35841571 2025-01-01 2025-12-31 35841571 2025-01-01 2025-12-31 1 35841571 2025-01-01 2025-12-31 1 35841571 2025-01-01 2025-12-31 1 35841571 2025-01-01 2025-12-31 2 35841571 2025-01-01 2025-12-31 3 35841571 2024-01-01 2024-12-31 35841571 2025-12-31 35841571 2024-12-31 35841571 2025-01-01 2025-12-31 c:ReserveForDevelopmentExpenditureMember 35841571 2025-01-01 2025-12-31 c:RetainedEarningsMember 35841571 2025-01-01 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 35841571 2025-12-31 c:ContributedCapitalMember 35841571 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 35841571 2025-12-31 c:ReserveForDevelopmentExpenditureMember 35841571 2025-12-31 c:RetainedEarningsMember 35841571 2025-01-01 c:CompletedDevelopmentProjectsMember 35841571 2025-12-31 c:CompletedDevelopmentProjectsMember 35841571 2025-01-01 2025-12-31 c:CompletedDevelopmentProjectsMember 35841571 2025-01-01 c:LeaseholdImprovementsMember 35841571 2025-01-01 c:PlantAndMachineryMember 35841571 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 35841571 2025-01-01 2025-12-31 c:PlantAndMachineryMember 35841571 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 35841571 2025-12-31 c:LeaseholdImprovementsMember 35841571 2025-12-31 c:PlantAndMachineryMember 35841571 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 35841571 2025-01-01 2025-12-31 c:LeaseholdImprovementsMember 35841571 2025-12-31 c:LeaseholdImprovementsMember c:LeasedAssetsMember 35841571 2025-12-31 c:PlantAndMachineryMember c:LeasedAssetsMember 35841571 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember c:LeasedAssetsMember 35841571 2025-01-01 c:InvestmentsInGroupEnterprisesMember 35841571 2025-12-31 c:InvestmentsInGroupEnterprisesMember 35841571 2025-01-01 2025-12-31 c:InvestmentsInGroupEnterprisesMember 35841571 2025-01-01 2025-12-31 c:SubsidiaryMember 1 35841571 2025-12-31 c:SubsidiaryMember 1 35841571 2025-01-01 c:DepositsLongtermInvestmentsAndReceivablesMember 35841571 2025-01-01 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember 35841571 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember 35841571 2025-12-31 c:LongtermDeferredIncomeMember 35841571 2024-12-31 c:LongtermDeferredIncomeMember iso4217:DKK xbrli:pure Videbæk Regnskabsklasse B Danmark Opinion Revisionspåtegning Årsrapport Basis for Opinion Langagervej 1 2025-12-31 Beierholm 2026-03-18 2025-01-01 9220 Aalborg Ø 2026-06-22 Henrik Brounbjerg Jeppesen 2024-01-01 Hobro 2024-12-31 35841571 9500 Fibo Intercon A/S Herningvej 4 6920 Videbæk Beierholm 32895468 Smedevej 1 B true We have on this day presented the annual report for the financial year 01.01.25 - 31.12.25 for Fibo Intercon A/S. The annual report is presented in accordance with the Danish Finan­cial Sta­te­ments Act. In our opinion, the financial statements give a true and fair view of the company's assets, liabilities and financial position as at 31.12.25 and of the results of the company's activities for the financial year 01.01.25 - 31.12.25. The annual report is submitted for adoption by the general meeting. Henrik Brounbjerg Jeppesen Carsten Bøgh Jakobsen Chairman Henrik Brounbjerg Jeppesen Peter Katholm To the Shareholder of Fibo Intercon A/S In our opinion the fi­nan­cial sta­te­ments give a true and fair view of the company's finan­cial posi­tion at 31.12.25 and of the results of the company's ope­ra­tions for the finan­cial year 01.01.25 - 31.12.25 in ac­cor­dan­ce with the Danish Finan­cial Sta­te­ments Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the fi­nan­cial sta­te­ments” section of our report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (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 the pre­pa­ra­tion of fi­nan­cial sta­te­ments that give a true and fair view in ac­cor­dance with the Danish Finan­cial Sta­te­ments Act and for such in­ter­nal control as Mana­gement de­ter­mi­nes is necessary to enable the pre­pa­ra­tion of fi­nan­cial sta­te­ments that are free from material misstatement, whether due to fraud or error.In preparing the fi­nan­cial sta­te­ments, mana­ge­ment is responsible for assessing the company's ability to continue as a going concern, dis­closing, as applicable, mat­ters related to going con­cern and using the going concern basis of ac­counting in pre­paring the fi­nan­cial sta­te­ments unless mana­ge­ment either intends to liquidate the company or to cease operations, or has no rea­listic alternative but to do so. Our objectives are to obtain reasonable as­surance about whether the fi­nan­cial sta­te­ments as a whole are free from material mis­statement, whether due to fraud or error, and to issue an auditor’s report that inclu­des our opinion. Reasonable assurance is a high level of assurance, but is not a gua­ran­tee that an audit conducted in accor­dance with ISAs and the additional requirements applic­able in Denmark will always detect a material misstatement when it exists. Mis­sta­te­ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be ex­pec­ted to influence the economic decisions of users taken on the basis of these fi­nan­cial sta­te­ments.As part of an audit conducted in accordance with ISAs and the additional requirements applic­able in Denmark, we exercise pro­fes­sional judgment and maintain professional 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 company's inter­nal control.Evaluate the appropriateness of accoun­ting policies used and the reason­able­ness of accounting estimates and related disclosures made by management.Conclude on the appropriateness of manage­ment’s use of the going concern basis of accoun­ting in preparing the fi­nan­cial sta­te­ments and, based on the audit evidence obtained, whether a mate­rial uncertainty exists related to events or conditions that may cast signi­ficant doubt on the company's ability to con­tinue as a going concern. If we con­clude that a material uncertainty exists, we are required to draw attention in our audi­tor’s report to the related disclosures in the fi­nan­cial sta­te­ments or, if such dis­closures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the fi­nan­cial sta­te­ments, including the disclosures, and whether the fi­nan­cial sta­te­ments repre­sent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for expressing an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with gover­nance regarding, among other mat­ters, the planned scope and timing of the audit and significant audit findings, inclu­ding any significant deficiencies in internal control that we identify during our audit. Hobro Pia Axelsen State Authorised Public Accountant mne34347 13259349 26414381 17628984 18163282 2036019 1828105 -6405654 6422994 5094039 -33242 4098 128313 179635 140612 -1487152 6377453 -1442926 1414778 -44226 4962675 5094039 -33242 0 4500000 -5138265 495917 846539 1473009 846539 1473009 1585421 1999205 2695798 2337993 416713 710191 4697932 5047389 5114761 20722 354672 350891 5469433 371613 11013904 6892011 7365483 8719380 5640674 2961192 117955 541173 13124112 12221745 6341713 12936018 619736 537962 891994 0 592411 971136 286394 79600 8732248 14524716 3972491 1929247 25828851 28675708 36842755 35567719 500000 500000 5112900 18861 605641 1097131 10343315 14990090 16561856 16606082 0 550932 0 550932 1030913 1319620 278803 515359 1309716 1834979 575263 558498 145038 152743 11689167 5864536 3586119 6063028 362282 670592 0 353432 2613314 2912897 18971183 16575726 20280899 18410705 36842755 35567719 Figures in DKKShare capitalReserve for net revaluation according to the equity methodReserve for develop-ment costsRetained earningsTotal equityStatement of changes in equity for 01.01.25 - 31.12.25Balance as at 01.01.25500,00018,8611,097,13114,990,09016,606,082Transfers to/from other reserves00-491,490491,4900Net profit/loss for the year05,094,0390-5,138,265-44,226Balance as at 31.12.25500,0005,112,900605,64110,343,31516,561,856 -491490 491490 5094039 -5138265 500000 5112900 605641 10343315 1.Primary activitiesThe primary activity of the company is development, production and sale of mobile batching plants. In addition, the company processes large metal components up to 12 tonnes which are intended for servicing and maintaining wind turbines. 15159067 15748363 1295039 1347238 70993 69528 1103885 998153 30 29 0 33327 4098 94986 23766 3681 122589 104236 33280 32695 3632875 3632875 -2159865 -626471 -2786336 846539 The development project primarily includes the development of a new software concept and payment solutions for bathing plants. The software concept and payment solutions has been taken into use. It is still expected that the investment will increase earnings in the future. 7.Property, plant and equipmentFigures in DKKLeasehold improvementsPlant and machineryOther fixtures and fittings, tools and equipmentCost as at 01.01.253,024,6545,860,0501,971,002Additions during the year01,179,33443,750Disposals during the year0-543,3070Cost as at 31.12.253,024,6546,496,0772,014,752Depreciation and impairment losses as at 01.01.25-1,025,449-3,522,058-1,260,811Depreciation during the year-413,784-658,536-337,228Reversal of depreciation of and impairment losses on disposed assets0380,3150Depreciation and impairment losses as at 31.12.25-1,439,233-3,800,279-1,598,039Carrying amount as at 31.12.251,585,4212,695,798416,713Carrying amount of assets held under finance leases as at 31.12.2501,424,5830 3024654 5860050 1971002 1179334 43750 -543307 3024654 6496077 2014752 -1025449 -3522058 -1260811 -413784 -658536 -337228 380315 -1439233 -3800279 -1598039 1585421 2695798 416713 0 1424583 0 8.Equity invest­ments in group enter­pri­sesFigures in DKKEquity invest­ments in group enter­pri­sesCost as at 01.01.251,861Cost as at 31.12.251,861Revaluations as at 01.01.2518,861Revaluations during the year5,094,039Revaluations as at 31.12.255,112,900Carrying amount as at 31.12.255,114,761Name and registered office:Ownership interestSubsidiaries:Fibo Intercon B.V., Amsterdam100% 1861 1861 5094039 5114761 Fibo Intercon B.V. Amsterdam 100 350891 3781 354672 354672 -286556 565359 801915 11.Contingent liabilitiesGuarantee commitmentsThe company has provided a 12 month guarantee.The company has not provided work-, payment- and advance guarantees as of 31.12.25.Other contingent liabilitiesThe company is taxed jointly with the other companies in the group and is liable for income taxes on a pro rata basis and must comply with any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The maximum liability totals an amount corresponding to the share of the capital in the company which is owned directly or indirectly by the ultimate parent. The liability also includes any subsequent corrections to the calculated tax liability as a consequence of changes made to the jointly taxable income etc. 12.Other commitmentsLease commitmentsThe company has concluded lease agreements with terms to maturity of 1-60 months and total lease payments of DKK 5.848k. The company has concluded lease agreements regarding rent of property with terms to maturity of 60 months and total lease payments regarding rent of DKK 5.770k. 13.Charges and securityAs security for debt to credit institutions of DKK 145k, a company charge of DKK 1.500k has been provided comprising goodwill, intellectual property rights, motor vehicles, other plant, fixtures and fittings, tools and equipment, inventories and agricultural stock, trade receivables as well as fuels and other ancillary materials. The total carrying amount of the comprised assets is DKK 24.781k. 14.Related partiesThe company is included in the consolidated finan­cial statements of the parent Eurocon Group A/S, Hobro.The company is included in the consolidated financial statements of the ultimate parent CJ Holding Hobro ApS, Hobro. The annual report is presen­ted in ac­cord­ance with the provisions of the Danish Fi­nan­cial Statements Act (Årsregn­skabs­lov­en) for enterprises in re­port­ing class B with application of pro­vi­sions for a higher reporting class. Basis of recognition and measurementIncome is recognised in the income state­ment as earned, including value adjust­ments of fin­an­cial assets and liabilities. All ex­penses, including depreciation, amortisa­tion, impair­ment losses and write-downs, are also recognised in the in­come state­ment.Assets are recognised in the balance sheet when it is probable that future economic bene­fits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. CURRENCYThe annual report is presen­ted in Danish kroner (DKK).On initial recognition, transactions den­ominated in foreign currencies are trans­lated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the ex­change rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or ex­penses in the income statement. Fixed assets, inventories and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates.On recognition of independent foreign entities, the income statements are translated at the exchange rates applicable at the transaction date or approximate average exchange rates. The balance sheet items are translated using the exchange rates applicable at the balance sheet date. Foreign currency translation adjustments arising from the translation of equity at the beginning of the year using the exchange rates applicable at the balance sheet date and from the translation of income statements from average exchange rates to the exchange rates applicable at the balance sheet date are recognised directly in equity under the reserve for net revaluation according to the equity method in respect of investments measured ac­cord­ing to the equity method, and otherwise un­der the foreign currency translation reserve.Translation adjustments of intercompany balances with independent foreign entities, measured using the equity method and where the balance is considered to be part of the overall investment, are recognised directly in equity under the foreign currency translation reserve. On the divestment of foreign entities, accumulated exchange differences are recognised in the income statement. LEASESLeases relating to assets where the company has substantially all the risks and benefits incidental to the ownership of the asset (finance leases) are recognised in the balance sheet. On initial recognition, assets held under finance leases and related lease commitments are measured at the lower of the fair value of the leased asset and the present value of future lease payments. Subsequently, assets held under finance leases are treated like other similar assets.Lease commitments relating to assets held under finance leases are recognised in the balance sheet as payables. Subsequent to initial recognition, lease commitments are measured at amortised cost according to which the interest element of the lease pay­ment is recognised in the income statement over the lease term.Lease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. GRANTSGrants are recognised when there is reasonable certainty that the grant conditions have been met and that the grant will be re­ceived.Grants to cover expenses incurred are recog­nised on a proportionate basis in the in­come statement over the period in which the expenses eligible for grants are expensed. Grants are recognised under other operating income. Gross profitGross profit comprises rev­enue, other operating income and raw materials and consumables and other external ex­penses. RevenueIncome from the sale of goods is recognised in the income statement if delivery has taken place and the risk has passed to the buyer before the end of the financial year and where the selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value and is determined exclusive of VAT and other taxes collected on behalf of third parties and less discounts.Income from construction contracts involving the delivery of highly customised assets are recognised in the income statement as revenue according to the stage of completion. Accordingly, revenue corresponds to the selling price of work performed during the year (percentage of completion method). Other operating incomeOther operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, salary supplements and refunds, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. Costs of raw materials and consuma­blesCosts of raw materials and consumables comprise raw materials and consumables used for the year as well as any changes in inventories, including any inventory wastage.Write-downs of inventories of raw materials and consumables are also recognised under raw materials and consumables to the extent that these do not exceed normal write-downs. Other external expensesOther external expenses comprise costs re­lating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costsStaff costs comprise wages and salaries as well as other staff-related costs. De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment lossesThe de­pre­ci­a­tion and amor­ti­sa­tion of in­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment aim at systematic de­pre­ci­a­tion and amor­ti­sa­tion over the expected useful lives of the assets. Assets are de­pre­ci­ated and amor­tised according to the straight-line method based on the following ex­pected useful lives and residual values:The basis of de­pre­ci­a­tion and amor­ti­sa­tion is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of de­pre­ci­a­tion and amor­ti­sa­tion is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually.In­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Income from equity investments in group en­tre­prisesFor equity investments in equity invest­ments in sub­si­di­ar­ies, measured using the equity method, the share of the enterprises’ profit or loss is recognised in the income statement after elimination of unrealised intercompany profits and losses and less any goodwill amortisation and impairment losses. Income from equity investments in equity investments in sub­si­di­ar­ies also comprises gains and losses on the sale of equity investments. Other net financialsInterest income and interest expenses, the interest element of finance lease payments, for­eign exchange gains and losses on trans­ac­tions denominated in foreign currencies etc. are recognised in other net financials. Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity.The company is jointly taxed with Danish consolidated enterprises. In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their tax­able incomes. This means that enter­prises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Intangible assetsCompleted de­vel­op­ment projects and de­vel­op­ment projects in progressDevelopment projects are recognised in the balance sheet where the project aims at developing a specific product or a specific process, intended to be produced or used, respectively, by the company in its production process. On initial recognition, development projects are measured at cost. Cost comprises the purchase price plus expenses resulting directly from the purchase, including wages and salaries directly attributable to the development projects until the asset is ready for use. Interest on loans arranged to finance development projects in the development period is not included in the cost. Other development projects and development costs are recognised in the income statement in the year in which they are incurred.Development projects in progress are trans­ferred to completed development projects when the asset is ready for use. Development projects are subsequently measured in the balance sheet at cost less accumulated amortisation and impairment losses.Completed development projects are amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.Gains and losses on the disposal of intangi­ble assetsGains and losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Property, plant and equipmentProperty, plant and equipment comprise leasehold improvements, plant and machinery as well as other fixtures and fittings, tools and equipment.Property, plant and equipment are meas­ured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost.Property, plant and equipment are depreci­ated using the straight-line method based on useful lives and residual values, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses' section.Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Equity investments in group en­tre­prisesEquity investments in subsidiaries are recognised and measured according to the equity method. For equity investments in subsidiaries, the equity method is considered a measurement method.On initial recognition, equity investments measured according to the equity method are measured at cost. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. Under subsequent recognition and measurement of equity investments according to the equity method, equity investments are measured at the proportionate share of the enterprises' equity value, determined according to the accounting policies of the parent, adjusted for the remaining value of goodwill and gains and losses on transactions with the enterprises in question. Equity investments, where information for recognition according to the equity method is not known, are measured at cost.Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. Impairment losses on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in de­pre­ci­a­tion and amor­ti­sa­tion.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. InventoriesInventories are measured at cost calculated according to the FIFO-method. Inventories are written down to the lower of cost and net realisable value.The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting directly from the purchase.The cost of manufactured finished goods and work in progress is determined as the value of direct material and labour costs. Interest on loans arranged to finance production is not included in the cost.The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nom­inal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable.Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. PrepaymentsPrepayments recognised under assets com­prise costs incurred in respect of subse­quent financial years. CashCash includes deposits in bank accounts as well as operating cash. EquityThe net revaluation of equity investments measured according to the equity method is recognized in the net revaluation reserve in equity according to the equity method to the extent that the carrying amount exceeds the cost.An amount equivalent to internally generated development costs in the balance sheet is recognised in equity under reserve for development costs. The reserve is measured less deferred tax and reduced by amortisation and impairment losses on the asset. If impairment losses on development costs are subsequently reversed, the reserve will be restored with a corresponding amount. The reserve is dissolved when the development costs are no longer recognized in the balance sheet, and the remaining amount will be transferred to retained earnings. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differ­ences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the tax­able income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. PayablesShort-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Prepayments received from customersPrepayments received from customers com­prise amounts received from customers prior to the time and date of delivery of the agreed product or completion of the agreed service. Deferred incomeDeferred income under liabilities comprises payments received in respect of income in sub­sequent financial years.