Årsrapport16119040BUUS JENSEN, Statsautoriserede revisorerLersø Parkalle, 1122100, København Ø2023-01-012023-12-312024-01-012024-12-3134077746Minerva Imaging ApSLyshøjvej213650Ølstykke2011-12-08EgedalSparekassen KronJyllandBUUS JENSEN, Statsautoriserede revisorer16119040Michael MarkussenStatsautoriseret revisormne34295Lersø Parkalle1122100København ØDanmark39 29 08 00Buusjensen@buusjensen.dk2025-06-05Ricki BoyeRegnskabsklasse C, mellemstor virksomhedRevisionspåtegningCaseWare fra Revisorgruppen DanmarkanpartshaverneKøbenhavn2025-06-05Ølstykke2025-06-05Grundlag for konklusionKonklusion15897076198801066146960019923757078846550461452536883773556143499415963558104778631061848674320630384017036653545416992648665047964178234719970058802-9615360026428752113029815214512027895334692400-1657141657147131977444032334663682149171482249362209752948154734223555291154463449180001147443251760003668030217179529366803021717952958802-9615363700000220000032921500159410651681245851516124840068632278570844296863227857084429743500000237500363208696913686322785708442900100164171227266529320993209932099320942661853236856426618532368564359394333006510452356526056717241859757212026978173155843831411463932025732227499392855123222749948059370129509454805937012950945000518104453975810397581000500930351177019227135117642000026700002670004476745292173828393901284383957657234855945394143710985422726743049237009329166071279518102508772509295469706031799821790344368529262956524270216160182962936476017474760174781000810008100081000004154308409550610688769273907390102733384698118843700000220000037000002200000110668692761883901106686927618839019777000645800015063000561600025750000257500002235200064580001763800056160002579786000307609837644320054753184035654753184035640042463382786024004246338278602129202212552001292022125520047537900441385904188201640374158745842418018766574774706356671155691415867789155691415867789483931593332016048393159333201609002011839357478017356837412003815848000975106010487600840235610221208840235657737850577378501638099371361715441000274526078438821134783718031013414190946810115854634436852926295652427021616018296293636680302171795253382495420169001-22693313147610754781194352109601815214512017056980444031741570177477204851500000497959040070177427408952749014553199502019970001029329232906596180280-38137502-535315679239619346580881430069011073416220000009701352-135821052440281100025674372956-78810523700933158198674304923700936743049237009378854493546631567876776254663156876003160262048760031602620485098076317684956274563488465504614525368837735561434994200765914055022007659140550213295131957131977444032334663682149171713197744403233466368214917116287746721857173184734640112649835345072166100551681245857326145071417516221663352216633588319088319094544595927006611617702114333087106184861061848688319088319025912317240683836863227868632278743500074350007435000186311461863114677378717096009863186311464095506505704258802-9615364154308409550610016417122726652Bioadvice A/SApSEgedal1008971343955044Minerva Innovations ApSApSEgedal100140034-19767Vognmand Bjarne Jeppesens Eftf. ApSApSEgedal10056200236175493209009320993209932099320993209RadioDoxx GmbHGermany5032368563236856102932910293294266185426618542661854266185-124606563-95609347-124606563-95609347160486196884900669462855770600289211028921107188259118801197188259118801190123096201230962810008100081000810008100081000810008100000409550650570420058802-961536004154308409550673907390589278616981188453870819329803021497952932921500159410651068876927390739010273338469811884220000002200000022000000220000003700000220000037000002200000370000022000003700000220000064580001540000561600044000010442215491800094470005176000287678500019777000645800015063000561600015963557104778630384017-815214-5120271319774440323115446344918000-460126151118187615072999201531608246303-16573961Today, the Board of Directors and the Managing Director have approved the annual report of Minerva Imaging ApS for the financial year 1 January - 31 December 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and 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 2024, and of the results of the Group and the Company's operations as well as the consolidated cash flows for the financial year 1 January – 31 December 2024. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Carsten Haagen NielsenAndreas KjærRicki BoyeJacob Klinge JacobsenCarsten Haagen NielsenWe have audited the consolidated financial statements and the parent company financial statements of Minerva Imaging ApS for the financial year 1 January to 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies for both the Group the Parent Company, as well as consolidated statement of cash flows. The consolidated financial statements and the parent company financial statements are prepared under the Danish Financial Statements Act. 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 2024, and of the results of the Group and the Company's operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. Basis for conclusion 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 Consolidated Financial Statements and the Parent Company 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 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 consolidated financial statements and parent company financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent company 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 consolidated financial statements and the parent company financial statements unless Management either intends to liquidate the Group or 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 consolidated financial statements and the parent company 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 consolidated financial statements and parent company financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements and the parent 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 Group´s and 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 consolidated financial statements and the parent company 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 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 consolidated financial statements and the parent company 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 Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the consolidated financial statements and the parent company financial statements, including the disclosures, and whether the consolidated financial statements and the parent company 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. Statement on Management’s Review Management is responsible for Management’s Review. Our opinion on the consolidated financial statements and the parent company 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 consolidated financial statements and the parent company financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the consolidated financial statements and the parent company 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, we conclude that 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 Management’s Review. 7507200023113000699610003648700029003000Egen tekst herEgen tekst herEgen tekst herEgen tekst herEgen tekst her-6317000-4389000-1925000366800001718000016398000Egen tekst herEgen tekst herEgen tekst herEgen tekst herEgen tekst her2322570002375000002086970001683560005900900020019000-77293000580560004373000-788000782000Pengestrømme i altPengestrømme i altPengestrømme i altPengestrømme i altPengestrømme i alt7862.637.449.1LikviditetsgradLikviditetsgradLikviditetsgradLikviditetsgradLikviditetsgrad32.12925.439.325.455.6The key figures appearing from the survey have been calculated as follows: Acid test ratio Current assets x 100 / Short term liabilities other than provisions Solvency ratio Equity, closing balance x 100 / Total assets, closing balance Return on equity Net profit or loss for the year x 100 / Average equityDevelopment in activities and financial matters The gross profit for the parent compagny for the year totals DKK 146.960 thousand against DKK 92.376 thousand last year. Income or loss from ordinary activities after tax totals DKK 36.680 thousand against DKK 17.180 thousand last year. Management considers the net profit or loss for the year satisfactory. The gross profit for the group for the year totals DKK 158.971 thousand against DKK 98.801 thousand last year. Income or loss from ordinary activities after tax totals DKK 36.680 thousand against DKK 17.180 thousand last year. Management considers the net profit or loss for the year satisfactory. Our financial results for the year exceeded our budget and expectations for 2024, which are considered very satisfactory, as our projections throughout the year were ambitious. We managed to grow on key parameters during the year for both the CRO business and the CDMO business. During the year, we have invested significantly in our organization, our capabilities as well as expanding our areas of expertise. In 2024, we began operation of our new facility, which now support the entire organization and enables us to continue our growth ahead. As last year, many new talented people were hired across our support functions as well as in our Research and Development departments while at the same time we kept investing in new models, technology platforms and equipment to support our future growth. It is owing to the continued dedication of our colleagues, who are committed to delivering excellence in their work, that Minerva has come this far. Anchored by a robust Minerva culture, our strategic framework, and the shared values permeating throughout the organization, we have consistently been able to steer towards our objectives. Management would like to extend our gratitude to each one of you for your unwavering dedication and contributions. During 2024, the company also acquired a new subsidiary which own a neighboring land plot, which will secure future expansion at the current location. Expected developments We expect the positive development from the previous years to continue in 2025, consolidating our market position as well as our expectations to the market development. We anticipate further developing our expertise in both the pre-clinical and clinical aspects of the business, ensuring that both the CRO and CDMO segments will continue to grow. Our continued growth on key parameters is expected for both the CRO segment and the CDMO segment. Further investments are an essential part of our plan to further development of our capabilities and securing our growth ambitions. In April 2025, the company also initiated construction of a new facility in close connection to the current facility. The facility will significantly expand our current capacity and is expected to be ready for use during the second half of 2026. The expected EBITDA for 2025 range between DKK 100-110 million. Knowledge resources Description of Company's Knowledge Resources The expertise and insights of our skilled professionals are fundamental to our long-term success and future growth. As a knowledge-driven organization, our most valuable asset is our team of highly qualified researchers and specialists, whose skills underpin our innovative research projects and cutting-edge solutions. Key Elements of our knowledge resources Our employees are distinguished by deep expertise and extensive experience across diverse fields. This knowledge is instrumental in delivering high-quality research results and tailored solutions to our partners. Additionally, we are deeply committed to nurturing talent development and fostering knowledge sharing among our employees. Through training programs, workshops, and mentorship initiatives, we ensure the continued development of our core competencies and promote a culture of continuous learning. Our knowledge resources constitute the cornerstone of our company's strategy and are vital to maintaining our competitive edge and ensuring sustainable growth. We remain dedicated to investing in and strengthening our knowledge resources to consolidate our market position. Environmental issues Our company acknowledges the importance of minimizing its impact on the external environment and is committed to implementing measures to prevent, reduce, or mitigate any adverse effects. Impact on the External Environment We recognize that our operations may have implications for the external environment, including factors such as energy consumption, waste generation, and emissions. It is imperative for us to address these potential impacts responsibly. Measures for prevention, reduction, or remediation Environmental Management Systems: We have constant focus on environmental management systems to systematically identify, assess, and manage our environmental impacts. This includes setting targets for resource efficiency, waste reduction, and emissions control. Energy Efficiency: We prioritize energy efficiency throughout our operations by investing in energy-saving technologies such as solar panels, optimizing processes, and promoting a culture of energy conservation among our employees. Waste Management: We are focussing on implementing waste management practices to minimize our waste generation, promote recycling and reuse, and ensure proper disposal of hazardous materials in accordance with relevant regulations. By proactively addressing our impact on the external environment and implementing measures for prevention, reduction, or remediation of any potential damage, we aim to operate sustainably and contribute positively to the well-being of the communities in which we operate. Research and development activities We foster a culture of science and entrepreneurship. We achieve this through various means such as providing resources for research and development, promoting cross-disciplinary collaboration, creating an environment where employees are encouraged to explore new ideas, and investing in ongoing education and training for employees. We have a portfolio of research projects to develop and expand our service capabilities within molecular imaging, oncology, cardio-vascular diseases, and targeted radionuclide therapy. Some of our scientific results are presented in peer-reviewed journal articles or at international conferences, highlighting the importance of our work in advancing knowledge in our field of expertise. Our Minerva Imaging (MI) Scholar program is designed to attract the brightest individuals in academia and provide them with a unique opportunity for professional growth and development in an industrial setting. The students enrolled in our MI Scholar program conduct a master thesis or a PhD project in our state-of-the-art facilities. They receive mentorship from our seasoned professionals and opportunities for networking and career advancement. Our scholar program is not just about attracting talent – it is about investing in the next generation of innovators and potential future employees. 13. Provisions for deferred tax Provisions for deferred tax 1 January 2024 6.458.000 1.540.000 5.616.000 440.000 Deferred tax relating to the net profit or loss for the year 10.442.215 4.918.000 9.447.000 5.176.000 Deferred tax recognised directly in equity 2.876.785 0 0 0 19.777.000 6.458.000 15.063.000 5.616.000 17. Charges and security For security for the company's and the group's bank commitments, the company has provided security in company assets representing a nominal value of DKK 30.000 thousand. This security comprises the assets below, stating the carrying amounts: DKK in thousands Trade receivables 37.915 Other fixtures, fittings, tools and equipment 21.031 Furthermore, the company has provided security in investments in group enterprises with a carrying amount of DKK 89.714 thousand, cf. note 8, for security for the group's bank commitment. The company has guaranteed the subsidiary, Bioadvice A/S, bank commitment. Fixtures, fittings, tools, and equipment representing a carrying amount of DKK 47.602 thousand at 31 December 2024, cf. note 6, have been financed by means of finance leases. At 31 December 2024, this lease liability totals DKK 47.231 thousand. 18. Contingencies Contingent liabilities DKK in thousands Lease liabilities 80.983 Total contingent liabilities 80.983 Comprising: Contingent liabilities, group enterprises 80.574 Joint taxation The company acts as administration company for the group of companies subject to the Danish scheme of joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to pay the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any subsequent adjustments of corporate taxes or withholding taxes, etc., may result in changes in the company's liabilities. 19. Related parties Controlling interest Bioadvice A/S, Lyshøjvej 21, Egedal, DK Subsidiary Minerva Innovations ApS, Egedal, DK Subsidiary Vognmand Bjarne Jeppesens Eftf. ApS, Egedal, DK Subsidiary Other related parties: Carsten Haagen Nielsen, Birkerød Board member Andreas Kjær, Frederiksberg Board member Transactions No transactions with related parties are disclosed as all transactions are carried out under normal market conditions. The annual report for Minerva Imaging ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises). The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in general Income is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the group and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the group and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translation Transactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of the transaction. Group enterprises abroad, associates, and equity investments are considered to be independent entities. The income statements are translated at an average exchange rate for the month, and the balance sheet items are translated at the closing rates. Currency translation differences, arising from the translation of the equity of group enterprises abroad at the beginning of the year to the closing rate and from the translation of income statements from average prices to the closing rate, are recognised directly in equity in the fair value reserve in the Consolidated Financial Statement. This also applies to differences arising from translation of income statements from average exchange rate to closing rate. Translation adjustment of balances with group enterprises abroad that are considered part of the total investment in group enterprises are recognised directly in equity in the fair value reserve. Likewise, foreign exchange gains and losses on loans and derived financial instruments for currency hedging independent group enterprises abroad are recognised directly in equity. When recognising foreign group enterprises which are integral units, the monetary items are translated using the closing rate. Non-monetary items are translated using the exchange rate prevailing at the time of acquisition or at the time of the subsequent revaluation or write-down for impairment of the asset. Income statement items are translated using the exchange rate prevailing at the date of the transaction. However, items in the income statement derived from non-monetary items are translated using historical prices. Business combinations Acquisitions completed by the 1 July 2018 or later (method of consolidation) Acquisition of group enterprises are dealt with in accordance with the acquisition method, and afterwards the assets and liabilities of the acquired entity are measured at fair value at the date of acquisition. If it is possible to measure the value reliably, acquired contingent liabilities are measured at fair value under the item Equity investments in group enterprises. The date of acquisition is the date when control of the acquired entity is obtained. The cost of the acquired entity represents the fair value of the consideration agreed upon, including the considerations that are conditional on future events. Transaction costs directly attributable to the acquisition of group enterprises are recognised in the income statement as incurred. Positive differences between the cost of the acquired entity and the identified assets and liabilities are recognised in the equity investment as goodwill, which is amortised on a straight-line basis in the income statement over the expected useful life. Amortisation of goodwill is allocated to the functions to which the goodwill relates. If the difference is negative, this is recognised immediately in the income statement. If the allocation of the purchase price is not final, positive and negative differences from acquired group enterprises may, as a result of changes in recognition and measurement of the identified net assets, be adjusted up to 12 months from the date of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including depreciation already made. If the cost includes contingent considerations, these are measured at fair value at the date of acquisition. Subsequently, contingent considerations at fair value are measured again. Value adjustments are recognised in the income statement. In case of step-by-step acquisitions, the value of the hitherto equity holding in the acquired entity is measured again at the fair value at the date of acquisition. The difference between the carrying amount of the hitherto equity investment and the fair value is recognised in the income statement. Gross profit Gross profit comprises the revenue, other operating income, and external costs. The enterprise will be applying IFRS 15 as its basis of interpretation for the recognition of revenue. The revenue is recognised when the control of the identifiable individual performance obligations has been performed in respect of the customer whereby the customer gains control of the asset or the service. Sales remunerations are allocated proportionally to the individual performance obligations in the agreement. Revenue from service contracts is recognised on a linear basis over the period during which the service is performed. Revenue is measured at fair value of agreed remunerations, less VAT and expenses. All forms of discount are recognised in revenue. Revenue from contracts, including variable considerations such as quantity discounts and performance-related payments are recognised at the most probable consideration value. Revenue is not recognised until it is deemed most likely that changes in the estimated variable consideration will not subsequently result in the reversal of a material part of the amount, thus reducing revenue. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Depreciation, amortisation, and write-down for impairment Depreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Results from investments in group enterprises and participating interest After full elimination of intercompany profit or loss less amortised consolidated goodwill, the equity investment in the individual entities are recognised in the income statement of the parent as a proportional share of the entities' post-tax profit or loss. Dividend from participating interest is recognised in the financial year in which the dividend is declared If the dividend received exceeds the proportionate share of the year's result, this is considered an indication of impairment, which entails a requirement to prepare an impairment test. After full elimination of intercompany profit or loss less amortised of consolidated goodwill, the equity investment in the individual participating interests are recognised in the income statement of both the group and the parent as a proportional share of the participating interest' post-tax profit or loss. Financial income and expenses Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the year Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity. The parent and the Danish group enterprises are subject to Danish rules on compulsory joint taxation of Danish group enterprises. The parent acts as an administration company in relation to the joint taxation. This means that the total Danish income tax payable by the Danish group companies is paid to the tax authorities by the company. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Property, plant, and equipment Property, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. Land is not subject to depreciation. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Buildings Useful life 20-50 years Residual value 0 Plant and machinery Useful life 5-15 years Residual value 0 Other fixtures and fittings, tools and equipment Useful life 3-10 years Residual value 0 Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. As regards self-constructed assets, the cost comprises direct costs for materials, components, deliveries from subsuppliers, payroll costs, and borrowing costs from specific and general borrowing concerning the construction of each individual asset. Investments in group enterprises and associates/participating interest Investments in group enterprises and participating interest are recognised and measured by applying the equity method. The equity method is used as a method of consolidation. Investments in group enterprises og associates are recognised in the statement of financial position at the proportionate share of the enterprise's equity value. This value is calculated in accordance with the parent's accounting policies with deductions or additions of unrealised intercompany gains and losses as well as with additions or deductions of the remaining value of positive or negative goodwill calculated in accordance with the acquisition method. Negative goodwill is recognised in the income statement at the time of acquisition of the equity investment. If the negative goodwill relates to contingent liabilities acquired, negative goodwill is not recognised until the contingent liabilities have been settled or lapsed. Consolidated goodwill is amortised over its estimated useful life, which is determined on the basis of the management's experience with the individual business areas. Consolidated goodwill is amortised on a straight-line basis over the amortisation period, which represent 5-20 years. The depreciation period is determined on the basis of an assessment that these are strategically acquired enterprises with a strong market position and a long-term earnings profile. Investments in group enterprises og associates with a negative equity value are measured at DKK 0, and any accounts receivable from these enterprises are written down to the extent that the account receivable is uncollectible. To the extent that the parent has a legal or constructive obligation to cover a negative balance that exceeds the account receivable, the remaining amount is recognised under provisions. To the extent the equity exceeds the cost, the net revaluation of equity investments in group enterprises og associates transferred to the reserve under equity for net revaluation according to the equity method. Dividends from group enterprises expected to be adopted before the approval of this annual report are not subject to a limitation of the revaluation reserve. The reserve is adjusted by other equity movements in group enterprises og associates. Newly acquired or newly established companies are recognised in the financial statement as of the time of acquisition. Sold or liquidated companies are recognised until the date of disposal. On the acquisition of enterprises, the acquisition method, the uniting-of-interests method or the book value method is applied, cf. the above description under Business combinations. Other financial instruments Other unlisted financial instruments are measured at cost. Write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. Receivables Receivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. Prepayments Prepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand. Equity Reserve for net revaluation according to the equity method The reserve for net revaluation according to the equity method comprises net revaluation of equity investments in subsidiaries, associates and equity interests proportional to cost. The reserve may be eliminated in the event of losses, realisation of equity investments, or changes in the accounting estimates. The reserve cannot be recognised by a negative amount. Dividend Dividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred tax As administration company, Minerva Imaging ApS is liable to the tax authorities for the subsidiaries' corporate income taxes. Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Provisions Provisions comprise expected costs of re-etablishment obligations. Provisions are recognised when the group has a legal or actual commitment resulting from a previously occurred event and when it is probable that the settlement of the liability will result in consumption of the financial resources of the group. Re-establishment obligations is recognized at the present value of the expected future costs. The provision is continuously increased as the obligation is unwound over time through the recognition of interest costs (unwinding of discount). Changes in the estimated future costs or the discount rate are recognized as adjustments to the carrying amount of the provision. Liabilities other than provisions Financial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Mortgage loans and bank loans are thus measured at amortised cost which, for cash loans, corresponds to the outstanding payables. For bond loans, the amortised cost corresponds to an outstanding payable calculated as the underlying cash value at the date of borrowing, adjusted by amortisation of the market value on the date of the borrowing effectuated over the repayment period. Also, capitalised residual leasing liabilities associated with financial leasing contracts are recognised in the financial liabilities. Liabilities other than provisions relating to investment properties are measured at amortised cost. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. Deferred income Payments received concerning future income are recognised under deferred income. 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