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d:ProposedDividendRecognisedInEquityMember 30914678 2024-12-31 d:ProposedDividendRecognisedInEquityMember 30914678 2025-01-01 c:ConsolidatedMember 30914678 2024-01-01 c:ConsolidatedMember 30914678 2025-01-01 30914678 2024-01-01 30914678 2025-01-01 2025-12-31 c:ConsolidatedMember 1 30914678 2025-01-01 2025-12-31 c:ConsolidatedMember 2 30914678 2025-01-01 2025-12-31 c:ConsolidatedMember 1 30914678 2025-01-01 2025-12-31 c:ConsolidatedMember 2 30914678 2025-01-01 2025-12-31 c:ConsolidatedMember 3 30914678 2023-01-01 2023-12-31 c:ConsolidatedMember 30914678 2022-01-01 2022-12-31 c:ConsolidatedMember 30914678 2021-01-01 2021-12-31 c:ConsolidatedMember 30914678 2023-12-31 c:ConsolidatedMember 30914678 2022-12-31 c:ConsolidatedMember 30914678 2021-12-31 c:ConsolidatedMember iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 30914678 COBE A/S Orientkaj 4 2150 Nordhavn +45 32544300 www.cobe.dk cobe@cobe.dk Grant Thornton, Godkendt Revisionspartnerselskab Grant Thornton, Godkendt Revisionspartnerselskab 34209936 34209936 Carsten Ingemann Johansen Marcus Helin statsautoriseret revisor statsautoriseret revisor mne32071 mne52595 Lautrupsgade Lautrupsgade 11 11 2100 2100 København Ø København Ø Danmark Danmark +45 33 110 220 +45 33 110 220 info@dk.gt.com info@dk.gt.com 2026-05-26 Caroline Søeborg Ahlefeldt-Laurvig-Bille Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejerne København 2026-05-26 Nordhavn 2026-05-26 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Gross margin ratio Gross profit x 100 / RevenueProfit margin (EBIT margin) Operating profit or loss (EBIT) x 100 / RevenueSolvency ratio Equity less non-controlling interests, closing balance x 100 / Total assets, closing balance 175997468 177653222 175317441 176667377 260620 291581 260620 291470 29860418 41479887 28972102 41081708 18316478 15575765 18221958 15295356 128081192 120889151 128384001 120581783 109399168 103156969 109399168 103156969 1401215 1163263 1401215 1163263 17280809 16568919 17583618 16261551 0 0 -136052 269388 2022652 2201900 2015374 2065203 2200270 2124687 2281707 2107072 17103191 16646132 17181233 16489070 3798781 3588285 3798781 3588285 13304410 13057847 13382452 12900785 -78042 157062 13382452 12900785 -36103 28305 14750000 15000000 -1331445 -2127520 791734 457590 791734 457590 791734 457590 791734 457590 4242488 3203103 4242488 3203103 4242488 3203103 4242488 3203103 0 0 279603 514100 2368685 1650000 2368685 1650000 2368685 1650000 2648288 2164100 7402907 5310693 7682510 5824793 31077303 32164694 27638226 30893381 3510351 1955933 3510351 1955933 706780 644304 4285504 2528205 103534 104435 91943 72259 3892750 3638948 3892750 3638948 39290718 38508314 39418774 39088726 34678802 38141021 33170368 36265046 73969520 76649335 72589142 75353772 81372427 81960028 80271652 81178565 0 0 500000 500000 500000 500000 0 0 0 37708 2040 3645 0 0 12323849 13691397 12325887 13657332 14750000 15000000 14750000 15000000 6473 84486 27582362 29279528 27575887 29195040 19206139 15407358 19206139 15407358 275000 275000 275000 275000 19481139 15682358 19481139 15682358 0 7712547 0 7712547 0 7712547 0 7712547 10005725 6339587 10005725 6339587 10740525 8116940 9658308 7429506 55020 29025 55020 29025 9988 9543 0 0 13497668 14790500 13495573 14790502 34308926 29285595 33214626 28588620 34308926 36998142 33214626 36301167 81372427 81960028 80271652 81178565 92727161 87853893 92727161 87853893 9408582 8133235 9408582 8133235 670856 596891 670856 596891 6592569 6572950 6592569 6572950 109399168 103156969 109399168 103156969 3510884 3414700 3510884 3414700 158 151 158 151 0 0 88524 0 2200270 2124687 2193183 2107072 2200270 2124687 2281707 2107072 846425 846425 457200 457200 1303625 1303625 388835 388835 123056 123056 511891 511891 791734 791734 12068496 12068496 2317544 2317544 759934 759934 13626106 13626106 8865393 8865393 1278159 1278159 759934 759934 9383618 9383618 4242488 4242488 476392 476392 99161 0 377231 476392 37708 -241083 -1605 9403 -133731 269388 -97628 37708 279603 514100 COBE Kopenhagen GmbH Berlin 100 Tilknyttet virksomhed 2 0 COBE Architechts Inc. Toronto 100 COBE-BRUT Brussels 60 1650000 1650000 718685 718685 2368685 2368685 2368685 2368685 -158430646 -159388156 -158430646 -159388156 500000 500000 500000 500000 500000 500000 500000 500000 0 0 37708 0 0 0 -36103 28305 0 0 -1605 9403 0 0 0 37708 2040 3645 0 0 2040 3645 0 0 13691397 13691397 13657332 15784852 -13691397 -13691397 0 0 13691397 13691397 -1331445 -2127520 -1367548 0 0 0 12323849 13691397 12325887 13657332 15000000 8150000 15000000 8150000 15000000 8150000 15000000 8150000 14750000 15000000 14750000 15000000 14750000 15000000 14750000 15000000 15407358 11819073 15407358 11819073 3798781 3588285 3798781 3588285 19206139 15407358 19206139 15407358 Today, the Board of Directors and the Executive Board have approved the annual report of COBE A/S for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025, and of the results of the Group and the Company's operations for the financial year 1 January – 31 December 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Nina Mathiesen Mari Lea Louekari Randsborg Caroline Søeborg Ahlefeldt-Laurvig-Bille Dan Stubbergaard Hansen Mads Holme We have audited the consolidated financial statements and the parent company financial statements of COBE A/S for the financial year 1 January to 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes for both the Group the Parent Company. The consolidated financial statements and the parent company financial statements are prepared under the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025, and of the results of the Group and the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe 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 Consolidated Financial Statements and the Parent Company 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 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 consolidated financial statements and parent company financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent company 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 consolidated financial statements and the parent company financial statements unless Management either intends to liquidate the Group or 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 consolidated financial statements and the parent company 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 consolidated financial statements and parent company 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 consolidated financial statements and the parent company 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 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 consolidated financial statements and the parent company 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 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 consolidated financial statements and the parent company 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 Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the consolidated financial statements and the parent company financial statements, including the disclosures, and whether the consolidated financial statements and the parent company 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. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the consolidated financial statements and the parent company 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 consolidated financial statements and the parent company financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the consolidated financial statements and the parent company financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. 134183000 129956000 95624000 7863000 7077000 2171000 -178000 77000 454000 -462000 22000 6288000 5125000 1656000 62136000 59823000 52345000 2318000 1748000 554000 1395000 872000 24362000 22579000 17979000 133 138 113 72.8 68.0 70.4 72.1 99.7 9.8 9.3 5.9 5.4 2.3 33.9 35.6 39.3 37.5 34.2 Development in activities and financial mattersThe revenue for the parent company for the year totals DKK 175.317thousand against DKK 176.667 last year. Profit or loss from ordinary activities after tax totals DKK 13.382thousand against DKK 12.901 last year. Management considers the net profit or loss for the year satisfactory. The revenue for the group for the year totals DKK 175.997thousand against DKK 177.653 thousand last year. Income or loss from ordinary activities after tax totals DKK 13.304thousand against DKK 13.058thousand last year. Management considers the net profit or loss for the year satisfactory. Development for the year relative to the expectationsIn the annual report 2024, a projected revenue for the parent company for 2025 at a level of approximately DKK 150.000 thousand and a profit or loss from ordinary activities after tax of DKK 12.000 thousand were announced. The actual revenue for 2025 amounts to DKK 175.317 and the actual profit or loss from ordinary activities after tax amounts to DKK 13.382. Expected developmentsManagement expects that for the financial year 2026, revenue for the group will be in the range of DKK 150.000 thousand and DKK 160.000thousand, and ordinary profit after tax will be in the range of DKK 10.000thousand and DKK 12.000 thousand. Events occurring after the end of the financial yearManagement considers that no significant events have occurred since the end of the financial year 2025, which could have a material effect on the financial position of the Company. GroupParent 31/12 202531/12 202431/12 202531/12 2024 12.Provisions for deferred taxProvisions for deferred tax 1 January 202515.407.35811.819.07315.407.35811.819.073Deferred tax relating to the net profit or loss for the year3.798.7813.588.2853.798.7813.588.285 19.206.13915.407.35819.206.13915.407.358 15.Contractual obligations and contingencies, etc.Other contractual obligations:The company has entered into a tenancy agreements concerning the Company's domicile. The tanancy agreement is non-terminable until 1 March 2036. The rent obligation amounts to DKK 43.501K. The Company has also entered into agreements regarding leasing assets. The agreements are nonterminable until 31 March 2030. The total obligation amounts to DKK 366K.   Recourse guarantee commitments:The company has obtained performance guarantees from its bank in a total amount of DKK 58K. Joint taxationWith Cobe Holding ApS, company reg. no 34052786 as administration company, the company is subject to the Danish scheme of joint taxation and is proportionally liable for tax claims within the joint taxation scheme. The company is proportionally liable for any obligations to withhold tax on interest, royalties, and dividends of the jointly taxed companies. The liabilities amount to a maximum amount corresponding to the share of the company capital, which is owned directly or indirectly by the ultimate parent company. Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities. 16.Related partiesControlling interest Cobe Holding ApSMajority shareholder Dan StubbergaardBeneficial owner TransactionsTransactions with related parties have been carried out on an arm's lenght basis. Accordingly, no further disclosures are required. Consolidated financial statementsThe company is included in the consolidated financial statements of Cobe Holding ApS, Orientkaj 4, 2150 Nordhavn. The annual report for COBE A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises).   The accounting policies are unchanged from last year, and the annual report is presented in DKK. Pursuant to section 86 (4) of the Danish Financial Statements Act, no statement of cash flows for the enterprise has been prepared, as the relevant information is included in the consolidated financial statements of Cobe Holding ApS. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the group and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the group and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of  the transaction. Group enterprises abroad, associates, and equity investments are considered to be independent entities. The income statements are translated at an average exchange rate for the month, and the balance sheet items are translated at the closing rates. Currency translation differences, arising from the translation of the equity of group enterprises abroad at the beginning of the year to the closing rate and from the translation of income statements from average prices to the closing rate, are recognised directly in equity in the fair value reserve in the Consolidated Financial Statement. This also applies to differences arising from translation of income statements from average exchange rate to closing rate. Translation adjustment of balances with group enterprises abroad that are considered part of the total investment in group enterprises are recognised directly in equity in the fair value reserve. Likewise, foreign exchange gains and losses on loans and derived financial instruments for currency hedging independent group enterprises abroad are recognised directly in equity. RevenueRevenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Contract work in progress concerning construction contracts is recognised in the revenue concurrently with the production process. Thus, the revenue corresponds to the selling price of the total yearly production (the production method). The revenue is recognised when the total income and costs of the contract and the stage of completion on the reporting date can be reliably validated and it is deemed probable that the financial benefits will flow to the company. Cost of salesCost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other external expensesOther external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Results from investments in group enterprisesAfter full elimination of intercompany profit or loss less amortised consolidated goodwill, the equity investment in the individual entities are recognised in the income statement of the parent as a proportional share of the entities' post-tax profit or loss. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The parent and the Danish group enterprises are subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Intangible assetsDevelopment projects, patents, and licencesPatents and licenses are measured at cost less accrued amortisation. Patents are amortised on a straightline basis over the remaining patent period and licenses are amortised over the contract period, however, for a maximum of 3 years. Property, plant, and equipmentLand and buildings is measured at cost plus revaluations and less accrued depreciation and write-down for impairment. Land is not subject to depreciation. Land and buildings is revaluated on the basis of regular, independent fair-value assessments. Net revaluation at fair value adjustment is recognised directly in equity less deferred tax and tied up in a particular revaluation reserve. Net impairment loss at fair value adjustment is recognised in the income statement. The depreciable amount is cost plus revaluations at fair value less expected residual value after the end of the useful life of the asset. The amortisation period is fixed at the acquisition date and reassessed annually. If the residual value exceeds the carrying mount of the asset, depreciation is discontinued. Reversal of previous revaluations and recognised deferred taxes concerning revaluations are recognised directly in company equity. Other property, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful lifeResidual valueOther fixtures and fittings, tools and equipment3-5years0-20 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Investments in group enterprisesInvestments in group enterprises are recognised and measured by applying the equity method. The equity method is used as a method of consolidation. Investments in group enterprises are recognised in the statement of financial position at the proportionate share of the enterprise's equity value. This value is calculated in accordance with the parent's accounting policies with deductions or additions of unrealised intercompany gains and losses as well as with additions or deductions of the remaining value of positive or negative goodwill calculated in accordance with the acquisition method. Negative goodwill is recognised in the income statement at the time of acquisition of the equity investment. If the negative goodwill relates to contingent liabilities acquired, negative goodwill is not recognised until the contingent liabilities have been settled or lapsed. Investments in group enterprises with a negative equity value are measured at DKK 0, and any accounts receivable from these enterprises are written down to the extent that the account receivable is uncollectible. To the extent that the parent has a legal or constructive obligation to cover an negative balance that exceeds the account receivable, the remaining amount is recognised under provisions. To the extent the equity exceeds the cost, the net revaluation of equity investments in group enterprises  transferred to the reserve under equity for net revaluation according to the equity method. Dividends from group enterprises expected to be adopted before the approval of this annual report are not subject to a limitation of the revaluation reserve. The reserve is adjusted by other equity movements in group enterprises. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityReserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method comprises net revaluation of equity investments in subsidiaries, associates and equity interests proportional to cost. The reserve may be eliminated in the event of losses, realisation of equity investments, or changes in the accounting estimates. The reserve cannot be recognised by a negative amount. Reserve for foreign currency translationThe reserve for foreign currency translation arises when translating accounting items in foreign currency. The reserve is dissolved once the value adjustments have been applied or reversed. The reserve is distributable. DividendDividend expected to be distributed for the year is recognised as a separate item under equity.  Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. According to the rules of joint taxation, COBE A/S is proportionally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. ProvisionsProvisions comprise expected costs of warranty commitments, loss on work in progress, restructuring, etc. Provisions are recognised when the group has a legal or actual commitment resulting from a previously occurred event and when it is probable that the settlement of the liability will result in consumption of the financial resources of the group. Provisions are measured at net realisable value or at fair value. If the fulfilment of a liability is expected to take place far in the future, the liability is measured at fair value. Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.