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Årsrapport 25160037 Piaster Revisorerne, Statsautoriseret Revisionsaktieselskab Engholm Parkvej, 8 3450, Allerød 2024-01-01 2024-12-31 2025-01-01 2025-12-31 38123947 Your.Rentals A/S Vesterbrogade 149, 5. 1620 København V 2016-10-21 København Piaster Revisorerne, Statsautoriseret Revisionsaktieselskab 25160037 Stefan Sølvhøj Johansson statsautoriseret revisor mne34123 Engholm Parkvej 8 3450 Allerød Danmark 45 81 45 91 2026-07-09 Klavs Pedersen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejerne Allerød 2026-07-09 Copenhagen 2026-07-09 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Acid test ratio                  Current assets x 100                 / Short term liabilities other than provisionsSolvency ratio Equity less non-controlling interests, closing balance x 100 / Total assets, closing balance 10211299 14558817 3841885 6433878 12684523 15171147 6389072 7416511 4792619 3920102 4946813 4037048 1357378 1344381 1357979 1344381 -8623221 -5876813 -8851979 -6364062 78350 205463 78350 205382 2389322 1920296 2376988 1701399 -10934193 -7591646 -11150617 -7860079 -2512225 -1787183 -2559430 -1886810 -8421968 -5804463 -8591187 -5973269 -8421968 -5804463 -10880973 -10752396 2289786 4779127 36325931 33535004 37671634 34736011 36325931 33535004 37671634 34736011 75408 0 75408 0 75408 0 75408 0 0 0 35202 35202 0 0 35202 35202 36401339 33535004 37782244 34771213 4140394 10735673 4140394 10735673 4210871 3203285 4210871 3203285 1981432 2457013 1884625 2357026 276213 283378 174541 158873 10608910 16679349 10410431 16454857 2896433 2820708 2537347 2743643 13505343 19500057 12947778 19198500 49906682 53035061 50730022 53969713 0 0 2674607 2674607 2674607 2674607 69914 -40496 0 0 28334226 26157303 29383875 27094089 -17064242 -6465350 -18840744 -7959771 14014505 22326064 13217738 21808925 10430108 11152526 7526595 10132666 4276587 0 4276587 0 61763 290467 0 0 4396944 0 4396944 0 19165402 11442993 16200126 10132666 1395000 838668 1395000 838668 17 0 17 0 522992 593095 0 0 8166075 11318132 8151159 11267733 0 0 6909704 4577086 3746713 3407151 3746713 3407151 126011 105559 0 0 2769967 3003399 1109565 1937484 16726775 19266004 21312158 22028122 35892177 30708997 37512284 32160788 49906682 53035061 50730022 53969713 -8421968 -5804463 2280394 2132919 2703787 -7944036 -3437787 -11615580 -3437787 -11615580 -2262240 -2729153 -1175547 -8886427 7574873 9745692 84081 0 -7658954 -9745692 4276587 0 166087 391820 0 16054367 4736506 0 8847006 15662547 12505 -2969572 2820708 5933155 63203 -142875 2896416 2820708 2896416 2820708 12668285 15155012 6372834 7400376 16238 16135 16238 16135 12684523 15171147 6389072 7416511 63 74 49 56 44214895 45616107 7574873 7873762 51789768 53489869 10679891 10880096 4783946 4938139 15463837 15818235 36325931 37671634 84081 84081 84081 84081 8673 8673 8673 8673 75408 75408 0 0 35202 35202 0 0 35202 35202 0 0 35202 35202 YR Software AB Malmø, Sweden 100 2177673 313913 0 0 1395000 0 2674607 2206365 2674607 2206365 0 0 468242 0 -468242 0 0 2674607 2674607 2674607 2674607 0 0 0 12178974 0 -12178974 0 12178974 0 12178974 0 0 -40496 2485 0 0 110410 -42981 0 0 69914 -40496 0 0 26157303 22294828 27094089 22294828 2176923 3862475 2289786 4799261 28334226 26157303 29383875 27094089 -6465350 -8977386 -7959771 -9366215 6465350 8977386 0 0 -6465350 -8977386 -10880973 -10772530 -10598892 -9666938 0 0 0 0 0 12178974 0 12178974 0 0 -17064242 -6465350 -18840744 -7959771 4792619 3920102 -1504639 -1890481 -1007586 103298 0 1267146 6388081 -3247365 -3152055 -3350088 -532239 -2613729 Today, the Board of Directors and the Managing Director have approved the annual report of Your.Rentals A/S for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025, and of the results of the Group and the Company's operations as well as the consolidated cash flows for the financial year 1 January – 31 December 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Andrew Martyn Klavs Pedersen Thomas Krøis Andrew Martyn We have audited the consolidated financial statements and the parent company financial statements of Your.Rentals A/S for the financial year 1 January to 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies for both the Group the Parent Company, as well as consolidated statement of cash flows. The consolidated financial statements and the parent company financial statements are prepared under the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025, and of the results of the Group and the Company's operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and the Parent Company Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements and parent company financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent company financial statements, Management is responsible for assessing the Group´s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the consolidated financial statements and the parent company financial statements unless Management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent company financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and parent company financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements and the parent company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group´s and the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the consolidated financial statements and the parent company financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group´s and the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements and the parent company financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the consolidated financial statements and the parent company financial statements, including the disclosures, and whether the consolidated financial statements and the parent company financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the consolidated financial statements and the parent company financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and the parent company financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the consolidated financial statements and the parent company financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. 10460000 5666000 -9765000 -8782000 -2311000 -1715000 -1348000 -1678000 -8543000 -7742000 75447000 65093000 84000 0 0 0 17453000 -12302000 -3612000 0 -11793000 0 18599000 0 13000 -2970000 3194000 0 85 73 80.7 101.2 107.0 60.0 28.1 42.1 23.1 -18.9 Development in activities and financial mattersIn 2025 the company delivered revenue growth across all four quarters. Operating cash outflow narrowed from DKK 8.9 million to DKK 1.2 million, and staff costs were reduced by 16%. The execution of the strategic plan that commenced in 2024 continued to deliver improvements in customer acquisition and engagement. New features were released across the year to support customer value and operational efficiency. Development for the year relative to the expectationsDevelopment in 2025 was in line with the expectations set out in the 2024 annual report: the company delivered continued growth and the planned investments in its product platform. The reported result was significantly affected by the one-off prior-period corrections described in note 1; excluding these, the underlying development was as expected Expected developmentsIn 2026 the company expects continued growth and will continue to invest in its product platform and customer base. Development efforts will focus on enhancing the company's existing product offering and expanding its addressable market. For 2026 the company expects revenue growth of 35–45% and a positive operating result before depreciation and amortisation (EBITDA), supported by the growth investments made in 2025 which continue in 2026. Research and development activitiesDuring 2025 the company continued to develop its software platform around customer needs, with releases across operational efficiency, financial automation, market expansion, customer reporting, and OTA partner integration. Through these releases, the platform progressed toward delivering a comprehensive all-in-one solution for property managers. Environmental issuesThe company’s impact on the external environment is limited due to its low asset business model. The primary impact on CO2 emissions comes from energy relating to the company offices and servers. Where possible we use sustainable energy sources. The company has minimized travel as much as possible. As the company facilitates the booking of a travel-related product (short-term rental accommodations), it continues to work with its sales channel partners to support the environmental certification of properties, so that travelers booking the accommodation can make informed choices when booking. Branches abroadRepresentative Office of YOUR.RENTALS in Vietnam (Hanoi) YR SOFTWARE AB (100% owned subsidiary in Sweden) Events occurring after the end of the financial yearOn 17 June 2026, the company closed a venture debt facility with Gilion. The facility refinanced the majority of the company's existing debt and provided additional capital to support continued growth. Together with the company's cash flow expectations for 2026, management considers the capital resources adequate for operations for at least 12 months from the approval of this report.  This non-adjusting subsequent event is disclosed accordingly in the financial statements. No other events materially affecting the financial position of the company have occurred after the end of the financial year. 1.Subsequent eventsOn 17 June 2026, the company closed a venture debt facility with Gilion. The facility refinanced the majority of the company's existing debt and provided additional capital to support continued growth. Together with the company's cash flow expectations for 2026, management considers the capital resources adequate for operations for at least 12 months from the approval of this report.  This non-adjusting subsequent event is disclosed accordingly in the financial statements. No other events materially affecting the financial position of the company have occurred after the end of the financial year. 2.Special itemsThe amount comprises a one-off adjustment arising from changes in the company’s accounting basis and relates to the measurement of receivables and payables. The adjustment has negatively impacted other operating expenses by DKK 1,3 million and is considered non-recurring. GroupParent 31/12 202531/12 202431/12 202531/12 2024 9.Deferred tax assetsDeferred tax assets 1 January 20253.203.2852.097.4193.203.2852.097.419Deferred tax of the net profit or loss for the year1.007.586-103.2981.007.586-103.298Deferred tax recognised directly in equity01.209.16401.209.164 4.210.8713.203.2854.210.8713.203.285 The following items are subject to deferred tax: Intangible assets-8.287.759-7.641.923-8.287.759-7.641.923 Property, plant, and equipment132.5730132.5730 Losses carried forward to next years12.366.05710.845.20812.366.05710.845.208 4.210.8713.203.2854.210.8713.203.285 Deferred tax from previous years has been adjusted due to a change in the company’s tax losses carried forward from prior years. The comparative figures have been restated as described in the accounting policies. The recognised tax asset primarily consists of deferred tax relating to tax loss carryforward. Management estimates future earnings in connection with the assessment of whether and when deferred tax assets will be utilised. Management has prepared a plan for the utilisation of the recognised tax asset. The recognised tax asset is expected to be utilised within the next 5 years. 14.Charges and securityIn regards to long-term debt to other credit insitutions of tDKK. 8.922, the company has posted collateral (as a corporate mortgage) of t.DKK. 2.300 in intangible assets and trade receivables, with an accounting value at the 31. december 2025 of: DKK in thousands Intangible assets37.672 Trade receivables4.140 The Parent Company has provided an unlimited guarantee in respect of the obligations of its subsidiary. The guarantee relates to the subsidiary’s bank facility, which at the reporting date amounts to SEK 6.0 million.  15.Contractual obligations and contingencies, etc.Other contractual obligations:As of 31 December 2025, the Company had contractual obligations related to refundable travel bookings amounting to DKK 32.3 million. The obligations are related to bookings for which the Company also had corresponding receivables amounting to DKK 38.5 million. 16.Related partiesTransactionsThe company has the following related party transactions: Development projects in 2025, tDKK. 3.288 (2024: t.DKK 4.884) Other costs in 2025, tDKK. 4.874 (2024: t.DKK. 4.377) Financial expenses, tDKK. 0 (2024: t.DKK. 0) The annual report for Your.Rentals A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises).   Changes in the accounting policiesIn 2025, the Group and the Parent Company have changed the accounting policy for the recognition and presentation of refundable bookings/sales. Previously, refundable bookings were recognised gross in the balance sheet as receivables with a corresponding amount recognised as deferred income. Under the new policy, such bookings are not recognised in the balance sheet until the booking becomes non-refundable. The change has been applied retrospectively, and the comparative figures for 2024 have been adjusted accordingly. Consequently, receivables as of 31 December 2024 have been reduced by DKK 36.2 million, deferred income by DKK 33.3 million and opening equity by DKK 2.0 million. Furthermore, a loss of DKK 879 thousand has been recognised in the income statement, partly offset by a related deferred tax effect of DKK 193 thousand. The figures presented in the consolidated financial highlights and key ratios have not been adjusted for 2023 and 2022. Correction of errors in prior yearsIn 2025, the Group and the Parent Company identified errors relating to prior years. The corrections mainly relate to the tax treatment of research and development costs following a decision from the Danish tax authorities, and additional costs relating to the Swedish subsidiary concerning prior years. The comparative figures for 2024 have been adjusted accordingly. The tax correction has reduced tax income for 2024 by DKK 252 thousand and increased deferred tax assets by DKK 232 thousand. In addition, the correction relating to 2023 has been recognised as an adjustment to opening equity, increasing deferred tax assets by DKK 682 thousand and recognising other payables of DKK 742 thousand. Additional costs relating to the Swedish subsidiary have increased other operating expenses for 2024 by DKK 388 thousand, while DKK 378 thousand has been recognised as an adjustment to opening equity. A corresponding payable of DKK 766 thousand has been recognised under other payables. Deferred tax has been recognised at 22% of the amounts affecting both opening equity and the income statement. The total impact on equity for 2024 therefore reflects both the correction of errors in prior years described above and the change in accounting policy described separately. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, writedowns for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the group and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the group and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Gross profitGross profit comprises revenue from bookings, own work capitalised, other operating income, and direct and external costs. Revenue derives primarily from short-term rental bookings processed on behalf of property manager customers, including service fees and channel fees. Revenue from a booking is recognised when the booking becomes non-refundable to the guest; cancellation fees are recognised when the cancellation is confirmed. Revenue is measured at the fair value of the consideration, exclusive of VAT and less discounts. Direct costs comprise amounts payable to property managers for bookings and sales channel commissions. Amounts payable to property managers and sales channel commissions are recognised at the same time as the revenue from the related booking. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Own work capitalisedOwn work capitalised includes staff cost and other internal costs incurred during the financial year and recognised in the cost of proprietary intangible and tangible fixed assets. Other external costs comprise costs incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Depreciation, amortisation, and writedown for impairmentDepreciation, amortisation, and writedown for impairment comprise depreciation on, amortisation of, and writedown for impairment of intangible and tangible assets, respectively. Results from investments in group enterprisesDividend from investments in group enterprises is recognised in the financial year in which the dividend is declared. If the dividend received exceeds the proportionate share of the year's result, this is considered an indication of impairment, which entails a requirement to prepare an impairment test. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  Intangible assetsDevelopment projectsDevelopment costs and internally generated rights are recognised in the income statement as costs in the acquisition year. Development costs are amortised on a straight-line basis over their expected useful life, which has been assessed at 10 years. Profit and loss from the sale of development projects, patents, and licenses are measured as the difference between the sales price less sales costs and the carrying amount at the time of sale. Profit or loss are recognised in the income statement as other operating income or other operating expenses, respectively. Other fixtures, fittings, tools and equipmentOther fixtures, fittings, tools and equipment are measured at cost less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Useful lifeOther fixtures and fittings, tools and equipment3-5years Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Investments in group enterprisesInvestments in group enterprises are recognised and measured at cost. If the recoverable amount is lower than the cost price, it shall be written down for impairment to this lower value. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired.If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. Prepayments and accrued incomePrepayments and accrued income recognised under assets comprise incurred costs concerning the following financial year. Cash on hand and demand depositsCash on hand and demand deposits comprise cash at bank. EquityReserve for development costsThe reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. Reserve for foreign currency translationThe reserve for foreign currency translation arises when translating accounting items in foreign currency. The reserve is dissolved once the value adjustments have been applied or reversed. The reserve is distributable. DividendDividend expected to be distributed for the year is recognised as a separate item under equity.  Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsFinancial liabilities other than provisions and convertible debt instruments related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Mortgage loans and bank loans are thus measured at amortised cost which, for cash loans, corresponds to the outstanding payables. For bond loans, the amortised cost corresponds to an outstanding payable calculated as the underlying cash value at the date of borrowing, adjusted by amortisation of the market value on the date of the borrowing effectuated over the repayment period. Also, capitalised residual leasing liabilities associated with financial leasing contracts are recognised in the financial liabilities. Liabilities other than provisions relating to investment properties are measured at amortised cost. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. The cash flow statement shows the cash flows of the group for the year, divided in cash flows deriving from operating activities, investment activities and financing activities, respectively, the changes in the liabilities, and group’ cash and cash equivalents at the beginning and the end of the year, respectively. A cash flow statement for the parent has not been prepared as the cash flows of the enterprise are included in the consolidated cash flow statement, cf. section 86, subsection 4, of the Danish Financial Statements Act. The effect on cash flows derived from the acquisition and sale of enterprises appears separately under cash flows from investment activities. In the statement of cash flows, cash flows derived from acquirees are recognised as of the date of acquisition, and cash flows derived from sold enterprises are recognised until the date of sale. Cash flows from operating activitiesCash flows from operating activities are calculated as the group's share of the profit adjusted for non-cash operating items, changes in the working capital, and corporate income tax paid. Dividend income from equity investments are recognised under “Interest income and dividend received”. Cash flows from investment activitiesCash flows from investment activities comprise payments in connection with the acquisition and sale of enterprises and activities as well as the acquisition and sale of intangible assets, property, plant, and equipment, and investments, respectively. Cash flows from financing activitiesCash flows from financing activities include changes in the size or the composition of the group's share capital and costs attached to it, as well as raising loans, repayments of interest-bearing payables and payment of dividend to shareholders.