24235521 2025-01-01 2025-12-31 2 24235521 2025-01-01 2025-12-31 3 24235521 2025-01-01 2025-12-31 24235521 2025-01-01 2025-12-31 1 24235521 2024-01-01 2024-12-31 24235521 2025-12-31 24235521 2024-12-31 24235521 2025-01-01 24235521 2024-01-01 24235521 2025-01-01 d:PlantAndMachineryMember 24235521 2025-01-01 2025-12-31 d:PlantAndMachineryMember 24235521 2025-12-31 d:PlantAndMachineryMember 24235521 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 24235521 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 24235521 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 24235521 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 24235521 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 24235521 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 24235521 2025-01-01 d:ContributedCapitalMember 24235521 2024-01-01 d:ContributedCapitalMember 24235521 2025-12-31 d:ContributedCapitalMember 24235521 2024-12-31 d:ContributedCapitalMember 24235521 2025-01-01 d:RetainedEarningsMember 24235521 2024-01-01 d:RetainedEarningsMember 24235521 2025-01-01 2025-12-31 d:RetainedEarningsMember 24235521 2024-01-01 2024-12-31 d:RetainedEarningsMember 24235521 2025-12-31 d:RetainedEarningsMember 24235521 2024-12-31 d:RetainedEarningsMember 24235521 2025-01-01 2025-12-31 1 24235521 2025-01-01 2025-12-31 1 24235521 2025-01-01 2025-12-31 2 24235521 2025-01-01 2025-12-31 3 24235521 2023-01-01 2023-12-31 24235521 2022-01-01 2022-12-31 24235521 2021-01-01 2021-12-31 24235521 2023-12-31 24235521 2022-12-31 24235521 2021-12-31 24235521 2025-01-01 2025-12-31 0 24235521 2024-01-01 2024-12-31 0 24235521 2023-01-01 2023-12-31 0 24235521 2022-01-01 2022-12-31 0 24235521 2021-01-01 2021-12-31 0 24235521 2025-01-01 2025-12-31 1 24235521 2024-01-01 2024-12-31 1 24235521 2023-01-01 2023-12-31 1 24235521 2022-01-01 2022-12-31 1 24235521 2021-01-01 2021-12-31 1 iso4217:DKK xbrli:pure Årsrapport 15915641 Christensen Kjærulff, Statsautoriseret Revisionsaktieselskab Østbanegade, 123 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 24235521 Ghost A/S Århusgade 88, 2. 2100 København Ø 1999-08-01 Sydbank Accura Christensen Kjærulff, Statsautoriseret Revisionsaktieselskab 15915641 Torben Laurentz Wiberg statsautoriseret revisor mne11651 Østbanegade 123 2100 København Ø Danmark +45 33 30 15 15 ck@ck.dk 2026-07-12 Eric Franklin Glover Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejerne København 2026-07-12 Copenhagen 2026-07-12 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Acid test ratio                  Current assets x 100                 / Short term liabilities other than provisionsSolvency ratio Equity, closing balance x 100 / Total assets, closing balanceReturn on equity Net profit or loss for the year x 100 / Average equity 65426527 55472882 39099519 36602688 501994 1122224 1491386 1329219 24333628 16418751 6116350 4426416 363343 4515664 8905370 1713742 21907951 23647089 4808148 5283026 17099803 18364063 17099803 18364063 344480 364901 185769 324451 530249 689352 946892 916743 946892 916743 1477141 1606095 13644705 1377773 2741379 3176921 91032911 64717997 0 1331700 603102 101959 1220758 0 109242855 70706350 15487607 18070406 124730462 88776756 126207603 90382851 0 500000 500000 81181406 64081603 81681406 64581603 1472206 4677716 1472206 4677716 29852 25772 20091599 9422524 5401116 178615 3808836 3048160 1811348 6011586 8016408 0 3894832 2436875 43053991 21123532 43053991 21123532 126207603 90382851 17099803 18364063 7735819 -823088 -25958236 -1617572 -1122614 15923403 6479695 4602018 1849759 1713742 3507322 18811679 -1334450 6667416 4841772 12144263 342891 0 30149 22266 -373040 -22266 4080 4281 4472812 12126278 18070406 1604069 -7055611 4340059 15487607 18070406 15487607 18070406 37187815 34798974 1267458 1229303 644246 574411 39099519 36602688 65 65 1849733 1289652 7055637 424090 8905370 1713742 7297906 342891 7640797 6933005 363312 7296317 344480 1619952 1619952 1295501 138682 1434183 185769 916743 30149 946892 946892 500000 500000 500000 500000 64081603 45717540 17099803 18364063 81181406 64081603 4677716 -127844 -3205510 4608726 0 196834 1472206 4677716 501994 1122224 -6479693 -8942080 8905370 1713742 4808148 5283026 -39868206 -7315267 13909970 5697695 Today, the Board of Directors and the Managing Director have approved the annual report of Ghost A/S for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations and cash flows for the financial year 1 January – 31 December 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. William Paul Romeo Christopher Phillips William Paul Romeo Eric Franklin Glover We have audited the financial statements of Ghost A/S for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity, statement of cash flows and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company's operations and cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company 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. Emphasis of MatterWe draw attention to Note 1 with a description of the uncertainty regarding the measurement of receivables from group enterprises. We agree with the management in the treatment thereof.  Management is responsible for the preparation of 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 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 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 judgment and maintain professional skepticism 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 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 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 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. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the 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, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. 104878000 96697000 73742000 56170000 54882000 35335000 -2426000 7228000 1675000 2861000 1070000 45111000 45024000 28442000 66497000 79718000 74823000 343000 0 319000 2202000 1566000 46218000 35207000 43573000 72514000 64934000 -2426000 -379000 -2267000 -1579000 -84781000 -53362000 -6473000 4473000 12126000 -12645000 9304000 -10479000 76 77 68 289.7 420.3 314.6 178.9 250.0 64.7 71.5 69.5 44.2 58.2 23.4 33.1 110.8 114.3 87.6 Description of key activities of the companyThe principal activities of the company are production of computer graphics, visual effects for feature films, television series, commercials and related business.  Unusual circumstancesNo unusual circumstances have affected the recognition or measurement in connection with the presentation of the company's annual report. Uncertainties connected with recognition or measurementThe company has receivables from group enterprises amounting to DKK 91 million as of December 31, 2025. There is a natural uncertainty associated with the measurement of the remaining outstanding amounts. Development in activities and financial mattersThe company continues to focus primarily on U.S.-based streaming and feature film productions. In previous years the broader market has contracted in the wake of the Hollywood strikes and the end of the streaming wars, with a particularly sharp decline in feature film activity and spectacle shows. 2025 represents the first rebound year and as result, the company has experienced an increase in turnover, and gross profit has also improved.  The gross profit for the year totals DKK 65.427 thousand against DKK 55.473 last year. Profit or loss from ordinary activities after tax totals DKK 17.100 thousand against DKK 18.364 last year. Management considers the net profit or loss for the year satisfactory. In 2025, the company’s cash and cash equivalents decreased by DKK 2.582 thousand, i.e. from DKK 18.070 to DKK 15.488 thousand. Approximately 99% of the company’s revenue continues to originate from international clients, primarily within the Hollywood ecosystem. Notably, one anchor client accounted for 50% of total revenue during the year. This specific account has been central to the success of 2025. At the same time, this reliance poses a continued material risk. In response, the company has, and is, actively engaging in scenario planning and working to diversify its client portfolio to reduce dependency and ensure greater resilience in the future. Compared to 2024 the company has managed to reduce the anchor revenue share from 75% to 50% in 2025. The company wishes to continue this diversification.   Development for the year relative to the expectationsIn 2025, the visual effects industry continued on its way to recovery from the prior year’s strike-induced dip. Production volumes are up and Ghost A/S has been able to surpass its own initial forecasts. The actual gross profit for 2025 amounts to DKK 65.427 and the actual profit or loss from ordinary activities after tax amounts to DKK 16.936.  The primary reason for the improved actuals was a much quicker rebound of an otherwise stagnant industry. Despite a relatively low revenue in the first quarter, losses were avoided. As in past years, the main driver was turnover from a small group of loyal clients. While Ghost was able to leverage these long term client relationships other companies across the industry have had to shutter their doors.  Expected developmentsManagement expects that for the financial year 2026, gross profit will be in the range of DKK 60.000 thousand and DKK 70.000 thousand, and ordinary profit after tax will be in the range of DKK 16.000 thousand and DKK 18.000 thousand. Research and development activitiesThe company does not engage in research and development activities. Events occurring after the end of the financial yearGhost has been informed that the main IP of their anchor client is being placed on hold after major studio consolidations in Hollywood. Ghost will continue on as main vendor throughout 2026, but will need to generate new revenue streams for 2027.  With global VFX spending projected to reach $15 billion in 2026, representing an increase of approximately $2 billion compared to 2025, the company is cautiously optimistic that new key accounts can be secured. Ghost A/S is as well as any, positioned to capitalize on the market growth, but also intend to remain nimble in order to ensure the company is able to adapt quickly to new market conditions. 1.Uncertainties concerning recognition and measurementThe company has receivables from group enterprises as of December 31, 2025, amounting to DKK 91 million. There is a natural uncertainty associated with the measurement of the remaining outstanding amounts. 10.Provisions for deferred taxProvisions for deferred tax 1 January 20254.677.716-127.844Deferred tax relating to the net profit or loss for the year-3.205.5104.608.726Deferred tax recognised directly in equity0196.834 1.472.2064.677.716 The following items are subject to deferred tax: Property, plant, and equipment-257.764-290.407 Current assets1.729.9704.968.123 1.472.2064.677.716 11.Charges and securityThe company has provided security in company assets representing a nominal value of USD 5.000.000. This security comprises the assets below, stating the carrying amounts: DKK in thousands Inventories530 Trade receivables13.645 12.Contractual obligations and contingencies, etc.The company has entered into a lease agreement for premises with varying notice periods ranging from 4 to 6 months. The total remaining obligation amounts to DKK 0,975 thousand as for the balance sheet date. Joint taxationWith Ghost Holding ApS, company reg. no 41052856 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. The total tax payable under the joint taxation emerges from the financial statements for Ghost Holding ApS for 2025. 13.Related partiesTransactionsThe company has the following related party trnasactions: 20252024 Revenue to Group enterprises8.033.6888.548.406 Production assistance from Group enterprises3.265.7436.453.171 Other production costs from Group enterprises12.821.2321.264.680 Other income from recharge of expenses to Group enterprises 808.0851.395.680 Other financial income from Group enterprises6.116.3504.426.416 Other financial expenses from Group enterprises1.849.7331.289.652 Receivables from Group enterprises91.030.16264.717.997 Payable to Group enterprises 1.811.3486.011.585 Consolidated financial statementsThe company is included in the consolidated financial statements of Ghost Holding ApS company registration 41052856 and ultimately in the consolidated financial statements for the supreme parent company, Streamland Media Holdings LCC, Company number 33-4252726, 1132 VINE STREET; LOS ANGELES; 90038; United States. The annual report for Ghost A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises).   The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Gross profitGross profit comprises the revenue, own work capitalised, other operating income, and external costs. The enterprise will be applying IAS 11 and IAS 18 as its basis of interpretation for the recognition of revenue. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Contract work in progress concerning construction contracts is recognised in the revenue concurrently with the production process. Thus, the revenue corresponds to the selling price of the total yearly production (the production method). The revenue is recognised when the total income and costs of the contract and the stage of completion on the reporting date can be reliably validated and it is deemed probable that the financial benefits will flow to the company. When the results of a contract cannot be reliably validated, the revenue is recognised solely on a cost basis to the extent that it seems probable that the costs will be recovered. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Futher reinvoice for Group purchase and expenses is included. Other external expenses comprise expenses incurred for production, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation, amortisation, and write-down for the year and profit and loss on the disposal of intangible and tangible assets. Financial income and expensesFinancial income and expenses comprise interest, realised and unrealised capital gains and losses concerning financial assets and liabilities, amortisation of financial assets and liabilities, additions and reimbursements under the Danish advance tax scheme, etc. Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Plant, and equipmentPlant and equipment are measured at cost less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful lifeResidual valuePlant and machinery3years0 %Other fixtures and fittings, tools and equipment3-5years0 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of plant and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement under depreciation. As regards self-constructed assets, the cost comprises direct costs for materials, components, deliveries from subsuppliers, payroll costs, and borrowing costs from specific and general borrowing concerning the construction of each individual asset. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. Contract work in progressContract work in progress is measured at the selling price of the work performed. The selling price is measured on the basis of the stage of completion on the reporting date and the total expected income from the individual work in progress. The stage of completion is calculated as the share of costs incurred in proportion to the estimated total costs of the individual work in progress. When the selling price of the individual work in progress cannot be determined reliably, the selling price is measured at the costs incurred or at net realisable value, if this is lower. The individual work in progress is recognised in the statement of financial position under accounts receivables or liabilities. Net assets consist of the sum of the work in progress, where the selling price of the work performed exceeds invoicing on account. Net liabilities consist of the sum of the work in progress, where invoicing on account exceeds the selling price. Costs in connection with sales work and the procurement of contracts are recognised in the income statement when incurred. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. Equity DividendDividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, Ghost A/S is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. The cash flow statement shows the cash flows for the year, divided in cash flows deriving from operating activities, investment activities and financing activities, respectively, the changes in the liabilities, and cash and cash equivalents at the beginning and the end of the year, respectively. The effect on cash flows derived from the acquisition and sale of enterprises appears separately under cash flows from investment activities. In the statement of cash flows, cash flows derived from acquirees are recognised as of the date of acquisition, and cash flows derived from sold enterprises are recognised until the date of sale. Cash flows from operating activitiesCash flows from operating activities are calculated as the company's share of the profit adjusted for non-cash operating items, changes in the working capital, and corporate income tax paid. Dividend income from equity investments are recognised under “Interest income and dividend received”. Cash flows from investment activitiesCash flows from investment activities comprise payments in connection with the acquisition and sale of enterprises and activities as well as the acquisition and sale of intangible assets, property, plant, and equipment, and investments, respectively. Cash flows from financing activitiesCash flows from financing activities include changes in the size or the composition of the company's share capital and costs attached to it, as well as raising loans, repayments of interest-bearing payables and payment of dividend to shareholders.