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fsa:OtherShorttermPayablesMember 42473510 2025-01-01 2025-12-31 PricewaterhouseCoopers cmn:ConsolidatedMember 42473510 2024-01-01 2024-12-31 PricewaterhouseCoopers cmn:ConsolidatedMember iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, stor virksomhed Revisionspåtegning true 2026-06-19 Niels Peder Nielsen The Executive Board and Board of Directors have today considered and adopted the Annual Report of Alpha HoldCo ApS for the financial year 1 January - 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2025. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Brøndby 2026-06-19 Martin Godske Mikkel Blem Skjønnemand CEO Chief Financial Officer Niels Peder Nielsen Philip Søren Thorsen Martin Godske Chairman David Porter Alexander David Martti Cunynghame Daniel Warnholtz To the shareholder of Alpha HoldCo ApS Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025 and of the results of the Group’s and the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Alpha HoldCo ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements. 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. Hellerup 2026-06-19 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Ulrik Ræbild Jesper Randall Petersen State Authorised Public Accountant State Authorised Public Accountant mne33262 mne34352 Alpha HoldCo ApS Ringager 2 A Brøndby 42473510 Brøndby Strandvejen 44 Hellerup Seen over a 5-year period, the development of the Group is described by the following financial highlights:Cash flows from: 539732000 404884000 175527000 471197000 349526000 158613000 12028000 -6601000 94000 -30553000 -21802000 -11235000 -19066000 -24791000 -11791000 709231000 686545000 703326000 43304000 42874000 43390000 36590000 15679000 265009000 284073000 308864000 37947000 22685000 4733000 -48706000 -46656000 -519323000 20999000 0 544580000 10240000 -23971000 29990000 1082 894 796 629 506 0.831 0.850 0.873 0.863 0.904 0.009 0.009 0.022 0.016 0.001 0.010 0.009 0.017 0.010 0.000 0.311 0.337 0.374 0.414 0.439 0.071 0.101 0.069 0.084 0.076 Key activitiesDuring the financial year, the company's most significant activities consisted of owning shares in subsidiaries that earns its living by operating residential care, support, and education for adults and adolescents with severe autism, and other complex needs and disabilities.The past year and follow-up on development expectations from last yearManagement had in the Annual Report for 2024 expected revenue growth of approximately 15–20% and EBITDA growth in the range of 14–18% for 2025.In 2025, revenue increased from DKK 683 million to DKK 808 million, corresponding to growth of approximately 15%, which is in line with expectations.EBITDA increased, but at a lower rate than expected, primarily due to higher staff costs driven by staff turnover in some of the Group’s subsidiaries, as well as increased operational investments across the Group.Overall, Management considers the development satisfactory, with strong revenue growth and continued operational stability, although profitability developed slightly below the initially communicated expectations.In 2025, there has been a continued focus on competence development with "outrage" as the theme, as well as other health related aspects.Expected developmentManagement expects a stable development in the Company’s financial position for 2026.For the financial year 2026, Management expects the growth to be 15-20% as in 2025 and the profit margin to be at a level in line with the previous years. The expected development reflects a continued stable performance in the underlying operations, supported by ongoing focus on cost control and operational efficiency.Profit before tax is expected to follow a similar development, subject to changes in financial income and expenses.Management considers the Company to be financially robust and well-positioned to support the continued development of the Group.Special risks - operating risks and financial risksThe Group's operational risks are related to the contracts entered with the Danish municipalities. The financial risks are limited in terms of the Group's financial preparedness, as well as the Group's credit risks are minimal given the spread in customers and business partners. Long term debt is in DKK. As income and expenses are also in DKK implies that the group is not exposed to currency fluctuations.Employee competencies and relational strengthsThe Group operates a range of highly specialised residential and day services. The pedagogical, healthcare related and social professional competencies of our employees are central to the quality and consistency of our service delivery. Experience with citizens with autism spectrum disorders and complex support needs , combined with the ability to form stable, trust based relationships, represents a core resource across the organisation. Continuity, loyalty, and close cooperation between employees and citizens are fundamental elements underpinning our operational stability.External relations and reputationThe Group maintains long term cooperative relationships with municipalities, regulatory bodies and the Social Supervisory Authority. These relationships are critical for maintaining approvals, ensuring compliance, and supporting ongoing demand for the Group’s services. Our reputation, transparency, and high standards of documentation and financial management constitute important intangible assets that strengthen the Group’s position within the sector.Relevance to the Group’s business modelThe Group’s business model is founded on providing reliable, specialised and tailored interventions for citizens with complex needs. This requires continuous development and retention of the Group’s intangible key resources – in particular, employee competencies and strong relational partnerships. These resources form the backbone of our ability to ensure stable operations, deliver high quality services, maintain regulatory approvals and respond effectively to municipal demand.Integration with the Group’s core activitiesAs the Group’s services are person centred and grounded in highly specialised knowledge, intangible key resources are embedded in all operational units. Regardless of geographical or organisational structure, the Group’s service quality, professional standards and financial sustainability depend on employee expertise, relational capacity and established interfaces with external stakeholders. These resources remain a consistent and indispensable element in the Group’s ongoing development and value creation.Research and developmentThe Group does not carry out any systematized research, but continuous adaptation is carried out and development of the Group's concepts within the Group's main activities.Intellectual capital resourcesThe Group’s value creation relies significantly on a number of intangible key resources, which are not recognised as assets in the traditional sense but remain essential to the Group’s ability to deliver specialised, high quality social services across all entities. These resources include the collective professional expertise, experience, and relational capacity of our employees, as well as the Group’s strong and long standing collaborative relationships with municipalities, the Social Supervisory Authority, and other key stakeholders.Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Unusual eventsThe financial position at 31 December 2025 of the Group and the results of the activities and cash flows of the Group for the financial year for 2025 have not been affected by any unusual events.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Statement of corporate social responsibilityThis section covers the statutory disclosure in accordance with §99b of the financial statements act. For the company's business model, refer to the section above under the main activities.EnvironmentIn 2025, the Group took important steps to strengthen its environmental performance by establishing a clearer understanding of its operational footprint and initiating targeted actions to reduce its impact.A key milestone was the measurement of the Group's Scope 1 and Scope 2 emissions, creating a baseline carbon footprint of 2,048 tCO₂e. This provides a foundation for future reduction initiatives and supports a more data-driven approach to environmental management. Alongside this, the Group has begun systematically tracking energy and water consumption across its facilities to improve transparency and enable more effective decision-making. The Group has also progressed efforts to transition towards lower-emission operations, particularly within its vehicle fleet. In 2025, the number of electric vehicles increased from 2 to 6, supported by the installation of 20 EV charging points, reflecting a gradual shift away from diesel vehicles.The Group continues to work on improving the energy performance of its real estate portfolio. This includes ongoing renovation projects aimed at increasing energy efficiency, as well as evaluations of sites for on-site renewable energy generation, where systems have already been implemented at selected locations. In parallel, the company is exploring long-term renewable energy procurement through a Power Purchase Agreement (PPA) to secure more sustainable electricity supply.Looking ahead, the Group will focus on advancing its environmental agenda through improved data quality, continued decarbonisation initiatives, and further integration of environmental considerations into facility management and investment decisions.Anti-corruption and briberyWe cooperate with public authorities and neither offer nor receive any form of bribery in that regard. We are subject to several supervisory agencies and transparency is therefore an important part of the way we work. As our clients are all public and we only operate in Denmark, which is one of the less corrupt countries in the world, this area does not constitute a significant risk in our business. We therefore have no specific policy within this area.Social and employment conditionsIt is essential for the Group’s continued growth to attract and retain skilled and well-trained employees with expertise in autism spectrum disorders, as well as other complex diagnoses, which are seen as a risk.The Group offers employees a comprehensive course program, where employees are trained, and updated within the subject area.All unskilled employees are offered paid educational training as a pedagogue. We continue in connection with employee development interviews, encouraged unskilled employees to take the training and teams are started twice a year. We expect to see a large participation in our education program going forward. In 2025, the group has increased its focus on improving employee well-being, which has resulted in lower employee turnover and, consequently, a healthier work environment within the group. Additionally, in 2025, there has been an emphasis on further enhancing the group's professionalism, service, and integrity to provide the necessary quality within our industry.Our policy in this area is that all employees working with residents must undergo compulsory modules and pass tests in the Habitus Academy before providing support to our residents. With this, we ensure a high and uniform quality across the group's housing offers, which is also reflected in the supervision reports from the social supervision.Human rightsAs all the Group's activities are in Denmark, which we consider to be a regulated market, this area does not constitute a significant risk in our business. We therefore have no specific policy within this area. Statement on gender compositionIt will remain the policy for the Group to work for equal rights and opportunities for male and female employees. Alpha HoldCo has an almost equal distribution of female and male employees, though there is a slight overrepresentation of men. In the board of directors and executive management, it is currently 100% men in 2025. Alpha HoldCo goal is for the board of directors to be composed such that the proportion of women is at least 40% by the end of 2028, with a long-term aim of achieving an equal share.Alpha HoldCo has fewer than 50 employees and has 2 or fewer in top management levels and therefore is not required to provide an overview of top management levels.The company's board of directors comprises 6 members, including owners and members of the executive management. All members are men who possess the necessary competencies required within the company's sector. In the following subsidiaries, the composition of the Board of Directors is the same as Alpha HoldCo.Alpha BidCo ApSHabitus Bolig ApSHabitus Holding ApSIn the following subsidiary, the composition of the Board of Directors is 50% female and 50% male, which composition we find satisfying:Habitus Bo- og Dagtilbud ApSThe distribution between male and female in the Group in 2025 is 51% male and 49% female, which is a satisfactory distribution. Statement on data ethicsIn our business, the most sensitive data is related to employees and residents. GDPR legislation satisfactorily covers this area, which is why we do not have a separate policy on data ethics. 808375000 683082000 0 0 0 134000 0 0 136644000 102873000 133000 98000 671731000 580343000 -133000 -98000 606448000 521476000 0 0 57938000 52455000 0 0 7345000 6412000 -133000 -98000 80000 606000 91000 0 26331000 30120000 904000 375000 -18906000 -23102000 -946000 -473000 -2520000 2442000 -38000 -27000 -16386000 -25544000 -908000 -446000 208000 268000 0 0 195796000 206001000 0 0 242268000 257672000 0 0 18101000 5089000 0 0 456373000 469030000 0 0 189353000 185041000 0 0 15161000 11969000 0 0 17011000 10721000 0 0 221525000 207731000 0 0 0 0 321853000 322111000 1957000 1026000 0 0 1957000 1026000 321853000 322111000 679855000 677787000 321853000 322111000 4274000 14479000 0 0 0 0 4708000 4617000 1209000 1874000 0 0 908000 0 0 0 0 0 1274000 589000 8946000 10096000 0 0 15337000 26449000 5982000 5206000 22441000 5754000 1000 30000 37778000 32203000 5983000 5236000 717633000 709990000 327836000 327347000 2000000 2000000 2000000 2000000 14648000 4210000 0 0 206431000 233254000 316929000 317837000 223079000 239464000 318929000 319837000 33930000 42267000 0 0 33930000 42267000 0 0 292781000 291494000 0 0 15222000 15083000 0 0 308003000 306577000 0 0 69557000 55888000 0 0 22456000 7942000 89000 86000 0 0 7870000 6218000 0 3521000 0 0 60608000 54322000 948000 1206000 0 9000 0 0 152621000 121682000 8907000 7510000 460624000 428259000 8907000 7510000 717633000 709990000 327836000 327347000 2000000 4210000 253695000 259905000 0 0 -20440000 -20440000 2,0004,210233,255239,465 0 0 65000 65000 0 0 -65000 -65000 0 10576000 -10576000 0 0 138000 -138000 0 0 0 -16386000 -16386000 2000000 14648000 206431000 223079000 2000000 317837000 319837000 0 -908000 -908000 2000000 316929000 318929000 -16386000 -25544000 81669000 89102000 46480000 21083000 111763000 84641000 80000 606000 25043000 28832000 86800000 56415000 10246000 10767000 76554000 45648000 15678000 6818000 43397000 40858000 931000 -2133000 0 2008000 -60006000 -47551000 -139000 8602000 139000 -8602000 16687000 -10505000 5754000 16259000 22441000 5754000 Cash and cash equivalents are specified as follows: 22441000 5754000 22441000 5754000 Geographical segmentsDenmark808,375683,08200808,375683,08200 528479000 460776000 0 0 59769000 49891000 0 0 17057000 7839000 0 0 1143000 2970000 0 0 606448000 521476000 0 0 Including remuneration to the Executive Board and Board of Directors:The incentive scheme offered to the Executive Board and senior officers includes an option on new subscription, in the period from 2022 to 2034, of shares of up to 15% of the present share capital. The subscription may take place at a maximum of 1/4 per year. Consequently, in the period until 2034, new shares of a nominal value of maximum DKK 1 at a price of DKK 1 may be subscribed. 5368000 5157000 0 0 690000 420000 0 0 6058000 5577000 0 0 1082 894 0 0 28335000 28335000 0 0 29603000 24120000 0 0 57938000 52455000 0 0 0 0 91000 0 80000 606000 0 0 80000 606000 91000 0 0 0 151000 36000 26331000 30120000 753000 339000 26331000 30120000 904000 375000 5819000 3896000 -38000 -27000 -8339000 -1454000 0 0 -2520000 2442000 -38000 -27000 -908000 -446000 411000 252864000 308086000 5089000 122000 2638000 0 13012000 533000 255502000 308086000 18101000 148000 46863000 50414000 0 177000 12843000 15404000 0 325000 59706000 65818000 0 208000 195796000 242268000 18101000 3 years10- 20 years10-20 years A series of digital development projects focused on quality assurance, compliance, and operational efficiency has been initiated in 2023 and 2024. All projects involve significant technical development, are aimed at future improvements, and are expected to generate economic and operational benefits. They therefore meet the criteria for recognition as development projects.There has also been performed a market analysis for relevant development projects, and it is assessed, that they also hold long-term commercial potential. Three projects were completed in 2023 and are amortized over three years from January 1, 2024. The project development for the remaining two projects is running as planned and the two projects are expected to be completed in 2026. 248951000 27768000 23569000 12440000 9670000 21194000 0 2897000 513000 261391000 34541000 44250000 63905000 15799000 12848000 8133000 6593000 14930000 0 3012000 539000 72038000 19380000 27239000 189353000 15161000 17011000 20 years2 -5 years5 - 10 years 322111000 321505000 0 606000 258000 0 321853000 322111000 321853000 322111000 Investments in subsidiaries are specified as follows:40,000110,00080,000125,016433,826,14318,752,027 Alpha BidCo ApS Brøndby 1.00 285294785000 -9622945000 Habitus Bolig ApS Brøndby 1.00 2101376000 1512207000 Habitus Holding ApS Brøndby 1.00 56342773000 5610866000 Habitus Bo- og Dagtilbud Brøndby 1.00 90087209000 21251899000 5564000 7400000 11007000 1957000 1957000 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred tax liabilities at 1 January42,26743,72100Amounts recognised in the income statement for the year-8,374-1,45400Amounts recognised in equity for the year -871000Deferred tax liabilities at 31 December33,02242,26700Recognised in the balance sheet as follows:Assets908000Provisions-33,930-42,2670033,02242,26700 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Credit institutions292,781291,49400Other payables75,83069,4059481,206 0 0 0 0 292781000 291494000 0 0 292781000 291494000 0 0 0 0 0 0 0 0 0 0 15222000 15083000 0 0 15222000 15083000 0 0 60608000 54322000 948000 1206000 Deferred income consists of payments received in respect of income in subsequent years. 80000 606000 26331000 30120000 57938000 57146000 -2520000 2442000 81669000 89102000 12019000 -16167000 -34461000 -37250000 46480000 21083000 Charges and securityThe following assets have been placed as security with Land and buildings with an accounting value of189,850185,04100 Rental and lease obligationsThe Group has entered into rental contracts with up to 10 years' non-termination and a total payment of DKK 45,8 million.The Group has entered into operational leasing agreements with a residual term of 2 months to 51 months and a total payment of a total of DKK 14,8 million.The Group has entered into purchase agreements on a number of properties, which they are obliged to buy after 12 - 28 months for a total value of DKK 7.1 million.Other contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Alpha HoldCo ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. TransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act.OwnershipThe following shareholders are recorded in the Company's register of shareholders as holding at least 5% of the votes or at least 5% of the share capital:Apposite Healthcare III LLPApposite Healthcare CoInvestment II L.P.Dreyer og Jepsen Holding af 12.10.2010 ApS PricewaterhouseCoopers 706000 660000 111000 166000 1816000 2997000 2633000 3823000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of Alpha HoldCo ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C.The accounting policies applied remain unchanged from last year.The Consolidated Financial Statements and the Parent Company Financial Statements for 2025 are presented in TDKK. The company has identified a material error in the annual report for 2024 during the financial year. The error is due to the failure to net recognize provisions for accrued vacation and other payroll-related items.Management has corrected the error in the opening equity and adjusted the comparative figures for 2024. Accordingly, the profit for the comparative figure 2024 has been reduced by DKK 20,4 million, and the opening equity has also been reduced by DKK 20,4 million. Furthermore, the comparative figures have been adjusted as follows: Other receivables reduced by DKK 5,4 million, Payables to group enterprises relating to corporation tax reduced by DKK 5,7 million and other payables increased by DKK 20,7 million.The corrections do not affect the result for 2025. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, Alpha HoldCo ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Business combinationsBusiness acquisitions carried through on or after 1 July 2018Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably.The time of acquisition is the time when the Group obtains control of the entity acquired.The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred.Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Where the differences are negative, they are recognised immediately in the income statement.Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made.Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement.In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement.Business acquisitions carried through before 1 July 2018Subject to some exemptions, acquisitions carried through before 1 July 2018 are accounted for under the same accounting policies as those applying to business combinations carried through on or after 1 July 2018. The most material exemptions are:Identifiable assets and liabilities of the entity acquired are recognised only if they are probable.Identifiable contingent liabilities of the entity acquired are not recognised in the consolidated balance sheet.Where the purchase price allocation is not final, positive and negative differences due to changes to the recognition and measurement of the acquired net assets may be adjusted until the end of the financial year following the year of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made.Transaction costs directly attributable to the acquisition of subsidiaries are included as part of cost.After the initial recognition, adjustment of contingent consideration is recognised directly with its counter entry in initial purchase price, thus correcting the value of goodwill or negative goodwill.In respect of step acquisitions, the carrying amount of the existing investments is recognised in cost.Pooling of interestsIntragroup business combinations are accounted for under the pooling-of-interests method. Under this method, the two enterprises are combined at carrying amounts, and no differences are identified. Any consideration which exceeds the carrying amount of the acquired enterprise is recognised directly in equity. The pooling-of-interests method is applied as if the two enterprises had always been combined by restating comparative figures. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group.The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement.All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting.Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity.Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. Segment information on revenueInformation on geographical segments is based on the Group´s risks and returns and its internal financial reporting system. Incentive schemesThe value of share-based payment, including share option and warrant plans that do not involve an outflow of cash and cash equivalents, offered to the Executive Board and a number of senior employees is not recognised in the income statement. The most significant conditions of the share option plans are disclosed in the notes. RevenueRevenue from the sale of goods for resale and finished goods is recognised in the income statement when the sale is considered effected based on the following criteria:delivery has been made before year end;a binding sales agreement has been made;the sales price has been determined; andpayment has been received or may with reasonable certainty be expected to be received.Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract.Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Income from investments in subsidiariesDividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.The Company is jointly taxed with the parent company. The tax effect of the joint taxation with the subsidiaries is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Intangible fixed assetsGoodwillGoodwill is amortised on a straight-line basis over the estimated useful life of 10 - 20 years, determined on the basis of Management’s experience with the individual business areas. Development projectsCosts of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities.Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis.As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 10 year. Other intangible fixed assetsRights are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use.Rights are amortised over the period of the agreements, which is 10 years. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Buildings20 years Other fixtures and fittings, tools and equipment3 - 10 years Leasehold improvements3 - 10 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment.Goodwill, head office buildings and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable. Investments in subsidiariesInvestments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Other fixed asset investments consist of deposit. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan.Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred incomeDeferred income comprises payments received in respect of income in subsequent years. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group.The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalentsThe cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand”. Financial HighlightsExplanation of financial ratiosGross marginGross profit x 100 / RevenueProfit marginProfit/loss of primary operations x 100 / RevenueReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity