DSVM Invest A/S
c/o Nymølle Stenindustrier A/S
Østre Hedevej 2, DK-4000 Roskilde, Denmark
CVR no. 38 51 38 34
Annual report 1 May 2024 - 30 April 2025
Approved at the Company's annual general meeting on 21 July 2025
Chairman:
........................................................
Robin Basse
DSVM Invest A/S
Annual report
1 May 202
4
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30 April 202
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Contents
Statement by Management 2
Independent auditor's report 3
Management's review 6
Company details 6
Group chart at 30 April 2025 7
Financial highlights for the Group 8
Operating review 9
Consolidated financial statements 1 May 2024 - 30 April 2025 15
Income statement 15
Statement of comprehensive income 16
Balance sheet 17
Statement of changes in equity 19
Cash flow statement 20
List of notes to the consolidated financial statements 21
Notes 22
Parent company financial statements 1 May 2024 - 30 April 2025 54
Income statement 54
Balance sheet 55
Statement of changes in equity 57
List of notes to the parent company financial statements 58
Notes 59
DSVM Invest A/S
Annual report
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30 April 202
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Statement by Management
The Board of Directors and the Executive Board have today discussed and approved the annual report of
DSVM Invest A/S for the financial year 1 May 2024 - 30 April 2025.
The consolidated financial statements are prepared in accordance with IFRS Accounting Standards as
adopted by the EU and additional requirements of the Danish Financial Statements Act, and the Parent
Company financial statements are prepared in accordance with the Danish Financial Statements Act.
It is our opinion that the consolidated financial statements and the Parent Company’s financial statements
give a true and fair view of the Group’s and the Parent Company’s financial position at 30 April 2025 and
of the results of the Group’s and the Parent Company’s operations and the Group’s cash flows for the
financial year 1 May 2024 – 30 April 2025.
Further, in our opinion, the Management’s Review includes a true and fair review of the development in the
Group’s and the Parent Company’s operations and financial conditions, of the results for the year and of
the financial position of the Group and the Parent Company, as well as a description of the more
significant risks and uncertainty facing the Group and the Parent Company.
We recommend that the annual report be approved at the annual general meeting.
Copenhagen, 21 July 2025
Executive Board:
Peter Korsholm
Board of Directors:
Kent Arentoft
Chairman
Peter Korsholm Robin Basse
DSVM Invest A/S
Annual report
1 May 202
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30 April 202
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Independent auditor's report
To the shareholders of DSVM Invest A/S
Opinion
We have audited the consolidated financial statements and the parent company financial statements of
DSVM Invest A/S for the financial year 1 May 2024 – 30 April 2025, which comprise income statement,
balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and
the Parent Company, and a consolidated statement of comprehensive income and a consolidated cash
flow statement. The consolidated financial statements are prepared in accordance with IFRS Accounting
Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act, and
the parent company financial statements are prepared in accordance with the Danish Financial Statements
Act.
In our opinion, the consolidated financial statements give a true and fair view of the financial position of the
Group at 30 April 2025 and of the results of the Group's operations and cash flows for the financial year
1 May 2024 – 30 April 2025 in accordance with IFRS Accounting Standards as adopted by the EU and
additional requirements of the Danish Financial Statements Act.
Further, in our opinion, the parent company financial statements give a true and fair view of the financial
position of the Parent Company at 30 April 2025 and of the results of the Parent Company's operations for
the financial year 1 May 2024 – 30 April 2025 in accordance with the Danish Financial Statements Act.
Basis for opinion
We 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 consolidated financial statements and
the parent company financial statements" (hereinafter collectively referred to as "the financial statements")
section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Independence
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.
Statement on the Management's review
Management is responsible for the Management's review.
Our opinion on the financial statements does not cover the Management’s review, and we do not express
any assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the Management's
review and, in doing so, consider whether the Management's review is materially inconsistent with the
financial statements or our knowledge obtained during the audit, or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the Management's review provides the information
required under the Danish Financial Statements Act.
Based on the work we have performed, we conclude that the Management's review 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 the Management's review.
DSVM Invest A/S
Annual report
1 May 202
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30 April 202
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Independent auditor's report
Management's responsibilities for the financial statements
Management is responsible for the preparation of consolidated financial statements that give a true and
fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional
requirements of the Danish Financial Statements Act and for the preparation of parent company financial
statements that give a true and fair view in accordance with the Danish Financial Statements Act.
Moreover, Management is responsible for such internal control as Management determines is necessary
to enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, Management is responsible for assessing the Group's and the
Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting in preparing the financial statements
unless Management either intends to liquidate the Group or the Parent Company or to cease operations,
or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance as to whether the financial statements 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 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 the financial statements.
As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
► Identify and assess the risk of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
► Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group's and the Parent Company's internal control.
► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by Management.
► Conclude on the appropriateness of Management's use of the going concern basis of accounting in
preparing the financial statements and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Group's and
the Parent Company's ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditor's report. However, future
events or conditions may cause the Group and the Parent Company to cease to continue as a going
concern.
► Evaluate the overall presentation, structure and contents of the financial statements, including the
note disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.
► Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
DSVM Invest A/S
Annual report
1 May 202
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30 April 202
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Independent auditor's report
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.
Copenhagen, 21 July 2025
EY Godkendt Revisionspartnerselskab
CVR no. 30 70 02 28
Jan C. Olsen
state authorised public accountant
mne33717
Peter Andersen
state authorised public accountant
mne34313
DSVM Invest A/S
Annual report
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30 April 202
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Management's review
Company details
Name
Address, P.O. Box, city
DSVM Invest A/S
c/o Nymølle Stenindustrier A/S, Østre Hedevej 2,
DK-4000 Roskilde, Denmark
CVR no.
Registered office
Financial year
38 51 38 34
Roskilde
1 May 2024 - 30 April 2025
Website
E-mail
www.dsvm.dk
post@dsvm.dk
Board of Directors Kent Arentoft, Chairman
Peter Korsholm
Robin Basse
Executive Board Peter Korsholm
Auditor EY Godkendt Revisionspartnerselskab
Dirch Passers Allé 36, Postboks 250, DK-2000 Frederiksberg,
Denmark
DSVM Invest A/S
Annual report
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Management's review
Group chart at 30 April 2025
Company
Business area
DSVM Invest A/S
-
Gammel Marbjergvej ApS
Denmark Property developm.
-
Leonora Ejendomme A/S
Denmark Property developm.
-
Nymølle Stenindustrier A/S Denmark Raw materials
-
Industrial Water Solutions A/S Denmark Water
-
Industrial Water Solutions AS Norway Water
-
Industrial Water Solutions Ltd. UK Water
-
Stigsnæs Vandindvinding I/S (31%) Denmark Water
-
Totalleveranser Sverige AB Sweden Other
-
Rönnarp Recycling AB (dormant) Sweden
Other
-
Totalleveranser Sverige Holding AB (dormant)
Sweden
Other
-
Totalleveranser Sverige Fastigheter AB (dormant)
Sweden
Other
All companies are wholly-owned subsidiaries unless otherwise stated.
RGS Nordic A/S was sold on 31 May 2024.
GDL AB was sold on 7 February 2025
GDL Anläggning & Miljö AB was sold on 28 February 2025
DSV Transport A/S was sold on 30 April 2025
DSVM Invest A/S and DSV Miljø Group A/S (now named DSVM Invest A/S as continuing company)
merged in April 2025 with accounting effect 1 May 2024.
DSVM Invest A/S
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Management's review
Financial highlights for the Group
DKKm
2024/25
202
3
/2
4
202
2
/2
3
2021/22
2020/21
Key
figures
Revenue
2
78
296
3
,
586
4,498
4,232
Gross profit
132
80
609
858
815
Result before special items and other income
(EBITDA before special items etc.)
6
4
3
340
483
449
Result after special items and other income
(EBITDA
after
special items etc.)
57
1
1
1
620
516
462
Result before net financials (EBIT)
1
1
2
8
202
186
157
Financial income and expenses, net
-
1
9
-
81
-
1
18
-
132
-
139
Result before tax
-
8
-
5
3
84
54
18
Tax for the year
7
-
13
-
29
-
17
-
19
Result for the year, from continuing operations
-
1
-
6
6
55
Result for the year, from discontinuing
operations
1
1,57
0
2
30
98
Result for the year
1,5
69
164
153
37
-
1
Comprehensive income
1,6
1
7
177
192
30
18
Total
assets
1,0
17
3,128
2,980
3,519
3,447
Investments in property, plant, equipment
24
161
76
90
82
Net interest
-
bearing debt
79
1,231
1,392
1,889
1,986
Equity
7
63
61
1
450
333
296
Cash flows from operating activities
129
315
489
338
315
Total
cash flows
36
-
108
-
78
3
-
13
Financial ratios
Gross margin
4
7
.
5
%
27.0
%
17
.
0
%
19.1%
19.2%
Profit margin (EBITDA before special items
margin)
2
3
.
0
%
1.0
%
9.5
%
10.7%
10.6%
Solvency ratio
75.
0
%
19.5%
15.1%
9.5%
8.6%
Average number of
full
-
time employees
473
747
839
847
902
Financial ratios are calculated in accordance with the terms and definitions as described in note 1
Accounting policies.
1 In 2024/25 RGS Nordic A/S, GDL AB, GDL Anläggning & Miljö AB and DSV Transport A/S are
classified as discontinued operations. The comparative statements of profit or loss is represented from
the start of 2023/24 while the comparative figures in the statement of financial position and cash flow
statements are not adjusted.
In 2023/24 RGS Nordic A/S is classified as discontinued operations. The comparative statements of
profit or loss is represented from the start of 2022/23 while the comparative figures in the statement of
financial position and cash flow statements are not adjusted.
DSVM Invest A/S
Annual report
1 May 202
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30 April 202
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Management's review
Operating review
Business concept
DSVM Invest A/S is an investment company with activities within environmental solutions and raw
materials for the building and construction industry, primarily in Denmark as well as property development .
The activities within Transportation and Soil & Waste were divested during 2024/25. The remaining are
organised in two main independent portfolio companies operating within different business areas:
► Raw materials: Extraction and sale of raw materials from national network of gravel pits in Denmark.
► Water: Specialises in the treatment and recovery of industrial wastewater.
Uncertainty in recognition or measurement
Within Raw materials, estimates are made in reference to residual quantities in which calculations include
estimates of size and depth of excavation areas and the quality of raw materials.
Within Water, accrual of income relating to not finally treated soil and industrial wastewater is calculated
based on empirical material over several years and on the basis of the company's know-how of handling
such materials. The calculations include estimates of e.g. pollution levels and costs for final disposal.
Group highlights for the financial year 2024/25
► The Group’s revenues from continuing operations, DKK 278 million, were down by 6.1% from 2023/24
(DKK 296 million) with a decline both in Raw Materials and Water. Total revenue including
discontinued operations amounted to DKK 2,617 million (2023/24: DKK 3,643 million) which was
slightly lower compared to the outlook from previous year following divestments and hence only
included until point of sale.
► EBITDA before special items and other income amounted to DKK 64 million (2023/24: DKK 3 million).
EBITDA after special items and other income amounted to DKK 57 million (2023/24: DKK 111 million).
The continuing operations Raw Materials and Water both saw increased EBITDA in 2024/25.
► Cash flows from operating activities before net financials and tax amounted to DKK 171 million
(2023/24: DKK 421 million). Cash flows from operating activities amounted to DKK 129 million
(2023/24: DKK 315 million). Net cash flow amounted to DKK 36 million (2023/24 DKK -108 million).
Net cash flows were positively impacted by the divestments and negatively impacted by repayment of
interest-bearing debt of DKK 695 million.
► Net interest-bearing debt (NIBD) at 30 April 2025 amounted to DKK 79 million (30 April 2024: DKK
1,231 million).
Results in 2024/25
Group revenue amounted to DKK 278 million (2023/24: DKK 296 million. Total revenue was somewhat
lower than expectations due to lower revenue within Raw Materials.
EBITDA before special items etc. amounted to DKK 64 million (2023/24: DKK 3 million). Performance was
slightly lower than expected due to lower volumes within Raw Materials but improved from last year within
both Raw Materials and Water.
DSVM Invest A/S
Annual report
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Management's review
Gross profit
Gross profit amounted to DKK 132 million (2023/24: DKK 80 million) corresponding to a gross margin of
47.5% (2023/24: 27.0%).
Special items
Special items amounted to DKK 5 million (2023/24: DKK 3 million) and are specified in note 8.
Depreciation, amortisation and impairment losses
Depreciation, amortisation and impairment losses for the year amounted to DKK 46 million (2023/24:
DKK 83 million), which included amortisation of intangible assets (rights, brands, technology and customer
relations) of DKK 3 million (2023/24: DKK 3 million).
Balance sheet
Total assets amounted to DKK 1,017 million at 30 April 2025 (DKK 3,128 million at 30 April 2024).
Equity
Equity amounted to DKK 763 million at 30 April 2025 (DKK 611 million at 30 April 2024), corresponding
to an equity ratio at 75.0% (30 April 2024: 19.5%). All minority shares were divested in 2024/25
(30 April 2024: DKK 13 million).
Interest-bearing debt
At 30 April 2025, net interest-bearing debt amounted to DKK 124 million (30 April 2024 DKK 1,231 million)
largely comprising lease liabilities.
Cash flows
Cash flows from operating activities before net financials and tax amounted to DKK 171 million (2023/24:
DKK 421 million).
Cash flows from operating activities amounted to DKK 129 million (2023/24: DKK 315 million).
The gross investments in 2024/25 amounted to DKK 24 million (2023/24: DKK 162 million). Disposal of
property, plant and equipment amounted to DKK 148 million (2023/24: DKK 11 million). The sale of RGS
Nordic A/S, GDL AB, GDL Anläggning & Miljö AB and DSV Transport A/S contributed positively to cash
flow arising from investing activities by DKK 2,016 million.
Net cash flows from financing activities were negative by DKK 2,233 million (2023/24: negative by DKK
401 million) and was negatively affected by repayment of senior interest-bearing debt of DKK 695 million
and extraordinary dividend of 1,452 million.
Net cash flows for the year amounted to DKK 36 million (2023/24: DKK -108 million), hereof disc.
operations of DKK -150 million (2023/24: DKK -43 million).
Outlook for 2024/25
The Group performance is – among other things – affected by the general macroeconomic conditions
including the level and timing of infrastructure projects and construction activity. For 2024/25, the Group
expects revenues of between DKK 300 million and DKK 350 million. EBITDA is expected between DKK
100 million and DKK 115 million.
Parent company results
The Parent Company's income statement shows a result for the year of DKK 1,098 million (2023/24:
DKK -45 million).
As at 30 April 2025, the Parent Company’s balance sheet shows total assets of DKK 823 million (30 April
2024: DKK 2,030 million) and an equity of DKK 694 million (30 April 2024: DKK 1,048 million).
DSVM Invest A/S
Annual report
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Management's review
Events after the balance sheet date
Promissory notes totaling DKK 213 million issued to Togula ApS and KATA Group ApS were fully settled
in May 2025 in the form of an extraordinary dividend. No other material events have occurred after the
balance sheet date.
Non-financial matters
Risk management
At DSVM Invest A/S risk management is an integrated part of the operational activities with a view to
reducing the uncertainty of the Group’s strategic objectives being met.
The key risks are summarized by the following main areas:
Industry and market risks
Financial risks (currency, interest rates, liquidity)
Credit risks (financial institutions and commercial receivables)
Environmental risks
Industry and market risks
A considerable part of the Group’s operations is to provide environmental solutions and gravel materials to
the construction industry, and as a result the demand for the Group’s products and services is especially
affected by the activity in the construction industry and infrastructure projects. Historically, the construction
industry has been a cyclical industry in which performance is closely tied to the economy as a whole.
Furthermore, a general trend in society in many geographical markets, including the Nordic region, is a
growing interest in environmental issues. For example, there is a strong political focus on waste water
management. Sustained focus on environmental issues is important for the Group’s ability to grow further.
Financial risks (currency, interest rates, liquidity)
Due to the operations, investments and financing structure, the Group is exposed to a number of financial
risks, including liquidity risk and market risks (interest rate and exchange rate risk). A detailed description
of the Group’s financial risks is provided in note 21 Financial risks.
Credit risks (financial institutions and commercial receivables)
The Group carries out assessments of the contracting party’s creditworthiness and whether it can meet its
commitments and, where possible and deemed commercially relevant, covers the financial risk through
credit insurance.
A detailed description of the Group’s credit risks is provided in note 21 Financial risks.
DSVM Invest A/S
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Management's review
Statutory report on corporate social responsibility - according to ÅRL section 99a
Business model
The Group's operational activities are organised in decentralized portfolio companies.
All portfolio companies have been operating for decades. All portfolio companies operate solely in the
Scandinavian countries and have strong Scandinavian values. All portfolio companies have long-term
relationships with most customers and suppliers.
The Group’s overall policy is to comply with applicable legislation in the countries, where the Group
operates. Furthermore, the Group aims at operating responsibly and encourage subsidiaries to take active
part in the development of future solutions in the business areas in which they operate.
The Group’s exposure to risks related to Corporate Social Responsibility are as such limited and mainly
relate to the environmental impact of the Group’s Transportation solutions along with the social
environment for the Group’s employees.
Environment and climate
The Group supports international initiatives within environment and climate, i.e. through UN.
RGS and GDL (both divested in 2024/25) accounted for app. 70% of the Group’s activity measured in
revenue. The Group’s main impact on environment and climate is considered to have taken place through
these two – now divested - portfolio companies. The remaining risks are hence related to carbon
emissions, and wastewater management across the value chain. The Group’s environment and climate
focus is therefore on these two portfolio companies. It is the policy of these portfolio companies to
minimize the environmental and climate impact of their business activity.
Nymølle Stenindustrier (Raw Materials)
The most important environmental indicators related to raw material extraction are noise and dust
emissions and energy consumption (diesel and electricity). The company's production equipment and the
company's loading and digging machines are continuously replaced with less noisy and more energy-
saving equipment. The company itself carries out ongoing monitoring to ensure that the company
constantly complies with the specified noise and dust conditions in our excavation permits. The company
is noticing an increased processing time for new excavation permits, which is due to increased political
interest.
Industrial Water Solutions (Water)
The company is ISO14001 certified and is a leading player in the biological treatment of industrial
wastewater. It has one of Europe's most advanced plants of its kind with industry-leading purification
efficiency, which is crucial in the work of responsible handling of, among other things, hazardous
substances. The company has 4 partially integrated treatment processes that together ensure an efficient,
fully documented and responsible purification process for customers: A biological wastewater treatment
plant A mechanical dewatering plant A heavy metal precipitation plant A post-polishing plant with activated
carbon In addition, the company has port access and its own storage facilities. Furthermore, it has its own
laboratory facilities that support operations, quality assurance, and characterization and regulatory
approval of new biodegradable wastewater streams.
RGS (discontinued operations)
RGS operated the Group’s activities within the business area Soil & Waste. In this business area, the main
activities were receipt of contaminated soil for clean-up and recycling, compost, concrete, asphalt and
wood waste, etc., for processing and recycling.
DSVM Invest A/S
Annual report
1 May 202
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30 April 202
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Management's review
RGS regularly publishes a sustainability report. The latest publication is available on:
https://rgsnordic.com/baeredygtighedsrapporter/
GDL (discontinued operations)
GDL was the largest part of the Group’s business area Transportation: The company offers transport and
logistics solutions in Sweden.
The company was working with customers and suppliers to reduce the environmental and climate impact
of its business and is working towards sole use of fossil free transportation by 2030 determined as an
emission reduction of 70% compared to fossil alternatives according to the EU renewables directive.
Examples includes use of HVO and Biogas fuel and High Capacity Transports.
GDL AB regularly publishes a sustainability report where the latest publication is available on:
https://www.gdl.se/om-gdl/hallbarhet/dokument-och-policys/
Employees and social environment
The Group and its subsidiaries must act as responsible employers, providing proper terms of employment
and appropriate health and safety standards.
Attracting and retaining qualified employees is critical to the Group and its subsidiaries. The Group
therefore strives to be a modern and attractive workplace with a high level of job satisfaction.
Among the Group’s offerings are pensions, health schemes and access to fruit.
The Group consistently and actively works with safety issues and the reduction and ultimately elimination
of work accidents. In the fiscal year, the group implemented flexible work schedules and remote work
options, enabling employees to better manage personal and professional commitments, resulting in an
uptake in flexible work arrangements. In the future, the Group wishes to incessantly pursue these
initiatives and consistently strive to foster an optimal working environment for every employee. In 2024/25
the Group continued to experience a high level of job satisfaction and a low level of work accidents.
Anti-corruption and bribery
The Group’s operations only take place in Scandinavian countries, where corruption and bribery are
uncommon. Furthermore, despite history dating far back, none of the portfolio companies have
experienced bribery or corruption in the past decade. The group has assessed, based on a risk
assessment, that there are no risks associated with Anti-corruption and bribery. The Group has
implemented a Code of Conduct adapted to its business model which is communicated to, and to be
adhered to, by all the Group’s entities.
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Annual report
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Management's review
Human rights
The Group’s operations only take place in Scandinavian countries, where challenges on human rights are
limited. Furthermore, despite history dating far back, none of the portfolio companies ever experienced any
issues related to human rights. The group has assessed, based on a risk assessment, that there are no
risk associated with human rights. Therefore, the Group does not have formal policies.
Data Ethics
In compliance with the requirements under section 99(d) of the Danish Financial Statements Act, the
subsidiaries within the DSVM Invest Group have implemented data ethics policies. The group complies
with both Danish and EU laws on data and privacy protection. The group wants to be perceived as a
partner who complies with the legislation and follows developments in good data ethics. We want to treat
all the data ethically and responsibly. The group uses and processes data both nonpersonal data and
personal data. We collect data regarding our employees for administrative purposes and contact details on
customers and their employees to be able to deliver our services. We also collect data directly from our
customers when we create customer accounts in our systems. We process all data with respect for the
sensitivity of the data and any privacy rights. We do not buy or sell customer data to third parties, and we
do not use artificial intelligence or machine learning in the analysis of any data. Making sure that our
processing activities and security measures match the requirements for the data we are handling, we
always apply our standards for data ethics to the way we work, whether we process personal data or other
types of data.
DSVM Invest A/S
Annual report 1 May 2024 - 30 April 2025
15
Consolidated financial statements 1 May 2024 - 30 April 2025
Income statement
DSVM Invest Group
Note
DKKm
2024/25
2023/24
3
Revenue
278
296
4
Direct expenses
-146
-216
Gross Profit
132
80
Other external expenses
-19
-43
5,6
Staff expenses
-49
-34
Result before special items and other income
(EBITDA before special items etc.)
64
3
7
Other income and expenses
-2
111
8
Special items
-5
-3
Result before depreciation, amortization, impairment,
net financials and tax (EBITDA)
57
111
9,14
Depreciation of right-of-use-assets
-21
-24
9
Depreciation and writedowns on property, plant and equipment
-25
-31
9,11
Amortization and writedowns of intangible assets
0
-28
Result before net financials (EBIT)
11
28
14
Financial expenses, lease liabilities
-5
-3
10
Financial expenses, other
-14
-78
Result before tax
-8
-53
11
Tax for the year
7
-13
Result for the year from continuing operations
-1
-66
30
Result of the year from discontinuing operations
1,570
230
Result for the year
1,569
164
Appropriation:
Shareholders in DSVM Invest A/S
1,569
164
Non-controlling interests
0
0
1,569
164
DSVM Invest A/S
Annual report 1 May 2024 - 30 April 2025
16
Consolidated financial statements 1 May 2024 - 30 April 2025
Statement of comprehensive income
DSVM Invest Group
Note
DKKm
2024/25
2023/24
Result for the year
1,569
164
Other comprehensive income
Items that may be reclassified to the income statement:
Foreign exchange adjustments, foreign subsidiaries
39
1
Other comprehensive income that will not be reclassified to the income
statement in subsequent periods:
Share based payment
9
12
17
Tax on other comprehensive income
0
0
Other comprehensive income after tax
48
13
Total comprehensive income
1,617
177
Appropriation:
Shareholders in DSVM Invest A/S
1,617
177
Non-controlling interests
0
0
1,617
177
Total comprehensive profit for the year attributable to owners of
DSVM Invest A/S arises from:
Continuing operations
47
-53
Discontinuing operations
1,570
230
1,617
177
DSVM Invest A/S
Annual report 1 May 2024 - 30 April 2025
17
Consolidated financial statements 1 May 2024 - 30 April 2025
Balance sheet
DSVM Invest Group
Note
DKKm
2024/25
2023/24
ASSETS
12
Intangible assets
Goodwill
228
448
Other intangible assets
6
29
234
477
13
Property, plant and equipment
14
Right-of-use assets
62
223
Land and buildings
116
126
Plant, equipment and machinery
55
84
Fixtures and fittings, tools and equipment
1
3
Property, plant and equipment under construction
2
1
15
Plots of land at fair value (investment property)
90
99
326
536
Financial assets
21
Other securities and investments
1
5
16
Other receivables
86
13
87
18
Total non-current assets
647
1,031
Current assets
Inventories
39
23
39
23
Receivables
21
Trade receivables
39
388
16
Other receivables
0
138
16
Promissory notes to shareholders
213
0
Prepayments
56
85
308
611
Cash
23
0
Total current assets
370
634
30
Assets classified as held for sale
0
1,463
TOTAL ASSETS
1,017
3,128
DSVM Invest A/S
Annual report 1 May 2024 - 30 April 2025
18
Consolidated financial statements 1 May 2024 - 30 April 2025
Balance sheet
DSVM Invest Group
Note
DKKm
2024/25
2023/24
EQUITY AND LIABILITIES
Equity
Share capital
1
1
Currency translation reserve
-17
-56
Revaluation surplus
70
77
Retained earnings
709
576
Share of equity attributable to the shareholders in DSVM Invest A/S
763
598
Non-controlling interests
0
13
Total equity
763
611
Liabilities
Non-current liabilities
17
Deferred tax liabilities
41
35
19, 21
Vendor loan
16
17
14, 21
Lease liabilities
53
147
18
Provisions
34
34
21
Other payables
10
7
154
240
Current liabilities
19, 21
Credit institutions
0
690
19, 21
Vendor loan
10
118
14, 21
Lease liabilities
23
98
18
Provisions
22
22
Trade payables
23
389
Corporate income tax
5
25
21
Other payables
12
109
Deferred income
5
7
Bank debt
0
158
100
1,616
Total liabilities
254
1,856
30
Liabilities regarding assets held for sale
0
661
TOTAL EQUITY AND LIABILITIES
1,017
3,128
DSVM Invest A/S
Annual report 1 May 2024 - 30 April 2025
19
Consolidated financial statements 1 May 2024 - 30 April 2025
Statement of changes in equity
DKKm
Share
capital
Currency
transla-
tion
reserve
Re-
valuation
surplus
Retained
earnings
Total
Non-
control-
ling inte-
rests
Total
equity
Equity at 1 May 2024
1
-56
77
576
598
13
611
Comprehensive income in 2024/25:
Result for the year
0
0
-7
1,576
1,569
0
1,569
Other comprehensive income:
Foreign exchange adjustments, foreign
subsidiaries
0
39
0
0
39
0
39
Share based payments
0
0
0
9
9
0
9
Revaluation of plots of land upon
classification as investment property
0
0
0
0
0
0
0
Tax on other comprehensive income
0
0
0
0
0
0
0
Total other comprehensive income
0
39
0
9
48
0
48
Total comprehensive income for the period
0
39
-7
1,585
1,617
0
1,617
Transactions with owners, etc.
Non-controlling interest arising on sale of
shares
0
0
0
0
0
-13
-13
Extraordinary dividend paid
0
0
0
-1,452
-1,452
0
-1,452
Equity at 30 April 2025
1
-17
70
709
763
0
763
DKKm
Share
capital
Currency
transla-
tion
reserve
Re-
valuation
surplus
Retained
earnings
Total
Non-
control-
ling inte-
rests
Total
equity
Equity at 1 May 2023
1
-57
77
415
436
14
450
Comprehensive income in 2023/24:
Result for the year
0
0
0
164
164
0
164
Other comprehensive income:
Foreign exchange adjustments, foreign
subsidiaries
0
1
0
0
1
0
1
Share based payments
0
0
0
12
12
0
12
Revaluation of plots of land upon
classification as investment property
0
0
0
0
0
0
0
Tax on other comprehensive income
0
0
0
0
0
0
0
Total other comprehensive income
0
1
0
12
13
0
13
Total comprehensive income for the period
0
1
0
176
177
0
177
Transactions with owners, etc.
Non-controlling interest arising on sale of
shares
0
0
0
0
0
-1
-1
Extraordinary dividend paid
0
0
0
-15
-15
0
-15
Equity at 30 April 2024
1
-56
77
576
598
13
611
Share capital
The share capital consists of 1,100,000 shares of nom. DKK 1 each, totalling DKK 1,100,000.
DSVM Invest A/S
Annual report 1 May 2024 - 30 April 2025
20
Consolidated financial statements 1 May 2024 - 30 April 2025
Cash flow statement
DSVM Invest Group
Note
DKKm
2024/25
2023/24
Result for the year for continuing operations
-1
-66
Result for the year for discontinuing operations
1,570
230
25
Adjustments
-1,340
235
26
Changes in working capital
-58
22
Cash flows from operating activities before net financials
171
421
14
Interest paid on lease liabilities
-12
-29
Interest payments made, other
-13
-60
Payment of corporate income tax
-17
-17
Cash flows from operating activities
129
315
Acquisition of property, plant, equipment and other intangibles
-24
-162
Disposal of property, plant, equipment
148
11
Acquisition of activities and entities
0
0
Sale of activities and entities
2,016
129
Other proceeds
0
0
Cash flows from investing activities
2,140
-22
27
Proceeds from credit institutions
0
0
27
Repayment to credit institutions
-695
-216
14
Repayment of lease liabilities
-84
-177
Reduction/increase in interest-bearing debt
-2
8
27
Sale of shares to non-controlling interests
0
-1
Extraordinary dividend paid
-1,452
-15
Cash flows from financing activities
-2,233
-401
Net cash flows
36
-108
Cash and cash equivalents at 1 May 2024
-13
96
Net cash flows
36
-108
Value adjustment of cash and cash equivalents
0
-1
Cash and cash equivalents at 30 April 2025
23
-13
Cash and cash equivalents are specified as follows:
Cash
23
-158
Cash classified as held for sale
0
145
Cash and cash equivalents at 30 April 2025
23
-13
21
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
List of notes to the consolidated financial statements
Note
 1 Material accounting policies
 2 Accounting estimates and judgements
 3 Revenue
 4 Direct expenses
 5 Staff expenses
6 Share based payments
7 Other income and expenses
 8 Special items
 9 Depreciation on property plant and equipment, amortisation of intangible assets
10 Financial expenses
11 Tax for the year
12 Intangible assets
13 Property, plant and equipment
14 Leases
15
16
Plots of land at fair value (investment property)
Other receivables
17 Deferred tax
18 Provisions
19 Interest bearing liabilities
20 Contingencies and other financial commitments
21 Financial risks
22 Capital structure
23 Related parties and ownership
24 Fees to the Company's auditor appointed by the general meeting
25 Cash flow statement – adjustments
26 Cash flow statement – changes in working capital
27 Financial liabilities and financing cash flow activities
28 Business combinations
29 Events after the balance sheet date
30 Discontinuing operations and assets & liabilities classified as held for sale
22
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
1 Material accounting policies
DSVM Invest A/S is a public limited company with its registered office in Denmark.
The financial statements section of the annual report for the period 1 May 2024 - 30 April 2025 comprises
both the consolidated financial statements of DSVM Invest A/S and its subsidiaries (the DSVM Invest
Group) and the separate parent company financial statements.
The consolidated financial statements are presented in accordance with the International Financial
Reporting Standards (IFRS) as adopted by the EU and additional requirements in the Danish Financial
Statements Act for large reporting class C.
On 21 July 2025, the Board of Directors and the Executive Board have discussed and approved the
annual report of DSVM Invest A/S for 2024/25. The annual report will be presented to the shareholders of
DSVM Invest A/S for approval at the annual general meeting on 21 July 2025.
New financial reporting standards
All new or amended standards (IFRS) and interpretations (IFRIC) as adopted by the EU and which are
effective for the financial year beginning on 1 May 2023 have been adopted. The implementation of these
new or amended standards and interpretations had no material impact on the financial statements. The
accounting policies have been applied consistently during the financial year and for the comparative
figures. For standards implemented prospectively the comparative figures are not restated.
New financial reporting standards not yet adopted
The IASB has issued a number of new or amended standards and interpretations with effective date after
30 April 2024. None of the standards are expected to have a significant effect for DSVM Invest A/S. The
Group will adopt the standards and interpretations once they become mandatory.
Presentation and functional currencies
The annual report is presented in DKK. The functional currencies are DKK and SEK.
Consolidated financial statements
Consolidation practice
The consolidated financial statements comprise the Parent Company DSVM Invest A/S and entities in
which the Parent Company directly or indirectly holds the majority of the voting rights or which the Parent
Company controls through its shareholdings or otherwise. Entities in which the Group holds between 20%
and 50% of the voting rights and over which it exercises significant influence, but which it does not control,
are considered associates.
On consolidation, items of similar nature are aggregated. Intra-group income and expenses,
shareholdings, dividends and balances as well as realised and unrealised intra-group gains and losses on
intra-group transactions are eliminated.
The Parent Company's equity investments in consolidated subsidiaries are eliminated by the Parent
Company's share of the subsidiaries' net asset values determined at the time when the group structure
was established.
23
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
1 Material accounting policies (continued)
Business combinations
Acquisitions of subsidiaries and associates are accounted for using the purchase method, and on initial
recognition, assets, liabilities and contingent liabilities acquired are measured at fair value at the date of
acquisition. Identifiable intangible assets are recognised if they are separable, and the fair value can be
reliably measured. Deferred tax on fair value adjustments are recognised. Any remaining excess of the
expense over the fair value of the assets, liabilities and contingent liabilities acquired is recognised as
goodwill under intangible assets in the statement of financial position. Positive differences on acquisition of
associates are recognised under equity investments in associates in the statement of financial position.
Goodwill is not amortised but is tested annually for impairment.
Acquired entities are recognised in the consolidated financial statements from the acquisition date,
whereas divested entities are recognised until the date of disposal.
Gains or losses on disposal of subsidiaries and associates are stated as the difference between the selling
price less selling expenses and the carrying amount of net assets plus goodwill and accumulated value
adjustments recognised in equity at the date of disposal.
Leases
Whether a contract contains a lease is assessed at contract inception. For identified leases, a right-of-use
asset and corresponding lease liability are recognised on the lease commencement date.
Upon initial recognition, the right-of-use asset is measured at cost corresponding to the lease liability
recognised, adjusted for any lease prepayments or directly related costs, including dismantling and
restoration costs. The lease liability is measured at the present value of lease payments of the leasing
period discounted using the interest rate implicit in the lease contract. In cases where the implicit interest
rate cannot be determined, an incremental borrowing rate appropriate for the Group is used. In
determining the lease period extension, options are only included if it is reasonably certain they will be
utilised.
At subsequent measurement, the right-of-use asset is measured less accumulated depreciations and
impairment losses and adjusted for any remeasurements of the lease liability.
Depreciations are done following the straight-line method over the lease term or the useful life of the right-
of-use asset, whichever is shortest. The useful life of right-of-use assets is generally similar to that of
property, plant and equipment. Reference is made to accounting policy for property, plant and equipment.
The lease liability is measured at amortised cost using the effective interest method and adjusted for any
remeasurements or modifications made to the contract.
Extension options are only included in the lease term if the lease is reasonably certain to be extended.
The majority of extension and termination options held are exercisable only by the Group and not by the
respective lessor.
In accounting for lease contracts, various judgements are applied in determining right-of-use assets and
lease liabilities. Judgements include assessment of lease periods, utilisation of extension options and
applicable discount rates. In addition, significant estimates have been applied in determining these in
relation to the implementation of IFRS 16.
The Group has for all classes of underlying assets decided to apply the practical expedient in IFRS 16
which allows each lease component and any associated non-lease components to be accounted for as a
single lease component. The Group recognises leases in accordance with IFRS16 independent of the size
and duration of the lease contract.
The capitalised residual lease obligation is recognised in the balance sheet as a liability, and the interest
element of the lease payment is recognised in the income statement on a current basis over the term of
the lease.
24
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
1 Material accounting policies (continued)
Foreign currency translation
Transactions denominated in foreign currencies are translated at the exchange rates at the transaction
date. Gains and losses arising from differences between the exchange rate at the transaction date and
the rate at the date of payment are recognised in the income statement as financial income or financial
expenses.
Receivables, payables and other monetary items denominated in foreign currencies that have not been
settled at the reporting date are translated using the exchange rate at the reporting date. Differences
between the exchange rate at the reporting date and the rate at the transaction date are recognised in the
income statement as financial income or financial expenses.
For each of the Group's entities, a functional currency is determined. The functional currency is the
currency used in the primary financial environment in which the entity operates. Transactions denominated
in other currencies than the functional currency are foreign currency transactions. On consolidation of
subsidiaries and associates with another functional currency than the Parent Company, the income
statement is translated at the exchange rate at the transaction date or an approximate average exchange
rate. Items in the statement of financial position are translated at closing rates. Foreign exchange
adjustments arising on translation of the opening balance of equity and foreign exchange adjustments
arising on translation of the closing rate income statement are recognised directly in equity under a
separate reserve.
Income statement
Revenue
Revenue from sale of raw materials is recognised at a “point in time” equal to the date of delivery of the
raw materials to the customer.
Revenue from Soil, Recycling and Water processing is, dependent on the type of contract, recognised
either at a “point in time” or “over time”. Revenue from soil processing that is recognised “over time” is
recognised based on the stage of completion (production method based on cost incurred) as the
processing is carried out.
Revenue from transport services are recognised over time following the time where control is transferred
and when each separate performance obligation is fulfilled.
Revenue is measured at fair value, excluding value added tax and after deduction of rebates.
Direct expenses
Production expenses comprise expenses used to generate the revenue for the year. Expenses include
payment to carriers, other direct expenses, including wages and salaries and other primary expenses.
Direct expenses also include staff costs relating to own staff used for fulfilling orders.
Other external expenses
Other external expenses comprise indirect production expenses and expenses for premises, sales and
distribution as well as office supplies, etc.
The Company has no research activities. The Company's development expenses comprise improvement
of production processes. Improvement of production processes is an ongoing process comprising a
number of minor improvements that usually cannot be reliably determined. Therefore, all development
expenses have been expensed under other external expenses as incurred up until now.
25
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
1 Material accounting policies (continued)
Staff expenses
Staff expenses include wages and salaries, including compensated absence and pensions, as well as
other social security contributions, etc. made to the entity’s employees. The item is net of refunds made by
public authorities.
Other income and expenses
Other operating income and expenses comprise items secondary to the primary activities of the company
including gains and losses on the disposals of activities and fair value adjustments related to plots of land.
Special items
The use of special items entails management judgement in the separation from ordinary items. Special
items include income and expenses of a special nature in terms of the Group’s revenue generating
operating activities that cannot be attributed directly to the Group’s ordinary operating activities. Such
income and expenses include the cost of extensive restructuring of processes and fundamental structural
adjustments.
Special items are shown separately from the Group’s ordinary operations to facilitate a better
understanding of the Group’s financial performance.
Net financials
Financial income and expenses are recognised in the income statement at the amounts relating to the
financial year. Net financials include interest income and expenses, financial expenses relating to leases,
realised and unrealised capital/exchange gains and losses on securities and foreign currency transactions,
amortisation of loan charges and surcharges and allowances under the advance-payment-of-tax scheme,
etc.
Taxation
The income tax expense comprises the current tax payable on the year's expected taxable income and
any adjustments to deferred tax less the tax expense for the year relating to changes in equity.
Current and deferred tax relating to changes in equity is recognised directly in equity.
The Company is jointly taxed with its Danish group entities and its parent company and its other Danish
subsidiaries. The total Danish income tax charge is allocated between profit/loss-making Danish entities in
proportion to their taxable income (full absorption). Jointly taxed entities entitled to a tax refund are, as a
minimum, reimbursed by the administration company based on the current rates applicable to interest
allowances, and jointly taxed entities having paid too little tax pay, as a maximum, a surcharge based on
the current rates applicable to interest surcharges to the administration company.
The Company will from time to time have tax audits and discussions with tax authorities regarding direct
and indirect taxes. The Management is of the opinion that appropriate estimates have been made in the
financial statements for current tax audits and exposures related to uncertain tax positions.
The estimates are based on expected value or the most likely amount, whichever method best predicts the
resolution of the uncertainty, and the effects thereof are recognised as part of tax receivables/payables
and deferred tax.
Due to the uncertainty associated with the outcome and timing, it is possible that, on the conclusion of
open tax matters at a future date, the final outcome may differ significantly from the amounts recognised.
26
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
1 Material accounting policies (continued)
Balance sheet
Intangible assets
Goodwill
Goodwill is measured at cost less accumulated impairment losses.
Intangible assets excluding goodwill
Intangible assets excluding goodwill are measured at cost less accumulated amortisation and impairment
losses. The intangible assets excluding goodwill comprise customer relations, brands, technology and
extraction rights.
Intangible assets excluding goodwill are amortised on a straight-line basis over the expected useful lives,
which are as follows:
Customer relations: If no fixed-term agreement with the customer exists 10-20 years
Technology 5-10 years
Rights: Amortised as resources are extracted based on consumption.
Property, plant and equipment
Property, plant and equipment are measured at cost less accumulated depreciation and impairment
losses.
Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when
the asset is available for use.
The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight-
line basis over the expected useful life. The expected useful lives are as follows:
Buildings 20-40 years
Leasehold improvements Up to 10 years
Plant and machinery 3-10 years
Fixtures and fittings, tools and equipment 2-10 years
Gravel pits are depreciated as raw material resources are extracted based on consumption. The residual
value is reassessed annually. Land is not depreciated.
Write-down of non-current assets
Intangible assets and property, plant and equipment including right of use assets are tested for impairment
when there is an indication of impairment of the assets other than the decrease in value reflected by
amortisation or depreciation. Moreover, goodwill and other intangible assets with indefinite useful lives are
tested annually for impairment.
Impairment is recognized if the recoverable amount is lower than the carrying amount. The recoverable
amount of the asset is determined as the higher of the fair value less cost of disposal and the value in use.
If it is not possible to determine the recoverable amount for individual assets, the assets are assessed
jointly in the smallest identifiable group of assets to determine a reliable recoverable amount.
27
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
1 Material accounting policies (continued)
Impairment losses on goodwill are not reversed. Impairment losses recognised in respect of other assets
are reversed in so far as the assumptions and estimates underlying the impairment losses have changed.
Impairment is only reversed to the extent that the asset's increased carrying amount does not exceed the
carrying amount that would have been determined (net of amortisation or depreciation) had no impairment
loss been recognised for the asset in prior years.
Plots of land at fair value (investment property)
Plots of land at fair value comprise land (former gravel pits), which have been reestablished and which are
now held for capital appreciation and accounted for as investment property. Prior to reclassification, the
land was accounted for as property, plant and equipment. The fair value adjustment at the date of transfer
from property, plant and equipment is recognised in other comprehensive income.
At reporting date the fair value of the plots of land are reevaluated. Gains or losses arising from changes in
the fair values of plots of land are included in income statement under “Other income and expenses” in the
period in which they arise. Fair values at date of transfer and at reporting date is determined based on a
valuation performed by an accredited external independent valuer.
Plots of land are derecognised when they have been disposed of (i.e., at the date the recipient obtains
control). The difference between the net disposal proceeds and the carrying amount of the asset is
recognised in the income statement under “Other income and expenses” in the period of derecognition.
Other non-current assets
Other non-current assets include deposits of rent and long-term prepayments and receivables, which at
initial recognition are recognised at fair value and subsequently measured at amortised cost.
Other investments
Other investments are measured at cost.
Investment in associates
An associate is an entity over which the Group has significant influence. Significant influence is the power
to participate in the financial and operating policy decisions of the investee, but not having control or joint
control over those policies. The considerations made in determining significant influence are similar to
those necessary to determine control over subsidiaries. The Group’s investments in its associate are
accounted for using the equity method.
Inventories
Inventories are measured at cost in accordance with the FIFO method or at the net realisable value if this
is lower.
Raw materials and consumables are measured at cost, comprising purchase price plus delivery costs.
Work in progress and finished goods are measured at manufacturing cost, which includes cost of raw
materials, consumables and direct payroll expenses plus indirect production overheads.
Goods for resale are measured at cost, comprising purchase price plus delivery expenses.
Receivables
Trade Receivables are measured at amortised cost. Impairment on trade receivables is based on the
simplified approach in calculating expected credit losses model. The Group does not track changes in
credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Credit
loss allowances on individual receivables are provided for when objective indications of credit losses occur
such as customer bankruptcy and uncertainty about the customers’ ability and/or willingness to pay, etc.
Other securities
Other securities are measured at fair value. Value adjustments are recognized as financial income or
financial expenses. The fair value measurement is based on the principal market according to Level 1:
Quoted priced in an active market for identical assets or liabilities.
28
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
1 Material accounting policies (continued)
Prepayments
Prepayments include prepaid expenses regarding extraction of raw materials, insurance premiums,
subscription fees and interest as well as activated topsoil which is depreciated based on ongoing
extraction of raw materials.
Equity
Share premium
Share premium comprises amounts in addition to the nominal share capital that have been paid by the
shareholders in connection with capital increases and gains and losses from the disposal of treasury
shares.
According to the articles of association, the share premium can be freely used for distribution of dividend
and bonus share issue.
Revaluation surplus
The reserve comprises revaluation of plots of land upon classification as investment property, net of
deferred tax.
The revaluation reserve is transferred to retained earnings when a plot of land is sold with an amount
related to the plot of land at the time of revaluation at initial recognition at fair value.
Dividend
Dividend proposed by Management to be distributed for the year is shown as a separate item under
equity. Dividends are recognised as a liability at the date when they are adopted at the general meeting.
Currency translation reserve
The translation reserve comprises foreign currency differences arising upon the translation of financial
statements of foreign enterprises from their functional currency to DKK. On realisation of the net
investment, the foreign exchange adjustments are recognised in the income statement.
Non-controlling interests
Non-controlling interests are recognised at their share of net assets. Non-controlling interests' share of
group equity and results of operations is recognised separately and stated as separate items in equity and
the consolidated income statement.
Sharebased payment
A shared based compensation scheme consisting of share options has been established for certain
individuals. The scheme was introduced in November 2023. The share options entitle holder to buy 1
share of a nominal amount of DKK 1. The share options subscribed for are granted on signing date. 25%
of the share options are vested on signing date while the remaining 75% are vesting on a monthly basis
over the following three years, conditional to the share option holder still being employed by the company.
Provisions
Provisions comprise expected costs for restructuring, re-establishment of gravel pits, etc. Provisions are
recognised when, as a result of events arising no later than the reporting date, the Group has a legal or a
constructive obligation and it is probable that there will be an outflow of resources embodying economic
benefits to settle the obligation. There is a legal or constructive obligation for restructuring when a decision
in this respect has been made before or on the reporting date and it has been communicated to the parties
involved.
When the Group is obligated to re-establish gravel pits, a liability corresponding to the present value of the
anticipated future costs is recognised.
29
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
1 Material accounting policies (continued)
The amount recognised as a provision is Management's best estimate of the expenses required to settle
the obligation. On measurement of provisions, the costs required to settle the liability are discounted if the
effect is material to the measurement of the liability.
Income taxes and deferred tax
Current tax payables and receivables are recognised in the balance sheet as the estimated income tax
charge for the year, adjusted for prior-year taxes and tax paid on account. Deferred tax is measured
according to the liability method on all temporary differences between the carrying amount and the tax
base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to
goodwill which is not deductible for tax purposes and on office premises and other items where temporary
differences, apart from business combinations, arise at the date of acquisition without affecting either
profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax
base, deferred tax is measured based on Management's intended use of the asset or settlement of the
liability, respectively. Deferred tax is measured according to the tax rules and at the tax rates applicable at
the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets
are recognised at the expected value of their utilisation; either as a set-off against tax on future income or
as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to
changes in the tax rate are recognised in the income statement.
Financial liabilities
Loans from credit institutions and other loans e.g. vendor loans, are recognised at the time of borrowing
the proceeds received, net of transaction costs incurred. A financial liability is derecognised when the
obligation under the liability is discharged or cancelled or expires. When an existing financial liability is
replaced by another from the same lender on substantially different terms, or the terms of an existing
liability are substantially modified, such an exchange or modification is treated as the derecognition of the
original liability and the recognition of a new liability. The difference in the respective carrying amounts is
recognised in the statement of profit or loss.
Non-financial liabilities are measured at net realisable value.
Deferred income
Deferred income comprises payments received concerning revenue in subsequent reporting years.
Assets and liabilities held for sale and discontinued operations
The Group classifies non-current assets and disposal groups as held for sale, if it is highly probable that
their carrying amounts will be recovered principally through a sale transaction rather than through
continuing use. Non-current assets are measured at the lower of their carrying amount or fair value less
costs to sell. Once classified as held for sale, assets are not amortised or depreciated. Impairment losses
on initial classification as held for sale, and subsequent gains and losses on remeasurement are
recognised in the income statement and disclosed in note 29.
Non-current assets and disposal groups held for sale are presented in separate lines in the statement of
financial position and the main elements are specified in this note. Comparative figures are not adjusted.
A discontinued operation is a component of the Group's business which can be clearly distinguished from
the rest of the Group and has either been disposed of or is classified as held for sale, and:
Represents a separate major line of business or geographic area of operations;
Is part of a single, co-ordinated plan to dispose of a separate major line of business or geographic
area of operations;
or Is a subsidiary acquired exclusively with a view to resale.
30
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
1 Material accounting policies (continued)
Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the
criteria as held-for-sale. In the income statement, discontinued operations are excluded from the results of
continuing operations and presented separately as profit/loss for the year from discontinued operations.
When an operation is classified as a discontinued operation, the comparative statements of profit or loss
and other comprehensive income is re-presented as if the operation had been discontinued from the start
of the comparative year. Cash flows from discontinued operations are included in the Groups cash flow
statement and are further presented separately in the note 29 showing net cash flows from operating,
investing and financing activities.
Fair value
The Group measures the plots of land (non-financial asset), at fair value at date of transfer and at each
balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to sell the asset takes place either:
In the principal market for the asset, or
In the absence of a principal market, in the most advantageous market for the asset
The principal or the most advantageous market must be accessible by the Group. The fair value of an
asset is measured using the assumptions that market participants would use when pricing the asset,
assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participant's ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the use of relevant observable inputs and minimising
the use of unobservable inputs.
Assets for which fair value is measured or disclosed in the financial statements are categorised within the
fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value
measurement as a whole:
Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable
External valuers are involved for valuation of plots of land. Involvement of external valuers is determined
annually by Management. Selection criteria include market knowledge, reputation, independence and
whether professional standards are maintained.
Management also compares the change in the fair value of each asset and liability with relevant external
sources to determine whether the change is reasonable.
31
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
1 Accounting policies (continued)
Cash flow statement
The cash flow statement shows the Group's cash flows from operating, investing and financing activities
for the year, the year's changes in cash and cash equivalents as well as the Group's cash and cash
equivalents at the beginning and end of the year.
Cash flows from operating activities
Cash flows from operating activities are calculated as profit/loss for the year adjusted for changes in
working capital and non-cash items such as amortisation, depreciation and impairment losses as well as
interest paid and received, provisions and taxes paid.
Cash flows from investing activities
Cash flows from investing activities comprise payments related to additions and disposals of intangible
assets, plant and equipment and investments in activities and group entities.
Cash flows from financing activities
Cash flows from financing activities include cash flows from the raising and repayment of non-current
liabilities and securities and payments to and from the shareholders.
Cash and cash equivalents
Cash and cash equivalents comprise cash and short-term marketable securities with a term of three
months or less at the acquisition date which are subject to an insignificant risk of changes in value.
The cash flow statement cannot be derived exclusively from the published accounting records.
Definition of financial ratios, etc.
Gross margin Gross profit/loss x 100
Revenue
Profit margin (EBITDA before special items) EBITDA (before special items) x 100
Revenue
Solvency ratio Equity x 100
Total assets
32
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
2 Accounting estimates and judgements
When preparing the financial statements, Management makes assumptions and estimates affecting the
recognised assets and liabilities, including information on contingent liabilities. Such estimates comprise
assessments based on the latest information available at the time of the financial reporting.
The estimates and assumptions applied are based on assumptions that Management finds reasonable but
that are inherently uncertain and unpredictable. The assumptions may be incomplete or inaccurate, and
unexpected events or circumstances may arise. Furthermore, the Company is subject to risks and
uncertainties that may result in actual results differing from these estimates. We base our estimates and
assessments on historical data and a number of other factors that, to the best of our knowledge, are
reasonable under the given circumstances.
Special risks for the Group are described in the Management's review. Note disclosures have been made
regarding assumptions relating to future events and other judgemental uncertainties at the balance sheet
date where there is a considerable risk of changes that may lead to a significant adjustment of the carrying
amount of assets or liabilities in the next financial reporting period.
The Management of DSVM Invest A/S considers the following areas under the assets and liabilities in the
financial statements particularly affected by these risks:
Acquisitions and disposals of entities and activities
Intangible assets and property, plant and equipment
Provisions, accrued expenses, deferred income regarding non-processed waste water and
contingencies
Right of use assets
Plots of land at fair value (investment property)
Acquisitions and disposals of entities and activities
On acquisition of entities, the acquired entity's assets and liabilities are recognised in accordance with the
acquisition method, which requires that all assets and liabilities are measured at fair value. In connection
with the measurement of the fair value of assets and liabilities, Management makes several estimates, of
which some will be significant.
On disposal or close-down of entities and activities, usual management estimates are made for settlement
of contractual obligations.
Intangible assets and property, plant and equipment
Goodwill and other rights are tested for impairment at least once a year. If special circumstances or events
occur, these are used as a basis to assess whether a new impairment test should be performed. For a
description of impairment testing of goodwill, reference is made to the information regarding the Group in
the accounting policies and to note 12 Intangible assets.
The useful life and residual value of property, plant and equipment are assessed on an ongoing basis for
any need for impairment testing or adjustment of the useful life.
Reference is made to the accounting policies regarding useful lives and to note 13 Property, plant and
equipment.
Provisions, accrued expenses, deferred income regarding non-processed waste water and
contingencies
Accrued expenses and accrual of income regarding non-processed waste water are measured based on
empirical material for several years and on the Company's own knowledge on handling of these materials.
This is compared to management estimates of future trends and makes up the final determination for
recognition of accrued expenses.
33
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
2 Accounting estimates and judgements (continued)
Provisions, soil
Significant accounting estimates and assessments relate to the calculation of residual quantities on
excavation areas. The calculations of the residual quantities on the company's excavation areas are
calculated based on geologists' surveys and drill samples, as well as the company's accumulated
knowledge of the excavation areas, which are flown over by drone for selected/all excavations. The
calculation includes estimates of the size and depth of the excavation area and the quality of the raw
materials in the excavation areas. The year's estimates and assessments, as well as the processes used
to perform management's estimates and assessments when calculating residual quantities on excavation
areas, have been unchanged compared to previous years, as management continues to be of the opinion
that they reflect the actual conditions and expected costs.
Right of use assets
The Group determines the lease term as the non-cancellable term of the lease, together with any periods
covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered
by an option to terminate the lease, if it is reasonably certain not to be exercised.
The Group has several lease contracts that include extension and termination options. The Group applies
judgement in evaluating whether it is reasonably certain whether to exercise the option to renew or
terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to
exercise either the renewal or termination. After the commencement date, the Group reassesses the lease
term if there is a significant event or change in circumstances that is within its control and affects its ability
to exercise or not to exercise the option to renew or to terminate.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate, at the
lease commencement date because the interest rate implicit in the lease is not readily determinable.
Plots of land at fair value (investment property)
The fair value of the plots of land are determined by an accredited external independent valuer using
recognised valuation techniques and the principles of IFRS 13 Fair Value Measurement.
Plots of land are measured based on estimates prepared by an accredited external independent valuer.
The significant methods and assumptions used by valuer in estimating the fair value of the plots of land
are set out in Note 15.
34
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
DSVM Invest
Group
DKKm
2024/25
2023/24
3 Revenue
Sale of goods
316
335
Sale of services
2,302
3,604
2,617
3,939
Soil & Recycling*
77
939
Water
74
86
Transportation
*
2,2
63
2,843
Raw materials
21
2
210
Intra Group & Other
-
9
-
139
2,617
3,939
Continuing operations
2
78
296
Discontinuing
operations*
2,33
9
3,
643
2,617
3,939
Denmark
1,173
1,
900
Sweden
1,444
2,039
2,617
3,939
* Comparable figures for 2023/24 have been restated to reflect the reclassification of discontinued
operations.
4 Direct expenses
Transferred from staff expenses
137
186
Other direct expenses
2,030
2,995
2,167
3,181
Hereof discontinued operations DKK million 2,021 million (2023/24: DKK 2,965 million).
5 Staff expenses
Staff expenses are computed as follows:
Wages and salaries
230
324
Pensions
19
28
Share based payment (according to note 6)
9
12
Other social security
56
66
3
14
430
Transferred to direct expenses
-
137
-
186
1
77
244
Hereof discontinued operations DKK 128 million (2023/24: DKK 211 million).
Members of the Executive Board and Board of Directors did not receive remuneration in 2024/25 or
2023/24.
Key management employees comprise CEOs of the portfolio companies. Remuneration of executive
employees amounted to DKK 19 million (2023/24: DKK 28 million) and comprises short term remuneration
including bonus schemes.
Average number of employees
47
0
747
Hereof discontinued operations 404 (2023/24: 678)
35
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
6 Share based payment
A shared based compensation scheme consisting of share options has been established for certain
individuals. The share options entitle holder to buy 1 share of a nominal amount of DKK 1. The share
options subscribed for are granted on signing date. 25% of the share options are vested on signing date
while the remaining 75% are vesting on a monthly basis over the following three years, conditional to the
share option holder still being employed by the company.
A total of 3,131,255 share options had been granted as per 30 April 2025 with an average exercise price of
DKK 5.71. As per 31 May 2024, all share options had been exercised.
The following tables list the inputs to the models used for the fair value measurement:
May 2024
Volatility 25.00%
Risk-free interest rate 3.53%
Exercise price (DKK) 5.71
Exercise period (years) 3
Number of options 3,131,255
Grant date for each option 08/11/2023
DSVM Invest Group
DKKm
2024/25
2023/24
7 Other income and expenses
Gain/loss on the sale of fixed assets
5
115
Gain on divestment
*
1,
509
0
Gain on divestment of GDL Sjöcontainer AB
0
78
1,514 193
Hereof discontinued operations DKK 1,508 million (2023/24: DKK 81 million).
* RGS Nordic A/S, GDL AB, GDL Anläggning & Miljö AB and DSV Transport A/S.
8 Special items
Other non
-
recurring items
5
3
5
3
If not recognized as special items the expense would have been recognized and expensed in direct expenses DKK 7
million (2023/24: DKK 4 million), other external expenses DKK 0 million (2023/24: DKK 1 million) and other income DKK
2 million (2023/24 DKK 2 million).
36
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
DSVM Invest Group
DKKm
2024/25
2023/24
9 Depreciation on property, plant and equipment, amortisation of
intangible assets
Depreciation
,
amortisation
and writedowns
:
Technology
0
18
Rights
0
11
Property
9
27
Plant and machinery
26
28
Fixtures and fittings, tools and equipment
2
5
37
89
Hereof discontinued operations DKK 13 million (2023/24: DKK 30 million).
Depreciation of leased assets for 2024/25 according to IFRS 16 amounts to DKK 21 million (2023/24 DKK
23 million).
10 Financial expenses
Interest credit
institutions
2
7
2
Amortization of capitalized loan costs
4
2
Interest bank, financial lease and vendor loan
1
2
Exchange expenses
0
1
Other financial expenses
7
1
14
7
8
Financial expenses related to assets and liabilities
measured at amortised cost
14
7
8
Hereof discontinued operations DKK 0 million (2023/24: DKK -3 million).
11 Tax for the year
Tax for the period
-
7
13
Tax on other comprehensive income
0
0
-
7
13
Income tax on profit for the
year is specified as follows:
Current income tax, incl. financing surcharge
2
-
12
Changes in deferred tax
-
5
26
Other adjustments
-
4
-
1
-
7
13
Tax for the year can be specified as follows:
Computed 22% tax on profit before tax
0
14
Tax effect of:
Tax on non
-
deductible expenses (limitation of interest deduction)
0
7
Tax on other non
-
deductible expenses and non
-
taxable income
1
-
8
Use of tax assets not recognised in prior years
0
0
Other adjustments
-
8
0
-
7
13
* Comparable figures for 2023/24 have been restated to reflect the reclassification of discontinued
operations.
37
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
12 Intangible assets
DKKm
Goodwill
2024/25
Cost
Balance at
1
May 20
2
4
974
Adjustments/reclassifications
0
Foreign exchange adjustments
9
Additions during the year
0
Disposals during the year
-
542
Transfer to assets held for sale
0
Cost at
30 April 2025
432
Amortisation and impairment losses
Balance at 1
4
526
Adjustments/reclassifications
0
Foreign exchange adjustments
0
Amortisation during the year
0
Impairment losses for the year
0
Disposals during the year
-
3
22
Transfer to assets held for sale
0
Amortisation and impairment losses at
30 April 2025
204
Carrying amount at
30 April 2025
228
DKKm
Goodwill
202
3
/2
4
Cost
Balance at 1
May 2023
1,592
Adjustments/reclassifications
0
Foreign exchange adjustments
-
7
Additions during the
year
0
Disposals during the year
-
52
Transfer to assets held for sale
-
559
Cost at
30 April 202
4
974
Amortisation and impairment losses
Balance at 1
May 2023
501
Adjustments/reclassifications
0
Foreign exchange adjustments
0
Amortisation during the year
0
Impairment losses for the year
25
Disposals during the year
0
Transfer to assets held for sale
0
Amortisation and impairment losses at
30 April 202
4
526
Carrying amount at
30 April 202
4
448
38
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
12 Intangible assets (continued)
DKKm
Customer
relations
Brands
Technology
Extraction
rights
Total other
intangibles
assets
13,000
0
2024/25
Cost
Balance at 1
4
9
0
52
16
77
Adjustments/reclassifications
0
0
0
0
0
Foreign exchange adjustments
0
0
0
0
0
Additions during the year
0
0
4
0
4
Additions from business combinations
0
0
0
0
0
Disposals during the year
-
9
0
-
5
6
0
-
6
5
Transfer to assets held for
sale
0
0
0
0
0
Cost at
30 April 2025
0
0
0
16
16
Amortisation and impairment
losses
Balance at 1
4
2
0
36
10
4
8
Adjustments/reclassifications
0
0
0
0
0
Foreign exchange adjustments
0
0
0
0
0
Amortisation during the year
0
0
0
0
0
Impairment losses for the year
0
0
0
0
0
Disposals during the year
-
2
0
-
3
6
0
-
3
8
Transfer to assets held for sale
0
0
0
0
0
Amortisation and impairment losses
at
30 April 2025
0
0
0
10
10
Carrying amount at
30 April 2025
0
0
0
6
6
DKKm
Customer
relations
Brands
Technology
Extraction
rights
Total other
intangibles
assets
13,000
0
2023/24
Cost
Balance at 1
May 2023
10
0
51
28
89
Adjustments/reclassifications
0
0
0
0
0
Foreign exchange
adjustments
-
1
0
-
1
0
-
2
Additions during the year
0
0
2
0
2
Additions from business combinations
0
0
0
0
0
Disposals during the year
0
0
0
-
12
-
12
Transfer to assets held for sale
0
0
0
0
0
Cost at
30 April 2024
9
0
52
16
77
Amortisation and impairment
losses
Balance at 1
May 2023
3
0
38
21
62
Adjustments/reclassifications
-
1
0
0
0
-
1
Foreign exchange adjustments
0
0
-
2
-
1
-
3
Amortisation during the year
0
0
7
2
9
Impairment losses for the year
0
0
0
0
0
Disposals during the year
0
0
-
7
-
12
-
19
Transfer to assets held for sale and
disc.operations
0
0
0
0
0
Amortisation and impairment losses
at
30 April 2024
2
0
36
10
48
Carrying amount at
30 April 2024
7
0
16
6
29
39
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
12 Intangible assets (continued)
Impairment test of goodwill
Management has performed an impairment test of the carrying amount of goodwill for the DSVM Invest
Group's cash-generating units based on the management structure and internal financial control.
Consequently, Management has defined the following cash-generating units where goodwill is allocated as
follows:
DSVM Invest
Group
DKKm
2024/25
2023/24
Soil & Waste
0
559
Water
0
0
Transfer to assets held for sale
0
-
559
DSV Transport, Denmark
0
112
GDL, Sweden
0
107
Transfer to assets
held for sale
0
0
Transportation
0
219
Nymølle Stenindustrier (Raw materials)
22
8
229
Total goodwill
22
8
448
In connection with the impairment testing of the individual business areas, the recoverable amount
corresponding to the discounted value of the expected future net cash flow (value-in-use) is compared to
the carrying amount of the individual business areas.
The Group provides environmental solutions, logistics and transportation and gravel materials to the
construction industry. Consequently, the key business drivers are based on the activity in the construction
industry and the timing and level of infrastructure projects whereas the biological water treatment activities
are driven by the oil industry. Further, the operations are closely tied to the general economic conditions as
a whole.
The expected future net cash flow is based on budgets for 2025/26 and projections for 2026/27-2028/28
approved by Management. Significant parameters include development in revenue, EBITDA margin, future
investments based on unchanged and stable market conditions and growth expectations in the terminal
period. These are based on assessments for the individual business areas.
For the calculation of the discounted net cash flow, discount factors are used that reflect the risk-free
interest rate plus the risks associated with the individual business areas.
The most significant assumptions applied to the impairment test for the budget and projection period
(2025/26 – 2028/29) include the following:
2024/25
Water
Raw
materials
Revenue growth per year (weighted average)
-
0.4
%
8.0
%
EBITDA margin (weighted average)
18.8
%
31.3
%
EBIT Growth in the
terminal period
1.5
%
1.5
%
Discount rate before tax
13.2
%
11.8
%
Discount rate after tax
10.6
%
9.5
%
2023/24
Soil &
recycling
&
W
ater
Raw
materials
Transport
& logistics
Revenue growth per year (weighted average)
-
9.0%
7.3%
-
1.2%
EBITDA
margin (weighted average)
33.3%
32.8%
3.0%
EBIT Growth in the terminal period
1.5%
1.5%
1.5%
Discount rate before tax
13.2%
11.8%
12.6%
Discount rate after tax
10.6%
9.5%
10.0%
40
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
12 Intangible assets (continued)
Management has determined the expected revenue growth per year and the expected EBITDA margin
based on historical experience as well as assumptions for future trends.
The expected growth in the terminal period is assessed not to exceed the long-term average growth rate
within the individual business areas.
It is Management's assessment that probable changes to the underlying assumptions will not entail that
the carrying amount of goodwill will exceed the recoverable amount for any of the Group's cash-generating
units Raw materials (Nymølle Stenindustrier). An impairment loss of DKK 25 million was realized in Water
(Industrial Water Solutions) in 2023/24 after which the goodwill for Water is DKK 0 million.
Sensitivity analysis
A reduction of the EBITDA margin by 1 percentage point for Nymølle Stenindustrier will entail the following
indication of impairment:
Industrial Water Solutions
0
0
Nymølle Stenindustrier
0
0
An increase in the discount factor before tax of 1 percentage point will entail
an additional indication of impairment as follows:
Industrial Water Solutions
0
0
Nymølle Stenindustrier
0
0
DSVM Invest Group
DKKm
2024/25
2023/24
41
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 – 30 April 2025
Notes
13 Property, plant and equipment
DSVM Invest
Group
DKKm
Land and
buildings
Plant and
machinery
Fixtures
and
fittings,
tools and
equipment
Property,
plant and
equipment
under
construction
Total
2024/25
Cost at 1
4
385
164
28
1
578
Foreign exchange adjustment
0
0
0
0
0
Additions during the year
8
11
3
4
26
Disposals during the year
-
118
-
45
-
24
-
3
-
190
Transfers
0
0
0
0
0
Transfers to plots of land
(investment property)
1
0
0
0
0
0
Transfer to assets held for sale
0
0
0
0
0
Cost at
30 April 2025
2
75
130
7
2
414
Depreciation at 1
4
259
80
25
0
364
Foreign exchange adjustment
0
0
0
0
0
Depreciation for the year
7
2
5
2
0
3
4
Depreciation on assets sold
-
107
-
30
-
21
0
-
1
5
8
Transfer to assets held for sale
0
0
0
0
0
Depreciation at
30 April 2025
1
59
75
6
0
240
Carrying amount at
30 April 2025
116
55
1
2
174
1
At the date of transfer a revaluation of DKK 0 million is recognised in other comprehensive income.
DKKm
Land and
buildings
Plant and
machinery
Fixtures
and
fittings,
tools and
equipment
Property,
plant and
equipment
under
construction
Total
2023/24
Cost at 1
May 2023
563
185
61
47
856
Foreign exchange adjustment
0
-
4
0
0
-
4
Additions during the year
111
36
6
25
178
Disposals during the year
-
53
-
44
-
9
-
16
-
122
Transfers
0
4
0
0
4
Transfers to plots of land (investment
property)
1
0
0
0
0
0
Transfer to assets held for sale
-
236
-
13
-
30
-
55
-
334
Cost at
30 April 2024
385
164
28
1
578
Depreciation at 1
May 2023
331
89
52
0
472
Foreign exchange adjustment
0
-
1
0
0
-
1
Depreciation for the year
21
19
15
0
55
Depreciation on assets sold
-
22
-
26
-
19
0
-
67
Transfer to assets held for sale and disc.
operations
-
71
-
1
-
23
0
-
95
Depreciation at
30 April 2024
259
80
25
0
364
Carrying amount at
30 April 2024
1
26
84
3
1
214
.
42
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
14 Leases
The Group leases several assets including properties, vehicles and equipment. Rental contracts are
typically made for fixed periods of 1 to 10 years but may have extension options. Lease terms are
negotiated on an individual basis and contain different terms and conditions including payment terms,
terminations rights, index-regulations etc. The Group recognises leases in accordance with IFRS16
independent of the size and duration of the lease contract.
DKK'000
Land and
buildings
Plant,
equipment
and
machinery
Fixtures and
fittings,
tools and
equipment
Total
2024/25
Depreciation charge for the year
0
2
1
0
21
Right
-
of
-
use assets
at
30 April 2025
2
60
0
6
2
Transfer to assets held for sale
0
0
0
0
2023/24
Depreciation charge for the year
31
73
3
107
Right
-
of
-
use assets at
30 April 2024
212
210
16
438
Transfer to assets held for sale
-
138
-
68
-
9
-
215
Addition of right-of-use assets for the year amounted to DKK 17 million (2023/24: DKK 95 million).
Depreciation and interest expenses related to leases are recognised in the income statement under
Depreciation of right-of-use assets and financial expenses, lease liabilities respectively. The amounts
recognised impact the operating cash flow as well as the cash flow from financing activities as shown in
below table.
Total cash outflow from leases:
DSVM Invest Group
DKKm
2024/25
2023/24
Interest paid/Cash flow from operating activities
1
2
1
4
Repayment of lease liabilities/Cash flow from financing activities
84
107
Transfer to assets held for sale
0
85
Total
9
6
20
6
Hereof discontinued operations DKK 71 million (2023/24: DKK 180 million).
Prior to the balance sheet date, the Group has entered into lease agreements commencing after the
balance sheet totalling DKK 0 million (2023/24: DKK 3 million).
For disclosures on related lease liabilities, please refer to note 17 and 20.
43
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
15 Plots of land at fair value (investment property)
DSVM Invest Group
DKKm
2024/25
2023/24
Balance at 1 May
99
99
Additions during the year at fair value, transferred from land and buildings
(Property, plant and equipment), cf. note 12
0
0
Disposals during the year
0
0
Net gain/loss from fair value remeasurement / remeasurement
adjustment
-
9
0
Total
9
0
99
Recognised in the income statement (before tax):
Net gain/loss from fair value remeasurement (level 3)
-
9
0
Recognised in the income statement (Other comprehensive income)
Fair value changes in plots of land (level 3) 0
0
The plots of land were originally used at the Group’s primarily activity related to production and extraction of resources
such as gravel, sand and soil. When the production and extraction of resources is finalized, they are reestablished.
Those reestablished plots of land are classified as investment property.
As of 30 April 2025, the fair values of the plots of land are based on valuations performed by an accredited independent
valuer, which is a specialist in valuing these types of plots of land.
At the date of transfer a revaluation of DKK 99 million was recognised in other comprehensive income.
The fair value change in plots of land recognised in profit/loss has been computed in comparison to fair value at the date
of transfer (initial recognition) amounting to DKK -9 million.
The valuation of the plots of land is based on level 3 in the fair value hierarchy.
The valuations are based on previous sales of land in the same area and current market conditions for plots of land of
similar nature, location and condition.
Significant unobservable valuation input
Range
Price per square metre DKK 700 – DKK 800 (2023/24: DKK 700 – 800)
Significant increases (decreases) in estimated price per square meter in isolation would result in a significantly higher
(lower) fair value on a linear basis.
An increase/decrease of the square meter price by DKK 100 would result in a gain/loss before tax of DKK 14 million
(2023/24: DKK 14 million) in other comprehensive income at the initial time of measurement of fair value.
16 Other receivables
Other receivables under Financial Assets include a deposit amount of DKK 73 million (2023/24: DKK 0
million) on escrow account in relation to the sale of RGS Nordic A/S.
As per 30 April 2025, promissory notes totaling DKK 213 million (2023/24: DKK 0 million) were issued to
Togula ApS and KATA Group ApS. The promissory notes were fully settled in May 2025 in the form of an
extraordinary dividend. Other receivables in 2023/24 amounted to DKK 138 million.
44
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
17 Deferred tax
Deferred tax has been provided for at the current tax rate in the various countries to which the tax relates.
The development from beginning of year to end of year can be specified as follows:
DSVM Invest Group
2018/1
DKKm
2024/25
2023/24
Balance at 1 May
-
35
-
6
Foreign exchange adjustments
0
0
Transferred to corporate income tax
-
6
-
17
Tax on other comprehensive income
0
0
Transfer to assets held for sale
and disposal of business
1
-
12
Balance at
30 April
-
42
-
35
DSVM Invest
Group
DKKm
2024/25
2023/24
18 Provisions
Balance at 1 May
56
87
Foreign exchange
adjustments
0
0
Provision for the year
20
34
Used and reversed during the year
-
20
-
29
Transfer to assets held for sale
0
-
36
Balance at
30 April
56
56
After 5 years
8
5
Between 1 and 5 years
26
29
Long
-
term portion
34
34
Short
-
term portion
22
22
56
56
The amount includes a restoration obligation related to the gravel pits, which are restored on an ongoing
basis. Expenses have been estimated based on excavated volumes. Further, the amount includes
provisions within the Water activity for expected cost of treatment of waste water, costs for disposal of
residual waste and soil and periodic repairs and revisions of water tanks.
45
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
19 Interest bearing liabilities
The split between interest bearing liabilities into non-current and current liabilities can be specified as
follows:
DSVM Invest Group
DKKm
Falling due
between 1
and 5 years
Falling due
after more
than 5 years
Total non-
current
liabilities
other than
provisions
at 30 April
Falling due
within
1 year
Total
2024/25
Credit institutions
0
0
0
0
0
Capitalised loan costs
0
0
0
0
0
Leases
50
3
5
3
23
7
6
Vendor loan
5
1
1
16
10
26
Transfer to liabilities held for sale
0
0
0
0
0
2023/24
Credit institutions
0
0
0
691
691
Capitalised loan costs
0
0
0
-
4
-
4
0
0
0
687
687
Leases
127
19
146
99
245
Vendor loan
17
0
17
118
135
Transfer to liabilities held for sale
146
21
167
71
238
The leases carry both fixed and variable interest in the range of 2% - 9%.
The vendor loans are mainly related to land (raw materials) and carries fixed interest of 4.5%.
The capitalised loan costs for 2024/25 amounts to DKK 0 million (2023/24: DKK 4 million).
As per 31 May 2024, the debt to credit institutions, both senior and junior facilities, was settled in full.
46
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
20 Contingencies and other financial commitments
Operating leases
The DSVM Invest Group has entered into external agreements.
The Group has agreed to buy land with related payment due when the permit for excavation of gravel on
the land is obtained. The total commitment is included in the payment guarantees.
Payment guarantees
Group
DKKm
2024/25
2023/24
Payment guarantees have been provided in respect of restoration of gravel
pits and third party guarantees with terms exceeding 6 months totaling
126
298
Pension obligations, Sweden (discontinued operations)
The Group's Swedish employees are secured by means of an agreement with the insurance company
Alecta. The agreement is considered a defined benefit plan. It is not possible for Alecta to provide the
necessary information to DSVM Invest A/S so that the plan can be included in the financial statements as
a defined benefit plan. These pension plans (multi employer plan) are therefore included as defined
contribution plans. In 2024/25, DKK 10 million has been expensed (2023/24: DKK 12 million), which is
included as pension expenses in note 5. It is Management's assessment that there are no significant
unfunded pension obligations.
Denmark
Industrial Water Solutions A/S (Water) was required in the autumn of 2023 to conduct an investigation of
possible contamination of owned land and land leased from a third party. Investigations are being
conducted, including the extent, the sources and responsibility of such possible contamination.
47
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
21 Financial risks
Due to its operations, investments and financing, the Group is exposed to a number of financial risks,
including liquidity risks, credit risks and market risks (interest rate risks and currency risks).
The Group’s financial risk management is centralized. The overall financial risks are monitored on a
regular basis by the Board of Directors.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its obligations on an ongoing basis due to an
inability to generate sufficient cash flows or obtain sufficient financing.
DKKm
2024/25
2023/24
Undrawn credit facilities (through DSV
M Invest
A/S) amount to
75
129
The Group's cash resources comprise cash and unused credit facilities. The credit facilities comprise a
cash pool in DSVM Invest A/S and subsidiaries and a super senior revolving facility of DKK 75 million.
The Group strives to hold sufficient cash resources to ensure appropriate room for maneuver in case of
unforeseen fluctuation in liquidity.
Expected maturity analysis of the Group's liabilities other than provisions:
The maturity analysis is broken down by category and class distributed by maturity period. Interest
payments on liabilities carrying variable interest are calculated based on the current interest rate at the
balance sheet date.
< 1 year
1
-
5 years
> 5 years
Total
contrac-
tual cash
flows
Carrying
amount
Fair value
2024/25
Measured at
amortised cost:
Credit institutions
0
0
0
0
0
0
Credit institutions, Interest
0
0
0
0
0
0
Leases
36
43
3
82
76
76
Other payables
, vendor loan
etc.
21
1
6
11
4
8
4
8
4
8
Trade payables
24
0
0
24
24
24
Transfer to liabilities held for sale
0
0
0
0
0
0
Financial liabilities
81
5
9
14
15
4
14
8
14
8
Measured at amortised cost:
Trade receivables
39
0
0
39
39
39
Other receivables, prepayments and
cash and cash equivalents
3
04
1
73
37
8
37
8
37
8
Measured at fair value (level 1):
Securities
1
0
0
1
1
1
Transfer to liabilities held for sale
0
0
0
0
0
0
Financial assets
344
1
73
41
8
41
8
41
8
Net cash outflow
/(
-
inflow)
-
2
63
58
-
59
-
26
4
-
2
7
0
-
2
70
48
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
21 Financial risks (continued)
< 1 year
1
-
5 years
> 5 years
Total
contrac-
tual cash
flows
Carrying
amount
Fair value
2023/24
Measured at amortised cost:
Credit
institutions
687
0
0
687
683
687
Credit institutions, Interest
8
0
0
8
8
8
Leases
107
146
26
279
245
245
Other payables
, vendor loan
etc.
114
24
0
138
138
138
Trade payables
388
0
0
388
388
388
Transfer to liabilities held for sale
394
191
21
606
574
574
Financial liabilities
1,698
361
47
2,106
2,036
2,040
Measured at amortised cost:
Trade receivables
388
0
0
388
388
388
Other receivables, prepayments and
cash and cash equivalents
-
49
13
0
-
36
-
36
-
36
Measured at fair value (level 1):
1
0
0
1
1
1
Transfer to liabilities held for sale
434
10
0
444
444
444
Financial assets
774
23
0
797
797
797
Net cash outflow
924
338
47
1,309
1,262
1,243
Credit risk
The Group is exposed to credit risks on receivables and bank deposits. The maximum credit risk
notwithstanding collateral corresponds to the carrying amount.
DSVM Invest
Group
DKKm
2024/25
2023/24
The impairment losses on total receivables can be
specified as follows:
Impairment losses at 1 May
5
6
Impairment for the year
0
-
1
Disposal/sale of business
-
4
0
Impairment losses at
30 April
1
5
Maturity of total trade receivables:
Not overdue
35
482
Overdue by 0
-
30 days
4
48
Overdue by 31
-
60 days
0
1
Overdue by 61
-
90 days
0
1
Overdue by 91
-
360 days
1
7
Overdue by more than 360 days
0
6
Receivables before impairment losses
40
545
Impairment losses
-
1
-
5
Transfer to liabilities held for sale
0
-
152
Total
receivables
39
388
It is the Group's credit policy that all debtors in the private sector, except large private debtors with low
credit risk, must be subject to credit insurance to the extent possible. The customers are credit rated by the
insurance company when taking out insurance. As a result, the credit risk of the Group is generally
considered low.
49
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
21 Financial risks (continued)
Cash is not considered associated with credit risks as the counterpart is a bank with a good credit rating.
The Group uses IFRS 9’s simplified expected credit loss model. The model implies that the expected loss
over the lifetime of the asset is recognised in the income statement immediately and is monitored on an
ongoing basis until realisation.
The Group has limited overdue trade receivables and historically there has been low losses on trade
receivables. The inputs to the expected credit loss model reflect this.
Expected credit loss from trade receivables at 30 April 2025 is presented as follows:
2024/25
Carrying
amount
Expected
loss rate, %
Loss
allowance
DKKm
2024/25
2024/25
2024/25
Maturity of total trade receivables:
Not overdue
35
0.1%
0
Overdue by 0
-
30 days
4
0.2%
0
Overdue by 31
-
60 days
0
0.4%
0
Overdue by 61
-
90 days
0
0.8%
0
Overdue by 91
-
360 days
1
25%
1
Overdue by more than 360 days
0
50%
0
Transfer to assets held for sale
0
0
Total receivables
40
1
2023/24
Carrying
amount
Expected
loss rate, %
Loss
allowance
DKKm
2023/24
2023/24
2023/24
Maturity of total trade receivables:
Not overdue
481
0
.
1%
1
Overdue by 0
-
30 days
48
0
.
2%
0
Overdue by 31
-
60 days
1
0
.
4%
0
Overdue by 61
-
90 days
1
0
.
8%
0
Overdue by 91
-
360 days
5
25%
2
Overdue by more than 360 days
4
50%
2
Transfer to assets held for sale
-
152
-
2
Total receivables
388
3
Currency risks
The Group is somewhat affected by foreign currency fluctuations, primarily fluctuations in Swedish kroner
and to a less degree EURO and NOK.
Income and expenses in all the Group's companies are generally settled in local currencies, and
consequently, the risks are limited to the net investments made in activities in Sweden, which amount to
DKK 245 million at 30 April 2025 (DKK 273 million at 30 April 2024). A change of 1% in the exchange rate
for SEK compared to DKK, will have an effect on other comprehensive income by approximately DKK 3
million before tax.
50
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
22 Capital structure
The Board of directors regularly evaluates the composition and extent of the Group's equity and loan
capital. It is Management's assessment that equity and loan capital is adequate relative to the expected
development in operations and liquidity in 2025/26.
23 Related parties and ownership
Related parties
Basis
Peter Korsholm Executive Board and member of the Board of Directors and
shareholder in Togu
la
ApS,
50%
shareholder in DSVM Invest A/S
Kent Arentoft Chairman of the Board of Directors and
shareholder in KATA Group ApS, 50% shareholder in DSVM Invest A/S
Robin Basse
Member of the Board of Directors
Transactions
As per 30 April 2025 two promissory notes totaling DKK 213 million (2023/24: DKK 0 million) were issued
to Togula ApS and KATA Group ApS. The promissory notes were fully settled in May 2025 in the form of
an extraordinary dividend.
Key management employees comprise member of Group Management, including CEOs of the portfolio
companies. Remuneration of executive employees amounted to DKK 15 million (2023/24: DKK 28 million)
and comprises short term remuneration including bonus schemes.
There are intra-group transactions in the form of management fee of DKK 5.6 million (2023/24: DKK 2.3
million). As per 30 April 2025 two promissory notes totaling DKK 213 million (2023/24: DKK 0 million) were
issued to Togula ApS and KATA Group ApS. The promissory notes were fully settled in May 2025 in the
form of an extraordinary dividend.
DSVM Invest
Group
DKKm
2024/25
2023/24
24 Fees to the Company's auditor appointed by the general meeting
Fee for statutory audit
0.8
1.7
Other
assurance engagements
0.
1
0.3
Tax assistance
0.3
0.3
Other assistance
0.
6
0.6
1.8
2.9
25 Cash flow statement – adjustments
Financial expenses, net
2
8
105
Depreciation, amortisation and impairment charges
12
4
272
Tax for the year
1
52
Gain on the disposal of
fixed assets
-
1,5
05
-
193
Exchange rate adjustments
1
2
-
1
-
1,3
4
0
235
Hereof discontinued operations DKK
-
1,415 m
illion (2023/24: DKK
212 million)
51
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
Notes
DSVM
Invest Group
DKKm
2024/25
2023/24
26 Cash flow statement – changes in working capital
Change in inventory
-
1
7
-
6
Change in trade receivables
-
6
99
Change in other receivables
& p
repayments
-
10
-
56
Change in trade payables
-
23
-
29
Change in
provisions
,
other payables
& deferred income
-
2
1
4
-
58
2
2
27 Financial liabilities and financing cash flow activities
Non
-
cash change
mDKK
Cash flow
Business
combi-
nations
Foreign
exchange
movement
Other
non-cash
changes
2024/25
Credit institutions
-
6
95
0
0
5
0
Financial debt and leases -86 0 0 -192 102
Sale/purchase of shares to non-
controlling interests
0
0
0
-
13
0
Financial liabilities
at
30 April 2025
-
781
0
0
-
200
102
Non
-
cash
change
mDKK
Cash flow
Business
combi-
nations
Foreign
exchange
movement
Other
non-cash
changes
2023/24
Credit institutions -216 0 0 16 690
Financial debt and leases
-
178
0
-
6
106
380
Sale/purchase of shares to non-
controlling interests -1 0 0 0 13
Financial liabilities at
30 April 2024
-
395
0
-
6
122
1,
083
28 Business combinations
Acquisitions in 2024/25 or 2023/24
No acquisitions have taken place in 2024/25 or 2023/24.
29 Events after the balance sheet date
Promissory notes totaling DKK 213 million issued to Togula ApS and KATA Group ApS were fully settled
in May 2025 in the form of an extraordinary dividend. No other material events have occurred after the
balance sheet date.
52
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
30 Assets and liabilities classified as held for sale and discontinued operations
Comparative figures for 2023/24 have been adjusted in the below tables regarding Discontinued
operations.
DKKm
2024/25
2023/24
0
Revenue
2,33
9
3,643
Direct expenses
-
20
2
1
-
2,96
5
Gross profit
318
678
Other external expenses
-
31
-
62
Staff expenses
-
1
28
-
200
Result before special items and other income (EBITDA before special items etc.)
1
59
4
17
Other income
1,508
81
Special items
-
5
-
6
Result before depreciation, amortization, impairment, net financials and tax
(EBITDA)
1,662 492
Depreciation of right
-
of
-
use
-
assets
-
65
-
160
Depreciation of owned property, plant and equipment
-
9
-
24
Amortization of intangible assets
-
3
-
6
Result before net
financials (EBIT)
1,5
85
302
Financial income
2
7
Financial expenses, lease liabilities
-
9
-
25
Financial expenses, other
-
2
-
4
Result before tax
1,5
76
280
Tax for the year
-
6
-
39
Result for the year
1,57
0
241
DKKm
2024/25
2023/24
Assets classified as held for sale
0
559
Other intangible assets
0
0
Right
-
of
-
use assets
0
215
Land and buildings
0
166
Plant, equipment and machinery
0
13
Fixtures and fittings, tools and equipment
0
8
Property, plant and
equipment under construction
0
55
Plots of land at fair value (investment property)
0
0
Other securities and investments
0
0
Other receivables
0
10
Inventories
0
2
Trade receivables
0
152
Other receivables
0
115
Prepayments
0
23
Cash
0
145
Total assets of disposal group held for sale
0
1,463
Liabilities directly associated with assets classified as held for sale
Credit institutions
0
0
Deferred tax liabilities
0
-
12
Vendor loan
0
0
Lease liabilities
0
168
Provisions
0
36
Other payables
0
13
Credit institutions
0
0
Vendor loan
0
0
Lease liabilities
0
70
Provisions
0
0
Trade payables
0
289
Corporate income tax
0
32
Other payables
0
33
Deferred income
0
32
Total liabilities of disposal group held for sale
0
661
53
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Consolidated financial statements 1 May 2024 - 30 April 2025
30 Assets and liabilities classified as held for sale and discontinued operations (continued)
DKKm
2024/25
2023/24
Cash flow
Net cash flows from operating activities
19
6
182
Net cash flows from investing activities
-
30
-
109
Net cash flows from financing activities
-
92
116
Net increase in cash flow generated by discontinued operations
74
-
43
The above tables show the main key performance indicators of Discontinued operations. For a short
explanation of the performance delivered in 2024/25 please refer to the “Discontinued operations”
paragraph included in the Financial Review.
54
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Parent company financial statements 1 May 2024 - 30 April 2025
Income statement
Parent Company
Note
DKK'000
2024/25
2023/24
Gross profit
2,426
-
18,834
3
2
Staff expenses
-
22,08
5
-
3,341
Result on ordinary activities
-
19,6
59
-
22,175
Result on s
ale of shares in subsidiaries
976,396
0
33 Dividends from subsidiaries
Write
-
down of investment in subsidiaries
234,672
-
94
,1
23
113,502
-
80,000
3
4
Financial income
10,
115
8,405
3
5
Financial expenses
-
15
,
381
-
73,407
Result before tax
1,0
9
2
,
020
-
53
,
675
3
6
Tax for the year
5,469
8,300
Adjustment tax on previous y
ears’ result
468
-
1
Result for the year
1,0
97
,9
57
-
4
5
,
376
55
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Parent company financial statements 1 May 2024 - 30 April 2025
Balance sheet
Parent Company
Note
DKK'000
2024/25
2023/24
ASSETS
Non
-
current assets
3
7
Investments in subsidiaries
531,547
755
,
670
531,547
755
,
670
Total non
-
current assets
531,547
755
,
670
Current assets
Receivables
Receivables from
group enterprises
34,805
68,8
94
Corporate income tax receivable
5,469
7
,
77
7
Prepayments
0
56
Other receivables
7
2
,799
14
6
40
Promissory notes to shareholders
212,
675
0
Assets held for sale
0
1,265,797
32
5
,
748
1,
342
,
670
Cash
22,507
0
Total current assets
34
8
,2
55
1,
342
,
670
TOTAL ASSETS
8
79
,8
02
2,0
98
,
340
56
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Parent company financial statements 1 May 2024 - 30 April 2025
Balance sheet
Parent Company
Note
DKK'000
2024/25
2023/24
EQUITY AND
LIABILITIES
Equity
3
8
Share capital
1,100
1,100
Retained earnings
693,076
1,
047
,1
19
Total equity
694,176
1,
048
,
2
19
Liabilities
Current liabilities
Credit institutions
0
570,347
Bank debt
0
13,222
Trade payables
193
170
Payables to gr
oup entities
184,57
3
458,771
Other payables
860
7,
611
1
85
,6
2
6
1,050
,
121
Total liabilities
1
85
,6
2
6
1,050,121
TOTAL EQUITY AND LIABILITIES
8
79
,8
02
2,
0
98
,
340
57
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Parent company financial statements 1 May 2024 - 30 April 2025
Statement of changes in equity
Parent Company
DKK'000
Share capital
Retained
earnings
Total
Equity at 1 May 202
4
1,100
1,
047
,
1
19
1,
048
,2
19
Extraordinary dividend paid during the year
0
-
1,452,000
-
1,452,000
Result for the year
0
1,0
97
,9
57
1,0
97
,9
57
Equity at
30 April 2025
1,100
693,076
694,176
Parent Company
DKK'000
Share capital
Retained
earnings
Total
Equity at 1 May 2023
1,100
1,
10
7
,
4
95
1,1
08
,
595
Extraordinary dividend paid during the year
0
-
15,000
-
15,000
Result for the year
0
-
45,376
-
45,376
Equity at
30 April 2024
1,100
1,
047
,
1
19
1,
048
,
2
19
58
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Parent company financial statements 1 May 2024 - 30 April 2025
List of notes to the parent company financial statements
Note
31 Accounting policies
32
33
Staff expenses
Dividends from subsidiaries
34 Financial income
35 Financial expenses
36 Tax for the year
37 Investments in subsidiaries
38 Share capital
39 Contingent liabilities
40 Related parties and ownership
41 Proposed distribution of profit/loss
59
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Parent company financial statements 1 May 2024 - 30 April 2025
Notes
31 Accounting policies – Parent Company
The annual report of DSVM Invest A/S has been prepared in accordance with the provisions in the Danish
Financial Statements Act applying to medium-sized reporting class C entities.
The accounting policies used in the preparation of the financial statements are consistent with those of last
year. At an extraordinary general assembly meeting in April 2025, the Group decided to merge DSVM
Invest A/S in into DSV Miljø Group A/S (now named DSVM Invest A/S as continuing company) with
accounting effect 1 May 2024. As a consequence of the merger, the comparable figures for the Parent
Company for 2023/24 have been restated. Result after tax has been restated from DKK -1,440 thousand
to DKK -45,376 thousand. Total equity has been restated from DKK 746,030 thousand to DKK 1,048,219
thousand.
The Group method
Intragroup business combinations (between the parent company and a subsidiary) are accounted for
under the Group method. Under this method, the two enterprises are combined at carrying amounts
including excess values. The Group method is applied as if the two enterprises had always been
combined, by restating the comparative figures.
Reporting currency
The parent company financial statements are presented in Danish kroner.
Foreign currency translation
Transactions denominated in foreign currencies are translated into Danish kroner at the exchange rates at
the date of the transaction.
Receivables, payables and other monetary assets and liabilities denominated in foreign currency are
translated into Danish kroner at the exchange rates at the balance sheet date. Realised and unrealised
foreign exchange gains and losses are recognised in the income statement as financial income or financial
expenses.
Income statement
Revenue
Income from the rendering of services is recognised as revenue as the services are rendered. Accordingly,
revenue corresponds to the market value of the services rendered during the year (percentage-of-
completion method). Revenue is measured at the fair value of the agreed consideration excluding VAT
and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue.
Other external expenses
Other external expenses include expenses relating to the Company's primary activity that are incurred
during the year, including administration and other external expenses.
Gross profit
In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its
revenue. Gross profit reflects an aggregation of revenue, changes in inventories of finished goods and
work in progress and other operation income less raw materials and consumables and other external
expenses.
Staff expenses
Staff expenses include wages and salaries, including compensated absence and pensions, as well as
other social security contributions, etc. made to the entity’s employees. The item is net of refunds made by
public authorities.
60
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Dividends from subsidiaries
Dividends from investments in subsidiaries are recognised in the income statement in the year of
declaration. Distributions of dividend where the dividend exceeds the profit for the year or where the
carrying amount of the Company’s investments in the subsidiary exceeds the carrying amount of the
subsidiary's net asset value will be evidence of impairment, meaning that an impairment test must be
conducted.
61
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Parent company financial statements 1 May 2024 - 30 April 2025
Notes
31 Accounting policies – Parent Company (continued)
Financial expenses and income.
Financial expenses and income are recognised in the income statement at the amounts relating to the
financial year. The items comprise interest expenses and income, including from group entities. Financial
expenses include amortization of loan cost relating to bond debt and credit institutions.
Taxation
Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax
adjustments. The tax expense relating to the profit/loss for the year is recognised in the income statement,
and the tax expense relating to transactions recognised in equity is recognised in equity.
The company and its Danish group entities are jointly taxed together with its parent company and the
parent company’s other Danish subsidiaries. The Danish income tax charge is allocated between profit
making and loss making Danish entities in proportion to their taxable income.
Jointly taxed entities entitled to a tax refund are reimbursed by the administration company based on the
rates applicable to interest allowances, and jointly taxed entities that have paid too little tax pay a
surcharge according to the rates applicable to interest surcharges to the administration company.
Balance sheet
Equity investments in group entities
Investments in subsidiaries are measured at cost. In case of indication of impairment, an impairment test
must be conducted. Investments are written down to the lower of the carrying amount and the recoverable
amount.
Write-down of non-current assets
Investments are tested for impairment when there is an indication of impairment of the assets other than
the decrease in value reflected by amortisation or depreciation.
Impairment is recognized if the recoverable amount is lower than the carrying amount. The recoverable
amount of the asset is determined as the higher of the net selling price and the value in use. If it is not
possible to determine the recoverable amount for individual assets, the assets are assessed jointly in the
smallest identifiable group of assets to determine a reliable recoverable amount.
Impairment losses are reversed in so far as the assumptions and estimates underlying the impairment
losses have changed. Impairment is only reversed to the extent that the asset's increased carrying amount
does not exceed the carrying amount that would have been determined (net of amortisation or
depreciation) had no impairment loss been recognised for the asset in prior years.
Receivables
Receivables are measured at amortised cost. An impairment loss is recognised based on objective
indication that a receivable or a group of receivables is impaired. Impairment write-down is made to the
lower of net realisable value and the carrying amount. The Company has chosen IAS 39 for impairment
write down of financial receivables. Write-down for bad and doubtful debts is made when there is objective
evidence that a receivable or a portfolio of receivables has been impaired. If there is objective evidence
that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.
62
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Parent company financial statements 1 May 2024 - 30 April 2025
Notes
31 Accounting policies – Parent Company (continued)
Other securities
Other securities are measured at fair value. Value adjustments are recognized as financial income or
financial expenses. The fair value measurement is based on the principal market according to Level 1:
Quoted priced in an active market for identical assets or liabilities.
Prepayments
Prepayments comprise prepaid expenses concerning subsequent financial years.
Equity
Share premium
Share premium comprises amounts in addition to the nominal share capital that have been paid by the
shareholders in connection with capital increases and gains and losses from the disposal of treasury
shares.
According to the articles of association, the share premium can be freely used for distribution of dividend
and bonus share issue.
Corporate income tax
Current tax payable and receivable is recognised in the balance sheet as tax computed on the expected
taxable income for the year, adjusted for tax on the taxable income of prior years and for prepaid tax.
Provisions for deferred tax are calculated, based on the liability method, of all temporary differences
between carrying amounts and tax values of assets and liabilities, with the exception of temporary
differences occurring at the time of acquisition of assets and liabilities neither affecting the results of
operations nor the taxable income, as well as temporary differences on non-amortisable goodwill.
Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet
date, when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at
the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against
deferred tax liabilities in the same legal tax entity.
As a company in a joint taxation group, the Company is liable for payment of the subsidiaries' income
taxes vis-à-vis the tax authorities as the subsidiaries pay their joint taxation contributions.
Financial liabilities
Loans, such as bond loans and loans from credit institutions, are recognised at the time of borrowing at the
proceeds received, net of transaction expenses incurred. On refinancing of existing loans, refinanced
loans are recognised at fair value, and borrowing costs incurred are recognised in the income statement.
In subsequent periods, the loans are measured at amortised cost. Accordingly, the difference between the
proceeds at fair value and the nominal value is recognised and amortised as financial expenses in the
income statement over the term of the loan.
Non-financial liabilities are measured at net realizable value.
Cash flow statement
With reference to section 86(4) of the Danish Financial Statements act and to the cash flow statement
included in the consolidated financial statements of DSVM Invest A/S, the Parent Company has not
prepared a cash flow statement.
63
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Parent company financial statements 1 May 2024 - 30 April 2025
Notes
32 Staff expenses
Staff expenses are computed as follows:
Wages and salaries
2
0
,
418
2,909
Pension
1,651
403
Other social security
17
29
22,086
3,341
Members of the Executive Board and Board of Directors did not receive remuneration
in 2024/25 or 2023/24.
Average number of employees
3
2
33 Dividends from subsidiaries/write-down of investment in subsidiaries
Dividends received from subsidiaries
234,
672
113,502
Writedown/reversal of writedown of investment in subsidiaries
-
94
,1
23
-
80,000
140
,5
49
33,502
34 Financial income
Credit institutions
4,346
2,110
Foreign exchange
gains
999
0
Intra
-
group interest
4,770
6,295
Other financial income
0
0
10
,
115
8,40
5
35 Financial expenses
Amortization of capitalized loan c
osts
3,838
2,202
Interest to credit institutions
6,696
56,834
Intra
-
group interest
2,272
8,733
Foreign exchange losses
0
3,863
Other financial expenses
2,575
1,775
15,381
73,407
36 Tax for the year
Computed corporate income tax, incl. financing surcharge
5,469
8,300
Changes in deferred tax
provided for
0
0
Tax prior years
468
-
1
5,937
8,299
Parent Company
DKK
’
000
2024/25
2023/24
64
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Parent company financial statements 1 May 2024 - 30 April 2025
Notes
37 Investments in subsidiaries
Cost
Balance at 1
May
755
,
670
1,
9
1
4
,
96
7
Additions for the year
0
10
6
,
5
00
Disposals during the year
-
130,000
0
Wtitedowns during the year
-
94,123
0
Foreign exchange adjustment
0
0
Assets held for sale
0
-
1,265,797
Cost at
30 April
531,547
755
,
670
Carrying amount at
30 April
531,547
755
,
670
Company
Business area
-
Gammel Marbjergvej ApS
Denmark
Property developm.
-
Leonora Ejendomme A/S
Denmark
Property developm.
-
Nymølle Stenindustrier A/S Denmark Raw materials
-
Industrial Water Solutions A/S
Denmark
Water
-
Industrial Water Solutions AS
Norway
Water
-
Industrial Water Solutions Ltd. UK Water
-
Stigsnæs Vandindvinding I/S (31%)
Denmark
Water
-
Totalleveranser Sverige AB
Sweden
Other
-
Rönnarp Recycling AB (dormant) Sweden Other
-
Totalleveranser Sverige Holding AB
(dormant)
Sweden
Other
-
Totalleveranser Sverige Fastigheter AB
(do
rmant)
Sweden
Other
Parent Company
DKK'000
2024/25
2023/24
65
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Parent company financial statements 1 May 2024 - 30 April 2025
Notes
38 Share capital
The share capital of DKK
1,1
00,000
is composed as follows:
1,100,000 shares of DKK 1 each
1,100
1,100
1,100
1,100
The capital has been unchanged in last 5 prior years.
39 Contingent liabilities
As per 31 May 2024, the debt to credit institutions was fully settled and consequently all collateral
released.
Guarantees whereby the guarantor assumes primary liability have been issued in respect of some of the
subsidiaries' lease and warranty commitments.
The parent company is part of the Group’s cash pool and is jointly and severally liable for any debt on the
cash pool accounts.
The administration company DSVM Invest A/S and the Company is jointly taxed with the other Danish
group entities and is jointly and severally liable together with the other jointly taxed entities for payment of
corporate income tax and withholding tax on interest, royalties and dividends within the joint taxation
group.
40 Related parties and ownership
Related parties
Basis
Peter Korsholm Executive Board and member of the Board of Directors and
shareholder in Togula ApS, 50% shareholder in DSVM Invest A/S
Kent Arentoft Chairman of the Board of Directors and
shareholder in KATA Group ApS, 50% shareholder in DSVM Invest A/S
Robin Basse Member of the Board of Directors
Transactions
As per 30 April 2025 two promissory notes totaling DKK 213 million (2023/24: DKK 0 million) were issued
to Togula ApS and KATA Group ApS. The promissory notes were fully settled in May 2025 in the form of
an extraordinary dividend.
In accordance with section 98 C, subsection (3) of the Danish Financial Statement Act, DSVM Invest A/S
has not presented the related party transaction with wholly-owned subsidiaries.
Parent Company
DKK'000
2024/25
2023/24
66
DSVM Invest A/S
Annual report
1 May 202
4
-
30 April 202
5
Parent company financial statements 1 May 2024 - 30 April 2025
Notes
41 Proposed distribution of profit/loss
Retained earnings
1,0
97
,9
57
-
45,376
Dividend paid during the year
0
0
1,0
97
,
957
-
45,376
Parent Company
DKK'000
2024/25
2023/24
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2024-05-012025-04-302023-05-012024-04-30254900R1WWLUYMX68N77Reporting class C, large enterpriseOpinionBasis for Opinion47074720002000254900R1WWLUYMX68N772024-05-012025-04-30cmn:ConsolidatedMember254900R1WWLUYMX68N772024-05-012025-04-30254900R1WWLUYMX68N772023-05-012024-04-30254900R1WWLUYMX68N772025-04-30254900R1WWLUYMX68N772024-04-30254900R1WWLUYMX68N772024-04-30ifrs-full:IssuedCapitalMember254900R1WWLUYMX68N772024-05-012025-04-30ifrs-full:IssuedCapitalMember254900R1WWLUYMX68N772025-04-30ifrs-full:IssuedCapitalMember254900R1WWLUYMX68N772024-04-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember254900R1WWLUYMX68N772024-05-012025-04-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember254900R1WWLUYMX68N772025-04-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember254900R1WWLUYMX68N772024-04-30ifrs-full:RevaluationSurplusMember254900R1WWLUYMX68N772024-05-012025-04-30ifrs-full:RevaluationSurplusMember254900R1WWLUYMX68N772025-04-30ifrs-full:RevaluationSurplusMember254900R1WWLUYMX68N772024-04-30ifrs-full:RetainedEarningsMember254900R1WWLUYMX68N772024-05-012025-04-30ifrs-full:RetainedEarningsMember254900R1WWLUYMX68N772025-04-30ifrs-full:RetainedEarningsMember254900R1WWLUYMX68N772024-04-30ifrs-full:EquityAttributableToOwnersOfParentMember254900R1WWLUYMX68N772024-05-012025-04-30ifrs-full:EquityAttributableToOwnersOfParentMember254900R1WWLUYMX68N772025-04-30ifrs-full:EquityAttributableToOwnersOfParentMember254900R1WWLUYMX68N772024-04-30ifrs-full:NoncontrollingInterestsMember254900R1WWLUYMX68N772024-05-012025-04-30ifrs-full:NoncontrollingInterestsMember254900R1WWLUYMX68N772025-04-30ifrs-full:NoncontrollingInterestsMember254900R1WWLUYMX68N772023-04-30ifrs-full:IssuedCapitalMember254900R1WWLUYMX68N772023-05-012024-04-30ifrs-full:IssuedCapitalMember254900R1WWLUYMX68N772023-04-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember254900R1WWLUYMX68N772023-05-012024-04-30ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember254900R1WWLUYMX68N772023-04-30ifrs-full:RevaluationSurplusMember254900R1WWLUYMX68N772023-05-012024-04-30ifrs-full:RevaluationSurplusMember254900R1WWLUYMX68N772023-04-30ifrs-full:RetainedEarningsMember254900R1WWLUYMX68N772023-05-012024-04-30ifrs-full:RetainedEarningsMember254900R1WWLUYMX68N772023-04-30ifrs-full:EquityAttributableToOwnersOfParentMember254900R1WWLUYMX68N772023-05-012024-04-30ifrs-full:EquityAttributableToOwnersOfParentMember254900R1WWLUYMX68N772023-04-30ifrs-full:NoncontrollingInterestsMember254900R1WWLUYMX68N772023-05-012024-04-30ifrs-full:NoncontrollingInterestsMember254900R1WWLUYMX68N772023-04-30254900R1WWLUYMX68N772024-05-012025-04-30cmn:ConsolidatedMember1254900R1WWLUYMX68N772024-05-012025-04-30cmn:ConsolidatedMember1254900R1WWLUYMX68N772024-05-012025-04-30cmn:ConsolidatedMember2254900R1WWLUYMX68N772024-05-012025-04-30cmn:ConsolidatedMember3254900R1WWLUYMX68N772024-05-012025-04-30cmn:ConsolidatedMember1254900R1WWLUYMX68N772024-05-012025-04-30cmn:ConsolidatedMember2254900R1WWLUYMX68N772023-05-012024-04-30cmn:ConsolidatedMemberiso4217:DKKxbrli:pure