45290131 2025-10-01 2025-12-31 cmn:ConsolidatedMember 45290131 2025-10-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 45290131 2025-10-01 2025-12-31 1 cmn:ConsolidatedMember 45290131 2023-10-01 2024-09-30 cmn:ConsolidatedMember 45290131 2022-10-01 2023-09-30 cmn:ConsolidatedMember 45290131 2021-10-01 2022-09-30 cmn:ConsolidatedMember 45290131 2024-09-30 cmn:ConsolidatedMember 45290131 2023-09-30 cmn:ConsolidatedMember 45290131 2022-09-30 cmn:ConsolidatedMember 45290131 2024-10-01 2025-09-30 cmn:ConsolidatedMember 45290131 2025-10-01 2025-12-31 45290131 2024-10-01 2025-09-30 45290131 2025-12-31 cmn:ConsolidatedMember 45290131 2025-09-30 cmn:ConsolidatedMember 45290131 2025-12-31 45290131 2025-09-30 45290131 2025-10-01 cmn:ConsolidatedMember fsa:ContributedCapitalMember 45290131 2025-10-01 cmn:ConsolidatedMember fsa:RetainedEarningsMember 45290131 2025-10-01 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 45290131 2025-10-01 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 45290131 2025-10-01 cmn:ConsolidatedMember fsa:MinorityInterestsMember 45290131 2025-10-01 cmn:ConsolidatedMember 45290131 2025-10-01 2025-12-31 fsa:ContributedCapitalMember cmn:ConsolidatedMember 45290131 2025-10-01 2025-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 45290131 2025-10-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember cmn:ConsolidatedMember 45290131 2025-10-01 2025-12-31 fsa:EquityAttributableToParentMember cmn:ConsolidatedMember 45290131 2025-10-01 2025-12-31 fsa:MinorityInterestsMember cmn:ConsolidatedMember 45290131 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 45290131 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 45290131 2025-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 45290131 2025-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 45290131 2025-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 45290131 2025-10-01 fsa:ContributedCapitalMember 45290131 2025-10-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 45290131 2025-10-01 fsa:RetainedEarningsMember 45290131 2025-10-01 fsa:ProposedDividendRecognisedInEquityMember 45290131 2025-10-01 45290131 2025-10-01 2025-12-31 fsa:ContributedCapitalMember 45290131 2025-10-01 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 45290131 2025-10-01 2025-12-31 fsa:RetainedEarningsMember 45290131 2025-10-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 45290131 2025-12-31 fsa:ContributedCapitalMember 45290131 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 45290131 2025-12-31 fsa:RetainedEarningsMember 45290131 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 45290131 2025-10-01 2025-12-31 1 cmn:ConsolidatedMember 45290131 2024-10-01 2025-09-30 cmn:ConsolidatedMember 1 45290131 2024-10-01 cmn:ConsolidatedMember 45290131 2025-10-01 fsa:LandAndBuildingsMember cmn:ConsolidatedMember 45290131 2025-10-01 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 45290131 2025-10-01 fsa:LeaseholdImprovementsMember cmn:ConsolidatedMember 45290131 2025-12-31 fsa:LandAndBuildingsMember cmn:ConsolidatedMember 45290131 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 45290131 2025-12-31 fsa:LeaseholdImprovementsMember cmn:ConsolidatedMember 45290131 2025-10-01 2025-12-31 cmn:ConsolidatedMember fsa:LandAndBuildingsMember 45290131 2025-10-01 2025-12-31 cmn:ConsolidatedMember fsa:FixturesFittingsToolsAndEquipmentMember 45290131 2025-10-01 2025-12-31 cmn:ConsolidatedMember fsa:LeaseholdImprovementsMember 45290131 2025-10-01 fsa:InvestmentsInGroupEnterprisesMember 45290131 2024-10-01 fsa:InvestmentsInGroupEnterprisesMember 45290131 2025-10-01 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 45290131 2024-10-01 2025-09-30 fsa:InvestmentsInGroupEnterprisesMember 45290131 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 45290131 2025-09-30 fsa:InvestmentsInGroupEnterprisesMember 45290131 2025-10-01 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 45290131 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 45290131 2025-10-01 cmn:ConsolidatedMember fsa:OtherInvestmentsMember 45290131 2025-10-01 2025-12-31 cmn:ConsolidatedMember fsa:OtherInvestmentsMember 45290131 2025-12-31 cmn:ConsolidatedMember fsa:OtherInvestmentsMember 45290131 2025-12-31 cmn:ConsolidatedMember fsa:LongtermTaxPayablesMember 45290131 2025-09-30 cmn:ConsolidatedMember fsa:LongtermTaxPayablesMember 45290131 2025-12-31 fsa:LongtermTaxPayablesMember 45290131 2025-09-30 fsa:LongtermTaxPayablesMember iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-10-01 2024-10-01 2025-12-31 2025-09-30 Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning true 2026-06-29 Nicholas Peter Francis The Executive Board has today considered and adopted the Annual Report of NPF Technologies Holding ApS for the financial year 1 October - 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2025. In my opinion, Management's Review includes a true and fair account of the matters addressed in the Review. I recommend that the Annual Report be adopted at the Annual General Meeting. Hørsholm 2026-06-29 Nicholas Peter Francis Manager To the shareholder of NPF Technologies Holding ApS Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025 and of the results of the Group’s and the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 October - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of NPF Technologies Holding ApS for the financial year 1 October - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements and the Parent Company Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Hellerup 2026-06-29 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Ulrik Ræbild State Authorised Public Accountant mne33262 NPF Technologies Holding ApS Gl Hovedgade 1A 2970 Hørsholm 45290131 Hørsholm Strandvejen 44 2900 Hellerup Seen over a 5-year period, the development of the Group is described by the following financial highlights:Cash flows from: -12274000 -12006000 -12628000 85500000 85320000 -1386609000 54213000 59870000 -1402486000 2882776000 2957374000 2938386000 0 0 257000 666000 20000 2788576000 2821363000 2807253000 33643000 75852000 -2924723000 -328640000 -92659000 -654508000 -70000000 -18316000 -155532000 -364997000 2167301000 0 5 5 8 4 2 0.937 0.923 0.967 0.954 0.955 0.019 0.055 0.019 0.021 0.999 Key activitiesThe Group's main activity is holding shares in Group companies, investing in listed and unlisted securities, and maintaining long-term investments in private equity funds and other companies.Development in the yearThe income statement of the Group for the periode 1 October - 31 December 2025 shows a profit of TDKK 49,615, and at 31 December 2025 the balance sheet of the Group shows an equity of TDKK 2,623,454.The management considers the year's result to be satisfactory.The past year and follow-up on development expectations from last yearThe Group's profit for the period of TDKK 49,615 derives mainly from unrealised gains on listed securities and fair value adjustments of the Group's fund investments.The expectations set out in the annual report for 2024/25 were stated for a full 12-month financial year and amounted to a profit before tax of approximately DKK 60-120 million. With effect from this year, the Group has changed its financial year to follow the calendar year, and the present financial period therefore covers only the three months from 1 October to 31 December 2025. The result for the period is accordingly not directly comparable with those expectations, which related to a 12-month period.The result before tax of TDKK 78,118 realised in the three-month period represents a proportionate part of the 12-month expectation and is, taking into account the write-down of direct investments, considered consistent with the expectations expressed in the annual report for 2024/25.The outlook for the investment activities remains subject to significant uncertainty as financial market volatility persists.Market risksAs a consequence of its investments, the Group is generally exposed to financial risks, primarily share price exposure, interest rate risks and currency risks. The Group also uses financial instruments to obtain exposure towards different asset classes.It is an integral part of the Group's business model to assume financial risks in its investments, and limits for and monitoring of such limits form part of the Group's portfolio and risk models.Targets and expectations for the year aheadThe outlook for the investment activities remains subject to significant uncertainty as financial markets volatility persists.The coming financial year is the Group's first full financial year following the change to the calendar year and covers the 12-month period from 1 January to 31 December 2026. On that basis, the Group is expected to generate a profit before tax of DKK 60-120 million for the 12-month period, depending on developments in the financial markets.External environmentThe Group's activities solely consist of investments in shares and relating activities, and the Group's external impact is therefore limited. The Managing Director will for future investments have focus on investments that are environmentally friendly. Therefore, the Group has no policies for environment and climate.Uncertainty relating to recognition and measurementThe Group’s risk primarily relates to the development within the global financial markets as the Group has a significant exposure to financial assets.The Group's other investments also consist of investments in unlisted private equity funds. These funds are recognized at cost and measured at fair value end of year. The fair value is calculated based on unobservable inputs, and as a result there is an inherent uncertainty associated with the private equity funds' estimates for fair value.Unusual eventsThe financial position at 31 December 2025 of the Group and the results of the activities and cash flows of the Group for the financial year for 2025 have not been affected by any unusual events.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. -6230000 -23742000 -17000 -13000 2059000 9396000 0 0 125000 552000 0 0 -8414000 -33690000 -17000 -13000 0 0 15148000 62835000 92612000 220688000 67000 0 6080000 13589000 67000 0 78118000 173409000 15131000 62822000 28503000 25589000 0 -3000 49615000 147820000 15131000 62825000 9675000 9732000 0 0 452000 522000 0 0 0 0 0 0 10127000 10254000 0 0 0 0 714883000 739735000 1111880000 1026907000 0 0 1111880000 1026907000 714883000 739735000 1122007000 1037161000 714883000 739735000 0 0 8267000 0 62582000 51063000 0 0 8682000 8186000 3000 0 0 0 0 12447000 71264000 59249000 8270000 12447000 1533136000 1705575000 0 0 73983000 28042000 0 0 1678383000 1792866000 8270000 12447000 2800390000 2830027000 723153000 752182000 40000 40000 40000 40000 0 0 37983000 62835000 714816000 699685000 676833000 636850000 0 40000000 0 40000000 714856000 739725000 714856000 739725000 1908598000 1871194000 0 0 2623454000 2610919000 714856000 739725000 0 17946000 0 0 0 17946000 0 0 0 1053000 0 0 1588000 4053000 30000 13000 0 68000 0 0 55776000 92748000 8267000 0 29924000 14044000 0 12444000 89648000 89196000 0 0 176936000 201162000 8297000 12457000 176936000 219108000 8297000 12457000 2800390000 2830027000 723153000 752182000 40000 699685000 40000000 739725000 1871194000 2610919000 0 0 0 0 2920000 2920000 0 0 40000000 40000000 0 40000000 0 15131000 0 15131000 34484000 49615000 40000 714816000 0 714856000 1908598000 2623454000 40000 62835000 636850000 40000000 739725000 0 0 0 40000000 40000000 0 -24852000 39983000 0 15131000 40000 37983000 676833000 0 714856000 49615000 147820000 -57904000 -180958000 -58854000 87031000 -67143000 53893000 72245000 108985000 4588000 13589000 514000 149289000 24057000 5369000 -23543000 143920000 67332000 128513000 7357000 41099000 Investment in minority interests -2980000 0 -62955000 -87414000 0 -1053000 40000000 190975000 -40000000 -189922000 -126498000 -133416000 1733617000 1865289000 0 1744000 1607119000 1733617000 Cash and cash equivalents are specified as follows: 73983000 28042000 1533136000 1705575000 1607119000 1733617000 2041000 9206000 0 0 9000 42000 0 0 9000 148000 0 0 2059000 9396000 0 0 5 5 1 1 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 105000 552000 0 0 20000 0 0 0 125000 552000 0 0 35333000 11987000 0 0 0 0 67000 0 57279000 206957000 0 0 0 1744000 0 0 92612000 220688000 67000 0 2013000 664000 0 0 3468000 12925000 67000 0 599000 0 0 0 6080000 13589000 67000 0 17478000 12444000 0 -3000 11025000 13145000 0 0 28503000 25589000 0 -3000 0 40000000 0 40000000 0 0 -24852000 17205000 34484000 82989000 0 0 15131000 24831000 39983000 5620000 11076000 1975000 220000 11076000 1975000 220000 1344000 1453000 220000 20000 0 0 37000 70000 0 1401000 1523000 220000 9675000 452000 0 50 years3-5 years3-5 years 676900000 861394000 0 -184494000 676900000 676900000 62835000 0 0 45630000 15148000 17205000 40000000 0 37983000 62835000 714883000 739735000 Investments in subsidiaries are specified as follows:80For the Group, unpaid investment commitments to unlisted private equity funds as of 31 December 2025 amounts to TDKK 390,830 (2024/25: TDKK 412,793).Other investments consist of investment in private equity funds measured at fair value (fair value hierarchy level 3) and other unlisted investments measured at cost. For this type of investment, the fair value is not measured on the basis of observations on an active market, but on the basis of information on the fair value from the private equity funds.When entering into new investments in private equity funds, the Group receives information about the fund's general principles for valuation, and these are accepted at the same time that the Group chooses to invest in a private equity fund. The fair value of the Group's investments in private equity funds is based on the most recently received quarterly and annual statements.The valuation of all the investments is based on unobservable inputs. The recognition is based on the formalized process for reporting valuation which has been implemented by the private equity fund. No detailed information is received about the valuation models' data and the underlying assumptions. NPF Technologies ApS Hørsholm 1.00 1001464000 -602000 67330000 7357000 1060835000 25443000 25602000 51045000 1111880000 Carrying amount at 1 October1,705,5751,813,19800Access during the year242,9732,806,38000Disposal during the year-392,789-3,065,72100Value adjustments-22,623151,71800Carrying amount at 31 December1,533,1361,705,57500 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:Corporation tax29,92431,990012,444 0 0 0 0 0 17946000 0 0 0 17946000 0 0 29924000 14044000 0 12444000 92612000 220688000 6080000 13589000 125000 552000 28503000 25589000 -57904000 -180958000 -11519000 -8403000 47335000 -95434000 -58854000 87031000 Other contingent liabilitiesThe 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 by the Group amounts to TDKK 21,242. 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 Group’s liability.There are no other contingent liabilities per 31 December 2025, in addition to the investment commitments mentioned in note 9. Controlling interestNicholas Peter Francis, CopenhagenMajority shareholderTransactionsThe 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. No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of NPF Technologies Holding ApS for the period 1 October - 31 December 2025 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 Consolidated Financial Statements and the Parent Company Financial Statements for the period 1 October - 31 December 2025 are presented in TDKK.The Group's management has decided that the Group's financial reporting period will, going forward, follow the calendar year.Therefore, the financial period for the annual report has been shortened to 3 months compared to the comparative period, which covers 12 months. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, NPF Technologies Holding ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Minority interestsMinority interests form part of the Group's total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquistition of subsidiaries. Translation policiesDanish kroner 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. RevenueRevenue consists of rental income and is measured at the consideration received. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. Gross lossWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise depreciation and impairment of property, plant and equipment. Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. 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 on profit/loss for the yearTax 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 NPF Technologies ApS, Francis Family Fund ApS, FFF America SPV ApS and Francis Automotive 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). 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. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period.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:Buildings50 years Other fixtures and fittings, tools and equipment3-5 years Leasehold improvements3-5 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of 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 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 subsidiariesInvestments in subsidiaries are recognised and measured under the equity method.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Fixed asset investmentsOther securities and capital shares, recognized under fixed assets, include unlisted private equity funds, which are measured at estimated fair value on the balance sheet date. The fair value is calculated on the basis of statements received from private equity funds, which recognize underlying investments at fair value.Other investments, also include unlisted equity investments, which are measured at the lower of cost and recoverable amount. 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. Current Asset InvestmentsCurrent Asset Investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price. DividendDividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilitiesCurrent 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. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group.The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalentsThe cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand” and ”Current asset investments”. ”Current asset investments” consist of short-term securities with an insignificant risk of value changes that can readily be turned into cash. Financial HighlightsExplanation of financial ratiosSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity