29523355 2025-01-01 2025-12-31 29523355 2025-01-01 2025-12-31 2 29523355 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 29523355 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 29523355 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 29523355 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 29523355 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_4 29523355 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_5 29523355 2025-01-01 2025-12-31 1 29523355 2023-01-01 2023-12-31 29523355 2022-01-01 2022-12-31 29523355 2021-01-01 2021-12-31 29523355 2023-12-31 29523355 2022-12-31 29523355 2021-12-31 29523355 2024-01-01 2024-12-31 29523355 2025-12-31 29523355 2024-12-31 29523355 2025-01-01 fsa:ContributedCapitalMember 29523355 2025-01-01 fsa:ReserveForDevelopmentExpenditureMember 29523355 2025-01-01 fsa:RetainedEarningsMember 29523355 2025-01-01 29523355 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 29523355 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 29523355 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 29523355 2025-12-31 fsa:ContributedCapitalMember 29523355 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 29523355 2025-12-31 fsa:RetainedEarningsMember 29523355 2025-01-01 fsa:CompletedDevelopmentProjectsMember 29523355 2025-01-01 fsa:DevelopmentProjectsInProgressMember 29523355 2025-01-01 2025-12-31 fsa:CompletedDevelopmentProjectsMember 29523355 2025-01-01 2025-12-31 fsa:DevelopmentProjectsInProgressMember 29523355 2025-12-31 fsa:CompletedDevelopmentProjectsMember 29523355 2025-12-31 fsa:DevelopmentProjectsInProgressMember 29523355 2025-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 29523355 2025-01-01 fsa:LeaseholdImprovementsMember 29523355 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 29523355 2025-01-01 2025-12-31 fsa:LeaseholdImprovementsMember 29523355 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 29523355 2025-12-31 fsa:LeaseholdImprovementsMember 29523355 2025-01-01 fsa:InvestmentsInGroupEnterprisesMember 29523355 2024-01-01 fsa:InvestmentsInGroupEnterprisesMember 29523355 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 29523355 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 29523355 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 29523355 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 29523355 2025-12-31 1 fsa:SubsidiaryMember 29523355 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_2 fsa:SubsidiaryMember 29523355 2025-12-31 relatedEntityIdentifier_sub_2 fsa:SubsidiaryMember 29523355 2025-12-31 2 fsa:SubsidiaryMember 29523355 2025-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 29523355 2025-01-01 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 29523355 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 29523355 2025-12-31 ClassOfSharesIdentifier_list_2 29523355 2025-12-31 ClassOfSharesIdentifier_list_3 iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning false 2026-06-23 Frida Marie-Louise Westerberg The Executive Board and Board of Directors have today considered and adopted the Annual Report of CSIS SECURITY GROUP 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 Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and of the results of the Company operations for 2025. 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. Frederiksberg 2026-06-23 Daniel Alexander Shepherd CEO Frida Marie-Louise Westerberg Daniel Alexander Shepherd Åsa Elisabeth Agerman Chairman Anna Kirstine Kaae Liviu Serban Ghiuta To the shareholder of CSIS SECURITY GROUP A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of CSIS SECURITY GROUP A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”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 Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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 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 financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional 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 Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Hellerup 2026-06-23 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Leif Ulbæk Jensen Ahmed Shah Ahmedzay State Authorised Public Accountant State Authorised Public Accountant mne23327 mne50717 CSIS SECURITY GROUP A/S Lindevangs Alle 12, 3 2000 Frederiksberg 29523355 Frederiksberg Strandvejen 44 2900 Hellerup Seen over a 5-year period, the development of the Company is described by the following financial highlights:For definition of ratios refer to Accounting Policies. 65067000 79714000 53028000 4624000 -1742000 -19784000 346000 -119000 270000 3853000 -3414000 -19438000 79429000 53077000 65072000 339000 1114000 1339000 408000 153000 13675000 10180000 19596000 77 73 73 66 71 0.112 0.033 0.058 0.033 0.304 0.200 0.120 0.172 0.192 0.301 0.559 0.363 0.323 0.229 0.503 Key activitiesFounded in 2003, CSIS Security Group A/S is the leading European pure-play provider of tech-enabled cybersecurity and intelligence services. With offices in Copenhagen, Stockholm and London, we work with clients across Europe on a 24/7 basis to address critical and highly sensitive challenges, leveraging our unique team of nearly 150 dedicated professionals, along with our powerful proprietary technology stack.CSIS is a trusted partner for Managed Detection & Response (MDR), Emergency Incident Response, and Security Consulting services across both IT and OT domains. We are the preferred cybersecurity partner to notable organizations in sectors such as Banking & Financial Services, Energy & Utilities, Manufacturing, Transportation & Logistics, and Government & Public Sector.In 2024, CSIS acquired Security Alliance Limited (SecAlliance), Europe’s leading provider of intelligence services. SecAlliance works with financial institutions, governmental agencies, and critical infrastructure operators, helping them strengthen their cyber resilience and make intelligence-driven security decisions. SecAlliance is known for its human-centric approach to intelligence, facilitating collaboration and awareness among its clients, and is a CREST and Bank of England (CBEST) approved supplier, recognized for quality and trust in cyber threat intelligence services.CSIS is a trusted adviser to law enforcement agencies and a sought-after contributor to public and closed-community conferences worldwide. Our certifications and memberships highlight our commitment to quality, collaboration, and to driving the growth of the cybersecurity community. We are independently certified to ISO 27001, UK Cyber Essentials certified, and an assured provider for the UK’s National Cyber Security Centre (NCSC) Cyber Incident Response scheme.Additionally, we are a Microsoft Security Solutions Partner with a Threat Detection Specialism, demonstrating our expertise in enhancing our customers’ security posture. We are also members of FIRST, the global incident response practitioner network, and are active contributors to global sharing initiatives, including APWG, NCFTA, and ShadowServer.Our annual event ‘Cyberhagen’, now in its 14th year, is a premier platform for knowledge, insight-sharing, and inspiration for the cyber industry in the Nordics.We firmly believe in the importance of running our company in a manner that is consistent with sustainable practices and conducive to a favourable working environment for employees. We routinely report on both Impact and ESG KPIs. In addition to pre-existing work-related surveys, we work with eNPS and employee engagement surveys to keep our finger on the pulse.Development in the yearThe income statement of the Company for 2025 shows a profit of DKK 15,296,683, and at 31 December 2025 the balance sheet of the Company shows an equity of DKK 35,036,061.The past year and follow-up on development expectations from last yearOur results for the year signal strong market leadership and differentiation. Our growth has been very satisfying and is better than expectations stated in the annual report 2024 due to an increased activity more than expected combined with slight decrease in cost.Targets and expectations for the year aheadWe look forward to another successful growth year in 2026, leveraging our distinctive brand and customer focus, as well as our service delivery excellence, to continue winning new customers and retaining existing ones. We expect an increase of approximately 15% in the revenue.Research and developmentOur core commercial offering is comprised of:Cybersecurity services• Managed Detection and Response (MDR)• Security Consulting / Offensive Security• Emergency Incident ResponseIntelligence services• Intelligence-Sharing Communities• Physical Intelligence• Cyber Intelligence (Strategic, Operational, Tactical) Services• CTI ConsultingOur company's knowledge resources are an essential component to drive growth, including strategic, commercial, and financial success. Some of our key activities in this context are that we continuously improve our recruitment and onboarding practices, periodically assess the competitiveness of our market positioning and invest into our employee's training and development in line with our career development framework. Furthermore, we invest into the development of own technology and into external support applications to ensure the effectiveness and productivity of our staff.We continue to invest in technology through our internal Development team and our partnership with a leading external development agency – the objective being to continuously improve the scalability of our services portfolio.We have been working on identifying development projects and ensuring that the requirements and criteria for capitalisation are met. Management assesses that the development costs held during the financial year meet the criteria for capitalisation.External environmentUncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Unusual eventsThe financial position at 31 December 2025 of the Company and the results of the activities and cash flows of the Company for the financial year for 2025 have not been affected by any unusual events.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 81487951 68178755 60926280 61798734 1017576 850931 19544095 5529090 8747986 5213022 8647212 2933470 19644869 7808642 4348186 1744548 15296683 6064094 1033980 0 3581319 0 4615299 0 943562 1426196 157156 289348 1100718 1715544 50836 50836 1228749 958025 1279585 1008861 6995602 2724405 10309995 21432562 136271730 117344483 0 87975 44702 0 7813791 5873634 154440218 144738654 13422205 17606261 167862423 162344915 174858025 165069320 520400 520400 3599933 0 30915728 19218978 35036061 19739378 0 5100 0 5100 1535977 1971494 2956523 2421708 76827583 75765645 4151720 2117939 7348156 8854442 47002005 54193614 139821964 145324842 139821964 145324842 174858025 165069320 520400 0 19218978 19739378 0 3599933 -3599933 0 0 0 15296683 15296683 520400 3599933 30915728 35036061 52417747 53925388 7477662 7117404 827327 682415 203544 73527 60926280 61798734 77 73 Given the limited scope of the Board of Directors' activities, no separate remuneration is paid to the members of the board. Remuneration to the Executive Board has therefore not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 69860 0 947716 850931 1017576 850931 8582411 3814959 31648 208994 133927 1189069 8747986 5213022 5529230 2304210 1382 216217 3116600 413043 8647212 2933470 4397988 1792141 -49802 -55681 0 8088 4348186 1744548 15296683 6064094 0 0 1103840 3581319 1103840 3581319 0 0 69860 0 69860 0 1033980 3581319 Completed development projects include the development of technologies which streamline various processes within the Company's programs and operations. The development projects comprise solely internal labour costs. 4895787 984188 338801 0 21557 0 5213031 984188 3469591 694840 815524 132192 15646 0 4269469 827032 943562 157156 50836 50836 50836 50836 50836 50836 Investments in subsidiaries are specified as follows:-17,449,259-14,296,576 CSIS eCrime Services ApS København 1.00 848548 75086 CSIS Group UK Ltd London 1.00 -18297807 -14371662 958025 270724 1228749 1228749 Other prepayments7,813,7915,873,6347,813,7915,873,634Prepayments consist of prepaid expenses concerning rent, subscriptions and interest. DKK30,000,00022,039,966520,400 A-shares 300000 B-shares 220400 Other deferred income47,002,00554,193,61447,002,00554,193,614Deferred income comprises payments received in respect of income in subsequent years. There are no security and contingent liabilities at 31 December 2025.The company has entered into operational lease agreements. The lease agreements can be terminated with 1-43 months notice equivalent to DKK 6,747,889 where DKK 1,906,293 has to be paid within a year.The Company is jointly taxed with the other enterprises in the group and are jointly and severally liable for the taxes that concern the joint taxation. Controlling interestPure TopCo S.à r.lUltimate parent companyAllurity Midco ABParentAllurity BidCo ABParentTransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act.Apart from the above, there have been no transactions with the Supervisory Board, the Executive Board, senior officers, significant shareholders, group enterprises or other related parties, except for intercompany transactions and normal management remuneration. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Allurity Midco ABNorrlandsgatan 1011143Sweden No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of CSIS SECURITY GROUP A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The Financial Statements for 2025 are presented in DKK. With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2025 of Allurity Midco AB, the Company has not prepared consolidated financial statements. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Allurity MidCo AB, the Company has not prepared a cash flow statement. 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. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. 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. RevenueIncome is recognised in the Income statement from the date of delivery and when the risk has passed to the buyer if it is possible to calculate the income reliably. The revenue is calculated exclusive of VAT, charges and discounts.Income from delivery of services is recognised as revenue as the service is delivered. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, expenses for raw materials and consumables and other external expenses. 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. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Income from investments in subsidiariesDividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.The Company is jointly taxed with . The tax effect of the joint taxation with the subsidiaries is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). 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 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. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period.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 years Leasehold improvements3 years Consessions, patents, licens, trademarks and other similar rights5 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 measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. 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. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Equity comprises the share capital and a series of other equity related posts that may be statutory or stipulated in the Articles of Association. Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income.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. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured 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.Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred incomeDeferred income comprises payments received in respect of income in subsequent years. Financial HighlightsExplanation of financial ratiosReturn 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