33943717 2025-01-01 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 33943717 2025-01-01 2025-12-31 33943717 2025-01-01 2025-12-31 1 33943717 2025-01-01 2025-12-31 1 33943717 2025-01-01 2025-12-31 2 33943717 2025-01-01 2025-12-31 3 33943717 2025-01-01 2025-12-31 1 33943717 2025-01-01 2025-12-31 2 33943717 2023-01-01 2023-12-31 33943717 2022-01-01 2022-12-31 33943717 2021-01-01 2021-12-31 33943717 2023-12-31 33943717 2022-12-31 33943717 2021-12-31 33943717 2024-01-01 2024-12-31 33943717 2025-12-31 33943717 2024-12-31 33943717 2025-01-01 c:ContributedCapitalMember 33943717 2025-01-01 c:ReserveForNetRevaluationAccordingToEquityMethodMember 33943717 2025-01-01 c:RetainedEarningsMember 33943717 2025-01-01 c:ProposedDividendRecognisedInEquityMember 33943717 2025-01-01 2025-12-31 c:RetainedEarningsMember 33943717 2025-01-01 2025-12-31 c:ProposedDividendRecognisedInEquityMember 33943717 2025-12-31 c:ContributedCapitalMember 33943717 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 33943717 2025-12-31 c:RetainedEarningsMember 33943717 2025-12-31 c:ProposedDividendRecognisedInEquityMember 33943717 2025-01-01 c:AcquiredIntangibleAssetsMember 33943717 2025-12-31 c:AcquiredIntangibleAssetsMember 33943717 2025-01-01 2025-12-31 c:AcquiredIntangibleAssetsMember 33943717 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 33943717 2025-01-01 c:InvestmentPropertyMember 33943717 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 33943717 2025-01-01 2025-12-31 c:InvestmentPropertyMember 33943717 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 33943717 2025-12-31 c:InvestmentPropertyMember 33943717 2025-01-01 2025-12-31 Dagsværdi - Materielle anlægsaktiver 1 33943717 2025-12-31 Dagsværdi - Materielle anlægsaktiver 1 33943717 2025-01-01 c:InvestmentsInGroupEnterprisesMember 33943717 2025-01-01 c:InvestmentsInAssociatesMember 33943717 2025-01-01 c:DepositsLongtermInvestmentsAndReceivablesMember 33943717 2025-01-01 2025-12-31 c:InvestmentsInGroupEnterprisesMember 33943717 2025-01-01 2025-12-31 c:InvestmentsInAssociatesMember 33943717 2025-01-01 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember 33943717 2025-12-31 c:InvestmentsInGroupEnterprisesMember 33943717 2025-12-31 c:InvestmentsInAssociatesMember 33943717 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK xbrli:pure 0 BDO Statsautoriseret Revisionspartnerselskab Dokken 8 DK-6700 Esbjerg 45719375 Årsrapport 2026-06-22 Niels Grening Langerhuus HYTOR Group A/S Guldborgsundvej 1 6705 Esbjerg Ø Den uafhængige revisors erklæring 33943717 1960-11-29 Esbjerg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Dokken 8 6700 Esbjerg Today the Board of Directors and Executive Board have discussed and approved the Annual Report of HYTOR Group 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. Esbjerg 2026-06-22 Niels Grening Langerhuus Jan Bruun Jørgensen Chairman Chlinton Arendahl Nielsen Kia Marie Jerichau To the Shareholder of HYTOR Group A/S Konklusion We ha­ve au­di­ted the Fi­nan­ci­al Sta­te­ments of HYTOR Group 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.   Plan and perform the audit of the Fi­nan­ci­al Sta­te­ments to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the Fi­nan­ci­al Sta­te­ments. We are responsible for the direction, supervision and review of the audit work performed. 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 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.   Esbjerg 2026-06-22 BDO Statsautoriseret Revisionspartnerselskab 45719375 BDO Statsautoriseret Revisionspartnerselskab 45719375 Henrik Harbo Andersen Michael Benta-Albertsen Den uafhængige revisors erklæring State Authorised Public Accountant State Authorised Public Accountant mne19699 mne49840 15014000 13712000 13528000 951000 2061000 1889000 -1171000 -486000 -94000 13411000 8536000 4223000 88839000 98678000 71296000 52514000 44103000 35567000 -1163000 -1102000 -2474000 -1000000 0 60.4 71.1 59.1 44.7 49.9 -9.9 12.9 27.8 21.4 12.5 The ratios stated in the list of key figures and ratios have been calculated as follows:   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 primary activity of the entity consists of owning shares in subsidiaries for the group. Furthermore, the entity is holding the group management together with some of the administration and internal service departments for the whole group.   Development in activities and financial and economic position In 2025 the entity realized an unsatisfactory loss of 4,297 t.DKK against a profit of 6,491 t.DKK in 2024. The profit is significantly below the expectations for 2025.   The equity of the entity amounts to 38,708 t.DKK at 31st of December 2025.   Profit/loss for the year compared to the expected development The loss of 4,297 t.DKK for 2025 is significantly below the expectations for 2025.  The market didn´t develop as expected and the continued expansion of rental business had a negative impact on the result, though this was in line with expectations. Furthermore a subsidiary has carring out and delivering loss-making projects.   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.   Future expectations For the coming year, profit for the year is expected to amount to DKK 3–5 million after tax.   ESG and sustainability in HYTOR The business model in Hytor is primarily divided into two core activity areas. One focuses on engineering integrable system solutions through a project-oriented organization, while the other specializes in modern, heavy-duty generators, tools, and tool solutions for torque/tensioning and lifting, operated through a sales, service, and rental-oriented organization. HYTOR is currently not subject to mandatory ESG reporting requirements under EU regulations. However, we are increasingly experiencing a growing demand for ESG data from our stakeholders. It is important for HYTOR to meet this interest, but equally important that our work with ESG and sustainability actively contributes to strengthening our business Our ESG report has been prepared and is available at www.hytor.com.   15552000 14404000 11307000 11972000 742000 933000 0 -12000 3503000 1487000 -6619000 6308000 160000 505000 649000 1540000 -3605000 6760000 692000 269000 -4297000 6491000 24000 56000 24000 56000 2371000 1918000 7695000 7695000 10066000 9613000 49502000 51120000 0 0 1650000 1650000 51152000 52770000 61242000 62439000 178000 181000 1446000 2838000 0 76000 1208000 1486000 2832000 4581000 0 525000 2832000 5106000 64074000 67545000 5000000 5000000 0 7005000 33708000 31000000 0 5000000 38708000 48005000 659000 476000 659000 476000 2281000 2528000 2000000 3000000 5126000 6343000 247000 237000 544000 0 899000 1533000 14196000 7701000 509000 38000 1000000 1000000 19581000 12721000 24707000 19064000 64074000 67545000 DKK '000Sha­re ca­pi­talRe­ser­ve for net re­va­lua­ti­on un­der the equi­ty met­hodRetained earningsProposed dividendTotal Equity at 1 January 20255,0007,00531,0005,00048,005 Proposed profit allocation, see note 5 -4,297-4,297 Transactions with ownersDividend paid -5,000-5,000 TransfersReceiv./decl. dividend -5,0005,000 0Allowed equalization -2,0052,005 0 Equity at 31 December 20255,000033,708038,708 5000000 7005000 31000000 5000000 -4297000 -5000000 -5000000 5000000 -2005000 2005000 5000000 0 33708000 0 1 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees1921 Wages and salaries 9,69310,246 Pensions 1,4401,546 Social security costs 174180 11,30711,972 Remuneration to the Company’s Executive Management and Board of Directors has not been disclosed, as management functions are performed in the underlying subsidiaries, where the related remuneration is recognised. 19 21 9693000 10246000 1440000 1546000 174000 180000 11307000 11972000 2 | Other financial income Interest income from group enterprises 157242 Other interest income 3263 160505 157000 242000 3000 263000 160000 505000 3 | Other financial expenses Interest expenses to group enterprises 5491,025 Other interest expenses 100515 6491,540 549000 1025000 100000 515000 649000 1540000 509000 -38000 183000 307000 5 | Proposed distribution of profit Proposed dividend for the year 05,000 Allocation to re­ser­ve for net re­va­lua­ti­on un­der the equi­ty met­hod 0-9,453 Retained earnings -4,29710,944 -4,2976,491 0 5000000 0 -9453000 -4297000 10944000 -4297000 6491000 6 | Intangible assets DKK '000Acquired concessions, patents, licences, trademarks and similar rights Cost at 1 January 2025 5,010Cost at 31 December 2025 5,010  Amortisation at 1 January 2025 4,954Amortisation for the year 32Amortisation at 31 December 2025 4,986 Carrying amount at 31 December 202524 5010000 5010000 4954000 32000 4986000 24000 7 | Property, plant and equipment DKK '000Other plant, fixtures and equipmentInvestment properties Cost at 1 January 2025 8,5828,191 Additions 1,1630 Cost at 31 December 2025 9,7458,191   Revaluation at 1 January 2025 0-496 Revaluation at 31 December 2025 0-496 Depreciation and impairment losses at 1 January 2025 6,6640 Depreciation for the year 7100 Depreciation and impairment losses at 31 December 2025 7,3740 Carrying amount at 31 December 20252,3717,695 The carrying amount of property, plant and equipment includes investment property measured at fair value by the following amounts:  DKK '000Investment property Fair value at 31 December 20257,695The investment property comprises an industrial building located in Esbjerg. Investment property is measured at fair value, in accordance with accounting policies. The fair value is determined by applying the return-based model using the expected cash flow from the property.  The property is 100% let and generate an annual normalised income af DKK 615 thousand.  The applied yield requirement used in the model is 8% in 2025. An increase in the yield requirement of 0.5 percentage point would reduce the fair value of investment properties by DKK 452 thousand. The property has been valued at DKK 3.372 per square metre. No external valuer has been engaged in determining the fair value.  8582000 8191000 1163000 0 9745000 8191000 0 -496000 0 -496000 6664000 0 710000 0 7374000 0 2371000 7695000 Investment property 7695000 8 | Financial non-current assets DKK '000Investments in subsidiariesInvestments in associatesRent deposit and other receivables Cost at 1 January 2025 44,1151501,650 Additions 10,00000 Cost at 31 December 2025 54,1151501,650   Revaluation at 1 January 2025 13,911-1500 Dividend -5,00000 Profit/loss for the year -5,46700 Revaluation at 31 December 2025 3,444-1500 Impairment losses and amortisation of goodwill at 1 January 2025 6,90600 Amortisation of goodwill 1,15100 Impairment losses and amortisation of goodwill at 31 December 2025 8,05700 Carrying amount at 31 December 202549,50201,650 Investments in subsidiaries  Name and domicilOwnership HYTOR Fluid Solutions A/S, Esbjerg 100 % HYTOR Tools Solutions A/S, Esbjerg 100 % Investments in associates  Name and domicilOwnership A2X A/S, Esbjerg 33,3 % 44115000 150000 1650000 10000000 0 0 54115000 150000 1650000 13911000 -150000 0 -5000000 0 0 -5467000 0 0 3444000 -150000 0 6906000 0 0 1151000 0 0 8057000 0 0 49502000 0 1650000 9 | Prepayments Prepayments contain insurance etc. paid in advance. 20252024 DKK '000DKK '000 10 | Sha­re ca­pi­talAllocation of Share capital: Share capital, 5,000,000 unit in the denomination of 1 DKK5,0005,000 5,0005,000 11 | 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. Deferred tax, beginning of year 476169 Deferred tax of the year, income statement 183307 Provision for deferred tax 31 December 2025659476 12 | Long-term liabilities 31/12 2025RepaymentDebt outstanding31/12 2024DKK '000total liabilitiesnext yearafter 5 yearstotal liabilities Debt to mortgage credit institution 2,5282471,2312,765Other non-current liabilities 84500815Accruals and deferred income 3,0001,00004,000 6,3731,2471,2317,580 1231 13 | Deferred income Deferred income consists of the gain from sales of activities to HYTOR Tools Solutions A/S. Joint liabilitiesThe Company is jointly and severally liable together with the Parent Company and the other group companies in the joint taxable group for tax on the group’s joint taxable income and for certain possible withholding taxes, such as dividend tax, etc. Tax payable on the Group’s joint taxable income is stated in the annual report of Grening Invest ApS, which serves as management Company for the joint taxation. 2025 DKK '000 Lease commitment The total lease commitment including towards subsidiaries as of the balance sheet date amount to: 18,208 Lease commitment towards subsidiaries. The total lease commitment towards subsidiaries as of the balance sheet date amount to: 17,669 The entity has guarenteed the subsidiaries obligations to the companys bank. Bank loans af group enterprises amounts to 62.092 t.DKK.   The Entity has guaranteed subsidiaries debt to the companys bank up until 5,000 t.DKK. Bank loans of group enterprises amounts to 9,968 t.DKK. 15 | Charges and securities Mortgage debt is secured by way of mortgage on properties. The mortgage also comprises the plant and machinery deemed part of the property. The carrying amount of mortgaged properties is 7,695 t.DKK. 16 | Related parties Controlling interest Grening Invest ApS, Esbjerg owns all the shares and thus controls the Entity. Transactions with related parties Only related party transactions not conducted on an arm’s length basis are disclosed in the annual report. No such transactions have been conducted in the financial year. 17 | Consolidated Financial Statements Name and registered office of the Parent preparing consolidated financial statements for the largest and smallest group: Grening Invest ApS, Guldborgsundvej 1, 6700 Esbjerg   The Annual Report of HYTOR Group A/S for 2025 has been presented in accor­dance with the pro­vi­sions of the  Fi­nan­ci­al State­ments Act for Da­nish me­di­um-si­ze 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 Consolidated Financial Statements have not been prepared because the group fulfils the exemption provisions of section 112 of the Danish Financial Statements Act on sub-groups. The Company is included in the consolidated Financial Statements of Grening Invest ApS, CVR No. 44 91 41 07.   Net revenue Revenue from the sale of services is recognisedin the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties andsales discounts and is measured at fair value of the consideration fixed.   Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale.   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 include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.   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.   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, realised and unrealised gains and losses arising from 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 Intellectual property rights etc comprise aquired intellectual property rights. Intellectual property rights acquired are measured at cost less accumulated amortisation. Software are amortised on a straight-line basis over the useful lives of the assets. Software is depreciated over 3-7 years. Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount   Tangible fixed assets 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 lifeOther plant, fixtures and equipment 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.   Investment properties are initially recognised at cost, which comprise the purchase price and possible direct costs related to the properties. The investment properties are subsequently recognised at fair value corresponding to the market value of the properties. Changes in the fair market value are recognised in the Income Statement Properties under construction are recognised at cost.   The fair value of investment properties is assessed by means of a return-based valuation model according to which the value is calculated on the basis of the returns from operating the investment properties and an individually determined requirement for returns.   Financial non-current assets Investments in sub­si­dia­ri­es and as­so­cia­tes are measured in the Parent Company Balance Sheet under the equity method, which is regarded as a method of measuring/consolidation.   Investments in sub­si­dia­ri­es and as­so­cia­tes are measured in the Balance Sheet at the proportional share of the enterprises’ carrying Equity value, calculated in accordance with the Parent Company’s accounting policies with deduction or addition of unrealised intercompany profits or losses, and with addition of remaining additional values and goodwill calculated according to the acquisition method. Negative goodwill is recognised in the Income Statement upon acquisition of the Equity interest. Where the negative goodwill is related to takeover of contingent liabilities, the negative goodwill is not recognised before the contingent liabilities are settled or cancelled.   Received dividend is deducted in the carrying amount of the equity investment.   Net revaluation of investments in sub­si­dia­ri­es and as­so­cia­tes is transferred under equity to reserve for net revaluation under the equity value method to the extent that the carrying amount exceeds the acquisition value.   Profit and loss at disposal of investments in sub­si­dia­ri­es and as­so­cia­tes are determined as the difference between the net selling price and the carrying amount of the disposed investment at the time of sale, including non-depreciated excess values and goodwill. Profit and loss are recognised in the Income Statement under income from investments.   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.   The portfolio of mortgage deeds includes mortgages, that are expected to be held to maturity and are measured at amortised cost.   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.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   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.   Accruals, liabilities Accruals recognised as liabilities include payments received regarding income in subsequent years.   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.   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.