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36909412 2025-12-31 e:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember c:ConsolidatedMember 36909412 2025-01-01 e:FixturesFittingsToolsAndEquipmentMember c:ConsolidatedMember 36909412 2025-01-01 2025-12-31 e:FixturesFittingsToolsAndEquipmentMember c:ConsolidatedMember 36909412 2025-12-31 e:FixturesFittingsToolsAndEquipmentMember c:ConsolidatedMember 36909412 2025-01-01 e:InvestmentsInGroupEnterprisesMember 36909412 2025-12-31 e:InvestmentsInGroupEnterprisesMember 36909412 2025-01-01 2025-12-31 e:InvestmentsInGroupEnterprisesMember iso4217:DKK xbrli:pure 0 0 BDO Statsautoriseret Revisionspartnerselskab Fælledvej 1 DK-5000 Odense C 45719375 2026-06-03 Tim Jeppesen Årsrapport Projectgold ApS c/o Jørgen Kruuse A/S 5550 Langeskov Den uafhængige revisors erklæring 36909412 2015-06-01 Kerteminde 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Fælledvej 1 5000 Odense C Today the Board of Directors and Executive Board have discussed and approved the Annual Report of Projectgold ApS 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments give a true and fair view of Group's and the Company's assets, liabilities and financial position at 31 December 2025 and of the results of Group's and the Company's operations as well as the consolidated cash flows of the Group 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. Langeskov 2026-06-03 Danny Henrik Ankjær Graham Michael Rhodes Chairman Gitte Rene Uhrenholt Danny Henrik Ankjær To the Shareholder of Projectgold ApS Konklusion We ha­ve au­di­ted the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments of Projectgold ApS 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 for both the Group and the Parent Company, as well as consolidated statement of cash flows for the Group. The Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments are pre­pared in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   In our o­pi­ni­on, the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments give a true and fair view of the assets, liabilities and financial position of the Gro­up or the Com­pa­ny at 31 December 2025 and of the results of the Group and the Pa­rent Com­pa­ny's operations as well as the consolidated cash flows of the Group 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 (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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments Management is responsible for the preparation of Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments that are free from material misstatement, whether due to fraud or error.   In preparing the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments unless Management either intends to liquidate the Gro­up or 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments, including the disclosures, and whether the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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  Group 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.   Statement on Management Commentary Management is responsible for Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments, our responsibility is to read Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment Com­men­ta­ry is materially inconsistent with the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 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 of Ma­na­ge­ment Com­men­ta­ry.   Odense 2026-06-03 BDO Statsautoriseret Revisionspartnerselskab 45719375 Michaela Beeck Den uafhængige revisors erklæring State Authorised Public Accountant mne42785 824842000 719455000 790921000 218400000 204486000 257786000 57044000 24608000 89271000 1674000 -881000 -499000 43951000 15797000 67303000 565074000 523400000 608146000 422578000 381833000 369909000 -3501000 -5966000 -3925000 -2772000 -3456000 196 220 223 242 227 25.7 23.0 26.5 28.4 32.6 78.1 72.6 74.8 73.0 60.8 3.7 1.9 10.9 4.2 17.6 0.0 1.0 5.3 2.2 8.5 Net margin Net margin Net margin Net margin Net margin 85 97 104 91 100 Index for net revenue Index for net revenue Index for net revenue Index for net revenue Index for net revenue 3439000 3497000 3699000 2973000 3484000 The comparative figures for 2022 have been adjusted due to change of classification for Expenses for raw materials and consumables, Other external expenses and Staff costs. Gross profit/loss and gross margin have changed compared to last year's financial highlights.   The ratios stated in the list of key figures and ratios have been calculated as follows:   Gross margin: Gross profit x 100    Net revenue Equity ratio:  Equity (ex. minorities), at year-end x 100 Total assets, at year-end Return on equity: Profit/loss after tax x 100        Average equity Net revenue per employee DKK ('000)             Net revenue DKK('000)            Average number of full-time employees Net margin Profit/loss for the year x 100                Revenue Principal activities The Group is a leading global supplier of veterinary products and equipment used in veterinary clinics and animal healthcare. The Group develops, sources, produces and distributes a wide range of veterinary consumables, instru-ments and related products designed to support veterinary professionals in their daily work and to improve animal welfare. The Group operates subsidiaries in Denmark, Sweden, Norway, the United Kingdom and China, while additional international markets are served through an extensive distributor network covering more than 100 countries. Product development activities are primarily conducted at the Group’s headquarters in Langeskov, Denmark. These activities focus on continuous product improvement and smaller-scale innovation projects aimed at preventing and alleviating pain and suffering in animals. The Group’s value chain combines global sourcing from suppliers in Europe and Asia with in-house production and logistics capabilities in Denmark. Veterinary clinics in the Nordic region are supplied through daily distribution flows, while international distributors receive recurring deliveries of KRUUSE-branded products. The Group’s value chain including sources of freight Development in activities and financial and economic position The Group’s financial performance in 2025 reflected a year characterized by lower market activity and reduced revenue compared with the previous year, combined with improved profitability. Revenue amounted to DKK 674.1 million in 2025 compared with DKK 769.3 million in 2024, corresponding to a de-crease of approximately 12%. The decline was primarily driven by lower sales activity in selected markets and continued volatility in customer demand. Management reacted early to the lower activity level by reducing costs and improving operational discipline. Cost of sales decreased from DKK 517.3 million in 2024 to DKK 424.3 million in 2025, reflecting both reduced volume and continued focus on procurement optimization and supply chain efficiency. Staff costs amounted to DKK 120.4 million in 2025 compared with DKK 130.6 million in 2024. The reduction reflects organizational adjustments implemented to align costs with activity levels while maintaining critical capabilities across the organization.   Despite the decline in revenue, profit for the year increased to DKK 13.7 million compared with DKK 7.6 million in 2024. The improvement was driven by cost adjustments, efficiency improvements and disciplined execution across the business. The Group continued its initiatives to optimize supply chain processes throughout the year, including inventory reduction and improvements in logistics efficiency across markets, while also making additional investments in the optimization and further development of its website, with a focus on enhanced functionality, scalability, and user experience.   In 2025, E-vet’s warehouse operations and employees were consolidated at Jørgen Kruuse A/S to leverage synergies with an established logistics and warehousing setup, enhancing operational efficiency, improving service levels, and providing a scalable platform to support future growth.   Profit/loss for the year compared to the expected development Revenue came below expectations at DKK 674.6 million versus a budget of DKK 742 million, primarily due to weaker performance primarily in the Nordic markets. This reflects challenging market conditions in the Nordics, while other business areas showed more stable development.   At the beginning of the financial year, management expected profit before tax to fall within the range of DKK 40–45 million.   The profit realized for the year amounted to DKK 13.7 million and was therefore below the expected range. The deviation was primarily driven by lower-than-anticipated revenue during the year.   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 Group's financial position.   Financial risk The Group’s risk profile remained broadly unchanged during 2025. The Group is exposed to several financial risks, including currency risk, interest rate risk, credit risk and liquidity risk. Currency risk primarily arises from purchases denominated in USD and from sales in SEK, NOK and GBP. The Group’s policy is to limit speculative exposure and manage currency risk through operational measures and ongoing monitoring of foreign currency balances. Interest rate risk mainly relates to short-term variable-interest debt. The Group does not currently apply financial hedging instruments but continuously monitors financing conditions and interest rate developments.   Credit risk arises primarily from trade receivables and is mitigated through established credit policies, credit limits and ongoing monitoring of customer payment behavior.   From an operational perspective, the most significant risks relate to maintaining a strong competitive position in a market characterized by intense competition. Service quality, product reliability, regulatory compliance and competi-tive pricing remain key success factors within the veterinary industry. Management continuously works to strengthen internal processes to identify, assess and mitigate operational and financial risks across the organization.   Research and development activities The Group conducts ongoing development activities aimed at improving existing products and introducing incremental innovations that enhance veterinary treatment quality and animal welfare.   Development activities are primarily carried out at The Group’s headquarters in Langeskov and focus on product refinement, packaging optimization and development of specialized veterinary consumables. This approach reflects a deliberate strategy to combine high quality, regulatory compliance and operational scalability in a competitive market environment.   Future expectations Management expects further operational improvement in 2026. Management’s focus is on improving commercial execution, strengthening customer engagement and restoring profitable growth. Continued supply chain optimization and disciplined cost management are expected to support improvements in operational efficiency, while maintaining the Group’s ability to invest selectively in strategic initiatives. Revenue for 2026 is expected to reach approximately DKK 700–750 million, with profit before tax anticipated in the range of DKK 25–30 million. These expectations are subject to general market developments and currency fluctuations, particularly in SEK and NOK.   Corporate social responsibility (CSR) report The Group works systematically to promote responsible and sustainable business practices and reports in accordance with Sections 99a–d of the Danish Financial Statements Act. The Group’s CSR efforts focus on social matters and em-ployees, human rights, anti corruption, and environmental and climate matters. The Group has adopted policies covering these areas, which define principles and standards for responsible business conduct. The policies are approved at group level and apply to The Group’s own operations as well as to suppliers and other business partners across the value chain. Implementation of CSR policies The CSR policies are implemented through internal procedures, supplier requirements, contractual obligations, audits, inspections and ongoing monitoring. Responsibility for implementation and follow up is anchored in management and relevant business functions, including procurement, quality assurance, compliance and HR. Compliance with the policies is ensured through established systems and processes, including supplier codes of con-duct, structured onboarding of suppliers, internal controls, employee training and systematic follow up on compliance requirements. Processes for due diligence (necessary due care) As part of its due diligence processes, The Group continuously identifies, assesses and manages actual and potential adverse impacts related to social matters, human rights, corruption risks, and environmental and climate impacts. Due diligence activities include risk based selection of suppliers, CSR audits, product audits, inspections, corrective action plans and follow up on identified non compliance. These processes are integrated into procurement, supply chain management, quality assurance and compliance functions and form an integral part of The Group’s risk man-agement framework. Key CSR risks and risk management The most significant non financial risks relate to supplier compliance with labour standards, human rights, product safety, regulatory requirements and environmental impact within the supply chain, particularly in sourcing from mul-tiple regions. These risks are managed through a structured risk based approach, including supplier audits, product audits, inspections, continuous monitoring and corrective action requirements. Suppliers that fail to meet the Company’s standards are required to implement remediation plans, and persistent non compliance may result in termination of the business relationship.   CSR activities and results in 2025 CSR Audits in Asia – Risk Management Approach (2025) As part of our risk management strategy, we conduct CSR audits to identify, prevent, and mitigate potential social, environmental, and ethical risks within our supply chain. These audits are a key tool to ensure that our suppliers operate in accordance with our Code of Conduct and applicable international standards. In 2025, we assessed a total of 18 selected vendors in Asia through a combination of 10 on-site audits and 11 third-party audit reports. This dual approach enables us to maintain a robust oversight of supplier performance while lever-aging independent verification where relevant. By systematically auditing our suppliers, we strengthen transparency, reduce operational and reputational risks, and support continuous improvement across our value chain. CSR audits remain an essential element in safeguarding responsible business practices and ensuring long-term sustainability. Product Audits – Risk Management and Quality Assurance (2025) As part of our overall risk management framework, we conduct product audits to ensure compliance with regulatory requirements, safety standards, and internal quality expectations. These audits are essential for identifying and mitigat-ing risks related to product safety, labeling, chemical content, and documentation, particularly when sourcing from multiple regions and suppliers. In 2025, we carried out a total of 53 product audits across our operations, including 16 audits of new suppliers. This ensures that both existing and new suppliers meet our requirements and are aligned with our standards from the outset. Product audits play a key role in minimizing compliance and safety risks, protecting end-users, and maintaining trust in our products. As some suppliers provide products across multiple brands, these audits also help ensure consistency and transparency throughout our portfolio. Through this structured and proactive approach, we strengthen our ability to manage risks and ensure that all products placed on the market meet the necessary standards. Inspections – Risk Management and EU Compliance (2025) As part of our operational risk management and quality assurance processes, we conduct inspections on products destined for the EU market to ensure compliance with applicable regulatory requirements, internal standards, and customer expectations. These inspections serve as a key control mechanism to identify and mitigate potential risks related to product safety, quality, and documentation before products are released. In 2025, a total of 363 inspections were carried out, including on-site inspections, remote inspections (including samples), and reviews of self-inspection reports. This comprehensive approach ensures that products are verified through multiple control layers prior to entering the EU market. Through systematic inspections, we strengthen our ability to prevent non-compliant products from being placed on the market, reduce regulatory and operational risks, and ensure a consistent level of quality across all goods. This process is an integral part of our efforts to safeguard compliance and maintain trust with customers and authorities. Governance The Group is a member of SEDEX and operates under policies covering ethics, compliance, diversity and responsible sourcing. These policies are fully integrated into the Group’s governance framework and supplier management processes. Ongoing monitoring and internal reviews help ensure consistent adherence to governance principles across the organization. Employees and social matters  Employee wellbeing, health and safety remain key priorities within the Group’s CSR program.   Report of data ethics The Group stores data for customers, vendors and employees. The data is kept fulfilling legal obligations and data retention requirements. The Group is subject to data ethical policies from the ultimate parent, CVET Topco, L.P. Therefore, the Group adheres to the following privacy values: • The Group does not sell or share personally identifiable customer data (PII) with third parties without consent. • The Group strives to build a digital ecosystem that improves animal healthcare and respects privacy. • The Group considers personal data to be confidential, and we treat it that way. • The Group takes measures to anonymize personal data and restrict access to it whenever possible.  674118000 769265000 0 0 2795000 3068000 0 0 1915000 1549000 0 0 424291000 517303000 0 0 81267000 79289000 419000 413000 173270000 177290000 -419000 -413000 120473000 130589000 0 0 33148000 35138000 0 0 51000 9000 0 0 19598000 11554000 -419000 -413000 0 0 13797000 8224000 4238000 6213000 1055000 808000 3842000 3470000 0 303000 19994000 14297000 14433000 8316000 6315000 6721000 101000 87000 13679000 7576000 14332000 8229000 372000 446000 0 0 31989000 46430000 0 0 2381000 3075000 0 0 0 0 0 0 26843000 40341000 0 0 25014000 13293000 0 0 86599000 103585000 0 0 10154000 10042000 0 0 10154000 10042000 0 0 0 0 349759000 335954000 0 0 349759000 335954000 96753000 113627000 349759000 335954000 160386000 173078000 0 0 1738000 8838000 0 0 162124000 181916000 0 0 70407000 74530000 0 0 19879000 16806000 30178000 29376000 242000 316000 0 0 6584000 4771000 0 0 732000 2124000 719000 4082000 0 0 275000 0 4812000 2891000 0 0 102656000 101438000 31172000 33458000 116260000 98197000 980000 963000 381040000 381551000 32152000 34421000 477793000 495178000 381911000 370375000 52000 52000 52000 52000 19801000 10716000 0 0 -6927000 -6660000 0 0 360260000 355242000 380119000 365591000 373186000 359350000 380171000 365643000 9429000 11729000 0 0 1533000 2977000 0 0 10962000 14706000 0 0 7667000 7967000 0 0 47094000 77678000 117000 136000 3311000 1805000 528000 498000 0 0 1095000 4098000 342000 335000 0 0 85978000 113155000 1740000 4732000 93645000 121122000 1740000 4732000 477793000 495178000 381911000 370375000 Group DKK '000Sha­re ca­pi­talReserve for development costsFair value reserve for currency translation of foreign entitiesRetained earningsTotal Equity at 1 January 20255210,717-6,660355,241359,350 Proposed profit allocation, see note 7 13,67913,679 Other legal bindingsCapitalized development costs 11,721 -11,7210Revaluations in the year 424424 TransfersDepreciations -74 740 Change fair value reservesValue adjustments in the year -267 -267 Tax on changes in equity -2,5632,5630 Equity at 31 December 20255219,801-6,927360,260373,186 Parent Company DKK '000Sha­re ca­pi­talRe­ser­ve for net re­va­lua­ti­on un­der the equi­ty met­hodRetained earningsTotal Equity at 1 January 2025520365,591365,643 Proposed profit allocation, jf. note 7 13,79753514,332 Other legal bindingsForeign exchange adjustments -267463196Other adjustments to equity value 274-2740 TransfersSettlem. negative balance -13,80413,8040 Equity at 31 December 2025520380,119380,171 52000 10717000 -6660000 355241000 13679000 11721000 -11721000 424000 -74000 74000 -267000 -2563000 2563000 52000 19801000 -6927000 360260000 52000 0 365591000 13797000 535000 -267000 463000 274000 -274000 -13804000 13804000 52000 0 380119000 7576000 33148000 35138000 6315000 6721000 -7971000 -12563000 19792000 -6265000 -2684000 28092000 -27558000 485000 8000 -258000 33285000 57405000 -11721000 -12450000 -3501000 -5966000 -15222000 -18416000 0 -70000000 0 -70000000 18063000 -31011000 98197000 129208000 116260000 98197000 Group Parent Company 20252024 20252024 DKK '000DKK '000 DKK '000DKK '000 1 | Net revenue Segment details (geography) Denmark224,447275,406 00 Europe, Middle East and Africa293,265332,935 00 Asia-Pacific93,55092,494 00 Americas62,85668,430 00 674,118769,265 00 2 | Other operating income Other operating income primarily consists of wage subsidies. Group 20252024 DKK '000DKK '000 3 | Fee to statutory auditor Specification of fee: Statutory audit 1,2531,216 Assurance engagements 615634 Other services 176168 2,0442,018 1253000 1216000 615000 634000 176000 168000 4 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees196220 00 Wages and salaries 103,093112,174 00 Pensions 13,48914,464 00 Social security costs 3,8913,951 00 120,473130,589 00 Remuneration of Executive Board 4,1974,821 00 Remuneration of Board of Directors 3240 00 4,5214,821 00 Special incentive programmes In 2023 the company has issued a 161.000 options in an phantom share option scheme for executive management and senior executives handled by the ultimate parent company. The options entitles the holder to receive an equivalent number of options in the ultimate parent company, under certain conditions, including achievement of agreed targets within a period of 4 to 5 years from the date of issue. The price of the options at the time of issue has been calculated based on the share capital in the ultimate parent using the current intrinsic value and compounded using the risk-free interest rate of 4,09% and regulated for dividend. The stock is set at a strike price of USD 10 per share. Half of the restricted stock gives the holder the right to receive the options free of charge under the assumption of continued employment. The other half of the options are dependend on financial goals and the potential return on the initial investment made by the ultimate parent company during the delisting end 2022. The perfomance based options has a duration of maximum 10 years. The return on these options are calculated using the Multiple on invested capital return (MoIC). The cost of the programme is amortized over the vesting period for a total of DKK (’000) 271 in 2025 (2024: DKK (’000) 404).   196 220 0 0 103093000 112174000 0 0 13489000 14464000 0 0 3891000 3951000 0 0 120473000 130589000 0 0 4197000 4821000 0 0 324000 0 0 0 Group Parent Company 20252024 20252024 DKK '000DKK '000 DKK '000DKK '000 5 | Other financial income Interest income from group enterprises 00 861778 Other interest income 4,2386,213 19430 4,2386,213 1,055808 0 0 861000 778000 4238000 6213000 194000 30000 4238000 6213000 1055000 808000 8562000 6038000 101000 87000 -21000 1289000 0 0 -2226000 -606000 0 0 7 | Proposed distribution of profit Allocation to re­ser­ve for net re­va­lua­ti­on un­der the equi­ty met­hod 00 13,7978,224 Retained earnings 13,6797,576 5355 13,6797,576 14,3328,229 0 0 13797000 8224000 13679000 7576000 535000 5000 13679000 7576000 14332000 8229000 8 | Intangible assets Group DKK '000Development projects completed, including patents and similar rights originating from development projectsCustomer relationsAcquired rights Cost at 1 January 2025 716176,80621,362 Cost at 31 December 2025 716176,80621,362 Amortisation at 1 January 2025 270130,37618,287 Amortisation for the year 7414,441694 Amortisation at 31 December 2025 344144,81718,981 Carrying amount at 31 December 202537231,9892,381 Group DKK '000Acquired patentsGoodwillDevelopment projects in progress and prepayments for intangible assets Cost at 1 January 2025 25,133168,87513,293 Exchange adjustment at closing rate 0-4220 Additions 0011,721 Cost at 31 December 2025 25,133168,45325,014 Amortisation at 1 January 2025 25,133128,5340 Exchange adjustment at closing rate 0-4740 Amortisation for the year 013,5500 Amortisation at 31 December 2025 25,133141,6100 Carrying amount at 31 December 2025026,84325,014 Development projects Development costs consist of projects in progress of new/unique products and development of an international eCommerce platform with expected market launch in 2026 ('000 DKK 25,014). Market research shows a demand for the these specific unique products. The eCommerce platform shall drive growth and expand proprietary brands within Clinics and Distributors.   716000 176806000 21362000 716000 176806000 21362000 270000 130376000 18287000 74000 14441000 694000 344000 144817000 18981000 372000 31989000 2381000 25133000 168875000 13293000 0 -422000 0 0 0 11721000 25133000 168453000 25014000 25133000 128534000 0 0 -474000 0 0 13550000 0 25133000 141610000 0 0 26843000 25014000 9 | Property, plant and equipment Group DKK '000Other plant, fixtures and equipment Cost at 1 January 2025 24,027Exchange adjustment at closing rate 130Additions 3,501Disposals -60Cost at 31 December 2025 27,598  Depreciation and impairment losses at 1 January 2025 13,985Exchange adjustment -151Depreciation for the year 3,610Depreciation and impairment losses at 31 December 2025 17,444 Carrying amount at 31 December 202510,154 24027000 130000 3501000 60000 27598000 13985000 -151000 3610000 17444000 10154000 10 | Financial non-current assets Parent Company DKK '000Investments in subsidiaries Cost at 1 January 2025 364,652Cost at 31 December 2025 364,652 Revaluation at 1 January 2025 -28,697Exchange adjustment -267Profit/loss for the year 13,797Other adjustments 274Revaluation at 31 December 2025 -14,893 Carrying amount at 31 December 2025349,759 Investments in subsidiaries  Name and domicileOwnership Projectsilver ApS, Langeskov, Denmark 100 %    Jørgen Kruuse A/S, Langeskov, Denmark 100 %       Kruuse Svenska AB, Huddinge, Sweden 100 %       Next2Vet AB, Ystad, Sweden 100 %       Kruuse Norge AS, Drøbak, Norway 100 %       Kruuse UK Ltd., Sheffield, UK 100 %       Kruuse Hong Kong Ltd., Hong Kong 100 %       Kruuse Shanghai, Co. Ltd., China 100 %       E-Vet A/S, Haderslev, Denmark 100 % Information about equity and results regarding equity investments has been omitted in accordance with the exemption clause of section 97 a (3) of the Danish Financial Statements Act. 364652000 364652000 -28697000 -267000 13797000 274000 -14893000 349759000 11 | Deferred tax assets The deferred tax assets relate primarily to unutilised tax losses. Group Parent Company 20252024 20252024 DKK '000DKK '000 DKK '000DKK '000 Deferred tax assets, beginning of year 3161,033 00 Deferred tax of the year, income statement -74-717 00 Deferred tax assets 31 December 2025242316 00 Recognized as follows: Deferred tax (assets) 242316 00 242316 00 Deferred tax assets relate primarily to unutilised tax losses. On the basis of budgets, management has assessed that there will be future taxable income in the next couple of years and the tax losses are then expected to be fully utilised. Deferred tax assets relate primarily to unutilised tax losses. On the basis of budgets, management has assessed that there will be future taxable income in the next couple of years and the tax losses are then expected to be fully utilised. 12 | Prepayments Accruals recognised as assets include costs incurred relating to subsequent financial years. The costs relate to prepaid insurances, licenses and travelling expenses. 13 | Provision for deferred tax The recognition of deferred tax is related to differences between the carrying amount and tax value of intangible and tangible fixed assets, trade receivables, inventories, provisions and other temporay differences. Group Parent Company 20252024 20252024 DKK '000DKK '000 DKK '000DKK '000 Deferred tax, beginning of year 11,72913,052 00 Deferred tax of the year, income statement -2,300-1,323 00 Provision for deferred tax 31 December 20259,42911,729 00 It is recognized as follows: Deferred tax (provision) 9,42911,729 00 9,42911,729 00 14 | Other provisions 0-1 year 1,5332,977 00 Provisions for liabilities include the expected cost of repair and warranty commitments and employee related obligations. Warranty liabilities comprise liabilities of ordinary 1 year’s warranty on the Group’s products and other estimated repairment liabilities for major plant.  15 | Long-term liabilities Group 31/12 2025RepaymentDebt outstanding31/12 2024DKK '000total liabilitiesnext yearafter 5 yearstotal liabilities Other non-current liabilities 8,1775107,0868,096 8,1775107,0868,096 7086 16 | Deferred income Accruals recognised as liabilities include costs included relating to deferred revenue, invoiced not delivered.  Contingent liabilities The Group has in previous years been selected for a VAT audit, and in this connection it may risk receiving a fine. It is still uncertain whether the Group will receive a fine, and if so, the amount and timing remain unknown. Any potential fine is estimated to be in the range of DKK '000 0 - 1,255. Joint liabilitiesThe Danish companies of the group is jointly and severally liable for tax on the group’s jointly taxed income and for certain possible withholding taxes such as dividend tax and royalty tax, and for the joint registration of VAT. Tax payable of the group’s jointly taxed income amounts to DKK (‘000) 0 at the Balance Sheet date. Group Parent Company 2025 2025 DKK '000 DKK '000 Lease commitment The Group has entered into rental and lease commitments. The total lease commitment as of the balance sheet date amount to: 25,880 0 Other financial commitments The Group has signed sales related license and commission agreements with 8 persons/companies. The agreements are related to specific products and are in force as long as these products are sold. The expense is DKK '000 3,489 in the financial year.   The Group has entered into an agreement on a robotic project of a total of USD '000 3,380 corresponding to approx. DKK '000 21,472. The total other financial commitments as of the balance sheet date amount to: 24,961 0 18 | Related parties The related parties include:- Covetrus B.V. - Beversestraat 23, Cuijk Netherlands 5431 SL - Covetrus Holding B.V. - Beversestraat 23 Cuijk, Netherlands 5431 SL - Covetrus Animal Health Holdings Ltd. - 37 North Wharf Road, Paddington U.K. W2 1AF - Vet Intermediate Holdco II, LLC – 400 Metro Place, Dublin Oh 43017, USA - Vet Intermediate Holdco I, LLC– 400 Metro Place, Dublin Oh 43017, USA - Covetrus, Inc. – 400 Metro Place, Dublin Oh 43017, USA - Corgi Bidco, Inc– 400 Metro Place, Dublin Oh 43017, USA - CVET Midco 2, L.P. – 400 Metro Place, Dublin Oh 43017, USA - CVET Midco 1, L.P. – 400 Metro Place, Dublin Oh 43017, USA - CVET Holdco, L.P– 400 Metro Place, Dublin Oh 43017, USA - CVET Topco, L.P. – 400 Metro Place, Dublin Oh 43017, USA Controlling interestCovetrus B.V., Cuijk, Netherland, is the principal shareholder. Transactions with related partie (1) Related parties are all other companies in the Covetrus group, excluding those in Projectgold ApS group. 19 | Consolidated Financial Statements Name and registered office of the Parent preparing consolidated financial statements for the largest group: CVET Midco 2, L.P., Delaware, USA. Name and registered office of the Parent preparing consolidated financial statements for the smallest group: Covetrus B.V., Cuijk, Netherland.   The Annual Report of Projectgold ApS for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish lar­ge-si­ze Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class C.  Regnskabsklasse C, stor virksomhed1trueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse C, stor virksomhed true The Consolidated Financial Statements include the Parent Company Projectgold ApS and the subsidiaries in which Projectgold ApS direct­ly or indirect­ly holds more than 50% of the voting rights or in any other way has a control­ling influ­ence. Enter­prises in which the Group holds be­tween 20% and 50% of the voting rights and exer­cises signi­ficant, but not con­trolling influence, are con­sidered associates.   The Consolidated Financial Statements conso­lidate the Financial Statements of the Parent Company and the subsidiaries by com­bining uniform accounts items. Intercompany income and expenses, shareholdings, intercompany accounts and dividend, and realised and unrea­lised gains and losses arising from transactions between the consolidated enterprises are fully eliminated in the consolidation.   Newly acquired or established enterprises are recognised in the Consolidated Financial State­ments from the date of acquisition. Sold or wound-up enterprises are recognised in the Consolidated Income Statement up to the date of disposal. Comparative figures are not adjusted for newly acquired, sold or wound-up enterprises.   The date of takeover is the date at which the Group gains actual control over the acquired enterprise.   Acquired enterprises are recognised in the Consolidated Financial Statements under the acquisition method, reassessing all identified assets and liabilities to fair value at the acquisition date. The fair value is calculated based on acquisitions made in an active market, alternatively calculated using generally accepted valuation methods.    At calculation of the fair value of investment properties, a discounted cash flow model is applied based on discounted cash flow of future earnings. Operating equipment is recognised at fair value based on an assessor’s opinion, using an overall assessment of the production equipment. Deferred tax of the acquired reassessments with the exception of goodwill is recognised.   Positive differences (goodwill) between the acquisition value and fair value of acquired and identified assets and liabilities are recognised in intangible fixed assets as goodwill and amortised systematically in the Income Statement under an individual assessment of the useful life.   Negative differences are recognised in the Income Statement at the date of acquisition. The difference from acquired enterprises is DKK (‘000) 0.   At acquisition of new companies, in which there are minority interests, the minority interests are recognised and measured at fair value, inclusive of goodwill on the share of the minority interests.   Equity interests in subsidiaries are set off by the proportional share of the subsidiaries’ fair value of net assets and liabilities at the date of takeover.   Investments in associates are measured in the Balance Sheet at the proportional share of the equity value of the enterprises, calculated under the accounting policies of the Parent Company and eliminating proportionally any unrealised inter­company gains and losses. The proportional share of the results of the associates is recognised in the Income Statement after elimination of the proportional share of internal gains and losses.   Net revenue Net revenue from the sale of merchandise and finished goods is recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received.   Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale.   Costs of 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 includes items of a secondary nature in relation to the enterprises' principal activities, including profit from sale of intangible and tangible assets, operating loss and conflict compensations, as well as salary refunds. Compensations are recognised when the income is estimated to be realisable.    Work performed by the entity and capitalised Work performed by the entity and capitalised comprises staff costs incurred in the financial year and is included in the the cost price for self-developed intangible fixed assets.    Other external expenses Other external expenses include other production, sales, delivery and administrative costs, including costs of energy, marketing, premises, loss on bad debts,  lease expenses, etc   Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Group and the Pa­rent Com­pa­ny's employees.   Other operating expenses Other operating expenses include items of a secondary nature in relation to the Group’s and the Company’s activities. Losses from sale of intangible and tangible fixed assets are also included.   Income from investments in subsidiaries The Income Statement of the Parent Company recognises the proportional share of the results of sub­si­dia­ri­es 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 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, financial expenses of finance leases, realised and unrealised gains and losses arising from securities, 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 Development costs, in progress, comprise costs, which directly or indirectly can be related to the group’s development activities and which fulfill the criteria for recognition until the time when the assets are ready to be used. Acquired goodwill and customer relations are measured at cost less accumulated amortisation. Goodwill and customer relations are amortised on a straight-line basis over the expected useful life which is estimated to 10-12 years. The period of amortisation is determined based on an assessment of the acquired Company’s position in the market and earnings profile, and the industry-specific conditions. Acquired noncompetition agreements, trade names and other rights are measured at cost less accumulated amortisation. Noncompetition agreements, trade names and other rights amortised on a straight-line basis over the expected useful life which is estimated to 1-5 years.   Acquired rights are measured at the lower of cost less accumulated amortisation and the recoverable amount. Patents are amortised over the remaining patent period and licences are amortised over the period of the agreement, however, no more than 8 years.   Development projects comprise costs, including wages and salaries, and amortisation, which directly or indirectly can be related to the Company’s development activities and which fulfil the criteria for recognition in the Balance Sheet.   The accounting item is measured at the lower of the capitalised costs less accumulated amortisation and recoverable amount.    Capitalised development costs are amortised on a straight-line basis over the estimated useful life after completion of the development work. The amortisation period is normally 5 years.   Intangible fixed assets are generally written down to the recoverable amount if this is lower than the carrying amount.   Profit or loss from sale of intangible fixed assets is calculated at the difference between the sales price and the carrying amount at the time of the sale. Profit and loss are recognised in the Income Statement under other operating income or other operating expenses.    Property, plant and equipment Land and buildings, production plant and machinery, other plant, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses.   The depreciation base is cost less estimated residual value after end of useful life.   The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used.    Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value:   Other plant, fixtures and equipment 3-10 years0 % Profit or loss on sale of property, plant and equipment is stated as the difference between the sales price less selling costs and the carrying amount at the date of sale. Profit or loss is recognised in the Income Statement as other operating income or other operating expenses.   Financial non-current assets Investments in sub­si­dia­ri­es are measured in the Parent Company Balance Sheet under the equity method, which is regarded as a method of measuring/consolidation.   Investments in sub­si­dia­ri­es 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.   Acquired enterprises are subject to the acquisition method, reassessing all identified assets and liabilities to fair value at the acquisition date, which is the time for obtaining control. The purchase consideration consists of the fair value of the agreed consideration in the form of transferred assets and liabilities. If a part of the purchase consideration is contingent on future events or compliance with agreed terms, this part of the purchase consideration is recognised at fair value at the date of acquisition. Subsequent regulations of the contingent purchase consideration are recognised in the Income Statement.   The fair value is calculated based on acquisitions made in an active market, alternatively calculated using generally accepted valuation models. A discounted cash flow model is used to calculate the fair value of investment properties based on a discounted cash flow of future earnings. Operating equipment is recognised at fair value based on an assessor’s opinion, based on an overall assessment of the production equipment. The acquisition date is the date on which the Company gains actual control over the acquired entity.   Ascertained excess values in relation to the underlying company’s equity value are recognised and measured in accordance with the accounting policies for the assets and liabilities, to which they attributable.    Consolidated goodwill and customer relations are amortised over the expected useful life, which is determined on the basis of Management’s experience within the individual lines of business. Consolidated goodwill and customer relations are amortised on a straightline basis over the amortisation period, which is 10-12 years. The amortisation period is determined on the basis of an assessment of the acquired entity’s market position and earnings profile, and the industryspecific condition.   Received dividend is deducted in the carrying amount of the equity investment.   Net revaluation of investments in sub­si­dia­ri­es 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.   Investments in sub­si­dia­ri­es 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.   Impairment of fixed assets The carrying amount of in­tan­gib­le fi­xed and pro­per­ty, plant and equip­ment to­get­her with fi­xed as­sets, which are not mea­su­red at fair va­lue,, are assessed annually for indications of impairment other than that reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Inventories Inventories are measured at cost using the FIFO-principle. If the net realisable amount is lower than cost, the inventories are written down to the lower amount.   The cost of merchandise as well as raw materials and consumables is calculated at acquisition price with addition of transportation and similar costs.   The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct payroll cost and other direct and other indirect production costs include indirect mate­rials and payroll and maintenance and depreci­ation of the machines, factory buildings and equipment used in the production process, the cost of factory administration and management and capitalised development costs relating to the products.   The net realisable value of inventories is stated at the expected sales price less direct completion costs and costs incurred to execute the sale and is determined with due regard to marketability, obsolescence and development in expected sales price of the inventories.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Write-off is performed to provide for losses when an objective indication has been assessed to have incurred that a receivable or a portfolio of receivables are impaired. If there is an objective indication that an individual receivable is impaired, the write-off is performed at individual level.   Receivables for which there are no objective indication of impairment at individual level are assessed at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors’ registered office and credit rating in accordance with the Company’s policy for credit risk management. The objective indicators, which are applied for portfolios, are determined based on the historical loss experiences.   Write-off is determined as the difference between the carrying amount of receivables and the present value of the expected cash flows, including realisable value of any received collaterals. The effective interest rate is used as discount rate for the single receivable or portfolio.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Other provisions for liabilities Other provisions for liabilities include the expected cost of warranty commitments, loss on work in progress, restructurings etc. and deferred tax.   Warranty commitments include liabilities for improvement of work within the warranty period of 1 to 5 years. The provision for liabilities is measured and recognised on the basis of experience with warranty work.  When it is likely that the total costs will exceed the total income on the contract work in pro­gress, a provision is made for the total loss that is anticipated on the contract.   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.   The cash flow statement shows the Company’s cash flows for the year for operating activities, investing activities and financing activities in the year, the change in cash and cash equivalents of the year and cash and cash equivalents at beginning and end of the year.   Cash flows from operating activities:Cash flows from operating activities are computed as the results for the year adjusted for non-cash operating items, changes in net working capital and corporation tax paid.   Cash flows from investing activities:Cash flows from investing activities include payments in connection with purchase and sale of intangible and tangible fixed asset and fixed asset investments.   Cash flows from financing activities:Cash flows from financing activities include changes in the size or composition of share capital and related costs, and borrowings and repayment of interest-bearing debt and payment of dividend to shareholders.   Cash and cash equivalents:Cash and cash equivalents include cash at bank and in hand and short-term securities, for which there is only negligible risk of changes in value, and which are readily negotiable for cash at bank and in hand.   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.