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PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-01-01 2023-01-01 2024-12-31 2023-12-31 39247267 Dotcom Capital ApS Amerika Plads 19, 3. 2100 København Ø 2018-01-15 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2025-07-04 Martin Rothe Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of Dotcom Capital ApS for the financial year 1 January - 31 December 2024. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2024 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2024. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. 2025-07-04 Copenhagen Casper Ravn-Sørensen Executive Officer Mads Emil Fast Dahlerup Chairman Anders Rosenbjerg Hansen Michael Zimmermann Petersen Casper Ravn-Sørensen Henrik Wilsbech Lottrup To the shareholders of Dotcom Capital ApS Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2024 and of the results of the Group’s and the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Dotcom Capital ApS for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Group´s and the Parent Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group´s and the Parent Company´s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group´s and the Parent Company´s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements. 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. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Hellerup 2025-07-04 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Søren Alexander State Authorised Public Accountant mne42824 Pawel Christof Michalak State Authorised Public Accountant mne48479 140000 1180000 0.029 -0.227 0.504 0.323 Key activities In 2024, Dotcom Capital Group's continued its primary business activities within the AdTech sector. The Group operates as a strategic and technological partner for digital publishers and advertisers, providing services including platform development, data analytics, and programmatic advertising aimed at maximizing advertising revenue through advanced targeting and automation.Compared to 2023, the Group’s business activities in 2024 were further narrowed. This development was primarily driven by the divestment of the Loyalty Key subsidiaries, which was completed at the end of 2023 with a negative impact on the income statement. Development in the year Due to planned investments the income statement of the Group for 2024 shows a loss of TDKK 272, which Management considers satisfactory, and at 31 December 2024 the balance sheet of the Group shows a positive equity of TDKK 66,384.2024 marked a significant strategic and structural transition for Dotcom Capital ApS, where the group has divested or discontinued several non-core business activities in order to sharpen its strategic focus on Ønskeskyen ApS. These measures reflect a deliberate prioritization of resources and management. Research and development activities During 2024, the group maintained a strong focus on research and development of the GoWish platform. Significant resources has been allocated to the continued development of proprietary technologies.The R&D efforts primarily centered around:- Enhancing the scalability and performance of the programmatic ad delivery platform;- Developing machine learning models for predictive audience segmentation and conversion forecasting;- Designing privacy-first data solutions in response to evolving regulatory frameworks These initiatives were primarily carried out in-house by cross-functional teams of developers, engineers, data scientists, and product specialists. A portion of the R&D activities was capitalized in accordance with applicable accounting standards, reflecting their long-term strategic value.The company considers R&D to be a key driver of its competitive positioning and continues to view technological innovation as essential for maintaining market relevance and future growth opportunities. Treasury shares At 1 January 2024, the Company owned 231,277 treasury shares of class A, corresponding to 4.9% for which the Company had paid DKK 8,387,706.In the period 1 January 2024 to 31 December 2024, the Company bought back further 115,859 A shares and 29,144 B shares. The total payment for the 115,859 A shares amounted to DKK 4,634,360 and for the 29,144 B shares the total payment amounted to DKK 1,165,760. Moreover, in the period 1 January 2024 to 31 December 2024, the Company sold 131,390 A shares amounting do DKK 4,930,047.As of 31 December 2024, the company owns a total of 1,288 A shares and 29,144 B shares, corresponding to 0.67% of the total share capital issued, which are held as treasury shares at a total cost of DKK 1,150,446. Expectations for the year ahead In early 2025, the company relinquished its controlling interest in the subsidiary Ønskeskyen ApS, leading to the dissolution of the consolidated group during the financial year. As a result, future Annual Report will be prepared solely at the parent company level, without group consolidation.Following the partial divestment of Ønskeskyen, Dotcom Capital is expected to deliver a significant net profit of no less than DKK 600m. Uncertainty relating to recognition and measurement There has been no uncertainty regarding recognition and measurement in the Annual Report. Unusual events The financial position at 31 December 2024 of the Group and the results of the activities and cash flows of the Group for the financial year for 2024 have not been affected by any unusual events. Subsequent events After the balance sheet date, the Parent Company has divested a minority stake in Ønskeskyen ApS as part of a primary and secondary deal, which has had a positive impact on the Group's financial position, enabling the Group to settle its debt and the Parent Company to distribute dividends in the beginning of 2025. The sale of shares in Ønskeskyen ApS also means that the Parent Company has reduced its ownership to 64% and given up its controlling influence over Ønskeskyen ApS due to the shareholder agreement the Parent Company has entered into with the new investor.Further, loans of DKK 18,454,708 were converted to equity in the Parent Company, raising the share capital by nominally DKK 134,557, and the division of the share capital into classes was cancelled.Additionally, the Parent Company has taken the decision to liquidate the subsidiaries Heylink ApS, Wiredelta Denmark ApS, Budgetbutler ApS, and Selskabet af 14. december 2021 ApS in 2025, following the shutdown of the underlying businesses in 2024.No other events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 61980000 57976000 -7090000 -1092000 47945000 47079000 1989000 3949000 10097000 30740000 386000 468000 59000 0 59000 0 3879000 -19843000 -9524000 -5509000 0 0 8759000 10000000 65000 556000 402000 380000 4614000 40565000 9872000 66479000 -670000 -59852000 -10235000 -61608000 -398000 1966000 -926000 -2885000 -272000 -61818000 -9309000 -58723000 -9309000 -58723000 183800000000 0 42277000 21218000 0 0 5534000 6407000 0 0 0 0 0 0 2091000 1107000 0 0 49902000 28732000 0 0 388000 602000 0 578000 620000 719000 0 720000 1008000 1321000 0 1298000 0 0 23695000 18467000 10000 10000 10000 10000 64000 970000 0 456000 74000 980000 23705000 18933000 50984000 31033000 23705000 20231000 75839000 42268000 0 676000 0 0 1250000 10509000 50000 0 0 0 0 718000 0 718000 798000 1166000 0 79000 76687000 44152000 1250000 11982000 4038000 12119000 1739000 7641000 80725000 56271000 2989000 19623000 131709000 87304000 26694000 39854000 4544000 4759000 4544000 4759000 27994000 23405000 7558000 12006000 32538000 28164000 12102000 16765000 33846000 0 0 0 66384000 28164000 12102000 16765000 7643000 5177000 0 0 7643000 5177000 0 0 0 13304000 0 0 0 9000000 0 9000000 0 22304000 0 9000000 24277000 3788000 0 0 2009000 1179000 0 0 15492000 5905000 142000 693000 0 3297000 0 0 15089000 16329000 13635000 12235000 815000 1161000 815000 1161000 57682000 31659000 14592000 14089000 57682000 53963000 14592000 23089000 131709000 87304000 26694000 39854000 4758000 23405000 28163000 0 0 0 0 33846000 214000 -214000 0 0 0 5800000 5800000 0 0 10447000 10447000 0 0 -272000 -272000 0 4544000 27994000 32538000 33846000 4758000 12006000 214000 -214000 0 5800000 0 10447000 0 -9309000 4544000 7558000 At 1 January 2024, the Company owned 231,277 treasury shares of class A, corresponding to 4.9% for which the Company had paid DKK 8,387,706. In the period 1 January 2024 to 31 December 2024, the Company bought back further 115,859 A shares and 29,144 B shares. The total payment for the 115,859 A shares amounted to DKK 4,634,360 and for the 29,144 B shares the total payment amounted to DKK 1,165,760. Moreover, in the period 1 January 2024 to 31 December 2024, the Company sold 131,390 A shares amounting do DKK 4,930,047. As of 31 December 2024, the company owns a total of 1,288 A shares and 29,144 B shares, corresponding to 0.67% of the total share capital issued, which are held as treasury shares at a total cost of DKK 1,150,446. The Company can sell these shares at a later time. The shares were acquired as part of the Company's strategic priorities. -272000 -61818000 14017000 72715000 -23706000 -34811000 -9961000 -23914000 65000 556000 -4614000 -2209000 -14510000 -25567000 -831000 -2012000 -15341000 -27579000 -27793000 -17196000 -140000 -1209000 906000 -239000 3725000 11525000 -23302000 -7119000 -17092000 6969000 -9000000 9000000 -5800000 -20565000 4331000 18809000 33846000 25546000 6285000 39759000 -32358000 5061000 12119000 7058000 -20239000 12119000 4038000 12119000 -24277000 0 -20239000 12119000 After the balance sheet date, the Parent Company has divested a minority stake in Ønskeskyen ApS as part of a primary and secondary deal, which has had a positive impact on the Group's financial position, enabling the Group to settle its debt and the Parent Company to distribute dividends in the beginning of 2025. The sale of shares in Ønskeskyen ApS also means that the Parent Company has reduced its ownership to 64% and given up its controlling influence over Ønskeskyen ApS due to the shareholder agreement the Parent Company has entered into with the new investor. Further, loans of DKK 18,454,708 were converted to equity in the Parent Company, raising the share capital by nominally DKK 134,557, and the division of the share capital into classes was cancelled.Additionally, the Parent Company has taken the decision to liquidate the subsidiaries Heylink ApS, Wiredelta Denmark ApS, Budgetbutler ApS, and Selskabet af 14. december 2021 ApS in 2025, following the shutdown of the underlying businesses in 2024. No other events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 41795000 40640000 523000 2120000 2090000 2782000 6000 151000 1254000 548000 11000 38000 2806000 3109000 1449000 1640000 47945000 47079000 1989000 3949000 2391000 2389000 0 0 69 79 2 4 9709000 30272000 10000 0 388000 468000 376000 468000 10097000 30740000 386000 468000 Total 0 0 0 0 0 0 391000 370000 64000 555000 10000 9000 1000 1000 1000 1000 65000 556000 402000 380000 0 0 0 433000 4610000 40562000 9868000 66043000 4000 3000 4000 3000 4614000 40565000 9872000 66479000 Impairment losses and loss on disposal of subsidiaries and associated companies 0 38356000 8244000 65410000 2068000 -2525000 -926000 -568000 -2466000 4491000 0 0 0 0 0 -2317000 -398000 1966000 -926000 -2885000 24418000 9862000 3485000 1108000 0 4467000 222000 0 26464000 103000 0 103000 0 0 103000 25481000 0 0 -25481000 0 54366000 9981000 3485000 2091000 0 3200000 3454000 3485000 0 0 8889000 1003000 0 0 10000 0 10000 0 0 10000 12089000 4447000 3485000 0 0 42277000 5534000 0 2091000 0 Intangible assets mainly consists of acquired trademarks related to the application "Ønskeskyen / GoWish" as well as capitalized development costs related to further development of the application. 1159000 1613000 1131000 1614000 72000 68000 17000 67000 0 0 1148000 1681000 1231000 1681000 0 0 557000 893000 553000 893000 179000 209000 168000 209000 -107000 41000 721000 1102000 843000 1061000 0 0 388000 620000 0 0 112311000 153670000 13471000 -5044000 0 36315000 125782000 112311000 -93844000 -66789000 -8243000 -27055000 -102087000 -93844000 23695000 18467000 Budgetbutler ApS Copenhagen, Denmark 100 Heylink ApS Copenhagen, Denmark 100 Ønskeskyen ApS Copenhagen, Denmark 95 Wiredelta Denmark ApS Copenhagen, Denmark 100 Selskabet af 14. december 2021 ApS Copenhagen, Denmark 100 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000 DressForSuccess ApS Skanderborg, Denmark 20 Investments in subsidiaries are specified as follows: Budgetbutler ApS and Selskabet af 14. december 2021 ApS have adopted a resolution for liquidation on March 28, 2025. Heylink ApS and Wiredelta Denmark ApS were dissolved through liquidation on March 10, 2025. Investments in associates are specified as follows: Prepayments comprise prepaid expenses concerning licenses. 0 0 0 0 0 13304000 0 0 0 13304000 0 0 24277000 3788000 0 0 0 0 0 0 0 9000000 0 9000000 0 9000000 0 9000000 15089000 16329000 13635000 12235000 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: Credit institutions Other payables 65000 556000 4614000 40565000 10156000 30740000 -398000 1966000 14017000 72715000 -290000 0 -32535000 -3526000 -8829000 31285000 -23706000 -34811000 **Contingent liabilities**The Company has pledged equity interests amounting to DKK 1 million as security for all obligations with 'Ønskeskyen ApS'. In 2023, the Company provided guarantees amounting to DKK 10 million.The subsidiary, Ønskeskyen ApS, has provided a company pledge of nominally DKK 20 million for security of loans with Skjern Bank A/S. The company pledge includes simple receivables, debtors, intellectual property rights and operating equipment.The Group has non-terminable lease obligations of DKK 7,517,098 until 2027 (2023: DKK 13,495,934).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 by the Group amounts to DKK 0. 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. Transactions The 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. The Annual Report of Dotcom Capital ApS for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Consolidated Financial Statements and the Parent Company Financial Statements for 2024 are presented in TDKK. **Correction of comparative figures**In the comparative figures, certain reclassifications related to impairment of subsidiaries, has been made without impact on the result, total assets or equity. true Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidation The Consolidated Financial Statements comprise the Parent Company, Dotcom Capital ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Minority interests Minority interests form part of the Group's total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquistition of subsidiaries. Danish 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. Revenue from the sale of services is recognised when the risks and rewards relating to the services 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 Group. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. **Expenses for raw materials and consumables**Expenses for consumables comprise consumables consumed to achieve revenue for the year. Other external expenses comprise expenses for premises, sales as well as office expenses, etc. With 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 losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Dividends from subsidiaries and associates are recognised as income in the income statement when adopted at the General Meeting of the companies. However, dividends relating to earnings in the companies before they were acquired by the Parent Company are set off against the cost of the companies. Financial income and expenses comprise interest, realised and unrealised exchange adjustments and write downs of investments to recoverable amount and loss on disposal of businesss activities within the group Tax 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 the 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). Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs. Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 5 year. Patents and licences are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use. Patents are amortised over the remaining patent period or a shorter useful life. The amortisation period is 10 years. Software licences are amortised over the period of the agreements, which is 10 years. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans are not recognised in cost during construction and reconstruction periods. 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 equipment 5 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The 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. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries and associates 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. Prepayments comprise prepaid expenses concerning licenses. Deferred 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 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. Deferred income comprises payments received in respect of income in subsequent years. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group. The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents comprise ”Cash at bank and in hand” and ”Overdraft facilities”. The cash flow statement cannot be immediately derived from the published financial records. Return on assets Profit/loss of primary operations x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end