10050715 2024-01-01 2024-12-31 10050715 2024-01-01 2024-12-31 1 10050715 2024-01-01 2024-12-31 2 10050715 2024-01-01 2024-12-31 1 10050715 2024-01-01 2024-12-31 2 10050715 2024-01-01 2024-12-31 3 10050715 2024-01-01 2024-12-31 4 10050715 2024-01-01 2024-12-31 5 10050715 2024-01-01 2024-12-31 1 10050715 2024-01-01 2024-12-31 2 10050715 2023-01-01 2023-12-31 10050715 2024-12-31 10050715 2023-12-31 10050715 2023-12-31 fsa:ContributedCapitalMember 10050715 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 10050715 2023-12-31 fsa:RetainedEarningsMember 10050715 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 10050715 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 10050715 2024-01-01 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 10050715 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 10050715 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 10050715 2024-12-31 fsa:ContributedCapitalMember 10050715 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 10050715 2024-12-31 fsa:RetainedEarningsMember 10050715 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK xbrli:pure Georey Steven Gaisford The Execuve Board and Board of Directors have today considered and adopted the Annual Report of GEA PROCESS ENGINEERING A/S for the nancial year 1 January - 31 December 2024. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the nancial statements give a true and fair view of the Company's assets, liabilies, and nancial posion on 31 December 2024 and of the results of the Company's operaons for 2024. Further, in our opinion, the Management's review gives a fair review of the development in the Company's acvies and nancial maers, of the results for the year and of the Company's nancial posion. We recommend that the Annual Report be adopted at the Annual General Meeng. Søborg Carsten Pustelnik Geoffrey Steven Gaisford CEO Executive Officer (CFO) Ilija Aprcovic Ulla Michelsen Matthias Decker Chairman Nanna Borne Peter Limborg Employee representative Employee representative To the Shareholders of GEA Process Engineering A/S Opinion In our opinion, the Financial Statements give a true and fair view of the nancial posion of the Company at 31 December 2024, and of the results of the Company’s operaons for the nancial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of GEA Process Engineering A/S for the nancial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of signicant accounng policies (“the Financial Statements”). Basis for Opinion We conducted our audit in accordance with Internaonal Standards on Auding (ISAs) and the addional requirements applicable in Denmark. Our responsibilies under those standards and requirements are further described in the “Auditor’s responsibilies for the audit of the Financial Statements” secon of our report. We are independent of the Company in accordance with the Internaonal Ethics Standards Board for Accountants’ Internaonal Code of Ethics for Professional Accountants (IESBA Code) and the addional ethical requirements applicable in Denmark, and we have fullled our other ethical responsibilies in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sucient and appropriate to provide a basis for our opinion. Statement on Management’s Review 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 connecon 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 informaon 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 idenfy any material misstatement in Management’s Review. Management’s responsibilies for the Financial Statements Management is responsible for the preparaon of nancial 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 preparaon of nancial 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 connue as a going concern, disclosing, as applicable, maers related to going concern and using the going concern basis of accounng in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operaons, or has no realisc alternave but to do so. Auditor’s responsibilies for the audit of the Financial Statements Our objecves 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 addional 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 inuence 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 addional requirements applicable in Denmark, we exercise professional judgement and maintain professional skepcism throughout the audit. We also: • Idenfy 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 sucient and appropriate to provide a basis for our opinion. The risk of not detecng a material misstatement resulng from fraud is higher than for one resulng from error as fraud may involve collusion, forgery, intenonal omissions, misrepresentaons, 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 eecveness of the Company’s internal control. • Evaluate the appropriateness of accounng policies used and the reasonableness of accounng esmates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounng in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or condions that may cast signicant doubt on the Company’s ability to connue as a going concern. If we conclude that a material uncertainty exists, we are required to draw aenon 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 condions may cause the Company to cease to connue as a going concern. • Evaluate the overall presentaon, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transacons and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other maers, the planned scope and ming of the audit and signicant audit ndings, including any signicant deciencies in internal control that we idenfy during our audit. Hellerup PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Bo Schou-Jacobsen Anders Røjleskov State Authorised Public Accountant State Authorised Public Accountant mne28703 mne28699 GEA PROCESS ENGINEERING A/S Gladsaxeve 305 DK 2860 Søborg +45 39 54 54 54 10050715 Gladsaxe Strandvejen 44 DK 2900 Hellerup Danske Bank Bernstorffsgade 40 1577 København V Financial highlights DKK million 2024 2023 2022 2021 2020 Key figures Profit/loss Revenue 1,376 1,938 2,195 2,038 1,965 Profit/loss before financial income 27 197 248 373 137 and expenses Profit/loss of financial income and 130 182 162 54 16 expenses Net profit/loss 154 321 345 328 89 Balance sheet Balance sheet total 2,482 2,493 2,396 2,389 2,875 Investment in property, plant, and 5 6 5 5 4 equipment Equity 378 969 1,020 973 1,054 Ratios Profit margin 2.0% 10.2% 11.3% 18.3% 7.0% Return on assets 1.1% 7.9% 10.4% 15.6% 4.8% Solvency ratio 15.2% 38.9% 42.6% 40.7% 36.7% Return on equity 22.9% 32.3% 34.6% 32.4% 8.8% Explanaon of nancial raos Prot Margin Prot before nancials x 100 / Revenue Return on Assets Prot before nancials x 100 / Total assets at year end Solvency Rao Equity at year end x 100 / Total assets at year end Return on Equity Net prot for the year x 100 / Average equity Development in the year The operang prot for the year is DKK 27 million compared to an operang prot of DKK 197 million in 2023. The prot margin has though decreased from 10.2% in 2023 to 2.0% in 2024. In 2024, the company experienced a generally lower level of acvity while maintaining a xed cost base, primarily due to changes in the project porolio mix and challenges in the execuon of certain projects. Management considers the year's result sasfactory given the headwinds in the macroeconomic environment. Throughout 2024, the company successfully sustained a strong market posion. Targets and expectaons for the year ahead The expectaons for revenue for 2025 is to be within the range of DKK 1.4 billion to DKK 1.85 billion, however the expectaon for prots remain on the same level as of 2024. Management foresees also connued intense compeon. Uncertainty regarding recognion and measurement Management assesses that there is a certain degree of uncertainty associated with the recognion and measurement of Contract Work in progress, provisions, and impairments. Unusual events No unusual events have occurred during the nancial year. Subsequent events No events materially aecng the assessment of the Annual Report have occurred aer the balance sheet date. Special risks, operang risks, and nancial risks Operang risks The company’s principal operaonal risk is related to the ability of being strongly posioned in the important markets. Furthermore, it is important for the company to be at the cung edge of the development within process engineering, including having the possibility to aract and keep employees with qualicaons and experience facilitang this objecve. Financial risks Because of the nancial posion of the company and its nancial resources, the company is only exposed to changes in the interest level to a limited extent. The company is, however, exposed to currency risks related to the current operaon. The company primarily covers its currency risks by forward contracts. Credit risks The credit risks of the company are primarily related to accounts receivable in the balance sheet. The company has no major risks regarding single engagements. The company’s policy when accepng credit risks means that all larger customers and partners are subject to current credit rang. Knowledge resources The ability of the company to aract and retain highly educated employees is essenal to its connuous growth, including engineers with experse in process development and automaon. To ensure connuous compeve products the company is invesng in the most modern process tools and research environments. This demands high skills, and substanal resources are thus also invested to develop the competences of the employees. Research and development The company is connuously engaged in adaptaon and improvement of its plants and processes as well as in new developments. The costs of research and development are recognized in the prot and loss statement unless development cost meets the requirements for recognion in the balance sheet. Climate and environment The company aects the environment via processing equipment and plants for industrial use delivered to customers. Thus, minimizing the environmental impact of the company is best achieved through its customers by delivering opmized soluons. The current strategy named Mission 26 has a Net Zero by 2040 commitment which of course reects on the GEA Process Engineering A/S enty. 2040 is 10 years ahead of the target set by the European Union. Further sustainability targets include that all soluons will be oered with zero freshwater usage by 2030 and 50% of total energy demand is covered by cered energy management systems by 2026. Regarding the two focus areas – Sustainability and New Food - both serve to reduce impact on the climate and environment. The laer indirectly through less climate and environmental impact early in the food producon chain, e.g. at farms. However, GEA Process Engineering A/S contributes to the trend with new soluons that enables downstream processing of New Foods. On sustainability, the focus is on reducing energy and water consumpon at our customers’ producon sites. To implement the strategy the company has already increased the number of employees working on sustainability and sustainability is the innovaon area with the highest planned new investments. In addion to the above, several smaller iniaves can be menoned. These include technology developments to reduce the consumpon of compressed air which is very energy intensive to produce as well as iniaves at the Soeborg Test Centre to signicantly reduce water ulizaon. High Potenal and Talent Pools and Focus on Development GEA Process Engineering A/S’ connued success is dependent on being able to retain experienced employees and managers and to recruit new, talented employees and managers to our company. Accordingly, we place importance on providing an aracve workplace with good opportunies for personal development. Management’s review In 2021 we launched a global talent and high potenal development program for us to retain great talent in the organizaon and secure solid succession planning. This is done by building a pool of trained workers who are ready to ll key roles when leaders and other key employees step down. Suppliers and human rights The company has assessed that the biggest exposure regarding human rights is within the supplier area. This area is separately treated in the GEA Compliance Handbook. Local and internaonal regulaons on condions of employment, working hours and health and safety condions are observed in order to comply with the high standard stated in the internal GEA Compliance Handbook. The Compliance Handbook specically states that discriminaon of employees by virtue of sex, sexual orientaon, origin, color of skin, or other personal features are strictly forbidden. Our purchase organizaon is responsible for vendor management and procures workshop components, third party equipment and services for customer projects and aer sales business. Workshop components are manufactured based on our drawings and specicaons in external workshops in and outside Denmark. Third party services are purchased in accordance with framework supplier agreements or on a case-by-case basis depending on the characteriscs of the supplier or product market. The purchasing sta are all well-trained in 'good purchasing pracce' and the legal aspects of purchasing. Every purchaser has taken an on-line test in an-corrupon and export control organized by GEA Group Compliance Management. The procedures on external workshop audits include evaluaon of working condions, maintenance of producon facilies, cleaning, training of workshop sta and safety measures at the workshop. This has posively contributed to no registered breaches on our internal procedures or any severe noncompliance of our suppliers in 2024. We expect to maintain our focus in this area in the future. Key acvies As in previous years, the core acvity of the company has been engineering and supply of industrial processing plants. Statement of corporate social responsibility The core acvity of the company is engineering and supply of industrial processing plants. The company is a 100% owned subsidiary of GEA Group Holding GmbH, Germany, which is 100% owned by GEA Group Akengesellscha, Germany. The ulmate parent of the company includes business model, in addion to policy, acons, results and risks to each of the mandatory areas under 99a of the Danish Financial Statements Act. Therefore, we refer to the Group's annual report 2024, which can be found here: hps://cdn.gea.com/-/media/investors/annual-report/2024/annual-report-2024-en.pdf?rev=db94f76a1f07427baf1ceee2811d6d67 The below presents an overview of the implemented local CSR iniaves within the company and how we live up to the Group's expectaons and commitments. Risks and how are they managed are reported on Group level. Policy for data ethics The company has adopted the GEA Group’s policies for data protecon and corporate social responsibility. Embedded in these policies is a commitment to the safe processing and handling of data and ethical business pracces which includes: • The collecon, storage, and processing of personal data. • The consideraon of data protecon policies of vendors and 3rd pares. • The use of data to achieve sustainability targets. • The mandatory training of employees in data protecon. The company primarily processes data relang to human resources, customer interacons and supplier contact. The company controls that data is collected for explicit and legimate purposes and processed lawfully and fairly, as well as in a transparent manner in relaon to the data subject. A further descripon of the GEA Group’s principles and policies is available in the 2024 Sustainability Report which can be found here: hps://www.gea.com/en/company/sustainability/index.jsp 1376227000 1938392000 872194000 1278091000 504033000 660301000 246958000 189343000 230507000 274277000 26568000 196681000 176906000 189403000 50920000 32843000 97561000 39808000 156833000 379119000 2723000 58598000 154110000 320521000 24792000 38037000 17220000 18327000 3211000 4817000 86515000 71434000 131738000 132615000 2304000 8012000 3478000 1339000 10714000 23509000 5101000 3962000 21597000 36822000 1301854000 1184803000 4834000 4834000 9623000 9524000 1316311000 1199161000 1469646000 1368598000 128772000 152170000 128772000 152170000 120374000 157678000 94615000 140901000 549267000 517503000 36579000 76756000 15154000 4193000 815989000 897031000 67279000 75223000 1012040000 1124424000 2481686000 2493022000 100000000 100000000 85474000 81062000 42912000 415015000 149156000 372645000 377542000 968722000 184389000 248849000 46935000 33846000 231324000 282695000 176871000 186194000 363387000 379910000 1152596000 489895000 40783000 41128000 139183000 144478000 1872820000 1241605000 2104144000 1524300000 2481686000 2493022000 100000000 81062000 415015000 372645000 968722000 0 0 0 372645000 372645000 0 0 372645000 0 372645000 0 0 0 -149156000 -149156000 0 0 4954000 0 4954000 100000000 85474000 42912000 149156000 377542000 DKK thousand 2024 2023 1. Revenue Project 1,047,140 1,608,998 Service and Components 329,087 329,394 1,376,227 1,938,392 Revenue split on regions: NCE (North and Central Europe) 294,918 437,158 DACH&EE (DACH and Eastern Europe) 68,556 131,935 NAM (North America) 137,643 232,677 LAM (Latin America) 51,484 126,642 WEMEA (Western Europe, Middle East and Africa) 311,756 299,498 APAC (Asia Pacific) 511,870 710,482 1,376,227 1,938,392 The split into regions follows GEA Groups regional segments. 2. Producon expenses Cost of goods sold 645,774 1,031,980 Wages and salaries 222,416 249,474 Impairment and reversal of write-offs of inventories 4,004 -3,363 872,194 1,278,091 3. Sta expenses Wages and salaries 539,172 588,881 Pensions 50,753 52,294 Social security 4,730 7,566 594,655 648,741 Including remuneration to Executive Board and Board of Directors Executive Board 14,393 8,795 Board of Directors 0 100 14,393 8,895 704 714 DKK thousand 2024 2023 4. Distribuon expenses Wages and salaries 148,494 149,974 Depreciation and amortization 14,580 12,629 Other expenses 71,327 53,527 Charged to/from group companies 12,557 -26,787 246,958 189,343 5. Administrave expenses Wages and salaries 223,745 249,293 Depreciation and amortization 33,660 30,350 Other expenses 22,282 11,960 Charged to/from group companies -49,180 -17,326 230,507 274,277 6. Income from investments in subsidiaries Reversal of prior year impairment (special items) 60,842 60,068 Dividends from subsidiaries 116,064 129,336 176,906 189,404 7. Financial income Interest received from Group enterprises 16,700 6,632 Other financial income 613 1,758 Exchange adjustments, income 33,607 24,453 50,920 32,843 8. Financial expenses Interest paid to group enterprises 52,934 9,084 Other financial expenses 730 12,393 Exchange adjustments, expenses 43,897 18,331 97,561 39,808 DKK thousand 2024 2023 9. Income tax expense Current tax for the year 73,725 43,897 Deferred tax for the year -65,530 4,795 Other taxes 17,930 10,502 Adjustment of tax concerning previous years -24,472 -1,784 Adjustment of deferred tax concerning previous years 1,070 1,188 2,723 58,598 149156000 372645000 4954000 -52124000 154110000 320521000 11. Intangible xed assets Completed Development Development Acquired Projects in DKK thousand Projects patents Goodwill Progress Cost at 1 January 232,074 36,539 81,225 71,434 Additions for the year 1,299 2,044 0 34,250 Disposals for the year -15,026 0 0 -5,352 Transfers for the year 10,894 0 0 -10,894 Cost at 31 December 229,241 38,583 81,225 89,438 Impairment losses and amortizations at 1 January 194,037 18,212 76,408 0 Amortizations for the year 25,019 3,151 1,606 0 Impairment for the year 0 0 0 2,923 Amortization of sold assets for the year -14,607 0 0 0 Impairment losses and amortizations at 31 December 204,449 21,363 78,014 2,923 Carrying amount at 31 December 24,792 17,220 3,211 86,515 12. Property, plant, and equipment Other fixtures Property, and fittings, plant, and Plant and tools, and Leasehold equipment in DKK thousand machinery equipment improvements progress Cost at 1 January 70,462 9,765 119,541 3,962 Additions for the year 1 0 2 4,581 Disposals for the year -9,194 -2,769 -30 0 Transfers for the year 0 3,442 0 -3,442 Cost at 31 December 61,269 10,438 119,513 5,101 Impairment losses & Depreciations at 1 January 62,451 8,425 96,033 0 Depreciations for the year 1,640 1,275 12,778 0 Disposals for the year -5,126 -2,740 -12 0 Impairment losses & Depreciations on 31 December 58,965 6,960 108,799 0 Carrying amount on 31 December 2,304 3,478 10,714 5,101 DKK thousand 2024 2023 13. Investment in subsidiaries Cost on 1 January 1,245,645 1,140,150 Additions for the year 56,209 105,495 Disposal for the year 0 0 Cost on 31 December 1,301,854 1,245,645 Value adjustments at 1 January -60,842 -120,909 Reversal for the year of revaluations in previous years 60,842 60,067 Value adjustments on 31 December 0 -60,842 Carrying amount on 31 December 1,301,854 1,184,803 The company has calculated the recoverable amount for the individual subsidiaries and compared these to the carrying amount of these. The recoverable amount derived in connecon with the impairment test is calculated on the basis of net cash ow over a period of several years and a growth rate of 1.5%. The Weighted Average Cost of Capital (WACC) is based on a factor of 10.5%, which is the esmated average within the business areas in which the subsidiaries operate. The WACC esmaon is aligned with our Group corporate nance department. Based on the above assumpons the impairment test shows a net reversal of prior year impairment totaling DKK 60.8 million. The driver behind the reversal of impairments was an improved performance for our subsidiaries, hence we made a reversal of prior year impairment of GEA Process Engineering S.A. de C.V. Investments in subsidiaries are specied as follows: Net Place of profit/loss registered for the Name office Ownership Equity year GEA Westfalia Separator DK A/S Denmark 100% 104.640 14.200 GEA Scan-Vibro A/S Denmark 100% 41.928 3.520 GEA Liquid technologies A/S Denmark 100% 44.724 -20.464 GEA Finland OY Finland 100% 19.428 -910 GEA Process Engineering Pty. Ltd. Australia 100% 73.922 20.725 GEA Equipamentos e Solucões Ltda Brazil 70% 134.792 65.890 GEA Japan Ltd. Japan 100% 25.140 14.998 GEA New Zealand Ltd. New Zealand 100% 140.550 36.357 GEA Process Engineering Pte. Ltd. Singapore 100% -23.552 14.602 GEA Process Engineering (India) Pvt. Ltd. India 100% 278.616 25.453 GEA Process Engineering Sp. z o.o. Poland 100% 50.236 10.933 GEA Process Engineering N.V. Belgium 100% 361.144 10.359 GEA Process Engineering Chile S.A. Chile 100% 172 2.476 GEA PROSES MÜHENDİSLİK SANAYİ VE TİCARET Turkey LİMİTED ŞİRKETİ 100% 17.518 8.405 GEA Process Engineering S.A. de C.V. Mexico 100% 38.691 -10.665 Gea Process Engineering Cee Korlátolt Hungary Felelösségü Társaság 100% 0 0 14. Other xed asset investments Other Deposits DKK thousand investments Cost at 1 January 4,834 9,524 Additions 0 99 Cost at 31 December 4,834 9,623 DKK thousand 2024 2023 15. Contract work in progress Selling price of work in progress 2,965,124 3,856,611 Invoiced on account -3,233,896 -4,095,620 Contract work in progress, net -268,772 -239,009 Recognized in the balance sheet as follows: Contract work in progress recognized as assets 94,615 140,901 Prepayments received recognized as debt -363,387 -379,910 Contract work in progress, net -268,772 -239,009 16. Prepayments Prepayments consist of prepaid rent, insurance premiums, subscripons, and other expenses. DKK thousand 2024 2023 17. Provision for deferred tax Deferred tax liabilities at 1 January 248,849 242,866 Amounts recognized in the income statement for the year -65,530 4,795 Adjustment of deferred tax 1,070 1,188 Deferred tax liabilities at 31 December 184,389 248,849 Intangible assets 28,982 28,122 Tangible assets -3,161 -2,192 Contract work in progress 162,003 226,758 Provisions and debt -3,436 -3,839 184,389 248,849 18. Warranty and other provisions Warranty and guarantee provisions 28,017 33,846 Other provisions 18,918 0 46,935 33,846 All provisions are expected to mature within 1-5 years. 19. Conngent assets, liabilies, and other nancial obligaons Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 21,357 20,584 Between 1 and 5 years 2,717 21,549 After 5 years 0 0 Rental and lease obligations 24,074 42,133 Guarantee obligations Warranties and guarantee obligations issued by GEA concerning execution of contractual work etc. for third party. 206,248 131,989 Bank guarantees have been given to third parties concerning execution of contractual work etc. for third party 281,548 138,261 Other conngent liabilies The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc. of the GEA Group. Moreover, the Danish 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 corporaon taxes and withholding taxes may increase the Company’s liability. 20. Related pares and disclosure of consolidated nancial statements Controlling interest GEA Group Holding GmbH, Germany 100% Transacons GEA Process Engineering A/S is a 100% owned subsidiary of GEA Group Holding GmbH, which is 100% owned by GEA Group Akengesellscha, Germany. GEA Process Engineering A/S’ related pares with material inuence include GEA Group Akengesellscha and enterprises, including GEA Group Holding GmbH and its subsidiaries and associates, as well as the subsidiaries listed in note 13. GEA Process Engineering A/S sells and purchases goods and services to/from subsidiaries and associates. Intercompany trading is highlighted as follows: DKK thousand 2024 2023 Invoicing, income 1,223,337 1,454,252 Purchases, expenses 737,131 716,384 Dividends from subsidiaries, income 116,064 129,336 Interest received, income 16,700 6,632 Interest paid, expense 52,934 9,084 Contract work in progress, assets 31,922 68,799 Receivables from group entities 549,267 517,503 Contract work in progress, liabilities 114,019 151,586 Liabilities to group entities 1,152,596 489,895 Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office GEA Group Aktiengesellschaft Germany The Group Annual Report of GEA Group Akengesellscha for 2024 may be obtained at the following address: GEA Group Akengesellscha, Peter Müller Strasse 12, D-40468 Düsseldorf, Germany, or at: hps://cdn.gea.com/-/media/investors/annual-report/2024/annual-report-2024-en.pdf?rev=db94f76a1f07427baf1ceee2811d6d67 21. Subsequent events No events materially aecng the assessment of the Annual Report have occurred aer the balance sheet date. true The Financial Statements for 2024 are presented in TDKK. Reclassicaon adjustments to comparave gures Reclassicaons have been made in individual items in the note for Distribuon expenses and Research and development. This has not aected the result and equity of this year or last year and has been made solely to ensure the comparability of the individual items in the note. Consolidated Financial Statements In accordance with § 112 of the Danish Financial Statements Act, and with reference to the consolidated nancial statements of GEA Group Akengesellscha for 2024, the Company has not prepared separate consolidated nancial statements. Disclosure of auditor’s fees In accordance with § 96, paragraph 3 of the Danish Financial Statements Act, the Company has not disclosed the fee paid to auditors appointed at the general meeng. Cash ow statement In accordance with § 86, paragraph 4 of the Danish Financial Statements Act, and with reference to the cash ow statement included in the consolidated nancial statements of GEA Group Akengesellscha, the Company has not prepared a separate cash ow statement. Recognion and measurement Revenue is recognized in the income statement when earned. In addion, value adjustments of nancial assetsand liabilies measured at fair value or amorzed cost are recognized. All expenses incurred in generang the revenue for the year are recognized in the income statement, including depreciaon, impairment losses, and provisions, as well as reversals arising from changes in accounng esmates related to amounts previously recognized in the income statement. Assets are recognized in the balance sheet when, as a result of a past event, it is probable that future economicbenets will ow to the company and the value of the asset can be measured reliably. Liabilies are recognized in the balance sheet when the company has a legal or construcve obligaon arising from a past event, and it is probable that selement will result in an oulow of economic benets, provided the obligaon can be measured reliably. Assets and liabilies are inially measured at cost and subsequently measured in accordance with the specic accounng policies described for each item below. Gains, losses, and risks arising before the preparaon of the annual report, and which conrm or refute condions exisng at the balance sheet date, are taken into account in recognion and measurement. Translaon policies Transacons in foreign currencies are inially recognized at the exchange rate prevailing on the transacon date. Any exchange dierences arising between this rate and the rate on the date of selement are recognized as nancial income or expense in the income statement. Receivables and liabilies denominated in foreign currencies are translated into Danish Kroner using the exchange rate at the balance sheet date, or the rate specied in forward contracts if hedged. Exchange dierences between the rate at the balance sheet date and the rate at inial recognion are recognized as nancial income or expense in the income statement. Leases Lease agreements in which the Company assumes all signicant risks and rewards associated with ownership (nance leases) are recognized in the balance sheet at the lower of the fair value of the asset and the present value of the future lease payments, calculated using the internal rate of return of the lease agreement or an approximate equivalent as the discount rate. Finance leased assets are depreciated and impaired in accordance with the same policies applied to the Company’s other xed assets. The capitalized remaining lease obligaon is recognized in the balance sheet as a liability, and the interest poron of the lease payment is expensed connuously in the income statement. All other lease agreements are considered operang leases. Payments related to operang leases are recognized on a straight-line basis in the income statement over the lease term Income statement Revenue For Revenue recognion IFRS 15 is applied as interpretave guidance in determining revenue recognion policies under the Danish Financial Statements Act. Income from the sale of goods for resale and nished goods is recognized in the income statement when delivery has occurred, the risk has transferred to the buyer, and the revenue can be reliably measured and is expected to be received. Revenue is measured net of VAT and other taxes collected on behalf of third pares. Any discounts granted are deducted directly from revenue. Income from construcon contracts is recognized based on the stage of compleon, meaning revenue reects the selling price of work performed during the year (percentage of compleon method). If the outcome of a contract cannot be reliably esmated, revenue is recognized only to the extent of costs incurred that are expected to be recoverable. Producon expenses Producon costs comprise expenses incurred in generang revenue for the year, including both direct and indirect costs. These encompass raw materials, consumables, wages and salaries, as well as costs related to rent and leases. Depreciaon Depreciaon is calculated on a straight-line basis over the expected useful lives of the assets. The depreciaon method and useful lives are reviewed annually and adjusted if necessary. Depreciaon is recognized under producon expenses, distribuon expenses, and administrave expenses in the income statement, depending on the use of the asset. Distribuon expenses Costs incurred in distribung goods sold during the year and in conducng sales campaigns, etc., during the year are recognized as distribuon costs. Also, costs relang to sales sta, adversing, exhibions, and depreciaon are recognized as distribuon costs. Administrave expenses Administrave expenses comprise expenses incurred during the year for company management and administraon, including expenses for administrave sta, management, oce premises and oce expenses, and depreciaon. Income from investments in subsidiaries Income from investments in subsidiaries comprises dividends received, impairment losses on investments in subsidiaries, and reversals of such impairments. Dividends are recognized in the income statement when declared at the subsidiary’s General Meeng. Dividends relang to prots earned by the subsidiary prior to its acquision by the Parent Company are deducted from the cost of the investment. Financial income and expenses Financial income and expenses include interest income and expenses as well as realized and unrealized exchange gains and losses related to transacons in foreign currency. Tax on prot/loss for the year Tax for the year consists of current tax for the year and deferred tax for the year. The tax aributable to the prot for year is recognized in the income statement, whereas the tax aributable to equity transacons is recognized directly in equity. The Company is jointly taxed with Danish group companies. The Company is administrave company for the joint taxaon and consequently seles all payments of corporaon tax to the Danish Tax authories. The tax eect of the joint taxaon with other Danish group enterprises is allocated to enterprises showing prots or losses in proporon to their taxable incomes (full allocaon with credit for tax losses). Balance Sheet Intangible xed assets Goodwill acquired is measured at cost less accumulated amorzaon. Amorzaon is applied on a straight-linebasis over the esmated useful life, which is assessed to be a maximum of 20 years. Patents and licenses are measured at the lower of cost less accumulated amorzaon and the recoverable amount. Patents are amorzed over their remaining legal term, and licenses over the contractual period, not exceeding three to ve years. Development costs include expenses, salaries, and amorzaon directly or indirectly aributable to development acvies. Development projects that are clearly dened and idenable, where technical feasibility, adequate resources, and a potenal market or internal use are demonstrable, and where the Company intends to complete and ulize or sell the asset, are recognized as intangible assets. Recognion is subject to the ability to reliably measure the cost and the reasonable assurance that future economic benets will cover producon, sales, administrave, and development costs. All other development costs are expensed as incurred. Capitalized development costs are measured at cost less accumulated amorzaon and impairment losses. Upon compleon, these costs are amorzed on a straight-line basis over their esmated useful life, typically three to ve years. Property, plant, and equipment Property, plant, and equipment are measured at cost less accumulated depreciaon and less any accumulated impairment losses. Cost comprises the purchase price and expenses directly aributable to the acquision up to the me the asset is ready for use. For assets of own producon, cost includes both direct and indirect expenses related to labor and materials. Depreciaon is calculated on a straight-line basis over the expected useful lives of the assets, based on cost lessany residual value. The expected useful lives are as follows: Plant and machinery 3-15 years Other xtures and ngs, tools, and equipment 3-8 years Leasehold improvements 1-30 years The residual values of xed assets are assessed at zero. Useful life and residual value are reassessed annually. Gains and losses from the sale of property, plant and equipment are calculated as the dierence between selling price minus selling costs and carrying amount at the me of sale. Gains or losses are included in the income statement under administrave expenses. Fixed asset investments Fixed asset investments consist of Investments in subsidiaries which are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Other xed asset investments consist of shares in enes not considered subsidiaries. Previously recognized write-downs are reversed when the reason for the write-downs no longer exists and recoverable amount exceeds the cost price. Reversed write-downs are recognized in the income statement as nancial income. Impairment of xed assets The carrying amounts of intangible assets and property, plant, and equipment as well as equity investments in group enes are reviewed on an annual basis to determine whether there is any indicaon of impairment other than that expressed by amorzaon and depreciaon. If so, an impairment test is carried out to determine whether the recoverable amount is lower than the carrying amount. If so, the asset is wrien down to its lower recoverable amount. 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. Inventories Inventories are measured at the lower of cost under the FIFO method and net realizable value. The cost of goods for resale, raw materials and consumables consists of purchase price plus landing cost. Goods of own producon are measured at the lower value of direct material and wages with addion of indirect producon cost, or net realizable value. Receivables IFRS 9 is applied as interpretave guidance for the recognion and measurement of nancial instruments under the Danish Financial Statements Act. Receivables are measured in the balance sheet at the lower of amorzed cost and net realizable value, which corresponds to nominal value less provisions for bad debts. Contract work in progress Contract work in progress is measured at selling price of the work performed calculated on the basis of the stage of compleon. The percentage of compleon is determined as the rao between direct allocated costs, including materials, wages etc. with the addion of indirect producon costs related to the contract work and latest esmated total cost. Contract work in progress and invoicing on account in foreign currency have been translated at the rates of exchange in eect on the date of contract. In cases where invoicing on account exceeds the recognized sales value of a contract, the exceeding amount has been included in current liabilies as part of advance payment from customers. Prepayments Prepayments comprise prepaid expenses concerning subsequent nancial years. Prepayments are measured atcost. Equity Reserve for development costs The reserve for development costs comprises capitalized development costs. The reserve cannot be used for dividend, distributed or cover losses. If the recognized development costs are sold or in other ways excluded from the Company’s operaons, the reserve will be dissolved and transferred directly to the distributable reserves under equity. If the recognized development costs are wrien down, the part of the reserve corresponding to the write-down of the development costs will be reversed. If a write-down of development costs is subsequently reversed, the reserve will be re-established. The reserve is reduced by amorzaon of capitalized development costs on an ongoing basis. Dividend Dividend distribuon proposed by Management for the year is disclosed as a separate equity item. Provisions Other provisions, including expected costs for warranes, losses on contract work in progress, restructuring, and similar obligaons, are recognized when a present obligaon exists at the balance sheet date. Warranty provisions cover commitments to repair work within the warranty period. Based on historical experience, a provision has been made to cover ancipated warranty expenses. If it is probable that the total costs of contract work in progress for third pares will exceed the total expected income, a provision for the full ancipated loss is recognized under the cost of manufactured goods. Deferred tax assets and liabilies Deferred income tax is measured using the balance sheet liability method, recognizing temporary dierences between the tax bases of assets and liabilies and their carrying amounts in the nancial statements, based on the intended use of the asset or selement of the liability. Deferred tax assets are recognized at the value at which they are expected to be realized, either through oset against future taxable income or through set-o against deferred tax liabilies within the same legal tax enty. Deferred tax is calculated using the tax rules and rates enacted at the balance sheet date, which are expected to apply when the deferred tax is realized as current tax. Changes in deferred tax arising from changes in tax rates are recognized in the income statement or in equity, depending on whether the deferred tax relates to items recognized in equity. Current tax receivables and liabilies Current tax liabilies and receivables are recognized in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Current tax payable and receivable is recognized in the balance sheet as amounts owed by or to aliates. Financial debts Financial liabilies are measured at amorzed cost, substanally corresponding to nominal value. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-06-25 Reporting class C, large enterprise 2025-06-25 10050715 GEA PROCESS ENGINEERING A/S Gladsaxevej 305 2860 Søborg Opinion Basis for Opinion 2025-06-25 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup DK