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virksomhed Revisionspåtegning true 2026-09-03 Claus Bøgelund The Executive Board and Board of Directors have today considered and adopted the Annual Report of Dymak A/S for the financial year 1 July 2025 - 30 June 2026. 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 30 June 2026 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2025/26. 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. Odense 2026-09-03 Kristian Kristiansen Martin Kragh CEO Business Development Director Claus Juul Bøgelund Per Høholt Marianne Tochtermann Chairman Vice chairman To the shareholders of Dymak A/S Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 30 June 2026 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 July 2025 - 30 June 2026 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Dymak A/S for the financial year 1 July 2025 - 30 June 2026, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements and the Parent Company Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. As auditor of the Company, we are required to provide a statement pursuant to section 137 i of the Danish Financial Statements Act as to whether the Company was required to prepare a report on income tax information for the financial year 1 July 2024 - 30 June 2025 and, if so, whether the Company has published the report in accordance with the requirements of the Danish Financial Statements Act.This statement does not constitute an assurance engagement. We have based our work on the information applied by Management in its assessment of whether the Company was subject to the requirement to prepare a report on income tax information, the knowledge obtained in connection with our audit of the Consolidated Financial Statements and the Parent Company Financial Statements, and such procedures as we considered necessary to enable us to provide this statement.Based on the work we have performed, in our view, the Company was not required to prepare a report on income tax information for the financial year 1 July 2024 - 30 June 2025. Odense M 2026-09-03 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Mette Plambech State Authorised Public Accountant mne34162 Dymak A/S Glisholmvej 41 Odense S 19757803 Odense Munkebjergvænget 1, 3. og 4. sal Odense M Seen over a 5-year period, the development of the Group is described by the following financial highlights: 52273000 101860000 152000000 -5866000 42768000 86535000 -3314000 4268000 6775000 -8667000 39100000 72794000 185360000 141873000 226241000 18023000 46890000 73760000 1783000 511000 37443000 101815000 109998000 110 125 132 126 148 0.017 0.064 0.032 0.301 0.382 0.124 0.118 0.202 0.718 0.486 0.147 0.023 0.124 0.369 0.976 Key activitiesGroup ChartDymak’s business modelDymak is a global B2B company focused on “The Green World”. Growers and Garden Retailers comprise our primary target group. Major markets are the US, Canada, the Netherlands, and Germany. Main product categories include plant accessories such as pots and vases, displays, as well as outdoor pottery and garden furniture. The products are designed in Denmark and primarily produced in Vietnam, Indonesia, Europe and China. It is the Company´s objective to continue increasing its vendor diversification further to proactively handle geopolitical changes.Strategy 2025-26Dymak´s Mission is “To Advise and to Source Private Label Concepts” and our Vision is “To become the Leading Private Label Advisor of The Green World ”. Most important however, is the Company´s Purpose, which is “To Have a Good Day at Work”. Our employees remain our biggest asset, and we consider a good working environment and high motivation as key driver to raise performance and to realise our ambitions of the CompanyTo be able to deliver at the highest level on Quality & Compliance, Dymak always has its own staff present at the production sites. The Company operate with a “Boots on the Ground” approach and from 2025-26 supported by a strong backbone in Strategic Procurement in HQ. We use our company values to ensure an aligned understanding on e.g. ESG matters.Dymak's values are founded in Denmark, and a constant effort is required to ensure that these values are preserved in the very different cultures of our global offices. We believe that a common global understanding is necessary and is a competitive advantage when we, as a company, are to meet the increased complexity of international tradeDymak's values/characteristicsDynamic – we match the Insights within our supply chainInnovative – we create Private Label conceptsReliable – we ensure Quality & ComplianceTransparency – we share informationDevelopment in the yearThe Group´s gross profit for the financial year 1 July 2025 – 30 June 2026 is 67.872.264 DKK compared to 72.238.897 DKK last year, and the profit after tax is – 4.914.359 DKK compared to 822.707 DKK last year. This year result is affected by geopolitical factors such as tariffs causing uncertainty in market. This have had a negative impact on the Groups result.The Group´s balance sheet 30 June 2026 shows an equity of 33.657.402 DKK compared to 33.263.583 last year.This year’s negative result is expected to be improved and return to a positive result in 2026-27.The Management considers the result for the year non satisfactory.In 2026-27, Dymak will continue to leverage the new system landscape implemented in 2025/25 to enhance data availability, collaboration and transparency across the value chain, supporting compliance, sourcing and customer requirements.Dymak will continue to invest in Strategic Partnerships to secure a diverse supply chain and strengthen our commercial development.The increased complexity of global trade is expected to strengthen the Company's competitiveness in the long term.Special risks - operating risks and financial risksAs the geopolitical development entails an increasing and continuing risk to international trade in general, we are making a targeted effort to diversify our supply chain through a greater diversification of sourcing countries. The target for diversification in 2025-26 is 28% which was achieved. The target for 2026-27 remains at 28%.The relatively gradual pace of diversification is primarily due to limited access to skilled production capacity, as well as the strong performance of our highly capable sourcing office in China.Dymak's most immediate uncertainty is product quality. To always ensure and maintain high-quality products, the Group is represented locally by its own employees, who on average make three inspections per production: Typically, these comprise a pre-production inspection where Code of Conduct and specific certification requirements are checked, and packaging is ordered from the factory's subcontractors. Then a production inspection is carried out, during which a number of samples are selected for inspection in accordance with the order specifications. Lastly, a final inspection is performed, where packaging, labels, moisture level, etc., are checked. All inspections are documented using customised software and will be made available to customers on request. The Group has a target claim ratio of under 1.0%. IT security remains a key risk area and is addressed through a global cyber risk agreement with a leading international security partner. The partner ensures a comprehensive intrusion detection and response capability across all Group entities. Through our partnership, we have strengthened our cybersecurity posture with automated Managed Detection and Response including 24/7 incident response capabilities.During 2025-26, the Group completed the transition away from legacy systems to secure cloud-based platforms. This has significantly reduced the overall attack surface while improving security controls, system resilience, and operational efficiency.In parallel, we continued to strengthen asset configuration, access control, account management, data recovery, and malware protection. Updated policies and contingency plans support these efforts, alongside ongoing security awareness training, with employee awareness levels remaining stable and above the Group's target threshold.While the reduction of legacy infrastructure and enhanced security capabilities have lowered the cyber risk exposure, IT security continues to be regarded as a key risk area due to the evolving threat landscape and increasing sophistication of cyber attacks.For 2026-27, focus areas include vulnerability management, audit logging, network defence, infrastructure management, continuous improvement of the Group's cybersecurity posture via the external partner’s setup, and strengthening governance, security, and responsible use of AI technologies across the Group.Exposure to USD is hedged. Exposure to other currencies is considered insignificant. Credit insurance covers approx. 90% of total receivables and like the years before, no losses have occurred in 2025-26.Know-how and researchThe Group's most important resource is its competent and motivated employees. A notable share of the Group's expenses is allocated to concept innovation, IT/AI investments, supply chain diversification and, not least, investment in employee learning and development. Significant initiatives in 2026 include:Implementing a new “Dymak connect” platform for internal and external usersLeadership training by TalogyCentralized Strategic Procurement team to meet requirements of customer segmentsQC Centre learningESG regulation and compliance in generalDevelopment expectationsIn the financial year 2026-27, the Group anticipates an increase in activity levels and a return to profitable growth. While market conditions remain influenced by geopolitical developments, regulatory changes and general economic uncertainty, Management expects an improvement in performance compared to the previous financial year.Based on the current outlook, the Group anticipates a positive result in the range of DKK 8-10 million.Key TrendsAIThe influence of AI has been significant over the past year, emerging as a must-have and catalyst for enhancing both operational efficiency and creative innovation by automation. For organizations aiming to remain competitive, it is increasingly critical to identify where and how AI can be leveraged effectively.In 2026-27, Dymak will continue to integrate AI into selected business processes. This includes AI agents that support relationships, efficiency, reusability, speed and innovation. The Group has begun activating the most relevant AI agents and automation opportunities. The initiative will be supported by Dymak’s IT infrastructure, with Microsoft 365 Connect serving as the primary platform and enabler—driving efficiency and strengthening Dymak’s role as a trusted advisor.EmployabilityStaff attraction and retention of talent is a significant parameter for the Group’s performance. While flexible requirements in terms of physical presence at the workplace continue to be a significant parameter. However, this trend also makes retention of staff and competition of talent more intense, which in turn imposes requirements on organisations to be an attractive workplace.In Dymak, we believe in the importance of creating an attractive workplace for talented people – we consider this a crucial competitive parameter. Therefore, our purpose is centred around our people. We call it “Having a Good Day at Work”. We believe that it takes a joint effort from our company, our management, our teams and the individual employee to live up to this purpose - and together we strive to do so. Based on our annual internal satisfaction survey and focused work by our teams diving into and focusing on our purpose, we have identified that, for the employees at Dymak, “Having a Good Day at Work” may be summed up to four key statements:Empowerment: empowered leaders, teams and individualsCollaboration: strong teams who collaborate, support each other and have funSuccess: success for the company and for the individualFlexibility: a life in balanceStrategic partnershipsWith geopolitical uncertainty as a permanent factor, the demand for reliability through strategic partnerships becomes increasingly important.In 2026-27 Dymak will expanding existing strategic collaborations while establishing new partnerships. This approach aims to diversify the supply chain by engaging with key vendors, and to strengthen our commercial position through partnerships with key customersDymak will continue to strengthen its commercial focus in the coming years, recognizing that staying close to market dynamics and gaining insights is essential for maintaining agility and competitiveness.ComplianceCompliance, ESG and product governance continue to be key priorities for both regulators and customers. The increasing complexity of international trade, combined with evolving sustainability and product requirements, places greater demands on supply chain transparency and accountability. As a result, customers increasingly seek partners with the competencies, systems and value chains required to navigate this complexity effectively.Dymak remains dedicated to continuously enhancing competencies in ESG overall, with a particular focus on compliance.During 2025-26, the Company continued its efforts to strengthen compliance and ESG governance across the organisation. This included further integration of compliance-related processes and policies into the Group's system landscape, supporting increased transparency, documentation and alignment with rising customer expectations and regulatory requirements.The Compliance department continuously assesses products and suppliers against applicable legislation, customer standards and intellectual property requirements. Where necessary, external advisers are engaged to support the assessment of more complex regulatory matters. These activities contribute to maintaining a robust compliance framework and supporting sustainable and responsible business practices throughout the value chain.To ensure products comply with regulatory and customer requirements, Dymak works with:BSCI certification – Sedex certification: We are working on having our suppliers join a third-party social audit, e.g. the BSCI or Sedex, to ensure proper conditions at the factoriesOur suppliers sign Dymak's Code of Conduct, Supplier Agreement and receive an Honesty AgreementWe continuously work on adapting to upcoming legislation to meet future requirements.Supply Chain disruptionPrior to COVID 19, the war in Ukraine, the Red Sea conflict and tariffs, the consensus was that the lowest possible total costs of a purchase wase achieved by concentrating purchases with a few factories. This trend is now shifting towards the application of a diversified approach, where delivery reliability from multiple factories located in several geographical areas is factored in with the total costs. Geopolitics and delivery reliability continue to be a criterion to the purchase decision.Dymak has for many years created value by selecting slightly smaller but highly specialised factories, and we are therefore well positioned in relation to this development. Dymak guides customers on sourcing strategies to mitigate supply chain disruptions by leveraging our diversified local presence in various sourcing countries.In 2025-26, a centralized and independent Strategic Procurement team has been established at HQ to enhance reliability by aligning decision-making with demand, expertise, and data insightsUniquenessAs our society changes, so does the need for fulfilment of more specific demands. Consumers are increasingly demanding products that meet more complex purchase criteria such as sustainable production, storytelling, specific events or the like – in other words, the demand for specialties and special concepts is increasing.A challenge to achieving “uniqueness” is that developing and delivering new products directly from the factory is more complex than delivering standard products through a storage facility.Dymak's value proposition meets this trend, and it is our mission to "Advise and to Source Private Label Concepts". This competitive edge is gained through a carefully selected network of specialized suppliers in multiple regions. Choosing products to fit Private Label Concepts are also done by utilizing Dymak Connect database with 80,000 images available to our customers.Top managementOther management levelsUncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Unusual eventsThe financial position at 30 June 2026 of the Group and the results of the activities and cash flows of the Group for the financial year for 2025/26 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 responsibility, cf. section 99b of the Financial Statements ActThe Company’s business model is described on page 7. Statement of corporate social responsibility (CSR)This statement on corporate social responsibility has been prepared pursuant to Section 99b of the Danish Financial Statements Act. In preparing this statement, Dymak has drawn inspiration from selected concepts and terminology contained in the CSRD and ESRS frameworks. However, this statement does not constitute reporting in accordance with CSRD or ESRS. Dymak impacts, to varying degrees, the communities in which the Company operates. Rooted in Denmark, the company integrates Danish values into its operations—ensuring responsible business practices and showing genuine care for the communities it serves. Dymak intends to ensure a profitable and sustainable approach to social, environmental and climate matters. Both in terms of operations and at strategic level. Our CSR work has been approved by Management and Dymak’s Board of Directors and is embedded in the ESG & Compliance department. Dymak is continuously making progress in the CSR area, and it is very important to the Company to make a considerable effort in the future. The responsible team is working towards implementation of the measures deemed necessary to enter a dialogue with, and meeting future requirements of, customers, stakeholders, business partners and legislation. Dymak considers the UN's Sustainable Development Goals an important focal point for the Company's work with corporate social responsibility. We remain focused on UN-8, UN-12, UN-13 and UN-17, as these four goals all support areas in which Dymak's business is considered to have the greatest opportunity to contribute.Risks relating to CSRBased on the conditions that are significant to the Company to run a healthy business, during the year Dymak has reevaluated previous risk assessment in relation to social responsibility. The risk assessment includes an assessment of the Company’s impact on the environment and climate, social and employee matters, human rights and anti-corruption. The biggest environmental and climate risks are related to the actual production carried out by third parties.Dymak is aware of the potential risks associated with its presence in Asia, Türkiye and Mexico, particularly challenges related to human rights and corruption. Dymak actively seeks to mitigate such potential risks by, for example, being present locally with own employees close to the factories. Dymak also acknowledges the risks related to the challenges of attracting and retaining talented employees, as well as the climate impact of the transport of goods and the Company's operation of offices. The transport impact is attempted limited through direct deliveries from the factory to the various points of sale, so that carriage to and from a warehouse facility is avoided.Assessment of CSR-related risks and opportunitiesThe risk assessment includes relevant risks and potential opportunities to influence and/or prevent or avoid potential and adverse impacts from the above six matters. The risks assessed as well as the table presented below was prepared as part of Dymak’s ESG work and is inspired by principles and terminology applied in the CSRD and ESRS frameworks.Area Risk Degree of impact Environment and climate (inspired by ESRS/E1 + E2 + E3 + E5) Environmental and climate impact of own offices and warehouses High Environmental and climate impact of products (depending on material type) Medium Environmental and climate impact on supply chain (production, transport) Medium Climate impact of end-of-use products (dismantling, sorting and recycling) Low Social and employee conditions (own employees) and gender representation (inspired by ESRS S1) Rights and working conditions, including employee satisfaction, accidents, sickness absence and employee turnover ratio. Attract and retain skilled employees Ensure equal gender representation at Board of Directors and Management level High Human rights in the value chain (inspired by ESRS S2 + S4) Rights and working conditions in the supply chain (human rights and employee rights at suppliers) Medium Product safety (consumers) High Governance and anti-corruption (inspired by ESRS G1) Corruption in the supply chain Medium/high Data security (GDPR, cyberthreats, etc.) Medium/highDymak strives to do its utmost to identify, prevent and mitigate the above risks. The risk picture is assessed on an ongoing basis by top management and Dymak's ESG and Compliance department. Dymak has established 11 ESG KPIs as part of a formalized policy in this area. Each KPI is aligned with and supports four of the UN Sustainable Development Goals. The KPIs include:Decision on the proportion of suppliers who must commit to social certifications (BSCI, Sedex), CoC and Dymak Supplier Agreement – which will all support decent working conditions (UN-8).Decision on the number of suppliers, the volume of business carried out, focus on more direct deliveries and number of factory audits – which will all support sustainable production patterns (UN-12).Decision on the reduction of CO2 emissions using renewable energy – for the purpose of combatting climate change (UN-13).Decision on the proportion of sourcing from different developing countries – which will support global partnerships focusing on sustainable development (UN-17).Dymak continues prior year’s work with meeting the KPIs. We’re pleased to see positive progress on all parameters. Number of certified suppliers, number of factory audits performed and diversification in use of sourcing countries are all met. The renewable energy KPI is also met via solar panels at the Danish location and an investment in a solar park. To ensure continued progress in this area, the ESG KPIs will remain active throughout 2026-27, with targets adjusted to reflect our ongoing commitment and ambition.Environment and climateDymak is continuously working on minimising its negative impact on the environment and climate. The biggest environmental and climate risks are related to the actual production. Often, the manufacturing process (such as firing of ceramics) is energy intensive. Dymak is aware of the environmental and climate impact of its offices. To meet this challenge, Dymak has installed solar cells at its head office and invested in European solar parks to cover all CO2 emissions from its own offices. In the view of the Group, travelling should be limited to the extent possible from a business perspective. Being a merchandising business, the Company has limited influence on the end-of-use environmental and climate impact of discarded Dymak products, and therefore, it does not carry out separate work in this area. In relation to ensuring proper conditions (biodiversity, aquatic environment, the rights of indigenous people and forest workers) and preventing deforestation, Dymak is FSC-certified (Chain of Custody). The audit was carried out by Preferred by Nature at the beginning of 2026, and no remarks were made. The supplier selection process includes several key elements: risk mitigation, identification of improvement potential, formal agreements such as a supplier contract and Code of Conduct, and a physical audit of the production site to assess working conditions before final approval.When performing factory audits a Compliance IT tool is used by our own quality control officers and it ensures continuous focus on both environmental and climate aspects of production as well as social conditions and governance (anti-corruption). Following an audit, a report is generated which forms the basis for an overall assessment of whether the supplier meets the requirements set out in the supplier agreement, etc. In the coming years, Dymak will continue making a targeted effort at reducing the number of suppliers. This will contribute to a more efficient production process, which will optimise energy consumption and reduce waste. In addition, the Company will attempt to increase the number of direct deliveries, which will reduce transport and associated CO2 emissions where possible.Social mattersDymak continuously contributes to the improvement of social conditions by requiring new suppliers to be BSCI-certified at C level or become BSCI-certified as a minimum at C level within six months after being onboarded. In addition, Dymak is a member of Amfori. Amfori empowers companies to operate successful and responsible businesses, by helping them improve the environmental, social and governance performance of their value chains. Dymak's quality control officers make at least three visits: before, during and after production, while applying the proprietary compliance tool to review the production facility's management of the environment, climate, human rights and anti-corruption.During 2025-26, Dymak continued to strengthen its supplier onboarding procedures, completed supplier audits and on-site compliance reviews, and further increased the share of suppliers covered by BSCI/Sedex certifications. Management considers the efforts relating to social matters during 2025-26 to have produced satisfactory results. The requirement for new suppliers to obtain BSCI certification and the continued use of supplier audits and on-site inspections have contributed to strengthening oversight of working conditions in the supply chain. The proportion of certified suppliers increased during the year, and no material breaches of Dymak’s social compliance requirements were identified during supplier visits. Management therefore assesses that the initiatives have supported continued improvement of social conditions throughout the value chain.Going forward, Dymak expects to continue increasing the share of certified supplier and further strengthen transparency, supplier oversight and responsible business practices throughout the value chain.Staff mattersDymak accepts broad social responsibility for all participants in our value chain, but we are first and foremost responsible for our own employees. We therefore place a strong focus on creating a working environment that supports “A Good Day at Work” for everybody.It is not something we take for granted, but an ambition we continuously strive towards. We believe that employees who experience “A Good Day at Work” are essential to Dymak’s ability to succeed and remain competitive.Management considers the initiatives undertaken during 2025-26 to have had a positive impact on employee engagement and organisational development. Employee satisfaction remained high at 4.03 out of 5 with a participation rate of 92%, reflecting a stable and committed workforce. The successful implementation of the Group’s major IT project and completion of the Leadership Development programme during 2025-26 have contributed to stronger collaboration, greater process consistency and improved organisational capabilities. Overall, Management assesses that the Company has made satisfactory progress in achieving its objectives related to staff wellbeing, employee development and retention during the year. Going forward, Dymak expects to continue investing in employee development and digital tools to support employee engagement, retention and organisational effectiveness.Our new HQ in Odense, Denmark has been rewardedDGNB Gold – Certification for sustainable construction with a strong focus on environmental performance and responsible resource use.DGNB Heart – Recognizes the highest standards in workplace environment, indoor climate, acoustics, daylight, and occupant well-being.DGNB Diamond – Awarded for outstanding architectural quality and design, recognizing buildings that positively enhance their surroundings and local community.We believe that employees will choose to come to the office because they want to, not because they must.Dymak is an inclusive workplace. We embrace all employees no matter gender, age, ethnicity or other characteristics that are irrelevant to the competences of the employee.Our staff data are always handled in software designed specifically to ensure GDPR compliance.Human rightsDymak does not currently maintain a separate policy on human rights. However, as a member of BSCI and through collaboration with BSCI/Sedex-certified vendors, the Group significantly reduces the risk of human rights violations. Therefore, it is the Group’s assessment that human rights are being upheld throughout 2025–26.New Dymak employees are introduced to the Group in general, as well as its personnel guidelines found in the Dymak Handbook available to everyone on share point. The primary risks associated with human rights are the working conditions at the factories, including observance of working hours, ventilation, etc. – all areas targeted by the BSCI certification. Dymak believes that human rights are complied with to a greater extent when quality control officers are present locally and address the above conditions during their inspections. During the 2025-26 year, any issues identified has been pointed out to the factory management. Depending on the nature of the issue, a deadline of one to six months is set for the supplier to rectify the situation. We did not, during our visits to the factories, identify any significant inconsistencies with Dymak's guidelines or the BSCI rules, and all suppliers with unacceptable scores have cooperated to meet the Company's social compliance requirements.As end-user product safety is essential, Dymak has made a strategic choice not to sell select product groups that could potentially entail a risk to the end user. In addition, efforts are made to minimise the use of glazing containing harmful chemicals, and the Company is actively promoting the sale of products which, from a manufacturing perspective, are less harmful to the environment and climate. These include pottery made of wood where the energy-intensive firing process known from the production of ceramics is avoided. Going forward, Dymak expects to continue strengthening its efforts relating to human rights throughout the value chain. Dymak will maintain its focus on supplier audits, local factory presence, adherence to the Supplier Agreement and Code of Conduct, and collaboration with BSCI and Sedex-certified suppliers. Management expects these initiatives to further reduce the risk of human rights violations and support continuous improvement of working conditions throughout the supply chain. All onboarded suppliers have signed Dymak's Code of Conduct and Supplier Agreement.Anti-corruption and anti-briberyDymak applies an internal as well as an external Code of Conduct in the fight against corruption and bribery. The Code of Conduct clearly states that corruption and bribery are strictly prohibited, both by Dymak's employees and at the production facilities. As a global player, Dymak knows that the concept is interpreted differently across cultures and, for this precise reason, the Company continues to communicate and control this matter. The policy is translated into action by asking all employees in the production areas to sign a declaration clearly stating that corruption and bribery are reported to the police and will lead to termination of employment and cancellation of any bonuses earned. It is the Company's view that the partnerships established by Dymak through its local presence at the factories reduce the risk of corruption and bribery, both now and in future.An Honesty Agreement was drawn up as an addendum to the Supplier Agreement. The document contains clear guidelines as to which actions are considered to resemble corruption. Suppliers must inform Dymak immediately if they become aware of behaviour resembling corruption. As part of a risk assessment, selected suppliers in selected markets were tested on a sample basis. No indications of deviant behaviour have been seen during 2025-26.Going forward, Dymak will continue to encourage suppliers and employees to report behaviour resembling corruption. A whistleblower scheme is implemented. To ensure GDPR compliance the setup is handled by a third party. No incidents have been reported during the financial year 2025-26. Statement on gender compositionOverviewBoard of DirectorsThe Board is composed of two men and one woman.Other management levelsThe management level includes the CEO, COO, CFO, CIO, Commercial Director, Business Development Director, Head of People and Culture and the Sourcing Director and management positions with direct report to those aforementioned positions.Dymak considers a 41.2% female representation in management to reflect gender parity among its leadership team.RecruitmentWhen recruiting new employees, Dymak does not take account of gender, age, ethnicity or other characteristics that are irrelevant to the competences of the candidate. Recruitment is based solely on qualifications, drive and a set of values that matches the Dymak set of values.PromotionsAt Dymak, we strive to develop and retain talent by creating opportunities for employees to broaden their skills, take on new responsibilities, and grow their careers within the company. As organizational needs evolve, we seek to fill relevant positions and development opportunities internally whenever possible, supporting both employee growth and business continuity. Internal mobility can take many forms, including role changes, expanded responsibilities, temporary assignments, acting positions, and promotions. Where relevant, supplementary training and development activities are provided to support employees in successfully transitioning into new responsibilities. During 2025-26, 2 employees were appointed to acting management positions, while some employees took on new roles or responsibilities across the organization. 3 0.33 17 0.41 Statement on data ethics, cf. section 99d of the Financial Statements ActData ethicsDymak recognises its responsibility to use data and digital technologies in a responsible, transparent and ethical manner. Data ethics goes beyond legal requirements regarding data protection and privacy and includes considerations about how data, digital solutions and emerging technologies are applied in practice.Dymak primarily operates within the business-to-business market and maintains business-related information concerning customers, suppliers and other stakeholders. Data is collected, processed and stored only for legitimate business purposes and with due consideration for integrity, confidentiality and transparency.As part of the Company's ongoing digital development, including increased use of data analytics, automation and AI, Dymak evaluates potential ethical implications before implementing new technologies. This includes considerations regarding data quality, proportionality, transparency, accountability and the potential impact on stakeholders.IT and data protection policies have been further developed during the year and are available to all employees via Dymak's intranet. Employees receive ongoing training and guidance to support responsible handling of data and the ethical use of digital technologies in their daily work.Personal data relating to employees are only processed for relevant employment-related purposes and sensitive information is only stored in systems designed to meet applicable legal and security requirements. Data processing agreements are established with relevant external partners where required.Management continuously reviews the Company's approach to data ethics to ensure that the use of data and technology supports Dymak's values, business objectives and stakeholder expectations. 67872264 72238897 28474932 33198449 53538508 48054236 28161616 21074386 9706410 6187662 8568656 5462301 4627346 17996999 -8255340 6661762 0 0 10069592 2208794 1920168 4532256 3106640 6830263 12104552 19831427 13492335 14173764 -5557038 2697828 -8571443 1527055 -642679 1875121 -3662848 572376 -4914359 822707 -4908595 954679 24674271 31110582 24674271 31110581 24674271 31110582 24674271 31110581 135228844 1182290 134046554 0 2620308 1569977 2153428 478327 0 118620023 0 118620023 137849152 121372290 136199982 119098350 0 0 28211112 20427332 372170 931040 372170 931040 7917383 7354548 7917383 7354548 8289553 8285588 36500665 28712920 170812976 160768460 197374918 178921851 21297896 34689095 1634784 3964592 6823788 11787417 6823788 11787417 28121684 46476512 8458572 15752009 40735412 49514990 11259784 12403380 0 0 28392651 50390905 21080231 16219389 9864002 12678227 3194749 1575416 2000000 0 5965115 6204490 4134411 4208125 70975507 73514285 55650848 79680637 593476 764822 0 0 99690667 120755619 64109420 95432646 270503643 281524079 261484338 274354497 1000000 1000000 1000000 1000000 0 0 1535782 0 0 0 19244371 24264693 3353451 3700621 0 0 29303951 28562962 11877249 7998891 33657402 33263583 33657402 33263584 -122574 -116810 0 0 33534828 33146773 33657402 33263584 0 200001 0 200001 0 200001 0 200001 10000000 0 10000000 0 125251413 112976372 125251413 112976372 135251413 112976372 135251413 112976372 55833050 62005355 55833050 62005355 3437290 3111619 3437290 3111619 21553837 38689986 12308479 19236167 1504950 1471580 11506714 17810617 2126170 2179974 0 0 17262105 27742419 9489990 25750782 101717402 135200933 92575523 127914540 236968815 248177305 227826936 240890912 270503643 281524079 261484338 274354497 1000000 3700621 28562963 33263584 -116810 33146774 0 347170 0 347170 0 347170 0 0 5649583 5649583 0 5649583 0 0 -4908595 -4908595 -5764 -4914359 1000000 3353451 29303951 33657402 -122574 33534828 1000000 0 24264693 7998891 33263584 0 -347170 0 0 -347170 0 0 0 5649583 5649583 0 0 944889 -944889 0 0 0 5965211 -5965211 0 0 1882952 0 -6791547 -4908595 1000000 1535782 19244371 11877249 33657402 -4914359 822707 18900945 22732034 10579430 -46122126 24566016 -22567385 1920168 4532256 12104552 19831427 14381632 -37866556 1230459 2058385 13151173 -39924941 1211396 19227711 18535565 46889816 3965 0 -19750926 -66117527 6172305 0 3112148 2043739 0 60139028 15712860 46332183 6428407 104427472 -171346 -1614996 764822 2379818 593476 764822 Cash and cash equivalents are specified as follows:Exchange adjustments-347,170-629,920 593476 764822 593476 764822 47007948 42491067 24509476 17651302 3005833 2533213 2609530 2533213 110149 1589021 127 892 3414578 1440935 1042483 888979 53538508 48054236 28161616 21074386 Including remuneration to the Executive Board and Board of Directors: 3079407 4437748 3079407 4437748 654997 402750 654997 402750 3734404 4840498 3734404 4840498 110 125 32 31 7647707 5186647 7647707 5186647 2058703 1001015 920949 275654 9706410 6187662 8568656 5462301 0 0 2292282 4091042 36938 209456 0 85400 1883230 4322800 814358 2653821 1920168 4532256 3106640 6830263 8447424 6441943 8309166 6240288 3657128 13389484 5183169 7933476 12104552 19831427 13492335 14173764 2462938 2315446 0 0 -3879101 -1435010 -3793474 0 773484 994685 130626 572376 -642679 1875121 -3662848 572376 0 0 1882952 608076 -5764 -131972 0 0 -4908595 954679 -6791547 346603 57607138 57607138 1211396 1211396 28462322 28462322 30356212 30356212 26496556 26496556 7647707 7647707 28462322 28462322 5681941 5681941 24674271 24674271 1854361 17926047 118620023 0 10131031 118620023 0 2113933 15908648 0 2113933 15908648 0 582181 0 0 0 0 134528671 0 -134528671 134528671 0 -134528671 136383032 19457799 0 134528671 12244964 0 672071 16398659 0 0 9652704 0 482117 438832 0 482117 438832 0 1154188 16837491 0 482117 10091536 0 135228844 2620308 0 134046554 2153428 0 134046554 0 0 134046554 0 0 21844167 21844167 21844167 21844167 -8186640 -13200172 -347170 -608077 9550558 2396962 0 -3205922 519034 18725 1535782 -8186640 4831163 6769805 28211112 20427332 Investments in subsidiaries are specified as follows: Dymak Holland BV Netherlands 1.00 Dymak Xiamen China 1.00 Danflora China 0.70 Dymak India Limited India 0.80 Dymak USA Inc USA 1.00 Dymak Limited UK 1.00 Dymak Canada Canada 1.00 931040 7354548 931040 7354548 0 562835 0 562835 931040 7917383 931040 7917383 0 0 0 0 558870 0 558870 0 558870 0 558870 0 372170 7917383 372170 7917383 Deferred tax asset at 1 July1,375,415-647,122-200,001-647,122Amounts recognised in the income statement for the year3,879,1011,435,0103,793,474-348,617Amounts recognised in equity for the year -2,059,767587,527-1,593,473795,738Deferred tax asset at 30 June3,194,7491,375,4152,000,000-200,001Recognised in the balance sheet as follows:Assets3,194,7491,575,4162,000,0000Provisions0-200,0010-200,0013,194,7491,375,4152,000,000-200,001Parent CompanyDeferred Tax AssetAs at the balance sheet date, the Company has recognised a deferred tax asset of DKK 2.0 million relating to tax loss carryforwards.The recognition is based on Management’s assessment that, as a result of changes to the Company’s future strategy and the related expectations of improved financial performance, the Company will generate sufficient taxable profits to utilise the tax losses carried forward within the foreseeable future. Accordingly, Management considers it probable that the tax loss carryforwards will be realised, and the related deferred tax asset has therefore been recognised in the balance sheet.GroupDeferred Tax AssetsThe Group has recognised deferred tax assets relating to tax loss carryforwards in the Parent Company and certain foreign subsidiaries.Recognition is based on Management’s assessment of the future earnings capacity of the individual entities and their ability to utilise the tax losses carried forward within the applicable tax regulations. The assessment is supported by budgets, business plans and expectations regarding future operations.For the Parent Company, recognition is primarily supported by changes to the future business strategy and the resulting expectations of improved profitability. For the foreign subsidiaries, recognition is based on Management’s expectation that the tax loss carryforwards will be utilised within a reasonable timeframe through the generation of future taxable profits.Based on the above, Management considers it probable that the recognised deferred tax assets will be realised through future taxable income. Prepayments consist of prepaid expenses 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:Subordinate loan capital10,000,000010,000,0000Lease obligations128,688,703116,087,991128,688,703116,087,991 10000000 0 10000000 0 10000000 0 10000000 0 0 0 0 0 111502255 100529894 111502255 100529894 13749158 12446478 13749158 12446478 125251413 112976372 125251413 112976372 3437290 3111619 3437290 3111619 Short-term debt - Trade payables 121,553,83738,689,98612,308,47919,236,16721,553,83738,689,98612,308,47919,236,167 1920168 4532256 12104552 19831427 9706410 6187662 -642679 1875121 18900945 22732034 18354828 -11933469 4158111 -25580567 17583092 4119280 5649583 -4488810 10579430 -46122126 Charges and securityThe following assets have been placed as security with bankers:Company charges registered to the totalling kDKK 60,000, providing security on accounts receivables, inventory, tangible and intangible assets at a total carrying amount of:46,546,05559,744,29746,546,05559,744,297The following assets have been placed as security for lease obligations: Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year948,390984,072759,679697,110Between 1 and 5 years1,298,7371,287,383949,372812,6692,247,1272,271,4551,709,0511,509,779Lease obligations, period of non-terminability 5-6 years06,733,15304,202,207Lease obligations regarding properties011,097,281011,097,281Other 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 Bøgelund 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.Other financial obligationsOther financial liabilities amounted to DKK 884.300 at 30 june 2026 Controlling interestBøgelund ApS62 % ownershipTransactionsThere have been no transactions with the Supervisory Board, The Executive Board, senior officers, significant shareholders, group enterprises or other related parties, except for intercompany transactions and normal management remuneration. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Bøgelund ApSSankt Peders Stræde 21, 2. 21453 København KDenmark No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of Dymak A/S for 2025/26 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The accounting policies applied remain unchanged from last year.The Consolidated Financial Statements and the Parent Company Financial Statements for 2025/26 are presented in DKK. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, Dymak A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Minority interestsMinority interests form part of the Group's total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquistition of subsidiaries.Business acquisitions carried through before 1 July 2018Minority interests are recognised at the carrying amounts of the acquired assets and liabilities at the time of acquisition of subsidiaries.Business acquisitions carried through on or after 1 July 2018Minority interests are initially measured at their proportionate share of the fair value of the acquired entity’s identifiable net assets. In this way, only goodwill related to the Parent Company’s share of the entity acquired is recognised.On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity. 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. Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively.Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting. Hedge accountingChanges in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in the fair value reserve under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction.Changes in the fair values of financial instruments that are designated and qualify as hedges of net investments in independent foreign subsidiaries or associates are recognised directly in equity as regards the effective portion of the hedge, whereas the ineffective portion is recognised in the income statement. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, work on own account recognised in assets, other operating income, expenses for raw materials and consumables and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses 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 assetsDevelopment projectsCosts of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities.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 5-10 year. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. 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:Other buildings50 years Other fixtures and fittings, tools and equipment3-10 years The residual values are estimated at the following percentage of the cost:Other buildings60% Other fixtures and fittings, tools and equipment0% 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 recognised and measured under the equity method.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Fixed asset investmentsFixed asset investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price.Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. Other fixed asset investments consist of deposit InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of goods for resale equals landed cost.The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management. 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. 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 ratiosReturn 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