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2022-01-01 2022-12-31 cmn:ConsolidatedMember Krogh & Partners Ltd. 29138060 2023-01-01 2023-12-31 Krogh & Partners Ltd. 29138060 2022-01-01 2022-12-31 Krogh & Partners Ltd. iso4217:DKK pure Årsrapport 29138060 Universal Robots A/S Energivej 25 5260 Odense S 2023-01-01 2022-01-01 2023-12-31 2022-12-31 29138060 Universal Robots A/S Energivej 25 5260 Odense S accounting@universal-robots.com PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Munkebjergvænget 1, 3. og 4. sal 5230 Odense M Denmark 63 14 42 00 odense@pwc.dk 2024-03-08 Ole Nørgaard Regnskabsklasse C, stor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of Universal Robots A/S for the financial year 1 January - 31 December 2023. 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 2023 of the Company and the Group and of the results of the Company and Group operations for 2023. 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. 2024-03-08 Odense Kim Ulletved Povlsen CEO Jette Bay Withers General Counsel Ryan Erik Driscoll Chairman Michael Dennis Callahan Amy Rose McAndrews Jean Pierre Hathout To the shareholders of Universal Robots 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 2023 and of the results of the Group’s and the Parent Company’s operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Universal Robots A/S for the financial year 1 January - 31 December 2023, 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 (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Group´s and the Parent Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group´s and the Parent Company´s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group´s and the Parent Company´s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Odense M 2024-03-08 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Mikael Johansen State Authorised Public Accountant mne23318 Claus Damhave State Authorised Public Accountant mne34166 1943372000 1437762000 1658558000 378958000 200000000 273662000 6959000 -17067000 192000 299333000 151264000 213307000 1243698000 936683000 922124000 257671000 155054000 39960000 34359000 37674000 663432000 601549000 591990000 573 575 541 0.1 0.148 0.195 0.139 0.165 0.117 0.267 0.305 0.214 0.297 0.493 0.58 0.533 0.642 0.642 0.188 0.392 0.473 0.253 0.408 section 99 b of the Danish Financial Statements ActCSR is an important focus point at Universal Robots A/S, and corporate responsibility as a systematic basis for management decisions has always been and will continue to be an important and integral part of our strategies and daily work procedures.We have visions, policies and guidelines addressing several aspects of the CSR area, including e.g. employee Code of Conduct, anti-corruption, responsible sourcing, compliance with competition laws, whistle-blower scheme, environment, occupational health and safety, community relations, climate and human rights.As an integral part of management’s roles and responsibilities, our management team, and our Board of Directors ongoingly assess risks of relevant areas and decide on initiatives to be implemented.The full statements according to the above Act can be found in a separate report at our homepage www.universal-robots.com/about-universal-robots/corporate-responsibility/ or via this deep link: https://www.universal-robots.com/media/1829993/csr-report-2023.pdf The gender distribution as of December 2023 at other management levels in Universal Robots is not considered an equal gender distribution. However, our efforts within this area have contributed to maintaining the increase from 2017 to 2023 in gender equality in our workforce: in 2017 22% of employees were female, in 2023 that stood at 25%.Universal Robots is committed to helping to increase the number of women in engineering. It supports programs and initiatives with primary schools, universities, and local communities to change the perception around engineering and robotics and thus encourage women to pursue education and careers in that space.Our current target for the underrepresented gender on the Board of Directors at Universal Robots is to have one out of a four members Board of Directors be a woman – The Board is currently comprised of one female and three male members, which according to the definitions in Section 99b of the Danish Financial Statements Act, is considered an equal gender distribution. As such, the target has been achieved.In 2023 Universal Robots has implemented a process for filling leader positions internally as well as externally, with process-step checkpoints, to ensure a diversified and representative candidate pool. This also applies through the rest of the organization. We expect to see year-over-year improvements from top management down. 5-year period overview 2023 2024 2025 2026 2027Top Management levelNumber of members, 2023: 4Underrepresented gender (pct), 2023: 25Other Management levelsNumber of members, 2023: 134Underrepresented gender (pct), 2023: 22Target (pct), 2023: 40Year of achievement of target, 2023:2030 Universal Robots A/S ensures data ethics, which includes addressing and recommending concepts of right and wrong conduct, with transparency in and defensibility of actions and decisions in relation to data in general and personal data.Universal Robots A/S as a part of the Teradyne’s Global Data Protection Program, ensures compliance with applicable data privacy laws, and gives individuals more overview over how their data is collected, used, and protected. Teradyne’s Global Data Protection Program includes the Privacy Policy, Data Classification Policy, Data Retention Policy, Data Security Incident Response Policy, Information Security Policy, and other internal processes and guidelines in place which details how we handle, classify and store data globally. In accordance with applicable laws and regulations, including GDPR, the EU Whistleblower Directive and Danish Whistleblower Act, Universal Robots has a few channels, including Whistleblower Hotline, for report data breach, illegal or unethical conduct, suspected violations, complaints, concerns, or misconduct, including violations of internal policies. 2114668000 2285850000 2047599000 2222767000 1050794000 1095499000 1053935000 1096654000 1063874000 1190351000 993664000 1126113000 624747000 595426000 570441000 560775000 228113000 254876000 228113000 254876000 211014000 340049000 195110000 310462000 326000 631000 326000 631000 210688000 339418000 194784000 309831000 0 0 0 706000 4880000 5370000 4176000 3377000 14183000 2074000 13923000 2066000 201385000 342714000 185037000 311848000 48470000 67967000 41790000 58057000 152915000 274747000 143247000 253791000 143247000 253791000 55887000 68375000 55887000 68375000 3765000 2546000 3765000 2546000 276000 482000 0 0 220663000 157614000 220663000 157614000 304052000 238941000 303702000 238357000 23461000 9924000 23387000 9822000 82918000 78327000 68320000 63569000 14963000 10688000 13337000 8945000 362963000 145652000 362963000 145652000 460844000 234667000 444620000 218166000 0 0 6470000 5142000 0 0 5218000 6741000 10350000 8503000 4542000 4972000 10350000 8503000 16230000 16855000 775246000 482111000 764552000 473378000 233921000 274180000 233921000 274180000 61422000 54654000 44680000 42813000 104467000 48848000 104467000 48848000 399810000 377682000 383068000 365841000 325016000 245576000 308187000 228411000 4160000 3887000 66534000 20453000 26135000 18183000 24117000 18058000 1963000 1258000 0 0 11997000 5277000 11987000 5264000 9577000 11413000 7078000 8257000 378848000 285594000 417903000 280443000 245850000 124354000 205144000 92930000 1024508000 787630000 1006115000 739214000 1799754000 1269741000 1770667000 1212592000 546000 546000 546000 546000 0 0 215709000 175654000 -2828000 -601000 -663000 -179000 889700000 736785000 632136000 528944000 887418000 736730000 847728000 704965000 2000 2000 0 0 887420000 736732000 847728000 704965000 46389000 30539000 46390000 30539000 37635000 17899000 37635000 17899000 84024000 48438000 84025000 48438000 74800000 72715000 73500000 72131000 74800000 72715000 73500000 72131000 0 1356000 0 1356000 5437000 6749000 5403000 6749000 152476000 108333000 149984000 103182000 394851000 109759000 443602000 133120000 4579000 3761000 0 0 145111000 132837000 116350000 97591000 51056000 49061000 50075000 45060000 753510000 411856000 765414000 387058000 828310000 484571000 838914000 459189000 1799754000 1269741000 1770667000 1212592000 546000 -601000 736785000 2000 0 -2227000 0 0 0 0 0 0 0 0 152915000 0 546000 -2828000 889700000 2000 546000 175654000 -179000 528944000 0 0 -484000 0 0 0 0 0 0 0 0 143247000 0 -47320000 0 47320000 546000 215709000 -663000 632136000 Geographical segments America 749835000 769755000 749639000 769630000 Asia 454535000 538098000 405995000 475350000 Europe 910298000 977997000 891965000 977787000 Total 2114668000 2285850000 2047599000 2222767000 512564000 486033000 418129000 408648000 32097000 29435000 27520000 26521000 28724000 23304000 11378000 10449000 573385000 538772000 457027000 445618000 9129000 8679000 9129000 8679000 9129000 8679000 9129000 8679000 937000 744000 634000 605000 Wages and salaries, pensions and other social security expenses are recognised in the following items: Operating expenses 263394000 253307000 263394000 253307000 Distribution expenses 234785000 213474000 118427000 120320000 Administrative expenses 75206000 71991000 75206000 71991000 Total 573385000 538772000 457027000 445618000 Including remuneration to the Executive Board: Under Teradyne’s stock compensation plans, Teradyne grants stock options, restricted stock units and performance-based restricted stock units, and employees are eligible to purchase Teradyne’s common stock through its Employee Stock Purchase Plan (“ESPP”). Time-based restricted stock unit awards, granted to employees, vest in equal annual installments over four years. Restricted stock units are offered to the Executive board of Universal Robots and other Management positions. In 2023, 59.915 stock units were granted to employees of Universal Robots and 17,632 stock units were vested. 78000 188000 78000 258000 4110000 199000 3852000 0 692000 4983000 246000 3119000 4880000 5370000 4176000 3377000 7223000 816000 6977000 816000 3718000 1258000 3714000 1250000 3242000 0 3232000 0 OtherFinanceExpenses 14183000 2074000 13923000 2066000 33108000 57205000 25628000 51943000 15145000 12313000 15851000 8205000 217000 -1551000 311000 -2091000 48470000 67967000 41790000 58057000 251042000 7254000 2062000 157614000 45886000 48178000 1715000 0 63049000 19473000 0 196000 0 0 0 299220000 8773000 2062000 220663000 65359000 182667000 4708000 1580000 0 35962000 60666000 398000 206000 0 5936000 0 98000 0 0 0 243333000 5008000 1786000 0 41898000 55887000 3765000 276000 220663000 251042000 7254000 157614000 0 45755000 48178000 1715000 63049000 0 19473000 0 196000 0 0 299220000 8773000 220663000 0 65228000 182667000 4708000 0 0 35933000 60666000 398000 0 0 5908000 0 98000 0 0 243333000 5008000 0 0 41841000 55887000 3765000 220663000 23387000 Development projects relating to the further development of the company's product portfolio. The majority of the projects in progress are expected to be finalized in the coming years and the projects are progressing as planned using the resources allocated by Management to the development. Prior to the launching of the projects the company has studied the market and assessed that there is a need for the products. Development projects relating to the further development of the company's product portfolio. The majority of the projects in progress are expected to be finalized in the coming years and the projects are progressing as planned using the resources allocated by Management to the development. Prior to the launching of the projects the company has studied the market and assessed that there is a need for the products. 218572000 41765000 145652000 189614000 37131000 145652000 -1616000 184000 0 -362000 -17000 0 32146000 8214000 217311000 26936000 7905000 217311000 132000 0 0 132000 0 0 248970000 50163000 362963000 216056000 45019000 362963000 140245000 31077000 0 126045000 28186000 0 -928000 174000 0 -312000 -17000 0 26867000 3949000 0 22135000 3513000 0 132000 0 0 132000 0 0 166052000 35200000 0 147736000 31682000 0 82918000 14963000 362963000 68320000 13337000 362963000 5142000 5399000 1328000 0 0 257000 6470000 5142000 6470000 5142000 Universal Robots (Shanghai) Co. Ltd. Shanghai, China 100 38694 5243 Universal Robots (India) Private Limited Bangalore, India 99 2367 232 Teradyne Robotics (Spain) S.L. Barcelona, Spain 100 6508 700 Universal Robot (UK) Ltd. London, United Kingdom 100 1660 452 Teradyne Robotics (Germany) GmbH München, Germany 100 12194 2127 Universal Robots Mexico S.A. de C.V. Mexico City, Mexico 100 1320 415 8503000 6741000 4972000 1847000 0 0 0 1523000 430000 10350000 5218000 4542000 10350000 5218000 4542000 Investments in subsidiaries are specified as follows: Prepayments consist of prepaid expenses concerning insurance premiums, marketing materials, subscriptions and other costs. Deferred tax liabilities at 1 January 29281000 16741000 30539000 22050000 Amounts recognised in the income statement for the year 15145000 12540000 15851000 8489000 Deferred tax liabilities at 31 December 44426000 29281000 46390000 30539000 Recognised in the balance sheet as follows: Assets 1963000 1258000 0 0 Provisions -46389000 -30539000 -46390000 -30539000 44426000 29281000 46390000 30539000 The recognized tax asset of DKK 1.963k relates to the tax effect of accrued income in a group subsidiary. The Company provides warranty of 15 months on its products and is therefore obliged to repair or replace goods which are not satisfactory. The calculation of standard warranty is based on previous experience in respect of the level of repairs and returns, and the expected cost. In addition, a specific warranty provision was made end of year, to cover a specific known repair case. The following have been recognised for expected warranty claims. Warranty provisions 37635000 17899000 37635000 17899000 37635000 17899000 37635000 17899000 0 0 0 0 74800000 72715000 73500000 72131000 74800000 72715000 73500000 72131000 51056000 49061000 50075000 45060000 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: Deferred income Deferred income relates to accrual of revenue from future services relating to the company's delivered products and additional warranty. Rental and lease obligations Rent and lease liabilities 124211000 130780000 59683000 60046000 Guarantee obligations The company has issued guarentee commiments covering bankfacilities of group companies at a maximum of 0 0 3040000 3137000 Other contingent liabilities Universal Robots is subject to some legal proceedings and claims which have arisen in the ordinary course of business such as, but not limited to, patent, employment, commercial and environmental matters. Universal Robots believes that it has meritorious defenses against all pending claims and intends to vigorously contest them. While it is not possible to predict or determine the outcomes of any pending claims or to provide possible ranges of losses that may arise, Universal Robots believes the potential losses associated with all of these actions are unlikely to have a material adverse effect on its business, financial position or results of operations. The Danish 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 Teradyne Holdings Denmark 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. Basis Controlling interest Teradyne Inc. Ultimate Parent Transactions The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. There have been no transactions with the Board of Directors, the Executive Board, senior officers, significant shareholders, group enterprises or other related parties, except for intercompany transactions and normal management remuneration. Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office Teradyne Inc. North Reading, MA, USA The Group Annual Report of Teradyne Inc. may be obtained at the following address: Corporate Headquarters 600 Riverpark DriveNorth Reading, MA 01864USA 575000 408000 408000 408000 16000 16000 16000 16000 259000 276000 0 0 68000 61000 0 0 The Annual Report of Universal Robots A/S for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large 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 2023 are presented in TDKK. 1 With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Teradyne Inc., the Company and the Group have not prepared a cash flow statement. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidation The Consolidated Financial Statements comprise the Parent Company, Universal Robots 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 interests Minority interests form part of the Group's total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquistition of subsidiaries. Business acquisitions carried through before 1 July 2018 Minority 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 2018 Minority 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. 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. The company's total liabilities relating to operating leases and other rent agreements are disclosed under "contingent assets, liabilities and other financial obligations." 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. Whereforeign 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 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. Information on geographical segments is based on the Group´s risks and returns and its internal financial reporting system. Geographical segments are regarded as the primary segments. The 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. Revenue 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. 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. Operating expenses comprise costs incurred to achieve revenue for the year. Cost comprises raw materials, consumables, direct labour costs and indirect production costs such as maintenance and depreciation, etc, as well as operation, administration and management of factories. Distribution expenses comprise costs in the form of salaries to sales and distribution staff, advertising and marketing expenses as well as operation of motor vehicles, depreciation, etc. Amortisation of goodwill is also included to the extent that goodwill relates to distribution activities. Administrative expenses comprise expenses for Management, administrative staff, office expenses, depreciation, etc. Amortisation of goodwill is also included to the extent that goodwill relates to administrative activities. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Dividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with Danish group companies. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Goodwill is amortised on a straight-line basis over the estimated useful life of 10 years, determined on the basis of Management’s experience with the individual business areas. Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the Group 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 5 year. Patents and licences are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use. Patents are amortised over the remaining patent period or a shorter useful life. The amortisation period is 5 years. Software licences are amortised over the period of the agreements, which is 3 years. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 2-10 years Leasehold improvements 2-10 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Other fixed asset investments consist of deposits and receivables that fall due after 1 year. Inventories 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. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Dividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets 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 within the same legal tax entity. 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. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income comprises payments received in respect of income in subsequent years. Profit margin Profit/loss of ordinary primary operations x 100 / Revenue Return on assets Profit/loss of ordinary primary operations x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity