81234116 2025-01-01 2025-12-31 81234116 2025-01-01 2025-12-31 1 81234116 2025-01-01 2025-12-31 1 81234116 2025-01-01 2025-12-31 2 81234116 2025-01-01 2025-12-31 3 81234116 2025-01-01 2025-12-31 4 81234116 2025-01-01 2025-12-31 1 81234116 2023-01-01 2023-12-31 81234116 2022-01-01 2022-12-31 81234116 2021-01-01 2021-12-31 81234116 2025-01-01 2025-12-31 Hovedtal Resultat foer skat 81234116 2024-01-01 2024-12-31 Hovedtal Resultat foer skat 81234116 2023-01-01 2023-12-31 Hovedtal Resultat foer skat 81234116 2022-01-01 2022-12-31 Hovedtal Resultat foer skat 81234116 2021-01-01 2021-12-31 Hovedtal Resultat foer skat 81234116 2023-12-31 81234116 2022-12-31 81234116 2021-12-31 81234116 2024-01-01 2024-12-31 81234116 2025-01-01 2025-12-31 Nogletal Likviditetsgrad 81234116 2024-01-01 2024-12-31 Nogletal Likviditetsgrad 81234116 2023-01-01 2023-12-31 Nogletal Likviditetsgrad 81234116 2022-01-01 2022-12-31 Nogletal Likviditetsgrad 81234116 2021-01-01 2021-12-31 Nogletal Likviditetsgrad 81234116 2025-12-31 81234116 2024-12-31 81234116 2025-01-01 c:ContributedCapitalMember 81234116 2025-01-01 c:RetainedEarningsMember 81234116 2025-01-01 c:ProposedDividendRecognisedInEquityMember 81234116 2025-01-01 2025-12-31 c:ProposedDividendRecognisedInEquityMember 81234116 2025-01-01 2025-12-31 c:ProposedExtraordinaryDividendRecognisedInEquityMember 81234116 2025-01-01 2025-12-31 c:RetainedEarningsMember 81234116 2025-12-31 c:ContributedCapitalMember 81234116 2025-12-31 c:RetainedEarningsMember 81234116 2025-12-31 c:ProposedDividendRecognisedInEquityMember 81234116 2025-01-01 c:AcquiredIntangibleAssetsMember 81234116 2025-01-01 2025-12-31 c:AcquiredIntangibleAssetsMember 81234116 2025-12-31 c:AcquiredIntangibleAssetsMember 81234116 2025-01-01 c:LandAndBuildingsMember 81234116 2025-01-01 c:PlantAndMachineryMember 81234116 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 81234116 2025-01-01 2025-12-31 c:LandAndBuildingsMember 81234116 2025-01-01 2025-12-31 c:PlantAndMachineryMember 81234116 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 81234116 2025-12-31 c:LandAndBuildingsMember 81234116 2025-12-31 c:PlantAndMachineryMember 81234116 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 81234116 2025-01-01 c:LeaseholdImprovementsMember 81234116 2025-01-01 c:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 81234116 2025-01-01 2025-12-31 c:LeaseholdImprovementsMember 81234116 2025-01-01 2025-12-31 c:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 81234116 2025-12-31 c:LeaseholdImprovementsMember 81234116 2025-12-31 c:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember iso4217:DKK xbrli:pure BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal DK-2450 København SV 45719375 Årsrapport 2026-06-15 Jesper Hørup Rasmussen, Chairman Scanglas A/S Truckvej 5 4600 Køge Den uafhængige revisors erklæring 81234116 1977-06-06 Køge 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal 2450 Copenhagen S Danske Bank Bech-Brun Langelinie Allé 35 2100 Copenhagen Ø Today the Board of Directors and Executive Board have discussed and approved the Annual Report of Scanglas A/S for the fi­nan­ci­al year 1 January  - 31 December 2025. The Annual Report is presented in accor­dance with the Da­nish Fi­nan­ci­al State­ments Act. In our opinion the Fi­nan­ci­al Sta­te­ments give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the fi­nan­ci­al year 1 January  - 31 December 2025. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. We recommend the Annual Report be approved at the Annual General Meeting. Køge 2026-06-15 Jesper Hørup Rasmussen Hermann Gerold Schüller Chairman Alexander Akgül Michel Christian Schüller Bernhard Johannes Feldmann To the Shareholder of Scanglas A/S Konklusion We ha­ve au­di­ted the Fi­nan­ci­al Sta­te­ments of Scanglas A/S for the fi­nan­ci­al year 1 January - 31 December 2025, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty, no­tes and a summary of significant accounting policies. The Fi­nan­ci­al Sta­te­ments are pre­pared in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   In our o­pi­ni­on, the Fi­nan­ci­al Sta­te­ments give a true and fair view of the assets, liabilities and financial position of the Com­pa­ny at 31 December 2025 and of the results of the Com­pa­ny's operations for the fi­nan­ci­al year 1 January - 31 December 2025 in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   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 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 (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 Fi­nan­ci­al Sta­te­ments Management is responsible for the preparation of Fi­nan­ci­al Sta­te­ments that give a true and fair view in accordance with the Da­nish Fi­nan­ci­al State­ments Act and for such Internal control as Ma­na­ge­ment determines is necessary to enable the preparation of Fi­nan­ci­al Sta­te­ments that are free from material misstatement, whether due to fraud or error.   In preparing the Fi­nan­ci­al Sta­te­ments, Ma­na­ge­ment is responsible for assessing the Com­pa­ny's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Fi­nan­ci­al Sta­te­ments unless Management either intends to liquidate the Com­pa­ny or to cease operations, or has no realistic alternative but to do so.   Our objectives are to obtain reasonable assurance about whether the Fi­nan­ci­al Sta­te­ments as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Fi­nan­ci­al Sta­te­ments.   As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:   Identify and assess the risks of material misstatement of the Fi­nan­ci­al Sta­te­ments, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.   Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Com­pa­ny's internal control.   Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Ma­na­ge­ment.   Conclude on the appropriateness of Ma­na­ge­ment’s use of the going concern basis of accounting in preparing the Fi­nan­ci­al Sta­te­ments and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Com­pa­ny's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Fi­nan­ci­al Sta­te­ments or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Com­pa­ny to cease to continue as a going concern.   Evaluate the overall presentation, structure and contents of the Fi­nan­ci­al Sta­te­ments, including the disclosures, and whether the Fi­nan­ci­al Sta­te­ments represent the underlying transactions and events in a manner that gives a true and fair view.   We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.   Statement on Management Commentary Management is responsible for Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the 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 Fi­nan­ci­al Sta­te­ments, our responsibility is to read Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment Com­men­ta­ry is materially inconsistent with the Fi­nan­ci­al Sta­te­ments or our knowledge obtained during the audit, or otherwise appears to be materially misstated.   Moreover, it is our responsibility to consider whether Ma­na­ge­ment 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 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.   Copenhagen 2026-06-15 BDO Statsautoriseret Revisionspartnerselskab 45719375 Ole C. K. Nielsen Den uafhængige revisors erklæring State Authorised Public Accountant mne23299 114747000 109918000 76271000 20156000 16611000 -1754000 -255000 -804000 -432000 11752000 19868000 19901000 15807000 -2186000 Profit/loss for the year before tax Profit/loss for the year before tax Profit/loss for the year before tax Profit/loss for the year before tax Profit/loss for the year before tax 13662000 12543000 -300000 93429000 144170000 90692000 63629000 62510000 49967000 -7236000 -4989000 -8679000 -3702000 0 177 174 159 173 154 20.7 34.4 3.1 23.7 -1.5 65.2 66.4 68.1 43.4 55.1 14.6 23.7 21.7 22.3 -0.6 The ratios stated in the list of key figures and ratios have been calculated as follows:   Rate of return Operating profit/loss x 100  Average invested capital Equity ratio:  Equity, at year-end x 100 Total assets, at year-end Return on equity: Profit/loss after tax x 100        Average equity Principal activities The company's main activity is the processing of flat glass, with the production of double-glazed windows and the processing of glass for the building and construction industry as well as for the furniture industry. The processing processes mainly consist of cutting to size, edge processing and toughening of glass. Development in activities and financial and economic position The operations in the year have been stable but with a slight decrease in activity of 1% and without any special circumstances.     The year's result after tax for the financial year 2025 was DKK 9.100 thousand, against a profit of DKK 15.296 thousand for 2024.  The result of primary operations was lower than 2024. In a tough market it’s still seen as satisfactory. The result was impacted by slow markets and increased raw material prices in the last 5 months of the year. The result didn’t meet the expectations of the budget due to the increased prices in all areas.   Profit/loss for the year compared to the expected development The development of the result of 2025 compared to 2024 was not in line with the expected result as a result of the market situation and increased prices.   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 In addition to commonly occurring risks within the company's industry, the company is not affected by any special price, currency, interest or credit risks. With the contracts for sourcing of raw materials the company is ensured stable and continuants deliveries   Knowledge resources The company's most important knowledge resources consist of sales and marketing as well as the processing of glass. The key competences consist of glass processing based on customer-specific wishes and supply chain management for the BTB market.   Future expectations The management expect a stable positive development for the future. Increased activity is expected in some areas due to investments in sales forces as well as we expect the industrial market to increase further. The organization is focusing on improving processes.  In total we expect to return to the level of 2024 i.e. around 13-16 million. DKK.   Environmental conditions The company processes glass at two of its plants. The activities are not subject to requirements for environmental approvals or green accounts. The most significant environmental effect from the company's activities is energy consumption in connection with the hardening of glass.    123876000 123529000 105003000 96393000 7171000 7297000 -2000 -193000 11704000 20032000 112000 282000 64000 446000 11752000 19868000 2652000 4572000 9100000 15296000 29000 132000 29000 132000 13441000 14728000 20107000 18968000 539000 714000 1026000 703000 300000 182000 35413000 35295000 1500000 1789000 1500000 1789000 36942000 37216000 17586000 16527000 498000 286000 1339000 976000 19423000 17789000 25160000 28257000 7260000 11293000 1409000 2825000 455000 846000 34284000 43221000 53707000 61010000 90649000 98226000 25000000 25000000 24967000 40263000 9100000 0 59067000 65263000 283000 859000 1770000 0 2053000 859000 13338000 14027000 0 1311000 869000 2484000 29529000 32104000 29529000 32104000 90649000 98226000 DKK '000Sha­re ca­pi­talRetained profitProposed dividendTotal Equity at 1 January 202525.00040.263065.263 -9.100-15.296 Proposed profit allocation, see note 5 -15.29624.3969.100 Transactions with ownersExtraordinary dividend paid -15.296-15.296 Equity at 31 December 202525.00024.9679.10059.067 Share capital  Allocation of share capital:  Share capital, 250.000 unit in the denomination of 100 DKK. In total 25.000. 25000000 40263000 0 -9100000 -15296000 -15296000 -15296000 25000000 24967000 9100000 1 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees177174 Wages and salaries 94.61387.405 Pensions 9.9698.594 Social security costs 421394 105.00396.393 Information on management remuneration has been omitted in accordance with the exception provision in the Annual Accounts Act § 98 b, subsection 3 No. 2. 177 174 94613000 87405000 9969000 8594000 421000 394000 105003000 96393000 2 | Other financial income Group enterprises 78202 Other interest income 3480 112282 78000 202000 34000 80000 112000 282000 3 | Other financial expenses Group enterprises 6490 Other interest expenses 0356 64446 64000 90000 0 356000 64000 446000 3185000 4808000 43000 0 -576000 -236000 5 | Proposed distribution of profit Proposed dividend for the year 9.1000 Extraordinary dividend 15.2960 Retained earnings -15.29615.296 9.10015.296 9100000 0 15296000 0 -15296000 15296000 9100000 15296000 6 | Intangible assets DKK '000Intangible fixed assets acquired Cost at 1 January 2025 3.347Disposals -75Cost at 31 December 2025 3.272  Amortisation at 1 January 2025 3.215Reversal of amortisation of assets disposed of  -75Amortisation for the year 103Amortisation at 31 December 2025 3.243 Carrying amount at 31 December 202529 3347000 75000 3272000 3215000 75000 103000 3243000 29000 7 | Property, plant and equipment DKK '000Land and buildingsProduction plants and machineryOther plants, machinery, tools and equipment Cost at 1 January 2025 34.22767.53410.055 Transferred 01820 Additions 06.42432 Disposals 0-705-776 Cost at 31 December 2025 34.22773.4359.311   Depreciation and impairment losses at 1 January 2025 19.50048.5679.340 Reversal of depreciation of assets disposed of 0-705-776 Depreciation for the year 1.2865.466208 Depreciation and impairment losses at 31 December 2025 20.78653.3288.772 Carrying amount at 31 December 202513.44120.107539 DKK '000Leasehold improvementsTangible fixed assets in progress and prepayment Cost at 1 January 2025 744182 Transferred 0-182 Additions 480300 Disposals -500 Cost at 31 December 2025 1.174300   Depreciation and impairment losses at 1 January 2025 400 Reversal of depreciation of assets disposed of -1 Depreciation for the year 109 Depreciation and impairment losses at 31 December 2025 1480 Carrying amount at 31 December 20251.026300 34227000 67534000 10055000 0 182000 0 0 6424000 32000 0 705000 776000 34227000 73435000 9311000 19500000 48567000 9340000 0 705000 776000 1286000 5466000 208000 20786000 53328000 8772000 13441000 20107000 539000 744000 182000 0 -182000 480000 300000 50000 0 1174000 300000 40000 0 1000 109000 148000 0 1026000 300000 8 | Prepayments and accrued income Costs 455846 455846 9 | Sha­re ca­pi­talAllocation of Share capital: Aktier, 250.000 unit in the denomination of 100 DKK25.00025.000 25.00025.000 10 | 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. 20252024 DKK '000DKK '000 Deferred tax, beginning of year 8591.095 Deferred tax of the year, income statement -576-236 Defered tax, end of year283859 11 | Other provisions for liabilities 0-1 år 1.7700 The Company provides warranties on some of its products and is therefore obliged to repair or replace goods which are not satisfactory. Based on previous experience in respect of the level of repairs and returns, other provisions of ('000) DKK 1,770 (2024: ('000) DKK 0) have been recognised for expected warranty claims. 2025 DKK '000 Lease commitment The company has liability related to rental agreements, leasing commitments and machinery The total lease commitment as of the balance sheet date amount to: 16.184 13 | Related parties The company's related parties include: Controlling interest Semco Holding GmbH, Ownership 100 % Langebrügger Straße 10, 26655 Westerstede Tyskland 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. 14 | Consolidated Financial Statements The company is included in the consolidated accounts of Semco Holding GmbH. The Annual Report of Scanglas A/S for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish me­di­um-si­ze Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class C .  Regnskabsklasse C, mellemstor virksomhed1trueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse C, mellemstor virksomhed true Net revenue Net revenue from the sale of merchandise and finished goods is recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received.   Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale.   Costs of sales Cost of sales includes costs, including depreciation and wages, which are incurred to achieve the year's results net turnover. This includes direct and indirect costs for raw materials and auxiliary materials, salaries and wages, rent and leasing as well as depreciation on production facilities.   Other operating income Other operating income includes items of a secondary nature in relation to the enterprises' principal activities, including profit from sale of intangible and tangible assets, operating loss and conflict compensations, as well as salary refunds. Compensations are recognised when the income is estimated to be realisable.    Other external expenses Other external expenses include other production, sales, delivery and administrative costs, including costs of energy, marketing, premises, loss on bad debts,  lease expenses, etc   Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the 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.   Financial income and expenses Financial income and expenses include interest income and expenses 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 Patents and licences are measured at the lower of cost less accumulated amortisation and the recoverable amount. Patents are amortised over the remaining patent period and licences are amortised over the period of the agreement, however, no more than 8 years.   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 and their residual value:   Useful lifeBuildings 40 år0 %Production plant and machinery 4-14 år0 %Other plant, fixtures and equipment 4-14 år0 % 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.   Financial non-current assets Deposits include rental deposits which are recognised and measured at cost. Deposits are not depreciated.   Other receivables are measured at amortised cost which usually corresponds to the nominal amount. The amount is written down to meet expected losses.   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 cost using the weighted average method. If the net realisable amount is lower than cost, the inventories are written down to the lower amount.   The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct payroll cost and other direct and other indirect production costs include indirect mate­rials and payroll and maintenance and depreci­ation of the machines, factory buildings and equipment used in the production process, the cost of factory administration and management and capitalised development costs relating to the products.   The net realisable value of inventories is stated at the expected sales price less direct completion costs and costs incurred to execute the sale and is determined with due regard to marketability, obsolescence and development in expected sales price of the inventories.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses. Write-downs are made to counter losses where an objective is assessed to have occurred indication that a receivable or a portfolio of receivables is impaired. If there there is an objective indication that an individual receivable is impaired, is made impairment at the individual level.   Write-off is performed to provide for losses when an objective indication has been assessed to have incurred that a receivable or a portfolio of receivables are impaired. If there is an objective indication that an individual receivable is impaired, the write-off is performed at individual level.   Receivables for which there are no objective indication of impairment at individual level are assessed at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors’ registered office and credit rating in accordance with the Company’s policy for credit risk management. The objective indicators, which are applied for portfolios, are determined based on the historical loss experiences.   Write-off is determined as the difference between the carrying amount of receivables and the present value of the expected cash flows, including realisable value of any received collaterals. The effective interest rate is used as discount rate for the single receivable or portfolio.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Other provisions for liabilities Other provisions for liabilities include the expected cost of warranty commitments, loss on work in progress, restructurings etc. and deferred tax.   Warranty commitments include liabilities for improvement of work within the warranty period of 1 to 5 years. The provision for liabilities is measured and recognised on the basis of experience with warranty work.    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.   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 The amortised cost of current liabilities corresponds usually to the nominal value.   The capitalised remaining lease liability on finance lease contracts is also recognised as financial liabilities.   Cash Flow Statement   With reference to Section 86(4) of the Danish Financial Statements Act, the Company has not prepared a cash flow statement. A cash flow statement has been prepared for the Group.   With reference to Section 86(4) of the Danish Financial Statements Act, the Company has not prepared a cash flow statement. A cash flow statement has been prepared for the Group.