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The Annual Report is presented in accor­dance with the Da­nish Fi­nan­ci­al State­ments Act. In my opinion the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments give a true and fair view of Group's and the Company's assets, liabilities and financial position at 30 September 2025 and of the results of Group's and the Company's operations and cash flows for the fi­nan­ci­al year 1 October 2024  - 30 September 2025. The Management Commentary includes in my opinion a fair presentation of the matters dealt with in the Commentary. I recommend the Annual Report be approved at the Annual General Meeting. Esbjerg 2026-01-29 Glenn Carsten Macartney To the Shareholder of MacArtney Finance ApS Konklusion We ha­ve au­di­ted the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments of MacArtney Finance ApS for the fi­nan­ci­al year 1 October 2024 - 30 September 2025, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty, no­tes and a summary of significant accounting policies for both the Group and the Parent Company, as well as consolidated statement of cash flows for the Group. The Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments are pre­pared in accordance with 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 assets, liabilities and financial position of the Gro­up or the Com­pa­ny at 30 September 2025 and of the results of the Group and the Pa­rent Com­pa­ny's operations as well as the consolidated cash flows of the Group for the fi­nan­ci­al year 1 October 2024 - 30 September 2025 in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Basis for OpinionGrundlag for konklusion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We be­lie­ve that the e­vi­den­ce we ha­ve ob­tai­ned is suf­fi­ci­ent and ap­prop­ria­te to pro­vi­de a ba­sis for our con­clu­si­on.   Grundlag for konklusion Ma­na­ge­ment's Re­spon­si­bi­li­ti­es for the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments Management is responsible for the preparation of Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the 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 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 the 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 the 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 the 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 the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments.   As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:   Identify and assess the risks of material misstatement of the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the 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 the 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 the 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 Pa­rent Com­pa­ny to cease to continue as a going concern.   Evaluate the overall presentation, structure and contents of the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments, including the disclosures, and whether the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments represent the underlying transactions and events in a manner that gives a true and fair view.   Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the  Group Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.   We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.   Statement on Management Commentary Management is responsible for Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments does not cover Ma­na­ge­ment Com­men­ta­ry, and we do not express any form of assurance conclusion thereon.   In connection with our audit of the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments, our responsibility is to read Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment Com­men­ta­ry is materially inconsistent with the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the 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 Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that Ma­na­ge­ment Com­men­ta­ry 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 of Ma­na­ge­ment Com­men­ta­ry.   Esbjerg 2026-01-29 BDO Statsautoriseret Revisionspartnerselskab 45719375 BDO Statsautoriseret Revisionspartnerselskab 45719375 Jørn Jepsen Stig Petersen Revisionspåtegning State Authorised Public Accountant State Authorised Public Accountant mne24824 mne35464 919055000 788775000 611393000 347334000 233397000 226529000 169898000 120632000 91208000 -38000000 0 Operating profit/loss before depreciation and amortisation (EBITDA) Operating profit/loss before depreciation and amortisation (EBITDA) Operating profit/loss before depreciation and amortisation (EBITDA) Operating profit/loss before depreciation and amortisation (EBITDA) Operating profit/loss before depreciation and amortisation (EBITDA) 74973000 26680000 22347000 30261000 25709000 15391000 178149000 126828000 84322000 30518000000 0 Earnings before tax (EBT) Earnings before tax (EBT) Earnings before tax (EBT) Earnings before tax (EBT) Earnings before tax (EBT) 74546000 32326000 25746000 602499000 605669000 519168000 324874000 271008000 235256000 84374000 48615000 72405000 123108000 100044000 Net interest-bearing debt Net interest-bearing debt Net interest-bearing debt Net interest-bearing debt Net interest-bearing debt 502268000 436394000 406340000 371865000 327749000 Average invested capital incl. goodwill Average invested capital incl. goodwill Average invested capital incl. goodwill Average invested capital incl. goodwill Average invested capital incl. goodwill -30487000 -23879000 -19104000 -34538000 -9764000 38.3 39.4 37.8 29.6 37.1 11.0 9.5 8.1 4.1 4.2 30.5 24.4 18.4 7.9 9.7 2.6 2.5 2.3 2.1 1.9 Revenue/average invested capital incl. goodwill (%) Revenue/average invested capital incl. goodwill (%) Revenue/average invested capital incl. goodwill (%) Revenue/average invested capital incl. goodwill (%) Revenue/average invested capital incl. goodwill (%) 58.6 51.3 52.6 43.5 44.2 0.2 0.1 0.2 0.5 0.4 Financial gearing  Financial gearing  Financial gearing  Financial gearing  Financial gearing  13.3 11.3 9.9 4.8 5.7 EBITDA Margin (%) EBITDA Margin (%) EBITDA Margin (%) EBITDA Margin (%) EBITDA Margin (%) Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark. Invested capital including goodwill is defined as net working capital plus the carrying amount of property, plant and equipment and intangible assets as well as accumulated amortisation of intangible assets including goodwill, and less other provisions and long-term operating liabilities. Accumulated impairment losses on goodwill are not added.  Net working capital is defined as inventories, receivables and other operating current assets net of trade payables and other short-term operating liabilities. Income tax receivable and payable as well as cash are not included in net working capital.  Net interest-bearing debt is defined as interest-bearing liabilities, including income tax payable, net of interestbearing assets, includ-ing cash and income tax receivable.  EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) is defined as operating profit plus the year's amortisation and depreciation of fixed assets including goodwill.    Net margin (%): Operating profit/loss x 100            Net revenue Return on invested capital incl goodwill  (%):               EBITDA x 100                        Average invested capital incl goodwill Gross margin: Gross profit x 100    Net revenue Revenue/Invested capital incl goodwill:                   Revenue                         Average invested capital incl goodwill EBT Margin (%): Earnings before tax x 100            Revenue EBITDA margin (%): Operating profit/loss excl. depreciations x 100                          Revenue  Equity ratio:  Equity (ex. minorities), at year-end x 100 Total assets, at year-end Return on equity (ex minorities): Profit/loss after tax ex minorities x 100        Average equity ex minorities Financial gearing Net interest-bearing debt           Equity   Principal activities The Parent Company’s principal activity consists of holding equity investments in MacArtney A/S and MacArtney Properties ApS. The Group’s activities comprise the development, manufacturing, sale, and servicing of underwater technology products, as well as the leasing of properties. The Group manufactures high-quality products, fully integrated systems, and innovative custom solutions, from design to installation, supported by training, service and local workshops. We cover the areas of connectivity, launch and recovery, and data acquisition for energy companies, ocean science institutes, marine renewable developers, navies, and others around the world.   Development in activities and financial and economic position The yearly profit for the group after-tax amounts to 140,831 k, and the parent company yields a profit of DKK 138,015 k after-tax and before discontinued activities.   After the distribution of the profit for the year, the total equity for the parent company amounts to DKK 450,998 k, and the group amounts to DKK 461,466 k, corresponding to 60% of the total balance sheet at 30.09.2025 for the group.   Profit/loss for the year compared to the expected development The performance for the year 2024/25 MacArtney Group exceeded the management expectations both in terms of revenue and profitability. This is achieved through good conditions in our markets and significant project progress.  MacArtney Group experienced growth of 31,7% in Europe and a decrease of 5,2% in Asia and 15,5% in America and at the same time managed to keep and for some product areas increase the margin. Foremost our performance comes from a strong focus of our more than 500 employees in the Group.   Significant events 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.   Financial risk Interest   The Group is exposed to fluctuations in interest rates on its financing activities. Exposure to changes in interest rates is reduced by pooling financing activities centrally, thereby reducing the balance with financial institutions. Furthermore, the Group uses financial instruments on a minor scale. Credit risk  The Group is exposed to credit risk from customers in different business sectors and geographical locations. Customers are regularly credit-rated and prepayments and stage payments are applied to reduce credit risks.   Currency risks  Currency risks mainly relate to the group's operating activity, where income or costs are in another currency than DKK and included as receivables for sales and trade payables. In addition, the group is exposed to currency risks on intra-group balances. The group is exposed to USD, GBP, CAD, NOK, SEK, and EUR, which means that results, cash flows and equity are affected by changes in exchange rates. The primary objective of managing currency risks is to reduce the negative impact of exchange rate fluctuations on earnings and cash flows in the short term, contributing to increased predictability. Hedging takes place via forward exchange transactions to hedge expected turnover and purchases on selected projects within the next 12 months. Exchange rate risks relating to investments in subsidiaries and associated companies abroad are not hedged, as it is the company's opinion that ongoing price hedging of such long-term investments will not be optimal from an overall risk and cost perspective. Business risks The Group's most important operating risk is linked to the ability to be strongly positioned in the markets where the products and solutions are sold. Geopolitical tensions are monitored, and the potential impact on the business is addressed. Furthermore, the Group needs to be constantly at the forefront of technological development within its areas of activity. The Group relies on solid and long-lasting relationships with strategic partners.   Research and development activities The Group’s development activities range from highly specialised solutions to meet one customer’s needs to developing standardised products suitable for various customer segments. The Group is in constant dialogue with customers and stakeholders to ensure that future needs are met. The development activities are partly done by in-house highly skilled employees and through a co-creation process with stakeholders and customers.   Future expectations MacArtney anticipates limited growth next fiscal year, with revenue projected at 1,200–1,300 mDKK and profitability on a lower level. We expect an EBT level of 10-11%. The Group has launched a new strategy and is investing in future growth and profitability. The continued geopolitical changes and economic developments reduce the predictability of the markets in which we operate.   Corporate social responsibility (CSR) report Business model  MacArtney manufactures high-quality products, fully integrated systems, and innovative custom solutions from design to installation. We support our products and solutions with training, service, and local workshops. MacArtney Group owns the full value chain from development and engineering to project management, manufacturing and aftersales. Our areas of expertise include connectivity, launch and recovery, and data acquisition for energy companies, ocean science institutes, marine renewable and solutions for renewable energy. The products and solutions are sold through MacArtney A/S and subsidiaries, as well as through a worldwide network of agents. We have MacArtney A/S subsidiaries in the US, Canada, the UK, Norway, Sweden, France, the Netherlands, Germany, Italy, Australia, Singapore, and United Arab Emirates. MacArtney A/S is ISO 9001 & ISO 45001 certified. The management system measures are expanded to cover the areas of Environment, Climate, Health, Safety and Social aspects and Human rights. This means that methods are in place to ensure development and follow-up on action plans to follow progress towards strategic intentions and specific goals. ESG Report 2024/25 MacArtney’s ESG report is published on our website, https://www.macartney.com/esg/esg-at-macartney-group/. The ESG report is not a part of this Annual Report 2024/25. Environmental Impact MacArtney has an environmental footprint when we source and use raw materials, produce products, consume energy, generate waste, transport and more. To support the green transition of our industry, we have extended our environmental policy to measure our carbon emissions as well as our utilities and waste to reduce our environmental impact as a company.  Social Responsibility Our employees are our most important resource, and we are committed to maintaining a strong health and safety culture throughout our organisation. This extends to our supply chains, where we have implemented a Supplier Code of Conduct focusing on human and labour rights. We also have a clear focus on being a strong member of our local community, contributing to a broad range of projects and participating in different events in culture and sports.  One of our tools to evaluate employee satisfaction is our annual employee engagement survey across the Group. The survey assesses a broad range of factors related to wellbeing, safety, inclusion, and personal development, and it serves as an important tool to ensure that our employees are well.    Health and Safety Our commitment to health and safety is based on our values. We care for people. MacArtney is working with health and safety standards across all our operations and ensure that all personnel receive proper training and updates. Our head-quarters in Denmark is ISO 45001 certified, and we monitor and manage safety regulations weekly across our subsidiaries. We conduct regular fire drills and simulations, and our employees are offered first aid courses. All employees should trust that they are safe and secure while at work. This goes for all types of jobs within the MacArtney Group, including jobs carried out on land or at sea and under difficult circumstances. We provide the frames for a healthy work environment and a contribution to healthy living. This year we had 2 work-related injuries resulting in 6 days off work. Our target is to have zero work-related injuries. On average, across the Group, we had 7.3 sick days per FTE. Governance MacArtney has a “do the right thing always” attitude, and we see reliability, integrity, and trustworthiness as fundamental principles for our business. We have had an extensive focus on governance actions this year as part of our mission of setting a thorough and holistic baseline for our work with ESG, that sets the foundation for the future of MacArtney Group. Corporate Code of Conduct MacArtney has a Corporate Code of Conduct consisting of 10 principles aligned with the UN Global Compact. It guides our employees, customers, suppliers, and other stakeholders in responsible business conduct at MacArtney. The code of conduct can be found on https://www.macartney.com/media/wm2nuf4t/code-of- conduct-corporate.pdf Employee Code of Conduct MacArtney’s code of conduct for employees is a set of guidelines and principles that define our employees’ expected behaviour and ethical standards.  The code of conduct can be found on https://www.macartney.com/media/npjdtcwu/code-of-conduct-employees.pdf Whistleblower System MacArtney wants to act on principles of accountability, openness, and cooperation, including the ability for employees and collaborators to act on critical matters. The whistleblower system is established on our website and offers a confidential and safe way to report any irregularities or illegalities within the company. Internal and external persons can submit information about criticisable relationships or report actions that are unethical, illegal, or violating internal policies. The scheme aims to bring matters to light that would not otherwise have been reported. Incidents may be reported confidentiality with name and contact details, or one can choose to be 100% anonymous. Anti-Corruption and Bribery As stated in our Corporate Code of Conduct, we have a zero-tolerance policy for corruption and bribery across our organisation. We are obliged to abide by the laws and regulations in the countries we conduct our business. Respect for human rights and labour rights  Social responsibility is at the heart of our business, and respect for human rights and labour rights is of high importance in the way we conduct our business. We comply with present laws and regulations regarding labour and employment laws and expect our suppliers and partners to do the same through our Supplier Code of Conduct. Sanction Risk Management Policy MacArtney has introduced a Sanction Risk Management Policy to ensure compliance with international sanctions, embargoes, and export control regulations across all locations.   Report of data ethics MacArtney A/S is responsible for the information provided by customers, employees, or other stakeholders and processed by MacArtney A/S. Personal information is treated with respect for the confidentiality of the information and for the privacy of the stakeholders.    There is a clear policy describing that personal information is used respectfully for employees, customers, and other stakeholder’s privacy to ensure compliance with the Data Protection Act and the Data Protection (GDPR)and Cybersecurity Maturity Model Certification (CMMC).   1281786000 1082681000 0 0 4407000 4051000 0 0 691532000 562766000 0 0 104299000 97418000 818000 10430000 490362000 426548000 -818000 -10430000 320464000 304880000 0 0 16959000 16200000 0 0 0 1036000 0 0 152939000 104432000 -818000 -10430000 26256000 24218000 139963000 109753000 3643000 2525000 778000 737000 4689000 4347000 924000 741000 178149000 126828000 138999000 99319000 37318000 25873000 984000 -49000 140831000 100955000 138015000 99368000 552000 132000 0 0 21849000 24238000 0 0 1666000 0 0 0 24067000 24370000 0 0 159819000 150691000 0 0 34254000 29719000 0 0 1565000 0 0 0 195638000 180410000 0 0 0 0 420027000 392861000 33738000 36031000 0 0 33738000 36031000 420027000 392861000 253443000 240811000 420027000 392861000 145375000 146525000 0 0 39915000 55667000 0 0 8177000 7959000 0 0 193467000 210151000 0 0 194653000 171042000 0 0 77359000 65981000 0 0 0 0 31081000 15331000 2968000 3348000 0 0 26000 99000 0 0 5005000 6977000 0 0 1669000 3856000 0 0 0 0 23907000 12853000 15609000 14979000 0 0 297289000 266282000 54988000 28184000 25564000 28921000 16000 0 516320000 505354000 55004000 28184000 769763000 746165000 475031000 421045000 125000 125000 125000 125000 0 0 288973000 289307000 2624000 2567000 0 0 358249000 317588000 71900000 30848000 90000000 62500000 90000000 62500000 10468000 7642000 0 0 461466000 390422000 450998000 382780000 1010000 1019000 0 0 5689000 7288000 0 0 6699000 8307000 0 0 23839000 29668000 0 0 14194000 17461000 0 0 43000 63000 0 0 23763000 9513000 23763000 10946000 69376000 63760000 23763000 10946000 1443000 1846000 0 0 12641000 6573000 0 0 27000 582000 0 0 10646000 77417000 0 0 66545000 36308000 0 0 50828000 80567000 32000 10387000 0 0 0 16932000 17238000 14271000 0 0 8399000 8377000 238000 0 147000 297000 0 0 0 24000 0 0 232222000 283676000 270000 27319000 301598000 347436000 24033000 38265000 769763000 746165000 475031000 421045000 Group DKK '000Sha­re ca­pi­talFair value reserve for hedge accountingRetained earningsProposed dividendMinority shareholdersTotal Equity at 1 October 20241252,567317,58862,5007,642390,422 -90,000 Proposed profit allocation, see note 7 48,01590,0002,816140,831 Transactions with ownersDividend paid -62,500-62,500 Other legal bindingsForeign exchange adjustments -7,354 -7,354Other adjustments 1010 Change fair value reservesValue adjustments in the year 77 77 Tax on changes in equity -20 -20 Equity at 30 September 20251252,624358,24990,00010,468461,466 Parent Company DKK '000Sha­re ca­pi­talRe­ser­ve for net re­va­lua­ti­on un­der the equi­ty met­hodRetained earningsProposed dividendTotal Equity at 1 October 2024125289,30730,84862,500382,780 -90,000 Proposed profit allocation, jf. note 7 6,96341,05290,000138,015 Transactions with ownersDividend paid -62,500-62,500 Other legal bindingsForeign exchange adjustments -7,354 -7,354Other adjustments to equity value 57 57 Equity at 30 September 2025125288,97371,90090,000450,998 125000 2567000 317588000 62500000 7642000 -90000000 48015000 2816000 -62500000 -7354000 10000 77000 -20000 125000 2624000 358249000 90000000 10468000 125000 289307000 30848000 62500000 -90000000 6963000 41052000 -62500000 -7354000 57000 125000 288973000 71900000 90000000 140831000 100955000 16959000 16200000 -85000 1036000 -26256000 -24218000 37318000 25873000 -20508000 -15078000 16684000 -47040000 -33647000 -70004000 -55954000 80249000 -5079000 -2136000 68664000 64803000 -2344000 0 -30487000 -23879000 764000 15000 0 1019000 26552000 17951000 -5515000 -4894000 -10072000 -7149000 6066000 -2980000 -62500000 -30014000 -66506000 -40143000 -3357000 19766000 28921000 9155000 25564000 28921000 Group Parent Company 2024/25 2024/25 DKK '000 DKK '000 1 | Net revenue Segment details (geography) Asia109,714 0 Europe991,526 0 America180,546 0 1,281,786 0 Segment details (activities) Underwater Technology1,092,261 0 Offshore solutions189,000 0 Property rental525 0 1,281,786 0 Group 2024/252023/24 DKK '000DKK '000 2 | Fee to statutory auditor Total fee BDO 2,1441,991 Auditors of foreign subsidiaries 1,4851,597 3,6293,588 Specification of fee Statutory audit 1,133993 Assurance engagements 311226 Tax consultancy 119429 Other services 2,0661,940 3,6293,588 1133000 993000 311000 226000 119000 429000 2066000 1940000 3 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees489474 00 Wages and salaries 269,192263,704 00 Pensions 19,61917,627 00 Social security costs 31,65323,549 00 320,464304,880 00 Information on management remuneration has been omitted in accordance with the exemption provision in Section 98b(3)(2) of the Danish Financial Statements Act. 489 474 0 0 269192000 263704000 0 0 19619000 17627000 0 0 31653000 23549000 0 0 320464000 304880000 0 0 Group Parent Company 2024/252023/24 2024/252023/24 DKK '000DKK '000 DKK '000DKK '000 4 | Income from investments in subsidiaries and associates Income from investments in subsidiaries 00 139,963109,753 Income from investments in associates 26,25624,218 00 26,25624,218 139,963109,753 Group Parent Company 2024/252023/24 2024/252023/24 DKK '000DKK '000 DKK '000DKK '000 5 | Other financial expenses Interest expenses to group enterprises 00 477736 Other interest expenses 4,6894,347 4475 4,6894,347 924741 0 0 477000 736000 4689000 4347000 447000 5000 4689000 4347000 924000 741000 36883000 21306000 52000 -63000 0 0 932000 0 435000 4567000 0 14000 7 | Proposed distribution of profit Proposed dividend for the year 90,00062,500 90,00062,500 Allocation to re­ser­ve for net re­va­lua­ti­on un­der the equi­ty met­hod 00 6,96319,253 Retained earnings 48,01536,868 41,05217,615 Minority interests' share of profit/loss 2,8161,587 00 140,831100,955 138,01599,368 90000000 62500000 90000000 62500000 0 0 6963000 19253000 48015000 36868000 41052000 17615000 2816000 1587000 0 0 140831000 100955000 138015000 99368000 8 | Intangible assets Group DKK '000Development projects completed, including patents and similar rights originating from development projectsGoodwillDevelopment projects in progress and prepayments for intangible assets Cost at 1 October 2024 1,32756,6070 Exchange adjustment at closing rate 0-7070 Additions 67801,666 Disposals 0-5750 Cost at 30 September 2025 2,00555,3251,666   Amortisation at 1 October 2024 1,19532,3690 Exchange adjustment at closing rate 0-4570 Reversal of amortisation of assets disposed of  0-5750 Amortisation for the year 2582,1390 Amortisation at 30 September 2025 1,45333,4760 Carrying amount at 30 September 202555221,8491,666 Completed development projects consist of development of the Trustlink MS Connector Range. The project is expected to gain competitive advantages in the future. Development project in progress relates to development of a new and modern Business Information platform for the entire group. The project will be completed in 2025/26.  1327000 56607000 0 0 -707000 0 678000 0 1666000 0 575000 0 2005000 55325000 1666000 1195000 32369000 0 0 -457000 0 0 575000 0 258000 2139000 0 1453000 33476000 0 552000 21849000 1666000 9 | Property, plant and equipment Group DKK '000Land and buildingsOther plant, fixtures and equipmentLeasehold improvements Cost at 1 October 2024 190,506106,6820 Exchange adjustment at closing rate 35-7850 Additions 13,62315,1281,736 Disposals -23-1,8520 Cost at 30 September 2025 204,141119,1731,736   Depreciation and impairment losses at 1 October 2024 39,81576,9630 Exchange adjustment 2-7340 Reversal of depreciation of assets disposed of 0-1,1960 Depreciation for the year 4,5059,886171 Depreciation and impairment losses at 30 September 2025 44,32284,919171 Carrying amount at 30 September 2025159,81934,2541,565 Finance lease assets 289 190506000 106682000 0 35000 -785000 0 13623000 15128000 1736000 23000 1852000 0 204141000 119173000 1736000 39815000 76963000 0 2000 -734000 0 0 1196000 0 4505000 9886000 171000 44322000 84919000 171000 159819000 34254000 1565000 289000 10 | Financial non-current assets Group DKK '000Investments in associates Cost at 1 October 2024 31Cost at 30 September 2025 31  Revaluation at 1 October 2024 36,000Exchange adjustment -1,997Dividend -26,552Profit/loss for the year 26,256Revaluation at 30 September 2025 33,707 Carrying amount at 30 September 202533,738 Parent Company DKK '000Investments in subsidiaries Cost at 1 October 2024 41,054Cost at 30 September 2025 41,054 Revaluation at 1 October 2024 351,807Exchange adjustment -7,354Dividend -105,500Profit/loss for the year 139,963Other adjustments 57Revaluation at 30 September 2025 378,973 Carrying amount at 30 September 2025420,027 Investments in subsidiaries  Name and domicilOwnership MacArtney A/S, Denmark 100 % MacArtney Properties ApS, Denmark 100 % MacArtney Eiendomsselskap A/S, Norway 100 % MacArtney Norge A/S, Norway 100 % MacArtney UK Ltd., UK 100 % MacArtney Distribution Center Inc., USA 100 % MacArtney Inc., USA 100 %  - MacArtney Canada Ltd., Canada 100 % MacArtney France SAS, France 100 % MacArtney Italy s.r.l, Italy 100 % MacArtney Germany GmbH, Germany 64 % MacArtney Benelux B.V, The Netherlands 75 % MacArtney Singapore Pte. Ltd, Singapore 100 %  - MacArtney Australia Pty Ltd, Australia 100 % MacArtney Offshore Solutions A/S, Denmark 100 % MacArtney Hydraulics A/S, Denmark 100 % MacArtney Sweden AB, Sweden 100 % MacArtney Middle East FZCO, Dubai 100 % Investments in associates  Name and domicilOwnership SubConn Inc., USA 49 % 31000 31000 36000000 -1997000 -26552000 26256000 33707000 33738000 41054000 41054000 351807000 -7354000 -105500000 139963000 57000 378973000 420027000 11 | Contract work in progress Sales value of completed work 331,401162,556 00 Progress invoicing/advances received -264,688-173,992 00 Contract work in progress, net 66,713-11,436 00 Recognised as follows Contract work in progress (asset) 77,35965,981 00 Contract work in progress (liability) -10,646-77,417 00 66,713-11,436 00 12 | Deferred tax assets The provision for deferred tax is related to differences between the carrying amount and tax value of securities, receivables, intangible and tangible fixed assets, including recognised finance lease contracts. Group Parent Company 20252024 20252024 DKK '000DKK '000 DKK '000DKK '000 Deferred tax assets is related to: Intagible assets 2165 00 Property, plant and equipment -658716 00 Inventories 2,8501,652 00 Receivables -194-200 00 Provisions 9681,015 00 2,9683,348 00 Group Parent Company 20252024 20252024 DKK '000DKK '000 DKK '000DKK '000 Deferred tax assets, beginning of year 3,3488,067 00 Deferred tax of the year, income statement -380-4,678 00 Deferred tax of the year, equity 0-41 00 Deferred tax assets 30 September 20252,9683,348 00 Based on an evaluation of the markets in Denmark and Norway as well as the activities within sales, product development, market potential and adjustments of costs, the Company has prepared budgets for the following years showing the use of the deferred tax assets within three to five years. Based on an evaluation of the markets in Denmark and Norway as well as the activities within sales, product development, market potential and adjustments of costs, the Company has prepared budgets for the following years showing the use of the deferred tax assets within three to five years. 13 | Derivative financial instruments Assets include a positive present value of the interest rate swap amounting to DKK 26,000.The interest rate swap has been entered into to hedge a fixed interest rate on the company’s variable-rate bank loan. The swap has a notional amount of DKK 7.0 million and secures a fixed interest rate of 0.71% for the remaining term of 1 year. The bank loan and the interest rate swap are entered into with the same counterparty. Liabilities include a negative present value of the reset Swap amounting to DKK 33,000.The reset swap has been entered into to hedge a fixed interest rate on the company’s variable-rate mortgage loan. The reset swap has a notional amount of DKK 4.5 million and secures a fixed interest rate of 4.48% for the remaining term of 1 year. The mortgage loan and the reset swap are entered into with the same counterparty. The liabilities also include a negative fair value of DKK 114,000 relating to a reset interest rate swap. The interest rate swap has been entered into for the purpose of hedging the variable interest rate exposure on the Company’s floating?rate bank loan. The swap has a notional amount of DKK 10.5 million and fixes the interest rate at 4.92% for the remaining term of six years. The bank loan and the interest rate swap have been entered into with the same counterparty. The hedging instuments impact the Balance Sheet, Income Statement and Equity as follows:   Group Derivative financial instruments Fair value at 30 September 2025 Assets 26Liabilities -147 -121 Value adjustment in the year recognised in Equity 77 Derivative financial instruments -121000 77000 14 | Prepayments Prepayments include prepaid expenses. 15 | Sha­re ca­pi­talAllocation of Share capital: Ordinære aktier, 125,000 unit in the denomination of 1 DKK125125 125125 16 | Provision for deferred tax The provision for deferred tax is related to differences between the carrying amount and tax value of securities, receivables, intangible and tangible fixed assets, including recognised finance lease contracts. Group Parent Company 20252024 20252024 DKK '000DKK '000 DKK '000DKK '000 Deferred tax is related to Property, plant and equipment 918954 00 Provisions 11465 00 Receivables 220 00 1,0541,019 00 Group Parent Company 20252024 20252024 DKK '000DKK '000 DKK '000DKK '000 Deferred tax, beginning of year 1,0191,220 00 Deferred tax of the year, income statement 55-223 00 Deferred tax of the year, equity -2022 00 Provision for deferred tax 30 September 20251,0541,019 00 17 | Other provisions Other provisions include warranty provisions. 18 | Long-term liabilities Group 30/9 2025RepaymentDebt outstanding30/9 2024DKK '000total liabilitiesnext yearafter 5 yearstotal liabilities Debt to mortgage credit institution 25,2821,44315,16931,514Bank debt 17,4803,2869,08720,745Lease liabilities 70270645Corporation tax 23,763009,513Other non-current liabilities 7,53706,6727,309 74,1324,75630,92869,726 Parent Company 30/9 2025RepaymentDebt outstanding30/9 2024DKK '000total liabilitiesnext yearafter 5 yearstotal liabilities Corporation tax 23,7630010,946 23,7630010,946 30928 0 Contingent liabilities The total contingent liabilities as of the balance sheet date amount to: 55,874 0 Joint liabilitiesThe Danish companies of the group is jointly and severally liable for tax on the group’s jointly taxed income and for certain possible withholding taxes such as dividend tax and royalty tax, and for the joint registration of VAT. Tax payable of the group’s jointly taxed income amounts to DKK (‘000) 24,358 at the Balance Sheet date. 55874000 0 20 | Charges and securities Group As security for the group's cash pool arrangements, a registered mortgage deed with a nominal value of DKK 10,205 thousand has been pledged in land an buildings. The carrying amount of the mortgaged properties is DKK 4,034 thousand.  The Group has unused mortgage deed of approximately DKK 750 thousand.  The group has also provided a floating charge with a nominal value of DKK 65,194 thousand. The floating charge covers inventory, trade receivables, other fixtures and fittings, tools and equipment of a total carrying amount of DKK 46,686 thousand. Mortgage debt is secured by registered mortgage deeds in properties with a total carrying amount of DKK 86,288 thousand. Bank debt is secured by an mortgage deed of DKK 7,000 thousand in properties with a total carrying amount of DKK 43,300 thousand. Bank debt is also secured by an indemnity mortgage deed of DKK 8,160 thousand in properties with a total carrying amount of DKK 23,967 thousand. Parent A joint guarantee with a maximum exposure of DKK 131,110 thousand has been issued in favour of the banking facilities of affiliated undertakings. As at the reporting date, the related credit facilities had been utilised by DKK 19 thousand. 21 | Related parties Transactions with related parties The Company did not carry out any material transactions that were not concluded on market conditions. According to section 98c, subsection 7 of the Danish Financial Statements Act information is given only on transactions that were not performed on common market conditions. The Annual Report of MacArtney Finance ApS for 2024/25 has been presented in accor­dance with the pro­vi­sions of the Da­nish lar­ge-si­ze Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class C .  Regnskabsklasse C, stor virksomhed1trueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse C, stor virksomhed true The Consolidated Financial Statements include the Parent Company MacArtney Finance ApS and the subsidiaries in which MacArtney Finance ApS direct­ly or indirect­ly holds more than 50% of the voting rights or in any other way has a control­ling influ­ence. Enter­prises in which the Group holds be­tween 20% and 50% of the voting rights and exer­cises signi­ficant, but not con­trol­ling influ­ence, are con­sidered asso­ciates, see the Group structure.   The Consolidated Financial Statements conso­lidate the Financial Statements of the Parent Company and the subsidiaries by com­bining uniform accounts items. Intercompany income and expenses, shareholdings, intercompany accounts and dividend, and realised and unrea­lised gains and losses arising from transactions between the consolidated enterprises are fully eliminated in the consolidation.   Newly acquired or established enterprises within the Group are recognised in the Consolidated Financial statements from the date of takeover or establishment. Sold or wound-up enterprises are recognised in the Consolidated Income Statement up to the time of handover. Comparative figures are not adjusted for newly acquired, sold or wound-up enterprises.   The takeover date is the date on which the Group gains actual control over the acquired enterprise.   Acquired enterprises within the Group are recognised in the Consolidated Financial Statements according to the combination method, the combination being regarded as completed at the date of acquisition, and by using the carrying amounts of the assets and liabilities taken over.    Positive and negative differences between the acquisition value and the carrying amounts of taken over and identified assets and liabilities are recognised in equity upon acquisition. The difference from acquired entities is DKK ('000).   Transaction costs, incurred in connection with acquisition of businesses, are recognised in the income statement  in the year when costs are incurred.   Equity interests in subsidiaries are set off by the proportional share of the subsidiaries’ fair value of net assets and liabilities at the date of takeover.   Investments in associates are measured in the Balance Sheet at the proportional share of the equity value of the enterprises, calculated under the accounting policies of the Parent Company and eliminating proportionally any unrealised inter­company gains and losses. The proportional share of the results of the associates is recognised in the Income Statement after elimination of the proportional share of internal gains and losses.   Minority interests The accounting items of the subsidiaries are recognised in full in the Consolidated Financial Statements. The minority interests’ proportional share of the results and equity of the subsidiaries is stated as separate items in the allocation of profit/loss and equity, respectively.   Net revenue The Company’s revenue consists of item sales and project sales.  Revenue from the item sale is recognised in the income statement when delivery is made and risk has passed to the buyer.  Projects are included in revenue based on the stage of completion so that revenue corresponds to the selling price of the work performed in the financial year (the percentage-of-completion method).   Rental income is accrued to cover the period up to the end of the financial year. Payments charged to cover heating are not included in rental income.   Costs of raw materials and consumables Raw materials and consumables comprises the costs of raw materials and consumables used to reach the revenue for the year. Additionally, decrease or increase of inventories of raw materials and consumables for the year is included, as well as normal impairment of inventories of raw materials and consumables.   Other operating income Other operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities.   Other external expenses Other external expenses comprise expenses relating to the Company’s ordinary activities, including expenses for premises, administration, sales, etc.   Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Group and the Pa­rent Com­pa­ny's employees.   Other operating expenses Other operating expenses include items of a secondary nature in relation to the Group’s and the Company’s activities. Losses from sale of intangible and tangible fixed assets are also included.   Income from investments in subsidiaries and associates The Income Statement of the Parent Company recognises the proportional share of the results of sub­si­dia­ri­es and as­so­cia­tes determined according to the Parent Company’s accounting policies and after full elimination of intercompany profits/losses and deduction of amortisation of goodwill. resulting from purchase price allocation at the date of acquisition, is recognised in the Parent Company’s Income Statement.   Profits from sale are recognized, if the economic rights related to the sold sub­si­dia­ri­es and as­so­cia­tes are transferred. However, not before the profit is realised or regarded as realisable. Moreover, realised losses besides impairments are recognised when they are demonstrated.   Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from securities, debt and transactions in foreign currencies, as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity.   Intangible fixed assets Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. The amortisation period is 5-20 years because goodwill derives from strategically acquired enterprises with a strong market position and a long-term earnings profile.    Goodwill is written down to the lower of recoverable amount and carrying amount.   Development projects comprise development projects completed and in progress with related  to intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.   Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in  question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling  the costs incurred less deferred tax is taken to equity under reserve for development costs that is reduced as the development projects are amortised and written down.    The cost of development projects comprises costs such as salaries and amortisation that are directly and indirectly attributable to the development projects.  Completed development projects are amortised on a straight-line basis using their estimated useful lives which are determined based on a specific assessment of each development project. For development projects protected by intellectual property rights,  the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods  used are 5 years.    Intangible fixed assets are generally written down to the recoverable amount if this is lower than the carrying amount.   Profit or loss from sale of intangible fixed assets is calculated at the difference between the sales price and the carrying amount at the time of the sale. Profit and loss are recognised in the Income Statement under other operating income or other operating expenses.    Property, plant and equipment Land and buildings, production plant and machinery, other plant, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses.   The depreciation base is cost less estimated residual value after end of useful life.   The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used.    Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets:   Useful lifeBuildings 50 yearsOther plant, fixtures and equipment 3-10 yearsLeasehold improvements 3-10 years Profit or loss on sale of property, plant and equipment is stated as the difference between the sales price less selling costs and the carrying amount at the date of sale. Profit or loss is recognised in the Income Statement as other operating income or other operating expenses.   Lease contracts Lease contracts relating to tangible fixed assets  The capitalised residual lease liability is recog­nised in the Balance Sheet as a liability and the interest portion of the lease payment is recog­nised in the Income Statement over the contract period.   Financial non-current assets Investments in associates and subsidiaries are recognised and measured according to the equity method. This means that, in the balance sheet, investments are measured at the pro rata share of the associates' equity value plus or minus unamortised positive, or negative, goodwill and plus or minus unrealised intra-group profits or losses.    Associates with a negative equity are measured at zero value, and any receivables from these associates are written down by the Company’s share of such negative equity if it is deemed irrecoverable. If the negative equity value exceeds the amount receivable, the remaining amount is recognised under provisions if the Company has a legal or constructive obligation to cover the liabilities of the relevant associate.    The combination method is applied when acquiring enterprises within the Group, where the combination is regarded as completed at the date of acquisition, and by using the carrying amounts of the assets and liabilities acquired.   The difference between the acquisition cost and carrying amounts is recognised directly in equity.   Upon distribution of profit or loss, net revaluation of investments in associates is transferred to reserve for net revaluation according to the equity method under equity.    Goodwill is calculated as the difference between cost of the investments and the pro rata share of the fair value of the assets and liabilities acquired which have been measured at fair value at the date of acquisition. The amortisation period for goodwill is 5-20 years because goodwill derives from strategically acquired enterprises with a strong market position and a long-term earnings profile.    Investments in sub­si­dia­ri­es and as­so­cia­tes with negative equity value are measured at DKK 0. Any receivables with these companies are written off, to the extent that the receivable is uncollectible from a specifically assessed indication of impairment. To the extent that the Parent Company has a legal or actual obligation to cover a negative balance which exceeds the receivable, the remainder is recognised under provisions for liabilities.   Impairment of fixed assets The carrying amount of in­tan­gib­le fi­xed and pro­per­ty, plant and equip­ment to­get­her with fi­xed as­sets, which are not mea­su­red at fair va­lue,, are assessed annually for indications of impairment other than that reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Inventories Inventories are measured at the lower of cost using the average method and net realisable value.    Cost of goods for resale, raw materials and consumables consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists of costs of raw materials, consumables, direct labour costs and indirect production costs.    The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.   Receivables Receivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and doubtful debts.   Contract work in progress Contract work in progress (construction contracts) is measured at the selling price of the work carried out at the balance sheet date.  The selling price is measured based on the stage of completion and the total estimated income from the individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total budgeted consumption of resources.  If the selling price of a construction contract cannot be made up reliably, it is measured at the lower of costs incurred and net realisable value.    Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions, depending on whether the net value, calculated as the selling price less prepayments received, is positive or negative.    Costs of sales work and of securing contracts as well as financing costs are recognised in the income statement as incurred.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Other provisions for liabilities Other provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on contract work in progress, decided and published restructuring, etc.   Other provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance sheet date are measured at their discounted value.    Once it is likely that total costs will exceed total income from a contract in progress, provision is made for the total loss estimated to result from the relevant contract.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   The Company is subject to joint taxation with Danish Group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff 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 under the legislation in force on the Balance Sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the Income Statement over the loan period.   The amortised cost of current liabilities corresponds usually to the nominal value.   Derivative financial instruments Derivative financial instruments are initially recognised in the Balance Sheet at cost and are subsequently measured at fair value. Positive and negative fair values of derivative financial instruments are recognised under receivables and payables, respectively.   Change in the fair value of derivative financial instruments classified as and complying with the criteria for hedging of the fair value of a recognised asset or a recognised liability is recognised in the Income Statement together with possible changes in the fair value of the hedged asset or the hedged liability.   Change in the fair value of derivative financial instruments related to hedging of future cash flows are recognised in Equity to the extent, that the conditions for this purpose are fulfilled. The value adjustments are recognised in a fair value reserve for hedging for accounting purposes until the hedged transaction is realised or the hedging ceases is adjusted downward. Upon realisation the accumulated value of the hedging instrument together with the hedged transaction is recognised in the Income Statement, unless the hedging transaction results in recognition of a non-financial asset or a non-financial liability. In this case, the amount is transferred from Equity to the cost price or carrying amount of this asset or liability.   Where a hedging is no longer effective, in part or in full, the accumulated value in Equity is transferred in full or proportionally to the financial income or expenses in the Income Statement. Changes in the fair value of derivative financial instruments which the Company might elect not to transfer to hedging for accounting purposes are also recognised here. Tax on the movements in the hedging reserve is recognised, which is transferred to tax in the Income Statement as the reserve is being dissolved.   Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the Income Statement as a financial income or expense. Receivables, payables and other monetary items in foreign currencies that are not settled on the Balance Sheet date are translated at the exchange rate on the Balance Sheet date. The difference between the exchange rate on the Balance Sheet date and the exchange rate at the date when the receivables or payables come into existence recognised in the Income Statement as financial income or expenses. Fixed assets acquired in foreign currencies are translated at the rate of exchange on the transaction date.   At recognition of foreign subsidiaries that are not independent entities, but integrated entities, monetary items are translated at the exchange rate on the Balance Sheet date. Non-monetary items are translated at the rate at the date of acquisition or at the date of a subsequent revaluation or writedown of the asset. The items of the Income Statement are translated at the rate on the transaction date, items derived from non-monetary items being translated at the historic rates of the non-monetary item.   Cash Flow Statement   The cash flow statement shows the Company’s cash flows for the year for operating activities, investing activities and financing activities in the year, the change in cash and cash equivalents of the year and cash and cash equivalents at beginning and end of the year.   Cash flows from operating activities:Cash flows from operating activities are computed as the results for the year adjusted for non-cash operating items, changes in net working capital and corporation tax paid.   Cash flows from investing activities:Cash flows from investing activities include payments in connection with purchase and sale of intangible and tangible fixed asset and fixed asset investments.   Cash flows from financing activities:Cash flows from financing activities include changes in the size or composition of share capital and related costs, and borrowings and repayment of interest-bearing debt and payment of dividend to shareholders.   Cash and cash equivalents:Cash and cash equivalents include cash at bank and in hand and short-term securities, for which there is only negligible risk of changes in value, and which are readily negotiable for cash at bank and in hand.   The cash flow statement shows the Company’s cash flows for the year for operating activities, investing activities and financing activities in the year, the change in cash and cash equivalents of the year and cash and cash equivalents at beginning and end of the year.