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Revisionspartnerselskab 33771231 Regnskabsklasse B Revisionspåtegning true 2026-01-13 Jesper Rantala The Executive Board and Board of Directors have today considered and adopted the Annual Report of Dynatest A/S for the financial year 1 November 2024 - 31 October 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 October 2025 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2024/25. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Ballerup 2026-01-13 Lotte Wøldiche Præstgaard CEO Jesper Rantala Lars Jensen Carl Sinnerup Jensen Chair Mads Kragh Jensen To the shareholder of Dynatest A/S Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 October 2025 and of the results of the Group’s and the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 November 2024 - 31 October 2025 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Dynatest A/S for the financial year 1 November 2024 - 31 October 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements and the Parent Company Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Trekantområdet 2026-01-13 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Lars Almskou Ohmeyer Heidi Bonde State Authorised Public Accountant State Authorised Public Accountant mne24817 mne42815 Dynatest A/S Tempovej 27 2750 Ballerup 40916458 Ballerup Herredsvej 32 7100 Vejle Seen over a 5-year period, the development of the Group is described by the following financial highlights:EBITDA10,69010,2469,3115,91013,593Depreciation, amortisation and impairment-3,846-2,243-1,206-1,385-434Profit/loss before tax5,6924,6644,4835,86912,726Tax on profit/loss for the year-1,096-1,262-1,323-2,288-3,120Cash flows from:Please refer to the definitions in the section on accounting policies. 94624000 101826000 92393000 40486000 37162000 38482000 8105000 4525000 13159000 -3622000 1344000 -433000 3160000 3581000 9606000 81082000 80573000 54769000 1941000 517000 888000 4226000 0 23010000 20811000 14941000 5669000 -6016000 -10873000 -6671000 -10198000 1847000 -4270000 18754000 2635000 -5272000 2540000 -6391000 43 47 57 55 35 0.360 0.433 0.428 0.365 0.417 0.064 0.080 0.086 0.044 0.142 0.104 0.094 0.100 0.056 0.240 0.445 0.307 0.284 0.258 0.273 0.166 0.139 0.144 0.200 1.286 Key activitiesDynatest A/S is a market leading international provider of pavement engineering services, equipment and associated unique software used in planning and maintenance of pavements for roads, airport runways and construction. In addition to engineering services, the company also provides technical support and assistance to clients. Dynatest A/S has its headquarter in Copenhagen, Denmark, with a subsidiary in Florida, United States. The products are marketed globally and sold through the Dynatest companies, agents, and distributors. Dynatest A/S holds all copyrights, product rights, and production rights to all mechanical, electronic hardware and associated software.Market overviewManagement is confident that the growing global focus on the green transition will generate new business opportunities for the company. In the years ahead, we expect increased demand particularly from the Middle East, Asia and South America. Many countries have already expanded—or are in the process of expanding—their investments in infrastructure, creating favourable conditions for Dynatest in terms of equipment supply, technical services, and customer support. As the leading global company in our field, our ambition is not only to maintain our position but to strengthen it further. In recent years, we have developed several new applications and equipment's that have either already been launched or will soon be introduced to the market. Our previous investments in product platforms and global expansion—aimed at capturing a larger share of the global market for pavement maintenance across roads, airport runways, and construction—are now generating tangible results. Our goal remains to be the leading global provider of equipment, data analysis and service for owners and users of pavement infrastructure. In the coming year, we expect challenges in the North American market to normalize, but the market will continue to be affected by underinvestment in public infrastructure and the political situation.Development in the yearThe income statement for Dynatest A/S for 2024/25 shows a turnover of DKK 71,284,733 and a result before financial items of DKK 8,877,661.The Dynatest Group has for 2024/25 achieved a turnover of DKK 107,450,313 and a result before financial items of DKK 6,843,900.It has been a year of consolidation for the company. Throughout the year, we have focused on strengthening the organization to enhance operational efficiency and ensure long-term stability. A key priority has been the improvement of working capital management, creating a more balanced flow between inventory levels, production planning, and customer demands.We have also standardized our processes to create greater transparency across markets and establish more predictable financial processes.These smaller adjustments have been necessary to align organizational capacity with market conditions and ensure a more efficient cost structure moving forward.In parallel with these initiatives, the year has also marked important technological milestones. We successfully introduced our newly developed DynaWare platform for our Falling Weight Deflectometers to the market. Furthermore, a long-awaited upgrade of our overall software architecture, together with the launch of the ELMOD7 back-calculation software, has been completed. These advancements have contributed positively to Dynatest’s ability to maintain its position as the leading technology partner in non-destructive testing equipment for pavement assessment.We have continued to expand and strengthen our global network of agents, resulting in a significantly improved market position across most regions.Overall, we are concluding the year in a strong position with resilient organization and a competitive product mix well-aligned with current and future market needs.The overall financial results for the year are considered satisfactory.The company’s balance sheet as of October 31, 2025, shows equity of DKK 29,425,193, and the solvency ratio as of October 31, 2025, is 44.5%.Operating risksThe company’s activities cover development, manufacturing, and delivery of large and complex machines solutions to the industry sector, which imply both technical and contractual risks. However, in Management’s assessment, the company currently has internal systems and procedures to ensure that the activities for the year may be carried out without any significant technical and contractual risks.Foreign exchange risksAll revenue is in DKK, EUR, and USD. As a result, the company runs a low risk of fluctuations in exchange rates. Attempts are made to hedge the uncertainties in currencies by reducing net positions.Credit risksThe company's customer portfolio consists primarily of major road directorates, investment banks, airports, consultancies as well as larger reputable companies which are considered to have a good credit rating. As part of the tender process, customers are subject to regular credit assessments. Credit risks are sought minimized through payment terms and LoC that reduce exposure.Research and developmentIn the coming years, we plan to continue advancing our digital solutions and enhancing products that can be implemented globally across the organization. Our partnerships with universities ensure a continuous flow of skilled talent, as we regularly carry out student projects at various academic levels through a structured process. These collaborations have already led to new innovations and successful recruitment.External environmentThe company is aware of its responsibilities in relation to both the external and the internal environment and shows the necessary consideration when performing individual assignments, and in environmental matters, in its services and supplies to customers.Intellectual capital resourcesThe company operates as a knowledge-based organization, where the employees’ expertise and experience represent the core assets. Continuous skill development and knowledge exchange are central focus areas, and great emphasis is placed on initiatives that help attract and retain talented employees. Through our partnerships with universities, we maintain a consistent inflow of highly qualified candidates.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 107450313 99539809 71284733 57297268 294008 0 5541296 3757689 49876731 39493478 37225589 27807545 19183404 16943719 11091416 11646045 38684186 43102612 28509024 21601367 27994314 32856582 16478987 20410279 3845972 2243448 3152376 1711411 6843900 8002582 8877661 -520323 0 0 -1514385 6133226 23232 31440 139819 400190 1174770 3370094 1172209 3369759 5692362 4663928 6330886 2643334 1096350 1261551 1734874 -759043 4596012 3402377 4596012 3402377 -1514385 6205902 6110397 -2803525 18288003 9821727 17202006 8138253 0 0 0 0 0 0 0 0 0 9401885 0 9401885 18288003 19223612 17202006 17540138 952691 1206777 467588 1206777 952691 1206777 467588 1206777 0 0 18992704 21689480 0 0 18992704 21689480 19240694 20430389 36662298 40436395 22500235 24882178 16705352 15975334 10759123 16241710 5035619 4782244 5925658 16046952 875424 2362209 498931 49723 185584 7505568 1631390 2539187 1310410 2198738 197337 0 0 0 0 2728809 0 2728809 791594 418215 682681 405066 19804033 38024596 8089718 19982634 4537448 1407306 1045385 1149495 46841716 64314080 25840455 37107463 66082410 84744469 62502753 77543858 500000 500000 500000 500000 0 0 16902504 19599280 0 0 13417565 13681308 38325 1220716 0 0 28886868 24290856 -1394876 -7769016 29425193 26011572 29425193 26011572 3896860 5023764 3896860 5023764 3896860 5023764 3896860 5023764 255356 245590 255356 245590 255356 245590 255356 245590 116456 292447 116456 292447 5803498 857537 5729422 807390 3003321 4159361 2627933 3330414 3135777 10287861 764761 5627087 15819321 33945222 15813019 33945222 0 603817 0 0 2861777 0 2861777 0 1764851 3317298 1011976 2260372 32505001 53463543 28925344 46262932 32760357 53709133 29180700 46508522 66082410 84744469 62502753 77543858 500000 1220716 24290856 26011572 0 -1182391 0 -1182391 0 0 4596012 4596012 500000 38325 28886868 29425193 500000 19599280 13681308 -7769016 26011572 0 1182391 0 0 1182391 0 0 -263743 263743 0 0 -1514385 0 6110397 4596012 500000 16902504 13417565 -1394876 29425193 4596012 3402377 4726559 6480483 13605632 7518115 22928203 17400975 23232 31440 1174770 3370094 21776665 14062321 -2566178 1334843 24342843 12727478 2595330 6980315 1940844 516937 84820 0 1979987 51947 -2471367 -7445305 175991 0 18575109 5366918 0 47911 9766 25500 -18741334 -5293507 3130142 -11334 1407306 1418640 4537448 1407306 Cash and cash equivalents are specified as follows:Exchange adjustments-1,086,104-363,170 4537448 1407306 4537448 1407306 24080895 28865922 14518065 17829726 2064388 2641709 1761372 2368774 1849031 1348951 199550 211779 27994314 32856582 16478987 20410279 43 47 25 29 0 0 116587 368970 23232 31440 23232 31220 23232 31440 139819 400190 975440 2807211 970873 2807211 26159 11237 25944 11210 173171 551646 175392 551338 1174770 3370094 1172209 3369759 2223254 -756929 2861778 -2728809 -1126904 1969766 -1126904 1969766 0 48714 0 0 1096350 1261551 1734874 -759043 12303241 100000 1520375 9401885 -152030 0 0 0 0 0 0 2595330 0 0 0 84820 11912395 0 0 -11912395 24063606 100000 1520375 0 2481514 100000 1520375 0 -55743 0 0 0 3349832 0 0 0 5775603 100000 1520375 0 18288003 0 0 0 3-5 years8 years3 years3-5 years8 years Development projects relate to the further development of equipment within the company's existing product area. The products are already on the market. The equipment will be sold in the current and new markets to both the company's existing customers and new ones. There is, and is expected to be a great demand for the products in the coming years.Development projects relate to the further development of equipment within the company's existing product area. The products are already on the market. The equipment will be sold in the current and new markets to both the company's existing customers and new ones. There is, and is expected, to be a great demand for the products in the coming years. 9645176 100000 9401885 0 0 0 0 0 2595330 0 0 84820 11912395 0 -11912395 21557571 100000 0 1506923 100000 0 0 0 0 2848642 0 0 4355565 100000 0 17202006 0 0 2121230 2121230 1940844 635076 2276105 1536975 1785969 1219331 914453 914453 496140 303734 577315 466444 833278 751743 952691 467588 3-5 years3-5 years 6701 2090200 0 2083499 6701 6701 21682779 13866568 0 2083499 -1182391 -400515 -1514385 6133227 18986003 21682779 18992704 21689480 Investments in subsidiaries are specified as follows: Dynatest US Inc United States 1.00 10609854 14169388 6791235 8473154 7644164 6563078 5678778 4939685 4246217 2629815 4235339 2562495 0 1519897 0 0 22500235 24882178 16705352 15975334 Selling price of work in progress9,745,07339,330,5471,424,30517,073,646Payments received on account-6,955,192-33,571,456-1,313,642-20,338,5242,789,8815,759,091110,663-3,264,878Recognised in the balance sheet as follows:Contract work in progress recognised in assets5,925,65816,046,952875,4242,362,209Prepayments received recognised in debt-3,135,777-10,287,861-764,761-5,627,0872,789,8815,759,091110,663-3,264,878 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Other payables2,020,2073,562,8881,267,3322,505,962 255356 245590 255356 245590 255356 245590 255356 245590 1764851 3317298 1011976 2260372 23232 31440 1174770 3370094 3564775 2243448 1096350 1261551 4726559 6480483 2381943 -6603263 16138299 9967652 4914610 -4153726 13605632 7518115 Rental and lease obligationsThe Group has assumed lease commitments amounting to DKK 912k as at the balance sheet date.The Group has assumed rent obligations amounting to DKK 6,268k as at the balance sheet date.The Parent has assumed lease commitments amounting to DKK 912k as at the balance sheet date.The Parent has assumed rent obligations amounting to DKK 1,024k as at the balance sheet date.Other contingent liabilitiesThe Group and Parent have pledged a bank deposit of DKK 1,045k to a third party.The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Visign Holding ApS, which is the management company of the joint taxation purposes. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability.Other financial obligationsThe Group has entered into agreements regarding other financial obligations of DKK 1,245k.The Parent has entered into agreements regarding other financial obligations of DKK 980k. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company:Eltronic Group A/SDK-8722 Hedensted The Annual Report of Dynatest A/S for 2024/25 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.During the financial year the accounting policies applied has changed to the policies applying to enterprises of reporting class B from enterprises of reporting class medium-sized C due to the size of the Group. As a result hereof the Group has removed certain non-applicable notes in the Financial Statements. The change does not have an impact on recognition and measurement.The Consolidated Financial Statements and the Parent Company Financial Statements for 2024/25 are presented in DKK. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, Dynatest A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Business combinationsBusiness acquisitions carried through on or after 1 July 2018Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably.The time of acquisition is the time when the Group obtains control of the entity acquired.The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred.Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Where the differences are negative, they are recognised immediately in the income statement.Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made.Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement.In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement. All leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Translation policiesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group.Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract.Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc.Other external expenses also include research and development costs that do not qualify for capitalisation. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with Danish group companies. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Intangible fixed assetsDevelopment projectsCosts of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities.Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis.As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 5 year. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment3-5 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment.Goodwill, head office buildings and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable. Investments in subsidiariesInvestments in subsidiaries are recognised and measured under the equity method.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of goods for resale, raw materials and consumables equals landed cost.The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Contract work in progressContract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement.Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value.Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative. PrepaymentsPrepayments comprise prepaid expenses concerning rent and other costs as well. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group.The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalentsThe cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand”. Financial HighlightsExplanation of financial ratiosGross marginGross profit x 100 / RevenueProfit marginProfit/loss of primary operations x 100 / RevenueReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity