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35257691 2025-12-31 Poul Bundgaards Vej 1, 1. 2500 Valby 2024-01-01 false 2024-12-31 Marcus Eduardo Goncalves true 2026-07-16 false false false Equity excl. non-controlling interests Equity excl. non-controlling interests Equity excl. non-controlling interests Pengestrømme The year's changes in cash and cash equivalents Pengestrømme The year's changes in cash and cash equivalents Pengestrømme The year's changes in cash and cash equivalents Pengestrømme The year's changes in cash and cash equivalents Pengestrømme The year's changes in cash and cash equivalents Annual report The supervisory board and executive board have today discussed and approved the annual report of Versalift Denmark 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 consolidated financial statements and parent financial statements give a true and fair view of the company and the group financial position at 31 December 2025 and of the results of the group and the company operations and consolidated cash flows for the financial year 1 January - 31 December 2025. In our opinion, management's review includes a fair review of the matters dealt with in the management's review. Management recommends that the annual report should be approved by the company in general meeting. Marcus Eduardo Goncalves Roman Valerievich Rariy chairman Rafael Perrone Bezerra de Menezes Marcus Eduardo Goncalves Gerd Rödelbronn To the shareholder of Versalift Denmark A/S Opinion We have audited the consolidated financial statements and the parent company financial statements of Versalift Denmark 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 and notes, for both the group and the parent company as well as consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared under the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the group and the parent company's financial position at 31 December 2025 and of the results of the group and the parent company's operations and consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. 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 consolidated financial statements and parent company ” section of our report. We are independent of the group in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and 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 the consolidated financial statements and the parent company financial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated financial statements and parent company financial statements, management is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the consolidated financial statements and parent company financial statements unless management either intends to liquidate the group or the company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and parent company financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and parent company financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the consolidated financial statements and parent company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's and the 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 consolidated financial statements and parent company financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's and the 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 consolidated financial statements and parent company financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group and the company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the consolidated financial statements and parent company financial statements, including the disclosures, and whether the consolidated financial statements and parent company financial statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Group 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. Statement on management's reviewManagement is responsible for management's review.Our opinion on the consolidated financial statements and parent company financial statements does not cover management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the consolidated financial statements and parent company financial statements, our responsibility is to read management's review and, in doing so, consider whether management's review is materially inconsistent with the consolidated financial statements and parent company financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that management's review is in accordance with the consolidated financial statements and 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 of management's review. Odense 2026-07-11 Baker Tilly Denmark Christoffer Pedersen statsautoriseret revisor mne36180 Versalift Denmark A/S Søndervang  3 9640  Farsø 12315600 Vesthimmerlands Kommune 35257691 Hjallesevej 126 5230 Odense M Seen over a 5-year period, the development of the Company may be described by means of the following financial highlights:The financial ratios are calculated in accordance with the Danish Finance Society's recommendations and guidelines. For definitions, see the summary of significant accounting policies.. 507428000 486806000 494258000 140668000 136040000 130024000 18795000 17561000 35702000 -981000 -4912000 -4555000 -3084000 1016000 11214000 10732000 27239000 392763000 335469000 304463000 131524000 120415000 109560000 133021 132580 131524 120415 109560 21733000 -36649000 -18307000 -4465000 -3696000 -711000 -2060000 -333000 -3416000 -2847000 -3939000 -14958000 33773000 13068000 2930000 606000 2310000 -6572000 -5950000 32.2 28.2 27.7 27.9 26.3 45.7 40.3 33.5 35.9 36.0 0.1 0.7 8.9 9.3 49.7 Business reviewThe Group is engaged in the development, production, sale, and servicing of lifts in Denmark and international markets. Financial review The group's income statement for the year ended 31 December 2025 shows a profit of TDKK 150, and the balance sheet at 31 December 2025 shows equity of TDKK 133.021. Significant events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the the group's financial position. Development in activities and financial and economic positionMarket conditions remained challenging throughout 2025, continuing the trend experienced in previous years. Order intake declined compared with 2024, primarily due to increased customer concentration within the rental segment in the domestic market. Across other European markets, sales performance was generally lower as distributors continued to reduce existing inventories before placing new orders. Furthermore, the overall macroeconomic environment negatively affected investment activity, particularly among municipalities. The parent company recorded a 18% decrease in revenue, while gross profit declined by more than 25%. Profit before tax amounted to DKK 0.2 million. Profit/loss for the year compared to the expected developmentThe financial result remained below Management's expectations for 2025. This was primarily attributable to low capacity utilisation and the strategic decision to prioritise the sale of existing inventory. Consequently, Management initiated a cost reduction programme towards the end of 2025. Future expectationsThe Group has entered 2026 with encouraging market developments. Norway has delivered a particularly strong performance, while the UK has resumed ordering following the reduction of existing inventory levels. Business activity in France also continues to develop positively. Overall, Management expects both activity levels and sales to increase during 2026. A key priority throughout 2026 will be to improve cash flow from operating activities by further reducing inventory levels and strengthening the collection of receivables across the Group. Corporate social responsibility (CSR) reportThe Company is certified in accordance with ISO 14001:2015 (Environmental Management) and ISO 9001:2015 (Quality Management).   The Company has established policies containing internal guidelines, objectives and strategies designed to ensure a safe and healthy working environment.   Environmental and climate-related considerations are integrated into the Company's business processes. At a strategic level, the Group continues to align its activities with the United Nations Sustainable Development Goals.   The Group recognises its responsibility to support climate action and sustainable development and incorporates these considerations into its strategic initiatives. The Company's policies are implemented through established management and control systems, ensuring systematic follow-up and continuous evaluation of compliance and effectiveness.   As a result of its work with corporate social responsibility, the Company expects to maintain a low level of sickness absence and workplace accidents while continuing to improve these conditions. Furthermore, the Company expects its production processes to become increasingly environmentally sustainable.   The Group is committed to providing an inclusive working environment with opportunities for employees who may require additional support. The education and development of young employees also remain a strategic priority. In this regard, the Company maintains close cooperation with educational institutions regarding both vocational training and continuing professional education.   The Company has not yet adopted formal written policies on human rights, anti-corruption or anti-bribery. However, Management continuously assesses the need for such policies as part of its ambition to operate as a socially responsible business. In addition, the Company has implemented a whistleblower scheme to enable employees to report any circumstances that may conflict with the Company's policies. Data ethics report Description of the entity's work with and policy for data ethical questionsFor now, Versalift Denmark A/S has not identified the need for a data ethics policy. Data and technologies are not used, neither in business strategic context nor in day-to-day operations, which currently requires specific data ethical considerations.    Overall decisions regarding data use and/or implementation of new technologies will be executed at management level to ensure that data ethics aspects are addressed and anchored throughout all business units.    Management has focus on the potential need to adopt a policy on data ethics and will implement this, if the company's data use will change and require such at a later point in time. 339904000 435230000 304991000 368545000 29590000 26989000 29590000 26990000 5163000 5890000 5164000 5891000 225313000 310898000 203389000 261249000 39989000 34660000 34660000 28552000 109355000 122551000 101696000 111625000 104645000 111363000 95627000 103023000 2965000 3483000 2607000 3289000 100000 1635000 0 0 1645000 6070000 3462000 5313000 0 0 10000 371000 2626000 204000 0 180000 3607000 5116000 3233000 4706000 664000 1158000 239000 1158000 514000 256000 89000 256000 150000 902000 150000 902000 1258000 2125000 1259000 2125000 1258000 2125000 1259000 2125000 867000 1212000 1298000 1212000 2005000 1824000 587000 1240000 1611000 1650000 1611000 1650000 4483000 4686000 3496000 4102000 0 0 6887000 4287000 0 0 6887000 4287000 5741000 6811000 11642000 10514000 38141000 49921000 46040000 49921000 17663000 23167000 17510000 23087000 27690000 50022000 15595000 36075000 13048000 3741000 5260000 3741000 96542000 126851000 84405000 112824000 34027000 25737000 21383000 21519000 144610000 161229000 120131000 142467000 1024000 1286000 1024000 1286000 1021000 2019000 606000 1625000 180682000 190271000 143144000 166897000 8164000 5234000 5275000 382000 285388000 322355000 232824000 280103000 291129000 329166000 244466000 290617000 600000 600000 600000 600000 475000 185000 5525000 2905000 0 0 982000 1657000 131946000 131795000 125913000 127418000 133021000 132580000 133020000 132580000 898000 791000 956000 999000 4112000 4177000 4112000 4177000 5010000 4968000 5068000 5176000 8216000 41776000 8216000 41776000 8216000 41776000 8216000 41776000 0 33153000 0 33154000 5537000 1500000 4453000 1159000 26203000 42553000 25323000 33025000 105018000 63427000 63639000 38032000 464000 1922000 132000 861000 7660000 7287000 4615000 4854000 144882000 149842000 98162000 111085000 153098000 191618000 106378000 152861000 291129000 329166000 244466000 290617000 600000 185000 131795000 0 290000 0 0 151000 600000 475000 131946000 600000 2906000 1658000 127416000 0 290000 0 2329000 -676000 -1503000 600000 5525000 982000 125913000 150000 902000 4395000 8268000 11771000 19664000 16316000 28834000 2626000 204000 -3504000 -5115000 15438000 23923000 -1865000 -1878000 13573000 22045000 0 -285000 -2060000 -333000 32000 87000 -111000 55000 -2139000 -476000 24650000 -23659000 -33154000 2696000 -8504000 -20963000 2930000 606000 5234000 4628000 8164000 5234000 8164000 5234000 The Company’s bank credit facilities expired on 31 December 2025, and the Company is thereafter dependent on the willingness of the Group to settle intercompany balances due to significant intercompany receivables.   During the financial year, the Company generated positive cash flows, primarily driven by a reduction in working capital and intercompany balances, and management expects this positive trend to continue.   The Company has received a letter of support from the ultimate parent company, effective through 31 December 2026.   Based on the above, as well as the Company’s budget for 2026, and assuming continued timely settlement of receivables from both group companies and external customers, management considers that the Company has adequate resources to continue its operations and that the financial statements have therefore been prepared on a going concern basis. 3rd Party products 28.24969.9589.25226.143Installations and lifts 252.723272.354247.194254.482Other 58.93292.91848.54787.919339.904435.230304.993368.544United Kingdom 36.58085.47236.58085.472Germany 49.88357.92849.70057.928Scandinavia 98.970150.54265.06482.233Other EU  53.74640.12952.93158.592France 26.36140.66226.36140.662Belgium  57.15559.00257.15542.162Other  17.2091.49517.2021.495 339.904435.230304.993368.544 93464000 99924000 84446000 92010000 8748000 9148000 8748000 8721000 1903000 1869000 1903000 1869000 530000 422000 530000 423000 104645000 111363000 95627000 103023000 172 190 158 176   According to section 98 B(3) of the Danish Financial Statements Act, renumeration to the executive board has not been disclosed for 2025 and 2024. 867000 1349000 867000 1349000 2098000 2134000 1740000 1940000 2965000 3483000 2607000 3289000 0 180000 0 180000 2626000 24000 0 0 2626000 204000 0 180000 0 0 0 2000 3607000 5116000 3233000 4704000 3607000 5116000 3233000 4706000 557000 773000 132000 773000 -43000 -517000 -43000 -517000 0 0 2329000 796000 0 0 -676000 -830000 150000 902000 -1503000 936000 8653000 8653000 -6528000 -867000 -7395000 1258000 Development projects include development and testing of new lift variants.   Management considers, that the capitalized value of development costs is recognized as the recoverable amount, in form of value in use. 8653000 8653000 -6527000 -867000 -7394000 1259000 10374000 11795000 20564000 194000 1186000 680000 0 -493000 0 10568000 12488000 21244000 9162000 9957000 18914000 539000 848000 719000 0 -322000 0 9701000 -10483000 19633000 867000 2005000 1611000 10805000 10804000 20564000 194000 0 680000 0 -493000 0 10999000 10311000 21244000 9162000 9564000 18914000 539000 482000 719000 0 -322000 0 9701000 -9724000 19633000 1298000 587000 1611000 1382000 1382000 1382000 1382000 2905000 1952000 290000 157000 -578000 -1269000 587000 1639000 2301000 426000 5505000 2905000 6887000 4287000 NameRegistered officeOwnership interestVersalift Sweden ABFalkenberg, Sweden100%Versalift Norge ASIndre Østfold, Norway100% Versalift Sweden AB Falkenberg, Sweden 100 Versalift Norge AS Indre Østfold, Norway 100 Prepayments consists of prepaid expenses and other payments. There have been no changes in the share capital during the last 5 years. Provision for deferred tax at 1 January 7919509991.604Deferred tax recognised in income statement 107-159-43605Provision for deferred tax at 31 December 8987919562.209Provisions for deferred tax on:Intangible assets 276468276468Property, plant and equipment -2211-2211Inventories 636335701543Other taxable temporary differences 0-230-23 898791956999 276000 468000 276000 468000 -22000 11000 -22000 11000 636000 335000 701000 543000 0 -23000 0 -23000 The Company provides warranties on some of its products and is therefore obliged to repair or replace goods which are not satisfactory. Based on previous experience in respect of the level of repairs and returns, other provisions of TDKK 4.112 (2024: TDKK 4.177) have been recognised for expected warranty claims.Balance at beginning of year at 1 January 4.1774.5574.1774.557Provision in year -65-380-65-380Balance at 31 December 4.1124.1774.1124.177 4177000 4557000 4177000 4557000 4112000 4177000 4112000 4177000 41776000 8216000 0 0 41776000 8216000 0 0 The group is a sub group and is included in the consolidated financialstatements of H.I.G. Time Manufacturing Holdings, LP, New York, USA. The consolidated financial statements in question can be requested by contacting the parent company. No events materially affecting the assessment of the Annual Report have occurred after the balancesheet date. Operating rent and lease liabilities. Total future lease payments:Within 1 year6.2218.5184.4444.855Between 1 and 5 years6.3266.4624.8822.848After 5 years000012.54714.9809.3267.703 The Company has issued a subordination statement in respect of the intercompany balance with its subsidiary, Versalift Norway AS. The carrying amount as of 31 December 2025 amounts to t.kr. 8.989. Group:  The group has provided a collateral of TDKK 767.    A company charge of TDKK 40.000 secured on pledged assets have been registered as collateral for the group's bank debt. The book value of assets covered by the company charge amounts to t.kr. 246.203 by the 31 December 2025. The Company's bank facilities were fully repaid at year-end, and accordingly no bank debt was outstanding by the 31 December 2025   Parent company:  The Parent Company has provided a collateral of TDKK 767.    A company charge of TDKK 40.000 secured on pledged assets have been registered as collateral for the parent company's bank debt. The book value of assets covered by the company charge amounts to t.kr. 229.983 by the 31 December 2025. The Company's bank facilities were fully repaid at year-end, and accordingly no bank debt was outstanding by the 31 December 2025 H.I.G. Time Manufacturing Holdings, LP, New York, USA, ultimate owner.According to the company’s register of shareholders, the following shareholder holds at least 5% of the votes or at least 5% of the share capital: The Group's trading and agreements with related parties serve a commercial purpose only and were carried out at arm's length.    The Parent Conpany's trading and agreements with related parties serve a commercial purpose only and were carried out at arm's length.   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. Intercompany accounts are not subject to interest. No management fee is charged in respect of the intercompany provision and secondment of personnel. 475000 418000 314000 300000 81000 197000 81000 197000 -2626000 -204000 3607000 5116000 2965000 3482000 514000 255000 -65000 -380000 29740000 39078000 -6740000 10276000 -11229000 -29690000 11771000 19664000 The annual report of Versalift Denmark A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act ap­plying to large en­ter­pri­ses of re­por­ting class C , as well as provisions applying to reporting class C entities.The accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in TDKK. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the group's and the parent company's 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 from the group's and the parent company's and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount.On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. The consolidated financial statements comprise the parent company Versalift Denmark ApS and subsidiaries in which the parent company, directly or indirectly, holds more than 50% of the voting rights or otherwise has a controlling interest. Entities in which the Group holds between 20% and 50% of the voting rights and over which it exercises significant influence, but which it does not control, are considered participating interests or associates, cf. the group chart.The consolidated financial statements are prepared as a consolidation of the parent company's and subsidiaries' financial statements by aggregating uniform accounting items. On consolidation, intra-group income and expenses, holdings of shares, intra-group balances and dividends as well as realised and unrealised gains and losses on intra-group transactions are eliminated.Investments in subsidiaries are set off against the proportionate share of the subsidiaries' fair value of net assets and liabilities at the acquisition date.Entities acquired or formed during the year are recognised in the consolidated financial statements from the date at which control is obtained. Entities sold during the year are recognised in the consolidated income statement until the date of disposal. Comparative figures are not restated for acquisitions or disposals.Investments in associates are measured in the balance sheet at the proportionate share of the net asset value of the associates based on the parent company’s accounting policies and proportionate elimination of unrealised intra-group gains and losses. The proportionate share of associates’ profit/loss, after elimination of the proportionate share of intra-group gains and losses, is recognised in the income statement. Information is provided on business segments and geographical markets. The segment information is provided in consideration of the group's accounting policies, risks and management control. Income from the sale of goods for resale and finished goods is recognised in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received.Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue is net of all types of discounts granted. Costs of raw materials and consumables include the raw materials and consumables used in generating the year’s revenue. The item Other operating income includes items of a secondary nature relative to the company’s activities, including gains on the sale of intangible assets and items of property, plant and equipment, operating losses, indemnities relating to operating losses and conflicts as well as payroll refunds. Indemnities are recognised when it is more probable than not that the company is going to be indemnified. Other operating expenses comprise items of a secondary nature relative to the company's activities, including losses on the sale of intangible assets and items of property, plant and equipment. Other external costs include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. 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. Depreciation, amortisation and impairment of intangible assets and property, plant and equipment comprise the year's depreciation, amortisation and impairment of intangible assets and property, plant and equipment. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses, financial expenses relating to finance leases, realised and unrealised capital/exchange gains and losses on securities, liabilities and foreign currency transactions, amortisation of financial assets and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, etc. The proportionate share of the profit/loss for the year of subsidiaries is recognised in the parent company's income statement after full elimination of intra-group profits/losses. Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Development costs comprise costs, wages/salaries and amortisation losses that are directly and indirectly attributable to the company's development activities.The accounting item is measured at the lower of the capitalised costs less accumulated amortisationand recoverable amount.Capitalised development costs are amortised on a straight-line basis over the estimated useful life after completion of the development work. The amortisation period is normally 5 years.Intangible fixed assets are generally written down to the recoverable amount if this is lower than the carrying amount.Gains and losses on the disposal of development projects, patents and licences are determined as the difference between the selling price less costs to sell and the carrying amount at the date of disposal. Gains or losses are recognised in the income statement as other operating income or other operating expenses, respectively. Items of  plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.The depreciable amount is cost less the expected residual value at the end of the useful life.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers and wages.Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets:Useful lifeResidual valuePlant and machinery 5 years0 %Other fixtures and fittings, tools and equipment 3-8 years0 %Leasehold improvements 5 years0 %Gains and losses on the sale of items of property, plant and equipment are calculated as the difference between the selling price, less costs to sell, and the carrying amount at the time of sale.   Gains or losses on the sale of items of property, plant and equipment are recognised in the income statement under other operating income or other operating expenses, respectively. Leases for items of property, plant and equipment that transfer substantially all the risks and rewards incident to ownership to the company (finance leases) are recognised in the balance sheet as assets. On initial recognition, assets are measured at estimated cost, corresponding to the lower of fair value of the leased asset and the present value of the future lease payments. In calculating the net present value of the future lease payments, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently depreciated as the company's other non-current assets.The capitalised residual lease commitment is recognised in the balance sheet as a liability, and the interest element of the lease payment is recognised in the income statement over the term of the lease.All other leases are operating leases. Payments relating to operating leases and any other leases are recognised in the income statement over the term of the lease. The company's total liabilities relating to operating leases and other rent agreements are disclosed under 'Contingencies, etc.'. Investments in subsidiaries are measured at the proportionate share of the net asset value of the entities, calculated on the basis of the group's accounting policies, plus or less unrealised intra-group gains or losses and plus or less any remaining value of positive or negative goodwill stated according to the purchase method. Negative goodwill is recognised in the income statement on acquisition. Where the negative goodwill relates to contingent liabilities having been taken over, the negative goodwill is not recognised until the contingent liabilities have been settled or no longer exist.Investments in subsidiaries are measured in the parent company financial statements using the equity method.Investments in subsidiaries with a negative net asset value are measured at DKK 0, and the carrying amount of any receivables from these entities is reduced to the extent that they are considered irrecoverable. If the parent company has a legal or constructive obligation to cover a deficit that exceeds the receivable, the balance is recognised under provisions. The carrying amount of intangible assets, items of property, plant and equipment and investments in subsidiaries, associates and participating interests is tested annually for impairment, other than what is reflected through normal amortisation and depreciation.Where there is evidence of impairment, an impairment test is performed for each individual asset or group of assets. Write-down is made to the lower of the recoverable amount and the carrying amount.The recoverable amount is the higher of the net present value and the value in use less expected costs to sell. The net present value is determined as the present value of the anticipated net cash flows from the use of the asset or group of assets and the anticipated net cash flows from the disposal of the asset or group of assets after the end of their useful life. Stocks are mea­sured at cost using the FIFO method.  Where the net realisable value is lower than the cost, inventories are recognised at this lower value.The cost of goods for resale, raw materials and consumables comprises the purchase price plus delivery costs.The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct cost of labour and production/production overheads.Production overheads include the indirect cost of materials, wages and salaries as well as maintenance and depreciation of production machinery, buildings and equipment and expenses relating to plant administration and management. Borrowing costs are not recognised in the cost.The net realisable value of stocks is calculated as the expected selling price less direct costs of completion and expenses incurred to effect the sale. The net realisable value is determined taking into account marketability, obsolescence and expected selling price movements. Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised. Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years. Cash and cash equivalents comprise cash and deposits at banks. Reserve for development costsAn amount corresponding to capitalised development costs is recognised in the reserve. The reserve is reduced as development costs are amortised.Reserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method in the company's financial statements comprises net revaluation of investments in subsidiaries, participating interests and associates relative to the cost. Provisions comprise expected expenses relating to warranty commitments, losses on work in progress, restructuring, etc. Provisions are recognised when, as a result of a past event, the group has a legal or constructive obligation and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.Warranty commitments include expenses for remedial action within the warranty period of 1-5 years. Provisions for warranty commitments are measured and recognised based on experience gained from guarantee work. Provisions with an expected maturity of more than one year from the balance sheet date are discounted using a rate that reflects the risk and maturity of the liability.When it is probable that the total expenses will exceed the total revenue from contract work in progress, the total expected loss on the work in progress is recognised as a provision. The provision is recognised under other external costs. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity. Financial liabilities are recognised on the raising of the loan at the proceeds received net of transaction costs incurred. On subsequent recognition, the financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest method. Accordingly, the difference between the net proceeds and the nominal value is recognised in the income statement over the term of the loan.Other liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. Deferred income recognised under 'Current liabilities' comprises payments received concerning income in subsequent financial years. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.  The cash flow state­ment shows the group's cash flows for the year, broken down under cash flows from operating, investing and financing activities, the year's changes in cash and cash equivalents and the group's cash and cash equivalents at the beginning and at the end of the year.The cash flow effect of additions and disposals of entities is shown separately under cash flows from investing activities. The cash flow statement includes cash flows from acquired entities from the time of acquisition, and cash flows from sold entities are included until the date of sale.Cash flows from ope­ra­ting ac­ti­vi­tiesCash flows from operating activities are stated as the group's profit or loss for the year, adjusted for non-cash operating items, changes in working capital and paid income taxes. Dividend income from investments is recognised under ‘Interest income and dividend received’.Cash flows from in­ves­ting ac­ti­vi­tiesCash flows from investing activities comprise payments related to the acquisition and sale of entities and activities as well as intangible assets, property, plant and equipment and investments.Cash flows from fi­nan­cing ac­ti­vi­tiesCash flows from financing activities comprise changes in the size or composition of the group's share capital and related costs, as well as the raising of loans, repayment of interest-bearing debt and payment of dividends to shareholders.Cash and cash equi­va­lentsCash and cash equivalents comprise cash and short-term securities whose remaining life is less than three months and which are readily convertible into cash and which are subject only to insignificant risks of changes in value. Gross margin ratioGross Profit x 100RevenueSolvency ratioEquity at year end x 100Total assetsReturn on equityNet profit for the year x 100Average equity