41284366 2025-01-01 2025-12-31 41284366 2025-01-01 2025-12-31 2 41284366 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 41284366 2025-01-01 2025-12-31 1 41284366 2023-01-01 2023-12-31 41284366 2022-01-01 2022-12-31 41284366 2021-01-01 2021-12-31 41284366 2023-12-31 41284366 2022-12-31 41284366 2021-12-31 41284366 2024-01-01 2024-12-31 41284366 2025-12-31 41284366 2024-12-31 41284366 2025-01-01 fsa:ContributedCapitalMember 41284366 2025-01-01 fsa:ReserveForDevelopmentExpenditureMember 41284366 2025-01-01 fsa:RetainedEarningsMember 41284366 2025-01-01 41284366 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 41284366 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 41284366 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 41284366 2025-12-31 fsa:ContributedCapitalMember 41284366 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 41284366 2025-12-31 fsa:RetainedEarningsMember 41284366 2025-01-01 fsa:CompletedDevelopmentProjectsMember 41284366 2025-01-01 fsa:AcquiredLicencesMember 41284366 2025-01-01 fsa:AcquiredTrademarksMember 41284366 2025-01-01 fsa:DevelopmentProjectsInProgressMember 41284366 2025-01-01 2025-12-31 fsa:CompletedDevelopmentProjectsMember 41284366 2025-01-01 2025-12-31 fsa:AcquiredLicencesMember 41284366 2025-01-01 2025-12-31 fsa:AcquiredTrademarksMember 41284366 2025-01-01 2025-12-31 fsa:DevelopmentProjectsInProgressMember 41284366 2025-12-31 fsa:CompletedDevelopmentProjectsMember 41284366 2025-12-31 fsa:AcquiredLicencesMember 41284366 2025-12-31 fsa:AcquiredTrademarksMember 41284366 2025-12-31 fsa:DevelopmentProjectsInProgressMember 41284366 2025-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 41284366 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 41284366 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 41284366 2025-01-01 fsa:InvestmentsInGroupEnterprisesMember 41284366 2024-01-01 fsa:InvestmentsInGroupEnterprisesMember 41284366 2025-01-01 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 41284366 2024-01-01 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 41284366 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 41284366 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 41284366 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 41284366 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember iso4217:DKK pure xbrli: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 2026-07-03 Nicolai H. Louring The Executive Board has today considered and adopted the Annual Report of Ønskeskyen ApS for the financial year 1 January - 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my 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 my opinion, Management's Review includes a true and fair account of the matters addressed in the Review. I recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen 2026-07-03 Mads Emil Fast Dahlerup CEO To the shareholders of Ønskeskyen ApS 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 Ønskeskyen ApS 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. Hellerup 2026-07-03 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Søren Alexander Pawel Christof Michalak State Authorised Public Accountant State Authorised Public Accountant mne42824 mne48479 Ønskeskyen ApS Amerika Plads 19, 3. 2100 København Ø 41284366 Copenhagen Strandvejen 44 2900 Hellerup Seen over a 5-year period, the development of the Company is described by the following financial highlights: 42806000 21020000 8654000 16859000 12760000 3202000 -701000 -142000 -51000 11410000 10068000 2495000 84744000 33407000 25266000 29000 1055000 28000 0 0 29522000 28112000 18044000 76 62 30 12 0 0.014 0.110 0.199 0.382 0.127 0.441 0.616 0.348 0.842 0.714 0.073 0.194 0.396 0.436 0.277 Principal activitesThe Company develops and operates the digital wishlist and gift registry platforms “Ønskeskyen” and “GoWish”, which enable consumers to create, share and fulfil wishlists across a broad range of retail and gifting contexts. The platforms generate revenue through advertising partnerships.Development in the yearThe income statement for 2025 shows a net loss of DKK 6.2 million (2024: net profit of DKK 11.0 million), and at 31 December 2025 the balance sheet shows equity of DKK 88.0 million (2024: DKK 83.4 million).Gross profit increased to DKK 72.5 million (2024: DKK 70.1 million), reflecting continued growth in the Company’s core platform revenues offset by significant investments in user growth. Staff costs rose to DKK 59.4 million (2024: DKK 45.7 million), driven by a significant increase in headcount to support the Company’s continued product development and commercial expansion; average employees increased to 76 (2024: 62). EBITDA was DKK 13.1 million (2024: DKK 24.3 million).The swing to a net loss compared with prior year is primarily attributable to significant investments in growth included in the reported gross profit, as well as higher amortisation charges of DKK 16.0 million (2024: DKK 9.4 million), reflecting the continued capitalisation and subsequent amortisation of the Company’s substantial investment in its proprietary technology platform, and net financial expenses of DKK 5.0 million (2024: DKK 3.3 million), including costs related to the Company’s financing arrangements. During the year the Company raised additional equity of DKK 11.3 million through a cash capital increase.Total assets increased to DKK 199.5 million (2024: DKK 135.4 million), principally reflecting growth in trade receivables of DKK 48.2 million and intangible assets of DKK 13.4 million, as the Company continues to invest in platform development. The solvency ratio was 44.1% at year end (2024: 61.6%).Results compares with expectations for the yearThe Company did not publish formal expectations for 2025 in its most recently published Annual Report. Internally, management had targeted a broadly break-even result for the year; however, during the course of 2025 management took a deliberate decision to accelerate investments in growth beyond the original plan and accordingly a net loss for the year. Management considers the outcome to be in line with the revised internal direction and reflective of the Company’s continued commitment to long-term growth plan.Research and developmentThe Company continues to invest significantly in the development of its proprietary technology platforms. In 2025, development costs of DKK 28.7 million were transferred to completed development projects and a further DKK 2.5 million was recognised as development projects in progress at year end. The Company’s total carrying amount of capitalised development costs amounts to DKK 57.6 million at 31 December 2025.Branches abroadThe Company conducts operations globally out of the headquarter in Denmark and in the United States through its wholly owned subsidiary GoWish Inc., incorporated in New York, USA. The Company does not have any foreign branches.Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Unusual eventsThe financial position at 31 December 2025 of the Company and the results of the activities and cash flows of the Company for the financial year for 2025 have not been affected by any unusual events.Expectations for the year aheadFor 2026, management expects gross profit to be in the range of DKK 90-100 million and EBITDA in the range of DKK 20-25 million. These expectations are based on continued growth in the Company's core platform revenues and reflect the Company's ongoing investment in headcount and product development. The expectations are subject to general market conditions and the successful execution of the Company's commercial strategy.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Financial instrumentsThe Company uses financial instruments primarily in connection with the hedging of currency exposures arising from its international operations. Value adjustments of hedging instruments amounting to DKK 0.5 million have been recognised directly in equity in the year. The Company’s exposure to interest rate risk relates principally to its credit facility; this risk is considered manageable given current debt levels and the terms of the facility. 72488415 70062501 59381332 45739938 15959879 9395685 -2852796 14926878 2128879 53755 7150929 3351448 -7874846 11629185 -1644723 663607 -6230123 10965578 55095960 39364908 6198183 8012286 4535829 5533846 2541558 2090877 68371530 55001917 875730 1067522 875730 1067522 612050 605618 101450 64272 713500 669890 69960760 56739329 124072393 75839167 272173 10756 1406769 797597 125751335 76647520 3822706 2001962 129574041 78649482 199534801 135388811 1099978 1051770 44957264 32335512 41931215 50016838 87988457 83404120 5997944 7642666 5997944 7642666 32116077 24277173 4694581 2008962 43031038 10123209 75000 1250000 16357 0 25615347 6682681 105548400 44342025 105548400 44342025 199534801 135388811 1051770 32335512 50016838 83404120 48208 0 11265702 11313910 0 0 -499450 -499450 0 12621752 -12621752 0 0 0 -6230123 -6230123 1099978 44957264 41931215 87988457 51453827 41141018 3378762 2728671 785774 436864 3762969 1433385 59381332 45739938 76 62 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 0 391304 2098837 2817496 4202667 0 849425 142648 7150929 3351448 0 -1802088 -1644723 2465695 -1644723 663607 -6230123 10965578 49898189 9070513 9980174 2090877 0 0 0 29188534 28737853 0 0 -28737853 78636042 9070513 9980174 2541558 10533281 1058227 4446328 0 13006801 1814103 998017 0 23540082 2872330 5444345 0 55095960 6198183 4535829 2541558 Intangible assets consist of acquired trademarks related to the application "Ønskeskyen / GoWish" as well as capitalized development costs related to further development of the application. Furthermore, the Company acquired the "Heylink" platform license in 2024. 1082715 29119 1111834 15193 220911 236104 875730 605618 0 6432 605618 612050 605618 612050 605618 Investments in subsidiaries are specified as follows:USD 1,000 GoWish Inc. New York, USA 1.00 Prepayments comprise prepaid expenses concerning licenses. Other contingent liabilitiesFor security of loans with Skjern Bank A/S, the Company has provided a company pledge of nominally DKK 60 million. The Company pledge includes simple receivables, debtors, intellectual property rights and operating equipment.The 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 Guardian BidCo 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.The Company has non-terminable lease obligations of DKK 4,814,656 until 2027 (2024: DKK 7,517,098)The Company is involved in legal proceedings and disputes where the outcome is linked with uncertainty. It is the opinion of Management that the outcome of these proceedings will not have a material impact on the Company’s financial position, results of operations or cash flows. Controlling interestGuardian BidCo ApSControlling shareholderGuardian Luxco S.à.r.l.Ultimate Parent CompanyOther related partiesBoard of Directors and other Companies in which the Board of Directors have significant interests.TransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Guardian BidCo ApSCopenhagen, DenmarkGuardian Luxco S.à.r.l.Niederanven (Senningerberg ), LuxembourgThe Group Annual Report of Guardian BidCo ApS may be obtained at the following address:Amerika Plads 19, 3. salKøbenhavn Ø, 2100DenmarkThe Group Annual Report of Guardian Luxco S.à.r.l. may be obtained at the following address:1A HeienhaffNiederanven (Senningerberg ), 1736Luxembourg The Annual Report of Ønskeskyen ApS 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 DKK. With reference to section 112 of the Danish Financial Statements Act and to the Consolidated Financial Statements for 2025 of Guardian BidCo ApS, CVR No 45 27 16 76, the Company has not prepared consolidated financial statements. 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 Guardian BidCo 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. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting.Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity.Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the serivces provided have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Other external expensesOther external expenses comprise 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, work on own account recognised in assets, other operating income 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 amortisation, depreciation and impairment of intangible assets and 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 intangible assets and subsidies received. Income from investments in subsidiariesDividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.The Company is jointly taxed with wholly owned Danish subsidiaries. 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). Intangible fixed assetsLicences are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the licence period; however not exceeding 10 year.Development costs and costs relating to rights developed by the Company are capitalised as incurred and measured at the lower of cost less accumulated amortisation and recoverable amount. Development projects are amortised over a period of 5 years. The amortisation period is reassessed annually 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. 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 equipment5 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and 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 amortisation and depreciation.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment.Goodwill, head office buildings and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable. Investments in subsidiariesInvestments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Other fixed asset investments consist of deposit. 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. PrepaymentsPrepayments comprise prepaid expenses concerning licenses. Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Other debts are measured at amortised cost, substantially corresponding to nominal value. 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 endReturn on equityNet profit for the year x 100 / Average equity