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The Annual Report is presented in accor­dance with the Da­nish Fi­nan­ci­al State­ments Act. In my opinion the Fi­nan­ci­al Sta­te­ments give a true and fair view of the Company's assets, liabilities and financial position at 30 June 2026 and of the results of the Company's operations and cash flows for the fi­nan­ci­al year 1 July 2025  - 30 June 2026. The Management Commentary includes in my opinion a fair presentation of the matters dealt with in the Commentary. I recommend the Annual Report be approved at the Annual General Meeting. Albertslund 2026-09-14 Ulrik Branner To the Shareholder of SiteHub ApS Konklusion We ha­ve au­di­ted the Fi­nan­ci­al Sta­te­ments of SiteHub ApS for the fi­nan­ci­al year 1 July 2025 - 30 June 2026, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty, cash flows, no­tes and a summary of significant accounting policies. The Fi­nan­ci­al Sta­te­ments are pre­pared in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   In our o­pi­ni­on, the Fi­nan­ci­al Sta­te­ments give a true and fair view of the financial position of the Com­pa­ny at 30 June 2026 and of the results of the Com­pa­ny's operations and cash flows for the fi­nan­ci­al year 1 July 2025 - 30 June 2026 in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Basis for OpinionGrundlag for konklusion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the 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 (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We be­lie­ve that the e­vi­den­ce we ha­ve ob­tai­ned is suf­fi­ci­ent and ap­prop­ria­te to pro­vi­de a ba­sis for our con­clu­si­on.   Grundlag for konklusion Ma­na­ge­ment's Re­spon­si­bi­li­ti­es for the Fi­nan­ci­al Sta­te­ments 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 skepticism 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.   We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.   Statement on Management Commentary Management is responsible for Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the Fi­nan­ci­al Sta­te­ments does not cover Ma­na­ge­ment Com­men­ta­ry, and we do not express any form of assurance conclusion thereon.   In connection with our audit of the Fi­nan­ci­al Sta­te­ments, our responsibility is to read Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment Com­men­ta­ry 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 Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that Ma­na­ge­ment Com­men­ta­ry is in accordance with the Fi­nan­ci­al Sta­te­ments and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of Ma­na­ge­ment Com­men­ta­ry.   Statement on Report on Income Tax Information As the Com­pa­ny's auditor, 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 2025 - 30 June 2026 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 their 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 Fi­nan­ci­al Sta­te­ments, and such procedures as we considered necessary to enable us to provide this statement.  Based on the work we have performed, we conclude that the Com­pa­ny was not required to prepare a report on income tax information for the financial year 1 July 2025 - 30 June 2026.   Breach of tax and VAT legislationtrue The Company has repeatedly submitted VAT returns after the statutory deadlines. Management may incur liability in this respect.   true Copenhagen 2026-09-14 BDO Statsautoriseret Revisionspartnerselskab 45719375 Mads Juul Hansen Den uafhængige revisors erklæring State Authorised Public Accountant mne44386 31157000 12759000 4705000 14362000 11817000 9644000 2601000 -487000 Operating profit/loss before depreciation and amortisation (EBITDA) Operating profit/loss before depreciation and amortisation (EBITDA) Operating profit/loss before depreciation and amortisation (EBITDA) Operating profit/loss before depreciation and amortisation (EBITDA) Operating profit/loss before depreciation and amortisation (EBITDA) 9605000 2601000 -487000 -182000 -142000 -161000 12225000 11210000 9423000 2459000 -648000 Profit/loss for the year before tax Profit/loss for the year before tax Profit/loss for the year before tax Profit/loss for the year before tax Profit/loss for the year before tax 7323000 2034000 -230000 23029000 10043000 5299000 11215000 3893000 1859000 8131000 1299000 2040000 -1330000 -1050000 -307000 0 0 39.2 35.3 48.7 38.8 35.1 38.6 56.7 96.9 70.7 -24.7 The ratios stated in the list of key figures and ratios have been calculated as follows:   Equity ratio:  Equity, at year-end x 100 Total assets, at year-end Return on equity: Profit/loss after tax x 100        Average equity Principal activities SiteHub ApS provides construction site logistics and site operations to developers and contractors on major construction and civil engineering projects in Denmark. The Company assumes the logistical and operational functions of the site and runs them as a single function, remunerated on the basis of consumption and agreed unit prices. Furthermore, the Company applies advanced proprietary technology and calculation methods in the planning and pre-tender phase of major construction projects in order to support risk mitigation and to further strengthening of analytical foundation related to the expected project economy. The Company does not perform the underlying construction works but provides logistics, operational and technology-based services to the construction projects. The activities comprise of: - Construction site logistics and site operations – staffing the site with logistics personnel and coordinators who handle receipt, handling and internal distribution of materials, coordination of deliveries, waste handling and the operation of shared site facilities (the Company’s core activity and principal source of earnings). - Letting of storage space and equipment. - Development and use of the Company’s digital platform, SiteBooking, which supports the planning and documentation of site activities. - Security and surveillance services at the sites. - Site analysis & site assessments. The Company is dependent on a limited number of major customers, of which one group accounts for a significant part of revenue. Management monitors the development in the customer portfolio on an ongoing basis and seeks to diversify the customer base through new sites, customers and service offerings.   Development in activities and financial and economic position The level of activity increased during the financial year, and gross profit rose by 47 % to DKK 86.6 million from DKK 59.0 million. The growth reflects a shift in the project portfolio: activity on the Company’s largest project increased and five new construction sites came into operation, while one major project was completed during the year. The storage and software areas declined, as both the letting of storage space and the sale of software licenses were below the level of the preceding year. The software revenue decline was expected, as the Company in a strategy adjustment has closed its software stand-alone business activities and is now focusing on utilizing the technology in-house as a strategic advantage only to the Company’s own benefit. A larger share of the work is performed in-house rather than resold as subcontracted services. At the same time, capacity was built up: staff costs rose by 53 % to DKK 72.2 million from DKK 47.2 million as a result of staffing the new sites and expanding the administrative functions, and depreciation and amortization increased from DKK 0.4 million to DKK 1.6 million. Profit before depreciation and amortization was DKK 14.4 million against DKK 11.8 million, operating profit DKK 12.8 million against DKK 11.4 million, and profit before tax DKK 12.2 million against DKK 11.2 million. Profit for the year after tax was DKK 9.6 million against DKK 8.7 million. The average number of full-time employees was 107 against 70 in the preceding year. The balance sheet total increased to DKK 76.4 million from DKK 55.6 million, of which receivables account for DKK 58.2 million. Equity amounts to DKK 29.9 million against DKK 19.6 million, corresponding to an equity ratio of 39 %. Cash flows from operating activities were positive at DKK 9.4 million, and DKK 6.1 million was invested in intangible and tangible non-current assets, together with DKK 1.5 million in rent deposits. Cash and cash equivalents amounted to DKK 5.3 million at the end of the year. Management considers the development during the year to be satisfactory.   Operational risks The Company’s revenue rests on large, long-term customer relationships, and activity is concentrated on the Company’s largest construction sites. A significant reduction in the level of activity with these customers would have a noticeable effect on revenue and earnings, and as a large part of the capacity consists of permanently employed staff, the cost base cannot be adjusted equally quickly. Management seeks to reduce the dependency by developing new sites and customers as well as developing new technological products to further move services upstream in the value chain in construction projects.   Profit/loss for the year compared to the expected development No specific expectations for the development in 2025/26 were published in the Annual Report for 2024/25. Management considers the development and results for the year to be satisfactory.   Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the Company’s financial position.   Financial risk The Company does not use derivative financial instruments. Credit risk relates to trade receivables of DKK 43.1 million, which predominantly concern large, creditworthy enterprises. Liquidity is affected by the invoicing pattern on the major projects; operating activities generated positive cash flows during the year, and Management considers the Company’s liquidity reserves to be adequate. The Company has provided a floating charge and has non-terminable lease commitments, cf. the notes. The Company trades predominantly in DKK, and currency risk is therefore assessed as immaterial.   Future expectations For the financial year 2026/27, Management expects gross profit in the range of DKK 88-93 million and profit before tax in the range of DKK 14-18 million. The expectations are based on the known project portfolio and pipeline, including the expected level of activity on the largest sites, new sites entering operation, the continued use and development of the Company’s technology as an integrated part of its service offering, the letting of storage space and the planned staffing and cost level. Realization depends in particular on the level of activity with the Company’s largest customers and on whether expected agreements are concluded as assumed.   86613172 59016000 72246901 47199000 1566181 424000 3817 0 12796273 11393000 37893 87000 161000 0 447961 270000 12225205 11210000 2649860 2463000 9575345 8747000 5677199 2672000 824132 0 6501331 2672000 1803081 1010000 63594 143000 1866675 1153000 0 161000 3207824 1736000 3207824 1897000 11575830 5722000 1444446 513000 1444446 513000 43082939 36834000 11960338 8172000 273000 66000 341142 0 2500356 1024000 58157775 46096000 5264392 3235000 64866613 49844000 76442443 55566000 59726 56000 5071038 2084000 23818053 17484000 1000000 0 29948817 19624000 285487 146000 285487 146000 191503 733000 2510944 2325000 2856460 3058000 2519881 482000 18968335 24911000 642385 380000 2324831 2092000 43351679 32738000 46208139 35796000 76442443 55566000 DKKSha­re ca­pi­talShare PremiumReserve for development costsRetained earningsProposed dividendTotal Equity at 1 July 202556.39302.083.81517.483.339019.623.547 -1.000.000 Proposed profit allocation, see note 4 8.575.3451.000.0009.575.345 Transactions with ownersCapital increase3.333746.592 749.925 Other legal bindingsCapitalized development costs 3.984.886-3.984.886 0 TransfersRetained premium -746.592 746.592 0Amortisation -979.245979.245 0 Tax on changes in equity -18.41818.418 0 Equity at 30 June 202659.72605.071.03823.818.0531.000.00029.948.817 The share capital amounts to nominally DKK 59.726 at 30 June 2026. The share capital is not divided into classes. During the financial year, the Company increased its share capital by nominally DKK 3.333 through the subscription of new shares. 56393 0 2083815 17483339 0 -1000000 8575345 3333 746592 3984886 -3984886 -746592 746592 -979245 979245 -18418 18418 59726 0 5071038 23818053 1000000 8747000 1566181 424000 3817 0 2649860 2463000 161000 0 -2082627 0 -931928 -513000 -12061775 -31348000 10492122 22109000 9364961 1884000 -4809018 -2931000 -1329613 -1050000 25000 0 -1472444 -433000 -7586075 -4575000 -499072 -447000 0 -500000 749925 161000 250853 -786000 2029739 -3477000 3234653 6712000 5264392 3235000 1 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees10770 Wages and salaries 64.568.99643.235 Pensions 6.761.8863.469 Social security costs 916.019493 Other staff costs 02 72.246.90147.199 Remuneration to Management has been omitted in accordance with the exemption provision in section 98 b(3)(ii) of the Danish Financial Statements Act. 107 70 64568996 43235000 6761886 3469000 916019 493000 0 2000 72246901 47199000 2 | Other financial income Other interest income 37.89387 37.89387 37893 87000 37893 87000 2510944 2325000 138916 138000 4 | Proposed distribution of profit Proposed dividend for the year 1.000.0000 Retained earnings 8.575.3458.747 9.575.3458.747 1000000 0 8575345 8747000 9575345 8747000 5 | Intangible assets DKKCompleted software development projectsSoftware development projects in progress Cost at 1 July 2025 2.931.0240 Transfer 3.984.886-3.984.886 Additions 04.809.018 Cost at 30 June 2026 6.915.910824.132 Amortisation at 1 July 2025 259.4660 Amortisation for the year 979.2450 Amortisation at 30 June 2026 1.238.7110 Carrying amount at 30 June 20265.677.199824.132 During the financial year, the Company has capitalised development costs relating to two development projects: the further development of the SiteBooking platform and the development of SiteBrain, a new project initiated during the year. SiteBooking has been implemented and is in use on several projects, and it is continuously developed with new functionalities, integrations and reporting features. SiteBrain is a new AI-based product, operated by the Company's specialists, which generates reports and analyses primarily aimed at project owners, and is developed with a defined commercial purpose. Management has assessed that the criteria for capitalisation under the Danish Financial Statements Act have been met for both projects, including identifiable development activities, technical feasibility, intention and resources to complete and utilise the development, expected future economic benefits and reliable measurement of the related costs. The capitalised development costs comprise costs related to external development partners and internal development resources, allocated to the individual development projects. Management has allocated the costs between maintenance and development activities, and only costs relating to further development have been capitalised. Costs relating to ordinary maintenance, support and operation, and costs relating to research activities, are expensed as incurred. The capitalised development costs are amortised on a straight-line basis over their estimated useful life of 5 years from the date the developed functionality is taken into use. 2931024 0 3984886 -3984886 0 4809018 6915910 824132 259466 0 979245 0 1238711 0 5677199 824132 6 | Property, plant and equipment DKKOther plant, fixtures and equipmentLeasehold improvements Cost at 1 July 2025 1.132.400224.178 Additions 1.329.6130 Disposals -39.9000 Cost at 30 June 2026 2.422.113224.178   Depreciation at 1 July 2025 123.10680.658 Reversal of depreciation of assets disposed of -11.0830 Depreciation for the year 507.00979.926 Depreciation and impairment losses at 30 June 2026 619.032160.584 Carrying amount at 30 June 20261.803.08163.594 1132400 224178 1329613 0 39900 0 2422113 224178 123106 80658 11083 0 507009 79926 619032 160584 1803081 63594 7 | Financial non-current assets DKKInvestments in subsidiariesRent deposit Cost at 1 July 2025 161.0001.735.380 Additions 01.472.444 Cost at 30 June 2026 161.0003.207.824   Revaluation and impairment losses for the year -161.0000 Revaluation at 30 June 2026 -161.0000 Carrying amount at 30 June 202603.207.824 Investments in subsidiaries (DKK) Name and domicileEquityProfit/loss for the yearOwnership Sitehub Security Aps, Glostrup -761.411-735.891100 % 161000 1735380 0 1472444 161000 3207824 -161000 0 -161000 0 0 3207824 8 | Prepayments Prepayments comprise costs incurred before the balance sheet date  relating to subsequent financial years. Prepaid operating costs 2.500.3561.024 2.500.3561.024 9 | Provision for deferred tax The provision for deferred tax is related to differences between the  carrying amount and tax value of intangible and tangible fixed assets. Deferred tax, beginning of year 146.5718 Deferred tax of the year, income statement 138.916138 Provision for deferred tax 30 June285.487146 10 | Long-term liabilities 30/6 2026RepaymentDebt outstanding30/6 2025DKKtotal liabilitiesnext yearafter 5 yearstotal liabilities Other debt 716.242524.73901.215.314Corporation tax 2.510.944002.324.831Deposits 2.149.1551.995.14200 5.376.3412.519.88103.540.145 Guarantee commitments to group enterprises The Company has issued an unconditional letter of support to its wholly-owned subsidiary, SiteHub Security ApS. Under the letter of support, the Company has undertaken, by way of contributions or capital injections, to provide the financial support necessary to ensure the subsidiary’s continued operations.   The letter of support is valid until terminated in accordance with its terms, but in any event no later than 31 December 2026. Joint liabilitiesThe Company is jointly and severally liable together with the Parent Company and the other group companies in the joint taxable group for tax on the group’s joint taxable income and for certain possible withholding taxes, such as dividend tax, etc. Tax payable on the Group’s joint taxable income is stated in the annual report of Branner Holding ApS, which serves as management Company for the joint taxation. 2026 DKK Other financial commitments The Company has entered into rental agreements which are non-terminable at the balance sheet date. The rental commitments relate to leases of premises with remaining non-terminable periods expiring between 31 October 2026 and 30 April 2028. The total rental commitment amounts to:16.650.000 In addition to financial leasing contracts, the company has operational lease agreements with an average monthly payment of DKK('000) 8. The remaining term of these leases is 14 months.113.000 The company has an exit obligation agreement with The Export and Investment Fund of Denmark. This obligation is triggered by an exit event as defined in the loan agreement and amounts to a maximum of:500.000 12 | Charges and securities As security for debt to The Export and Investment Fund of Denmark of DKK ('000) 716, a floating charge of DKK ('000) 2,500 has been provided over intangible rights, inventories, operating equipment and trade receivables arising from the sale of goods and services. As security for all balances with Danske Bank, the Company has provided a floating charge of DKK ('000) 5,000 over trade receivables arising from the sale of goods and services, inventories and intangible rights. The carrying amount of assets comprised by the floating charges amounts to DKK ('000) 48,975 at 30 June 2026. The company has provided a work guarantee of DKK ('000) 1,531 through its bank. The guarantee was outstanding at 30 June 2026.   13 | Related parties Transactions with related parties During the financial year, the Company has had transactions with group enterprises as part of its ordinary business activities. The transactions primarily comprise sale and purchase of services, cost recharges and intercompany balances. The transactions have been carried out on an arm’s length basis. Balances with group enterprises are disclosed separately in the balance sheet and related notes. Disclosure of remuneration to Management has been omitted pursuant to section 98 b(3)(ii) of the Danish Financial Statements Act. 14 | Consolidated Financial Statements The Company is included in the consolidated financial statements of the parent company Branner Holding ApS, CVR no. 37607495, with registered office at Veras Allé 4, 2720 Vanløse, Denmark.   The Annual Report of SiteHub ApS for 2025/26 has been presented in accor­dance with the pro­vi­sions of the Da­nish me­di­um-si­ze Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class C.  Regnskabsklasse C, mellemstor virksomhed1true Regnskabsklasse C, mellemstor virksomhed true The Annual Report of SiteHub ApS for 2025/26 has been prepared in accordance with the provisions of the Danish Financial Statements Act applicable to medium-sized enterprises in reporting class C. The Company was previously presented in accordance with reporting class B and certain provisions applying to reporting class C. For 2025/26, the Company is presented in accordance with reporting class C, medium-sized enterprises, as the relevant size thresholds have been exceeded for two consecutive financial years. The transition to reporting class C has resulted in additional presentation and disclosure requirements. No changes have been made to the recognition or measurement principles applied to the Company’s assets, liabilities, income or expenses. The accounting policies are therefore consistent with those applied last year.   Net revenue Net revenue from the sale of services is recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received.   Where products with a high degree of individual adjustment are delivered, recognition in net revenue is made as and when the production progresses, the net revenue being equal to the sales value of the work performed for the year (the production method). This method is applied when the total income and expenses regarding the contract and the degree of completion at the Balance Sheet date can be reliably assessed, and it is likely that the financial benefits will flow to the Company.    Sale of services is generally recognised on the basis of a measurable degree of completion, using straight-line recognition of services delivered over time in a regular pattern. Where the degree of completion is not measurable or the sales value or the total costs of completion are uncertain, revenue is recognised by the amount that the enterprise as a maximum believes to have a right to claim and is expected to be received for services delivered at the Balance Sheet date.   Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale.   Cost of sales Cost of sales comprise costs incurred to achieve the net revenue for the year, including direct and indirect costs of raw materials and consumables.   Other operating income Other operating income includes items of a secondary nature in relation to the enterprises' principal activities, including grants and wage reimbursements. Compensations are recognised when the income is estimated to be realisable.    Work performed by the entity and capitalised Work performed by the entity and capitalised comprises staff costs and other costs incurred during the financial year that are directly attributable to the development of the Company’s proprietary intangible assets and recognised as part of the cost of these assets.   Other external expenses Other external expenses include other production, sales, delivery and administrative costs, including costs of energy, marketing, premises, loss on bad debts,  lease expenses, etc   Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Com­pa­ny's employees.   Other operating expenses Other external expenses comprise selling and distribution costs, expenses relating to real property, car operating costs and administrative expenses, including marketing, travelling expenses, premises, IT, consultants, insurance, office expenses, lease expenses and other administrative costs..   Income from investments in subsidiaries Dividend from sub­si­dia­ri­es is recognised in the financial year in which the dividend is declared. In connection with transfers, potential profits are recognised when the economic rights related to the sold equity interests are transferred, however, at the earliest when the profit has been realised or is regarded as realisable. Moreover, realised losses other than impairments are included where identified.   Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from securities, debt and transactions in foreign currencies, as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity.   Intangible fixed assets Development projects comprise costs, including wages and salaries, and amortisation, which directly or indirectly can be related to the Company’s development activities and which fulfil the criteria for recognition in the Balance Sheet.   The accounting item is measured at the lower of the capitalised costs less accumulated amortisation and recoverable amount.   Capitalised development costs are amortised on a straight-line basis over the estimated useful life after completion of the development work. The amortisation period is normally 5 years.   Intangible fixed assets are generally written down to the recoverable amount if this is lower than the carrying amount.   Profit or loss from sale of intangible fixed assets is calculated at the difference between the sales price and the carrying amount at the time of the sale. Profit and loss are recognised in the Income Statement under other operating income or other operating expenses.    Property, plant and equipment Other plant, fixtures, equipment and leasehold improvements are measured at cost less accumulated depreciation and impairment losses.   The depreciation base is cost less estimated residual value after end of useful life.   The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used.    Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value:   Useful lifeOther plant, fixtures and equipment 5 years0 %Leasehold improvements 3 years0 % Profit or loss on sale of property, plant and equipment is stated as the difference between the sales price less selling costs and the carrying amount at the date of sale. Profit or loss is recognised in the Income Statement as other operating income or other operating expenses.   Financial non-current assets Investments in subsidiaries are measured at cost. If the cost exceeds the recoverable amount, the investment is written down to the lower value.   Rent deposits are measured at amortised cost, which usually corresponds to nominal value.   Impairment of fixed assets The carrying amount of in­tan­gib­le fi­xed and pro­per­ty, plant and equip­ment to­get­her with fi­xed as­sets, which are not mea­su­red at fair va­lue,, are assessed annually for indications of impairment other than that reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Inventories Inventories are measured at cost using the FIFO-principle. If the net realisable amount is lower than cost, the inventories are written down to the lower amount.   Inventories primarily consist of finished goods such as sensors and other relevant materials intended for use at construction sites. The cost of finished goods and goods for resale includes the cost of raw materials, consumables, direct labour costs and other direct production costs.   The net realisable value of inventories is stated at the expected sales price less direct completion costs and costs incurred to execute the sale and is determined with due regard to marketability, obsolescence and development in expected sales price of the inventories.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Write-off is performed to provide for losses when an objective indication has been assessed to have incurred that a receivable or a portfolio of receivables are impaired. If there is an objective indication that an individual receivable is impaired, the write-off is performed at individual level.   Receivables for which there are no objective indication of impairment at individual level are assessed at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors’ registered office and credit rating in accordance with the Company’s policy for credit risk management. The objective indicators, which are applied for portfolios, are determined based on the historical loss experiences.   Write-off is determined as the difference between the carrying amount of receivables and the present value of the expected cash flows, including realisable value of any received collaterals. The effective interest rate is used as discount rate for the single receivable or portfolio.   Contract work in progress Contract work in progress comprises services performed before the balance sheet date which have not yet been invoiced. The amount is measured at the sales value of the work performed based on registered hours, agreed hourly rates and other agreed contract terms. Amounts are recognised when the services have been delivered and the income can be measured reliably.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   The Company is subject to joint taxation with Danish Group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff against deferred tax liabilities within the same legal tax entity.   Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the Balance Sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the Income Statement over the loan period.   The amortised cost of current liabilities corresponds usually to the nominal value.   Deposits received comprise amounts received from customers as security under contractual arrangements. The deposits are measured at amortised cost, which normally corresponds to the nominal amount. Deposits are classified as non-current liabilities where the Company has an unconditional right to defer repayment for more than 12 months after the balance sheet date.   Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the Income Statement as a financial income or expense. Receivables, payables and other monetary items in foreign currencies that are not settled on the Balance Sheet date are translated at the exchange rate on the Balance Sheet date. The difference between the exchange rate on the Balance Sheet date and the exchange rate at the date when the receivables or payables come into existence recognised in the Income Statement as financial income or expenses. Fixed assets acquired in foreign currencies are translated at the rate of exchange on the transaction date.   Cash Flow Statement   The cash flow statement shows the Company’s cash flows for the year for operating activities, investing activities and financing activities in the year, the change in cash and cash equivalents of the year and cash and cash equivalents at beginning and end of the year.   Cash flows from operating activities:Cash flows from operating activities are computed as the results for the year adjusted for non-cash operating items, changes in net working capital and corporation tax paid.   Cash flows from investing activities:Cash flows from investing activities include payments in connection with purchase and sale of intangible and tangible fixed asset and fixed asset investments.   Cash flows from financing activities:Cash flows from financing activities include changes in the size or composition of share capital and related costs, and borrowings and repayment of interest-bearing debt and payment of dividend to shareholders.   Cash and cash equivalents:Cash and cash equivalents include cash at bank and in hand and short-term securities, for which there is only negligible risk of changes in value, and which are readily negotiable for cash at bank and in hand.