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38456695 2024-12-31 cmn:ConsolidatedMember fsa:OtherLongtermPayablesMember 38456695 2025-12-31 fsa:OtherLongtermPayablesMember 38456695 2024-12-31 fsa:OtherLongtermPayablesMember 38456695 2025-12-31 fsa:OtherShorttermPayablesMember cmn:ConsolidatedMember 38456695 2024-12-31 fsa:OtherShorttermPayablesMember cmn:ConsolidatedMember 38456695 2025-12-31 fsa:OtherShorttermPayablesMember 38456695 2024-12-31 fsa:OtherShorttermPayablesMember iso4217:EUR pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning false 2026-07-08 Søren Eriksen The Executive Board and Board of Directors have today considered and adopted the Annual Report of Everfuel A/S for the financial year 1 January - 31 December 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 December 2025 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2025. 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. Herning 2026-07-08 Jacob Bech Krogsgaard Manager Søren Eriksen Marc Alfred Schürch Felix Stefan Schneider Chairman Michio Tanaka To the shareholder of Everfuel A/S Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 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 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Everfuel A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, 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. We draw attention to Note 1 to the financial statements, which indicates that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. As described in Note 1, Management has concluded that the necessary credit facilities will be obtained within the Group and has therefore prepared the financial statements on a going concern basis.Our opinion is not modified in respect of this matter. 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. Herning 2026-07-08 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Poul Spencer Poulsen Kim Vorret State Authorised Public Accountant State Authorised Public Accountant mne23324 mne33256 Everfuel A/S Ø. Høgildvej 4 7400 Herning 38456695 Herning Platanvej 4 7400 Herning Seen over a 5-year period, the development of the Group is described by the following financial highlights:Cash flows from:In connection with changes to accounting policies, the comparative figures for 2021, 2022 and 2023 have not been restated. See the description under accounting policies. 5571000 2761000 193000 -10976000 -4513000 -3109000 -28197000 -14740000 -7771000 565000 -2060000 1132000 -27632000 -16542000 -6514000 111191000 102716000 83792000 6958000 16464000 23020000 35241000 16685000 59308000 77242000 59296000 -18653000 3133000 5771000 -28579000 3320000 -14548000 43962000 9531000 54954000 64 71 82 64 11 0.594 0.808 -1.970 -1.635 -16.109 -1.105 -3.748 -5.061 -5.339 -40.264 0.122 0.130 0.254 0.144 0.093 0.551 0.590 0.533 0.752 0.708 0.256 0.226 0.405 0.242 0.220 Key activitiesEverfuel A/S – or the group of Everfuel companies – develops, owns and operates green hydrogen infrastructure and partners with industry and vehicle OEMs to connect the entire hydrogen value chain and seamlessly provide hydrogen fuel to enterprise customers under long-term contracts. Green hydrogen is a 100% clean energy carrier made from renewable solar and wind power and key to decarbonizing industry and transportation in Europe. The Group is eco-conscious and works on a current basis to improve the environmental impact of both its own operating activities as well as its customers. Everfuel is an ambitious, rapidly growing company, headquartered in Herning, Denmark, with activities in Denmark, Germany and the Netherlands and a plan to grow across Europe. Everfuel used to be listed on Euronext Growth in Oslo under EFUEL but was delisted by the end of 2024. Today, Everfuel A/S is ultimately owned by a group of professional investors including E.F. Holding ApS, infrastructure investment funds managed or advised by Swiss Life Asset Management AG ("Swiss Life AM"), HvVC ApS and Clean H2 Infra Fund S.L.P. via Faro BidCo ApS.Development in the yearTotal Group revenue for 2025 was EUR 10.9 million (2024: EUR 3.5 million), and EBITDA was negative EUR 1.66 million compared to negative EUR 9.7 million in 2024. The result for the year was a loss of EUR 14.6 million (2024: loss of EUR 13.4 million), impacted by higher amortisation and depreciation as a larger share of the Group's asset base is now in operation. Management considers the result satisfactory given the Group's transition from a construction-heavy phase into operational ramp-up. In line with previous year, the reporting structure comprises the following business activities to provide increased transparency on operations and value streams: Upstream activities and Downstream activities. The past year and follow-up on development expectations from last yearGroup EBITDA for 2025 was EUR -1,66 million, which is within the projected range of EBITDA from the 2024 annual report.Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Subsequent eventsAfter the balance sheet day, the Group has received a notification for production support for Everfuel´s Project "Frigg" from the European Hydrogen Bank. More information regarding this, can be found on Everfuel.com.Besides this, no events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.OutlookThe Group expects the EBITDA in 2026 to be similar to 2025. 6474000 -2841000 278000 428000 8138000 6860000 7788000 8355000 10383000 3448000 5090000 2964000 6000 26000 12000 0 -12053000 -13175000 -12612000 -10891000 0 0 -3110000 -3480000 563000 231000 1121000 1683000 3132000 499000 18000 414000 -14622000 -13443000 -14619000 -13102000 -4000 0 -4000 0 -14618000 -13443000 -14615000 -13102000 3702000 3594000 3432000 3333000 150000 105000 124000 79000 368000 1921000 367000 1921000 4220000 5620000 3923000 5333000 17068000 9526000 9150000 8475000 59937000 11393000 2428000 4951000 419000 565000 180000 305000 114000 58529000 73000 69000 77538000 80013000 11831000 13800000 0 0 15257000 15697000 31000 59000 25000 54000 31000 59000 15282000 15751000 81789000 85692000 31036000 34884000 314000 46000 28000 28000 314000 46000 28000 28000 1713000 1885000 4000 13000 26000 0 0 0 0 0 25946000 26529000 2504000 3500000 1075000 2259000 444000 266000 109000 266000 4687000 5651000 27134000 29067000 12344000 9732000 3453000 310000 17345000 15429000 30615000 29405000 99134000 101121000 61651000 64289000 131000 116000 131000 116000 48000 10000 0 0 39598000 44430000 39597000 44458000 39777000 44556000 39728000 44574000 14798000 15102000 0 0 54575000 59658000 39728000 44574000 0 0 17341000 14705000 1791000 1500000 0 0 1791000 1500000 17341000 14705000 1509000 1738000 406000 541000 25764000 23769000 0 0 27273000 25507000 406000 541000 273000 275000 191000 200000 1243000 1646000 776000 914000 0 154000 0 0 1688000 943000 1003000 615000 12291000 11438000 2206000 2740000 15495000 14456000 4176000 4469000 42768000 39963000 4582000 5010000 99134000 101121000 61651000 64289000 116000 10000 44126000 44252000 15102000 59354000 15000 0 9786000 9801000 0 9801000 0 38000 0 38000 0 38000 0 0 -14314000 -14314000 -304000 -14618000 131000 48000 39598000 39777000 14798000 54575000 116000 44458000 44574000 15000 9786000 9801000 0 -32000 -32000 0 -14615000 -14615000 131000 39597000 39728000 -14618000 -13443000 12682000 2390000 2028000 2042000 92000 -9011000 563000 231000 3132000 499000 -2477000 -9279000 -4000 0 -2473000 -9279000 412000 3626000 6096000 13627000 -28000 57000 0 2250000 -6480000 -15060000 0 -28630000 0 28630000 231000 0 -1995000 16506000 0 20000000 9801000 0 Other equity entries 0 -259000 0 2206000 11565000 5441000 2612000 -18898000 9732000 28630000 12344000 9732000 Cash and cash equivalents are specified as follows:Exchange adjustments38259Other adjustments-304-1,585 12344000 9732000 12344000 9732000 As a result of subsequent events within the Group, Everfuel A/S had, as of the date of approval of these financial statements, not obtained written commitments for sufficient credit facilities to support the Group’s planned operations until the next reporting date.Management of Everfuel A/S continuously monitors the Company’s and the Group’s development, including financing requirements. These matters are evaluated on an ongoing basis in close dialogue with the Group’s Board of Directors and shareholders.Should the Group fail to obtain sufficient credit facilities, a material uncertainty would exist that may cast significant doubt on Everfuel A/S’ ability to continue as a going concern.Based on the ongoing and close dialogue with the Group’s Board of Directors and shareholders, Management of Everfuel A/S nevertheless considers it probable that the Group’s current shareholders will provide the necessary credit facilities to support the Group until the approval of Everfuel A/S’ Annual Report for 2026.Accordingly, Management has prepared the 2025 Annual Report on a going concern basis. Uncertainty Relating to Grants Recognised as Deferred IncomeThe Group has recognised a received project grant as deferred income in the consolidated statement of financial position. The deferred project grant was received as partial funding of depreciation relating to investments made within the Group. As the project has not yet been completed, uncertainty exists as to whether the full amount of the project grant will be retained and when recognition of the grant as income may commence. The project is expected to be completed within the coming years. 6999000 5871000 6743000 6764000 875000 850000 865000 852000 173000 138000 89000 79000 91000 1000 91000 660000 8138000 6860000 7788000 8355000 321000 761000 321000 761000 72 71 64 63 0 0 1060000 1612000 97000 224000 61000 71000 466000 7000 0 0 563000 231000 1121000 1683000 2672000 499000 24000 28000 460000 0 -6000 386000 3132000 499000 18000 414000 -4000 0 -4000 0 -4000 0 -4000 0 -304000 -310000 0 0 -14314000 -13133000 -14615000 -13102000 8268000 122000 1921000 7979000 96000 1920000 0 51000 362000 0 51000 362000 1915000 0 -1915000 1915000 0 -1915000 10183000 173000 368000 9894000 147000 367000 4674000 17000 0 4655000 17000 0 1807000 6000 0 1807000 6000 0 6481000 23000 0 6462000 23000 0 3702000 150000 368000 3432000 124000 367000 10104000 19955000 1110000 58584000 1348000 57000 69000 5484000 92000 79000 61000 0 7403000 56496000 0 -63899000 18763000 76429000 1118000 169000 578000 7888000 545000 55000 0 1029000 2000 0 1117000 7585000 182000 0 0 10000 30000 0 0 0 0 0 1695000 16492000 699000 55000 17068000 59937000 419000 114000 1694000 0 86000 0 9014000 10312000 818000 69000 1348000 53000 69000 4000 0 79000 61000 0 10362000 10286000 826000 73000 539000 5361000 513000 0 673000 924000 2000 0 0 1583000 131000 0 0 10000 0 0 1212000 7858000 646000 0 9150000 2428000 180000 73000 21640000 21751000 21640000 21751000 -23301000 -19821000 -423000 -3480000 -23724000 -23301000 17341000 17247000 15257000 15697000 Prepayments are prepaid subscriptions and insurance. 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:Lease obligations1,7822,013597741Other payables27,45224,7121,003615Long-term other payables relates to a long term loan from minority interests. 0 0 0 0 1509000 1738000 406000 541000 1509000 1738000 406000 541000 273000 275000 191000 200000 0 0 0 0 25764000 23769000 0 0 25764000 23769000 0 0 1688000 943000 1003000 615000 Deferred income consists of payments received in respect of grants in subsequent years. 563000 231000 3132000 499000 10383000 3448000 -4000 0 12682000 2390000 -268000 0 964000 0 291000 0 -1041000 0 0 2042000 2028000 2042000 Other contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Faro BidCo ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability.The group entity, Everfuel Hy24 A/S, has provided a bank guarantee of DKK 12,503,740 to the Danish Energy Agency as security for any retention fines that may arise in accordance with the contract for the production and delivery of green hydrogen (the Danish Power-to-X tender). The group entity, HyPro Denmark ApS, is formally involved in the guarantee arrangement and pays a guarantee fee in this connection.Other financial obligationsNone. Controlling interestFaro BidCo ApSParent 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.There have been no transactions with the Supervisory Board, the Executive Board, senior officers, significant shareholders, group enterprises or other related parties, except for intercompany transactions and normal management remuneration. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Faro BidCo ApSHerningThe Group Annual Report of Faro BidCo ApS may be obtained at the following address: CVR.dk Subsequent to the balance sheet date, one of the Group’s customers notified the Group that, among other matters, it disputes the ongoing settlements calculated under the terms of the agreement entered into between the parties. Consequently, the customer has, for the time being, suspended its payments to the Group. Should the parties fail to reach agreement and the payments not resume, this could have a significant impact on the Group’s financial preparedness and on the valuation of the Group’s assets. The Annual Report of Everfuel A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The Consolidated Financial Statements and the Parent Company Financial Statements for 2025 are presented in TEUR. The Financial Statements have changed accounting policy from the International Financial Reporting Standards ("IFRS") as adopted by the EU to the Danish Financial Statements Act. The adoption of the requirements applying the Danish Financial Statements Act has decreased the extent of disclosures within the annual report, however, there has been no impact on measurement or recognition on basis of the change accounting policies; The change has not resulted in neither increase or decrease of earnings and equity for the current year. The change has been implemented to better reflect a true and fair view. 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, Everfuel A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Minority interestsMinority interests form part of the Group's total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquistition of subsidiaries.Business acquisitions carried through before 1 July 2018Minority interests are recognised at the carrying amounts of the acquired assets and liabilities at the time of acquisition of subsidiaries.Business acquisitions carried through on or after 1 July 2018Minority interests are initially measured at their proportionate share of the fair value of the acquired entity’s identifiable net assets. In this way, only goodwill related to the Parent Company’s share of the entity acquired is recognised.On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity. The Group has adopted IFRS 16. 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. Translation policiesEur is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting.Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity.Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. Incentive schemesThe value of share-based payment, including share option and warrant plans that do not involve an outflow of cash and cash equivalents, offered to the Executive Board and a number of senior employees is not recognised in the income statement. The most significant conditions of the share option plans are disclosed in the notes. 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.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.Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service 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 service.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 as well as office expenses, etc. Gross profit/lossWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, work on own account recognised in assets, other operating income, 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.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.The Company is jointly taxed with . The tax effect of the joint taxation with the subsidiaries is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Intangible fixed 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 2-6 year. Other intangible fixed assetsPatents, licences and rights are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Production buildings10-20 years Plant and machinery5-10 years Other fixtures and fittings, tools and equipment2-10 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment.Goodwill, head office buildings and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable. Investments in subsidiariesInvestments in subsidiaries are 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 EUR 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Other fixed asset investments consist of deposit. 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.Write-downs to net realisable value are recognised in profit or loss when the carrying amount exceeds net realisable value. Reversals of previously recognised write-downs are recognised in profit or loss when the circumstances that caused the write-down no longer exist. 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. Cash at bank and in handCash at bank and in hand consists of cash at bank. 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 include warranty obligations in respect of repair work within the warranty period of 1-5 years. Provisions are measured and recognised based on experience with guarantee work. 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 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