26884640 2025-01-01 2025-12-31 26884640 2024-01-01 2024-12-31 26884640 2025-12-31 26884640 2024-12-31 26884640 2025-01-01 c:ContributedCapitalMember 26884640 2025-01-01 c:ReserveForNetRevaluationAccordingToEquityMethodMember 26884640 2025-01-01 c:RetainedEarningsMember 26884640 2025-01-01 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 26884640 2025-01-01 2025-12-31 c:RetainedEarningsMember 26884640 2025-12-31 c:ContributedCapitalMember 26884640 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 26884640 2025-12-31 c:RetainedEarningsMember 26884640 2025-01-01 26884640 2024-01-01 26884640 2025-01-01 c:PlantAndMachineryMember 26884640 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 26884640 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 26884640 2025-12-31 c:PlantAndMachineryMember 26884640 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 26884640 2025-01-01 c:InvestmentsInGroupEnterprisesMember 26884640 2025-01-01 c:DepositsLongtermInvestmentsAndReceivablesMember 26884640 2025-12-31 c:InvestmentsInGroupEnterprisesMember 26884640 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember 26884640 2025-01-01 2025-12-31 c:InvestmentsInGroupEnterprisesMember 26884640 2025-01-01 2025-12-31 1 26884640 2025-01-01 2025-12-31 1 26884640 2025-01-01 2025-12-31 2 26884640 2025-01-01 2025-12-31 3 26884640 2025-01-01 2025-12-31 4 26884640 2025-01-01 2025-12-31 1 26884640 2025-01-01 2025-12-31 2 26884640 2023-01-01 2023-12-31 26884640 2022-01-01 2022-12-31 26884640 2021-01-01 2021-12-31 26884640 2023-12-31 26884640 2022-12-31 26884640 2021-12-31 26884640 2025-01-01 c:LeaseholdImprovementsMember 26884640 2025-01-01 2025-12-31 c:PlantAndMachineryMember 26884640 2025-01-01 2025-12-31 c:LeaseholdImprovementsMember 26884640 2025-12-31 c:LeaseholdImprovementsMember 26884640 2025-01-01 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK xbrli:pure 25927742 24953080 32913843 32680825 1805898 7342254 -7001514 -16875897 1616721 1624912 3235754 2169559 2279771 3323887 -4428810 -16405313 -3957779 -15953296 1330525 3286058 1330525 3286058 14484800 12868079 2128773 2125915 16613573 14993994 17944098 18280052 37084574 19450132 54535320 78124672 93089323 99246453 4945957 8465128 98035280 107711581 115979378 125991633 2362500 2362500 13484800 11696079 49240250 54986750 65087550 69045329 4287006 4119883 4287006 4119883 16924874 15616506 25939118 26697146 46604822 52826421 50891828 56946304 115979378 125991633 2362500 11696079 54986750 1788721 -5746500 2362500 13484800 49240250 -15953296 1805898 1647909 -1616721 -1624912 -17413208 8430159 -5463570 -7895682 -28291969 -13667824 1944333 83275611 9888091 1941474 92997404 22831324 -64758454 22831324 -83720774 -3519171 -4391194 8465128 12856322 4945957 8465128 27989625 28121695 4194569 3566686 32913843 32680825 1300000 3233656 1914222 3235754 2169559 1381747 1493893 1942140 2279771 3323887 1788721 1624912 -5746500 -17578208 -3957779 -15953296 5529817 16778868 8410887 5529817 8367981 5529817 13492811 6466555 5529817 7037456 1330525 1000000 2125915 1000000 2128773 11868079 1616721 13484800 14484800 2128773 3926000 BDO Statsautoriseret Revisionspartnerselskab Dokken 8 DK-6700 Esbjerg 45719375 2026-06-30 Nele Ghesquiere Årsrapport NHV A/S Vestre Lufthavnsvej 60 6705 Esbjerg Ø Den uafhængige revisors erklæring 26884640 2002-11-26 Esbjerg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Dokken 8 6700 Esbjerg Today the Board of Directors and Executive Board have discussed and approved the Annual Report of NHV A/S for the fi­nan­ci­al year 1 January  - 31 December 2025. The Annual Report is presented in accor­dance with the Da­nish Fi­nan­ci­al State­ments Act. In our opinion the Fi­nan­ci­al Sta­te­ments give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations and cash flows for the fi­nan­ci­al year 1 January  - 31 December 2025. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. We recommend the Annual Report be approved at the Annual General Meeting. Esbjerg 2026-06-30 Gitte Eriksen Lars-Henrik Thorngreen Chairman Michael Jeffrey Gislam Jamie Lee John Gitte Eriksen To the Shareholder of NHV A/S Konklusion We ha­ve au­di­ted the Fi­nan­ci­al Sta­te­ments of NHV A/S for the fi­nan­ci­al year 1 January - 31 December 2025, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty, cash flows, no­tes and a summary of significant accounting policies. The Fi­nan­ci­al Sta­te­ments are pre­pared in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   In our o­pi­ni­on, the Fi­nan­ci­al Sta­te­ments give a true and fair view of the assets, liabilities and financial position of the Com­pa­ny at 31 December 2025 and of the results of the Com­pa­ny's operations and cash flows for the fi­nan­ci­al year 1 January - 31 December 2025 in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Basis for OpinionGrundlag for konklusion 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 (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We be­lie­ve that the e­vi­den­ce we ha­ve ob­tai­ned is suf­fi­ci­ent and ap­prop­ria­te to pro­vi­de a ba­sis for our con­clu­si­on.   Grundlag for konklusion Ma­na­ge­ment's Re­spon­si­bi­li­ti­es for the Fi­nan­ci­al Sta­te­ments 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 judgment and maintain professional skepticism 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.   Plan and perform the audit of the Fi­nan­ci­al Sta­te­ments to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the Fi­nan­ci­al Sta­te­ments. We are responsible for the direction, supervision and review of the audit work performed. 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 Commentary Management is responsible for Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the Fi­nan­ci­al Sta­te­ments does not cover Ma­na­ge­ment Com­men­ta­ry, 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 Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment Com­men­ta­ry 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 Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that Ma­na­ge­ment Com­men­ta­ry 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 of Ma­na­ge­ment Com­men­ta­ry.   Esbjerg 2026-06-30 BDO Statsautoriseret Revisionspartnerselskab 45719375 BDO Statsautoriseret Revisionspartnerselskab 45719375 Mikael Grosbøl Christian Holdensen Den uafhængige revisors erklæring State Authorised Public Accountant State Authorised Public Accountant mne33707 mne49072 29692 26525 17368 -8609 -46233 -28734 3260 4047 -6667 -3367 -40188 -32869 169513 339440 438243 84999 88365 128553 -16448 12725 12558 50025 9870 914000 0 -70000 -2154 -422000 -2020 56.1 54.8 50.1 26.0 29.3 -5.9 -20.7 -3.9 -37.1 -22.7 The ratios stated in the list of key figures and ratios have been calculated as follows:   Equity ratio:  Equity, at year-end x 100 Total assets, at year-end Return on equity: Profit/loss after tax x 100        Average equity Principal activities The Company remains focused on its core activities in the energy sector. A significant share of revenues continues to be generated from the energy sector, particularly offshore oil and gas, where the Company maintains a strong and established position. The launch of operations with offshore wind leader Vestas marked an important step in expanding activities in wind energy across multiple European markets, including Denmark, the Netherlands, Germany, and Poland, operated under the Danish AOC. At NHV we strive to deliver high quality services to our customers. While delivering our services it is our policy to take all necessary precautions to prevent accidents and incidents, to eliminate injury or ill health to our people and our partners and to avoid harm to the environment. We believe that all injuries are preventable; we strive for safety perfection which means we are committed to attaining zero incidents. We work to manage all our business processes, from back office to helicopter operations, to make this so. This integrated approach to safety is reflected in all decisions made in the company, under the motto: “if you can’t do it safe, don’t do it !”   Development in activities and financial and economic position The Company’s income statement for 2025 shows a loss of DKK 3,957,779, and as at 31 December 2025, the Company’s balance sheet shows equity of DKK 65,087,550. The result for 2025 was primarily impacted by reduced activity in the oil and gas sector with its main customer, while offshore wind activities commenced in March–April and gradually increased throughout the year.   Profit/loss for the year compared to the expected development The 2025 result improved compared to 2024, following the full closure of activities in Nigeria and the sale of the two remaining helicopters in 2024, which incurred significant associated costs. In Esbjerg, flight hours were below budget for a key customer in the oil and gas segment, while the newly launched offshore wind activities performed in line with expectations.   Significant events after the end of the financial year In December 2025, GD Helicopter Finance (GDHF) signed an agreement to acquire NHV Group, succeeding Ardian. This step further strengthens NHV’s long-term positioning as a specialised helicopter operator. The process for obtaining the regulatory approvals required in connection with the potential sale of the Company remains ongoing. Approval was granted by the French authorities in March 2026, and a decision from the Belgian authorities is expected in Q3 2026. The transaction can be completed only once all applicable regulatory clearances have been obtained. In April 2026 NHV took delivery of two Airbus H160 helicopters, a new type for the group, further modernising the fleet and supporting future commercial opportunities. The aircraft are registered on the Danish AOC and will be based in Den Helder, supporting offshore oil and gas and offshore wind customers in Europe.    Financial risk As a result of its operations, its investments and its financing, the company is exposed to changes in exchange rates and interest levels. The financial risks are handled at group level, and the group coordinates the group's liquidity management, including capital raising.   Future expectations While the global geopolitical environment continues to create uncertainty, it has also reinforced the strategic importance of energy security. Oil production and exploration in the North Sea, NHV’s primary area of operation, and other regions are expected to remain essential over the coming decade. Combined with limited helicopter supply and extended lead times for new aircraft, this has supported sustained demand for helicopter services through 2025. In parallel, the Company is actively executing its strategy to diversify its activities, strengthening resilience and supporting long-term growth. Expanding its footprint in offshore wind and maritime services remains a key priority. The Company also provides maintenance and training services to external clients, leveraging its in-house expertise, with potential for gradual growth over time, although these activities have not yet represented material revenues. In addition, it is building on its existing presence to further expand services to governmental institutions, representing a key avenue for future development. The 2025 result improved compared to 2024 following the closure of the Nigerian base and the cessation of all associated costs, resulting in the elimination of a significant negative contribution to the Company’s earnings. Based on operations for the remaining customer base in the oil and gas segment, combined with the newly awarded offshore wind contract, which is expected to be active for a full year in 2026 (compared to nine months in 2025), the Company expects to return to profitability. For 2026, the Company expects to achieve EBIT in the range of DKK 3–4 million, with further profit improvements anticipated in the following years. 11.200 4.213 -471.031 -452.017 0 0 0 0 239.261 528.003 471.031 452.017 759.137 691.629 DKKSha­re ca­pi­talRe­ser­ve for net re­va­lua­ti­on un­der the equi­ty met­hodRetained earningsTotal Equity at 1 January 20252.362.50011.696.07954.986.75069.045.329 Proposed profit allocation, see note 5 1.788.721-5.746.500-3.957.779 Equity at 31 December 20252.362.50013.484.80049.240.25065.087.550 11.200 0 -471.031 -452.017 452.017 374.117 0 -70.000 -29.677 -96.298 26.818 1 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees3234 Wages and salaries 27.989.62528.121.695 Pensions 4.194.5693.566.686 Social security costs 729.649992.444 32.913.84332.680.825 Remuneration of Management and Board of Directors 1.300.000900.000 1.300.000900.000 32 34 729.649 992.444 900.000 20252024 DKKDKK 2 | Other financial income Interest income from group enterprises 3.233.6561.914.222 Other financial income 2.098255.337 3.235.7542.169.559 2.098 255.337 20252024 DKKDKK 3 | Other financial expenses Interest expenses to group enterprises 785.8781.381.747 Other financial expenses 1.493.8931.942.140 2.279.7713.323.887 785.878 -471.031 -452.017 5 | Proposed distribution of profit Allocation to re­ser­ve for net re­va­lua­ti­on un­der the equi­ty met­hod 1.788.7211.624.912 Retained earnings -5.746.500-17.578.208 -3.957.779-15.953.296 6 | Property, plant and equipment DKKProduction plant and machineryOther plant, fixtures and equipmentLeasehold improvements Cost at 1 January 2025 5.529.81716.778.868525.964 Disposals 0-8.410.8870 Cost at 31 December 2025 5.529.8178.367.981525.964   Depreciation and impairment losses at 1 January 2025 5.529.81713.492.811525.964 Reversal of depreciation of assets disposed of 0-6.466.5550 Depreciation for the year 011.2000 Depreciation and impairment losses at 31 December 2025 5.529.8177.037.456525.964 Carrying amount at 31 December 202501.330.5250 525.964 0 0 525.964 525.964 0 0 0 11.200 0 525.964 0 0 7 | Financial non-current assets DKKInvestments in subsidiariesRent deposit and other receivables Cost at 1 January 2025 1.000.0002.125.915 Additions 029.677 Disposals 0-26.819 Cost at 31 December 2025 1.000.0002.128.773   Revaluation at 1 January 2025 11.868.0790 Profit/loss for the year 1.616.7210 Revaluation at 31 December 2025 13.484.8000 Carrying amount at 31 December 202514.484.8002.128.773 Investments in subsidiaries  Name and domicilOwnership Ejendomsselsskabet af 30. April 2003 ApS, Esbjerg 100 % 0 29.677 0 26.819 0 0 0 8 | Prepayments Prepayments consist of prepaid expenses concerning rent, insurance premiums and subscriptions. 9 | Sha­re ca­pi­talAllocation of Share capital: Number, 2.362.500 unit in the denomination of 1 DKK2.362.5002.362.500 2.362.5002.362.500 10 | Long-term liabilities 31/12 2025RepaymentDebt outstanding31/12 2024DKKtotal liabilitiesnext yearafter 5 yearstotal liabilities Other liabilities 4.287.00603.926.0004.119.883 4.287.00603.926.0004.119.883 Joint liabilitiesThe Danish companies of the group is jointly and severally liable for tax on the group’s jointly taxed income and for certain possible withholding taxes such as dividend tax and royalty tax, and for the joint registration of VAT. Tax payable of the group’s jointly taxed income amounts to DKK (‘000) 0 at the Balance Sheet date. 2025 DKK Lease commitment The total lease commitment as of the balance sheet date amount to: 14.135.616 12 | Related parties The Company did not carry out any material transactions that were not concluded on market conditions. According to section 98c, subsection 6 of the Danish Financial Statements Act information is given only on transactions that were not performed on common market conditions. 13 | Consolidated Financial Statements Name and registered office of the Parent preparing consolidated financial statements for the largest group:  NHV Group NV Name and registered office of the Parent preparing consolidated financial statements for the smallest group: NHV Group NV   Copies of the consolidated financial statements of NHV Group NV my be ordered at the following address:   Kalkaerstraat 101 BE-8400 Oostende Belgium   The Annual Report of NHV A/S for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish me­di­um-si­ze Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class C.  Regnskabsklasse C, mellemstor virksomhed1trueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse C, mellemstor virksomhed true Consolidated Financial Statements have not been prepared because the group fulfils the exemption provisions of section 112 of the Danish Financial Statements Act on sub-groups. The Company is included in the consolidated Financial Statements of NHV Group NV, Belgium.   Net revenue Net revenue from the sale of merchandise and finished goods is recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received.   Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale.   Costs of sales Cost of sales comprises operation of helicopters   Other operating income Other operating income includes items of a secondary nature in relation to the enterprises' principal activities, including profit from sale of intangible and tangible assets, as well as salary refunds.    Other external expenses Other external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receiv-ables recognised in current assets.    Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Com­pa­ny's employees.   Other operating expenses Other operating expenses include items of a secondary nature in relation to the Group’s and the Company’s activities. Losses from sale of intangible and tangible fixed assets are also included.   Income from investments in subsidiaries The Income Statement of the Parent Company recognises the proportional share of the results of sub­si­dia­ri­es determined according to the Parent Company’s accounting policies and after full elimination of intercompany profits/losses.   Profits from sale are recognized, if the economic rights related to the sold sub­si­dia­ri­es are transferred. However, not before the profit is realised or regarded as realisable. Moreover, realised losses besides impairments are recognised when they are demonstrated.   Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from securities, debt and transactions in foreign currencies, as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity.   Property, plant and equipment Land and buildings, production plant and machinery, other plant, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses.   The depreciation base is cost less estimated residual value after end of useful life.   The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used.    Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value:   Useful lifeProduction plant and machinery 5 yearsOther plant, fixtures and equipment  3-30 yearsLeasehold improvements  5 years Profit or loss on sale of property, plant and equipment is stated as the difference between the sales price less selling costs and the carrying amount at the date of sale. Profit or loss is recognised in the Income Statement as other operating income or other operating expenses.   Lease contracts Lease contracts relating to tangible fixed assets  The capitalised residual lease liability is recog­nised in the Balance Sheet as a liability and the interest portion of the lease payment is recog­nised in the Income Statement over the contract period.   Financial non-current assets Investments in sub­si­dia­ri­es are measured in the Parent Company Balance Sheet under the equity method, which is regarded as a method of measuring/consolidation.   Investments in sub­si­dia­ri­es are measured in the Balance Sheet at the proportional share of the enterprises’ carrying Equity value, calculated in accordance with the Parent Company’s accounting policies with deduction or addition of unrealised intercompany profits or losses, and with addition of remaining additional values and goodwill calculated according to the acquisition method. Negative goodwill is recognised in the Income Statement upon acquisition of the Equity interest. Where the negative goodwill is related to takeover of contingent liabilities, the negative goodwill is not recognised before the contingent liabilities are settled or cancelled.   Acquired enterprises are subject to the acquisition method, reassessing all identified assets and liabilities to fair value at the acquisition date, which is the time for obtaining control. The purchase consideration consists of the fair value of the agreed consideration in the form of transferred assets and liabilities. If a part of the purchase consideration is contingent on future events or compliance with agreed terms, this part of the purchase consideration is recognised at fair value at the date of acquisition. Subsequent regulations of the contingent purchase consideration are recognised in the Income Statement.   The fair value is calculated based on acquisitions made in an active market, alternatively calculated using generally accepted valuation models. A discounted cash flow model is used to calculate the fair value of investment properties based on a discounted cash flow of future earnings. Operating equipment is recognised at fair value based on an assessor’s opinion, based on an overall assessment of the production equipment. The acquisition date is the date on which the Company gains actual control over the acquired entity.   Received dividend is deducted in the carrying amount of the equity investment.   Net revaluation of investments in sub­si­dia­ri­es is transferred under equity to reserve for net revaluation under the equity value method to the extent that the carrying amount exceeds the acquisition value.   Profit and loss at disposal of investments in sub­si­dia­ri­es are determined as the difference between the net selling price and the carrying amount of the disposed investment at the time of sale, including non-depreciated excess values and goodwill. Profit and loss are recognised in the Income Statement under income from investments.   Investments in sub­si­dia­ri­es with negative equity value are measured at DKK 0. Any receivables with these companies are written off, to the extent that the receivable is uncollectible from a specifically assessed indication of impairment. To the extent that the Parent Company has a legal or actual obligation to cover a negative balance which exceeds the receivable, the remainder is recognised under provisions for liabilities.   Impairment of fixed assets The carrying amount of pro­per­ty, plant and equip­ment to­get­her with fi­xed as­sets, which are not mea­su­red at fair va­lue,, are assessed annually for indications of impairment other than that reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   The Company is subject to joint taxation with Danish Group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff against deferred tax liabilities within the same legal tax entity.   Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the Balance Sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the Income Statement over the loan period.   The amortised cost of current liabilities corresponds usually to the nominal value.   Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the Income Statement as a financial income or expense. Receivables, payables and other monetary items in foreign currencies that are not settled on the Balance Sheet date are translated at the exchange rate on the Balance Sheet date. The difference between the exchange rate on the Balance Sheet date and the exchange rate at the date when the receivables or payables come into existence recognised in the Income Statement as financial income or expenses. Fixed assets acquired in foreign currencies are translated at the rate of exchange on the transaction date.   Cash Flow Statement   The cash flow statement shows the Company’s cash flows for the year for operating activities, investing activities and financing activities in the year, the change in cash and cash equivalents of the year and cash and cash equivalents at beginning and end of the year.   Cash flows from operating activities:Cash flows from operating activities are computed as the results for the year adjusted for non-cash operating items, changes in net working capital and corporation tax paid.   Cash flows from investing activities:Cash flows from investing activities include payments in connection with purchase and sale of intangible and tangible fixed asset and fixed asset investments.   Cash flows from financing activities:Cash flows from financing activities include changes in the size or composition of share capital and related costs, and borrowings and repayment of interest-bearing debt and payment of dividend to shareholders.   Cash and cash equivalents:Cash and cash equivalents include cash at bank and in hand, for which there is only negligible risk of changes in value, and which are readily negotiable for cash at bank and in hand.