Financial highlights

Financial ratios

The financial ratios stated under “Financial highlights” have
been calculated as follows:


Current assets x 100

Parent Company

The accounting policies applied in the parent company financial statements deviate from the accounting policies applied in the consolidated financial statements as described above in the following respects.

Dividends from subsidiaries

Distribution of retained earnings in subsidiaries is recognised as income in the statement of comprehensive income in
the year of declaration. Impairment tests are performed if dividend distributions exceed the given subsidiary’s comprehensive income for the period.

Tax for the year

The Parent Company is not an independent taxable entity, and consequently, no provision for tax on the Parent Company’s profit/loss is made in the annual report.

The Parent Company’s profit/loss is taxed at the Parent Company’s partners in accordance with applicable rules in Danish tax law.

Equity investments in subsidiaries

Equity investments in subsidiaries are measured at cost. In case of evidence of impairment, an impairment test is conducted. In connection with the impairment test, the subsidiary’s recoverable amount is calculated. Equity investments are written down to the lower of the carrying
amount and the recoverable amount. Impairment losses are recognised in the statement of comprehensive income as financial expenses.
Impairment losses are reversed in so far as the assumptions and estimates underlying the impairment losses have

Current ratio
Solvency ratio
Return on equity
Current liabilities
Equity at year end x 100 Total liabilities at year end
Profit/loss for the year x 100
Average equity
changed.