiated in 2024/25 related to the subsidiary. Mita-Teknik A/S is expected to continue its operations in China through sisters companies within the Emerson Group. Despite challenging market conditions, we continue to see positive developments in the Renewable industry, particularly in India, Europe, North America and other key regions. As part of our strategic realignment, we will be closing our Mita-Teknik A/S entity in China and transitioning to operation exclusively within Emerson facilities. While Management is generally satisfied with our overall progress, this year’s earnings have fallen below expectations due to the above conditions. A group contribution of DKK 81,376 thousand was made by the Parent Company to support the continued development of the business in FY24 and onwards. The ultimate Parent Company, Emerson Electric Co., has issued a letter of support, undertaking to provide liquidity as may be required to enable the Company to meet its obligations during the financial year 2024/25. Intellectual capital The Company develops and manufactures high-tech products based on the know-how accumulated in the cooperation with the company’s customers and in market analyses. The Company has highly specialised employees, with extensive experience in the areas of control, regulation and monitoring, including specialists in the Company’s business areas of sustainable energy, marine, mechanical engineering and other industries. The employees’ competencies are reinforced and continuously maintained by means of challenging development projects, joint developments with customers and internal/external training. In addition to the Company’s own skills set, we occasionally purchase expertise as part of the development work with new products and hire students as interns as part of their training in relevant specialties. Environmental matters Occupational safety and health conditions and prevention of pollution are continuously discussed in, among other things, the Company’s Joint Consultative Committee and Safety Committee. The Company is insured against material damage and is in close dialogue with authorities and insurance companies with an eye to continued improved coverage of insurable risks. Outlook Despite expectations for increased business activity and a strong order book, high material costs, ongoing integration efforts and the war in Ukraine are expected to negatively impact earnings in 2024/25. The financial year 2024/25 is expected to crystallise a profit before tax of DKK 2 million. Significant global investment in renewables continues, with major utilities increasingly adopting a portfolio strategy and partnering with companies like Emerson to drive their initiatives. A key differentiator is the expansion of Mita-Teknik A/S' software beyond wind into PV (Photovoltaic) and BESS (Battery energy storage system), positioning us for substantial growth in these areas. Building on the strong growth achieved in 2023/24 and the promising outlook , we will further leverage Emerson's global capabilities to support capacity expansion and meet the rising demand. Research and development activities The Company continuously implements several development projects that account for a significant part of overall expenditure. The operations in 2023/24 have, as expected, been positively affected by the new products launched on the market in recent years. The Company's risk exposure Financial risks: The Company operates with a low risk profile, to the effect that any foreign exchange, interest rate and credit risks can only arise based on market conditions. Management continuously evaluates whether the Company has adequate capital resources, and the Board of Directors also continuously evaluates whether the capital structure complies with the interests of the Company and its stakeholders. This led to a group contribution in 2023/24 to secure an adequate capital structure in the years to come. The Company’s foreign trade is primarily conducted in EUR and USD, which is why earnings, cash flows and equity can be impacted by foreign exchange rate developments. The Company does not have any speculative foreign exchange holdings. Market risks: The wind turbine industry is subject to political regulations with all entailing risks . The Company is particularly exposed to downturns in the installation of new wind turbines and the ability to form long-term partnerships with the Company’s customers. The Company manufactures to order custommade high-tech products and has a highly flexible workforce that enables the Company to quickly react to market changes. The Company's investments in activities outside the wind turbine area generate a better balance in the Company’s activity level and production capacity. Risks related to quality/customer claims: The Company’s customer segments place severe demands on product quality to safeguard stable and efficient operations. Therefore, all operational companies with the Company are ISO 9001 certified. Subcontracting risks: The Company aims to have several different suppliers for its most important sub-components and continuously canvasses the market for alternative suppliers of such components in order to ensure reductions in both price and dependence on individual suppliers. Risk management and internal control: The Company's Board of Directors and Executive Board are in an ongoing dialogue on important conditions in the Company, including risks that are considered to have the potential to materially impact the Company. As part of the annual ISO 9001 audit, Management assesses business risks. Events after the balance sheet date We continue to see business risks due to the war in Ukraine. On the positive side, we now see great opportunities in being part of Emerson and the possibilities that come with it. We expect this to have a positive impact on our business moving into 2024/25. On this note, no events have occurred after the balance sheet date that may influence the assessment of the annual report for 2023/24. It has been decided to close the activities in the subsidiary, Mita-Teknik (Ningbo) Co. Ltd. by way of a solvent liquidation. This work is in process, and the Company is expected to be liquidated before the end of 2024/25. 30615000 26603000 36989000 35513000 11060000 11013000 -17434000 -19923000 -2950000 0 0 330000 4628000 1321000 -25012000 -20914000 -4854000 -4838000 -20158000 -16076000 17310000 0 2297000 0 9416000 0 0 0 146000 0 9321000 0 10622000 0 4000000 0 9037000 0 23659000 25502000 9860000 0 40398000 0 4854000 0 0 0 521000 0 1045000 0 12000 12000 118839000 112455000 1200000 1200000 15293000 20908000 55624000 -11209000 72117000 10899000 2545000 0 1375000 771000 3920000 771000 0 10741000 0 4528000 2783000 2746000 2783000 18015000 0 1151000 120000 220000 7866000 8091000 15224000 9142000 11222000 54913000 0 111000 5587000 9142000 40019000 82770000 42802000 100785000 118839000 112455000 1200000 20908000 -11209000 0 -5615000 5615000 0 0 -20158000 0 0 81376000 1200000 15293000 55624000 The annual report of Mita-Teknik A/S for 2023/24 has been prepared in accordance with the provisions applying to reporting class C medium-sized under the Danish Financial Statements Act.The accounting policies used in the preparation of the financial statements are consistent with those of last year.ReclassificationsReferring to the true and fair view set out in the Danish Financial Statements Act, the Company has reclassified individual items in the income statement. The reclassifications have affected the items staff costs, other external costs, other operating income and services in progress but have not affected results before tax, results for the year or equity. Comparative figures have been restated accordingly. Omission of presentation of consolidated financial statementsPursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of Mita-Teknik A/S and group entities are included in the consolidated financial statements of Emerson Electric Co., 8000 W. Florissant Ave., St. Louis, 63136 Missouri, USA. Omission of cash flow statementPursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are included in the cash flow statement in the consolidated financial statements of Emerson Electric Co.. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates 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, payables and other monetary items denominated in foreign currencies are translated at the exchange rates 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 latest financial statements is recognised in the income statement as financial income or financial expenses. Gross profit Pursuant to section 32 of the Danish Financial Statements Act, the Company has decided only to disclose gross profit. Revenue When sales contracts that consist of several separate components are concluded, the contract amount is allocated by the individual components based on the relative fair value approach. The separate components are recognised as revenue when the criteria applicable to the sale of goods and services have been met. A contract is allocated by the individual components when the fair value of these individual components can be reliably measured and when each component represents a separate value to the buyer. Sales components are deemed to represent a separate value to the buyer when the component is individually identifiable and is normally sold separately. Income from the sale of goods for resale and finished goods is recognised in revenue when transfer of the most significant rewards and risks to the buyer has taken place and provided that the income can be reliably measured and payment is expected to be received. The date of the transfer of the goods relies on standard terms of delivery. Income from the sale of services, comprising service contracts, is recognised in revenue on a straightline basis as the services are delivered in the form of an indefinite number of actions over a specific period of time. Revenue is measured at fair value of the agreed consideration ex. VAT and taxes charged on behalf of third parties. All discounts granted are recognised in revenue. Cost of sales Cost of sales comprises costs incurred to generate revenue for the year. This item also comprises direct and indirect costs for finished goods and changes in the inventory of goods for resale. Other operating income Other operating income comprises items secondary to the activities of the Company, including gains on the disposal of intangible assets and property, plant and equipment, payroll refunds and recharge of costs within the Group. Work for own account and capitalised Work performed for own account and capitalised comprises internal costs directly attributable to the development of intangible assets. The item includes salaries incurred during the development phase. Capitalised work is recognised as an asset in the balance sheet when the recognition criteria are met and is subsequently depreciated over the expected useful life of the asset. Other external costs Other external costs comprise distribution costs and costs related to sales, sales campaigns, administration, office premises, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs, etc., to the Company's employees. Income from equity investments in subsidiaries and participating interests (including associates) Income from equity investments in group entities comprise dividends received from subsidiaries and write-down of cost prices lead by impairment assessment.Dividends from equity investments in subsidiaries measured at cost are recognised as income in the parent company income statement in the financial year when the dividends are declared. Financial income and expenses Financial income and expenses comprise interest income and expense, gains and losses on receivables, payables and transactions denominated in foreign currencies, amortisation of liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Tax on loss for the year The Company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. The subsidiaries are included in the joint taxation from the date when they are included in the consolidated financial statements and up to the date when they are excluded from the consolidation. The affiliated company, Damcos Holding A/S, is the administrative company for the joint taxation and consequently settles all payments of Danish corporation tax to the tax authorities. On payment of joint taxation contributions, current Danish corporation tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have used the losses to reduce their own taxable profit. Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. Intangible assets Development projects Development costs comprise costs, wages, salaries and amortisation directly and indirectly attributable to development activities. Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities are evidenced, and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses as well development costs. Other development costs are recognised in the income statement as incurred. Development costs recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. Upon completion of development work, development costs are amortised on a straight-line basis over the estimated useful lives. The amortisation period is usually 3-5 years, which is fixed on the basis of experience gained by Management and longest for strategically acquired projects. Property, plant and equipmentLand and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:Buildings25 yearsPlant and machinery3-5 yearsFixtures, fittings, tools and equipment3-10 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.Land is not depreciated. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Financial assets Equity investments in group entities are measured at cost. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment as well as equity investments in group entities is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Inventories Inventories are measured at cost in accordance with the FIFO method. Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries and indirect production overheads. Indirect production overheads comprise indirect materials and wages and salaries as well as the maintenance of depreciation of production machinery, buildings and equipment as well as factory administration and management. Borrowing costs are not included in cost. 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 costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. Deferred tax is measured in accordance with 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. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Cash at bank and in hand Cash at bank and in hand comprises cash in bank and petty cash. EquityReserve for development costsThe reserve for development costs comprises capitalised development costs. The reserve cannot be used for dividends, distribution or to cover losses. If the recognised development costs are sold or in other ways excluded from the Company's operations, the reserve will be dissolved and transferred directly to the distributable reserves under equity. If the recognised development costs are written down, the part of the reserve corresponding to the write-down of the developments costs will be reversed. If a write-down of development costs is subsequently reversed, the reserve will be re-established. The reserve is reduced by amortisation of capitalised development costs on an ongoing basis.Dividends The expected dividend payment for the year is disclosed as a separate item under equity. Provisions Provisions comprise anticipated costs of warranty commitments. Provisions are recognised when, as a result of past events, the Company has a legal or a constructive obligation, and it is probable that there may be outflow of resources embodying economic benefits to settle the obligation. Provisions are measured at value in use. Warranties comprise obligations to make good any defects within the warranty period. Provisions are recognised based on the Company's experience with warranties. Provisions expected to be maintained for more than one year from the balance sheet date are discounted at a rate reflecting risk and the due date for payment. Liabilities other than provisions Financial liabilities are recognised at cost at the date of borrowing, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost using the effective interest method. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at amortised cost, which usually corresponds to nominal value. 32243000 31051000 4496000 4191000 250000 271000 47 48 The Parent Company (Emerson Electric Co.) has established a share-based payment program in the form of Restricted Stock Units (RSUs) for management and selected key employees of Mita-Teknik A/S. The RSUs granted are subject to cliff vesting. The RSU program vests participants with the right to receive shares in Emerson Electric Co. The awards are time-based, and thus the requirement is the passage of time and the retaining of employment with Mita-Teknik A/S. There are no performance requirements for these awards. • On 31 January 2022, 1,500 RSUs were granted. These RSUs will vest fully at the end of a three-year period. • On 6 November 2023, 600 RSUs were granted. These RSUs will vest in equal instalments of one-third each year over a three-year period. Emerson Electric Co. will retain any costs related to the share-based payment program. 2195000 985000 2433000 336000 -4854000 -4642000 5090000 -196000 -5090000 0 -20158000 -16076000 157802000 3728000 0 2297000 3728000 -3728000 161530000 2297000 -134725000 0 -9495000 0 -144220000 0 17310000 2297000 Completed development projects Completed development projects relate to the development of new technology and software. All projects are commercialised and generate positive cash flows.Development projects in progress Development projects in progress relate to the development of new technology and software to be launched subsequent to the balance sheet date. All projects have a commercial perspectivet, and positive cash flows are expected from the projects. 36574000 9103000 8089000 36574000 9103000 8089000 -25732000 -9009000 -7898000 -1426000 -94000 -45000 -27158000 -9103000 -7943000 9416000 0 146000 12271000 12271000 0 -2950000 -2950000 9321000 * Mita-Teknik A/S directly holds 20.9 % of the shares in Mita-Teknik Ltd. in Ukraine. Through the Parent Company's ownership of Mita-Teknik, Udlejning ApS, the Company indirectly holds 100 % of the shares in Mita-Teknik Ltd. ** The financial figures relate to the latest available financial statements for 2023. Deferred tax at 1 October 2-2,097Deferred tax adjustment for the year in the income statement -54,642 Deferred tax mainly relates to timing differences on accounting and tax recognition e.g. related to intangible assets and property, plant and equipment as well as carrying forward losses. Deferred tax is expected to be realised as current tax in the coming years. Prepayments comprise prepayment of costs incurred relating to subsequent financial years with regard to insurance, etc. DKK'00030/9 202430/9 2023Other provisions at 1 October 2023771943Provisions for the year6040 Disposal0-172Other provisions at 30 September 20241,375771 Other provisions comprise warranty commitments typically relating to warrannty for products sold. 0 1151000 0 4495000 0 6246000 7866000 8091000 0 4528000 5587000 9142000 2783000 2746000 2783000 18015000 13453000 18384000 Contingent liabilitiesThe Company is jointly taxed with other Danish companies in the Emerson Group. As a wholly-owned subsidiary, together with the other companies included in the joint taxation, the Company has joint and several unlimited liability for Danish corporation taxes and withholding taxes on dividends. Any subsequent correction of the taxable jointly taxed income or withholding taxes could result in an adjustment of the Company's liability.Up till 15 December 2021, the Company was part of the joint taxation with Aktieselskabet af 10. januar 2019 as the administrative Company. The Company has joint and several unlimited liability for Danish corporation taxes and withholding taxes on dividends up till this date in the previous joint taxation group. Any subsequent correction of the taxable jointly taxed income or withholding taxes could result in an adjustment of the Company's liability.Operating lease obligationsMita-Teknik A/S has entered into lease agreements for premises and operating equipment. The total premises obligation amounted to DKK 60 thousand at 30 September 2024, all due for payment within 12 months. The total operating equipment obligation amounted to DKK 518 thousand at 30 September 2024 (30 September 2023: 543 thousand), of which DKK 222 thousand falls due for payment within 12 months from the balance sheet date. Operating lease obligations fall due within 43 months from the balance sheet date. Control Emerson International Holding Company Limited, Accurist House, 44 Baker Street, London W1U 7AL, Great Britain, holds all shares in the Company. Mita-Teknik A/S is part of the consolidated financial statements of Emerson Electric Co, 8000 W. Florissant Ave., St. Louis, 63136 Missouri, USA, which is the smallest and largest group, in which the Company is included as a subsidiary. The consolidated financial statements of Emerson Electric Co. are available at the Company's address or on the website www.emerson.com.DKK'0002023/24 Sale of goods to group entities20,672 Purchase of goods from group entities45,375 Sale of services to group entities53,227 Purchase of services from group entities25,512 In accordance with section 98b(3) of the Danish Financial Statements Act, remuneration of the Executive Board and the Board of Directors is not disclosed as only one member of the Executive Board and Board of Directors is receiving remuneration in its capacity as Executive Board member. Payables and receivables to/from group entities are disclosed in the balance sheet, and interest expense to group entities is disclosed in note 3. During 2023/24, write-down of equity investments in group entities was recognised at DKK 2,950 thousand. During 2023/24, a group contribution of DKK 81,376 thousand was received from Mita-Teknik A/S' Parent Company.