37056383 2025-01-01 2025-12-31 37056383 2025-01-01 2025-12-31 1 37056383 2025-01-01 2025-12-31 1 37056383 2025-01-01 2025-12-31 1 37056383 2025-01-01 2025-12-31 2 37056383 2025-01-01 2025-12-31 3 37056383 2025-01-01 2025-12-31 4 37056383 2024-01-01 2024-12-31 37056383 2025-12-31 37056383 2024-12-31 37056383 2024-01-01 d:ContributedCapitalMember 37056383 2024-01-01 d:RetainedEarningsMember 37056383 2024-01-01 2024-12-31 d:RetainedEarningsMember 37056383 2025-01-01 d:ContributedCapitalMember 37056383 2025-01-01 d:RetainedEarningsMember 37056383 2025-01-01 2025-12-31 d:RetainedEarningsMember 37056383 2025-12-31 d:ContributedCapitalMember 37056383 2025-12-31 d:RetainedEarningsMember 37056383 2025-01-01 d:PlantAndMachineryMember 37056383 2025-01-01 2025-12-31 d:PlantAndMachineryMember 37056383 2025-12-31 d:PlantAndMachineryMember 37056383 2025-01-01 d:InvestmentsInGroupEnterprisesMember 37056383 2025-12-31 d:InvestmentsInGroupEnterprisesMember 37056383 2025-01-01 2025-12-31 d:SubsidiaryMember 1 37056383 2025-12-31 d:SubsidiaryMember 1 iso4217:DKK xbrli:pure Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Bavnehøjvej 5 6700 Esbjerg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 37056383 Circle Line DK ApS Ambolten 1 6800 Varde 2015-09-02 Varde EY Godkendt Revisionspartnerselskab 30700228 Bavnehøjvej 5 6700 Esbjerg Danmark +45 73 23 30 00 2026-06-25 Kim Blicher Lauridsen Regnskabsklasse B Erklæring om udvidet gennemgang Grundlag for konklusion Konklusion true true 2026-06-25 2026-06-25 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Circle Line DK ApS for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position 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. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Varde Kim Blicher Lauridsen Carl Anders Kristofer Berglund Chairman Pål Warolin Torbjörn Gustafsson Joel Hagström To the shareholder of Circle Line DK ApS We have conducted an extended review of the financial statements of Circle Line DK ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.Based on the work we have performed, in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. We conducted our extended review in accordance with the Danish Business Authority's standard on extended review for Small entities 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. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.IndependenceWe are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. 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 that 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 responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures to obtain limited assurance for our conclusion on the financial statements and perform specifically required supplementary procedures to obtain additional assurance for our conclusion.An extended review comprises procedures that primarily consist of making enquiries of Management and others within the Company, as appropriate, analytical procedures and 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. 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 thereon.In connection with our extended review of the financial statements, our responsibility is 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 Statement Act. We did not identify any material misstatement of the Management's review. Esbjerg Mads Klausen State Authorised Public Accountant mne46588 The Company’s principal activities is to act as a holding company for industrial-, craft-, and real estate companies. The Company’s principal activities comprise investments in the subsidiary Lauridsen Solutions PL Sp. z o.o. as well as the leasing of machinery to the subsidiary. The income statement for 2025 shows a loss of DKK 47,386 against a loss of DKK 281,754 last year, and the balance sheet at 31 December 2025 shows equity of DKK 381,603. Management considers the result for the year to be unsatisfactory.The parent company, Uniwater HoldCo ApS, has confirmed to the Company that the parent company will provide the necessary liquidity to maintain the Company's operations in 2026, and does not require any repayment of intercompany balances, provided that this financing is necessary for servicing the Company's obligations as they fall due. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. 772253 456745 538321 602731 233932 -145986 830725 845106 1125408 1071482 -60751 -372362 -13365 -90608 -47386 -281754 -47386 -281754 0 1558843 0 1558843 20109 20109 20109 20109 20109 1578952 22543361 20070958 0 81807 733710 732298 11039 0 23288110 20885063 23288110 20885063 23308219 22464015 100000 100000 281603 328989 381603 428989 0 135807 0 135807 20601 30000 22783573 21869219 122442 0 22926616 21899219 22926616 21899219 23308219 22464015 100000 610743 -281754 100000 328989 -47386 100000 281603 The annual report of Circle Line DK ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. Pursuant to section 110(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currencyThe financial statements are presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Income from the rendering of services is recognised as revenue as the services are rendered. Accordingly, revenue corresponds to the market value of the services rendered during the year (percentage-of-completion method).Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. The items revenue, other operating income and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Other operating income comprise items of a secondary nature relative to the Company's core activities, including gains on the sale of fixed assets. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Plant and machinery 5-10 years The item includes dividends from investments in group entities and associates. Dividend distributions that either exceed the profit for the year or where the carrying amount of the investments exceeds the consolidated carrying amounts of the group entity's net assets will indicate impairment for which reason an impairment test will have to be conducted. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.The Company and its Danish group entities are jointly taxed. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. Investments in group entities and associates are measured at cost, which includes the cost of acquisition calculated at fair value plus direct costs of acquisition. If there is evidence of impairment, an impairment test is conducted. Where the carrying amount exceeds the recoverable amount, a write-down is made to such lower value. The carrying amount of property, plant and equipment and investments in group entities is assessed for impairment on an annual basis.Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Cash comprise bank balances.Given the nature of the Group's cash pool arrangement, cash pool balances are not considered cash, but are recognised under "Receivables from group entities". Proposed dividendsDividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Other payablesThe Company has chosen IAS 39 as interpretation for liabilities. Other payables are measured at net realisable value. The parent company, Uniwater HoldCo ApS, has confirmed to the Company that the parent company will provide the necessary liquidity to maintain the Company's operations in 2026, and does not require any repayment of intercompany balances, provided that this financing is necessary for servicing the Company's obligations as they fall due. 0 0 830725 845106 1114354 1057397 11054 14085 122442 -19415 -135807 -64743 0 -6450 5757661 0 5757661 0 4198818 538321 4737139 0 0 20109 20109 20109 Lauridsen Solutions PL Sp z.o.o Poland 100.00 14382679 1563198 The Company is jointly taxed with Norstat Danmark A/S, which acts as management company. The Company is jointly and severally liable with other jointly taxed group entities for payment of income taxes from 22 January 2024 and onwards. The Company has not provided any security or other collateral in assets at 31 December 2025. Information about consolidated financial statements ParentDomicileRequisitioning of the parent company's consolidated financial statements Uniwater TopCo ABSwedenOrrekulla Industrigata 29 SE-425 36 Hisings Kärra, Sverige