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fsa:OtherLongtermPayablesMember 42514012 2025-03-31 fsa:OtherShorttermPayablesMember cmn:ConsolidatedMember 42514012 2024-03-31 fsa:OtherShorttermPayablesMember cmn:ConsolidatedMember 42514012 2025-03-31 fsa:OtherShorttermPayablesMember 42514012 2024-03-31 fsa:OtherShorttermPayablesMember iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-04-01 2023-04-01 2025-03-31 2024-03-31 Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning true 2025-06-24 Aashish Barwale The Executive Board has today considered and adopted the Annual Report of Westrup ApS for the financial year 1 April 2024 - 31 March 2025. 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 March 2025 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2024/25. 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. Slagelse 2025-06-24 Bo Borne Jørgensen Mads Reese Wilsom To the shareholder of Westrup 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 March 2025 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 April 2024 - 31 March 2025 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Westrup ApS for the financial year 1 April 2024 - 31 March 2025, 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 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. 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 and the Parent Company 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. Ringsted 2025-06-24 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Nikolaj Frausing Borch State Authorised Public Accountant mne44062 Westrup ApS Sorøvej 21 4200 Slagelse 42514012 Slagelse Eventyrvej 16 4100 Ringsted Seen over a 5-year period, the development of the Group is described by the following financial highlights:Cash flows from: 70919000 63536000 55679000 8713000 3977000 95000 -2127000 -1813000 -2006000 6586000 2164000 -1911000 97470000 95264000 82966000 335000 967000 3843000 434000 445000 18256000 11857000 9798000 4463000 8237000 -1407000 -4059000 -589000 -539000 -611000 -4285000 -614000 -207000 3363000 -2560000 85 97 107 101 106 0.071 0.062 0.089 0.042 0.001 0.275 0.239 0.187 0.124 0.118 0.200 0.116 0.437 0.200 -0.178 Key activitiesThe activities of the Westrup Group are development, manufacturing and sale of separators, cleaners and treaters as well as projects primarily relating to grains and seeds for industrial purposes, ranging from single machines to complete process lines and after sale services.Development in the yearThe income statement of the Group for 2024/25 shows a profit of TDKK 4,542, and at 31 March 2025 the balance sheet of the Group shows a positive equity of TDKK 25,051.The past year and follow-up on development expectations from last yearThe result is an increase from 2023/24 and is in line with the expected.This result is an increase and a consequence of a focused changed marked approach, mitigating the consequences of the Global Business environment.The previous years hard driven turnaround process helped ensuring a reasonable financial result.The result contains amortizations and net depreciations of TDKK 876.2024/25 was a year with major delays in customers' investments, decreasing the financial result.However, due to solid backlog and previous years’ initiatives, the reduced order inflow turned out below expectations but with acceptable margins forming the base for a growth budget for the primary activities in the coming years.The main reasons for the deviation were the low order intake early in the year.During 2024/25 the parent company has continuously shown full support to Westrup, by only calling on loans, when payback was responsibly possible.Financial expenses have increased mainly due to interest development. The intercompany interests represent 44% of the total financial costs.Operating risksThe Company’s most significant operating risk relates to the ability to be strongly positioned in the markets where the products are sold, which is very much the focus of Westrup’s development strategy.Foreign exchange risksEarnings may be affected by changes in exchange rates as some part of the revenue is invoiced in foreign currencies, whereas costs, including salaries, are paid in DKK or EUR. Most of the Group’s revenue is attributable to other countries than Denmark, mainly the EUR-countries and countries in which the trading currency is USD. The latest development in USA increases the future risk.Targets and expectations for the year aheadThe expectations for 2025/26 are to continue to strengthen the core business further with increased market shares and increased and stable earnings. The Company expects to further intensify its focus on the development of the market position and representation directly and through partners, understanding competition will still be fierce.The financial year 2025/26 continues with already incorporated negative effects from the Global Business environment and the consequences of the changed US policies. However, with the completed turnaround Westrup ApS has been shaped to operate and grow under these conditions. The Group expects improvements during 2025/26 with increasing results in level as from 2023/24 to 2024/25.Research and developmentKey focus continues to be development of the sales and product activities in the direction of a broader mix of single machines and projects, along with increased after sales services. Entering new markets will be at increased focus. The initiatives deliver results and will continue to be powered by further resources and initiatives. A strategy of teaming up with partners around the world will aid the flexibility of Westrup's competences to act and to be more present anywhere in the world continues and start paying off – increased results from these activities are expected.External environmentThe Group focuses on the proper use of equipment and materials for all materials to be used, stored, and disposed of in accordance with all applicable rules. The primary materials used in Westrup's production are wood and metal, and residual products are sold for recycling. Consequently, the overall impact by Westrup on the environment is balanced in respect of the above, and the Company is constantly focusing on reducing it further, if possible.Intellectual capital resourcesThe ambition of being a market leader and at the leading edge of technological development means that the Group needs employees with in-depth knowledge of products and customer requirements. This places heavy demands on the Company especially in relation to gaining and propagating new knowledge.Furthermore, the individual employee’s personal knowledge is decisive.To continuously supply and develop competitive products and project solutions, it is crucial for the Group to recruit and retain employees with a high knowledge level.The critical business processes are quality, service, and individual solutions. Ensuring that the customer receives the agreed service requires the individual methods and procedures to be documented and checked with Management involvement. Measurement of whether the business processes work, deadlines are met, and quality of delivery is an important indicator.Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Unusual eventsThe financial position at 31 March 2025 of the Group and the results of the activities and cash flows of the Group for the financial year for 2024/25 have not been affected by any unusual events.Subsequent eventsAfter the balance sheet date, the external factors indicate an unchanged difficult global business environment. This has called for continued focus on cost and order intake. 63462000 63048000 54814000 54178000 56127000 56676000 47005000 47226000 876000 1080000 847000 983000 6459000 5292000 6962000 5969000 0 0 -486000 -756000 183000 171000 202000 39000 2100000 3226000 2136000 3015000 4542000 2237000 4542000 2237000 0 0 0 0 4542000 2237000 4542000 2237000 1085000 1362000 1085000 1362000 133000 133000 133000 133000 0 0 0 0 1218000 1495000 1218000 1495000 33747000 34125000 33749000 34125000 139000 161000 132000 161000 970000 835000 445000 607000 0 0 0 0 34856000 35121000 34326000 34893000 0 0 2892000 3237000 0 0 2892000 3237000 36074000 36616000 38436000 39625000 22893000 26301000 21898000 24856000 9521000 10666000 3768000 4330000 2088000 54000 2088000 54000 0 0 5103000 7045000 0 24000 0 24000 6606000 1747000 6163000 1421000 1205000 1748000 711000 921000 19420000 14239000 17833000 13795000 12804000 8642000 6505000 2234000 55117000 49182000 46236000 40885000 91191000 85798000 84672000 80510000 34040000 34040000 34040000 34040000 4252000 4336000 4252000 4336000 847000 1063000 847000 1063000 -252000 -297000 0 0 -13836000 -18678000 -14088000 -18975000 25051000 20464000 25051000 20464000 0 0 550000 204000 2245000 2137000 1810000 1577000 2245000 2137000 2360000 1781000 9173000 9506000 9173000 9506000 4339000 4569000 4339000 4569000 13512000 14075000 13512000 14075000 324000 313000 324000 313000 2000 2000 0 0 10230000 9010000 4280000 5329000 23324000 13754000 23128000 12584000 7033000 4989000 7033000 4989000 0 13322000 2813000 14893000 576000 851000 576000 851000 8331000 6315000 5032000 4665000 563000 566000 563000 566000 50383000 49122000 43749000 44190000 63895000 63197000 57261000 58265000 91191000 85798000 84672000 80510000 34040000 4336000 1062000 -297000 -18677000 20464000 0 0 0 45000 0 45000 0 -84000 -215000 0 299000 0 0 0 0 0 4542000 4542000 34040000 4252000 847000 -252000 -13836000 25051000 34040000 4336000 1062000 -18974000 20464000 0 0 0 45000 45000 0 -84000 -215000 299000 0 0 0 0 4542000 4542000 34040000 4252000 847000 -14088000 25051000 4542000 2237000 2838000 4107000 13182000 -31000 20562000 6313000 183000 171000 2100000 3226000 18645000 3258000 0 -28000 334000 967000 -334000 -995000 322000 -871000 0 2000 13322000 1846000 275000 626000 230000 17000 -14149000 -1616000 4162000 647000 8642000 7995000 12804000 8642000 Cash and cash equivalents are specified as follows:Exchange adjustments45-28 12804000 8642000 12804000 8642000 50006000 51060000 43064000 43206000 2783000 2842000 2675000 2760000 761000 808000 761000 808000 2577000 1966000 505000 452000 56127000 56676000 47005000 47226000 Including remuneration to the Executive Board and Board of Directors:As the Executive Board has only consisted of 1 person for the entirety of the financial year 2023-24, the remuneration to the Executive Board and Board of Directors is presented summarised for 2023-24. In 2024-25 there have been multiple members of the Executive Board at various times during the year, and therefore remuneration for the Executive Board and Board of Directors are presented individually for 2024-25. 3143000 3143000 108000 108000 3251000 3251000 1641000 1641000 85 97 70 82 276000 408000 276000 408000 600000 672000 571000 575000 876000 1080000 847000 983000 935000 1160000 935000 1160000 1066000 1517000 1102000 1306000 99000 549000 99000 549000 2100000 3226000 2136000 3015000 4542000 2237000 2747000 7546000 871000 2747000 7546000 871000 2747000 7546000 871000 2747000 7546000 871000 1386000 7413000 871000 1386000 7413000 871000 276000 0 0 276000 0 0 1662000 7413000 871000 1662000 7413000 871000 1085000 133000 0 1085000 133000 0 3-10 years3-5 years3-10 years3-5 years 26000 0 0 26000 0 0 During the year, initiatives have continued from the previous year, now with increased focus on selling the launched new products. In the coming year, new products will be launched, and the continued development of the sale of new products will be further intensified.Finished development projects are transferred to completed development projects and are depreciated over a period of 3-10 years considering the individual product. 48400000 12656000 8117000 48401000 12656000 7277000 0 8000 327000 0 0 0 48400000 12664000 8444000 48401000 12656000 7277000 25255000 0 0 25255000 0 0 25255000 0 0 25255000 0 0 39530000 12495000 7282000 39529000 12494000 6669000 378000 30000 192000 378000 30000 163000 39908000 12525000 7474000 39907000 12524000 6832000 33747000 139000 970000 33749000 132000 445000 5,451005,4510015-50 years5-10 years3-5 years15-50 years5-10 years3-5 yearsManagement have prepared a valuation of Land and buildings using a net rental income model. The key assumptions of the model are based on the latest independent assessment of the market value performed in 2024. The key assumptions are as follows:- Markent rent per square meter is estimated at DKK 316.- Estimated cost of rental is based on an average of historical cost levels.- Expected return is estimated at 8,5 %.To account for any uncertainties Management has made a cut of 5 % in the calculated value, as they believe it is more prudent to act conservatively due to the current uncertainties in the real estate market.Sensitivity analysis:-If the expected return is changed by +-0,5 %-points, the calculated value of Land and buildings will change approximately DKK 2-2,3 million.- If the assumption in market rent is changed +- DKK 25 per square meter (8 %), the calculated value of Land and buildings will change approximately DKK 3.5 million 28296000 139000 970000 28298000 132000 445000 8396000 8397000 8396000 8397000 -8401000 -7616000 45000 -28000 -486000 -757000 1490000 0 -10332000 -8401000 4278000 3037000 550000 204000 2892000 3237000 Investments in subsidiaries are specified as follows:371.8656.343185.933 Westrup France S.A. St Melaine, France 1.00 Westrup Inc USA 1.00 Westrup Anlagenbau GmbH Hamburg, Germany 1.00 13486000 12830000 13483000 12827000 7488000 10082000 7488000 10082000 1919000 3389000 927000 1947000 22893000 26301000 21898000 24856000 Selling price of work in progress77,82026,35977,82026,359Payments received on account-82,765-31,294-82,765-31,294-4,945-4,935-4,945-4,935Recognised in the balance sheet as follows:Contract work in progress recognised in assets2,088542,08854Prepayments received recognised in debt-7,033-4,989-7,033-4,989-4,945-4,935-4,945-4,935 Prepayments are comprised of prepaid expenses regarding rent, insurance etc. The Company provides warranties of 1 to 5 years on some of its products and is therefore obliged to repair or replace goods which are not satisfactory. Based on previous experience in respect of the level of repairs and returns, other provisions have been recognised for expected warranty claims as follows:Other provisions2,2452,1371,8101,5772,2452,1371,8101,577The provisions are expected to mature as follows:Provisions falling due after 5 years00000000 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:Mortgage loans9,4979,8199,4979,819Other payables12,67010,8849,3719,234 7876000 8272000 7876000 8272000 1297000 1234000 1297000 1234000 9173000 9506000 9173000 9506000 324000 313000 324000 313000 0 0 0 0 4339000 4569000 4339000 4569000 4339000 4569000 4339000 4569000 8331000 6315000 5032000 4665000 Deferred income consists of payments received in respect of income in subsequent years. 183000 171000 2100000 3226000 876000 1080000 2838000 4107000 3408000 7553000 -5181000 4681000 108000 64000 -14847000 12329000 13182000 -31000 Charges and securityThe following assets have been placed as security with mortgage credit institutes:Land and buildings with a carrying amount of33,74734,12533,74934,125Bank debt are secured by way of mortgage deed registered to the mortgagor on properties of TDKK 10.000 on properties.The Group and Parent have signed the usual performance guarantees etc.The following assets have been placed as security with bankers:Mortgage deeds registered to the mortgagor totalling TDKK 10,000, providing security on land and buildings at a total carrying amount of:33,74934,12533,74934,125Company charge amounting to TDKK 6,300 have been placed insimple claims, inventory of raw materials, work in progress andfinished goods, other equipment and intellectual property rights with acarrying amount of26,24529,95626,24529,956 Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year7461,021428492Between 1 and 5 years8851,3517231,0621,6312,3721,1511,554Other contingent liabilitiesThe Parent Company has issued a letter of support towards the subsidiary Westrup Anlagenbau GmbH, whereby it undertakes an obligation provide the subsidiary with any cash neccesary for the subsidiary to meet its financial obligation or continue operating. Controlling interestThe following shareholders are recorded in the Company's register of shareholders as holding at least 5% of thevotes or at least 5% of the share capital:Mahyco Private Limited, Mumbai India, owns 100 % of the shares of the CompanyTransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Mahyco Private LimitedMumbai India The Annual Report of Westrup ApS for 2024/25 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 2024/25 are presented in TDKK. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, Westrup 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. Business combinationsBusiness acquisitions carried through on or after 1 July 2018Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably.The time of acquisition is the time when the Group obtains control of the entity acquired.The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred.Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Where the differences are negative, they are recognised immediately in the income statement.Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made.Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement.In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group.The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement.All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. If currency positions are considered to hedge future cash flows, value adjustments are recognized directly in equity.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses 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.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 rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold 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 from the sale of services is recognised in the income statement when delivery is made to the buyer.Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract.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 consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, expenses for raw materials and consumables and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Intangible fixed assetsDevelopment projectsCosts 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 comprises only development costs recognised in financial years beginning on or after 1 January 2016. 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 3-10 years.Other intangible fixed assetsOther intangible fixed assets are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use.Software licences are amortised over the period of the agreements, which is 3-5 years. On acquisition land and buildings are measured at cost comprising the acquisition price and costs of acquisition. The cost of own constructed properties comprises the acquisition price and expenses directly related to the acquisition, including costs of acquisition and indirect expenses for labour, materials, components and supsuppliers up until the time when the asset is ready for use.Interest expenses on loans contracted directly for financing the construction of properties are recognised in cost over the construction period.After the initial recognition land and buildings are measured at fair value.Fair value is the amount for which the property could be exchanged between knowledgeable, willing parties in an arm's length transaction on the balance sheet date. The determination of fair value involves material accounting estimates.The fair value of land and buildings has been determined at 31 March 2024 by using a return-based model under which the expected future cash flows for the coming year combined with a rate of return form the basis of the fair value of the property. The calculations are based on property budgets for the coming years. The budget takes into account developments in rentals, vacancies, operating expenses, maintenance and administration, etc. The budgeted cash flow is divided by the estimated rate of return to arrive at the fair value of the properties. See note 6 for details of the assumptions applied.The estimates applied are based on historical information and assumptions considered reasonable by Management but which are inherently uncertain and unpredictable. Actual events or circumstances will probably differ from the assumptions made in the calculations as often assumed events do not occur as expected. Such difference may be material. The assumptions applied are disclosed in the notes.Other property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost added revaluations and reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Production buildings15-50 years Plant and machinery5-10 years Other fixtures and fittings, tools and equipment3-5 years The fixed assets’ residual values are determined at nil.The residual values are estimated at the following percentage of the cost:Production Buildings 40 %The residual value of other fixed assets is determined at nil.Land is not depreciated.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment. Investments in subsidiariesInvestments in subsidiaries are recognised and measured under the equity method.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of goods for resale, raw materials and consumables equals landed cost.The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management.Impairment losses are recognised on slow-moving items. 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. Contract work in progressContract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement.Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value.Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative.Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.Other provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on contract work in progress, decided and published restructurings, etc. Provisions that are estimated to mature more than one year after the balance sheet date are measured at their discounted value.Non-recourse guarantee commitments comprise commitments to remedy defects and deficiencies within the guarantee period.Once it is likely that total costs will exceed total income from a contract in progress, provision is made for the total loss estimated to result from the relevant contract. Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans, such as mortgage loans and 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.Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan.Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred incomeDeferred 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 activitiesCash 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 activitiesCash 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 activitiesCash 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 equivalentsThe cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand”. Financial HighlightsExplanation of financial ratiosReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity