73297710 2025-04-01 2026-03-31 73297710 2025-04-01 2026-03-31 1 73297710 2025-04-01 2026-03-31 1 73297710 2025-04-01 2026-03-31 1 73297710 2025-04-01 2026-03-31 2 73297710 2025-04-01 2026-03-31 3 73297710 2024-04-01 2025-03-31 73297710 2026-03-31 73297710 2025-03-31 73297710 2025-03-31 fsa:ContributedCapitalMember 73297710 2025-03-31 fsa:RetainedEarningsMember 73297710 2025-04-01 2026-03-31 fsa:RetainedEarningsMember 73297710 2026-03-31 fsa:ContributedCapitalMember 73297710 2026-03-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Simon Gibbins Flux A/S lndustrivangen 5 DK-4550 Asnæs 73297710 Copenhagen Weidekampsgade 6 DK-2300 København S Today the Board of Directors and Board of Executives have considered and adopted the AnnualReport of Flux A/S for the year 1 April 2025 - 31 March 2026.The Annual Report is presented in accordance with the Danish Financial Statements Act.In our opinion the Financial Statements give a true and fair view of the Company's financialposition at 31 March 2026 and of the results of the Company's operations for the financial year1 April 2025 - 31 March 2026.The Management's Review includes in our opinion a true and fair account of the matters addressed inthe review. Copenhagen, Søren Lau Jensen Simon Mark Gibbins John Willum Andersen Søren Lau Jensen Chairman To the shareholders of Flux A/S OpinionWe have audited the financial statements of Flux A/S for the financial year 01.04.2025 - 31.03.2026, which comprise the income statement, balance sheet, statement of changes in equity and notes, including 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 Entity’s financial position at 31.03.2026 and of the results of its operations for the financial year - in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity 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 appropriate to provide a basis for our opinion. Management's responsibilities for the financial statementsManagement 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statementsOur 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 ●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 Entity'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 Entity to cease to continue as a going concern.●Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.●Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Statement on the management commentaryManagement is responsible for the management commentary.Our opinion on the financial statements does not cover the 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 the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations. Copenhagen, DeloitteStatsautoriseret Revisionspartnerselskab 33963556 Henrik Wolff Mikkelsen State Authorised Public Accountant mne33747 FINANCIAL HIGHLIGHTS2025/26 2024/25 2023/24 2022/23 2021/22DKK('000) DKK('000) DKK('000) DKK('000)DKK('000)Income statementGross profit/loss ...............................................25.349 23.109 30.375 30.407 23.054 Operating profit/loss .........................................1.013 -737 7.485 7.759 4.398 Financial income and expenses, net ................-565 1.038 -1.365 -387 102 Profit/loss for the year .............................. 215 336 4.809 5.769 3.508 Balance sheetBalance sheet total ...................................... 74.138 69.841 67.828 71.475 64.102 Equity ...............................................................56.512 56.297 55.961 51.151 45.382 Investment in tangible assets……………….. 49 18 1.683 727 1.144 Average number of full-time employees ……52 59 59 54 47 RatiosSolvency ratio .......................................... 76,2 80,6 82,5 71,6 70,8Return on equity ......................................... 0,4 0,6 9,0 12,0 8,0Return of investment………………………………1,4 -1,1 11,0 11,4 7,2The ratios stated in the list of key figures and ratios have been calculated as follows:Solvency ratio:Equity at year end x 100Total equity and liabilities, at year endReturn on equity:Profit/loss after tax x 100Average equityReturn of investment:Operating profit x 100Average assetsThe ratios follow in all material respects the recommendations of the Danish Finance Society.Group plc, a leading international supplier of customised electronics.Development in activities and financial positionProfit for the year amounts to DKK 0.2 million. Last year, the Company expected a revenue of DKK 115-120 million and profit of DKK 2-6 million. For 2025/26, The company did not reach the target for revenue with actual revenue of DKK 117.5 million, but the lower result for the year is primarily due to higher financial expenses.As part of the discoverIE Group plc, Flux A/S has access to a base of over 25.000 customers, many of whomhave a requirement for products that can operate to a higher reliability standard in a harsh environment.InvestmentsIntangible assetsDuring the year Flux A/S has made no investments in intangible assets.TechnologyFor Flux Group to be able to maintain and expand its market position, further development of theunderlying technologies is essential on a current basis. In the financial year, Flux A/S continued itsinvestments in new technology and development through collaboration with customers as well aswith international agencies and institutions.Significant events after the end of the financial yearThere are no significant events after the end of the financial year.Special risksBusiness risksFlux Group's main business risk is associated with the ability of being strongly positioned in relationto the selected markets and customers who demand Flux Group's products and services. It istherefore, important to be at the forefront of the technological development in the business areas andbeing able to manufacture at cost competitive levels.Financial risksFlux A/S manages financial risks and coordinates Flux Group’s cash management, including funding,with the discoverIE Group. Flux A/S is exposed to fluctuations in THB and USD due to purchase of rawmaterials and purchase from our subsidiary company Flux International Limited.Credit risksFlux Group is not exposed to major risks from single customers or partners. All major customers andother partners are subject to ongoing credit rating.MANAGEMENT'S REVIEWLiquidityFlux A/S is firmly based and has access to a Credit Facility in discoverIE Group.Uncertainty regarding recognition or measurementNo uncertainty connected with recognition or measurement has been identified.No unusual matters affecting the recognition or measurement has been identified.Know-howFlux A/S has achieved the European Space Agency Technology Flow Qualification as 1 out of 5 companiesand the only one in magnetics. Flux Int. has achieved IATF Automotive certification. This will be veryimportant for the future performance.EnvironmentalFlux A/S try to reduce the impact on the external environment as much as possible. Flux A/S sorts anddisposes waste according to the environmental regulations. Flux A/S is working on an environmental policytogether with our parent company discoverIE Group.Research and development New products and technologies are developed in close cooperation with Flux A/S‘s customers as well aswith research institutions.Flux are developing new products in several areas. For the Space market we develop components forelectrical propulsion for satellites and for the Industrial market we develop components for renewableenergy solutions and for electrical vehicles and chargers.Future expectationsFor 2026-27 the management expects revenue to be DKK 120-130 mill. and profit for the year Principal activitiesThe Flux Group's primary activity is to design and manufacture customised magnetic components foruse across the range of industrial, high reliability and space grade applications.Design and manufacturing take place in Flux A/S and in the subsidiary in Thailand, whereas Flux A/Shandles sales and marketing.Flux Group consists of Flux A/S and Flux International Limited, Thailand and is part of the discoverIE 25348655 23109137 8474274 6894429 15861667 16952131 1012714 -737423 124300 1283005 689383 244822 447631 300760 232754 -35652 214877 336412 0 0 0 0 1034567 1594853 84438 141986 133293 193559 1252298 1930398 21771484 21771484 242245 190000 22013729 21961484 23266027 23891882 3337033 4378094 1540095 909818 12636847 15750829 17513975 21038741 23567896 21409125 9154602 3017741 353247 81850 268429 319965 9600 74144 33353774 24902825 4155 7301 50871904 45948867 74137931 69840749 2100000 2100000 0 0 54411822 54196945 56511822 56296945 2016371 1832738 2016371 1832738 1475125 1873486 8459864 4492080 139260 48112 170869 639666 5364620 4657722 15609738 11711066 17626109 13543804 74137931 69840749 2100000 54196945 56296945 214877 214877 0 0 2100000 54411822 56511822 2025/26 2024/25 NoteDKK DKKStaff costs1 Average number of employees52 (2024/25: 59)Wages and salaries ...................................................... 25.765.758 26.515.724 Pensions ................................................................... 1.222.814 1.223.288 Social security costs ..................................................... 346.636 354.371 52 59 27.335.208 28.093.383 By reference to section 98B(3), (ii), of the Danish Financial Statements Act, remuneration to 689.383 244.822 Tax on profit/loss for the year4 Calculated tax on taxable income of the year .....................139.260 48.112 Adjustment of tax for previous years ................................ 28.950 - 214877 336412 214877 336412 NoteIntangible fixed assets6 Developmentprojects Intangible fixedcompleted assets acquiredCost at 1 April 2025 ................................................................. 2.178.421 - Additions ............................................................................. - - Disposals………………………………………………………. -2.178.421 - Cost at 31 March 2026 ..............................................................- - Amortisation at 1 April 2025 ....................................................... 2.178.421 - Depreciation for the year ...................................................... - - Reversal of depreciation of assets disposed of -2.178.421 - Depreciation at 31 March 2026 .............................................- - Carrying amount at 31 March 2026 ............................................- - Tangible fixed assets7 Other plant,Production plant machinery, tools Leaseholdand machinery and equipment improvementsCost at 1 April 2025 ..........................................6.016.103 2.219.546 1.100.481 Additions ..........................................................49.270 - - Disposals……………………………………………- - - Cost at 31 March 2026 ...................................6.065.373 2.219.546 1.100.481 Amortisation at 1 April 2024 .............................4.421.250 2.077.560 906.922 Depreciation for the year ..................................609.55657.54860.266Reversal of depreciation of assets disposed of- - - Depreciation at 31 March 2026 .....................5.030.806 2.135.108 967.188 Fixed asset investments8 Investment in Rent deposit andsubsidiaries other receivablesCost at 1 April 2025 ................................................................. 21.771.484 190.000 Additions ............................................................................. - 52.245 Disposals............................................................................. - - Cost at 31 March 2026 ..............................................................21.771.484 242.245 Investments in subsidiaries (DKK)Name and registered office Equity Profit/loss Ownershipfor the yearFlux International Limited, Bangchalong, 2025/26 2024/25DKK DKKPrepayments9 Insurances………………………………………………………………50.222 71.559 Other prepayments………………………………………………………218.207 248.406 268.429 319.965 Deferred tax10 Deferred tax comprises deferred tax on inventory and intangible and tangible fixed assets.Deferred tax at 1 April…………………………………………………74.144 -9.620 Adjustment of deferred tax ............................................................-64.544 83.764 Deferred tax 31 March..................................................................9.600 74.144 Share capital11 Specification of the share capital: Other liabilities12 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:2025/26 2024/25DKK DKKBetween 1 and 5 years 153.032 180.931 More than 5 years 1.863.339 1.651.807 2.016.371 1.832.738 Derivative financial instruments13 The amount consists of hedging of 32 million THB for settlement in April and May 2026Contingencies etc. 14 Contingent liabilitiesRent and lease liabilities include a rent obligation totalling DKK 3.141 thousand (2024/25:DKK 3.505 thousand) interminable rent agreements with remaining contract terms next year.Furthermore, Flux A/S has liabilities under operating leases for cars and IT equipment DKK 646thousand (2024/25: DKK 739 thousand), with remaining contract terms of 1 - 3 years.Joint taxationFlux A/S is jointly and severally liable together with the other Danish group companies in the jointly taxed group for tax on the group’s jointly taxed income and for certain possible withholding taxes such as dividend tax and royalty tax, and for the joint registration of VAT.Noratel Denmark A/S serves as management company for the joint taxation. Charges and securities15 Flux A/S, together with other group entities, act as Guarantor for a Revolving Credit Facility for DiscoverIE Group Plc, whereby some Group companies can borrow an amount of up to GBP 240 million.The Company’s guarantee is limited if and to the extent that the same would constitute unlawfulfinancial assistance, within the meaning of section 206 and 210 of the Danish Companies Act, andfurthermore, the Company can only be held liable for the free equity at any given time. Related parties16 Parties exercising controldiscoverIE Holding B.V., Holland Significant events after the end of the financial year 17 There are no significant events after the end of the financial year Consolidated financial statements18 Flux A/S is included in the consolidated financial statements of discoverIE Group plc (England)the consolidated financial statement can be obtained by contacting the Company or by visitingthe Company's website http://www.discoverieplc.com/discoverie/en/home. The annual report of Flux A/S for 2024/25 has been presented in accordance with the provisions of theDanish Financial Statements Act for enterprises in reporting class C, medium enterprise.Consolidated financial statementsConsolidated financial statements have not been prepared because the group fulfils the exemptionprovisions of section 112 of the Danish Financial Statements Act on sub-groups. Flux A/S isincluded in the consolidated financial statements of discoverIE Group plc.INCOME STATEMENTNet revenueNet revenue from sale of merchandise and finished goods is recognised in the Income Statement ifsupply and risk transfer to purchaser has taken place before the end of the year and if the income canbe measured reliably and is expected to be received. Net revenue is recognised exclusive of VAT,duties and less discounts related to the sale.Production costsProduction costs comprise costs, including wages and salaries and write-off, incurred to achieve thenet revenue for the year. Commercial enterprises recognise cost of sales, and the manufacturingenterprises recognise production costs equal to the revenue for the year, including direct and indirectcosts of raw materials and consumables, wages and salaries, rent and leasing and depreciation ofproduction plant.Amortisation of capitalised development and research costs and the development costs that do notfulfil the criteria for capitalisation are also recognised in production costs.Impairment losses are recognised in connection with expected losses on project contracts.Distribution costsThe costs incurred for distribution of goods sold during the year and for sales campaigns carried outduring the year are recognised in distribution costs. The costs of the sales personnel, advertising andexhibition costs and amortisation are also recognised in distribution costs.Administrative expensesAdministrative expenses recognise costs incurred during the year regarding management andadministration of the group, inclusive of costs relating to the administrative staff, executives, officepremises, office expenses etc. and related amortisation.Investments in subsidiaries and associatesDividend from subsidiary and associated enterprise is recognised as income in the financial year whenthe dividend is declared.Financial income and expenses in generalFinancial income and expenses include interest income and expenses, financial expenses of financeleases, realised and unrealised gains and losses arising from investments in financial assets, debt andtransactions in foreign currencies, amortisation of financial assets and liabilities as well as charges andallowances under the tax-on-account scheme etc. Financial income and expenses are recognised in theincome statement by the amounts that relate to the financial year.Tax on profit for the yearBALANCE SHEETIntangible fixed assetsPatents are measured at the lower of cost less accumulated amortisation or the recoverable amount.Patents are amortised over the residual patent term and licences are amortised over the term of theagreement, however, no more than 5 years.Development costs comprise costs, including wages and salaries, and amortisation, which directly orindirectly can be related to Flux A/S’ development activities and which fulfil the criteria for recognition.Capitalised development costs are measured at the lower of cost less accumulated amortisation orrecoverable amount.Capitalised development costs are amortised on a straight-line basis over the estimated useful lifeafter completion of the development work. The amortisation period is normally 5 years.Intangible fixed assets are generally written down to the lower of recoverable value and carryingamount.Profit or loss from sale of intangible fixed assets is calculated at the difference between the salesprice and the carrying amount at the time of the sale. Profit and loss are recognised in the IncomeStatement under other operating income or other operating expenses.Tangible fixed assetsLand and buildings, production plant and machinery, other plants, fixtures and equipment aremeasured at cost less accumulated depreciation and impairment losses. Land is not depreciated.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 acquisitionuntil the time when the asset is ready to be used. As regards self-manufactured assets, the cost priceincludes cost of materials, components, subcontractors, direct payroll and indirect production costs.Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of theassets and their residual value:Useful lifeResidual valueProduction plant and machinery .................................................................. 5-10 years 0Other plants, fixtures and equipment ............................................................3-5 years 0Leasehold improvements .............................................................................10 years 0Profit or loss on disposal of tangible fixed assets is stated as the difference between the sales priceless selling costs and the carrying amount at the time of sale. Profit or loss is recognised in the incomestatement as other operating income or other operating expenses.Revaluation of residual value (scrap value) and depreciation period are performed annually.Investments in subsidiariesImpairment of fixed assetsThe carrying amount of intangible fixed and tangible assets together with fixed assets, which are notmeasured at fair value, are valued on an annual basis for indications of impairment other than thatreflected 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 net realisable value is lower than the carrying amount, the assets are written downto the lower value.The recoverable amount is calculated at the higher of net selling price and capital value. The capitalvalue is determined as the fair value of the expected net cash flows from the use of the asset or groupof assets and the expected net cash flows from sale of the asset or group of assets after the end of itsuseful life.InventoriesInventories are measured at cost using the FIFO-principle. If the net realisable value is lower thancost, the inventories are written down to the lower value.The cost of merchandise as well as raw materials and consumables is calculated at acquisition pricewith addition of transportation and similar costs.The cost of finished goods and work in progress includes cost of raw materials, consumables, directpayroll cost and indirect production cost. Indirect production costs include indirect materials andpayroll and maintenance and depreciation of the machines, factory buildings and equipment used inthe production process, cost of factory administration and management and capitalised developmentcosts relating to the products.The net realisable value of inventories is stated at sales price less completion costs and costs incurredto execute the sale and is determined with due regard to marketability, obsolescence and developmentin expected sales price.ReceivablesReceivables are measured at amortised cost which usually corresponds to nominal value. The value isreduced by impairment losses to meet expected losses.PrepaymentsPrepayments are recognised as assets include costs incurred relating to the subsequent financial year.Cash and cash equivalentsCash and cash equivalents comprise cash and short-term securities that can be converted to liquidassets without hindrance, and there are only insignificant risks of value changes.EquityReserve for development costsReserve for development costs comprise development costs recognised. The reserve cannot be usedfor dividends or payment of losses. The reserve is reduced or dissolved if the development costsrecognised are depreciated or flow out of Flux A/S. This is done by direct transfer to the distributableTax payable and deferred taxCurrent tax liabilities and receivable current tax are recognised in the balance sheet as the calculatedtax on the taxable income for the year, adjusted for tax on the taxable income for previous years andtaxes paid on account.Flux A/S is subject to joint taxation with Danish group companies. The current corporation tax isdistributed among the joint taxable companies in proportion to their taxable income and with fullallocation and refund related to tax losses. The joint taxable companies are included in the on accounttax scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheetunder current assets and liabilities, respectively.Deferred tax is measured on the temporary differences between the carrying amount and the tax valueof assets and liabilities.Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the expectedrealisable value of the asset, either by set-off against tax on future earnings or by set-off againstdeferred 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 forceon the balance sheet date would be applicable when the deferred tax is expected to crystallise ascurrent tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in theincome statement, except from items recognised directly in equity.LiabilitiesFinancial liabilities are recognised at the time of borrowing by the amount of proceeds received lessborrowing costs. In subsequent periods, the financial liabilities are measured at amortised cost equalto the capitalised value when using the effective interest, the difference between the proceeds andthe nominal value being recognised in the income statement over the term of loan.Amortised cost of current liabilities usually corresponds to nominal value.Deferred incomeDeferred income is recognised as liabilities include payments received regarding income in subsequentyears.Foreign currency translationOn initial recognition, transactions denominated in foreign currencies are translated at the exchangerates at the transaction date. Foreign exchange differences arising between the exchange rates at thetransaction date and at the date of payment are recognised in the income statement as financialincome or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated CASH FLOW STATEMENTWith reference to Section 86(4) of the Danish Financial Statements Act, Flux A/S has not prepareda cash flow statement. The parent company's cash flows are part of the consolidated cash flowstatement of discoverIE Group plc. Annual report Auditor's report on audited financial statements EasyBRL Tagger 2025-04-01 2026-03-31 2024-04-01 2025-03-31 2026-08-26 Reporting class C, medium-size enterprise 1983-06-30 2026-08-26 73297710 Flux A/S lndustrivangen 5 4550 Asnæs Opinion Basis for Opinion 2026-08-26 0 0 0 0