35394818 2025-01-01 2025-12-31 35394818 2025-01-01 2025-12-31 2 35394818 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 35394818 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 35394818 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 35394818 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 35394818 2025-01-01 2025-12-31 1 35394818 2023-01-01 2023-12-31 35394818 2022-01-01 2022-12-31 35394818 2021-01-01 2021-12-31 35394818 2023-12-31 35394818 2022-12-31 35394818 2021-12-31 35394818 2024-01-01 2024-12-31 35394818 2025-01-01 2025-12-31 1 35394818 2024-01-01 2024-12-31 1 35394818 2023-01-01 2023-12-31 1 35394818 2022-01-01 2022-12-31 1 35394818 2021-01-01 2021-12-31 1 35394818 2025-12-31 35394818 2024-12-31 35394818 2025-01-01 fsa:ContributedCapitalMember 35394818 2025-01-01 fsa:RetainedEarningsMember 35394818 2025-01-01 fsa:ProposedDividendRecognisedInEquityMember 35394818 2025-01-01 35394818 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 35394818 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 35394818 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 35394818 2025-12-31 fsa:ContributedCapitalMember 35394818 2025-12-31 fsa:RetainedEarningsMember 35394818 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 35394818 2025-01-01 2025-12-31 fsa:ManagementMember 35394818 2024-01-01 2024-12-31 fsa:ManagementMember 35394818 2025-01-01 2025-12-31 fsa:BoardOfDirectorsMember 35394818 2024-01-01 2024-12-31 fsa:BoardOfDirectorsMember 35394818 2025-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 35394818 2025-01-01 fsa:LeaseholdImprovementsMember 35394818 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 35394818 2025-01-01 2025-12-31 fsa:LeaseholdImprovementsMember 35394818 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 35394818 2025-12-31 fsa:LeaseholdImprovementsMember 35394818 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 35394818 2025-01-01 2025-12-31 fsa:LeaseholdImprovementsMember 35394818 2025-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 35394818 2025-01-01 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 35394818 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 35394818 2025-12-31 fsa:LongtermLeaseCommitmentsMember 35394818 2024-12-31 fsa:LongtermLeaseCommitmentsMember 35394818 2025-12-31 fsa:OtherLongtermPayablesMember 35394818 2024-12-31 fsa:OtherLongtermPayablesMember 35394818 2025-12-31 fsa:OtherShorttermPayablesMember 35394818 2024-12-31 fsa:OtherShorttermPayablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning true 2026-06-30 Jesper Nørholt The Executive Board and Board of Directors have today considered and adopted the Annual Report of OKNygaard 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 at 31 December 2025 of the Company and of the results of the Company operations for 2025. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Brabrand 2026-06-30 Carsten Ullits Olesen CEO Morten Hansen Carsten Ullits Olesen Marc Gullhem Venier Chairman To the shareholder of OKNygaard A/S Opinion 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 have audited the Financial Statements of OKNygaard 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 a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Ringsted 2026-06-30 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Brian Pedersen Keld A. M. Nielsen State Authorised Public Accountant State Authorised Public Accountant mne28701 mne40037 OKNygaard A/S Rosbjergvej 5G 8220 Brabrand 35394818 Aarhus Eventyrvej 16 4100 Ringsted Seen over a 5-year period, the development of the Company is described by the following financial highlights:Adjusted profit/loss of primary operations*-8,97964534,83816,01210,572In connection with changes to accounting policies in the Annual Report for 2024, the comparative figures for 2021 and 2022 have not been restated.*Profit/loss of primary operations excluding integration cost and allocated group management cost for strategic and central support. 339736000 102109000 89166000 21286000 7170000 5669000 -8853000 -3691000 -2909000 9736000 3986000 2456000 365880000 348370000 329513000 14329000 10099000 21765000 34063000 35079000 70253000 64317000 60331000 104 131 552 517 486 0.119 0.053 0.058 0.021 0.017 0.115 0.133 0.192 0.185 0.183 Solvency ratio excl. factoring debt 0.137 0.247 0.273 0.242 0.218 0.877 0.238 0.145 0.064 0.042 Key activitiesOKNygaard's ambition is to be the ones who create landscape in Denmark's green outdoor areas and urban spaces, and we want to be recognized as a trusted landscape gardener and climate contractor both locally and nationwide. As part of Europe's largest landscaping group, idverde, OKNygaard draws on competencies and experience from its affiliated companies in Denmark, France, England, the Netherlands, Germany and Switzerland, and our employees are provided with the opportunity of education and development across the entire Idverde organization and national borders.OKNygaard performs all types of tasks in connection with landscaping and climate solutions. The landscape gardening business is one business area, Landscaping, with associated deliveries within climate, local drainage of rainwater, sewerage and renovation. The customers are business-to-business and public companies, housing associations, institutions as well as nationwide chain companies and organizations.Development in the yearThe income statement of the Company for 2025 shows a loss of TDKK 17,462, and at 31 December 2025 the balance sheet of the Company shows an equity of TDKK 17,191.The past year and follow-up on development expectations from last yearWith effect from 1 January 2024, OKNygaard Maintenance business has been demerged from OKNygaard A/S to the sister company Grøn Vækst A/S (CVR.: 40895493) for consolidating idverde Group’s Maintenance business into one legal entities with the idverde DK Group. Furthermore, actions are put in place to integrate the creation businesses in the idverde DK Group between OKNygaard A/S and Malmos A/S among others.For 2025, OKNygaard realized lower sales as part of the integration mentioned above, which is in line with the expectations of a negative growth rate in the range of 10%-20% from the previous year. Gross profit for 2025 landed at DKK 48,3 million compared with DKK 77,1 million in 2024. Profit margins before non-operating items were expected at 4%-6%, which was not achieved due to lower gross margins from several projects and not in line with our expectations and our historically normally good project executions. Risk mitigation in order to secure stable business going forward has been taken.Targets and expectations for the year aheadManagement expects the Company to achieve a profit after tax for 2026 in the range of DKK 0,0 to 5,0 million.Risk managementOKNygaard takes a proactive approach to risk management to ensure future growth for our business and secure our employees, values, assets and reputation. This work is performed partly by the Board of Directors and partly by day-to-day management, who actively monitor our risk management on a current basis and assess any changes and new risks. We want to act responsibly and thus have a risk policy that identifies risks, monitors them and addresses the risks that can be minimized.The Group's statement on corporate social responsibility pursuant to section 99b of the Danish Financial Statements Act is included in the parent company Armorica Danmark's (CVR.: 40895493) group management report in the section on the statement on corporate social responsibility for 2025.Uncertainty relating to recognition and measurementMeasurement of contract work in progress is based on accounting estimates made by management. The estimates are made in accordance with accounting policies and based on assumptions and experience that management considers realistic and responsible.Unusual eventsNo unusual circumstances have occurred during the financial year that have had an impact on the period for the profit or balance sheet for the period as of 31 December 2025. 48323000 77095000 59904000 80092000 6301000 5731000 0 268000 -17882000 -8996000 627000 1209000 4149000 5016000 -21404000 -12803000 -3942000 -1764000 -17462000 -11039000 30626000 24337000 0 408000 30626000 24745000 38000 943000 38000 943000 30664000 25688000 79000 1747000 79000 1747000 41454000 67255000 34473000 22126000 26848000 36850000 4273000 312000 4523000 0 7554000 9274000 119125000 135817000 11000 7357000 119215000 144921000 149879000 170609000 5308000 5308000 11883000 15345000 0 2000000 17191000 22653000 14773000 16890000 14773000 16890000 22696000 12595000 1875000 2265000 24571000 14860000 24501000 47618000 9977000 5691000 28238000 33088000 1419000 5418000 21605000 14634000 7604000 9757000 93344000 116206000 117915000 131066000 149879000 170609000 5308000 15345000 2000000 22653000 0 0 2000000 2000000 0 14000000 0 14000000 0 -17462000 0 -17462000 5308000 11883000 0 17191000 53015000 70455000 5436000 7015000 1453000 2622000 59904000 80092000 Including remuneration to the Executive Board and Board of Directors: 90000 1969000 408000 120000 498000 2089000 104 131 0 1136000 627000 73000 627000 1209000 654000 0 3495000 5016000 4149000 5016000 -4523000 0 2530000 -1764000 0 -1519000 -1949000 1519000 -3942000 -1764000 0 2000000 -17462000 -13039000 44262000 252000 14329000 0 4209000 191000 54382000 61000 21542000 162000 6288000 13000 4074000 114000 23756000 61000 30626000 0 26211000 0 943000 905000 38000 38000 Contract work in progress is recognised in the balance sheet as follows:Contract work in progress recognised in assets34,47322,126Prepayments received recognised in debt-1,419-5,41833,05416,708 Prepayments comprises prepaid expenses relating to materials for use in contract work, insurances, subscriptions etc. The share capital consists of 5,308,300 shares of a nominal value of TDKK 1. No shares carry any special rights. The share capital has been fully paid in at the balance sheet date. Deferred tax liabilities at 1 January16,89018,538Net effect from demerger and business sale0-1,404Correction of deferred tax from merger-2,6980Amounts recognised in the income statement for the year581-244Deferred tax liabilities at 31 December14,77316,890 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:Lease obligations32,67318,286Other payables9,47912,022 0 0 22696000 12595000 22696000 12595000 9977000 5691000 0 0 1875000 2265000 1875000 2265000 7604000 9757000 Charges and securityThe following assets have been placed as security with bankers in connection with the company having provided a floating charge of TDKK 20,100:Other fixtures and fittings, tools and equipment4,4156,169Inventories791,747The company has provided surety bonds to other group companies. Rental and lease obligationsRental obligations regarding fixed assets, non-cancellation periods between 4 and 51 months2,94914,177Rental obligations regarding rental contracts, non-cancellation period of 10 months4847,281Guarantee obligationsThe company is responsible for work warranty commitments that the guarantee insurance company has given to third parties71,28389,938Other 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 is disclosed in the Annual Report of Armorica Danmark ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability.Other financial obligationsAs a part of normal business, the Company has entered into agreements with subcontractors with a total obligation of TDKK 18,124. The agreements are related to normal ongoing and agreed revenue contracts.  Controlling interestArmorica Danmark ApS, RoskildeParent companyIDVERDE Société par actions simplifiée á associé uniqueUltimate parent companyTransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c) of the Danish Financial Statements Act.There have been no transactions with the Supervisory Board, the Executive Board, senior officers, significant shareholders, group enterprises or other related parties, except for intercompany transactions and normal management remuneration. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company:Armorica Danmark ApSRoskilde, Denmark No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of OKNygaard A/S for 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 Financial Statements for 2025 are presented in TDKK.Some changes have been made to the comparison figures. The changes have no effect on the year's result, equity and balance sheet total. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Armorica Danmark ApS, the Company has not prepared a cash flow statement. 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. Leases in terms of which the Company assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Company.The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement.All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. 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. RevenueRevenue from the sale of goods for resale and finished goods is recognised in the income statement when the sale is considered effected based on the following criteria:delivery has been made before year end;a binding sales agreement has been made;the sales price has been determined; andpayment has been received or may with reasonable certainty be expected to be received.Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract.Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, expenses for raw materials and consumables 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. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of property, plant and equipment. 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.The Company is jointly taxed with the Danish affiliated companies. 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:Other fixtures and fittings, tools and equipment3-5 years Leasehold improvements5 years 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. Other fixed asset investments consist of deposit which are recognised and measured at cost. InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of raw materials and consumables equals landed cost. 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. Contract work in progressContract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement.Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value.Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative.Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. 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.Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan.Other debts are measured at amortised cost, substantially corresponding to nominal value. Financial HighlightsExplanation of financial ratiosReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endSolvency ratio excl. factoring debtEquity at year end x 100 / Total liabilities and equity at year end excl. factoring debtReturn on equityNet profit for the year x 100 / Average equity