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 2024.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 2024 and of the results of the group and the company operations and consolidated cash flows for the financial year 1 January - 31 December 2024.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 GoncalvesRoman Valerievich RariychairmanRafael Perrone Bezerra de MenezesMarcus Eduardo GoncalvesTo the shareholder of Versalift Denmark A/SOpinionWe 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 2024, 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 2024 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 2024 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 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 pourposes 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 review Management 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.Odense2025-07-08Baker Tilly DenmarkChristoffer Pedersenstatsautoriseret revisormne36180Seen 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. 486806000494258000419251000136040000130024000104282000175610003570200028434000-4912000-4555000-30840001016000-15320001073200027239000208270003354690003044630002550000001204150001095600008230400013258013152412041510956082304Equity excl. non-controlling interestsEquity excl. non-controlling interestsEquity excl. non-controlling interestsEquity excl. non-controlling interestsEquity excl. non-controlling interests-36649000-1830700017431000-3696000-711000-10124000-333000-3416000-2847000-3939000-87310003377300013068000-80220006060002310000-6572000-5950000-715000Pengestrømme The year's changes in cash and cash equivalentsPengestrømme The year's changes in cash and cash equivalentsPengestrømme The year's changes in cash and cash equivalentsPengestrømme The year's changes in cash and cash equivalentsPengestrømme The year's changes in cash and cash equivalents28.1627.7227.9526.3124.8740.2833.4935.8935.9832.280.689.3328.3928.9739.3Business review The Group is engaged in the sale and service of lifts both in Denmark and abroad.Financial review The group's income statement for the year ended 31 December 2024 shows a profit of TDKK 902, and the balance sheet at 31 December 2024 shows equity of TDKK 132.580.Significant events occurring after the end of the financial year No events have occurred after the end of the financial year of material importance for the Company's financial position.Development in activities and financial and economic position The market conditions in 2024 have been challenging, as they also were in previous year. The order intake throughout 2024 has been at an acceptable level and very similar to 2023. The home market Scandinavia is performing quite well and especially the full effect of the established branch in Sweden has proven that we are in a good position on the Scandinavian market. Also, the branch in Norway is improving. The branch was opened in April 2023 and 2024 was therefore the first full year but market potential has not been fully captured yet. On other European markets the performance has overall been good given the difficult market circumstances and the macroeconomics in general. The branch in France, Versalift France S.A.S, was sold to our sister company in France, France Elevateur in 2023 and therefore not part of 2024 figures, but included in the comparison year. The parent company has realized a decrease in sales of 5% and a decrease in the Gross Profit of more than 4,5%. Profit before tax was 1,2 million DKK.Profit/loss for the year compared to the expected development The profitability has decreased since 2023 and is a result of an overall strategy of selling of old stock. The result is below expectations for the year and the Management finds the 2024 result unacceptable.Future expectations Overall activities and sales are expected to be flat for the group in 2025. However, we do foresee a challenging 2025 also, because of the continued macro-economic uncertainties in our main markets in Europe and in the rest of the world. Overall market conditions remain challenging but with the expected decrease in interest rates management expect the market to pick up slightly again. Throughout 2025 one of the focus areas will be to improve the cash flow from operations through lowering inventories and collection on group receivables. Based on these circumstances the group expects that revenue in 2025 will be around same level as 2024, totaling around 435 million DKK. The result before tax is expected to increase compared to 2024 to a level between 5-10 million DKK.Corporate social responsibility (CSR) report The company is certified after the ISO standards 14001:2015 (Environmental) and 9001:2015 (Quality). The company has introduced policies containing internal guidelines, objectives, and strategies, which are executed to ensure a safe and healthy working environment. Environmental and climatic conditions are considered in the company's processes. On a strategic level The Group continues to work with, and in accordance with, the United Nations Sustainable Development Goals. The Group is fully aware of our responsibility for climate and sustainability development and incorporate this in our strategic initiatives. The company execute its policies into action through the introduction of management systems and control systems as a follow-up to the work process. The Group regularly conducts an evaluation that systematically reviews the implementation of the policies. As a result of the work with social responsibility, the company has an expectation to keep the level of sickness absence at a low level and an expectation of continuing to keep the number of accidents at work at a low level as well. It is expected that in the future there will still be an improvement in these conditions, just as it is expected that the production processes will be less environmentally damaging. It is a dedicated goal to create a work environment where there is room for less resourceful employees, just as training of younger employees is a focus area. In this connection, there is a close collaboration with educational institutions regarding both education and continuing education of the staff. The company has not yet developed written policies for human rights, anti-corruption, and bribery; but the need for this is continuously evaluated as it is a declared ambition to constantly appear and act as a socially responsible company. The Company has implemented a whistleblower scheme to ensure that employees report any situation that conflicts with the company’s policies.Target figures and policy for the underrepresented gender Board of Directors Information on equal distribution of women and men Regardless of the industry's history and a low female gender presence, the company is working to increase the number of female managers and has based on this from 2020, as the first year, set specific targets for the proportion of underrepresented gender in management composition of management in general. When it comes to hiring and recruiting for management positions, the goal is for there to be both male and female candidates, despite operating in an industry dominated by men. The election of a woman being part of the company's board of directors presupposes the right qualifications and must otherwise harmonize with the need for the replacement of current board members. Other management at Versalift Denmark A/S consists of 14 people including managing directors, whereof 22% are female managers and 78% are male managers. Versalift Denmark A/S has a goal that at least 50% of the other management levels must be women. The target should be met by 2028. The general policy also applies for the remaining management levels. There is a gap to the target figure of the underrepresented gender in 2024 which to a big extend relates to the general gender composition in the industry. The current state is a candidate pool to the posted jobs that contain more men than women. In the financial year the most qualified candidates were from the overrepresented gender, which is why the target in other management levels have not been met. To increase the number of women in other management levels and meet the set targets, Versalift Denmark A/S is doing a significant and broad effort. Versalift Denmark A/S has, among other things, required candidates of both genders in the recruitment phase and consider the underrepresented gender in subsequent planning. Highest management level* 2024 Total number of representatives 3 Under-represented gender pct. 0 Target figure in pct. 33 Year for achieving the target 2028 Other management level** 2024 Total number of representatives 14 Under-represented gender pct. 22 Target figure in pct. 50 Year for achieving the target 2028 *) The highest management level consists of the company’s executive board and board of directors **) Other management levels consists of middle managers, comprising those managers reporting directly to a member of group management and their direct reports so that “other management levels” reflects the management teams. Data ethics reportDescription of the entity's work with and policy for data ethical questions For 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.435230000507428000269890002468800058900002069600031089500036944900034660000426950001225540001406680001113660001156840003483000561200016350005770006070000187950000020400020700051160004762000115800014240000256000302600090200011214000212500031890002125000318900012120001686000182400024150001650000243900046860006540000000178000017800068110009907000499210009182000023167000313320005002200042776000374100001268510001659280002573700035231000161229000173316000128600010660002019000268700019027100021230000052340004628000322355000382856000329166000392763000600000600000185000000028000131795000130896000132580000131524000791000950000417700045570004968000550700041775000403950004177500040395000331540005681300015000002653000425530006802100063427000741920001922000338500072870001027300014984300021533700019161800025573200032916600039276300060000028000130893000015700000902000600000185000131795000902000112140008268000135990001966400021190002883400026932000204000164000-5115000-43070002392300022789000-1878000-10560002204500021733000-285000-1916000-333000-341600087000867000550000-476000-4465000-23659000-144520002696000-506000-20963000-149580006060002310000462800023180005234000462800052340004628000The company has experienced stable demand for its products in 2024 and 2025. Intra-group receivables have been reduced during the financial year as expected, enabling the company to reduce its bank engagement to the agreed level. The company has prepared a budget for 2025 in which liquidity is, in all material respects, unchanged, as the group's current strategy does not foresee any significant reduction in intra-group balances. Due to the continued high level of intra-group receivables, the company received a demand from its bank at the end of June 2025 for full repayment of the credit facility by the end of 2025. In connection with the bank's requirement, the company has obtained a letter of support from the parent company, Time Manufacturing Holdings, LLC, covering the period through 31 December 2025, to ensure liquidity going forward. Management is simultaneously working to secure additional financing alternatives similar to previous arrangements. Based on the support from the parent company and the expected performance of both the company and the group in 2025, management considers that sufficient liquidity will be available to execute the 2025 budget, despite the required repayment of the company’s external credit facilities. Accordingly, the annual report is presented on a going concern basis. Management assesses the existing credit facilities to be sufficient but notes the inherent uncertainty associated with the budget assumptions.3rd Party products 69.958 80.320 26.143 35.008 Installations and lifts 272.354 331.252 254.482 291.618 Other 92.918 95.856 87.919 64.906 435.230 507.428 368.544 391.532 United Kingdom 85.472 110.039 85.472 110.885 Germany 57.928 63.857 57.928 56.662 Scandinavia 150.542 146.429 82.233 98.697 Other EU 40.129 116.590 58.592 36.053 France 40.662 21.962 40.662 21.962 Belgium 59.002 36.052 42.162 54.701 Other 1.495 12.499 1.495 12.572 435.230 507.428 368.544 391.5329992700010579100091480007447000186900017910004220006550001113660001156840000426704267000190226 According to section 98 B(3) of the Danish Financial Statements Act, renumeration to the executive board has not been disclosed for 2024.1349000156500021340004047000348300056120001800000240002070002040002070000051160004762000511600047620007730002730000-51700029600000009020001121400083680002850008653000-5179000-1349000-65280002125000Development 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.10399000121400002053200011500018600032000-140000-56000001037400011766000205640008713000978600018092000589000716000822000-140000-56000009162000-994200018914000121200018240001650000Name Registered office Ownership interest Versalift Sweden AB Falkenberg, Sweden 100 Versalift Norge AS Indre Østfold, Norway 100Versalift Sweden ABFalkenberg, Sweden100Versalift Norge ASIndre Østfold, Norway100Prepayments 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 950 0 1.604 1.306 Deferred tax recognised in income statement -159 950 -605 298 Provision for deferred tax at 31 December 791 950 999 1.604 Provisions for deferred tax on: Intangible assets 468 702 468 702 Property, plant and equipment 11 54 11 54 Inventories 335 130 543 783 Other taxable temporary differences -23 64 -23 65 791 950 999 1.604 4680007020001100054000335000130000-2300064000The 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 4.177 (2023: TDKK 4.557) have been recognised for expected warranty claims. Balance at beginning of year at 1 January 4.557 3.687 4.557 3.687 Provision in year -380 870 -380 870 Balance at 31 December 4.177 4.557 4.177 4.5574557000368700041770004557000403950004177600000No 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 year 8.518 9.554 4.855 6.373 Between 1 and 5 years 6.462 4.952 2.848 3.182 After 5 years 0 0 0 0 14.980 14.506 7.703 9.555The 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 2024 amounts to t.kr. 5.420.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. 318.503 by the 31 December 2024. 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. 280.912 by the 31 December 2024.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.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.41800045600019700072000-204000-20700051160004762000348200056120002550003679000-380000-24700039078000131700010276000-6885000-296900007687000196640002119000Årsrapport35257691Baker Tilly DenmarkPoul Bundgaards Vej 1, 1.2500 Valby2024-01-012024-12-312023-01-012023-12-3112315600Versalift Denmark A/SSøndervang39640FarsøDKDanmarkVesthimmerlands KommuneBaker Tilly Denmark35257691Christoffer Pedersenstatsautoriseret revisorHjallesevej1265230Odense MDKDanmark661307302025-07-08Marcus Eduardo GoncalvesRegnskabsklasse C, stor virksomhedtrueRevisionspåtegningCaseWare-FSRfalsefalsefalsefalseThe annual report of Versalift Denmark A/S for 2024 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 2024 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 projects, patents and licences 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 life Residual value Production plant and machinery 5 years 0 % Other plant, fixtures and equipment 3-8 years 0 % Leasehold improvements 5 years 0 % 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 costs An 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 method The 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 activities Cash 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 activities Cash 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 activities Cash 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 equivalents Cash 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 ratio Gross Profit x 100Revenue Solvency ratio Equity at year end x 100Total assets Return on equity Net profit for the year x 100Average equity123156002024-01-012024-12-31123156002024-01-012024-12-311123156002023-01-012023-12-31123156002022-01-012022-12-31123156002022-12-31123156002021-01-012021-12-31123156002021-12-31123156002020-01-012020-12-31123156002020-12-31123156002024-01-012024-12-310123156002023-01-012023-12-310123156002022-01-012022-12-310123156002021-01-012021-12-310123156002020-01-012020-12-310123156002023-12-31123156002024-12-31123156002024-01-012024-12-311123156002024-01-012024-12-312123156002024-01-012024-12-313123156002024-01-012024-12-311123156002024-01-01g:ContributedCapitalMember123156002024-01-012024-12-31g:ContributedCapitalMember123156002024-12-31g:ContributedCapitalMember123156002024-01-01g:ReserveForNetRevaluationAccordingToEquityMethodMember123156002024-12-31g:ReserveForNetRevaluationAccordingToEquityMethodMember123156002024-01-012024-12-31g:ReserveForNetRevaluationAccordingToEquityMethodMember123156002024-01-01g:RetainedEarningsMember123156002024-01-012024-12-31g:RetainedEarningsMember123156002024-12-31g:RetainedEarningsMember123156002024-01-012024-12-31g:ManagementMember123156002023-01-012023-12-31g:ManagementMember123156002024-01-01g:CompletedDevelopmentProjectsMember123156002024-01-012024-12-31g:CompletedDevelopmentProjectsMember123156002024-12-31g:CompletedDevelopmentProjectsMember123156002024-01-01g:PlantAndMachineryMember123156002024-01-012024-12-31g:PlantAndMachineryMember123156002024-12-31g:PlantAndMachineryMember123156002024-01-01g:FixturesFittingsToolsAndEquipmentMember123156002024-01-012024-12-31g:FixturesFittingsToolsAndEquipmentMember123156002024-12-31g:FixturesFittingsToolsAndEquipmentMember123156002024-01-01g:LeaseholdImprovementsMember123156002024-01-012024-12-31g:LeaseholdImprovementsMember123156002024-12-31g:LeaseholdImprovementsMember123156002024-12-31g:LongtermPayablesToGroupEnterprisesMember123156002024-01-01g:LongtermPayablesToGroupEnterprisesMember123156002024-01-01123156002023-01-01123156002024-12-31g:IntangibleAssetsMember123156002023-12-31g:IntangibleAssetsMember123156002024-12-31g:PropertyPlantAndEquipmentMember123156002023-12-31g:PropertyPlantAndEquipmentMember123156002024-12-31g:InvestmentsMember123156002023-12-31g:InvestmentsMember123156002024-01-012024-12-31g:SubsidiaryMember2123156002024-01-012024-12-31g:SubsidiaryMember3123156002024-12-31g:SubsidiaryMember2123156002024-12-31g:SubsidiaryMember3123156002024-01-012024-12-3111123156002023-01-012023-12-3111123156002022-01-012022-12-3111123156002021-01-012021-12-3111123156002020-01-012020-12-3111123156002024-12-31g:OtherTaxableTemporaryDifferencesMember123156002023-12-31g:OtherTaxableTemporaryDifferencesMember123156002023-01-012023-12-311iso4217:DKKxbrli:pure