20215674 2025-01-01 2025-12-31 20215674 2025-01-01 2025-12-31 1 20215674 2025-01-01 2025-12-31 1 20215674 2025-01-01 2025-12-31 2 20215674 2025-01-01 2025-12-31 4 20215674 2024-01-01 2024-12-31 20215674 2025-12-31 20215674 2024-12-31 20215674 2025-01-01 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 20215674 2025-01-01 2025-12-31 c:ContributedCapitalMember 20215674 2025-01-01 2025-12-31 c:RetainedEarningsMember 20215674 2025-12-31 c:ContributedCapitalMember 20215674 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 20215674 2025-12-31 c:RetainedEarningsMember 20215674 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 20215674 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 20215674 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 20215674 2025-01-01 c:InvestmentsInGroupEnterprisesMember 20215674 2025-12-31 c:InvestmentsInGroupEnterprisesMember 20215674 2025-01-01 2025-12-31 c:SubsidiaryMember 1 20215674 2025-12-31 c:SubsidiaryMember 1 20215674 2025-01-01 2025-12-31 c:SubsidiaryMember 2 20215674 2025-12-31 c:SubsidiaryMember 2 20215674 2025-01-01 c:DepositsLongtermInvestmentsAndReceivablesMember 20215674 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK xbrli:shares xbrli:pure Årsrapport Erklæring om udvidet gennemgang GREENEX ApS Regnskabsklasse B Beierholm Langagervej 1 Lars Houlberg Hartmann Nielsen 9220 Aalborg Ø 2026-06-02 Konklusion Opinion Grundlag for konklusion 63, 1. 32895468 Basis for Opinion 2026-06-02 2024-01-01 2024-12-31 20215674 2025-01-01 2025-12-31 Logistikvej Odense C 25 B 5250 Odense SV Odense Beierholm Risingsvej 5000 Danmark true Jeg har dags dato aflagt års­rap­por­ten for regn­skabs­året 01.01.25 - 31.12.25 for GREENEX ApS. I have on this day presented the annual report for the financial year 01.01.25 - 31.12.25 for GREENEX ApS. Årsrapporten aflægges i over­ens­stem­mel­se med års­regn­skabs­loven. The annual report is presented in accordance with the Danish Finan­cial Sta­te­ments Act. Det er min opfattelse, at års­regn­ska­bet giver et ret­vi­sen­de bil­lede af sel­ska­bets ak­ti­ver, pas­si­ver og fi­nan­siel­le stil­ling pr. 31.12.25 og re­sul­ta­tet af sel­ska­bets ak­ti­vi­te­ter for regn­skabs­året 01.01.25 - 31.12.25. In my opinion, the financial statements give a true and fair view of the company's assets, liabilities and financial position as at 31.12.25 and of the results of the company's activities for the financial year 01.01.25 - 31.12.25. Ledelsesberetningen indeholder efter min op­fat­telse en ret­vi­sende rede­gø­rel­se for de for­hold, be­ret­nin­gen om­hand­ler. I believe that the management's review includes a fair review of the matters dealt with in the management's review. Årsrapporten indstilles til general­for­sam­lin­gens god­ken­delse. The annual report is submitted for adoption by the general meeting. Odense 2026-06-02 Torben Frank Pedersen Adm. direktør Til kapitalejeren i GREENEX ApS To the shareholder of GREENEX ApS Vi har udført udvidet gennemgang af års­regn­ska­bet for GREENEX ApS for regn­skabs­året 01.01.25 - 31.12.25, der omfatter re­sul­tat­op­gø­relse, ba­lance, egen­kapital­op­gø­relse og noter, her­under op­lys­ning om an­vendt regn­skabs­prak­sis. Års­regn­ska­bet udarbejdes efter års­regn­skabs­loven.Baseret på det udførte arbejde er det vores opfattelse, at års­regn­ska­bet giver et ret­vi­sende billede af sel­ska­bets aktiver, passiver og finansielle stilling pr. 31.12.25 samt af resultatet af sel­ska­bets aktiviteter for regn­skabs­året 01.01.25 - 31.12.25 i over­ens­stem­mel­se med års­regn­skabs­loven. We have conducted an extended review of the fi­nan­cial sta­te­ments of GREENEX ApS for the financial year 01.01.25 - 31.12.25, which comprise in­co­me sta­te­ment, ba­lan­ce sheet, statement of changes in equity and notes to the financial statements, including material accounting policy information. The fi­nan­cial sta­te­ments are prepared in accordance with the Danish Finan­cial Sta­te­ments Act.Based on the work performed, in our opinion, the fi­nan­cial sta­te­ments give a true and fair view of the company's financial position at 31.12.25 and of the results of the company's operations for the financial year 01.01.25 - 31.12.25 in accordance with the Danish Finan­cial Sta­te­ments Act. Vi har udført vores udvidede gennemgang i overensstemmelse med Erhvervsstyrelsens er­klæ­­rings­stan­dard for små virksomheder og FSR – danske revisorers standard om udvidet gen­nem­gang af årsregnskaber, der udarbej­des efter års­regn­skabs­loven. Vores ansvar ifølge disse standarder og krav er nær­mere beskrevet i afsnittet ”Revisors ansvar for den ud­vi­de­de gen­nem­gang af års­regn­ska­bet”. Vi er uafhængige af sel­ska­bet i overensstemmelse med International Ethics Standards Board for Accountants’ internationale retningslinjer for revisorers etiske adfærd (IESBA Code) og de yderligere etiske krav, der er gældende i Danmark, ligesom vi har opfyldt vores øvrige etiske forpligtelser i henhold til disse krav og IESBA Code. Det er vores opfattelse, at det opnåede bevis er til­stræk­ke­ligt og egnet som grund­lag for vores kon­klu­sion. We conducted our extended review in accordance with the Danish Business Authority’s Assurance Standard for Small Enterprises and FSR – Danish Auditors’ standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the ‘Auditor’s responsibilities for the extended review 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 inaccordance 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 basis for conclusion. Ledelsen er ansvarlig for ledel­ses­be­ret­nin­gen.Vores konklusion om års­regn­ska­bet omfat­ter ikke ledelsesberetningen, og vi ud­tryk­ker ingen form for konklusion med sikker­hed om ledel­ses­beret­ningen.I tilknytning til vores udvidede gennemgang af års­regn­ska­bet er det vores ansvar at læse ledel­ses­be­ret­nin­gen og i den forbindelse overveje, om ledel­ses­be­ret­nin­gen er væ­sent­ligt in­kon­sis­tent med års­regn­ska­bet eller vores viden opnået ved den udvidede gen­nem­gang eller på anden måde synes at inde­holde væ­sent­lig fejl­in­for­ma­tion.Vores ansvar er derudover at overveje, om ledel­ses­be­ret­nin­gen indeholder krævede op­lys­ninger i henhold til års­regn­skabs­loven.Baseret på det udførte arbejde er det vores opfattelse, at ledelsesberetningen er i over­ens­stemmelse med års­regn­ska­bet og er ud­ar­bej­det i over­ens­stem­melse med års­regn­skabs­lovens krav. Vi har ikke fundet væ­­sent­lig fejl­in­for­ma­tion i le­del­ses­be­ret­nin­gen. Management is responsible for the mana­ge­ment’s review. Our conclusion on the fi­nan­cial sta­te­ments does not cover the management’s review, and we do not express any form of assurance conclusion there on.In connection with our extended review of the fi­nan­cial sta­te­ments, it is our responsibility to read the management’s review and in doing so consider whether the management’s review is materially inconsistent with the fi­nan­cial sta­te­ments or our knowledge obtained during the extended review, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the management’s review provides the infor­mation required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the 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 the management’s review. Ledelsen har ansvaret for udarbejdelsen af et års­regn­skab, der giver et ret­vi­sende bil­le­de i over­ens­stem­mel­se med års­regn­skabs­loven. Ledelsen har endvidere ansva­ret for den interne kontrol, som ledel­sen anser for nød­ven­dig for at udar­bejde et års­regn­skab uden væsent­lig fejl­infor­ma­tion, uanset om denne skyldes besvi­gel­ser eller fejl.Ved udarbejdelsen af års­regn­ska­bet er ledelsen ansvarlig for at vurdere sel­ska­bets evne til at fort­sætte drif­ten, at oplyse om forhold vedrørende fortsat drift, hvor dette er relevant, samt at udarbejde års­regn­ska­bet på grundlag af regn­skabs­prin­cip­pet om fortsat drift, med­min­dre ledelsen enten har til hen­sigt at lik­videre sel­ska­bet, ind­stil­le drif­ten eller ikke har andet rea­lis­tisk al­ter­nat­iv end at gøre dette. Management is responsible for the preparation of fi­nan­cial sta­te­ments that give a true and fair view in accordance with the 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. Vores ansvar er at udtrykke en konklusion om års­regn­ska­bet. Dette kræver, at vi plan­læg­ger og ud­fø­rer hand­linger med henblik på at opnå begrænset sikkerhed for vores kon­klu­sion om års­regn­ska­bet og derudover udfører specifikt krævede sup­ple­rende hand­linger med henblik på at opnå yder­ligere sikkerhed for vores konklusion.En udvidet gennemgang omfatter hand­lin­ger, der primært består af fore­spørgs­ler til ledelsen og, hvor det er hen­sigts­mæs­sigt, andre i sel­ska­bet, analytiske hand­linger og de specifikt krævede supplerende hand­lin­ger samt vur­de­ring af det opnåede bevis.Omfanget af handlinger, der udføres ved en udvidet gennemgang, er mindre end ved en re­vi­sion, og vi ud­tryk­ker derfor ingen re­vi­sions­kon­klu­sion om års­regn­ska­bet. Our responsibility is to express a conclusion on the fi­nan­cial sta­te­ments. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the fi­nan­cial sta­te­ments and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion.An extended review comprises procedures that primarily consist of inquiries to management and others within the company, as appropriate, analytical procedures, the specifically required supplementary procedures as well as evaluation of the evidence obtained.The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on the financial statements. Odense Johnny Bækholm Statsaut. revisor mne29445 Væsentligste aktiviteterSelskabets væsentligste aktiviteter er eksport af plantemateriale til og mellem oversøiske områder. Primary activitiesThe company's activities comprise export of plant materials to and among overseas areas. Efterfølgende begivenhederEfter regn­skabs­årets afslutning er der ikke ind­truf­fet be­tyd­nings­ful­de hæn­del­ser. Subsequent eventsNo important events have occurred after the end of the financial year. Egne kapitalandele Treasury shares Egne kapitalandele består af:Treasury shares consist of:Årets tilgangAdditions during the yearBeholdning af egne kapitalandele pr. 31.12.25Holding of treasury shares as at 31.12.25 Årets tilgang 5915156 163560 163560 29 Selskabet har i regnskabsåret erhvervet egne kapitalandele. Formålet med erhvervelsen har været at optimere selskabets kapitalstruktur samt skabe fleksibilitet i relation til ejerforhold og eventuel fremtidig incitamentsstruktur. The Company acquired treasury shares during the financial year. The purpose of the acquisition was to optimize the Company’s capital structure and to provide flexibility in relation to ownership structure and any potential future incentive arrangements. 3053099 2983563 2289755 4409591 0 43452 763344 -1469480 -178558 1032906 412375 786360 430303 70018 566858 279768 164249 -162078 380250 0 22359 441846 -178558 1032906 0 4100000 200917 -4691060 8979833 18233710 69197 32047 9049030 18265757 9049030 18265757 1573487 1740095 1573487 1740095 1117951 1913581 5039606 95522 80129 244378 319750 329607 256719 206035 6814155 2789123 8770 4874474 8396412 9403692 17445442 27669449 564000 500000 8978731 18232608 3625619 1808398 13168350 20541006 3059557 582 940868 1141541 0 5943600 276667 42720 4277092 7128443 4277092 7128443 17445442 27669449 Beløb i DKKFigures in DKKSel­skabs­kapitalContributed capitalReserve for netto­op­skriv­ning efter indre vær­dis metodeReserve for net revaluation according to the equity methodOverført resultatRetained earningsEgenkapital i altTotal equityEgenkapitalopgørelse for 01.01.25 - 31.12.25Statement of changes in equity for 01.01.25 - 31.12.25Saldo pr. 01.01.25500.00018.232.6081.808.39820.541.006Balance as at 01.01.25Valutakursregulering af udenlandske virksomheder0-1.470.3190-1.470.319Foreign currency translation adjustment of foreign enterprisesKapitalforhøjelse64.0000-64.0000Capital increaseOmkostninger ved kapitalændringer00-9.540-9.540Cost of changes in capitalUdloddet udbytte fra tilknyttede virksomheder0-7.605.0007.605.0000Distributed dividend from group enterprisesKøb af egne kapitalandele00-5.915.156-5.915.156Purchase of treasury sharesForslag til resultatdisponering0-178.558200.91722.359Net profit/loss for the yearSaldo pr. 31.12.25564.0008.978.7313.625.61913.168.350Balance as at 31.12.25 -1470319 64000 -64000 -9540 -7605000 7605000 -5915156 -178558 200917 564000 8978731 3625619 2177457 4234831 101220 148328 3564 7128 7514 19304 1 2 161536 16843 47256 232554 203583 536963 441 68413 31778 1605 398084 0 164249 -164441 6.Materielle anlægsaktiverProperty, plant and equipmentBeløb i DKKFigures in DKKAndre anlæg, drifts­ma­te­riel og in­ven­tarOther fixtures and fittings, tools and equipmentKostpris pr. 01.01.25339.088Cost as at 01.01.25Afgang i året-272.352Disposals during the yearKostpris pr. 31.12.2566.736Cost as at 31.12.25Af- og nedskrivninger pr. 01.01.25-339.088Depreciation and impairment losses as at 01.01.25Tilbageførsel af af- og ned­skriv­nin­ger på af­hæn­de­de ak­tiver272.352Reversal of depreciation of and impairment losses on disposed assetsAf- og nedskrivninger pr. 31.12.25-66.736Depreciation and impairment losses as at 31.12.25Regnskabsmæssig værdi pr. 31.12.250Carrying amount as at 31.12.25 339088 -272352 66736 -339088 272352 -66736 0 7.Ka­pi­tal­an­de­le i tilknyt­tede virksom­he­derEquity invest­ments in group enter­pri­sesBeløb i DKKFigures in DKKKa­pi­tal­an­de­le i tilknyt­tede virksom­he­derEquity invest­ments in group enter­pri­sesKostpris pr. 01.01.251.102Cost as at 01.01.25Kostpris pr. 31.12.251.102Cost as at 31.12.25Opskrivninger pr. 01.01.2518.232.608Revaluations as at 01.01.25Valutakursregulering af udenlandske virksomheder-1.470.319Foreign currency translation adjustment of foreign enterprisesÅrets resultat fra kapitalandele-178.558Net profit/loss from equity investmentsUdbytte relateret til kapitalandele-7.605.000Dividend relating to equity investmentsOpskrivninger pr. 31.12.258.978.731Revaluations as at 31.12.25Regnskabsmæssig værdi pr. 31.12.258.979.833Carrying amount as at 31.12.25Navn og hjemsted:Name and registered office:EjerandelOwnership interestEgenkapital DKKEquity DKKÅrets resultat DKKNet profit/loss for the year DKKIndregnet værdi DKKRecognised value DKKDattervirksomheder:Subsidiaries:Greenex International Inc., Canada100%2.843.340518.9112.843.340Greenex United States, Inc., USA100%6.136.493-697.4696.136.493 1102 1102 8979833 Greenex International Inc. Canada 100 2843340 518911 Greenex United States, Inc. USA 100 6136493 -697469 69197 69197 69197 9.EventualforpligtelserContingent liabilitiesSel­ska­bet har ingen eventual­for­plig­tel­ser pr. 31.12.25.The company has no contingent liabilities as at 31.12.25. 10.Andre forpligtelserOther commitmentsSel­ska­bet har indgået lea­sing­kon­trak­ter med en rest­lø­be­tid på 24 må­ne­der og en sam­let for­plig­tel­se på t.DKK 200. The company has concluded lease agreements with terms to maturity of 24 months and total lease payments of DKK 200. 11.Pantsætninger og sikkerhedsstillelserCharges and securitySel­ska­bet har ikke stillet pant eller anden sik­ker­hed i ak­ti­ver. The company has not provided any security over assets. Årsrapporten er af­lagt i over­ens­stem­mel­se med års­regn­skabs­lo­ven for virk­som­he­der i regn­skabs­klas­se B med til­valg af be­stem­mel­ser fra en hø­je­re regn­skabs­klas­se. The annual report is presen­ted in ac­cord­ance with the provisions of the Danish Fi­nan­cial Statements Act (Årsregn­skabs­lov­en) for enterprises in re­port­ing class B with application of pro­vi­sions for a higher reporting class. Generelt om indregning og målingI resultatopgørelsen ind­reg­nes ind­tæg­ter i takt med, at de ind­tje­nes, her­un­der ind­reg­nes vær­di­re­gu­le­rin­ger af fi­nan­siel­le ak­ti­ver og for­plig­tel­ser. I re­sul­tat­op­gø­rel­sen ind­reg­nes lige­le­des alle om­kost­nin­ger, her­un­der af­skriv­nin­ger og ned­skriv­nin­ger.I balancen indregnes ak­ti­ver, når det er sand­syn­ligt, at frem­ti­di­ge øko­no­mis­ke for­de­le vil til­fly­de sel­ska­bet, og ak­ti­vets vær­di kan må­les på­lide­ligt. For­plig­tel­ser ind­reg­nes i ba­lan­cen, når det er sand­syn­ligt, at frem­ti­di­ge øko­no­mis­ke for­de­le vil fra­gå sel­ska­bet, og for­plig­tel­sens vær­di kan må­les på­li­de­ligt. Ved før­ste ind­reg­ning må­les ak­ti­ver og for­plig­tel­ser til kost­pris. Efter­føl­gen­de må­les ak­ti­ver og for­plig­tel­ser som be­skre­vet ne­den­for for hver en­kelt regn­skabs­post.Ved indregning og må­ling ta­ges hen­syn til for­ud­sige­li­ge tab og ri­si­ci, der frem­kom­mer in­den års­rap­por­ten af­læg­ges, og som be- eller af­kræf­ter for­hold, der ek­sis­te­re­de på ba­lan­ce­da­gen. Basis of recognition and measurementIncome is recognised in the income state­ment as earned, including value adjust­ments of fin­an­cial assets and liabilities. All ex­penses, including depreciation, amortisa­tion, impair­ment losses and write-downs, are also recognised in the in­come state­ment.Assets are recognised in the balance sheet when it is probable that future economic bene­fits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. VALUTAÅrsrapporten er aflagt i danske kroner.Transaktioner i fremmed valuta om­reg­nes ved før­ste ind­reg­ning til trans­ak­tions­da­gens kurs. Va­lu­ta­kurs­dif­fe­ren­cer, der op­står mel­lem trans­ak­tions­da­gens kurs og kur­sen på be­ta­lings­da­gen, ind­reg­nes i re­sul­tat­op­gø­rel­sen som en fi­nan­siel post. Til­go­de­ha­ven­der, gælds­for­plig­tel­ser og an­dre mo­ne­tæ­re pos­ter i frem­med va­lu­ta om­reg­nes til ba­lan­ce­da­gens va­lu­ta­kurs. For­skel­len mel­lem ba­lan­ce­da­gens kurs og kur­sen på tids­punk­tet for til­go­de­ha­ven­dets el­ler gælds­for­plig­tel­sens op­stå­en el­ler ind­reg­ning i se­ne­ste års­rap­port ind­reg­nes i re­sul­tat­op­gø­rel­sen un­der fi­nan­siel­le ind­tæg­ter og om­kost­nin­ger. An­lægs­ak­ti­ver, vare­be­hold­nin­ger og an­dre ik­ke mo­ne­tæ­re ak­ti­ver, der er er­hver­vet i frem­med va­lu­ta, om­reg­nes til hi­sto­ris­ke va­lu­ta­kur­ser.Ved indregning af selv­stæn­di­ge uden­land­ske en­he­der, om­reg­nes re­sul­tat­op­gø­rel­ser­ne til trans­ak­tions­da­gens kur­ser el­ler til­nær­me­de gen­nem­snit­li­ge va­lu­ta­kur­ser. Ba­lan­ce­pos­ter­ne om­reg­nes til ba­lan­ce­da­gens va­lu­ta­kur­ser. Va­lu­ta­kurs­re­gu­le­rin­ger, op­stået ved om­reg­ning af egen­ka­pi­ta­ler ved årets be­gyn­del­se til ba­lan­ce­da­gens va­lu­ta­kur­ser og ved om­reg­ning af re­sul­tat­op­gø­rel­ser fra gen­nem­snits­kur­ser til ba­lan­ce­da­gens va­lu­ta­kur­ser, ind­reg­nes di­rek­te i egen­ka­pi­ta­len un­der re­ser­ve for net­to­op­skriv­ning efter in­dre vær­dis me­to­de for så vidt an­går ka­pi­tal­an­de­le, der må­les efter in­dre vær­dis me­to­de, og el­lers un­der reserve for va­lu­ta­kurs­re­gu­le­rin­ger.Kursregulering af mellem­væ­ren­der med selv­stæn­di­ge uden­land­ske en­he­der, der må­les ef­ter in­dre vær­dis me­to­de og hvor mel­lem­væ­ren­det an­ses for en del af den sam­le­de in­ve­ste­ring, ind­reg­nes di­rek­te i egen­ka­pi­ta­len un­der re­ser­ve for va­lu­ta­kurs­re­gu­le­rin­ger. Ved af­hæn­del­se af de selv­stæn­di­ge uden­land­ske en­he­der ind­reg­nes de ak­ku­mu­le­re­de va­lu­ta­kurs­dif­fe­ren­cer i re­sul­tat­op­gø­rel­sen. CURRENCYThe annual report is presen­ted in Danish kroner (DKK).On initial recognition, transactions den­ominated in foreign currencies are trans­lated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the ex­change rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or ex­penses in the income statement. Fixed assets, inventories and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates.On recognition of independent foreign entities, the income statements are translated at the exchange rates applicable at the transaction date or approximate average exchange rates. The balance sheet items are translated using the exchange rates applicable at the balance sheet date. Foreign currency translation adjustments arising from the translation of equity at the beginning of the year using the exchange rates applicable at the balance sheet date and from the translation of income statements from average exchange rates to the exchange rates applicable at the balance sheet date are recognised directly in equity under the reserve for net revaluation according to the equity method in respect of investments measured ac­cord­ing to the equity method, and otherwise un­der the foreign currency translation reserve.Translation adjustments of intercompany balances with independent foreign entities, measured using the equity method and where the balance is considered to be part of the overall investment, are recognised directly in equity under the foreign currency translation reserve. On the divestment of foreign entities, accumulated exchange differences are recognised in the income statement. AFLEDTE FINANSIELLE INSTRUMEN­TERAfledte finansielle instru­men­ter må­les ved før­ste ind­reg­ning til kost­pris. Ef­ter­føl­gende må­les de til dags­vær­di og ind­reg­nes i an­dre til­go­de­ha­ven­der hen­holds­vis an­den gæld. Dagsværdiregulering af afledte fi­nan­siel­le in­stru­men­ter, der er klas­si­fi­ce­ret som og op­fyl­der kri­te­rier­ne for sik­ring af dags­vær­dien af et ind­reg­net ak­tiv el­ler en ind­reg­net for­plig­tel­se (dags­vær­di­sik­ring), ind­reg­nes i re­sul­tat­op­gø­rel­sen sam­men med æn­drin­ger i vær­dien af det sik­re­de ak­tiv el­ler den sik­re­de for­plig­tel­se.Dagsværdiregulering af afledte fi­nan­siel­le in­stru­men­ter, som ik­ke op­fyl­der be­tin­gel­ser­ne for be­hand­ling som regn­skabs­mæs­sig sik­ring, ind­reg­nes lø­ben­de i re­sul­tat­op­gø­rel­sen un­der an­dre fi­nan­siel­le pos­ter. DERIVATIVE FINANCIAL INSTRUMENTSOn initial recognition, derivative financial instruments are measured at cost. Sub­sequently, they are measured at fair value and recognised under other receivables and other payables, respectively. Fair value adjustment of derivative financial instruments classified as and meeting the criteria for hedging the fair value of a recognised asset or liability (fair value hedging) are recognised in the income statement together with any changes in the value of the hedged asset or liability.Fair value adjustments of derivative finan­cial instruments that do not meet the criteria for hedge accounting treatment are recognised under other net financials in the income statement on an ongoing basis. LEASINGKONTRAKTERLeasingydelser vedrørende ope­ra­tio­nel­le lea­sing­kon­trak­ter ind­reg­nes line­ært i re­sul­tat­op­gø­rel­sen over lea­sing­pe­rio­den. LEASESLease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. BruttofortjenesteBruttofortjeneste indeholder nettoomsæt­ning, an­dre drifts­ind­tæg­ter og va­re­for­brug samt an­dre eks­ter­ne om­kost­nin­ger. Gross profitGross profit comprises rev­enue, other operating income and cost of sales and other external ex­penses. NettoomsætningIndtægter fra salg af varer ind­reg­nes i re­sul­tat­op­gø­rel­sen, så­fremt le­ve­ring og ri­si­ko­over­gang til kø­ber har fun­det sted in­den ud­gan­gen af regn­skabs­året, og når salgs­be­lø­bet kan op­gø­res på­li­de­ligt og for­ven­tes ind­be­talt. Net­to­om­sæt­ning må­les til dags­vær­di og op­gø­res ekskl. moms og af­gif­ter op­kræ­vet på veg­ne af tred­je­mand samt med fra­drag af ra­bat­ter. RevenueIncome from the sale of goods is recognised in the income statement if delivery has taken place and the risk has passed to the buyer before the end of the financial year and where the selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value and is determined exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Andre driftsindtægterAndre driftsindtægter omfatter ind­tæg­ter af se­kun­dær ka­rak­ter i for­hold til virk­som­he­dens ak­ti­vi­te­ter, her­un­der leje­ind­tæg­ter, ne­ga­tiv good­will og ge­vin­ster ved salg af im­ma­te­riel­le og ma­te­riel­le an­lægs­ak­ti­ver. Other operating incomeOther operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. VareforbrugVareforbrug omfatter årets vareforbrug målt til kost­pris med til­læg af even­tuel­le for­skyd­nin­ger i la­ger­be­hold­nin­gen, her­un­der ned­skriv­nin­ger idet om­fang, de ik­ke over­sti­ger nor­ma­le ned­skriv­nin­ger. Cost of salesCost of sales comprises cost of sales for the year measured at cost plus any changes in inventories, including write-downs to the extentthat these do not exceed normal write-downs. Andre eksterne omkostningerAndre eksterne omkostninger omfatter om­kost­nin­ger til di­stri­bu­tion, salg og re­kla­me, ad­mi­ni­stra­tion, lo­ka­ler og tab på de­bi­to­rer i det om­fang, de ik­ke over­sti­ger nor­ma­le ned­skriv­nin­ger. Other external expensesOther external expenses comprise costs re­lating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. PersonaleomkostningerPersonaleomkostninger omfatter løn, ga­ger samt øv­ri­ge per­so­na­le­re­la­te­re­de om­kost­nin­ger. Staff costsStaff costs comprise wages and salaries as well as other staff-related costs. Af- og nedskrivningerAfskrivninger på ma­te­ri­el­le an­lægs­ak­ti­ver til­sig­ter, at der sker sys­te­ma­tisk af­skriv­ning over ak­ti­ver­nes for­ven­te­de brugs­tid. Der fore­ta­ges li­ne­ære af­skriv­nin­ger ba­se­ret på føl­gen­de brugs­ti­der og rest­vær­dier:Andre anlæg, drifts­ma­te­riel og in­ven­tarAfskrivningsgrundlaget er aktivets kost­pris fra­truk­ket for­ven­tet rest­vær­di ved af­slut­tet brugs­tid. Af­skriv­nings­grund­la­get re­du­ce­res end­vi­de­re med even­tuel­le ned­skriv­nin­ger. Brugs­ti­den og rest­vær­dien fast­sæt­tes, når ak­ti­vet er klar til brug, og re­vur­de­res år­ligt. De­pre­ci­a­tion and impair­ment lossesThe de­pre­ci­a­tion of prop­er­ty, plant and equip­ment aim at systematic de­pre­ci­a­tion over the expected useful lives of the assets. Assets are de­pre­ci­ated according to the straight-line method based on the following ex­pected useful lives and residual values:Brugs­tid, år3-8 årThe basis of de­pre­ci­a­tion is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of de­pre­ci­a­tion is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually. Indtægter af ka­pi­tal­an­de­le i til­knyt­te­de virk­som­he­derFor ka­pi­tal­an­de­le i dat­ter­virk­som­he­der, der må­les efter indre vær­dis me­to­de, ind­reg­nes an­de­len af virk­som­he­der­nes re­sul­­tat i re­sul­tat­op­gø­rel­sen efter eli­mi­ne­ring af urea­li­se­re­de in­ter­ne ge­vin­ster og tab og med fra­drag af even­tuel af- og ned­skriv­ning af good­will. Indtægter af ka­pi­tal­an­de­le i dat­ter­virk­som­he­der om­fat­ter ligeledes ge­vin­ster og tab ved salg af ka­pi­tal­an­de­le. Income from equity investments in group en­tre­prisesFor equity investments in equity invest­ments in sub­si­di­ar­ies, measured using the equity method, the share of the enterprises’ profit or loss is recognised in the income statement after elimination of unrealised intercompany profits and losses and less any goodwill amortisation and impairment losses. Income from equity investments in equity investments in sub­si­di­ar­ies also comprises gains and losses on the sale of equity investments. Andre finansielle posterUnder andre finansielle pos­ter ind­reg­nes ren­te­ind­tæg­ter og ren­te­om­kost­nin­ger, valu­ta­kurs­ge­vin­ster og -tab ved trans­ak­tio­ner i frem­med va­lu­ta samt ge­vin­ster og tab på gælds­for­plig­tel­ser m.v. Other net financialsInterest income and interest expenses, for­eign exchange gains and losses on trans­ac­tions denominated in foreign currencies as well as gains and losses on payables etc. are recognised in other net financials. Skat af årets resultatÅrets aktuelle og udskudte skatter ind­reg­nes i re­sul­tat­op­gø­rel­sen som skat af årets re­sul­tat med den del, der kan hen­fø­res til årets re­sul­tat, og di­rek­te i egen­ka­pi­ta­len med den del, der kan hen­fø­res til pos­ter ind­reg­net di­rek­te i egen­ka­pi­ta­len. Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity. Andre skatterAndre skatter omfatter skatte­be­løb, der be­reg­nes på et an­det grund­lag end årets ind­komst. Other taxesOther taxes comprises tax amounts that are calculated on a basis other than the income for the year. Ka­pi­tal­an­de­le i til­knyt­te­de virk­som­he­derKapitalandele i dattervirksomheder ind­reg­nes og må­les efter in­dre vær­dis me­to­de. På ka­pi­tal­an­de­le i dat­ter­virk­som­he­der be­trag­tes in­dre vær­dis me­to­de som en målemetode.Kapitalandele, som måles efter indre vær­dis me­to­de, må­les ved før­ste ind­reg­ning til kost­pris. Trans­ak­tions­om­kost­nin­ger, der di­rekte kan hen­fø­res til er­hver­vel­sen, ind­reg­nes i kost­pri­sen for ka­pi­tal­andelene. Efterfølgende indregning og måling af ka­pi­tal­an­de­le efter in­dre vær­dis me­to­de inde­bæ­rer, at ka­pi­tal­an­de­le­ne må­les til den for­holds­mæs­si­ge an­del af virk­som­he­der­nes regn­skabs­mæs­si­ge in­dre vær­di, op­gjort efter ejer­virk­som­he­dens regn­skabs­prak­sis, re­gu­le­ret for re­ste­ren­de vær­di af good­will samt ge­vin­ster og tab ved trans­ak­tio­ner med de på­gæl­den­de virk­som­he­der. Ka­pi­tal­an­de­le, hvor op­lys­nin­ger til brug for ind­reg­ning efter in­dre vær­dis me­to­de ikke er kend­te, må­les til kost­pris.Gevinster eller tab ved afhændelse af ka­pi­tal­an­de­le op­gø­res som for­skel­len mel­lem af­hæn­del­ses­sum­men og den regn­skabs­mæs­si­ge vær­di af net­to­ak­ti­ver på salgs­tids­punk­tet inkl. ikke af­skre­vet good­will samt for­ven­te­de om­kost­nin­ger til salg eller af­vik­ling. Ge­vin­ster og tab ind­reg­nes i re­sul­tat­op­gø­rel­sen un­der ind­tæg­ter af ka­pi­tal­an­de­le. Equity investments in group en­tre­prisesEquity investments in subsidiaries are recognised and measured according to the equity method. For equity investments in subsidiaries, the equity method is considered a measurement method.On initial recognition, equity investments measured according to the equity method are measured at cost. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. Under subsequent recognition and measurement of equity investments according to the equity method, equity investments are measured at the proportionate share of the enterprises' equity value, determined according to the accounting policies of the parent, adjusted for the remaining value of goodwill and gains and losses on transactions with the enterprises in question. Equity investments, where information for recognition according to the equity method is not known, are measured at cost.Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. Nedskrivning af anlægsaktiverDen regnskabsmæssige værdi af anlægs­ak­ti­ver, der ikke må­les til dags­vær­di, vur­de­res år­ligt for in­di­ka­tio­ner på vær­di­for­rin­gel­se ud over det, som ud­tryk­kes ved af­skriv­ning.Hvis sel­ska­bets realiserede afkast af et aktiv eller en grup­pe af ak­ti­ver er la­ve­re end for­ven­tet, an­ses det­te som en in­di­ka­tion på vær­di­for­rin­gel­se.Foreligger der indikationer på værdi­for­ring­el­se, fore­ta­ges ned­skriv­nings­test af hvert en­kelt ak­tiv hen­holds­vis hver grup­pe af ak­ti­ver.Der foretages nedskrivning til gen­ind­vin­dings­vær­dien, hvis den­ne er la­ve­re end den regn­skabs­mæs­si­ge vær­di.Som genindvindingsværdi anvendes den hø­jes­te vær­di af net­to­salgs­pris og ka­pi­tal­vær­di. Ka­pi­tal­vær­dien op­gø­res som nu­tids­vær­dien af de for­ven­te­de net­to­pen­ge­strøm­me fra an­ven­del­sen af ak­ti­vet eller ak­tiv­grup­pen samt for­ven­te­de net­topen­ge­strøm­me ved salg af ak­ti­vet el­ler ak­tiv­grup­pen efter endt brugs­tid.Nedskrivninger tilbageføres, når be­grun­del­sen for ned­skriv­nin­gen ikke læn­ge­re består. Impairment losses on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in de­pre­ci­a­tion.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. VarebeholdningerVarebeholdninger måles til kostpris på grund­lag af . Der ned­skri­ves til netto­rea­li­sa­tions­vær­dien, hvis den­ne er la­ve­re.Nettorealisationsværdien for vare­be­hold­nin­ger op­gø­res som salgs­sum med fra­drag af fær­dig­gø­rel­ses­om­kost­nin­ger og om­kost­nin­ger, der af­hol­des for at ef­fek­tuere sal­get, og fast­sæt­tes un­der hen­syn­ta­gen til om­sæt­te­lig­hed, uku­rans og ud­vik­ling i for­ven­tet salgs­pris. InventoriesInventories are measured at cost calculated according to . Inventories are written down to the lower of cost and net realisable value.The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price. TilgodehavenderTilgodehavender måles til amortiseret kost­pris, hvil­ket sæd­van­lig­vis sva­rer til på­ly­den­de vær­di med fra­drag af ned­skriv­nin­ger til imø­de­gåel­se af tab.Nedskrivninger til imødegåelse af tab op­gø­res på grund­lag af en in­di­vi­duel vur­de­ring af de en­kel­te til­go­de­ha­ven­der, når der på in­di­vi­duelt ni­veau fore­lig­ger en ob­jek­tiv in­di­ka­tion på, at et til­go­de­ha­ven­de er vær­di­for­rin­get.Deposita, der er indregnet under ak­ti­ver, om­fat­ter be­tal­te de­po­si­ta til ud­le­jer ved­rø­ren­de sel­ska­bets ind­gåe­de leje­af­ta­ler. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nom­inal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable.Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. PeriodeafgrænsningsposterPeriodeafgrænsningsposter, der er ind­reg­net un­der ak­ti­ver, om­fat­ter af­hold­te om­kost­nin­ger ved­rø­ren­de efter­føl­gen­de regn­skabs­år. PrepaymentsPrepayments recognised under assets com­prise costs incurred in respect of subse­quent financial years. Likvide beholdningerLikvide beholdninger omfatter indestående på bankkonti. CashCash includes deposits in bank account. EgenkapitalNettoopskrivning af kapitalandele, som må­les efter in­dre vær­dis me­to­de, ind­reg­nes un­der egen­ka­pi­ta­len i re­ser­ve for net­to­op­skriv­ning ef­ter in­dre vær­dis me­to­de i det om­fang, den regn­skabs­mæs­sige vær­di over­sti­ger kost­pri­sen.Anskaffelses- og afståelsessummer for egne ka­pi­tal­an­de­le samt ud­byt­te fra dis­se ind­reg­nes di­rek­te i egen­ka­pi­ta­len un­der over­ført re­sul­tat. EquityThe net revaluation of equity investments measured according to the equity method is recognized in the net revaluation reserve in equity according to the equity method to the extent that the carrying amount exceeds the cost.Acquisition costs and consideration for treasury shares as well as dividends therefrom are recognised directly in equity under retained earnings. Aktuelle og udskudte skatterSkyldig og tilgodehavende ak­tuel skat ind­reg­nes i ba­lan­cen som be­reg­net skat af årets skat­te­plig­tige ind­komst, re­gu­le­ret for be­tal­te acon­to­skat­ter.Udskudte skatteforpligtelser og ud­skud­te skat­te­ak­ti­ver be­reg­nes af alle mid­ler­ti­di­ge for­skel­le mel­lem regn­skabs­mæs­si­ge og skat­te­mæs­sige vær­dier af ak­ti­ver og for­plig­tel­ser. Der ind­reg­nes dog ikke ud­skudt skat af mid­ler­ti­dige for­skel­le ved­rø­rende skat­te­mæs­sigt ikke af­skriv­nings­be­ret­ti­get good­will samt an­dre pos­ter, hvor mid­ler­ti­di­ge for­skel­le, bort­set fra virk­som­heds­over­ta-gel­ser, er op­stå­et på an­skaf­fel­ses­tids­punk­tet uden at have ef­fekt på re­sul­tat eller skat­te­plig­tig ind­komst. I de til­fæl­de, hvor op­gø­rel­se af skat­te­­vær­dien kan fore­ta­ges efter for­skel­lige be­skat­nings­reg­ler, må­les ud­skudt skat på grund­lag af den af le­del­sen plan­lag­te an­ven­del­se af ak­ti­vet hen­holds­vis af­vik­ling af for­plig­tel­sen.Udskudte skatteaktiver indregnes med den vær­di, de ef­ter vur­de­ring for­ven­tes at kun­ne re­a­li­se­res til ved mod­reg­ning i ud­skud­te skat­te­for­plig­tel­ser eller ved ud­lig­ning i skat af frem­ti­dig ind­tje­ning.Udskudt skat måles på grundlag af de skat­te­reg­ler og skat­te­sat­ser, der med ba­lan­ce­da­gens lov­giv­ning vil være gæl­den­de, når den ud­skud­te skat for­ven­tes ud­løst som ak­tuel skat. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differ­ences, except foracquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the tax­able income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. GældsforpligtelserKortfristede finansielle gældsforpligtelser måles til amor­ti­se­ret kost­pris, hvil­ket nor­malt sva­rer til gæl­dens på­ly­den­de vær­di. Øvrige kortfristede gældsforpligtelser måles til net­to­reali­sa­tions­vær­di.Gældsforpligtelser, som er effektivt sik­ret af af­led­te fi­nan­sielle in­stru­men­ter, må­les til dags­vær­di. PayablesShort-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Payables that are effectively hedged by derivative financial instruments are measured at fair value.