18458071 2025-04-01 2026-03-31 18458071 2025-04-01 2026-03-31 1 18458071 2025-04-01 2026-03-31 1 18458071 2025-04-01 2026-03-31 1 18458071 2025-04-01 2026-03-31 2 18458071 2025-04-01 2026-03-31 3 18458071 2025-04-01 2026-03-31 4 18458071 2025-04-01 2026-03-31 5 18458071 2025-04-01 2026-03-31 1 18458071 2026-03-31 1 18458071 2025-04-01 2026-03-31 2 18458071 2025-04-01 2026-03-31 4 18458071 2024-04-01 2025-03-31 18458071 2026-03-31 18458071 2025-03-31 18458071 2025-04-01 2026-03-31 d:RetainedEarningsMember 18458071 2026-03-31 d:ContributedCapitalMember 18458071 2026-03-31 d:RetainedEarningsMember xbrli:shares iso4217:DKK xbrli:pure Årsrapport Regnskabsklasse B 2026-08-27 Revisionspåtegning Jens Vad 2026-08-27 Beierholm Langagervej 1 9220 Aalborg Ø Opinion Ringager Basis for Opinion 2024-04-01 2025-03-31 2605 2025-04-01 2026-03-31 18458071 Brøndby PEM Consult A/S 4 A Vejle Brøndby Beierholm 7100 32895468 Damhaven 5D 1. sal Danmark true We have on this day presented the annual report for the financial year 01.04.25 - 31.03.26 for PEM Consult 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 31.03.26 and of the results of the company's activities for the financial year 01.04.25 - 31.03.26. We believe that the management's review includes a fair review of the matters dealt with in the management's review. The annual report is submitted for adoption by the general meeting. Søren-Erik Manegold Svendsen Ole Buch Hansen Chairman Eric Jørn Anthony Buhl-Nielsen Jens Vad Kris Borring Prasada Rao Stephanie Sophie Fabienne Robert Oksen To the Shareholder of PEM Consult A/S In our opinion the fi­nan­cial sta­te­ments give a true and fair view of the company's finan­cial posi­tion at 31.03.26 and of the results of the company's ope­ra­tions for the finan­cial year 01.04.25 - 31.03.26 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 mana­ge­ment’s review.Our opinion on the fi­nan­cial sta­te­ments does not cover the management’s review, and we do not express any form of assurance con­clu­sion thereon. In connection with our audit of the fi­nan­cial sta­te­ments, it is 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, we conclude that the management’s review is in accordance with the fi­nan­cial sta­te­ments and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management’s review. 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. Vejle Boye Graversen State Authorised Public Accountant mne44109 Primary activitiesThe company's activities comprise providing advice. Development in activities and financial affairsThe income statement for the period 01.04.25 - 31.03.26 shows a profit/loss of DKK 37,309 against DKK 41,243 for the period 01.04.24 - 31.03.25. The balance sheet shows equity of DKK 3,624,988. Subsequent eventsNo important events have occurred after the end of the financial year. Treasury shares Treasury shares consist of:Holding of treasury shares as at 01.04.25Additions during the yearHolding of treasury shares as at 31.03.26 Holding of treasury shares 562 562000 41 Additions during the year 113000 25 25000 2 1759416 1745772 1719754 1881847 52308 86758 -12646 -222833 377578 624431 314897 346292 50035 55306 12726 14063 37309 41243 37309 41243 272627 161099 272627 161099 1 1 80680 38680 80681 38681 353308 199780 5525426 8044049 3216625 550750 1208563 7382483 100434 101215 10051048 16078497 6553211 12023560 16604259 28102057 16957567 28301837 1378000 1378000 2246988 2322679 3624988 3700679 450142 437416 450142 437416 6493 2966 1519437 9342052 11042429 14374779 314078 443945 12882437 24163742 12882437 24163742 16957567 28301837 Figures in DKKShare capitalRetained earningsTotal equityStatement of changes in equity for 01.04.25 - 31.03.26Balance as at 01.04.251,378,0002,322,6793,700,679Purchase of treasury shares0-113,000-113,000Net profit/loss for the year037,30937,309Balance as at 31.03.261,378,0002,246,9883,624,988 -113000 37309 1378000 2246988 1496622 1668759 73633 69580 9240 15642 140259 127866 5 5 31.03.2631.03.25DKKDKK2.Work in progress for third partiesWork in progress for third parties9,012,44415,030,534On-account invoicing-5,006,455-16,328,537Total work in progress for third parties4,005,989-1,298,003Work in progress for third parties5,525,4268,044,049Prepayments received from work in progress for third parties, short-term payables-1,519,437-9,342,052Total4,005,989-1,298,003 3.Contingent liabilitiesThe company has no contingent liabilities as at 31.03.26. 4.Other commitmentsThe company has concluded lease agreement with a three-month termination notice period. The total commitment under the agreement amounts to DKK 52 thousand 5.Charges and securityThe company has not provided any security over assets. 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 and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates. LEASESLease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. Gross profitGross profit comprises rev­enue and cost of sales and other external ex­penses. RevenueIncome from the sale of services is recognised in the income statement as delivery takes place (delivery method). Revenue is measured at the selling value of the agreed consideration exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Cost of salesCost of sales comprises cost of sales for the year measured at cost plus any changes in inventories, including write-downs 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 and impair­ment lossesThe de­pre­ci­a­tion of prop­er­ty, plant and equip­ment aim at systematic de­pre­ci­a­tion over the expected useful lives of the assets. Assets are de­pre­ci­ated according to the straight-line method based on the following ex­pected useful lives and residual values:The basis of de­pre­ci­a­tion is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of de­pre­ci­a­tion is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually.Prop­er­ty, plant and equip­ment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Other net financialsInterest income and interest expenses, 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. Property, plant and equipmentProperty, plant and equipment comprise 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 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 as­so­ci­atesEquity investments in associates are recognised and measured according to the equity method. For equity investments in associates, 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 incomefrom 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.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. 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. Work in progress for third partiesWork in progress for third parties is meas­ured at the selling price of the work per­formed less on-account invoicing made for each piece of work in progress.The selling price is measured according to the stage of completion at the balance sheet date and total expected income from each piece of work in progress. The degree of completion for each piece of work in pro­gress is normally calculated as the ratio between the resourcesspent and the total budgeted resource consumption. For some work in progress where the resource con­sumption cannot be used as a basis, the ratio between completed subactivities and the combined subactivities for the individ­ual piece of work in progress is used in­stead.When the selling price of a piece of work in progress cannot be determined reliably, the selling price is measured at the lower of costs incurred and net realisable value.The individual piece of work in progress is recognised under receivables or payables in the balance sheet depending on whether the net value of the selling price less pre­payments received is positive or negative.When it is likely that the total costs of the individual piece of work in progress will exceed total sales income, the total expected loss is recognised as a provision. 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.Acquisition costs and consideration for treasury shares as well as dividends therefrom are recognised directly in equity under 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.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.