SKAKO A/S CVR:
36440414
Strandvænget 5
3050 Humlebæk
Denmark
Profit for the year
(DKKm)
125.7
(+1,041.6%)
Up from 11.0
EBIT
(DKKm)
(5.7)
(-37.1%)
Down from (4.1)
Profit before tax
(DKKm)
(8.4)
(-46.0%)
Down from (5.8)
Profit from discontinued activities
(DKKm)
145.4
(+839.1%)
Up from 15.5
2025
Annual report
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CONTENTS
Management’s review
1. Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
1.1 Letter to our shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
1.2 Financial key figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
1.3 Financial review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
1.4 Guidance 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
2. Corporate governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2.1 Company announcements 2025 . . . . . . . . . . . . . . . . . . . . . . . 9
2.2 Corporate social responsibility. . . . . . . . . . . . . . . . . . . . . . . . . 11
2.3 Risk management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
2.4 Corporate governance and remuneration report . . . . . . . . . . . . . 18
2.5 Executive management . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
2.6 Board of directors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
2.7 Shareholder information . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
3. Financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
3.1 Statement by Management . . . . . . . . . . . . . . . . . . . . . . . . . . 24
3.2 Independent auditor’s report . . . . . . . . . . . . . . . . . . . . . . . . . 25
3.3 Consolidated financial statements . . . . . . . . . . . . . . . . . . . . . 30
3.4 Consolidated notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
3.5 Parent company financial statements . . . . . . . . . . . . . . . . . . . 79
3.6 Parent company notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
Important notice about this document
This document contains forward-looking statements. Words such as believe, expect, may, will, plan, strategy, prospect, foresee, estimate, project, anticipate, can, intend,
outlook, guidance, target and other words and terms of similar meaning in connection with any discussion of future operation of financial performance identify forward-
looking statements. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the outlook set forth.
Furthermore, some of these expectations are based on assumptions regarding future events which may prove incorrect. Due to the war in Ukraine, increased geopolitical
tension and uncertainty regarding interest rate and inflation, this guidance is subject to a higher-than-normal degree of uncertainty.
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2025
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1.1 Letter
to our shareholders
1.1 LETTER TO OUR SHAREHOLDERS
Jens Wittrup Willumsen
Chairman of the Board
Christian Herskind Jørgensen
CEO
Closing an important chapter
In 2025 the nature of SKAKO changed materially with the divestment of SKAKO Vibration to
FCDE. Over the past decade SKAKO has invested strategically into the recycling business,
boosting the Minerals business with large contracts in Morocco and maintaining consistent
profitability while growing. We are grateful that these investments resulted in a good
outcome for SKAKO A/S shareholders.
Since the end of 2020, when we launched our medium-term financial ambitions to grow the
group, SKAKO stock has provided a cumulative 128% total return at the 2025 year-end stock
price of 54.60, equivalent to an 18% CAGR over 5 years. Compared to the Danish equity
market indices (which provided a ⁓16% total return, equivalent to a 3% CAGR over 5 years)
we consider these results highly satisfactory.
The impressive results can in large part be attributed to the hard work, dedication, and
effort from both SKAKO Concrete and SKAKO Vibration employees. We wish both the new
owners and their employees the best of luck in their future endeavors.
A new identity and purpose
Post-transaction, the SKAKO trademark and name will be owned by the buyers of SKAKO
Vibration. SKAKO A/S is expected to rename itself ”Investeringsselskabet af 3. November
2025 A/S” (The investment company of November 3, 2025).
As previously communicated in the company announcements for the third quarter of 2025,
the main obligation for the new company will be to manage run-off liabilities resulting from
both divestments.
For this purpose, the board of directors have agreed to maintain a capital base of DKK 50m in
residual capital, to be invested until 2031. The investments will be allocated to partially
cover the costs associated with operating the company until at least 2031, after which the
company expects to distribute any remaining proceeds to the shareholders.
Three main goals for the next 6 years
Until the start of 2032, the management and board of Investeringsselskabet af 3. November
2025 A/S will focus on three goals:
• Maintain adequate liquidity and low-risk allocations to service ongoing guarantee
obligations and other post-transaction liabilities from the sale of SKAKO Concrete and
SKAKO Vibration
• Obtain robust risk-adjusted returns on remaining capital to partially cover operating
costs
• Minimize costs and post-transaction liabilities to maximize residual capital by the end of
2031
Management would like to thank all employees, consultants, advisors, and board members
for helping facilitate a successful end to the SKAKO A/S journey.
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2025
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1.2 Financial
key figures
1.2 FINANCIAL KEY FIGURES
Key figures and financial ratios – DKK
DKK Thousands 2025 2024 2023 2022 2021
INCOME STATEMENT
Revenue - - - - -
Gross profit - - - - -
Operating profit (EBIT) before special items (5,674) (4,140) (2,558) (4,332) (3,078)
Special items - - (1,934) (1,650) -
Operating profit (EBIT) after special items (5,674) (4,140) (4,492) (5,982) (3,078)
Net financial items (2,752) (1,630) (2,971) (530) (621)
Profit before tax (8,426) (5,770) (7,463) (6,512) (3,699)
Profit after tax (19,708) (4,473) (4,847) 827 (1,007)
Profit for the year discontinued activities 145,386 15,482 58,484 - -
Profit for the year 125,678 11,009 53,637 827 (1,007)
BALANCE SHEET
Non-current assets - 62,833 55,001 88,599 84,216
Current assets 213,850 168,731 287,192 295,458 254,804
Assets 213,850 231,563 342,193 384,057 339,020
Equity 205,134 87,281 215,064 146,167 132,237
Non-current liabilities - 15,647 14,454 26,473 29,122
Current liabilities 8,716 128,635 112,675 211,417 177,661
Net debt (13,371) 37,297 (137,478) 20,997 26,987
Net working capital (268) 79,259 54,684 110,681 105,703
OTHER KEY FIGURES
Investment in intangible assets - - 561 4,153 3,962
Investment in tangible assets - 429 10,600 6,174 3,504
Cash flow from operating activities (CFFO) 86,715 (21,544) 16,783 35,665 30,276
Free cash flow* 94,552 (32,219) 12,159 28,850 22,810
Average number of employees - - 115 112 199
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1.2 Financial
key figures
Figures for 2021 to 2023 do not contain the discontinued businesses SKAKO Vibration and SKAKO Concrete.
For calculation of financial ratios please see note 24. Net working capital includes Trade payables.
Key figures and financial ratios – DKK CONTINUED
DKK Thousands 2025 2024 2023 2022 2021
FINANCIAL RATIOS
Gross profit margin NA NA NA NA NA
Profit margin (EBIT margin) before special items NA NA NA NA NA
Liquidity ratio 2,453.6% 132.6% 254.9% 139.8% 143.4%
Equity ratio 95.9% 37.7% 62.8% 38.1% 39.0%
Return on equity 85.6% 7.3% 29.7% 0.6% -0.8%
ROIC -9.6% -2.3% 13.1% 16.5% 10.3%
Financial leverage -6.5% 42.7% -63.9% 14.4% 20.4%
Net debt to EBITDA -29.5 -10.7 53.7 -4.9 -8.8
NWC/Revenue NA NA NA NA NA
Earnings per share (EPS) 40.15 3.51 17.14 0.26 (0.32)
Equity value per share 65.5 28.3 69.7 47.4 42.9
Share price 54.6 81.2 103.0 62.6 55.2
Price-book ratio 0.83 2.87 1.48 1.32 1.29
Market cap 172,126 252,240 319,960 194,461 171,474
Order backlog NA NA NA NA NA
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2025
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1.3 Financial
review
1.3 FINANCIAL REVIEW
SKAKO’s financials for 2025 were impacted by the divestment of all Vibration
activities on November 13, 2025 and therefore the accounts for 2025 report the
Vibration activities as discontinued activities. As a result, the accounts do not
include any revenue, gross profit or order backlog.
Results
▪ Operating profit was DKK -5.7m in 2025 compared to DKK -4.1m in 2024
▪ Profit for the year before discontinued activities was DKK -19.7m compared to
DKK -2.6m in 2024 due to the loss of a not utilized tax asset of DKK 12.6m and
lower operating profits
▪ Profit for discontinued activities was DKK 145.4m due to the gain on the
divestment of the Vibration activities
▪ Profit for the period was DKK 125.7m driven by the divestment of the Vibration
activities. The result is in line with the guidance of DKK 110-140m given in the
Q3 report
Cash position after the divestment of the Vibration activities
After the divestment of the Vibration activities as of 31 December 2025 SKAKO has
invested DKK 200m in bonds with very short duration and has cash of DKK 13.4m.
Thus, SKAKO has available funds in terms of cash and bonds with very short
duration of a gross amount of DKK 213.4m. From this amount DKK 8.7m regarding
other current liabilities, mainly outstanding VAT from the sale of the SKAKO
trademark, needs to be subtracted to reach the net amount available for
distribution to shareholders and to cover SKAKO’s legal obligations. This gives a net
amount of DKK 204.7m compared to DKK 200-205m expected in the Q3 report
2025. Out of this amount the Board of Directors recommend a dividend distribution
of DKK 154.5m corresponding to DKK 49 per share (2024: DKK 2.5 per share). The
remaining DKK 51.3m is to ensure that SKAKO has enough financial resources to
meet its legal obligations and to generate a return to cover or partly cover the
future running costs.
Potential future legal obligations are among others guarantee obligations running
until 2031 and related to SKAKO Concrete. SKAKO has received notice that there
may possibly be raised guarantee claims regarding certain mixers delivered by
SKAKO Concrete until 2023. SKAKO Concrete delivered 15 mixers in this period with
guarantees expiring in the period 2025 to 2031. Based on available information it is
not possible for SKAKO to determine to what extent and when possible guarantee
claims may be raised and whether such claims would be covered by the guarantee.
However, if such claims were to materialize and SKAKO is responsible for these
claims, the financial impact could be significant. Earlier in 2025, SKAKO paid DKK
1.4m for a guarantee claim regarding a mixer of another type which is included in
”result of discontinued activities after tax”.
It should be noted that currently SKAKO has not received other claims, but it is not
possible for SKAKO to assess whether there will be raised more claims and if SKAKO
is responsible. Please also see note 20 in the consolidated notes.
Investment of proceeds
Before the payment of dividends all proceeds from the divestment of SKAKO
Vibration are invested in bonds with very short duration and low risk. After the
payment of dividends, the Board of Directors will revisit the investment strategy.
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Guidance 2026
SKAKO’s budget for 2026 indicates yearly running costs of DKK 3.0-3.5m excluding
costs regarding potential guarantee claims. These costs will to some extent be
compensated by the returns on the investment of the remaining proceeds of
around DKK 51m.
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1.4 GUIDANCE 2026
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2. CORPORATE
GOVERNANCE
2.1 COMPANY ANNOUNCEMENTS IN 2025
2.2 RISK MANAGEMENT
2.3 CORPORATE GOVERNANCE AND REMUNERATION REPORT
2.4 EXECUTIVE MANAGEMENT
2.5 BOARD OF DIRECTORS
2.6 SHAREHOLDER INFORMATION
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2.1 Company
announcements
2025
2.1 COMPANY ANNOUNCEMENTS 2025
Main company announcements in 2025
21 February 01 – Preliminary unaudited financial figures for 2024 and full-year outlook for 2025
28 February 02 – Change in group management in SKAKO A/S
12 March 03 – Annual report 2024
31 March 04 – Notice about general meeting
24 April 05 – Course of general meeting on 24 April 2025
21 May 06 – Trading statement for the first quarter of 2025
20 August 07 – Interim report for the first two quarters of 2025
10 October 08 – SKAKO A/S enters into an agreement to divest all of its remaining operating activities
10 October 09 – Notice about extra ordinary general meeting
3 November 10 – Course of extra ordinary general meeting on 3 November 2025
7 November 11 – Trading statement for the first three quarters of 2025
13 November 12 – Divestment of all remaining operating activities of SKAKO A/S has been completed
28 November 13 – SKAKO A/S terminated its Market Maker agreement with Danske Bank
19 December 14 – Notification of the obligation to submit a mandatory takeover offer
19 December 15 – Major shareholder announcement
19 December 16 – Reporting of PDMR and closely associated persons’ transactions
The company announcements are available on the company website:
Investeringsselskabet af 3. November 2025
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2.1 Company
announcements
2025
2.1 COMPANY ANNOUNCEMENTS 2025
Continued
23 December 17 – Announcement of an increase in the offer price in the mandatory takeover bid
23 December 18 – Major shareholder announcement
23 December 19 – Major shareholder announcement
30 December 20 – Major shareholder announcement
30 December 21 – Reporting of PDMR and closely associated persons’ transactions
9 January 2026 1 – Financial calendar 2026
16 January 2026 2 – Publication of mandatory offer document
27 January 2026 3 – Board statement on mandatory takeover offer
9 February 2026 4 – Major shareholder announcement
18 February 2026 5 – Preliminary result of the mandatory offer
18 February 2026 6 – Reporting of PDMR and closely associated persons’ transactions
23 February 2026 7 – Final result of the mandatory offer
23 February 2026 8 – Reporting of PDMR and closely associated persons’ transactions
The company announcements are available on the company website:
Investeringsselskabet af 3. November 2025
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2.2 Corporate
social
responsibility
2.2 CORPORATE SOCIAL RESPONSIBILITY
Report on Corporate Social
Responsibility, cf. Section 99b of the
Danish Financial Statements Act
SKAKO strives to operate its business in a responsible manner and wants to
comply with the legislation in all the countries where operations are conducted.
Furthermore, compliance with Human Rights and consideration for the
environment are considerable focus areas for the Group. SKAKO’s work with
corporate social responsibility is based on value creation and risk management.
SKAKO has chosen to focus its work on social responsibility within five areas:
Environment, human rights, working environment, anti-corruption, and equality.
The policies below have been approved by the Board of Directors.
Result for 2025 compared to goal for 2025
SKAKO realized 11.9% lower consumption of kWh in 2025 compared to the goal of
500,000 kWh due to the divestment of the Vibration activities in November. In
2025 we had the full year effect of solar collectors in France. In France, the
production of electricity based on the solar collectors was much higher than the
use of electricity.
Results & goals
Goal
for
2025
Result 2025 Result 2024 Result 2023 Result 2022
500,000 440,650 516,886 790,316 804,777
Policy
SKAKO seeks to reduce its impact on the environment by reducing
energy consumption year by year. The Group is a know-how and engineering
company with production of key components. The production mainly consists of
assembling and testing and does not include energy-demanding or polluting
processes. All surface treatment processes are outsourced to sub-suppliers. A part
of SKAKO’s supplier “Code of Conduct” addresses impact on the environment. See
under Human rights for more information about the supplier “Code of Conduct”.
Furthermore, SKAKO has taken measures to reduce its energy consumption by,
for example, installing LED lighting in its facilities and installing solar roof panels.
Environment
Actions
Not relevant due to the divestment of all business activities.
KPI
Consumed kWh in production sites.
Risks
Due to the divestment of all business activities, there are no longer any relevant
risks.
In 2025, there were risks that energy consumption could not be reduced
sufficiently rapidly as a result of increased activity levels.
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2.2 Corporate
social
responsibility
Working environment
Policy
Our employees are our most valuable asset and key to providing high-quality
products and services to our customers. It is vital to SKAKO’s future success that
SKAKO is a safe, motivating and developing place to work.
Actions
1. The sick rate among employees is monitored and we follow up on employees
with high absence.
2. SKAKO will produce an annual employee satisfaction survey to monitor the
development in employee satisfaction. Processes are in place to ensure that
low-scoring departments receive guidance on how to improve employee
satisfaction.
3. Number of on-the-job accidents is measured.
4. All employees must have at least one yearly performance appraisal interview.
KPIs
1. The average sick rate among employees.
2. An average employee satisfaction score of at least 3.5.
3. Number of on-the-job accidents.
4. Percentage of performance appraisal interviews each year.
Results for 2025 compared to goals for 2025
1. SKAKO reached its goal of 4.5 sick days in 2025.
2. In 2025 the employee survey resulted in an employee satisfaction of 3.8 which
was above our goal of at least 3.5.
3. In 2025, SKAKO had 5 on-the-job accidents. Management does not find this
satisfactory although it has been minor on-the-job accidents. The
management will continue to work on eliminating on-the-job accidents.
4. In 2025, the score on appraisal interviews was 85% which was slightly below our
goal of 90%.
Results & goals
Goal for
2025
Result
2025
Result
2024
Result
2023
Result
2022
1* 4.5 4.5 4.0 5.0 5.5
2** >3.5 3.8 3.8 3.8 4.1
3 0 5 6 8 10
4 90% 85% 85% 85% 85%
*Measured as total number of sick days divided by the average number of employees in the year
**On a scale from 1 to 5, where 5 is the most positive score
Risks
Due to the divestment of all business activities, there are no longer any relevant
risks.
In 2025, there were the following risks:
1. The rate of illness increases due to an epidemic.
2. Internal information on corrective actions is not sufficient.
3. Unintentional violations of safety standards.
4. Performance appraisal interviews are not carried out on time due to high
workload
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2.2 Corporate
social
responsibility
Anti-corruption and bribery
Policy
SKAKO seeks to avoid corruption and bribery by creating a framework that secures
that employees at SKAKO are able to abide to laws and regulations, and that there
will never exist any doubt with regards to a SKAKO employee’s impartiality.
Actions
1. SKAKO enforces a gift policy.
2. SKAKO has introduced an internal whistle blower scheme to give
employees the opportunity to report on corruption, bribery and other matters
while being anonymous.
3. SKAKO has developed an Employee “Code of Conduct” e-learning
that describes the way SKAKO expects all its employees to act in accordance
with laws and regulations. The employee “Code of Conduct” also describes
usage of the whistle blower scheme. Every year all SKAKO employees
must conduct the Employee “Code of Conduct” e-learning session.
4. Whistle blower scheme will in the future also be available for external parties.
KPIs
2. No reported violations of anti-corruption laws and regulations, and SKAKO
Employee Code of Conduct.
3. All employees to pass SKAKO’s Employee “Code of Conduct” e-learning.
Results for 2025 compared to goals for 2025
1. SKAKO A/S has maintained its gift policy throughout 2025.
2. SKAKO A/S has received no reported violations of anti-corruption laws
and regulations, and SKAKO Employee Code of Conduct in 2025.
3. Not attainable due to poor registration of test results under the divestment
process of the Vibration activities.
4. The whistle blower scheme was not made available to external parties due to
the time-consuming divestment process of SKAKO Vibration.
Results & goals
Risks
Due to the divestment of all business activities, there are no longer
any relevant risks.
In 2025, there were the following risks:
1. Employees lack knowledge of the whistle blower scheme.
2. Employee ”Code of Conduct” e-learning is not prioritized.
Goal for
2025
Result for
2025
Result for
2024
Result
2023
2 0 0 0 0
3 100% NA 85% 75%
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2.2 Corporate
social
responsibility
Human rights
Policy
To SKAKO, respect of human rights is about the company’s own
employees’ conditions and securing that suppliers and sub-suppliers deliver
services to the Group in a way that considers their employees’ rights including
safety and health.
Actions
SKAKO has formulated a Supplier ”Code of Conduct” that specifies principles
we expect our supplier to follow. This ensures that suppliers and their suppliers
produce and deliver their services to the Group in a way that considers the
environment and the employees’ rights.
KPI
The part of our main suppliers that have signed our supplier “Code of Conduct”.
Result for 2025 compared to goal for 2025
Not attainable due to poor registration of test results under the divestment
process of the Vibration activities.
Results & goals
Risks
Due to the divestment of all business activities, there are no longer any relevant
risks.
In 2025, there was a risk of insufficient transparency in compliance with SKAKOs
Supplier “Code of Conduct”.
Goal 2025
Result
for 2025
Result 2024 Result 2023 Result 2022
95% NA 90% 90% 95%
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2.2 Data
Ethics
Data ethics (§99d ÅRL)
Policy and actions will be reviewed due to the divestment of all business activities.
Policy
At SKAKO A/S we are acting with responsibility, when it comes to data ethics. This
applies to all data, i.e. business intelligence data, employee information and
supplier/ customer information. We have defined eight basic principles of working
with data:
Welfare: Data on society, democracy and social relations are treated with
respect.
Dignity: Treatment of data may not be used to harm an individual.
Privacy: Any data treatment shall respect privacy and personal data shall
be protected. It should always be considered what data are
necessary and what are the sources of the data.
Own rights: The individual should always have the right to obtain information
on what data are stored and know for what purpose the data are
intended.
Equality: Treatment of data may not discriminate with regards to
ethnicity, sexuality, sex, political opinions, religion, generical data,
disability or other health related information.
Justice: Treatment of data is performed with responsibility to local
legislation.
Data security: Treatment of data shall be sufficiently safe, robust and reliable.
Data shall be stored and shared in way that unintended
availability for unauthorized use is impossible.
Responsibility: SKAKO is responsible for data collected, stored and distributed
by SKAKO.
Actions
1. Continuously communicate the basic principles of data ethics to SKAKO staff.
2. Implement annual review of data stored in CRM system.
3. Secure that all customers and suppliers are confirming their consent with data
stored in CRM.
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2.2 Corporate
social
responsibility
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2.3 Risk management
2.3 RISK MANAGEMENT
With the divestment of the Vibration activities SKAKO is exposed to a more simple risk picture without any
commercial and operational risk.
SKAKO does not have any liquidity, currency and credit risks since we do not sell products to customers and we are
net cash positive with no need for funding.
SKAKO has a financial risk regarding the investment of the remaining proceeds which are not returned to
shareholders. Until part of the proceeds is paid to the shareholders all proceeds are invested in bonds with very short
duration and thereby limited risk.
After payment of some of the proceeds to shareholders the board will revisit the investment strategy.
The risk regarding the potential guarantee claims on certain concrete mixers will be managed through the use of
legal and technical assistance.
We assess material risks from cybersecurity threats that could affect our operations, financial condition, or business
strategy on an ongoing basis.
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2.4 Corporate
governance
and remuneration
report
2.4 CORPORATE GOVERNANCE
AND REMUNERATION REPORT
Recommendations on corporate governance
As a listed company on 31 December 2025, SKAKO observes the
´Recommendations on Corporate Governance´ (issued in November 2017 and
updated in December 2020) implemented by Nasdaq Copenhagen in its ´Rules for
issuers of shares´. The ´Recommendations on Corporate Governance´ contain 40
recommendations and are based on the comply-or-explain principle, which makes
it legitimate for a company to explain why it does not comply with them. SKAKO
fully complies with 36 of the 40 recommendations, and partially complies with
one, and therefore complies with the ´Recommendations on Corporate
Governance´ in all material respects.
A complete schematic presentation of the recommendations and how we comply,
Statutory report on corporate governance, cf. section 107 b of the Danish Financial
Statements Act, is available on our website under Investor Relations.
https://3november25.dk (in the Master Data section)
We find it relevant to highlight a number of aspects and supplementary
information on corporate governance in the SKAKO Group in this chapter.
Deviations from recommendations
SKAKO has not established a nomination or a remuneration committee. Given the
size of SKAKO, the Board of Directors finds it most suitable that the total Board of
Directors takes care of the tasks.
Audit committee
The Company’s Board of Directors has set up an audit committee. The Board of
Directors appoints the chairman of the Audit Committee, who must be
independent and who must not be Chairman of the Board of Directors.
According to its charter, the Audit Committee, among other things, assists the
Board of Directors in relation to internal accounting and financial control systems,
the integrity of the company’s financial reports and engagements with external
auditors. The audit committee also carries out ongoing assessments of the
company’s financial and business risks. The audit committee has also a special
focus on the divestment of Concrete activities.
In 2025, the committee reviewed the main accounting principles, tax strategy and
compliance and key risks, etc.
In 2025, the Audit Committee held four meetings.
Remuneration
The Company has formulated remuneration policies for the Board of Directors and
Executive Management. The policies were approved on the general assembly 24
April 2025.
The policies are available on our website under Investor Relations.
Furthermore, the Company has produced a remuneration report for the Board of
Directors and Executive Management.
The report is available on our website under Investor Relations.
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2.5 Executive
management
2.5 EXECUTIVE MANAGEMENT
Name Christian Herskind Jørgensen
Born in 1961
Title CEO (also board member)
Member of the
management since
2025
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2.6 Board
of directors
2.6 BOARD OF DIRECTORS
Name Jens Wittrup Willumsen
Title
Chairman of the Board of Directors and member of the audit committee
Considered as a non-independent Board member
Born in
1960
Board member
since
2010
SKAKO shares
Jens Wittrup Willumsen owns 50% of the shares in Frederik2 Aps. Frederik2 Aps owns
1,579,627 shares in SKAKO.
Further, Jens Wittrup Willumsen has a direct ownership of 19,876 shares in SKAKO.
Managerial
positions in other
companies
Chairman of the Board:
Greenland Airports A/S, COMIT A/S, Licensewatch A/S
Deputy Chairman:
Billund Lufthavn A/S
Board member:
Charlotte Sparre A/S, SEC Datacom Group A/S, FDM Travel A/S
Otherspositions:
Frederik2 ApS, Director own investment company
Special
competences
Jens Wittrup Willumsen is educated Cand. Merc. from Copenhagen Business School and
has had managing positions in Denmark and abroad. His competences include strategy,
finance, financing, sales and marketing.
Participation in
board meetings
Jens Wittrup Willumsen participated in all board and audit committee meetings in 2025.
Carsten KrogsgaardThomsen
Chairman of the Audit Committee
Considered as an independent Board member
1957
2017
On 31 December, Carsten Krogsgaard Thomsen has a direct ownership of 19,255
shares in SKAKO.
Chairman of the Board:
ARC Affaldsenergi A/S
ARC Holdingselskab A/S
Board member:
NTG Nordic Transport Group A/S
Carsten Krogsgaard Thomsen is educated Cand. Polit. and has had a long career with
primary focus on economics and finance. Through his career, Carsten Krogsgaard Thomsen
has accumulated extensive experience within M&A, and compliance in listed companies.
From 2014 to 2020 Carsten Krogsgaard Thomsen was CFO in NNIT and previously also held
positions as EVP and CFO in Dong Energy A/S, EVP in DSB (Danish State Railways), finance
and planning manager at
Rigshospitalet (the Copenhagen University Hospital) and consultant in McKinsey & Company.
Carsten Krogsgaard Thomsen participated in all board
and audit committee meetings in 2025.
| Annual
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2025
Page
21
2.6 Board
of directors
Name
Title
Born in
Board member
since
SKAKO shares
Managerial
positions in other
companies
Special
competences
Participation in
board meetings
Christian Herskind Jørgensen
Considered as a non-independent Board member
1961
2009
Christian Herskind Jørgensen owns 50% of the shares in
Frederik2 Aps. Frederik2 Aps owns 1,579,627 shares in SKAKO.
Further, Christian Herskind Jørgensen has a direct ownership
of 73,000 shares in SKAKO.
Chairman of the Board:
Fonden Amager Bakke, LABFLEX A/S, Taulov DryPort A/S, Skive Holding
ApS, Associated Danish Ports A/S, Skive Holding ApS, Labflex Ltd.
Board member:
Nordsøenheden/Nordsøfonden, LM|Pihl A/S, Den Selvejende Institution
Museum Fredericia
Others positions:
Herskind Venture Capital ApS, Director own holding company,
Ejendomsselskabet Helsingør/Århus, Director Frederik2 ApS,
Director own holding company
Christian Herskind Jørgensen is educated lawyer from University
of Copenhagen and University of London and is also Brigadier.
His competences include significant experience within sales,
marketing, strategy, management, HR and legal matters.
Christian Herskind Jørgensen participated in all board
meetings in 2025.
Louise Knauer Baroudy
Considered as an independent Board member
1983
2020
–
Board member:
NTG Nordic Transport Group A/S, Solar A/S, Rekom
Group A/S, Rekom Group Holding ApS, Ferm Living
ApS, CC Globe Holding I ApS, CC Globe Holding II ApS,
CC Fly Holding I ApS, CC Mist NEW Holding II ApS
Other positions:
Lady invest ApS and It’s a club ApS managing director
and owner.
Louise Knauer Baroudy is educated HA JUR and Cand.
Merc. in economy and strategic management from
Copenhagen Business School. Her career includes top
management in TDC, CEO for People Group A/S and
senior consultant at McKinsey & Company.
Louise Knauer Baroudy has built strong competences
within strategic management and digital
transformation.
Louise Knauer Baroudy participated in
all board meetings in 2025.
| Annual
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2025
Page
22
2.7 Shareholder
information
2.7 SHAREHOLDER INFORMATION
As of 31 December 2025, SKAKO’s nominal share capital was 31,524,960 DKK
divided into 3,152,496 shares of 10 DKK each. All shares are fully paid, the same
class and carry one vote each.
The Board of Directors has been authorized by the annual general assembly to
initiate a share buy-back programme for up to 10% of the share capital. The
authorization is valid until 1 April 2027.
SKAKO A/S is listed at NASDAQ OMX Copenhagen A/S under identification code
DK0010231877. By the end of 2025 the company had 1,858 registered shareholders
compared with 1,989 registered shareholders by the end of 2024. The registered
shareholders own a total of 95.1% of the share capital compared to 93.5% by the
end of 2024.
Specification of movements in share capital
Shareholders with more than 5% of the share
Dividends
The Board of Directors proposes to distribute a dividend of DKK 154.5m to
shareholders, corresponding to DKK 49 per share. This ensures that SKAKO has
around DKK 51.3m to ensure that SKAKO has enough financial resources to meet its
legal obligations and generate a return to cover the future running costs-
Financial calendar 2026
DKK
Thousands 2025 2024 2023 2022 2021
Share
capital
31,525 31,064 31,064 31,064 31,064
at
01.01.
Capital
increase – 461 – – –
Share
capital
31,525 31,525 31,064 31,064 31,064
at
31.12.
Frederik2 ApS, Humlebæk
50.10%
Annual general meeting 2026
The annual general meeting will be held on Friday 17 April 2026 at 9 .am. at Restaurant
Sletten, Gl. Strandvej 137, 3050 Humlebæk, Denmark. The annual general meeting will
not include refreshments for participants.
Investor Relations
Investors, analysts and medias are welcome to contact Jens Wittrup Willumsen
(Chairman of the Board of Directors) by phone +45 2347 5640 or by e-mail to
CHJ@3november25.dk
26
March
Annual
report for 2025
17 April
Ordinary
general meeting 2026
20 August
Interim report for the first half
-year of 2026
| Annual
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2025
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3. FINANCIAL
STATEMENTS
3.1 STATEMENT BY MANAGEMENT
3.2 INDEPENDENT AUDITOR’S REPORT
3.3 CONSOLIDATED FINANCIAL STATEMENT
3.4 CONSOLIDATED NOTES
3.5 PARENT COMPANY FINANCIAL STATEMENT
3.6 PARENT COMPANY NOTES
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3.1 Statement
by Management
Board of Directors
Executive Board
Jens Wittrup Willumsen
Chairman
Christian Herskind Jørgensen
Carsten Krogsgaard Thomsen
Deputy Chairman
3.1 STATEMENT BY MANAGEMENT
Today, we have discussed and approved the Annual Report 2025 of SKAKO A/S for
the financial year 1 January to 31 December 2025.
The annual report has been prepared and presented in accordance with IFRS
accounting standards as adopted by the EU and further requirements in the Danish
Financial Statement Act.
In our opinion, the consolidated financial statements and the parent company
financial statements give a true and fair view of the Group’s and the parent
company’s assets, liabilities and financial position on 31 December 2025 and of the
results of the Group’s and the parent company’s operations and cash flows for the
financial year 1 January to 31 December 2025.
Further, in our opinion the Management’s review includes a fair view of the
development and performance of the Group’s and the parent company’s business
and financial condition, the profit for the year and of the Group’s and the parent
company’s financial position, together with a description of the principal risks and
uncertainties that the Group and the parent company face.
In our opinion, the annual report of SKAKO A/S for the financial year 1 January to 31
December 2025 with the file name 529900WNR3U8C847AW24-2025-12-31-en.zip
is prepared, in all material respects, in compliance with the ESEF Regulation.
We recommend the Annual Report for 2025 be approved at the Annual General
Meeting.
Humlebæk, 26 March 2026
Louise Knauer Baroudy
Christian Herskind Jørgensen
CEO
| Annual
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3.2 Independent
auditor’s
report
3.2 INDEPENDENT AUDITOR’S REPORTS
To the shareholders of SKAKO A/S
Report on the audit of the Financial Statements
Our opinion
In our opinion, the Consolidated Financial Statements and the Parent Company
Financial Statements give a true and fair view of the Group’s and the Parent
Company’s financial position at 31 December 2025 and of the results of the
Group’s and the Parent Company’s operations and cash flows for the financial year
1 January to 31 December 2025 in accordance with IFRS Accounting Standards as
adopted by the EU and further requirements in the Danish Financial Statements
Act.
Our opinion is consistent with our Auditor’s Long-form Report to the Audit
Committee and the Board of Directors.
What we have audited
The Consolidated Financial Statements and Parent Company Financial Statements
of SKAKO A/S for the financial year 1 January to 31 December 2025 comprise
income statement and statement of comprehensive income, balance sheet,
statement of changes in equity, cash flow statement and notes, including material
accounting policy information for the Group as well as for the Parent Company.
Collectively referred to as the “Financial Statements”.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing
(ISAs) and the additional requirements applicable in Denmark. Our responsibilities
under those standards and requirements are further described in the Auditor’s
responsibilities for the audit of the Financial Statements section of our report.
We 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) as applicable to audits of financial statements of public
interest entities, and the additional ethical requirements applicable in Denmark.
We have also fulfilled our other ethical responsibilities in accordance with these
requirements and the IESBA Code.
To the best of our knowledge and belief, prohibited non-audit services referred to
in Article 5(1) of Regulation (EU) No 537/2014 were not provided.
Appointment
We were first appointed auditors of SKAKO A/S on 26 April 2012 for the financial
year 2012. We have been reappointed annually by shareholder resolution for a
total period of uninterrupted engagement of 14 years including the financial year
2025. We were reappointed following a tendering procedure at the General
Meeting on 19 April 2022.
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3.2 Independent
auditor’s
report
Key audit matters
We have determined that there are no key audit matters to communicate in our report.
Key audit matter How our audit addressed the key audit matter
| Annual
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Management is responsible for Management’s Review.
Our opinion on the Financial Statements does not cover Management’s Review, and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the Financial Statements, our responsibility is to read
Management’s Review and, in doing so, consider whether Management’s Review is
materially inconsistent with the Financial Statements or our knowledge obtained in the
audit, or otherwise appears to be materially misstated.
Moreover, we considered whether Management’s Review includes the disclosures required
by the Danish Financial Statements Act.
Based on the work we have performed, in our view, Management’s Review is in accordance
with the Consolidated Financial Statements and the Parent Company Financial Statements
and has been prepared in accordance with the requirements of the Danish Financial
Statements Act. We did not identify any material misstatement in Management’s Review.
Management’s responsibilities for the Financial Statements
Management is responsible for the preparation of consolidated financial statements and
parent company financial statements that give a true and fair view in accordance with IFRS
Accounting Standards as adopted by the EU and further requirements in the Danish
Financial Statements Act, and for such internal control as Management determines is
necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the Financial Statements, Management is responsible for assessing the 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 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.
Statement on Management’s Review
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| Annual
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28
3.2 Independent
auditor’s
report
Auditor’s responsibilities for the audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Financial
Statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that an audit
conducted in accordance with ISAs and the additional requirements applicable in
Denmark will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these Financial Statements.
As part of an audit in accordance with ISAs and the additional requirements
applicable in Denmark, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Financial
Statements, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the 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 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 or the Parent Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Financial Statements,
including the disclosures, and whether the Financial Statements represent the
underlying transactions and events in a manner that gives a true and fair view.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence
regarding the financial information of the entities or business units within the group as
a basis for forming an opinion on the Consolidated Financial Statements. We are
responsible for the direction, supervision and review of the audit work performed for
purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with
them all relationships and other matters that may reasonably be thought to bear on our
independence and, where applicable, actions taken to eliminate threats or safeguards
applied.
From the matters communicated with those charged with governance, we determine
those matters that were of most significance in the audit of the Financial Statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure about the matter.
| Annual
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3.2 Independent
auditor’s
report
Report on compliance with the ESEF Regulation
As part of our audit of the Financial Statements we performed procedures to
express an opinion on whether the annual report of SKAKO A/S for the financial
year 1 January to 31 December 2025 with the filename
529900WNR3U8C847AW24-2025-12-31-en.zip is prepared, in all material respects,
in compliance with the Commission Delegated Regulation (EU) 2019/815 on the
European Single Electronic Format (ESEF Regulation) which includes requirements
related to the preparation of the annual report in XHTML format and iXBRL tagging
of the Consolidated Financial Statements including notes.
Management is responsible for preparing an annual report that complies with the
ESEF Regulation. This responsibility includes:
• The preparing of the annual report in XHTML format;
• The selection and application of appropriate iXBRL tags, including extensions to
the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for
all financial information required to be tagged using judgement where
necessary;
• Ensuring consistency between iXBRL tagged data and the Consolidated Financial
Statements presented in human-readable format; and
• For such internal control as Management determines necessary to enable the
preparation of an annual report that is compliant with the ESEF Regulation.
Our responsibility is to obtain reasonable assurance on whether the annual report
is prepared, in all material respects, in compliance with the ESEF Regulation based
on the evidence we have obtained, and to issue a report that includes our opinion.
The nature, timing and extent of procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material departures from the
requirements set out in the ESEF Regulation, whether due to fraud or error. The
procedures include:
• Testing whether the annual report is prepared in XHTML format;
• Obtaining an understanding of the company’s iXBRL tagging process and of
internal control over the tagging process;
• Evaluating the completeness of the iXBRL tagging of the Consolidated Financial
Statements including notes;
• Evaluating the appropriateness of the company’s use of iXBRL elements selected
from the ESEF taxonomy and the creation of extension elements where no
suitable element in the ESEF taxonomy has been identified;
• Evaluating the use of anchoring of extension elements to elements in the ESEF
taxonomy; and
• Reconciling the iXBRL tagged data with the audited Consolidated Financial
Statements.
In our opinion, the annual report of SKAKO A/S for the financial year 1 January to
31 December 2025 with the file name 529900WNR3U8C847AW24-2025-12-31-
en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.
Hellerup, 26 March 2026
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR no 3377 1231
Torben Jensen
State Authorized
Public Accountant
mne18651
Mikael Johansen
State Authorized
Public Accountant
mne23318
| Annual
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3.3 Consolidated
financial
statements
DKK
Thousands
2025 2024
Notes
1, 2
Revenue from contracts with customers - -
3
Production costs - -
Gross profit - -
3
Distribution costs - -
3,
4, 5 Administrative expenses (5,674) (4,140)
Operating profit before special items (EBIT) (5,674) (4,140)
Special items - -
Operating profit (EBIT) (5,674) (4,140)
6
Financial income 1,495 1,318
6
Financial expenses (4,247) (2,947)
Profit before tax (8,426) (5,770)
7
Tax on profit for the year (11,282) 1,297
Profit for the year before discontinued activities (19,708) (4,473)
8
Result of discontinued activities after tax 145,386 15,482
Profit for the year 125,678 11,009
Profit for the year attributable to SKAKO A/S shareholders 125,678 11,009
9
Earnings per share (EPS), DKK 40.15 3.51
9
Diluted earnings per share (EPS), DKK 40.15 3.49
9
Earnings per share continuing activities (EPS), DKK (6.30) (1.43)
9
Diluted earnings per share continuing activities (EPS), DKK (6.30) (1.43)
Consolidated income statement
3.3 CONSOLIDATED FINANCIAL
STATEMENTS
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3.3 Consolidated
financial
statements
Consolidated statement of comprehensive income
2025 2024
Profit for the year 125,678 11,009
Other comprehensive income:
Recirculated currency translation adjustments, subsidiaries (2,893)
Other comprehensive income - (2,893)
Comprehensive income 125,678 8,116
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3.3 Consolidated
financial
statements
Consolidated balance sheet 31 December
DKK
Thousands 2025 2024
Notes
Intangible
assets - 25,132
Intangible
assets under development - 672
10
Intangible
assets - 25,804
12
Leased
assets - 12,715
11
Land and
buildings - 4,722
11
Plant and
machinery - 1,539
11
Operating equipment, fixtures and fittings
- 4,304
11
Leasehold
improvements - 2,620
11
Tangible
assets under construction - 246
Tangible
assets - 26,146
Other
receivables - 775
13
Deferred
tax assets - 10,107
Other
non-current assets - 10,882
Total non
-current assets - 62,833
14
Inventories
- 30,272
19
Trade
receivables - 66,312
15, 19
Contract
assets - 36,429
Other
receivables - 9,608
Prepaid
expenses 401 1,271
19
Other
investments (bonds etc.) 200,077 -
Cash
13,371 24,839
Current
assets 213,849 168,731
Assets
213,849 231,563
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3.3 Consolidated
financial
statements
Consolidated balance sheet 31 December CONTINUED
DKK
Thousands 2025 2024
Notes
Share
capital
31,525 31,525
Foreign
currency translation reserve
- (150)
Retained
earnings
19,137 48,025
Proposed
dividends
154,472 7,881
Equity
205,134 87,281
Other
liabilities
- 2,308
17
Provisions
- 1,493
16
Loans and
borrowings
- 2,074
12
Leasing
- 9,772
Non
-current liabilities
- 15,647
17
Provisions
- 1,277
16
Loans and borrowings
- 2,290
16
Bank loans and credit facilities
- 45,083
12
Leasing
- 2,917
15
Contracts
liabilities
- 1,009
Trade payables
269 52,745
Income
tax
541 59
Other
liabilities
7,906 23,255
Current
liabilities
8,716 128,635
Liabilities
8,716 144,282
EQUITY AND LIABILITIES
213,849 231,563
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3.3 Consolidated
financial
statements
Consolidated cash flow statement
DKK
Thousands 2025 2024
Notes
Profit
before tax including discontinued activities
136,960 18,193
18
Adjustments
(127,648) (9,119)
Changes in
receivables, etc.
(38,345) (8,648)
Change in
inventories
7,164 (4,090)
Change in trade payables and other liabilities, etc.
25,402 (17,880)
Cash flow from operating activities before financial items and tax
3,532 (21,544)
Interest received
1,495 1,623
Interest paid
(4,247) (4,613)
Taxes
paid and received
482 (7,685)
Cash flow from operating activities
1,262 (32,219)
10
Investment in
intangible assets
(1,529) (210)
11
Investment in
tangible assets
(5,094) (5,128)
Disposals
(287) 1,894
Proceeds
from sale of Vibration activities
255,315 -
Proceeds
from sale of Concrete activities
- (2,591)
Investment in short
-term securities
(200,000) -
Cash flow from investing activities
48,405 (6,035)
Proceeds
from leasecontracts
- 8,630
Repayments
(8,227) (6,847)
Paid
dividends
(7,825) (136,522)
Change in short
-term bank facilities
(45,083) 41,805
18
Cash flow from financing activities
(61,135) (92,934)
Change in cash and cash equivalents
(11,468) (131,188)
Cash and cash equivalents 1 January
24,839 156,027
Cash and cash equivalents 31 December
13,371 24,839
Breakdown of cash and cash equivalents at the end of the year:
Cash
13,371 24,839
Cash and cash equivalents at the end of the year:
13,371 24,839
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3.3 Consolidated
financial
statements
Consolidated statement of changes in equity
DKK Thousands
Share capital
Foreign currency
translation reserve
earnings
Proposed
dividends
Equity
Equity 1
January 2025 31,525 (150) 48,025 7,881 87,281
Paid
dividends (7,825) (7,825)
Comprehensive
income in 2025:
Profit for the
year (28,794) 154,472 125,678
Other
comprehensive income:
Recirculated currency translation
adjustments, subsidiaries
150 (150) -
Dividends
own shares 56 (56) -
Other
comprehensive income - 150 (94) (56) -
Comprehensive
income, year - 150 (28,888) 154,416 125,678
Equity 31 December 2025
31,525 - 19,137 154,472 205,134
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3.3 Consolidated
financial
statements
Consolidated statement of changes in equity
DKK Thousands
Share capital
Foreign currency
translation reserve
Retained
earnings
Proposed
dividends
Equity
Equity 1
January 2024 31,064 2,743 165,725 15,532 215,064
Extraordinary
dividends (121,989) 121,989 -
Paid
dividends 999 (137,521) (136,522)
Increase
of share capital 461 461
Comprehensive
income in 2024:
Profit for the
year 3,128 7,881 11,009
Other
comprehensive income:
Recirculated currency translation
adjustments, subsidiaries
(2,893) (2,893)
Other
comprehensive income - (2,893) - - (2,893)
Comprehensive
income, year - (2,893) 3,128 7,881 8,116
Share
-based payment, warrants - - 163 - 163
Equity 31 December 2024
31,525 (150) 48,025 7,881 87,281
| Annual
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3.4 Consolidated
notes
3.4 CONSOLIDATED NOTES
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
Note No.
1.
10.
13.
15.
17.
Significant estimates and assessments:
Notes to consolidated financial statements
Revenue from contracts with customers . . . . . . . . . . . . . . . . . 38
Segment information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Staff costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Share-based payment, warrants . . . . . . . . . . . . . . . . . . . . . . 45
Fee to parent company auditors appointed at annual general meeting 47
Net financial items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
Tax on profit for the year . . . . . . . . . . . . . . . . . . . . . . . . . . 49
Discontinued activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
Earnings per share (EPS) . . . . . . . . . . . . . . . . . . . . . . . . . . 51
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
Tangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
Leases – Right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . 59
Deferred tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .62
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .64
Contract assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . 65
Bank loans and credit facilities . . . . . . . . . . . . . . . . . . . . . . . 67
Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
Adjustments, consolidated cash flow statement . . . . . . . . . . . . 71
Exchange rate, liquidity and credit risks . . . . . . . . . . . . . . . . . 72
Contractual liabilities, contingent liabilities and securities . . . . . . . 75
Related parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
Events after the balance sheet date . . . . . . . . . . . . . . . . . . . 75
Approval and publication . . . . . . . . . . . . . . . . . . . . . . . . . .75
Group accounting policies . . . . . . . . . . . . . . . . . . . . . . . . . . 76
Description
Page Page
Description
Note No.
Revenue from contracts with customers . . . . . . . . . . . . . . 38
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
Deferred tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
Contract assets and liabilities . . . . . . . . . . . . . . . . . . . . . 65
Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
| Annual
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2025
Page
38
3.4 Consolidated
notes
Accounting policy
SKAKO develops, designs and sells high-end vibratory feeding, conveying,
and screening equipment, used across the complete spectrum of material
handling and processing. The main focus is on plant sales with a solid
aftersales division.
Administrative functions such as Finance, HR and IT are shared by the
divisions. The administrative functions are based in the individual countries
but supported by Group functions in Denmark. Shared costs are allocated to
business segments based on assessment of usage.
All intercompany transactions are made on market terms.
Segment assets and liabilities comprise items directly attributable to a
segment and items that can be allocated to a segment on a reasonable
basis.
Revenue is the fair value of consideration received or receivable from the
sale of our plants and aftersales products or services and is the gross sales
price less VAT and any price reductions in the form of discounts and rebates.
Geographical information is based on the four regions that support the
industries. Revenue is presented in the region in which delivery takes place.
Segment income and costs include transactions between business areas.
The transactions are eliminated in connection with the consolidation
Revenue is recognized over time or at a point in time. Revenue is
recognized over time when an asset on behalf of a customer is created with
no alternative use and SKAKO has an enforceable right to payment for
performance completed year to date, or the customer obtains control of a
plant or product and thus has the ability to direct the use and obtain the
benefit from the plant or product.
Terms of payment are depending on conditions in the specific market. Plant
sales orders are in general agreed with prepayment and payment
milestones.
Plant sales
Plant sales are negotiated contracts to design and install concrete batching
plants, and vibratory feeding, conveying and screening equipment for
customers. Revenue will be recognized over time, as the above criteria are
met, using “the percentage of completion method”.
The proportion of revenue to be recognized in a particular period is
calculated according to the percentage of completion of the project. For
most contracts this is measured by reference to the costs of performing the
contract incurred up to the relevant balance sheet date as a percentage of
the total estimated costs of performing the contract. Reference to cost is
assessed to be the most appropriate method as incurred hours and material
costs are the value drivers for the projects. The sales value agreed in the
contract is recognized over the contract period using above method.
Contracts where the recognized revenue from the work performed exceeds
progress billings are recognized in the balance sheet under assets
Contracts for which progress billings exceed the revenue are recognized
under liabilities. Prepayments from customers are recognized under
liabilities.
If it is likely that the total costs in relation to a construction contract will
exceed the total revenue on a specific project, the expected loss is
recognized immediately in the income statement in the current period.
1. Revenue from contracts with customers
| Annual
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2025
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39
3.4 Consolidated
notes
Accounting policy CONTINUED
Significant assessment by Management
Assessments regarding contracts with customers is performed when
determining if a contract for sale of a plant, spare parts or service, or a
combination hereof, involves one or more performance obligations.
Assessments regarding recognition method are made when determining if a
contract for sale of a plant, spare parts or service is recognized as revenue
over time or at a point in time. The assessments relate to whether we have
an alternative use of the assets sold and if we have an enforceable right to
payment throughout the contractual term.
When assessing if an asset has no alternative use, we estimate the
alternative use cost amount. We have limited historical data as we rarely
redirect our assets. The estimate is based on the specifics of each contract.
When assessing if we are entitled to payment throughout the contract term,
an assessment is made based on the contract wording, legal entitlement and
profit estimates.
Significant estimates by Management
Total expected costs related to plant sales are partly based on estimates as
they include provisions for unforeseen cost deviations in future supplies of
raw materials, subcontractor products and services plus construction
and handing over. Provisions for warranties on work-in-progress for third
parties are based on Management estimates for each project while taking
contract obligations into account.
1. Revenue from contracts with customers CONTINUED
SKAKO sell a range of spare parts and products as aftersales to the plant
sales. Revenue is recognized when control of the products has transferred,
being when the products are delivered to the customer. Delivery occurs
when the products have been shipped to the specific location, the risks of
obsolescence and loss have been transferred to the customer, and SKAKO has
objective evidence that all criteria for acceptance have been fulfilled.
Revenue from the service contracts is recognized in the period in which the
services are provided based on amounts billable to a customer. Revenue is
recognized based on usage of units, and price lists according to the contract.
Aftersales, spare parts and products Aftersales services
| Annual
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2025
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40
3.4 Consolidated
notes
North America
Revenue: DKK 0k (2024: DKK 0k)
Rest of the world
Revenue: DKK 0k (2024: DKK 0k)
1. Geographical non-current assets information
North America
DKK 0k (2024: DKK 0k)
Europe
DKK 0k (2024: DKK 62,833k)
Hereof in Denmark: DKK 0k (2024: DKK 38,312k)
Hereof in France: DKK 0k (2024: DKK 14,950k)
Hereof in Spain: DKK 0k (2024: DKK 8,900k)
Hereof in Other: DKK 0k (2024: DKK 671k)
| Annual
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2025
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41
3.4 Consolidated
notes
DKK ThousandsNot distributed including2025VibrationEliminations Group totalparent companyDepreciations-(1,356) - (1,356)Operatingprofit (EBIT) before special items-(5,674) - (5,674)Segmentnon-current assets-27,041 (27,041) -Segmentassets-294,146 (80,296) 213,850Segmentliabilities-61,972 (53,256) 8,716
2025
2. Segment information
| Annual
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2025
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42
3.4 Consolidated
notes
DKK ThousandsNot distributed 2024VibrationEliminations Group totalincludingparent companyDepreciations-(660) - (660)Operatingprofit (EBIT) before special items-(4,140) - (4,140)Segmentnon-current assets52,367340,280 (329,815) 62,833Segmentassets266,558428,897 (463,891) 231,564Segmentliabilities93,103186,540 (135,361) 144,282
2024
2. Segment information
| Annual
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2025
Page
43
3.4 Consolidated
notes
3. Staff costs
Accounting policy
Staff costs consist of direct wages and salaries, remuneration, pension, share-based payments, training, etc.
DKKThousands 2025 2024Wages,salaries and other remuneration 1,453 1,310Contributionplans and other social security costs, etc. - -Share-based payment, warrants - -Otherstaff costs - -1,453 1,310Theamounts are included in the items:Productioncosts - -Distributioncosts - -Administrative costs 1,453 1,310Discontinued activities - -1,453 1,310
The average number of employees was 0 (2024: 0).
| Annual
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2025
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44
3.4 Consolidated
notes
DKKThousands 2025 2024Boardof Directors and Audit Committee 1,453 1,310ExecutiveManagementWages,salaries and other remuneration 5,148 5,832Contributionplans and other social security costs, etc. 394 301Share-based payment, warrants - 1635,542 6,296
Total
remuneration for Executive Management and Board of Directors 6,995 7,606
Remuneration to Executive Management and Board of Directors
The Executive Management have been granted warrants to subscribe for shares in the company, cf. note 4.
CFO Thomas Pedersen lost all his warrants when he left the company during 2025. CEO Lionel Girieud and
chief financial officer Guy Biegle both waived the right to their warrants in connection with the divestment
of SKAKO Vibration.
The Executive Management contracts are based on normal conditions.
The board of directors and audit committee fee includes DKK 233k (2024: DKK 78k) to board member for
extraordinary work during the transaction and divestment of SKAKO Concrete activities and the sale of
Vibration activities.
3. Staff costs CONTINUED
| Annual
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2025
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45
3.4 Consolidated
notes
4. Share-based payment, warrants
Accounting policy
Plans classified as equity-settled warrants are measured at fair value at grant date and are recognized in the income statement as staff costs in the period in
which the final entitlement to the warrants is attained (the vesting period), as well as an inflow directly in equity.
In connection with initial recognition of warrants, an estimate is made of the number of warrants to which Group Executive Management and key staff are
expected to become entitled. Subsequent adjustment is made for changes in the estimate of the number of warrant entitlements, so the total recognition is
based on the actual number of warrant entitlements.
The fair value of the warrants allocated is estimated by means of the Monte Carlo model. The calculation takes into account the terms and conditions under
which the share warrants are allocated.
In 2021, the Executive Management and other key employees in the Group have been granted warrants to purchase a total of 150,000 shares in the company at a set price
(strike price). The share-based programme has vesting conditions under which Management must stay employed for three years to receive the remuneration. The following
exercise period runs for two years.
In 2024, the Executive Management and other key employees in the Group have been granted warrants to purchase a total of 30,000 shares in the company at a set price
(strike price). The share-based programme has vesting conditions under which Management must stay employed for three years to receive the remuneration. The following
exercise period runs for two years.
CFO Thomas Pedersen lost all his warrants when he left the company during 2025. CEO Lionel Girieud and chief financial officer Guy Biegle both waived the right to their
warrants in connection with the divestment of SKAKO Vibration.
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2025
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46
3.4 Consolidated
notes
The recognized fair value of warrants in the consolidated income statement amounts to DKK 0k (cost) (2024: DKK 163k, cost). The
calculation of the fair value of warrants at the time of allocation is based on the following assumptions:
4. Share-based payment, warrants CONTINUED
* For the 2021 programme, the preceding 48 months have been used
** The expected future dividend at the time of granting
2021 warrants 2024 warrantsGranted Strike priceExerciseGranted Strike priceExercise(all)period starts(all)period startsWarrants granted 150,000 55,60 April 2024 30,000 67.9 July 2028Executive management40,00030,000- hereof forfeited(40.000)(30,000)Total executive management - -Other employees10,000-- Hereof forfeited(10,000)Total other employees - -Number of warrant entitlements - -
Granted 22 March 2021Granted 12 July 2024Average price per share 55.6 67.9Annual hurdle rate 0% 0%Strike price per share 55.6 67.9Expected volatility* 33.5% 31.2%Expected dividends** 4.1% 5.0%Cost of equity 7.0% 8.5%Number of shares allocated 150,000 30,000Fair value per warrant, DKK 16.90 14.18Total fair value, DKK thousands 2,535 425
| Annual
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2025
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47
3.4 Consolidated
notes
5. Fee to parent company auditors appointed
at the annual general meeting
In addition to the statutory audit, PwC, the Group auditors appointed at the Annual General Meeting,
provides other assurance engagements and other consultancy services to the Group.
A few Group enterprises are not audited by the Parent’s appointed auditors (PwC) or the auditors’ foreign affiliates.
The fee for non-audit services delivered by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab to the
Group amounts to DKK 0.7m (2024: DKK 0.4m) and consists of tax, VAT and accounting advisory.
DKKThousands 2025 2024PwCStatutoryaudit 424 1,011Otherassurance engagements - 160Taxand indirect taxes consultancy 331 190Otherservices 561 1761,316 1,537Otheraudit firmsStatutoryaudit 32 298Otherassurance engagements 145 52Taxand indirect taxes consultancy 12 303Otherservices - 453189 1,107
| Annual
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2025
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48
3.4 Consolidated
notes
6. Net financial items
Accounting policy
Net financial items mainly consist of interest income and interest expenses and also include interest on lease debt as well as realized and unrealized foreign
exchange gains and losses. Interest income and interest expenses are accrued based on the principal amount and the effective interest rate.
The effective interest rate is the discount rate used for discounting expected future payments attaching to the financial asset or financial liability in order for
amoritized cost to match the carrying amount of such asset or liability.
DKKThousands 2025 2024Intereston cash and bank deposits 1,495 1,318Financialincome from financial assets not measured at fair value in the income statement 1,495 1,318Foreignexchange gains, net - -Financialincome 1,495 1,318Intereston bank debt (1,981) (1,765)Intereston lease debt (18) (26)Financial expenses on financial liabilities not measured at fair value in the income statement (1,999) (1,791)Foreignexchange losses, net (228) (43)Otherfinancial expenses (2,020) (1,113)Financialexpenses (4,247) (2,947)Netfinancial items (2,752) (1,629)
| Annual
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2025
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49
3.4 Consolidated
notes
7. Tax on profit for the year
Accounting policy
Tax for the year comprises current tax and changes in deferred tax and is recognized in the Income Statement with the share attributable to the profit for the
year, and in the other comprehensive income with the share attributable to items recognized in other comprehensive income. Exchange rate adjustments of
deferred tax are included as part of the year’s adjustments of deferred tax.
Current tax comprises tax calculated on the basis of the expected taxable income for the year using the applicable tax rates for the financial year and any
adjustments of taxes for previous years.
DKKThousands 2025 2024Currenttax on the profit for the year (541) 369Adjustmentof current tax, prior yearsChangein deferred tax (10,741) 1,439Taxfor the period, net income (11,282) 1,808Taxusing the Danish corporate tax rates (541) 369Effectof tax rates in foreign jurisdictionsTaxassets not previously capitalized 1,439Impairment of capitalized tax asset (10,741)Permanent and temporary differences and other items(11,282) 1,808
| Annual
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2025
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50
3.4 Consolidated
notes
8. Discontinued activity
Accounting policy
Discontinued activities are excluded from the result of continuing activities and presented separately as profit/loss from discontinued activities in the income statement.
Compared figures are restated.
Cashflow from discontinued activities is presented separately as net cash from discontinued activities in the cash flow statement and specified in this section. Compared
figures are restated.
Analysis of income from the discontinued activities 2025 2024Revenue248,792 237,438Cost(227,797) (220,895)Other operating income or loss (gains from divestment after tax)125,291 (2,591)Financial income (900) 1,530Profit before tax from discontinued activities 145,386 15,482Income tax - -Profit after tax from discontinued activities 145,386 15,482
The SKAKO Vibration activities were sold to FCDE as of 13 November, 2025.
Net cash flow from the discontinued activities 2025 2024Cash flow from operating activities 47,312 (5,482)Cash flow from investing activities 248,692 19,434Cash flow from financing activities (44,856) 1,530Net cash flow from discontinued activities 251,148 15,482
The average number of employees in discontinued activities was 132 (2024: 132).
| Annual
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2025
Page
51
3.4 Consolidated
notes
9. Earnings per share (EPS)
Accounting policy
Earnings per share (EPS) and diluted earnings per share (EPS, diluted) are measured according to IAS 33. Non-diluted earnings per share are calculated as the
profit for the year divided by the total average number of shares outstanding during the year (shares issued adjusted for treasury shares).
Diluted earnings per share are calculated as the profit for the year divided by the average number of shares outstanding less share options in-the-money (shares
issued adjusted for treasury shares).
DKKThousands 2025 2024EarningsProfitfor the year 125,678 11,009Numberof shares, averageNumberof shares issued 3,152,496 3,152,496Adjustmentfor treasury share (22,567) (22,567)Averagenumber of shares 3,129,929 3,129,929Earningsper share (EPS) 40.15 3.51Earningsper share, diluted 40.15 3.49Earnings per share continuing activities (EPS), DKK (6.30) (1.43)Diluted earnings per share continuing activities (EPS), DKK (6.30) (1.43)
As of 31 December 2025, SKAKO’s nominal share capital was 31,524,960 DKK divided into 3,152,496 shares of 10 DKK each. All shares are of the same class and
carry one vote each.
Treasury shares represents 0.72% of number of shares issued.
| Annual
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2025
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52
3.4 Consolidated
notes
10. Intangible assets
assets
Accounting policy
Development projects for which the technical rate of utilization, sufficient
resources and a potential future market or application in the Group can be
demonstrated and which are intended to be manufactured, marketed or
used are recognized as completed development projects. This requires that
the cost can be determined, and it is sufficiently certain that the future
earnings or the net selling price will cover production, sales and
administrative costs plus the development costs. Other development costs
are recognized in the income statement when the costs are incurred.
Development costs consist of salaries and other costs that are directly
attributable to development activities.
Amortization of completed development projects is charged on a straight-
line basis during their estimated useful life. Development projects are
written down for impairment to recoverable amount, if lower. Development
projects in progress are tested for impairment once a year.
The amortization profile is systematically based on the expected useful life
of the assets, taking into account the remaining agreement period and
consumption (unit of production method) at the time of implementation.
The basis of amortization is reduced by impairment, if any.
Amortization takes place systematically over the estimated useful life of the
assets which is as follows:
• Development costs, 2-10 years
• Software systems, 2-10 years
• Other intangible assets, 3-5 years
On initial recognition, goodwill is recognized and measured as the
difference between the purchase price – including the value of non-
controlling interests in the acquired enterprise and the fair value of any
existing investment in the acquired enterprise – and the fair values of the
acquired assets, liabilities and contingent liabilities. Please refer to
Accounting policies in Note 24.
On recognition, goodwill is allocated to corporate activities that generate
independent payments (cash generating units). The definition of a cash-
generating unit is in line with the Group’s managerial structure as well as
the internal financial management reporting.
SKAKO goodwill relates to SKAKO Dartek and goodwill is monitored as in
previous years. Impairment test of goodwill are based on calculated capital
value of the single unit, based on five-year business plans as well as a
calculated terminal value that compared with carrying amount of the
tested assets.
The main assumptions of the business plans of the individual CGUs are
linked to SKAKO’s expected growth and earnings over a number of years,
and the applied gross profit margins and costs are based on management's
expectations.
Intangible assets with a finite useful life are measured at cost less
accumulated amortization and impairment losses. Goodwill is not
amortized but is tested for impairment at least once a year. If the
recoverable amount of a cash-generating unit is lower than the carrying
amounts of property, plant and equipment and intangible assets including
goodwill, attributable to the particular cash generating unit, the particular
assets will be written down.
| Annual
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2025
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53
3.4 Consolidated
notes
Significant estimate by Management
Impairment testing is carried out annually on preparation of the annual report or on indication of impairment in which discounted values of future cash flows
are compared with carrying amounts. The calculations use cash flow projections based on financial budgets approved by Management covering a five-year
period.
Cash flows beyond the five-year period are extrapolated using growth rates estimated by Management.
DKK ThousandsIntangible assets DevelopmentGoodwillSoftware Totalunder developmentProjectsCostat 1 January 2025 22,295 672 1,490 5,510 29,967Foreignexchange adjustments - - - - -Investments- - - - -Disposals(22,295) (672) (1,490) (5,510) (29,967)Transferredbetween categories - - - - -Costat 31 December 2025 - - - - -Amortisationand impairment - - 738 3,425 4,1631January 2025Foreignexchange adjustment - - - - -Disposals- - (953) (3,937) (4,890)Amortisation- - 215 512 727Amortisationand impairment - - - - -31December 2025Carryingamount 31 December 2025 - - - - -
10. Intangible assets CONTINUED
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3.4 Consolidated
notes
DKK ThousandsIntangible assets DevelopmentGoodwillSoftware Totalunder developmentprojectsCostat 1 January 2024 22,295 1,615 1,472 4,936 30,318Foreignexchange adjustments - 4 3 3 10Investments- - 15 195 210Disposals- - - - -Transferredbetween categories - (947) - 376 (571)Costat 31 December 2024 22,295 672 1,490 5,510 29,967Amortisationand impairment 1- - 574 2,940 3,514January2024Foreignexchange adjustment - - 2 3 5Disposals- - - - -Amortisation- - 162 482 644Amortisationand impairment 31- - 738 3,425 4,163December2024Carryingamount 31 December 2024 22,295 672 752 2,085 25,804
10. Intangible assets CONTINUED
| Annual report 2025 Page 553.4 Consolidated notes
10. Intangible assets CONTINUED
Impairment test of goodwill:
The carrying amount of goodwill related to SKAKO Dartek is DKK 0 (2024: DKK 22,295). The
impairment test below applies to 2024 figures alone.
Key assumptions
The recoverable amount determined in the impairment test is based on a value-in-use
calculation. To determine the value-in-use, management is required to estimate the
present value of the future free net cash flow based on budgets and strategy for the
coming five years as well as projections for the terminal period. Significant parameters in
the estimate of the present value are discount rate, revenue growth, EBIT margin,
expected investments and growth expectations for the terminal period.
The discount rate is determined to reflect the risks. The discount rate applied is the
weighted average cost of capital (WACC) and reflects the latest market assumptions for
the cost of equity and the cost of debt. The discount rate used amounts to 10.0% before
tax and estimates for future revenue growth (2024: 10.0% before tax). The uncertainties
associated with these expectations are reflected in the cash flow.
The expected annual growth rate and the expected margins in the budget period are
based on historical experience and the assumptions about expected market
developments. The long-term growth rate for the terminal period is based on the
expected growth in the world economy, specifically for the industries. The valuation
method is based on annual revenue growth of 2% in 2025 to 2030 as well as in the
terminal period (2024: 2%). Investments reflect both maintenance and expectations of
organic growth.
Over the next five years, the EBIT margin is expected at stable at the current level around
10% (2024: 10%).
Sensitivity analysis
Based on current assumptions we see no impairment indications, and our key
assumptions are not sensitive to reasonable changes to an extent that will result in
an impairment loss neither individually or in combination. For example, a lowering of
perpetual growth to zero and increasing the discount rate by two percentage points
will not lead to impairment. Similarly, a decrease in EBIT by 20% in combination with
an increase in investments as a percentage of revenue by 1 percentage points will
not lead to impairment.
A sensitivity analysis has not been carried out, as negative changes in the
fundamental assumption, which will result in impairment of goodwill, are considered
unlikely to become a reality.
DKKThousands2025 2024Depreciationis included in the items:Production costs - -Distributioncosts - -Administrativecosts - -Discontinued activities 727 644727 644
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2025
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56
3.4 Consolidated
notes
11. Tangible assets
Land and buildings, plant and machinery and other facilities, operating equipment and tools and equipment are measured at cost less accumulated
depreciation and impairment losses.
Depreciation is charged on a straight-line basis over the estimated useful life of the assets until they reach the estimated residual value.
Estimated useful life is as follows:
• Buildings, 10-40 years
• Plant and machinery, 3-10 years
• Operating equipment and other tools and equipment, 3-10 years
• Leasehold improvements, 3-10 years
• Land not depreciated
Newly acquired assets are depreciated from the time they are available for use.
Accounting policy
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2025
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3.4 Consolidated
notes
DKK ThousandsTangible assetsPlant & Operating equipment, Leasehold Land & buildingsin course ofTotalmachineryfixtures and fittingsimprovementsconstructionCost1 January 2025 7,109 6,488 12,894 3,880 246 30,617Foreignexchange adjustments - - - - - -Investments- - - - - -Disposals(7,109) (6,488) (12,894) (3,880) (246) (30,617)Transferred between categories - - - - - -Costat 31 December 2025 - - - - - -Depreciationand impairment 2,387 4,949 8,589 1,260 - 17,1851January 2025Foreignexchange adjustments - - - - - -Disposals(2,790) (5,283) (9,065) (2,687) - (19,825)Depreciation403 334 476 1,427 - 2,640Depreciation and impairment - - - - - -31December 2025Carryingamount 31 December 2025 - - - - - -
11. Tangible assets CONTINUED
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notes
DKK ThousandsTangible assetsPlant & Operating equipment, Leasehold Land & buildingsin course ofTotalmachineryfixtures and fittingsimprovementsconstructionCost1 January 2024 6,189 5,989 9,712 3,309 74 25,273Foreignexchange adjustments 18 15 (29) - - 3Investments903 631 3,422 - 172 5,128Disposals- (147) (211) - - (358)Transferred between categories - - - 571 - 571Cost31 December 2024 7,109 6,488 12,894 3,880 246 30,617Depreciationand impairment 1 January 2,016 4,821 8,039 882 - 15,7582024Foreignexchange adjustments 13 11 (91) - - (67)Disposals- (147) (211) - - (358)Amortization358 264 852 378 - 1,852Depreciationand impairment 31 2,387 4,949 8,589 1,260 - 17,185December2024Carryingamount 31 December 20244,722 1,539 4,304 2,620 246 13,432
DKKThousands 2025 2024Depreciationis included in the items:Production costs - -Distributioncosts - -Administrative costs 1,246 438Discontinued activities 1,394 1,4142,640 1,852
11. Tangible assets CONTINUED
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12. Leases – right-of-use assets
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of
the following lease payments:
• Fixed payments, less any lease incentives receivable.
• Variable lease payment that are based on an index or a rate, initially measured using the index or rate as the commencement date.
• Amounts expected to be payable by the Group under residual value guarantees.
• The exercise price of a purchase option if the Group is reasonably certain to exercise that option.
• Payments of penalties for terminating the lease if the lease term reflects the Group exercising that option.
The lease payments are discounted using the interest rate for implicit in the lease. If that rate cannot be readily determined, which is generally the case for
leases in the Group., the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to
obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant
periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
• The amount of the initial measurement of lease liability.
• Any lease payments made at or before the commencement date less any lease incentives received.
• Any initial direct cost and restoration cost.
Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. While the Group revalues its
land and buildings that are presented within property, plant and equipment, it has chosen not to do so for the right-of-use buildings held by the Group.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense in
profit or loss. Short-term leases are leased with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture.
Accounting policy
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DKK ThousandsLeaseassets Rental of premises Equipment Company cars TotalCosts1 January 2025 14,638 500 9,284 24,422Additions- - 51 51Disposals(14,638) (500) (9,335) (24,473)Reclassification- - - -Exchangerate adjustment - - - -Costs31 December 2025 - - - -Depreciationand impairment loss 1 January 2025 6,543 238 4,925 11,706Depreciation1,894 59 1,534 3,487Depreciationreversed on disposals (8,437) (297) (6,459) (15,193)Exchangerate adjustment - - - -Depreciationand impairment loss 31 December 2025 - - - -Carryingamount 31 December 2025 - - - -
DKK ThousandsLeaseassets Rental of premises Equipment Company cars TotalCosts1 January 2024 9,312 498 7,499 17,309Additions5,326 - 3,305 8,631Transferredbetween categories - - (1,536) (1,536)Disposals- - - -Exchangerate adjustment - 2 16 18Costs31 December 2024 14,638 500 9,284 24,422Depreciationand impairment loss 1 January 20244,379 171 4,734 9,284Depreciation2,164 67 1,718 3,949Depreciationreversed on disposals - - (1,536) (1,536)Exchangerate adjustment - 1 9 10Depreciationand impairment loss 31 December 2024 6,543 239 4,925 11,707Carryingamount 31 December 2024 8,095 261 4,359 12,715
12. Leases – right-of-use assets CONTINUED
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Leaseliabilities – DKK Thousands2025 2024Lease liabilities are recognized in the balance sheet as follows:Non-current liabilities - 9,772Currentliabilities - 2,917Totallease liabilities - 12,689Recognizedin the profit and loss statement:Interest expensesrelated to lease liabilities 18 438Expenserelating to short-term leases (included in cost of goods sold and administrative expenses) 403 2,051Expenserelating to leases of low-value assets that are not shown above as short-term leases - 7Expense relation to variable lease payments not included in lease liabilities - -
Cashflow from leasing – DKK Thousands2025 2024Interests(18) (438)Liabilitiespayment (403) (2,051)Adjustmentsin total according to leases (421) (2,488)
12. Leases – right-of-use assets CONTINUED
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13. Deferred tax
Deferred tax is calculated using the balance sheet liability method on temporary differences between the carrying amounts for financial reporting purposes
and the amounts used for taxation purposes. Deferred tax is calculated based on the applicable tax rates for the individual financial years. The effect of
changes in the tax rates is stated in the income statement unless they are items previously entered in the statement of other comprehensive income.
A deferred tax provision is made to cover re-taxation of losses in foreign enterprises if shares in the enterprises concerned are likely to be sold and to cover
expected additional future tax liabilities related to financial year or previous years. No deferred tax liabilities regarding investments in subsidiaries are
recognized if the shares are unlikely to be sold in the short term.
The tax value of losses that are expected with adequate certainty to be available for utilization against future taxable income in the
same legal tax unit and jurisdiction is included in the measurement of deferred tax.
SKAKO A/S is jointly taxed with all Danish subsidiaries, SKAKO A/S being the administrator of the Danish joint taxation.
All the Danish subsidiaries provide for the Danish tax based on the current rules with full distribution. Recognition of deferred tax assets and tax liabilities is
made in the individual Danish enterprises based on the principles described above. The jointly taxed Danish enterprises are included in the Danish tax payable on
account scheme.
If companies in the Group have deferred tax liabilities, they are valued independently of the time when the tax, if any, becomes payable.
Significant estimate by Management
Deferred tax assets, including the tax value of tax losses allowed for carry forward, are recognized in the balance sheet at the estimated realisable value of
such assets, either by a set-off against a deferred tax liability or by a net asset to be set off against future positive taxable income. At the balance sheet date,
an assessment is made as to whether it is probable that sufficient taxable income will be available in the future against which the deferred tax asset can be
utilized. Deferred tax on temporary differences between the carrying amounts and the tax values of investments in subsidiaries is recognized unless the Parent
is able to control the time of realization of such deferred tax, and it is probable that such deferred tax will not be realized as current tax in the foreseeable
future. Deferred tax is recognized in respect of eliminations of intra-Group profits and losses.
Accounting policy
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DKKThousands 2025 2024Deferred tax recognized in the balance sheet:Deferredtax assets - 10,107Deferredtax, net 31 December - 10,107Deferredtax, net 1 January 10,107 9,891Foreigncurrency translation adjustments - -Changesin deferred tax (10,107) 216Deferredtax, net 31 December - 10,107Deferredtax:Intangibleassets - (456)Property, plants and equipment - (77)Inventories- 939Provisions- -Tax losses- 10,107Otheritems - (406)- 10,107Deferred tax assets not recognized:Intangibleassets 31 -Property, plants and equipment 49 205Inventories- -Other items - 121Tax losses23,968 16,97624,048 17,302
13. Deferred tax CONTINUED
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14. Inventory
Accounting policy
Raw materials, work-in-progress and goods for resale are measured at cost according to the FIFO principle (according to which the most recently purchased
items are considered to be in stock) or at their net realizable value, whichever is lower.
Group-manufactured products and work in progress are measured at the value of direct cost, direct payroll costs, consumables and a proportionate share of
indirect production costs (IPC), which are allocated on the basis of the normal capacity of the production facility. IPC include the proportionate share of
capacity costs directly relating to Group-manufactured products and work in progress.
Inventory– DKK Thousands 2025 2024Rawmaterials and consumables - 5,528Work-in-progress - 6,042Finishedgoods and goods for resale - 18,702Inventories net of write-downs at 31 December - 30,272Includedin Income Statement under production costs:Write-down of inventories for the year542-Write-down of inventories prior year-101,832Costs of goods sold during the yearWrite-downs for the year are shown net as breakdown into reversed write-downs.
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15. Contract assets and liabilities
Accounting policy
Revenue is recognized based on the value of the work completed at the balance sheet date. The revenue corresponds to the sales value of the year’s
completed work based on costs incurred as a percentage of the total estimated costs (percentage of completion method).
The stage of completion for the individual project is calculated as the ratio between the cost incurred at the balance sheet date and the total estimated cost to
complete the project. In some projects, where cost estimates cannot be used as a basis, the ratio between completed sub-activities and the total project is
used instead. All direct and indirect costs that relate to the completion of the contract are included in the calculation.
When invoicing on account exceeds the value of the work completed, the liability is recognized as a contract liability under short-term liabilities.
If projects are expected to be loss-making, the loss is recognized immediately in the income statement. Costs not yet incurred are provided for as other
provisions. Provisions are based on individual assessment of the estimated loss until the projects have been completed.
Significant assessment by Management
Total expected costs related to work-in-progress for third parties are partly based on estimates as they include provisions for unforeseen cost deviations in
future supplies of raw materials, subcontractor products and services plus construction and handing over. Provisions for warranties on work-in-progress for
third parties are based on Management estimates for each project while taking contract obligations into account.
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DKKThousands 2025 2024Totalcosts incurred - 63,401Valuationafter IFRS 9 (note 21) - (139)Profitrecognized as income, net - 18,247Contractassets - 81,510Contractliabilities - (46,090)Netcontract assets and liabilities - 35,420Ofwhich contract assets are stated under assets - 36,429andcontract liabilities - (1,009)Netcontract assets and liabilities - 35,420
Contract assets and liabilities consist of all open projects on 31 December including cost and profit recognized in prior years.
15. Contract assets and liabilities CONTINUED
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16. Bank loans and credit facilities
Accounting policy
Debt to credit institutions is recognized at the date of borrowing at the proceeds received less transaction costs. For subsequent periods, financial liabilities are
measured at amortized cost for the difference between proceeds and the nominal value to be recognized as a financial expense over the term of the loan.
Carrying
DKK ThousandsMore than 5Total2025 0-1 year 1-5 yearsWeighted averageyears amount effective interest rateCashand cash equivalents 13,371 - - 13,371 13,371 0.8%AssetsLiabilities- - - - - NANetdebt 13,371 - - 13,371 13,371 0.8%
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DKK Thousands2024 0-1 year 1-5 years TotalMore than 5CarryingWeighted averageYears amount effective interest rateCashand cash equivalents 24,839 - - 24,839 24,839 0.6%Assets24,839 - - 24,839 24,839 0.6%Leasedebt (2,917) (9,772) - (12,689) (12,689) 5.5%Otherdebt (2,290) - - (2,290) (2,290) 0.0%Debtto credit institutions - (2,074) - (2,074) (2,074) 1.0%Shortterm bank facilities (45,083) - - (45,083) (45,083) 5.0%Liabilities(50,290) (11,846) - (62,136) (62,136) 4.8%Netdebt (25,451) (11,846) - (37,297) (37,297) 4.3%
Based on the Group’s net debt at the end of the 2025 financial year, a rise of 1 percentage point in the general interest rate level will cause an increase in consolidated
annual earnings after tax and equity of approx. DKK 134k (DKK -370k in 2024).
16. Bank loans and credit facilities CONTINUED
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17. Provisions
Accounting policy
Provisions are recognized when the Group, due to an event occurring before or at the balance sheet date, has a legal or constructive obligation and it is
probable that financial benefits must be waived to settle the obligation. Provisions are measured according to Management’s best estimate of the amount
whereby the obligation is expected to be settled.
Provisions for warranty claims are estimated on a project-by-project basis based on historically realized cost related to claims in the past. The provision covers
estimated own costs of completion, subsequent warranty supplies and unsettled claims from customers or subcontractors.
Provisions regarding disputes and lawsuits are based on Management’s assessment of the likely outcome settling the cases based on the information at hand
at the balance sheet date.
Significant assessment by Management
Management assesses provisions and the likely outcome of pending and probable lawsuits, etc. on an on-going basis. The outcome depends on future events,
which are uncertain by nature. In assessing the likely outcome of lawsuits, etc., Management bases its assessment on internal and external legal assistance and
established precedents.
Warranties and other provisions are measured on the basis of empirical information covering several years. Together with estimates by Management of future
trends, this forms the basis for warranty provisions and other provisions. Long-term warranties and other provisions discounted to net present value takes
place based on the future cash flow and discount rate expected by Management.
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DKKThousands 2025Warranties Other provisions TotalProvisionsat 1 January 1,502 1,268 2,770Foreignexchange adjustments - - -Additions- - -Used- - -Reversals(1,502) (1,268) (2,770)Provisionsat 31 December - - -
DKKThousands 2024Warranties Other provisions TotalProvisionsat 1 January 1,427 1,659 3,086Foreignexchange adjustments - 5 5Additions1,904 1,268 3,172Used(1,029) (1,664) (2,693)Reversals(800) - (800)Provisionsat 31 December 1,502 1,268 2,770Thematurity of provisions is specified as follows:Current liabilities1,277 0 1,277Non-current liabilities 225 1,268 1,4931,502 1,268 2,770
Provisions for warranty covers a 1-3-year warranty period.
Other provisions relate to provisions for disputes, etc. and are essentially expected to be applied within the next five years.
17. Provisions CONTINUED
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18. Adjustments, consolidated cash flow statement
AdjustmentsDKKThousands 2025 2024Amortisation and depreciation 6,854 6,445Changein provisions (223) (316)Financialitems received and paid 2,752 2,990Gain from divestment of Vibration activities (before transaction costs) (136,870) -Other(161) -(127,648) 9,119
Change in borrowings and short-term credit facilitiesDKKThousands 2025 2024Borrowings1 January 62,136 18,548Repayments(62,136) (6,847)Newborrowings - 50,435Currencyadjustments - -Borrowings31 December - 62,136
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19. Exchange rate, liquidity and credit risks
Accounting policy
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past
due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of
contracts. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the
contract assets.
The expected loss rates are based on the payment profiles of sales over a period of 36 months before 31 December 2024 and the corresponding historical
credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic
factors affecting the ability of the customers to settle the receivables.
Trade receivables and contract assets are written down when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of
recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a
period of longer than 120 days past due.
Impairment losses on trade receivables and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts
previously written down are credited against the same line item.
Other financial instruments are measured at amortized cost.
Risk management activities in the SKAKO Group mainly focus on financial risks to which the Company is fairly likely to be exposed. In connection with the preparation of
the Group’s strategic, budgetary and annual plans, the Board of Directors considers the risks identified in these activities.
Financial risks
Financial risk management concentrates on identifying risks in respect of exchange rates, credit and liquidity with a view to protecting the Group against potential losses and
ensuring that Management’s forecasts for the current year are only to a limited extent affected by changes or events in the surrounding world – be the changes
in exchange rates or in interest rates. It is Group policy to exclusively hedge financial risks arising from our commercial activities and not to undertake any financial
transactions of a speculative nature.
Exchange rate risks
After the sale of Vibration activities, SKAKO Group does no longer have material exchange rate risks.
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Below is a sensitivity analysis in respect of exchange rates, given a positive change of 5% in the currencies with the highest exposures. We do not consider a currency risk
on EUR. The estimate has been provided on a non-hedged basis.
Liquidity risk
The Group aims at having sufficient cash resources to be able to take appropriate steps in case of unforeseen fluctuations in cash outflows.
Credit risks
After the sale of Vibration activities, SKAKO Group does no longer have material credit risks. Cash resources and short-term securities are placed in a reputable Danish bank
and the credit risk is therefore considered to be very low.
Trade receivables can be allocated as follows:
The Group has two types of financial assets that are subject to the expected credit loss model:
• Trade receivables from contracts with customers
• Contract assets from plant sales
2025: Potential impact on 2024: Potential impact onDKK ThousandsNet position Change in currencyP/L and Equity P/L and equityEUR423 0% - -USD- 10% - 260GBP- 5% - 445SEK- 5% - 29NOK- 5% - 3MAD- 5% - 937
DKKThousands2025 2024Europe- 41,813TheUSA - 903Africa- 23,111Other- 485- 66,312
19. Exchange rate, liquidity and credit risks CONTINUED
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While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial. The
loss allowance as at 31 December 2024 and 31 December 2025 was determined as follows for both trade receivables and contract assets:
31 December 2025 – DKK Thousands
Due 31-120Not Due Due 0-30 daysDue 121-365 Due more thanTotaldays days 1 yearExpectedloss rate 0.0% 0.0% 0.0% 0.0% 0.0%Grosscarrying amount – trade receivables - - - - - -Grosscarrying amount – contract assets - - - - - -Lossallowance - - - - - -
31December 2024 – DKK ThousandsDue 31-120 Due 121-365 Due more thanNot Due Due 0-30 daysTotaldays days 1 yearExpectedloss rate 0.6% 1.0% 1.5% 2.5% 57.0%Grosscarrying amount – trade receivables 49,190 5,794 4,464 4,306 7,243 70,997Grosscarrying amount – contract assets 36,429 - - - - 36,429Lossallowance 462 58 67 108 4,129 4,824The closing loss allowances for trade receivables and contract assets as at 31 December 2024 reconcile to the opening loss allowances as follows:
DKK ThousandsContract assets Trade receivables2025 2024 2025 20241January – calculated under IFRS 9 139 139 4,685 4,377Increase in loan loss allowance recognized in profit or loss during - 139 - 4,685theyearReceivables written off during the year as uncollectible - - - -Unusedamount reversed (139) (139) (4,685) (4,377)At31 December - 139 - 4,685
19. Exchange rate, liquidity and credit risks CONTINUED
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The Group has received notice that potential warranty claims may be brought against the Group in the foreseeable future. SKAKO Concrete has delivered 15 of certain mixers
with a warranty expiring from 2025 to 2031. At this stage it is not possible for the Group to determine whether the Group will incur a cost, or when any potential warranty
claims may be raised. However, if the claims were to materialize, the potential financial impact could be material. The management has determined that while it is possible
that the Group will incur a future cost, it is not probable that a present obligation exists that would require a provision under IAS 37 Provisions, Contingent Liabilities and
Assets. So far, the Group has incurred a cost of DKK 1.4 million for a warranty obligation.
The company’s financial institutions have provided bank guarantees for consignments and prepayments of a total of DKK 0.0m (2024: DKK 61.3m).
Towards the company’s primary financial institution, a deposit of DKK 0.0m (2024: DKK 50m) has been provided with deposit in unsecured claims, stocks, tangible assets
and intangible rights.
There is a rent commitment related to a building in Denmark. The minimum rent liability amounts to DKK 0.0m (2024: DKK 3.5m).
The Danish subsidiaries of the Group are liable for tax of the jointly taxed income, etc. of the Group. SKAKO A/S is the administrative company of the joint taxation.
20. Contractual liabilities, contingent liabilities and
securities
23. Approval and publication
At the Board meeting on 26 March 2026, our Board of Directors approved this Annual Report 2025 for publication. The report will be presented to the shareholders of
SKAKO A/S at the annual general meeting on 17 April 2026.
22. Events after the balance sheet date
There have been no events that materially affect the assessment of this Annual Report 2025 after the balance sheet date and up to today.
21. Related parties
Given its share of ownership, Frederik2 ApS is considered to have a controlling interest.
The company’s related parties comprise the company’s Executive Management, Board of Directors and these persons’ related family members. Related parties also
comprise companies in which the before-mentioned persons have controlling or common control. In addition, related parties comprise the subsidiaries cf. page 93 in which
SKAKO A/S has controlling or significant influence.
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The Group’s general accounting policies are described below. In addition to this,
specific accounting policies are described in each of the individual notes to the
consolidated financial statements.
24. Group accounting policies
Generally
The consolidated financial statements are presented in compliance with IFRS
Accounting Standards (IFRS) as adopted by the EU and Danish disclosure
requirements for annual reports published by reporting class D (listed) companies
cf. the Danish executive order on IFRS issued in compliance
with the Danish Financial Statements Act. The registered office of SKAKO A/S is in
Faaborg, Denmark.
The consolidated financial statements are presented in Danish kroner (DKK), which
is the presentation currency for Group activities and the functional currency for the
Parent. The consolidated financial statements are presented on the basis of
historical cost except for share-based remuneration which are measured at their
fair value.
The financial statements for the Parent as well as the Parent’s accounting policies
are presented from the consolidated financial statements and are shown on the
last part of this Annual Report 2025.
The accounting policies remain unchanged for the consolidated financial
statements compared to 2024.
Effect of new accounting standards
The following new standards, amendments, and interpretations of relevance to
SKAKO A/S have been adopted by the IASB and adopted by the EU. The standards
are not yet effective and will therefore not be implemented in the annual reports
until they take effect.
▪ IFRS 7 and IFRS9, classification and measurement of financial instruments: The
amendment clarifies the requirements for the timing of derecognition of some
financial asset and financial liability. The amendment clarifies it is the date of
settlement which determines the derecognition of a financial asset or a
financial liability, although financial liabilities settled by electronic transfer
under certain circumstance may be derecognized earlier. Furthermore, the
amendment contains an assessment of how to determine whether a payment
for financial assets satisfies the SPPI test, when the instrument is linked to the
achievement of sustainability targets.
The amendment will be effective for financial years beginning on or after 1
Janaury 2026. Early adoption of the amendment is permitted.
▪ IFRS 7 and IFRS 9, contracts referencing nature-dependent electricity: The
amendments introduces application guidance on when the “own use”
requirements have been complied for contracts referring to nature-dependent
electricity. The amendments also introduce guidance for the application of
hedge accounting for such contracts when the actual production differs from
the expected production. The amendments also introduce additional disclosure
requirements for entities using such contracts.
The amendment will be effective for financial years beginning on or after 1
January 2026. Early adoption of the amendment is permitted.
▪ Annual improvements volume 11, IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7: Minor
amendments and clarifications to IFRS 1 and IFRS7, and guidance to
implementation of IFRS 7, IFRS 9, IFRS 10 and IAS 7 to clarify wording or correct
minor unintended consequences, oversights or conflicts between the listed
standards.
The amendment will be effective for financial years beginning on or after 1
January 2026. Early adoption of the amendment is permitted.
The IASB has issued the following new standards, amendments and new
interpretations which could be relevant to SKAKO A/S, but which have not yet been
adopted by the EU.
▪ IFRS 18, presentation and disclosure in financial statements: This new standard
replaces IAS 1 and it implements set of new requirements for presentation and
disclosures in the financial statements. The new standard requires the income
statement to be structures into five categories, while also introducing two new
subtotals. Furthermore, the new term “Management Performance Measures
(MPM)” is introduced, which must be disclosed in the notes of the financial
statements. The new requirements for presentation and disclosures are
applicable for all financial statements, including consolidated financial
statements, separate financial statements and interim financial statements.
The amendment will be effective for financial years beginning on or after 1
January 2027. Early adoption of the amendment is permitted, when approved
by the EU.
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24. Group accounting policies CONTINUED
Distribution costs
Distribution costs include costs relating to training, sales, marketing, promotion
materials, distribution, bad debts as well as depreciation, amortisation and
impairment losses on assets used for distribution purposes.
Income statement
Income and costs are recognized on an accrual basis. The income statement is
broken down by function, and all costs including depreciation, amortization and
impairment losses are then charged to production, distribution and
administration.
Consolidation principles
The consolidated financial statements are prepared on the basis of the financial
statements for the Parent and its subsidiaries by aggregating uniform items.
The financial statements included in the consolidated financial statements are
prepared in accordance with the Group’s accounting policies. Intra-Group income,
expenses, shareholdings, balances and dividends as well as unrealized intra- Group
profits on inventories are eliminated. The accounting items of subsidiaries are
recognized 100% in the consolidated financial statements.
Changes in accounting policies and classification for 2025
No new standards are expected to be implemented in 2025.
Effect of new accounting standards not yet in force
Revised and new standards and interpretations issued, but not yet effective or
approved by the EU at the time of publication of this Annual Report 2025 have not
been incorporated into this report.
Definition of materiality
IFRS contain extensive disclosure requirements. The Group discloses the
information required according to IFRS unless such information is deemed
immaterial.
Classification discontinued activities
A discontinued operation is a component of the entity that has been disposed.
The results of discontinued operations are presented separately in the
statement of profit or loss. Comparatives in the statement of profit and loss for
previous periods are restated to reflect the result of discontinued operations.
Consolidated financial statements
The consolidated financial statements comprise SKAKO A/S (the Parent) and the
enterprises in which the Parent can or actually does exercise control by either
directly or indirectly holding more than 50% of the voting rights.
▪ IFRS 19, subsidiaries without public accountability; Disclosures: The amendment
introduces reduced disclosure requirements for new and amended accounting
standards, issued in the period from the adoption of IFRS 19 in February 2021
and until May 2024. IFRS 19 did when it was issued not contain reduced
disclosure requirements for new and amended accounting standards adopted
after 28 February 2021. This amendment introduces reduced disclosure
requirements for subsidiaries which voluntarily applies IFRS 19.
The amendment will be effective for financial years beginning on or after 1
January 2027. Early adoption of the amendment is permitted, when approved
by the EU.
SKAKO A/S expects to implement these new standards, amendments, and
interpretations when they take effect.
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Prepaid expenses
Prepaid expenses recognized under assets include costs relating to the subsequent
financial years. Prepaid expenses are measured at cost.
Cash flow from investing activities comprises cash flows from the purchase and
sale of intangible, tangible and financial non-current assets.
Cash flow from financing activities comprises cash flows from raising and repaying
long-term debt, instalments on lease liabilities and bank overdraft.
24. Group accounting policies CONTINUED
Cash flow statement
The cash flow statement is prepared according to the indirect method and reflects
the consolidated net cash flow broken down into operating, investing and financing
activities.
Cash flow from operating activities includes inflows from the year’s operations
adjusted for non-cash operating items, changes in working capital, financial
income received and expenses paid, realized foreign currency translation gains
and losses and income tax paid. Cash flow from investing activities includes the
purchase, development, improvement or sale of intangible assets and property,
plant and equipment.
Treasury shares
On the sales of treasury shares, the purchase price or selling price, respectively, is
recognized directly in equity under other reserves (retained earnings).
Equity
Foreign currency translation reserve includesforeign currency translationadjustments
on the translation of financial statements of foreign subsidiaries from their respective
functionalcurrencies into Danish kroner. Foreign currency translationadjustments
are recognized in the income statement on realizationof the net investment. Hedging
reserves include fair value adjustments of derivatives satisfying the criteria for hedging
of future transactions.The amounts are recognized in the income statement or the
balance sheet in step with recognition of the hedged transactions.
Cash and cash equivalents
Cash and cash equivalents consist of bank deposits and certain overdrafts, and
other liquid assets.
Deferred income
Deferred income includes income received relating to the subsequent financial
year. Deferred income is measured at cost.
Financial ratios
Financial ratios are calculated as follows:
• Gross profit margin = Gross profit x 100 / Revenue
• Profit margin = EBIT x 100 / Revenue
• Liquidity ratio = Total current assets x 100 / Total current liabilities
• Equity ratio = Total equity x 100 / Total assets
• Return on equity = Profit for the period x 100 / (Equity this year + equity prior
year) / 2
• Financial leverage = Net interest-bearing debt x 100 / Equity
• Net debt to EBITDA = Net debt / EBITDA (EBIT less depreciations)
• NWC/Revenue = Net working capital x 100 / Revenue
• Earnings per share = Profit for the period / Shares in free flow
• Equity value per share = Equity / Total shares
• Share price = Share price at end of period
• Price-book ratio = Share price / Equity per share
• Market capitalization = Total number of share x Share price
• ROIC = NOPAT / (Invested capital this year + invested capital prior year) / 2
• NOPAT = Profit for the period +/- net financial income
• Invested capital = Total assets - net cash and credits - deferred tax assets – non-
interest-bearing current liabilities
Estimates and judgements
On the preparation of the consolidated financial statements, Management makes a
number of accounting estimates and judgements. These relate to the recognition,
measurement and classification of assets and liabilities. Many items can only be
estimated rather than accurately measured. Such estimates are based on the most
recent information available on preparation of the financial statements. Estimates
and assumptions are therefore reassessed on an ongoing basis. Actual figures may,
however, deviate from these estimates. Any changes in accounting estimates will be
recognized in the reporting period in which such changes are made. See list of
significant estimates and assessments in chapter 3.4
Administrative expenses
Administrative expenses include administrative staff costs, office expenses as
well as depreciation, amortisation and impairment losses on assets used for
administrative purposes.
| Annual
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2025
Page
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3.5 Parent
company
financial
statements
3.5 PARENT COMPANY FINANCIAL
STATEMENTS
Notes
Revenue
Other
income - 16,134
1,2
Administrative expenses
(3,350) (5,808)
Operating profit (EBIT)
(3,350) 10,326
Income
from subsidiaries 171,748 -
3
Financial
income 1,494 1,303
3
Financial
expenses (3,618) (2,532)
Profit
before tax 166,273 9,097
4
Tax
on profit for the year (2,416) 1,293
5
Profit for the
year 163,857 10,390
Parent company income statement
2025 2024
DKK
Thousands 2025 2024
Notes
Profit for the year
163,857 10,390
Other comprehensive income - -
Comprehensive income 163,857 10,390
Parent company statement of comprehensive income
DKK Thousands
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2025
Page
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3.5 Parent
company
financial
statements
Notes
7
Leased
assets - 397
7,7
Tangible assets
- 397
8
Investments
in subsidiaries 27,041 180,293
9
Deferred
tax assets - 1,782
Other
non-current assets 27,041 182,075
Total
non-current assets 27,041 182,472
Trade
receivables - 1,429
Income
tax - 10,441
Other
receivables - 61
Prepaid
expenses 81 189
Other
investments 200,077 -
Cash
11,675 963
Current assets 211,833 13,083
Assets 238,874 195,555
Parent company balance sheet - 31 December
DKK Thousands 20242025
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2025
Page
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3.5 Parent
company
financial
statements
Notes
Share
capital 31,525 31,525
Retained
earnings 19,137 9,696
Proposed
dividends 154,472 7,881
Total equi
ty 205,134 49,102
Leasing
- 274
Non
-current liabilities - 274
Leasing
- 129
Debt
to subsidiaries 32,562 36,965
Bank
loans and credit facilities - 103,944
Trade
payables 214 416
Income
tax 541 -
Other
liabilities 423 4,725
Current
liabilities 33,740 146,179
Liabilities
33,740 146,453
EQUITY AND LIABILITIES 238,874 195,555
Parent company balance sheet - 31 December
DKK Thousands 20242025
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2025
Page
82
3.5 Parent
company
financial
statements
Notes
Profit
before tax 166,273 9,097
10
Adjustments
155,554 (15,037)
Changes
in receivables, etc. 1,598 (1,389)
Change
in trade payables and other liabilities, etc. (4,503) (1,643)
Cash
flow from operating activities before financial items and tax 318,922 (8,972)
Interest
received 1,494 1,303
Interest paid
(3,618) (2,532)
Taxes
paid and received 142 (2,434)
Cash
flow from operating activities 316,940 (12,635)
Investment in
tangible assets - (529)
Investment in short
-term securities (200,000) -
Cash flow from
investing activities (200,000) (529)
Change
in intra-Group balances 5,944 (79,944)
Proceeds
from leasecontracts - 529
Repayments
(403) (126)
Change
in short-term bank facilities (103,944) 103,944
Distributed
dividends (7,825) (136,522)
Cash
flow from financing activities (106,228) (112,119)
Change
in cash and cash equivalents 10,712 (125,283)
Cash
and cash equivalents 1 January 963 126,246
Cash
and cash equivalents 31 December 11,675 963
Breakdown
of cash and cash equivalents at the end of the year:
Cash
11,675 963
Other
investments
Cash and cash equivalents at the end of the year 11,675 963
Parent company cash flow statement
DKK Thousands
2025 2024
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2025
Page
83
3.5 Parent
company
financial
statements
DKK
Thousands Share capital
Retained
Earnings
Proposed
Dividends
Equity
Equity
1 January 2025 31,525 9,696 7,881 49,102
Paid
dividends (7,825) (7,825)
Comprehensive income in 202
5:
Profit
for the year 9,385 154,472 163,857
Dividend
own shares 56
(56)
-
Comprehensive
income, year - 9,441 154,416 163,857
Equity
31 December 2025 31,525 19,137 154,472 205,134
Parent company statement of changes in equity
DKK
Thousands Share capital
Retained
earnings
Proposed
dividends
Equity
Equity
1 January 2024 31,064 128,014 15,532 174,610
Extra
ordinary dividends - (121,989) 121,989 -
Paid
dividends
- 999 (137,521) (136,522)
Increase
of share capital 461 - - 461
Comprehensive
income in 2024:
Profit for the
year - 2,509
7,881
10,390
Other
comprehensive income - -
-
-
Comprehensive
income, year - 2,509 7,881 10,390
Share
-based payment, share warrants - 163 - 163
Equity
31 December 2024 31,525 9,696 7,881 49,102
| Annual
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2025
Page
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3.6 Parent
company
notes
3.6 PARENT COMPANY NOTES
1. Staff costs
Number of employees in 2025: 0 (2024: 0)
For information regarding Executive Management and Board of Directors remuneration, including share-based warrant plans,
please refer to note 3 and note 4 in the consolidated financial statements.
2.Fee to parent company auditors appointed
at the Annual General Meeting
The fee for non-audit services delivered by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab to
the parent company amounts to DKK 0.6m (2024: DKK 0.3m).
DKK
Thousands 2025 2024
PwC
Statutory
audit 314 824
Other
assurance engagements - 125
Tax
and indirect taxes consultancy 331 190
Other
services 298 146
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2025
Page
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3.6 Parent
company
notes
DKK
Thousands 2025 2024
Interest
from subsidiaries - -
Dividends
received from subsidiaries - -
Reversal
of write-down of shares in subsidiaries - -
Financial
income from financial assets not measured at fair value in the income statement - -
Other
financialincome 1,494 1,303
Financial
income 1,494 1,303
Interest
to subsidiaries (1,103) (131)
Interest
on bank debt (1,981) (1,761)
Interest
on lease debt (18) (26)
Financial
expenses on financial liabilities not measured at fair value in the income statement (3,102) (1,918)
Other
financial expenses (516) (614)
Financial
expenses (3,618) (2,532)
Net
financial items (2,124) (1,229)
3. Net financial income
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3.6 Parent
company
notes
DKK
Thousands 2025 2024
Current
tax on the profit for the year 1,439
Adjustment
of current tax, prior years (634) -
Change
in deferred tax (1,782) (146)
Adjustment
of deferred tax, prior years -
Impact
on changes in corporate tax rates -
Tax
for the period (2,416) 1,293
Danish
corporate tax rates 1,439
Adjustment
of current tax, prior years (634)
Tax
assets not capitalized (1,782) (146)
Permanent differences
and other items -
(2,416) 1,293
4. Tax on profit for the year
5. Profit allocation
DKK
Thousands 2025 2024
Retained
earnings 9,385 2,509
Proposed
dividends 154,472 7,881
Profit for the
year 163,857 10,390
| Annual
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2025
Page
87
3.6 Parent
company
notes
6. Tangible assets
DKK
Thousands
Leasehold improvements Operating equipment, fixtures and fittings Total
Cost
1 January 2024 341 2,168 2,509
Investments
- - -
Disposals
- - -
Transferred
between categories - - -
Cost
31 December 2024 341 2,168 2,509
Depreciation
and impairment 1 January 2024 341 2,168 2,509
Transferred
between categories - - -
Disposals
- - -
Depreciation
- - -
Depreciation
and impairment 31 December 2024 341 2,168 2,509
Carrying
amount 31 December 2024 - - -
DKK
Thousands
Leasehold improvements Operating equipment, fixtures and fittings Total
Cost
1 January 2025 341 2,168 2,509
Investments
- - -
Disposals
(341) (2,168) (2,509)
Transferred
between categories - - -
Cost
31 December 2025 - - -
Depreciation
and impairment 1 January 2025 341 2,168 2,509
Transferred
between categories - - -
Disposals
(341) (2,168) (2,509)
Depreciation
- - -
Depreciation
and impairment 31 December 2025 - - -
Carrying
amount 31 December 2025 - - -
| Annual
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88
Lease
assets Company cars Total
Costs
1 January 2025 529 529
Additions
- -
Disposals
(529) (529)
Reclassification
- -
Exchange
rate adjustment - -
Costs
31 December 2025 - -
Depreciation
and impairment loss 1 January 2025 132 132
Depreciation
397 397
Depreciation
reversed on disposals (529) (529)
Exchange
rate adjustment - -
Depreciation
and impairment loss 31 December 2025 - -
Carrying
amount 31 December 2025 - -
DKK Thousands
Lease
assets Company cars Total
Costs
1 January 2024 - -
Additions
529 529
Transferred
between categories - -
Disposals
- -
Exchange
rate adjustment - -
Costs
31 December 2024 529 529
Depreciation
and impairment loss 1 January 2024
- -
Depreciation
132 132
Depreciation
reversed on disposals - -
Exchange
rate adjustment - -
Depreciation
and impairment loss 31 December 2024 132 132
Carrying
amount 31 December 2024 397 397
DKK Thousands
7. Leases – right-of-use assets
3.6 Parent
company
notes
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2025
Page
89
3.6 Parent
company
notes
DKK
Thousands 2025 2024
Cost
1 January 260,534 260,534
Investments
- -
Disposals
- -
Cost
31 December 260,534 260,534
Write
-down 1 January (80,241) (96,375)
Net
value adjustments of investments, including reversals and current-year impairments (153,252) 16,134
Write
-down 31 December (233,493) (80,241)
Carrying
amount 31 December 27,041 180,293
8. Investments in subsidiaries
Group companies are listed on page 93.
| Annual
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2025
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3.6 Parent
company
notes
DKK
Thousands 2025 2024
Deferred
tax recognized in the balance sheet:
Deferred
tax assets - 1,782
Deferred
tax liabilities - -
Deferred
tax, net 31 December - 1,782
Deferred
tax, net 1 January 1,782 1,928
Changes
in deferred tax (1,782) (146)
Deferred
tax, net 31 December - 1,782
Deferred
tax assets:
Tax losses
- 1,782
- 1,782
Deferred
tax assets not recognized:
Intangible
assets 31 -
Property,
plants and equipment 49 205
Inventories
- -
Other
items - 121
Tax losses
6,624 2,993
6,704 3,319
9. Deferred tax
Tax losses carried forward are not subject to time limitation.
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2025
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3.6 Parent
company
notes
DKK
Thousands 2025 2024
Depreciations
(110) (132)
Financial
items received and paid 2,124 1,229
Release of reserves due to
merger in subsidiaries - (16,143)
Gain
/loss from sale of assets 287 -
Other
153,252 -
155,553 (15,037)
10. Adjustments, cash flow statement
Adjustments
DKK
Thousands 2025 2024
Borrowings
1. January 104,347 -
Repayments
(104,347) (126)
New
borrowings - 104,473
Currency
adjustments - -
Borrowings
31. December - 104,347
Change in borrowings and short-term credit facilities
11. Contracts liabilities, contingent
liabilities and securities
Please refer to note 20 in the consolidated financial statements.
Towards the company’s primary financial institution, a company deposit of DKK 0m (2024: DKK 50m) has been provided with deposit in unsecured claims, stocks, tangible
assets and intangible rights.
The company is jointly taxed with all Danish subsidiaries. The company is jointly and severally liable with the other companies in the joint taxation for Danish corporate taxes
and withholding taxes on dividend, interests and royalties within the joint taxation.
| Annual
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2025
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3.6 Parent
company
notes
13. Events after the balance sheet date
Please refer to note 22 in the consolidated financial statements.
14. Accounting policies
The financial statements for 2025 of the parent company, SKAKO A/S has been prepared in accordance with IFRS Accounting Standards (IFRS) as adopted by the EU and
Danish disclosure requirements for annual reports of listed companies under reporting class D. The financial statements have been prepared in accordance with the
historical cost convention, as modified by the revaluation of derivative financial instruments at fair value.
The accounting policies for the financial statements of the parent company are unchanged from the last financial year and are the same as for the consolidated financial
statements with the following additions.
Supplementary accou nting policies for the parent company
Investments in Subsidiaries
Investments in subsidiaries are recognized at cost less impairment losses. Where the recoverable amount is lower than cost, investments are written down to this lower
value. Dividends received from investments in subsidiaries and associates are recognized in the income statement in the financial year in which the dividends are declared.
Intra-group transactions in the Parent Company Financial Statements
Intra-group transactions are recognized in the parent company financial statements at the carrying amount. Accordingly, additions to or disposals of investments are
recognized at the carrying amount, and any difference between the carrying amount of net assets and the consideration paid is recognized directly in equity.
Comparative figures are not restated.
Intercompany balances
Intercompany balances which are expected to be settled as part of the normal operating cycle, or where an unconditional right to defer settlement.
12. Related parties
Please refer to note 21 in the consolidated financial statements.
| Annual
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2025
Page
93
Subsidiaries
Company
name Country Interest
SKAKO
A/S Denmark Parent
Investeringsselskabet af 3. november 2025 Holding A/S
Denmark 100%
Strandvænget 5
DK-3050 Humlebæk Denmark
Tel.: +45 63 11 38 60
CHJ@3november25.dk
Investeringsselskabet af 3. November 2025
CVR No. 36440414
5.6 Parent
company
notes
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