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cmn:ConsolidatedMember 39967413 2024-10-31 fsa:OtherShorttermPayablesMember cmn:ConsolidatedMember 39967413 2025-10-31 fsa:OtherShorttermPayablesMember 39967413 2024-10-31 fsa:OtherShorttermPayablesMember iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-11-01 2023-11-01 2025-10-31 2024-10-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning true 2026-01-14 Thomas Synnestvedt Knudsen The Executive Board and Board of Directors have today considered and adopted the Annual Report of Eltronic Fueltech A/S for the financial year 1 November 2024 - 31 October 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 October 2025 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2024/25. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Hedensted 2026-01-14 Mari-Louise Kahr Andreasen CEO Thomas Synnestvedt Knudsen Lars Jensen Carl Sinnerup Jensen Chair Britt Charlotte Brogaard Røjgaard Jeppe Kiilerich Østerlund Kasper Gothard Beck Employee representative Employee representative To the shareholders of Eltronic Fueltech A/S Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 October 2025 and of the results of the Group’s and the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 November 2024 - 31 October 2025 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Eltronic Fueltech A/S for the financial year 1 November 2024 - 31 October 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion 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 Group 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, 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’s Review and, in doing so, consider whether Management’s Review 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’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of 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 Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent 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 judgement and maintain professional scepticism 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 Group’s and the Parent Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the 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 group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements and the Parent Company Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Trekantområdet 2026-01-14 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Lars Almskou Ohmeyer Heidi Bonde State Authorised Public Accountant State Authorised Public Accountant mne24817 mne42815 Eltronic Fueltech A/S Kilde Alle 4 8722 Hedensted 39967413 Hedensted Herredsvej 32 7100 Vejle Seen over a 5-year period, the development of the Group is described by the following financial highlights:EBITDA85,57841,29031,76957,03929,034Depreciation, amortization and impairment-3,246-1,883-728-500Profit/loss of primary operations82,36339,40731,04056,98929,034Profit/loss of financial income and expenses-1,835-619-320-547-388Profit/loss before tax80,52838,78830,72056,44328,646Tax on profit/loss for the year-17,550-8,475-7,136-12,237-5,649Cash flows from:The key figures have been prepared in accordance with the recommendations and key figures of the Finance Association. Please refer to the definitions in the section on accounting policies. 240703000 238667000 124920000 91474000 96505000 54180000 23584000 44205000 22997000 122603000 125472000 71515000 3345000 4159000 4538000 479000 0 63624000 58348000 29132000 37429000 3519000 25204000 -10623000 -7601000 181000 -29540000 8419000 -28524000 -2734000 4337000 -3139000 159 109 94 71 45 0.460 0.394 0.380 0.404 0.434 0.199 0.134 0.129 0.239 0.232 0.346 0.231 0.253 0.454 0.406 0.535 0.550 0.519 0.465 0.407 0.569 0.384 0.387 1.011 1.579 Key activitiesEltronic FuelTech is a knowledge company which develops, produces, and services complex high and low-pressure fuel systems for power supply and energy generation for marine engines. The primary products are meant for alternative, green fuels for the propulsion of dual fuel engines.Eltronic FuelTech's customer portfolio includes leading global companies within the engine and shipbuilding industries as well as ship owners.Development in the yearThe Group's profit and loss account for 2024/25 shows a turnover of DKK 413,961,316. Profit before financial items is DKK 83,362,761. Overall, management considers the profit for the year to be satisfactory. The company's balance sheet on 31 October 2025 shows an equity of DKK 127,250,818. The company's solvency ratio on 31 October 2025 was 53,5%.The past year and follow-up on development expectations from last yearAs expected, the year has reflected the pronounced global focus on the green transition to alternative fuels for the reduction of carbon emissions. Therefore, there has been an increasing demand within our existing product portfolio particularly for new ship constructions. These ships are increasingly opting for dual fuel engines, which can operate on green alternative fuels. However, there has been a shift in the dual fuel mix towards continued use of LNG, and a slower uptake of methanol as a fuel.As part of the strategy, there has been continued investment in development of solutions for the maritime industry within future green fossil-free fuels such as ammonia in the past year. Here too, commercial interest is on the rise. Also, as part of the strategy, Eltronic FuelTech has, during 2025 increased production of products through our subsidiary in Korea to strengthen the position within the green transition about our primary customers and market at the large motor- and shipbuilders in Asia. Eltronic FuelTech China was established as a subsidiary in 2025 and are now employing service and sales teams in the country. The Korean subsidiary has expanded its activities in the year and are ramping up assembly in the country besides the service and sales teams. In Denmark, increase in capacity and organization is progressing as planned. Turnover has increased by 41% and EBT has increased by 100% compared to 2023/24. Turnover is in line with our target of 20-40% increase. EBT has developed better than budgeted due to improvements in cost out and efficiency in production resulting in improved DG on our products.General risksThe company’s activities cover development, manufacturing, and delivery of large and complex fuel supply systems and solutions to the maritime industry, which imply both technical and contractual risks. However, in Management’s assessment, the company currently has internal systems and procedures to ensure that the activities for the year may be carried out without any significant technical and contractual risks.Foreign exchange risksMost of the turnover is in DKK and EUR. The increased activity in our Korean subsidiary means that more turnover and purchase is in KRW. The exchange rate uncertainties are hedged, as far as possible, by reducing net positions, and alternatively by means of financial instruments in the event of considerable risks.As a result, the company runs a low risk of exchange rate fluctuations.Credit risksThe company's customer portfolio consists primarily of larger, reputable companies, which are considered to have a good credit rating. Customers are subject to ongoing credit assessment, and risks are reduced by focusing on advance payment for new customer types.Targets and expectations for the year aheadThe company anticipates that the continued increased global focus on green conversion, supported by both international rules and increased demand from consumers and investors for green shipping, will ensure further positive development in demand for the company's current products and services within alternative fuels. The company expect a minor shift in the demand from MeOH products towards LNG products, due to high cost for green MeOH fuel in the market. The company does not expect a decline in the total number of dual fuel ships being ordered. The shift in the market is expected to happen within the product range for the company. Based on the above the company has budgeted with a turnover of approx. MDKK 500-540 and EBT of MDKK 90-100.The goal for Eltronic FuelTech is still to be the global leader, in development of fuel handling/ management equipment enabling a transition from conventional carbon-dominant fuels to fuel types with the potential of reducing or even completely removing carbon emissions. This is in line with the ambitions of our customers, working to provide a path to de-carbonize shipping. In the coming years, the company will thus endeavour to develop new, innovative technology for fossil free fuel systems, enabling this green transition.To meet this development, capacity will be substantially increased in Denmark in the coming years, while activities and presence in Asia will also increase. We are moving closer to our customers to ensure delivery as well as service and continued development of the green fuel solutions of tomorrow for the international maritime industry.The company's activities include forward-looking development, manufacturing, delivery and subsequent service of complex high and low-pressure systems with existing and new technologies and products for the maritime industry.Research and developmentDevelopment activities include the development of product families that ensure new alternative, fossil free, and more environmentally friendly energy and fuel solutions for the maritime industry.This must be supported by continued development and improvement of the ERP system and associated platforms for further automation and digitization of processes and workflows, with a primary focus on production and product management, to ensure high quality and safety in our deliveries. This is also the foundation for scaling the product portfolio and acting flexibly and quickly in response to our customers' needs, while simultaneously ensuring our geographical expansion and utilizing knowledge across products and fuels.External environmentThe UN's SDG goals form the basis for the strategic direction of the company, with the clear objective of contributing with technological solutions that enable transition to fossil free shipping for the maritime industry and thereby contribute to the achievement of the Paris Agreement's goal of significantly reducing CO2 and greenhouse gas (GHG).The company is also aware of the responsibility for both the external and internal environment and takes the necessary consideration when carrying out individual tasks in the company's services and deliveries to its customers. The company is environmentally certified according to ISO 14001, and it is estimated that the company's environmental impact under scope 1 and 2 is low.In the coming year, we will moreover work on mapping of scope 3 environmental impacts and initiatives.Intellectual capital resourcesThe company is a knowledge company, and the company's most important resources are the skills and the knowledge possessed by the employees. Competence development and knowledge sharing are key words, and initiatives to attract and retain employees have a high priority.Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Unusual eventsThe financial position at 31 October 2025 of the Group and the results of the activities and cash flows of the Group for the financial year for 2024/25 have not been affected by any unusual events.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 413961316 293339072 415988070 298236827 1454263 3720264 15157735 0 182693523 144107854 209203955 150384532 42351123 37298176 46519809 35055620 190370933 115653306 175422041 112796675 104762341 74362900 94305443 72130789 3245831 1883050 2605489 1570890 82362761 39407356 78511109 39094996 0 0 1611550 -268070 1085787 331388 839460 908987 2920979 950602 808670 872273 80527569 38788142 80153449 38863640 17549716 8475465 17175596 8550963 62977853 30312677 62977853 30312677 4038580 3285669 4038580 3285669 17504775 11904346 17504775 11904346 21543355 15190015 21543355 15190015 2826071 3063535 2826071 3063535 2748742 2547336 0 0 2333393 1578792 1413122 1578792 7908206 7189663 4239193 4642327 0 0 1565268 0 0 0 1565268 0 29451561 22379678 27347816 19832342 87598022 64066205 72209862 60020041 75297044 56595790 69450794 56760458 5326746 444659 4961304 444659 22398303 19513491 50061864 27026587 9422981 6044970 7652737 4982987 1271287 48379 1258477 32961 113716361 82647289 133385176 89247652 7212284 1796956 1799464 1162546 208526667 148510450 207394502 150430239 237978228 170890128 234742318 170262581 568334 568334 568334 568334 0 0 16803817 11848212 402597 186864 402597 186864 81279887 63302034 64476070 51453822 45000000 30000000 45000000 30000000 127250818 94057232 127250818 94057232 4885227 2596003 4885227 2671387 2050000 3395000 2050000 3395000 6935227 5991003 6935227 6066387 303960 445662 303960 445662 1691191 1626741 1691191 1626741 1995151 2072403 1995151 2072403 421360 170671 421360 170671 141701 134302 141701 134302 41903963 23927235 40198122 23302434 282102 1205464 282102 1205464 614614 501502 614614 501502 283564 0 0 0 14961756 7903711 14961756 7903711 19179942 19084748 18323194 19020772 24008030 15841857 23618273 15827703 101797032 68769490 98561122 68066559 103792183 70841893 100556273 70138962 237978228 170890128 234742318 170262581 568334 186864 63302034 30000000 94057232 0 -215733 0 0 -215733 0 0 0 30000000 30000000 0 0 17977853 45000000 62977853 568334 402597 81279887 45000000 127250818 568334 11848212 186864 51453822 30000000 94057232 0 0 -215733 0 0 -215733 0 0 0 0 30000000 30000000 0 4955605 0 -4955605 0 0 0 0 0 17977853 45000000 62977853 568334 16803817 402597 64476070 45000000 127250818 62977853 30312677 23120083 11108923 -27746344 -28558130 58351592 12863470 1085787 331388 2920979 950602 56516400 12244256 7918883 5651429 48597517 6592827 7215156 2668302 3376169 4159070 -10591325 -6827372 0 11482 134303 127290 2771700 223005 250689 0 64450 46000 30000000 0 -32590864 -315777 5415328 -550322 1796956 2347278 7212284 1796956 Cash and cash equivalents are specified as follows:Exchange adjustments489,344131,194 7212284 1796956 7212284 1796956 93504776 66671541 84457433 64439430 9185104 6995869 8935499 6995869 2072461 695490 912511 695490 104762341 74362900 94305443 72130789 2501592 2351828 2501592 2351828 159 109 132 103 297371 269606 730222 848615 788416 61782 109238 60372 1085787 331388 839460 908987 15260492 7903597 14961756 7903711 2289224 571868 2213840 647252 17549716 8475465 17175596 8550963 45000000 30000000 17977853 312677 3970503 11904346 3970503 11904346 1614727 5600429 1614727 5600429 5585230 17504775 5585230 17504775 684834 0 684834 0 861816 0 861816 0 1546650 0 1546650 0 4038580 17504775 4038580 17504775 3-5 years3-5 yearsThere are capitalized costs on four development projects. The Aengine project; development of a complete fuel supply system for future ammonia-powered marine engines, that started in 2020. This project is completed in spring 2025 with the final full scale test on the land-based test-site. The first commercial version of the Fuel Valve Train (FVT NH3) has also been developed in 2025 based on the design from the AEngine. The solutions have been marketed, and the first order for part of the equipment (an FVT NH3) obtained. There is still great interest in the market for this future solution of carbon-free fuels. The second project concerns a Fuel Supply System for Methanol-powered engines and is a supplement to our Gas Valve Train to deliver the full system from tank to engine. The project has been finished in 2023-24 and the product has been marketed since then. The third project concerns a product for a 4 stroke Methanol Dual Fuel engine, and is a solution, where the Fuel Supply System is combined with the Fuel Valve Train, and is called a LFSVT. This product was developed during 2025, is also already marketed, and the first order is obtained and delivered at the end of October 2025.The fourth project is a new version of the GVT (Gas Valve Train) for LNG Dual Fuel engines. The engine designer has developed an upgrade of the Dual Fuel LNG engine, and the GVT therefore needs a new design to match the upgrade of the engine. The design is still ongoing and is expected to be marketed in 2026. 4473107 2871700 1820868 4473107 1820868 0 -273138 0 0 0 1321471 1052711 970663 1321471 19068 5794578 3651273 2791531 5794578 1839936 1409572 324364 242076 1409572 242076 0 -30851 0 0 0 1558935 609018 216062 1558935 184738 2968507 902531 458138 2968507 426814 2826071 2748742 2333393 2826071 1413122 3-5 years5 years years10 years3-5 years10 years 422515 0 0 422515 0 562320 562320 954232 0 1516552 562320 -3444898 -3297769 215733 120941 1042429 -800 569121 -267270 -1617615 -3444898 1666331 2882578 1565268 0 Investments in subsidiaries are specified as follows: Eltronic Fueltech Korea Yuhanhoesa South Korea 1.00 Eltronic Fueltech (Shanghai) Co., Ltd. China 1.00 41316062 39442639 36563611 37987327 42554926 21008053 32005035 18483694 3727034 3615513 3641216 3549020 87598022 64066205 72209862 60020041 Selling price of work in progress8,157,4461,469,1817,792,0041,469,181Payments received on account-3,112,802-2,229,986-3,112,802-2,229,9865,044,644-760,8054,679,202-760,805Recognised in the balance sheet as follows:Contract work in progress recognised in assets5,326,746444,6594,961,304444,659Prepayments received recognised in debt-282,102-1,205,464-282,102-1,205,4645,044,644-760,8054,679,202-760,805 Prepayments consist of prepaid expenses concerning licenses, software etc. Deferred tax liabilities at 1 November2,596,0032,024,1352,671,3872,024,135Amounts recognised in the income statement for the year2,289,224571,8682,213,840647,252Deferred tax liabilities at 31 October4,885,2272,596,0034,885,2272,671,387The provision for deferred tax is mainly attributed to temporary differences between the accounting value and the tax value of development projects, work in progress and other provisions. Other provisions have been recognised for expected warranty claims.Other provisions2,050,0003,395,0002,050,0003,395,0002,050,0003,395,0002,050,0003,395,000The provisions are expected to mature as follows:Within 1 year2,050,0003,395,0002,050,0003,395,000After 5 years00002,050,0003,395,0002,050,0003,395,000 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Lease obligations445,661579,964445,661579,964Other payables20,871,13320,711,48920,014,38520,647,513 0 0 0 0 303960 445662 303960 445662 303960 445662 303960 445662 141701 134302 141701 134302 1691191 1626741 1691191 1626741 1691191 1626741 1691191 1626741 19179942 19084748 18323194 19020772 Deferred income consists of payments received in respect of income in subsequent years. 1085787 331388 2920979 950602 3245831 1883050 17549716 8475465 23120083 11108923 -23531817 -19508075 -28184260 -24761207 -1345000 -1605000 -25314733 -17316152 -27746344 -28558130 Charges and securityAs security for the cashpool scheme within the group, an indemnity letter of DKK 50,000k has been created on the Parent Company's trade receivables, inventories, intangible rights and other fixtures and fittings, tools and equipment at a total carrying amount of DKK 160,187k.The Parent Company has provided security in respect of Parent Company's credit institutions. Rental and lease obligationsThe Group has assumed lease commitments amounting to DKK 704k as at the balance sheet date .The Group has assumed rent obligations amounting to DKK 590k as at the balance sheet date .The Parent Company has assumed lease commitments amounting to DKK 704k as at the balance sheet date.Other contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Visign Holding ApS, which is the management company of the joint taxation purposes. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability.Other financial obligationsThe Group has entered into agreements regarding other financial obligations of DKK 66,787k.The Parent Company has entered into agreements regarding other financial obligations of DKK 65,765k. TransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act.All transactions have been conducted on an arm's length basis. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Companies:Visign Holding ApS (Ultimate parent company)DK-8240 RisskovEltronic Group A/S (Immediate parent company)DK-8722 Hedensted No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of Eltronic Fueltech A/S for 2024/25 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The accounting policies applied remain unchanged from last year.The Consolidated Financial Statements and the Parent Company Financial Statements for 2024/25 are presented in DKK. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, Eltronic Fueltech A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Leases in terms of which the Company assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Company.The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement.All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement.Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity.Fixed assets acquired in foreign currencies are measured at the transaction date rates. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company.Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract.Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other external expensesOther external expenses comprise expenses for premises, sales and distribution as well as office expenses, etc.Other external expenses also include research and development costs that do not qualify for capitalisation. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with Danish group companies. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes. Intangible fixed assetsDevelopment projectsCosts of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities.Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis.As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is maximum 5 year. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Plant and machinery3-5 years Leasehold improvements10 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.If so, the asset is written down to its lower recoverable amount. Investments in subsidiariesInvestments in subsidiaries are recognised and measured under the equity method.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of goods for resale, raw materials and consumables equals landed cost.The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Contract work in progressContract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement.Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value.Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative. PrepaymentsPrepayments consist of prepaid expenses concerning licenses, software etc. DividendDividend distribution proposed by Management for the year is disclosed as a separate Dividend item. ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.Other provisions include warranty obligations in respect of repair work within the warranty period of 1-5 years. Provisions are measured and recognised based on experience with guarantee work. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off 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 will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Debts are measured at amortised cost, substantially corresponding to nominal value. Deferred incomeDeferred income comprises payments received in respect of income in subsequent years. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group.The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalentsThe cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand”. Financial HighlightsExplanation of financial ratiosGross marginGross profit x 100 / RevenueProfit marginProfit/loss of primary operations x 100 / RevenueReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity