Annual Report
Investments Real Estate Hospitality Finance
2025/26
The Annual Report was presented and adopted
at the Annual General Meeting on 29 June 2026
Chairman of the meeting: Peter Appel
Financial year: 1 May 2025 – 30 April 2026
Company reg. no. 15 00 80 91
TABLE OF
CONTENTS
GENERAL
INFORMATION
MANAGEMENT’S
REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
MANAGEMENT
CONSOLIDATED
FINANCIAL
STATEMENTS
PARENT COMPANY
FINANCIAL
STATEMENTS
STATEMENTS
2
GENERAL INFORMATION 2
CEO letter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
Invested in Group growth .................................................................5
Invested in global thinking ................................................................6
Key figures and financial ratios ............................................................7
Invested in greater flexibility in a fast-moving market .................................. 8
Invested in developing Middelfart from multiple angles .................................9
Management’s review ....................................................................11
Corporate Social Responsibility ..........................................................19
Invested in strong leadership ...........................................................23
FINANCIAL STATEMENTS 24
Consolidated Financial Statements .....................................................24
Notes to the Consolidated financial statements ........................................29
Parent Company Financial Statements ..................................................61
Notes to the Parent company financial statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Statements ..............................................................................73
CEO LETTER
Built to last
That responsibility has shaped the past year.
The world around us remains marked by uncertainty.
Geopolitical tensions, shifting market dynamics, and
changing financial conditions continue to influence
the way companies operate, invest, and plan for the
future. At the same time, the broader economy has
shown resilience. I believe there are still significant
opportunities for companies and owners who are
prepared, focused, and financially robust.
Refining and defining Selfinvest
For Selfinvest, the past year has revolved around
strengthening the foundation that allows us to act
with both stability and agility. We have invested
in our organisation, our culture, and our financial
platform to support long-term family ownership
and sharpen the way we exercise active ownership
across the Group.
This has included a clearer organisational
structure, a strengthened financial framework,
and a continued focus on having the right people,
functions, and resources in place to support the
operating companies. As part of this, Selfinvest
and USTC have also moved closer together
organisationally, strengthening the connection
between the family ownership and the Group’s
operating activities. What I am particularly pleased
with is that these changes have made us better
equipped to support our companies, set direction,
and act on opportunities when they arise.
During the year, Selfinvest’s 10th anniversary
also provided a natural occasion to complete an
important rebranding process and launch a new
website. Together, they give us a clearer way to
express who we are, what we stand for, and how
we see our role. We are Selfinvest. Always invested.
Invested in the companies we own, the partnerships
we build, the communities we are part of, and the
future of the family ownership.
Our values remain central to that role. Business
acumen, leadership, and decency are not abstract
principles. They guide how we invest, how we
develop our companies, and how we act in our
relationships. They also guide the decisions we
make when we reshape our portfolio.
Invested where it matters
In Investments, we have continued to concentrate
the portfolio and free up capital for future
opportunities. As part of this, we divested several
non-core assets, including Jensens Bøfhus. The
Danish restaurant chain was sold to Bones, a well-
established Danish dining concept, with Selfinvest
becoming a minority owner of Bones as part of the
transaction. In that process, it was important for us
to act properly and responsibly. Our ambition was to
secure the best possible future for the business and
retain as many jobs as possible.
In Real Estate, the completion of Kabelbyen marked
a major milestone. As the largest single project
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Selfinvest is built on long-term responsibility. As a family-owned holding and investment
company, our role is to protect and develop what has been built, while ensuring that we are
ready for what comes next.
Mikkel Hammershøj, CEO, Selfinvest
undertaken by Selfinvest to date, Kabelbyen
represents both ambition and responsibility and
seeing the first tenants move in during the spring
was a particularly proud moment. It brought
new life to an important part of Middelfart and
underlines the role our real estate activities can
play in local development. For us, real estate means
creating settings that work, last, and matter to the
people who use them.
That ambition is also reflected in Hospitality, where
the opening of Toldbodvinhus has added a new
gathering place to Middelfart and strengthened the
level of service and experience across the areas we
engage in.
Strength for the road ahead
Looking back, I am proud that we have made
Selfinvest stronger and better prepared without
losing sight of our long-term purpose. We are now
in a better position to support the family ownership,
USTC, and our wider portfolio with the right level of
resilience, perspective, and commitment.
Looking ahead, I expect uncertainty to remain
part of the landscape. The underlying economy is
robust, but there are still many potential disruptions
along the way. This makes financial strength, clear
priorities, and the ability to act when opportunities
arise even more important.
One of our major focus areas in the coming year will
be the implementation of AI across relevant parts
of the organisation. Used with purpose and sound
judgement, I believe it can strengthen the way we
work, support better decisions, and free up time for
the tasks where human experience and perspective
matter most.
What I am really excited about is the position we
are now in. We have strengthened the foundation
beneath Selfinvest while maintaining the flexibility
to move when the right opportunities emerge.
Mikkel Hammershøj
CEO
Selfinvest
Looking back, I am
proud that we have
made Selfinvest stronger
and better prepared
without losing sight of our
long-term purpose.
Mikkel Hammershøj
CEO
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Kabelbyen, Middelfart, Denmark
Main lobby, Kabelbyen, Middelfart, Denmark
INVESTED
in Group growth
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SHIPPING AND
LOGISTICS
SINCE
1876
SALE AND
MEDIATION
OF BUNKERS
SINCE
1981
SHIPOWNING
SINCE
1995
IT SERVICES
SINCE
2003
RISK
MANAGEMENT
SINCE
2004
SUSTAINABLE
ENERGY
SINCE
2009
SPORTS CAR
ACTIVITIES
SINCE
2009
INVESTMENT
ACTIVITIES
SINCE
2015
REAL ESTATE
SINCE
2021
Founded in 1876, our Group has a rich history that we take great pride
in. While we continuously develop our activities, we remain grounded
and humble, acknowledging our roots and the legacy that has brought
us to where we are today.
INVESTED
in global thinking
Our clients think globally, and so do we. The
Selfinvest Group operates from 147 offices
based in 41 countries across all continents.
The Group currently employs +4,250 people
– with more than 50 nationalities.
COUNTRIES
41
NATIONALITIES
REPRESENTED
AMONG OUR STAFF
+
50
OFFICES
WORLDWIDE
147
EMPLOYEES
WORLDWIDE
4,252
15
AMERICAS
OFFICES
104
EUROPE
OFFICES
3
OTHERS
OFFICES
25
ASIA
OFFICES
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From the Selfinvest head office in Middelfart, Denmark
Key figures and financial ratios
Seen over a five-year period, the development of the Group is described by the following financial highlights:
DKK mill 2025/26 2024/25 2023/24 2022/23 2021/22
PROFIT
Revenue 100,476 112,923 116,994 141,237 120,120
Profit before financial income and
expenses 1,445 1,381 2,276 3,209 1,197
Net financials (458) (650) (458) (249) 11
Profit before special items 1,012 775 1,839 3,000 1,223
Profit before tax 880 663 1,505 3,000 1,223
Profit before tax after discontinued
operations and special items 880 283 250 3,000 1,223
Net profit for the year 715 177 (69) 2,408 986
BALANCE SHEET
Balance sheet total 30,452 26,016 29,268 29,601 29,023
Equity 7,670 7,011 7,403 8,020 6,152
CASH FLOWS
Cash flows from:
- operating activities 4,428 3,027 4,142 (729) 514
- investing activities (523) (733) (1,207) (362) (874)
- hereof investment in property, plant
and equipment (673) (566) (937) (672) (335)
- financing activities (1,969) (2,708) (2,730) 402 1,434
Change in cash and cash equivalents for
the year 1,936 (414) 205 (690) 1,074
RATIOS
Gross margin 6.7% 5.6% 5.9% 5.8% 4.0%
Profit margin 1.4% 1.2% 1.9% 2.3% 1.0%
Return on equity 9.7% 2.5% (0.9%) 34.0% 17.9%
Liquidity ratio 1.27 1.12 1.29 1.40 1.28
Solvency ratio 25.2% 26.9% 25.3% 27.1% 21.2%
Number of employees 4,252 4,520 4,517 4,506 4,010
The ratios have been prepared in accordance with the definitions set out in note 24 to the Financial Statements.
INVESTED
in greater flexibility
in a fast-moving market
Selfinvest’s investment portfolio is built across several asset classes with each class playing an
important role in creating long-term value and maintaining a balanced portfolio.
In recent years, Selfinvest has built a strong position
within several less liquid asset classes, including
real estate, private equity, and direct investments in
companies. These assets remain important building
blocks in the portfolio and continue to support the
long-term investment strategy. However, they also
share one key characteristic: they are less flexible
when market conditions change.
Against a backdrop of increased global uncertainty,
Selfinvest has therefore decided to slightly
adjust the balance between liquid and less liquid
investments.
The adjustment does not represent a major
strategic shift or a new investment philosophy.
Rather, it is a deliberate move to increase flexibility
by allocating a larger share of future capital towards
more liquid assets such as equities and bonds.
“We remain invested with a long-term investment
approach, but in the current market environment,
flexibility has become increasingly important.
Strengthening the balance between liquid and
less liquid assets improves our ability to act when
conditions change,” says Simon Seir Bjerrisgaard,
Chief Investment Officer at Selfinvest.
In practice, this means that capital generated from
less liquid assets will not necessarily be reinvested
one-to-one into the same categories. When
proceeds come from real estate, private equity
distributions, or dividends from USTC companies, a
larger share may instead be directed towards liquid
investments.
This gives Selfinvest more room to manoeuvre.
Liquid assets can be adjusted and reallocated
more efficiently than real estate or private equity
investments, making them a valuable part of the
portfolio in a market environment where timing,
flexibility, and resilience are increasingly important.
The change will also require continued development
of Selfinvest’s internal investment capabilities. With
a stronger focus on liquid investments, the team will
continue to refine its tools, processes, and approach
to ensure that capital is deployed effectively across
these asset classes.
The overall ambition remains unchanged: to
preserve and grow capital through a balanced, long-
term investment strategy. The adjustment simply
reflects a more precise allocation of resources in a
market environment where flexibility, timing, and
financial resilience are increasingly important.
By slightly increasing its exposure to liquid assets,
Selfinvest strengthens its ability to act with
confidence, both in support of future opportunities
and in response to potential challenges.
By having a larger
share of the portfolio
placed in assets that
can be adjusted more
dynamically, we strengthen
our ability to respond to
changes in the market.
Simon Seir Bjerrisgaard
Chief Investment Officer
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Simon Seir Bjerrisgaard, Chief Investment Officer, Selfinvest
INVESTED
in developing Middelfart
from multiple angles
In the financial year 2025/26, Selfinvest Real Estate continued
to develop and invest in Middelfart through projects that
contribute to the city in different but complementary ways.
From modern workspaces to the revival of historic landmarks,
the common thread is a long-term approach where quality,
functionality, and local relevance go hand in hand.
Two projects stand out in this past fiscal year: Kabelbyen and
Toldbodvinhus.
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Kabelbyen – a new landmark
At Middelfart’s former industrial harbour, Kabelbyen
is approaching completion. The project is the largest
commercial development in Selfinvest’s history,
comprising 20,000 square metres of modern office
space along with a two-storey underground car
park.
The first tenants moved in during May 2026, with
strong interest from potential tenants already
established ahead of completion. With its location
close to both highway and rail connections and
views over the Little Belt, Kabelbyen offers a strong
platform for attracting companies and talent from
across Denmark.
The project is built to high standards of quality and
sustainability and is aiming to reach the DGNB Gold
standard certification, while the design prioritises
flexible and efficient working environments,
supporting both productivity and wellbeing.
Kabelbyen also plays a central role in the
transformation of the harbour area, where new
workplaces, public spaces, and connections are
bringing the city closer together. It is not only
an office development, but an investment in
creating attractive surroundings for companies
and employees, as well as building a foundation for
future growth of Middelfart.
“Kabelbyen has been a complex project, and the
progress we have seen this year is a result of strong
collaboration across the entire process. From
contractors and architects to suppliers and advisors,
the project has required close coordination,
practical problem-solving, and a shared ambition to
deliver a high-quality result. That cooperation has
been one of the key reasons why the project has
stayed on track,” says Bendt Ladekjær, Head of Real
Estate.
Toldbodvinhus – an investment in the life
of the city
While Kabelbyen looks ahead, Toldbodvinhus is
rooted in Middelfart’s history.
The iconic building on the harbour front
reopened on 16 June following a comprehensive
reconstruction. The exterior has been restored
to its original expression, while the interior has
been rebuilt to meet modern standards, resulting
in a contemporary restaurant with respect for its
heritage and role in the city.
The project is driven by a clear ambition to bring a
local gathering place back to life. The reconstruction
reflects a broader ambition to invest in Middelfart
and in the places and experiences that contribute to
everyday life and strengthen the city’s identity.
Operations will be anchored within Selfinvest’s own
Hospitality team, ensuring a stable, long-term setup
with a strong focus on quality across food, service,
and overall experience.
The ambition is to create a place that is accessible
and relevant for both locals and visitors – delivering
a high gastronomic level without becoming
exclusive.
“It is about creating something that makes sense
for the city. Toldbodvinhus is a place many people
have a relationship with, which is why it has been
important to rebuild it with respect for both its
history and the expectations that come with it,” says
Bendt Ladekjær.
A shared approach to local development
Across both projects, a consistent investment
approach is evident: developing physical spaces as a
way of strengthening the city as a whole.
From new workplaces in Kabelbyen to the revival
of a historic meeting place in Toldbodvinhus, the
projects contribute to positioning Middelfart as
both a strong business hub and a vibrant local
community.
“Although the projects are different in nature, they
are driven by the same principle: to invest with
a long-term perspective and contribute to the
continued development of Middelfart. Creating
value locally, for businesses, residents, and the
city itself, remains at the core of how we work in
Selfinvest Real Estate,” says Bendt Ladekjær.
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Toldbodvinhus with the Group’s wooden schooner “FIONIA” in front
Kabelbyen, Middelfart, Denmark
MANAGEMENT’S
REVIEW
Activities
The Group has activities within nine segments:
…
Bunkers
…
Shipo wning
…
Shipping & Logistics
…
IT ser vices
…
Sustainable energy
…
Risk Management
…
Real Estate
…
Investment activities
…
Sports car activities
The main object of Selfinvest as the Parent
Company is as a holding Company to hold shares in
the subsidiaries and to contribute to the continued
development of these.
Bunkers
Bunker Holding Group is fuelling the shipping
industry as one of the world’s leading companies
in bunker trading. As a global organisation, the
Company purchase, sell and supply marine fuel
and lubricants for ships, as well as providing risk
management and other related services for the
shipping industry. The three main business areas
are bunker trading, risk management, and physical
operations. Bunker Holding Group is present
worldwide with 56 offices in 33 countries.
Shipowning
The Group – Uni-Tankers – is a leading tanker
shipping company trading in the intermediate
and small tanker segment. The Company operates
47 owned and chartered vessels comprising of
modern and flexible product and chemical tankers
with focus on high security and quality in sizes up
to 20,000 dwt. At the end of the financial year, the
tonnage available under Uni-Tankers’ activities total
533,356 dwt with an average age of 11.49 years,
which places the fleet among the youngest in Uni-
Tankers’ core markets.
Shipping & Logistics
The Group – SDK FREJA – is a full-service shipping
and logistics company. The activities include
freight forwarding within road, air, sea and project
cargo, contract logistics as well as stevedoring,
port agency, customs clearing, chartering, liner,
and cruise services. The Group offers specialist
logistics solutions within healthcare, warehousing,
and refrigeration. The Group is present with locally
based offices in Northern Europe including strategic
positions in China and Spain.
IT services
The Group’s IT activities – Unit IT – comprise a wide
range of high-end services within infrastructure
and the operations and support of private and
public cloud solutions, including specialist units
within cyber security, managed services and Data
& AI for operation and optimisation of database
performance. The Company is headquartered in
Denmark with 6 offices as well as an international
office in Prague.
Sustainable energy
CM Biomass was founded in 2009 and is the world’s
leading independent supplier of solid biomass
fuels. The Company is an integral part of the global
renewables supply chain and supplies utilities
and distributors by acting as the main aggregator
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Selfinvest’s management team: Simon Seir Bjerrisgaard, CIO, Jakob Schultz Nielsen, CFO, and Mikkel Hammershøj, CEO
PROFIT
FROM CONTINUING
OPERATIONS
1,012
DKK mill
REVENUE
+
100
DKK bill
TOTAL ASSETS
+
30
DKK bill
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between manufacturers and customers. Selfinvest
Group acquired a majority stake of 60% of the
Company through USTC in March 2021 and has since
then added the remaining shares and obtained
full ownership in October 2025. The Company is
present with own offices in 11 countries as well as 9
production plants in North America.
Risk Management
The Company – Global Risk Management – an
energy hedging company - was established as a
separate legal entity (A/S Global Risk Management
Ltd. Fondsmæglerselskab) with an investment
firm license on 3 January 2018 following the
implementation of the MiFID II. The Company’s
commercial focus is to enable international and
domestic clients to manage their energy price
exposure and associated liquidity risk by giving
access to bilateral trading and margin funding in
relevant derivative instruments. The Company’s
commercial history, however, pre-dates the
establishment in 2018, as similar commercial
activities have been conducted in A/S Global Risk
Management Holding since 2004. The Company’s
commercial segments include aviation, industrial
and transportation, oil suppliers, shipping and
utilities.
Real Estate
The business area is rooted in Selfinvest Group
and although work related to real estate has
been carried out for many years, it has only been
formalised as an established activity, Selfinvest
Real Estate, a few years ago. The primary objective
is to ensure higher quality, better execution, and
stronger economics on investment properties
as well as real estate activities carried out by the
operating companies within the Group.
Investment activities
The business area is anchored in Selfinvest Group
and oversees the financial and investment activities
of the Selfinvest Group. The primary objective is to
make sound investments and secure a sustainable
balance between capital preservation and risk-
adjusted return.
Sports car activities
The activities in Selected Car Group comprise
leasing of premium cars, through Selected Car
Leasing, Selected Car Outlet, and Premium
Leasing; the buying and selling of investments
cars worldwide through Selected Car Investment
and CC-Cars as well as offering investment pools
where Selected Car Group customers can invest in a
unique portfolio of cars; and Selected Car Collection,
a unique and dynamic collection of selected special
cars. And lastly the motorsport activities through DC
Workshop and Selected Car Racing. The activities in
Selected Car Group are domiciled with spectacular
showrooms and offices in 7 locations in Denmark
and Germany.
Development in the year
The Selfinvest Group achieved revenue of DKK
100.5 (112.9) billion and a profit before tax and
special items of DKK 1,012 (775) million. A slight
decline in revenue while earnings increased by
31%. This positive development was achieved
in an exceptionally volatile environment, where
geopolitical uncertainty affected the Group’s
activities across several markets and business
areas. To navigate these challenging and rapidly
changing market conditions, collaboration across
the Group’s companies was further strengthened
during 2025/26, with increased focus on leveraging
internal synergies and ensuring the strategic
directions. These efforts contributed to maintaining
operational resilience and supporting profitability
throughout the year. As a result, the Group delivered
a satisfactory performance that was in line with the
expectations set forth in the latest annual report.
At the end of the year, equity amounted to DKK
7,670 (7,011) million equalling an increase of 9% and a
solvency ratio of 25.2%.
The Shipping & Logistics activities successfully
maintained their strong level of business activity
throughout the year and delivered a solid result
exceeding expectations. The Bunkers activity
has put the unsatisfactory results of the previous
two years behind it, both of which were primarily
related to the closure of operations in West Africa.
During the year, the Bunkers activity returned to
a strong performance and delivered results above
expectations. The Sports car activities delivered yet
another solid result, and the Shipowning activity
achieved a satisfying result in line with expectations
during the year. The Group’s other activities
reported satisfactory results overall, although
performance was more mixed across the portfolio
and influenced by a variety of underlying factors.
The reasons behind these differences vary from
activity to activity and reflect the diverse market
conditions in which they operate.
In addition, the Selfinvest Group has used the year
to consolidate its existing business activities in
USTC. As part of this process, minority interests
in both FREJA (Shipping & Logistics activities)
and CM Biomass (Sustainable energy activity)
were acquired, further simplifying the ownership
structure and strengthening the Group’s strategic
position. As a result, the Group is well positioned for
future development, with 100% ownership across all
of its operating businesses except one nearly fully
owned, providing greater alignment, flexibility and
control in executing its long-term strategy.
The Group’s activities continue to adapt their
operations to changing market conditions and
ongoing global uncertainty. Through these
continuous adjustments, the activities have
maintained their resilience and retain a positive
outlook for the coming year.
The Bunkers activity - Bunker Holding – landed
a profit before tax and special items of DKK 531
million, an increase of 2/3 compared to last year’s
result of DKK 314 million. The Shipowning activity
– Uni-Tankers – delivered yet another strong result
in a challenging market with a profit before tax and
special items of DKK 128 million and strengthened
its fleet with more newbuilds. As for the Group’s
Shipping & Logistics activities, the year ended
with solid results of DKK 226 million before tax
and special items. The market for wood pellets
developed different than anticipated with a cold
winter and tightened supply putting pressure
on available volumes and margins in the Group’s
Sustainable energy activity – CM Biomass – and
resulted in profit before tax and special items of
DKK 114 million, a small increase from last year’s
result. The Risk Management activity experienced
a year mostly marked by low market volatility
resulting in a minor decrease in profit before tax and
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special items from DKK 67 million to DKK 61 million.
IT Services – Unit IT –saw the first tangible results
of the business and organisational transformation
initiated in the previous year, delivering a profit
before tax and special items of DKK 8 million,
compared to a loss before tax of DKK 20 million in
the prior year. Despite operating in a challenging
market undergoing significant transformation, the
Sports car activities delivered a strong result, with
profit before tax and special items increasing by
30%.
Through the financial year, the Selfinvest Group
benefited from its solid and strong financial position
and creditworthiness. The Group’s funding is based
on solid agreements with its banks by which the
Group has had a close relation with for many years.
Bunkers
The Bunkers activity – Bunker Holding – achieved
revenue of DKK 83,719 (94,329) million and a profit
before tax of DKK 531 million (before special items),
an increase of 69% compared to last year’s result of
DKK 314 million. Over the past year, Bunker Holding
has been navigating a global energy landscape
shaped by a geopolitical and macroeconomic
volatility, where tensions across key regions have
influenced trading conditions, disrupted supply
chains, and kept fuel markets unpredictable. At the
same time, regulatory pressures, especially within
decarbonisation and compliance, have become
more fragmented and uncertain, altering the
conditions in which Bunker Holding operates. Being
future-focused and agile, Bunker Holding has taken
the necessary pre-emptive steps to readjust and
reaccelerate its strategy, including an intentional
transformation of the Company to build an even
more agile, more sustainable and better positioned
business to improve the long-term competitiveness.
The transformation includes modernising the way
Bunker Holding operates, shifting from a primarily
transactional model towards a more solution-
driven approach. In addition, Bunker Holding is
now operating more as one unified group with its
strong commercial brands, tailoring the services
to specific shipping segments to meet the needs
of the customers in an industry that is becoming
increasingly complex.
2025/26 has also seen significant continued
investments in driving the transition of the
maritime industry towards lower emissions, such
as expanding Bunker Holding’s biofuel footprint
and developing new fuel partnerships, while also
investing in staff training. Activities that Bunker
Holding expects will yield both short- and long-term
value. In addition, Bunker Holding continues to
strengthen its digital capabilities to prepare for the
complexity arising from the green transition and to
improve its digital offerings for both customers and
suppliers.
For 2026/27, the Bunkers activity anticipates
continued strong market competition alongside
ongoing investments in the low- and zero-carbon
fuel projects and partnerships. This implies that
Bunker Holding is projecting profit before tax and
special items within a range of DKK 400-550 million.
Shipowning
The Shipowning activity – Uni-Tankers – continued
to demonstrate resilience and disciplined
commercial execution and achieved a strong
financial result despite operating in a soft market
shaped by high-risk geopolitical developments and
changing market dynamics. The profit before tax
and special items of DKK 128 million was below last
year’s result but in line with projections during the
year.
In 2025/26, the chemical tanker market environment
was characterised by volatility and softer earnings
levels, following several exceptionally strong years.
Global geopolitical developments reshaped product
flows and created new regional opportunities
alongside increased uncertainty. In response,
Uni-Tankers initiated a comprehensive strategy
development process to secure long-term resilience
and competitiveness.
During the year, Uni-Tankers has also strengthened
its digital foundation across both sea and shore,
advancing automation and AI initiatives while
making operational data more accessible. Improved
workflows increased transparency in how voyage
and vessel data is handled, and AI-supported
analytics provided deeper insight into routing,
speed optimisation, and vessel performance,
.
Inventories
.
Trade
receivables
Other
current assets
Non-current
assets
.
DKK billion
Cash and cash
equivalents
Securities
ASSETS
Bunkers
Shipping &
Logistics
IT Services
Shipowning
.
Sports car
activities
.
Other
Sustainable
energy
.
DKK billion
REVENUE
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contributing to more informed routing and fuel
decisions.
Commercially, the Shipowning activity expanded
into more regions – from the Far East and Australia
to East Africa and the Arabian Gulf – supported by
new Contracts of Affreightment (COA) and broader
market engagement. A permanent presence
has also been added in one of the world’s most
important chemical tanker markets with Uni-
Tankers’ new office in Singapore. It positions the
Shipowning activity closer to customers, tonnage
providers, and vital regional cargo flows while
perfectly aligning with Uni-Tankers’ fleet of larger
stainless-steel vessels capable of serving a broader
range of trades.
During 2025/26, Uni-Tankers has continued its
strategic fleet renewal to strengthen long-term
competitiveness. Three older non-strategic vessels
were divested, allowing Uni-Tankers to streamline
its fleet and focus resources on more modern
and efficient tonnage. At the end of the financial
year, Uni-Tankers’ fleet of 47 vessels includes 35%
owned by the Shipowning activity and 65% under
time-charter agreements. This year’s changes and
additions to the fleet have allowed Uni-Tankers to
improve its operational scale and meet emerging
commercial opportunities more efficiently.
Looking ahead, the Shipowning activity anticipates
that the geopolitical tensions and the resulting
uncertainty in the global economy and market
conditions will be reflected in the financial results
for 2026/27 and projects an expected profit before
tax ranging from DKK 100-175 million.
Shipping & Logistics
In the Shipping & Logistics activities – SDK FREJA
- the 2025/26 financial year was characterised by
continued geopolitical uncertainty, changing global
trade patterns and challenging macroeconomic
conditions across most of the key markets. Despite
these headwinds, SDK FREJA delivered a strong
performance with profit before tax and special items
at DKK 226 million, an increase of 14% compared to
last year’s result of DKK 197 million.
Both the Logistics and Shipping divisions
demonstrated agility and operational strength
throughout the year. Through a continued focus on
customer-centric solutions, operational excellence
and cross-business collaboration, SDK FREJA
successfully adapted to evolving market conditions
and captured new opportunities. As a result,
volumes across several business areas grew faster
than the underlying markets.
A key priority during the year was the continued
development of digital capabilities. Increased
investments in automation, AI and data-driven
decision-making enhanced efficiency, transparency
and service quality across SDK FREJA. At the same
time, the organisation was strengthened through
targeted recruitment, skills development and closer
collaboration across countries and business units.
Within Logistics, strong commercial execution, an
asset-light business model and growing demand
for integrated supply chain solutions contributed
to another year of significant growth. A major
milestone was the decision to establish a new
logistics centre in Staffanstorp, Sweden, further
strengthening long-term capacity and market
position.
Shipping activities also delivered a strong
performance. Growth in stevedoring, agency
services, cruise operations and navy-related
logistics was supported by long-standing customer
relationships and the ability to develop tailored
solutions in a changing environment. Despite softer
conditions in some market segments, the division
exceeded its operational and financial objectives.
Looking ahead, market conditions are expected
to remain uncertain. However, with a strong
commercial platform, enhanced organisational
capabilities and a clear strategic direction, SDK
FREJA is confident in its ability to continue creating
value for customers and stakeholders and to deliver
another year of solid progress in 2026/27 with profit
before tax and special items in line with this year’s
result ranging from DKK 200-250 million.
IT services
The IT activities – Unit IT - achieved revenue of DKK
485 million – a minor increase of DKK 2 million
compared to 2024/25. Profit before tax and special
items grew from a loss of DKK 20 million last year
to a positive result of DKK 8 million in 2025/26.
The increase in earnings is mainly related to the
benefits of prior years’ investments into a full-
scale transformation of Unit IT’s internal system
landscape supporting a more efficient delivery
model.
Following last year’s major platform and systems
renewal and consolidation of processes, Unit IT
entered 2025/26 with a modern technology and
operating model and a focus on converting the
renewed foundation into commercial momentum.
This has meant a sharpened commercial profile,
deepened relationships with existing customers,
and pursuing profitable growth in the areas where
Danish businesses most need a trusted, locally
anchored partner.
The past financial year has also been defined
by strengthened leadership, a more customer-
centric organisation and continued investment in
the capabilities Unit IT’s customers increasingly
demand. Unit IT has also expanded its delivery
capabilities through its Prague delivery centre with
now 50 specialists, enhanced its cybersecurity and
data protection services, and further developed its
M/T Jutlandia Swan with wind-assisted sails
SDK FREJA truck
AI-enabled security operations platform.
Demand for digital sovereignty, cybersecurity,
hybrid cloud solutions and AI infrastructure
continued to increase, driven by geopolitical
uncertainty, evolving regulation and growing
customer focus on data governance and control.
Unit IT is well positioned to address these trends
through its Danish-based Sovereign Cloud platform,
which combines scalability, regulatory compliance
and local control within a flexible hybrid cloud
framework.
AI remained a key growth area throughout the year.
Unit IT continued to support customers in building
secure and scalable data foundations for AI while
further integrating AI into its own service delivery
and cybersecurity operations. Investments were
also made in expanding local AI infrastructure
capabilities to meet growing customer demand.
With a modern system landscape in place,
strengthened leadership and an organisation
reorganised around customer needs, Unit IT has set
the foundation to further increase in revenue and
earnings. Consequently, Unit IT expects growing
the business to earnings in the range of DKK 15-25
million.
Sustainable Energy
CM Biomass was added to the Selfinvest Group in
March 2021, when USTC acquired a majority stake of
CM Biomass – a Group founded in 2009 and today
the world’s largest independent wood pellet trading
company.
The financial year 2025/26 was a year of
consolidation and about bringing stability to the
business and clarity to its direction. A defining
milestone came in October 2025, when the
Selfinvest Group through USTC became the sole
owner of CM Biomass marking a solid foundation for
the continued development.
Revenue was reached at DKK 4,628 (5,798) million,
and the profit before tax and special items landed
at DKK 114 (108) million, a significant decline in
revenue, but CM Biomass remained profitable
through disciplined execution and achieved a
growth in profit of 5%. Traded volumes dropped
from 3.7 million tonnes to 3.1 million tonnes, which
is not a satisfactory outcome but at the same time
demonstrates the resilience of the business in a
year in which several external factors developed
unfavourably.
In 2025/26, market conditions developed differently
than anticipated. While the coldest Northern
European winter in 16 years supported demand,
weather-driven supply constraints in the US
tightened supply conditions, putting pressure on
margins as well as available volumes and buying
opportunities. At the same time, geopolitical
developments and shifting trade flows created
volatility without generating meaningful upside.
Against this backdrop, biomass continues to
strengthen its role in the energy transition. As
energy markets increasingly focus on security
of supply and reliable alternatives to fossil fuels,
biomass remains an important part of the solution,
and CM Biomass is well positioned to support that
transition.
Following several years of investment, CM Biomass’
US production platform has reached a more
stable phase, delivering record output across the
wholly owned facilities supported by an improved
production cost efficiency. The US operations, with
a combination of self-owned and joint venture
facilities, remain a strategic cornerstone for CM
Biomass, serving both as a high-performance
production base and as a testing ground for scaling
new technologies and ideas. During the year,
CM Biomass further integrated production and
commercial operations, creating closer alignment
between mill output and customer demand. This
has strengthened the operational backbone,
improved responsiveness, and enhanced CM
Biomass’ ability to serve customers efficiently in one
of its most important markets.
As biomass adoption expands across new industries
and segments, we expect continued demand for
reliable supply chains and market expertise. The
work undertaken during 2025/26 has strengthened
our foundation and positions CM Biomass for its
next phase of development in 2026/27 and beyond.
For the 2026/27 financial year, we expect profit
before tax in the range of DKK 60–90 million, on
sales volumes broadly consistent with 2025/26. The
outlook is supported by continued cost discipline
and a clear focus on growing the topline and
further underpinned by the full-year effect of the
completed US investment programme.
Risk Management
The Company – Global Risk Management – achieved
profit before tax and special items of DKK 61 million
in 2025/26. A small decline compared to last year’s
result in the energy hedging company of DKK 67
million.
In 2025/26, Global Risk Management navigated a
year shaped by substantial global uncertainty. This
began with the introduction of new tariff measures
in the United States, followed by continued
geopolitical tensions across multiple regions. For
much of the year, however, commodity and financial
markets stayed calm, settling into what felt like a
new normal. This changed toward the end of the
financial year as developments in the Middle East
intensified, increasing uncertainty and contributing
to higher volatility in the energy markets. Despite
this late-year shift, energy prices were relatively
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CM Biomass facilities in Quitman, US
CM Biomass products
From the Global Risk Management head office in Middelfart, Denmark
stable for most of the financial year. For a business
like Global Risk Management, where volatility often
creates opportunity, this stability put pressure
on margins across the industry. In these market
conditions, Global Risk Management still delivered
a solid performance and maintained strong
financial results that stems from the strength of the
organisation coupled with the right strategic focus.
While oil and oil related products continue to be
the core of Global Risk Management’s business,
the ongoing transition in energy markets is
becoming an increasingly important factor in how
the Company develops its offerings. This shift is
particularly evident in Europe, where demand
patterns are changing. Clients are investing in
vessels and solutions powered by gas, electricity,
and batteries, reflecting a broader move towards
alternative energy sources. Global Risk Management
has therefore expanded its capabilities within
electricity, gas, biofuels, biodiesel, and other non-oil
products, ensuring the Company stands well on the
chessboard as client needs evolve.
A substantial number of new clients have been
added throughout the year, and the overall volume
through the Company’s operation has increased. In
addition, Global Risk Management has expanded
the number of products traded and added Oslo,
Gothenburg and soon Hamburg as new locations for
sales colleagues, building the commercial strength
needed for the future.
As a regulated investment firm, Global Risk
Management is subject to thorough financial
regulation and thus the Company is enduringly
committed to innovation, risk management, and
regulatory compliance.
During the year, Global Risk Management
has reached near full automation of its trade
confirmation flow, improving both efficiency and
accuracy while reducing manual dependencies.
Global Risk Management has also begun applying
Al in selected workflows to support more structured
analysis and decision-making. Together these
developments position the Company to grow
without compromising the quality and relevance of
the service delivered to clients.
Maintaining strong digital resilience and regulatory
compliance remains a constant priority for Global
Risk Management. In line with the requirements
under the Digital Operational Resilience Act
(DORA), the Company has continued to develop
its cybersecurity measures, incident management
capabilities and operational safeguards, building on
the work carried out in prior years.
Looking forward to 2026/27, Global Risk Manage-
ment expects profit before tax of DKK 50-60 million.
Real Estate
The Selfinvest Real Estate activity was created in
2021 to enable the Selfinvest Group to better absorb
the increasing number of investments into both
new and existing real estate. Within investment
properties a solid base was already built. But with
an ambition to increase exposure to the asset class,
in-house competencies would contribute to better
returns by lowering overall costs and optimising the
administration and facility management.
Throughout the year, the business area has made
significant progress in terms of strengthening its
robust team while driving the further development
of several large and complex real estate projects.
Substantial building projects have been completed
while others are in the final phase, both within
commercial buildings and rental properties. On this
backdrop, the business area is considered to have
delivered satisfactory results in the past year.
Looking forward, Real Estate will continue to be
a priority and core competence of the Selfinvest
Group, with an ambition to both add new
investment properties as well as optimising the
current portfolio. For more info on the Real Estate
activities please see page 9-10.
Investments
The fiscal year was characterised by continued
uncertainty across global financial markets. Trade
tensions and changing trade policies remained
a key theme, while geopolitical developments
and security policy concerns continued to
influence sentiment. Towards the end of the year,
renewed uncertainty in the Middle East, including
developments related to Iran and the Strait of
Hormuz, added further pressure to the outlook for
inflation, interest rates and global growth.
Against this backdrop, the Selfinvest Group
maintained a disciplined approach to risk
management throughout the year. Interest rate
sensitivity was kept low across the portfolio, which
proved appropriate in an environment where
inflationary pressure and uncertainty around the
interest rate outlook remained significant. Equity
exposure was also reduced towards the end of
the fiscal year, reflecting a continued focus on
protecting the portfolio against downside risk
while preserving the ability to act when attractive
opportunities arise.
On the illiquid side of the portfolio, the year marked
a continuation of the strategic streamlining initiated
in previous years. The Selfinvest Group continued
to assess its holdings with a view to concentrating
capital in areas with stronger long-term relevance,
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Toldbodvinhus opened 16 June 2026
scale and strategic fit. As part of this work, selected
non-core real estate assets were divested during
the year, including properties in Aarhus, Svendborg
and Hellerup. In addition, Jensens Bøfhus was
sold to Bones, with part of the transaction price
settled through a minority ownership stake in
Bones. Together, these actions reflect the ambition
to release capital from non-core holdings while
maintaining exposure to selected opportunities with
long-term potential.
The year also saw continued progress in long-term
investments within infrastructure and residential
real estate, including projects in Copenhagen and
Mineralvandsfabrikken in Vejle. These investments
are expected to contribute positively to the
investment return in the coming years as they reach
maturity.
The investment result was primarily driven by
the listed equity portfolio, which benefited both
from generally positive equity markets and
from additional outperformance by the selected
managers. Given the market conditions and the
level of uncertainty throughout the year, the result is
considered satisfactory.
Looking ahead, The Selfinvest Group expects
uncertainty to remain a defining feature of the
investment environment. Geopolitical tensions,
trade policy, energy markets, inflation and interest
rates are all expected to continue influencing
financial markets. In this environment, the Selfinvest
Group will maintain its disciplined approach to risk
while continuing to adjust the portfolio towards
greater flexibility.
This does not represent a change in the long-term
investment philosophy. The Selfinvest Group will
continue to invest with a long-term perspective
and across both liquid and illiquid asset classes.
However, the recent streamlining of selected non-
core holdings supports a stronger and more flexible
investment platform, enabling the Selfinvest Group
to release capital, sharpen portfolio focus and
pursue attractive opportunities as they arise.
Sports Car activities
The fiscal year for the Sports car activities, which
are owned 50/50 by Selfinvest Group and Lars
Larsen Group, was characterised by a market that
developed positively in certain areas but continues
to be marked by uncertainty. During the year,
the sports car activities - Selected Car Group -
generated revenue of DKK 1,974 million and a profit
before tax and special items of DKK 28 million – a
30% growth compared to last year. At the same
time, the total transaction value of the vehicles that
passed through the business amounted to DKK
2,904 million, providing a more accurate reflection
of the year’s activity level following the significant
change in the financial structure resulting from
the partnership agreement entered into with Jyske
Finans in the previous financial year.
A significant part of the year’s performance should
be seen in light of the partnership with Jyske Finans.
As a result of this collaboration, lease contracts
that would previously have been recognised in the
financial statements are now carried on the balance
sheet of Jyske Finans. This has significantly altered
the accounting profile of Selected Car Group’s
business and should be taken into account when
comparing this year’s revenue and balance sheet
with prior years.
Over the course of the year, the downward trend
in interest rates improved market conditions
and supported demand. Conversely, geopolitical
developments and continued uncertainty regarding
the future direction of the automotive market
contributed to an environment in which financial
discipline and the ability to adapt quickly were
essential. Despite these challenges, Selected Car
Group experienced positive growth in their fleet
activities and increased international activity within
the Selected Car investment segment.
The automotive market continues to be shaped
by the transformation driven primarily by
electrification. Denmark has firmly established
itself as a leading electric vehicle market, and
this development is changing both customer
preferences and the underlying economic dynamics
of the industry. For Selected Car Group, this has
meant an increased focus on electric vehicles
throughout the year, while at the same time
maintaining a strong awareness of the uncertainties
that continue to accompany this transition.
As for Selected Car Investment, the past year has
marked a strategic turning point. As part of Selected
Car Group’s “Gearing Up Together” strategy, the
business area has redefined its approach to the
market for exclusive investment vehicles and
worked systematically to strengthen its position
across Europe.
Selected Car Investment trades some of the world’s
most sought-after investment cars and operates
globally across Europe, the United Kingdom and the
United States. Unlike several of the other business
areas within Selected Car Group, the market is
highly international, where access to the right
vehicles, relationships and transactions is critical to
success.
A key element of the strategic shift has been a more
structured approach to inventory management.
Whereas the business previously operated with
a broader inventory base, the focus over the past
year has been on selling down stock, rebuilding the
inventory and prioritising fewer, but more valuable,
vehicles.
This new approach has increased inventory turnover
and improved capital efficiency. The business has
become more transaction-driven, more focused
and better positioned for a market where capital
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A part of Selected Car Collection
in Middelfart, Denmark
Selected Car Racing activities
Head Chef in Toldbodvinhus
commitment is higher, but so too is the potential for
value creation.
The motor sport activities in Selected Car Racing
have likewise been significantly strengthened
and consolidated into a more professional and
internationally oriented organisation. The team
now competes in two leading European racing
championships: the GT World Challenge and
Lamborghini Super Trofeo Europe. Ambitions
have been elevated substantially, both from a
sporting and a commercial perspective, reflecting
the strategic importance of the business and its
continued development within Selected Car Group.
Overall, the year has been marked by both progress
and significant structural transformation. Selected
Car Group has strengthened its financial foundation,
continued to enhance its digital platform, and
created an organisational setup that positions the
Sports car activities well for growth in a market
undergoing rapid change. This provides a solid
platform for the continued execution of strategy
and for the long-term development of Selected Car
Group on a strong and sustainable financial footing.
With the continued focus on the Gearing Up
Together strategy, Selected Car Group has set
ambitious goals for the future and launched new
strategic initiatives. The expectation for the new
financial year 2026/27 is a result in the range of DKK
30-35 million before tax.
Strategy and objective
The objective of the Selfinvest Group is, on a
continuous basis, to develop its business in line
with the customers’ wishes and requirements.
The Selfinvest Group wants to be known for
its high-quality services and deliveries, and
trading must comply with the highest Danish
and international standards. As part of the USTC
Group’s five-year strategy, the Selfinvest Group
focuses on sustainable growth, always maintaining
a healthy balance between risk and reward, be it
a strong organic growth or strategic alliances and
acquisitions when the opportunities arise.
Subsequent events
There have been no events that materially affect the
assessment of this annual report 2025/26 after the
balance sheet date and up to today´s date.
Development in the year
The Group’s level of activity, revenues and earnings
are in general affected by a number of external
factors, such as the development on the global
freight market, the oil price development and the
general structure of the oil and shipping market.
This year, the geopolitical tensions and
macroeconomic headwind continued to create
challenging conditions for the Group and its
markets. Based on the global uncertainty at the
end of this year, the expectations for the 2026/27
financial year are profit before tax in the range of
DKK 800-1,100 million.
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Selected Car Racing activities
Bunkers activity
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From the Selfinvest head office in Middelfart, Denmark
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Mikkel Hammershøj, CEO at Selfinvest head office
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Turbinehallen, the head office of Selfinvest in Middelfart, Denmark
INVESTED
in strong leadership
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Mikkel Hammershøj
CEO
Born in 1978
Joined Selfinvest in 2015
Special competences
Extensive background in the financial sector
with more than 20 years of experience primarily
focusing on investment banking as well as
asset management, as partner in Maj Invest
and director in Jyske Bank, among others.
Has built up the successful Selfinvest Family
Office including devising and executing the
investment strategy of the family office.
Other directorships
Chairman of the boards in, among others,
Selected Car Group A/S, and Kolding Åpark
8A A/S. Member of the boards in Jensen’s
Food Group A/S, Casual Dining Group ApS,
Selfpremises A/S and Middelfart Bycenter A/S,
among others.
Education
From Financial institutions.
Jakob Schultz Nielsen
CFO
Born in 1980
Joined the USTC Group in 2009
Joined Selfinvest in 2018
Member of the Executive Board and CFO in the USTC
Group
(A/S United Shipping & Trading Company) since 2019
Special competences
Extensive experience within investments and
financing, and knowledge of the real estate market.
An in-depth knowledge of the various business
activities in the USTC Group.
Other directorships
Chairman of the board in Ejendomsselskabet DP 1
A/S, Selfpremises A/S and Middelfart Bycenter A/S,
among others. Member of the boards in Kolding
Åpark 8A A/S, Selected Car Investment 1 A/S,
Selected Car Investment 3 A/S, I.P. Jacobsen Center
A/S and Havnepladsen, Odense ApS, among others.
Education
MSc in Business Administration
and Auditing.
Simon Bjerrisgaard
CIO
Born in 1986
Joined Selfinvest in 2018
Special competences
In-depth capital markets knowledge from financial
institutions, and ample experience with asset allocation,
manager selection, and the entire investment process
from sourcing to evaluation analysis, due diligence,
structuring and negotiations across asset classes.
Other directorships
Member of the boards in Selected Car Investment 1 A/S,
Selected Car Investment 2 A/S, Selected Car Investment
3 A/S, Ejendomsselskabet DP 1 A/S, Ejendomsselskabet
Dronningens Express ApS, Middelfart Bycenter A/S
and ByBiehl Denmark ApS, among others. Additional
positions as Chairman or ordinary member of Advisory
Committees in well-recognised Real Estate and Private
Equity funds.
Education
MSc in Advanced Economics and Finance.
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Income Statement
1 may - 30 april
DKK ‘000 Note 2025/26 2024/25
Revenue 1 100,476,494 112,923,453
Direct expenses (93,775,853 ) (106,561,471 )
Gross profit 6,700,641 6,361,982
Other operating income 19,881 16,680
Other external expenses (954,841 ) (856,813 )
Staff expenses 2 (2,765,735 ) (2,835,045 )
Depreciation, amortisation and impairment 6,7,9 (1,553,887 ) (1,307,132 )
Fair value measurement of investment properties 8 (579 ) 912
Profit before financial income and expenses 1,445,480 1,380,584
Share of profit/loss in associated companies 10 24,669 45,267
Financial income 3 212,808 185,921
Financial expenses 3 (670,519 ) (836,326 )
Profit before special items 1,012,438 775,446
Special items 4 (131,962 ) (112,214 )
Profit before tax 880,476 663,232
Corporation tax 5 (165,630 ) (105,160 )
Profit from continuing operations 714,846 558,072
Discontinued Operations 11 0 (380,640 )
Profit for the year 714,846 177,432
ATTRIBUTABLE TO:
Non-controlling interests 31,504 68,602
Shareholders in Selfinvest ApS 683,342 108,830
Total 714,846 177,432
ADDITIONAL INFORMATION
Profit before tax after discontinued operations and special items 880,476 282,592
Statement of comprehensive income
1 may - 30 april
DKK ‘000 Note 2025/26 2024/25
Profit for the year 714,846 177,432
ITEMS THAT MAY BE RECLASSIFIED TO INCOME STATEMENT
Fair value adjustment of derivative financial instruments 15 161,269 (16,525 )
Exchange differences on translation of foreign operations (80,861 ) (243,079 )
Income tax relating to these items (26,267 ) (5,139 )
Items that are not reclassified to income statement 0 0
Other comprehensive income 54,141 (264,743 )
Total comprehensive income 768,987 (87,311 )
ATTRIBUTABLE TO:
Non-controlling interests 28,433 66,019
Shareholders in Selfinvest ApS 740,554 (153,330 )
Total 768,987 (87,311 )
GENERAL
INFORMATION
MANAGEMENT’S
REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
MANAGEMENT
CONSOLIDATED
FINANCIAL
STATEMENTS
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FINANCIAL
STATEMENTS
STATEMENTS
26
Statement of financial position
DKK ‘000 Note 30 April 2026 30 April 2025
NON-CURRENT ASSETS
Intangible assets 6 2,162,319 2,196,768
Property, plant and equipment 7 2,417,079 2,506,399
Investment properties 8 1,511,741 1,302,035
Right-of-use assets 9 2,640,848 2,781,862
Investments in associates 10 546,329 484,446
Securities 14 6,401 6,394
Other receivables 81,505 41,658
Deferred tax assets 5 173,022 210,781
Total non-current assets 9,539,244 9,530,343
CURRENT ASSETS
Inventories 12 2,863,006 2,560,339
Trade receivables 16 10,898,624 9,243,274
Receivables from associates 10,361 3,903
Receivables from owners and management 0 4,084
Other receivables 1,036,974 783,491
Prepayments 205,177 172,367
Corporation tax 152,199 143,741
Derivatives 13 1,498,852 1,093,294
Securities 14 1,349,815 1,424,921
Cash and cash equivalents 2,898,151 1,056,335
Total current assets 20,913,159 16,485,749
Assets 30,452,403 26,016,092
Statement of financial position
DKK ‘000 Note 30 April 2026 30 April 2025
EQUITY
Share capital 18 301 301
Reserves (127,562 ) (119,264 )
Retained earnings 7,489,860 6,532,696
Equity, shareholders 7,362,599 6,413,733
Non-controlling interests 307,586 596,782
Equity 7,670,185 7,010,515
NON-CURRENT LIABILITIES
Borrowings 16 4,281,505 1,886,660
Lease liabilities 9 1,685,060 1,810,160
Debt to non-controlling interests 0 131,027
Provisions 2,127 6,896
Put-option liability 19 0 50,000
Other payables 41,712 21,064
Deferred tax 5 350,945 405,359
Deposit 14,925 15,594
Total non-current liabilities 6,376,274 4,326,760
CURRENT LIABILITIES
Borrowings 16 2,335,426 4,360,363
Lease liabilities 9 1,074,471 1,069,756
Trade payables 8,314,103 6,100,992
Payables to group enterprises 38,654 80,766
Payables to associates 103,974 17,936
Debt to non-controlling interests 0 478,196
Corporation tax 193,581 150,955
Prepayments received 115,860 107,406
Deposit 55,129 168,987
Derivatives 13 2,792,322 410,406
Put-option liability 19 80,000 502,500
Other payables 1,302,424 1,230,554
Total current liabilities 16,405,944 14,678,817
Total liabilities 22,782,218 19,005,577
Total equity and liabilities 30,452,403 26,016,092
GENERAL
INFORMATION
MANAGEMENT’S
REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
MANAGEMENT
CONSOLIDATED
FINANCIAL
STATEMENTS
PARENT COMPANY
FINANCIAL
STATEMENTS
STATEMENTS
27
Statement of changes in equity
1 may - 30 april
DKK ‘000 Share capital
Hedging
reserve
Foreign
currency
translation
reserve
Reserve
under the
equity method
Retained
earnings
Equity
attributable
to owners
Non-
controlling
interests Total equity
2025/26
Equity at 1 May 301 (33,397 ) (180,833 ) 94,966 6,532,696 6,413,733 596,782 7,010,515
Earnings after tax (EAT) 0 0 0 (65,510 ) 748,852 683,342 31,504 714,846
Other comprehensive income net of tax 0 135,002 (72,123 ) (5,667 ) 0 57,212 (3,071 ) 54,141
Total comprehensive income for the year 0 135,002 (72,123 ) (71,177 ) 748,852 740,554 28,433 768,987
Dividends to shareholders 0 0 0 0 0 0 (62,025 ) (62,025 )
Additions to non-controlling interests 0 0 0 0 0 0 28,218 28,218
Put-option liability related to non-controlling interests 0 0 0 0 472,500 472,500 0 472,500
Acquisition of non-controlling interests 0 0 0 0 (264,188 ) (264,188 ) (283,822 ) (548,010 )
Total transactions with shareholders 0 0 0 0 208,312 208,312 (317,629 ) (109,317 )
Equity at 30 April 301 101,605 (252,956 ) 23,789 7,489,860 7,362,599 307,586 7,670,185
2024/25
Equity at 1 May 301 (11,734 ) 50,210 91,822 6,358,792 6,489,391 913,225 7,402,616
Earnings after tax (EAT) 0 0 0 16,026 92,804 108,830 68,602 177,432
Other comprehensive income net of tax 0 (21,663 ) (231,043 ) (12,882 ) 3,428 (262,160 ) (2,583 ) (264,743 )
Total comprehensive income for the year 0 (21,663 ) (231,043 ) 3,144 96,232 (153,330 ) 66,019 (87,311 )
Dividends to shareholders 0 0 0 0 0 0 (2,555 ) (2,555 )
Additions to non-controlling interests 0 0 0 0 0 0 36,245 36,245
Put-option liability related to non-controlling interests 0 0 0 0 458,700 458,700 0 458,700
Acquisition of non-controlling interests 0 0 0 0 (382,751 ) (382,751 ) (416,004 ) (798,755 )
Sharebased payment 0 0 0 0 1,200 1,200 0 1,200
Other equity movements 0 0 0 0 523 523 (148 ) 375
Total transactions with shareholders 0 0 0 0 77,672 77,672 (382,462 ) (304,790 )
Equity at 30 April 301 (33,397 ) (180,833 ) 94,966 6,532,696 6,413,733 596,782 7,010,515
GENERAL
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MANAGEMENT
CONSOLIDATED
FINANCIAL
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FINANCIAL
STATEMENTS
STATEMENTS
28
Cash flow statement
1 may - 30 april
DKK ‘000 Note 2025/26 2024/25
Earnings before interest and tax (EBIT) 1,445,480 1,380,584
Amortisation and depreciation for the year 1,553,887 1,307,132
Value adjustments from investment assets 83,592 102,689
Changes in receivables (1,983,799 ) 2,962,151
Changes in inventories (302,667 ) 568,407
Changes in derivatives 1,968,445 (624,231 )
Changes in trade payables, other payables, etc 2,238,713 (1,402,461 )
Other adjustments (26,565 ) (40,059 )
Cash flows from operating activities
before financial items and tax 4,977,086 4,254,212
Financial income received 212,808 185,921
Financial expenses paid (670,519 ) (836,326 )
Corporation tax paid (142,838 ) (340,366 )
Discontinued operations 0 (245,956 )
Other adjustments 51,670 9,052
Cash flows from operating activities 4,428,207 3,026,537
Business acquisition 0 (54,708 )
Investment in associates 0 0
Dividends received 20,802 9,697
Purchase of intangible assets 6 (61,832 ) (109,794 )
Sale of intangible assets 7,164 0
Purchase of property, plant and equipment 7,8 (673,137 ) (565,592 )
Sale of property, plant and equipment 243,415 3,698
Purchase of financial assets (69,329 ) (16,588 )
Sale of financial assets 9,422 0
Cash flows from investing activities (523,495 ) (733,287 )
Cash flow statement
1 may - 30 april
DKK ‘000 Note 2025/26 2024/25
Proceeds from borrowings and mortgage debt 22 2,215,966 748,063
Repayment of borrowings and mortgage debt 22 (1,802,416 ) (2,205,676 )
Principal elements of lease payments 22 (1,146,235 ) (918,248 )
Transactions with non-controlling interests (1,173,985 ) (324,024 )
Earn out and payables to associates 0 (7,000 )
Dividend paid (62,025 ) (800 )
Cash flows from financing activities (1,968,695 ) (2,707,685 )
Change in cash and cash equivalents 1,936,017 (414,435 )
Cash and cash equivalents at 1 May 1,056,335 1,510,176
FX translation of cash and cash equivalents at 1 May (94,201 ) (39,406 )
Change in cash and cash equivalents 1,936,017 (414,435 )
Cash and cash equivalents at 30 April 2,898,151 1,056,335
GENERAL
INFORMATION
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RESPONSIBILITY
MANAGEMENT
CONSOLIDATED
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PARENT COMPANY
FINANCIAL
STATEMENTS
STATEMENTS
29
Note 1 Revenue
1 may - 30 april
DKK mill 2025/26 2024/25
Sale and mediation of bunkers 83,719 94,329
Shipping & Logistics 6,847 6,325
Shipowning 2,748 2,948
IT Services 485 483
Sports car activities 1,996 2,853
Sustainable energy 4,628 5,798
Other activities 53 187
Total 100,476 112,923
REVENUE SPECIFIED ON GEOGRAPHICAL AREAS
Europe 36,242 35,795
Asia 39,592 46,858
Americas 15,754 22,309
Other 8,888 7,961
Total 100,476 112,923
TIMING OF REVENUE RECOGNITION
Goods and services transferred at a point in time 95,554 111,591
Goods and services transferred over time 4,922 1,332
Total 100,476 112,923
Note 2 Staff expenses
1 may - 30 april
DKK ‘000 2025/26 2024/25
Hiring of crew 57,362 78,364
Wages and salaries 2,353,381 2,409,777
Pensions 154,613 151,582
Other social security expenses 200,379 195,322
Total 2,765,735 2,835,045
Number of direct employees 3,254 3,378
Number of indirect employees 998 1,142
Number of employees 4,252 4,520
Key Management consists of Executive Board. The compensation paid or payables to Key Management is shown
in note 21 and 26.
Note 3 Financial income and expenses
1 may - 30 april
DKK ‘000 2025/26 2024/25
Interest income on loans and receivables 82,225 123,389
Foreign exchange rate gains 11,482 23,197
Securities, gains 93,715 28,286
Other financial income 25,386 11,049
Financial income 212,808 185,921
Interest on debts and borrowings 376,532 468,665
Interest expenses from leases 158,227 117,247
Foreign exchange rate losses 23,022 11,233
Securities, losses 14,025 18,237
Other financial expenses 95,018 217,381
Financial expenses from group enterprises 3,695 3,563
Financial expenses 670,519 836,326
GENERAL
INFORMATION
MANAGEMENT’S
REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
MANAGEMENT
CONSOLIDATED
FINANCIAL
STATEMENTS
PARENT COMPANY
FINANCIAL
STATEMENTS
STATEMENTS
30
Note 4 Special items
1 may - 30 april
DKK ‘000 2025/26 2024/25
Impairment of land and property, plant and equipment 0 30,000
Restructuring 65,282 0
Impairment of receivables 30,050 55,500
Landslide mitigation costs 0 2,500
Other settlements 5,722 8,546
Legal and other advisory costs 30,908 15,668
Total 131,962 112,214
Special items in 2025/26 and 2024/25 comprise legal and other advisory costs, including expenses incurred in
connection with the resolution of matters arising from previously discontinued activities. These costs reflect the
finalisation and settlement of historical obligations. In addition, special items include costs related to a group-
wide restructuring programme undertaken to optimise the Group’s organisational structure and support long-
term operational efficiency.
Furthermore, special items comprise losses and costs arising from the landslide and the subsequent bankruptcy
of Nordic Waste A/S and other companies in the Environmental Division that discontinued operations in 2023/24.
Such costs include expenses related to mitigating the consequences of the landslide, together with associated
legal and other advisory costs.
Impairment of receivables in due to an investment in associated company, which is written down to DKK 0 as a
consequence of declining performance.
Had the items not been classified as special items, they would have been included in the following line items:
Direct expenses 5,649 0
Other operating income (2,000) 0
Other external expenses 33,277 30,514
Staff expenses 64,986 0
Depreciation, amortisation and impairment 0 30,000
Financial income 0 (3,800)
Financial expenses 30,050 55,500
Total 131,962 112,214
Note 5 Taxes
1 may - 30 april
DKK ‘000
Income
statement
Other
comprehensive
income Total
2025/26
Current tax for the year 201,412 26,267 227,679
Current tax concerning previous years (12,725) 0 (12,725)
Deferred tax for the year (23,554) 0 (23,554)
Deferred tax concerning previous years 497 0 497
Total tax for the year 165,630 26,267 191,897
2024/25
Current tax for the year 113,621 5,139 118,760
Current tax concerning previous years (24,072) 0 (24,072)
Deferred tax for the year (1,928) 0 (1,928)
Deferred tax concerning previous years 17,539 0 17,539
Total tax for the year 105,160 5,139 110,299
The Group is subject to the OECD Pillar Two legislation (global minimum tax), effective from May 1, 2024. There
was no material impact from Pillar II taxes in 2024/25. However for 2025/26 the Pillar II tax payments impacted the
effective tax rate with 2 percentage point.
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PARENT COMPANY
FINANCIAL
STATEMENTS
STATEMENTS
31
Reconciliation of tax expenses
DKK ‘000 2025/26 2024/25
Profit before tax 880,476 663,232
Share of profit/loss in associated companies (24,669) (45,267)
Tonnage tax regime (112,486) (221,087)
Non-deductible expenses, net 89,442 227, 362
Other adjustments (8,294) (8,933)
Profit before tax adjusted 824,469 615,307
Tax using the Danish corporation tax rate (22%) (181,383) (135,368)
Tax rate deviations in foreign jurisdictions 9,520 (12,069)
Adjustment to previous years current taxes 12,725 24,072
Adjustment to previous years deferred taxes (497) (17,539)
Deferred tax not recognised (473) 0
Other adjustments, net (5,522) 35,744
Total Income tax (165,630) (105,160)
Deferred taxes
DKK ‘000 2025/26 2024/25
Deferred tax at 1 May (194,578) (168,282)
Foreign exchange adjustments (2,484) (13,126)
Acquired in business combinations 0 2,441
Adjustment to previous years (497) (17,539)
Recognised in the income statement 23,554 1,928
Other adjustments (3,918) 0
Deferred tax at 30 April (177,923) (194,578)
Deferred tax is recognised in the balance sheet as follows:
Deferred tax assets 173,022 210,781
Deferred tax liability (350,945) (405,359)
Deferred tax at 30 April (177,923) (194,578)
Deferred tax assets including the tax base of tax loss carry forwards are recognised at the amount by which they
are estimated to reduce future tax payments.
Unused tax losses for which no deferred tax asset has been recognised amount to DKK 26.9 million in 2025/26
(2024/25: DKK 20.9 million). Unrecognised tax asset may be carried forward for an unlimited period of time, and it
is uncertain whether the tax loss can be utilised.
The balance comprises temporary differences attributable to:
Deferred tax assets Deferred tax liabilities
DKK ‘000 2025/26 2024/25 2025/26 2024/25
Intangible assets 36,352 28,874 (65,990) (70,126)
Property, plant and equipment 11,785 30,482 (116,772) (135,654)
Other assets 11,843 6,582 (146,005) (184,340)
Provisions 23,655 46,138 (19,736) (15,239)
Tax losses etc. 89,387 98,705 (2,442) 0
Deferred tax at 30 April 173,022 210,781 (350,945) (405,359)
Expected to be utilised as follows:
Within 12 months 36,105 25,529 (10,408) (56,185)
After 12 months 136,917 185,252 (340,537) (349,174)
Total 173,022 210,781 (350,945) (405,359)
Note 5 Taxes (continued)
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STATEMENTS
STATEMENTS
32
Note 6 Intangible assets
30 april
DKK ‘000 Goodwill
Customer
relationships Brand Acquired rights Software
Completed
development
projects
Technology and
know-how Total
2025/26
Cost at 1 May 1,795,691 372,693 163,695 113,933 299,636 26,735 68,697 2,841,080
Exchange rate adjustment 2,223 (5,702) 0 (2,489) (6,933) 0 0 (12,901)
Transfer (27,991) 0 0 27,991 0 0 0 0
Additions 0 645 0 2,531 54,272 4,384 0 61,832
Disposals 0 0 0 (6,096) (13,817) 0 0 (19,913)
Cost at 30 April 1,769,923 367,636 163,695 135,870 333,158 31,119 68,697 2,870,098
Amortisation at 1 May 5,906 301,562 0 91,777 172,653 3,717 68,697 644,312
Exchange rate adjustment (160) (5,945) 0 (2,291) (3,954) 0 0 (12,350)
Amortisation 0 12,136 0 31,931 37,219 5,589 0 86,875
Reversed amortisation of disposals 0 0 0 (874) (10,184) 0 0 (11,058)
Depreciation at 30 April 5,746 307,753 0 120,543 195,734 9,306 68,697 707,779
Carrying amount at 30 April 1,764,177 59,883 163,695 15,327 137,424 21,813 0 2,162,319
2024/25
Cost at 1 May 1,754,304 377,704 164,748 114,660 296,665 11,480 68,697 2,788,258
Exchange rate adjustment (1,871) (13,613) 5 (5,149) (15,002) 0 0 (35,630)
Transfer 0 0 0 (388) 388 1,317 0 1,317
Additions 48,564 2,102 0 4,810 40,380 13,938 0 109,794
Acquired in business combinations (5,306) 6,500 0 0 0 0 0 1,194
Disposals 0 0 (1,058) 0 (22,795) 0 0 (23,853)
Cost at 30 April 1,795,691 372,693 163,695 113,933 299,636 26,735 68,697 2,841,080
Amortisation at 1 May 6,263 298,270 1,058 92,531 168,733 1,057 68,697 636,609
Exchange rate adjustment (357) (13,313) 0 (4,926) (7,546) 0 0 (26,142)
Transfer 0 0 0 (104) 104 0 0 0
Amortisation 0 16,605 0 4,276 34,110 2,660 0 57,651
Reversed amortisation of disposals 0 0 (1,058) 0 (22,748) 0 0 (23,806)
Depreciation at 30 April 5,906 301,562 0 91,777 172,653 3,717 68,697 644,312
Carrying amount at 30 April 1,789,785 71,131 163,695 22,156 126,983 23,018 0 2,196,768
GENERAL
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STATEMENTS
33
Goodwill on cash generating units
DKK ‘000 2025/26 2024/25
GOODWILL AND BRANDS WITH INDEFINITE LIFE
HAVE BEEN TESTED ON THE FOLLOWING CGU’S
SDK FREJA, goodwill 815,092 809,295
SDK FREJA, brands with indefinite life 163,695 163,695
CM Biomass 473,303 472,797
Unit IT 233,313 233,313
CGU’s with insignificant goodwill 242,469 274,380
Carrying amount at 30 April 1,927,872 1,953,480
Impairment test
For Goodwill and Brand impairment testing, several estimates are made regarding the development of revenues,
gross profits, operating margins, future capital expenditures, discount rates and growth expectations in the
terminal period. These are based on an assessment of current and future developments in the cash-generating
units, as well as historical data and assumptions about expected future market developments, including
anticipated long-term average market growth rates.
The expected future net cash flows are based on budgets and business plans approved by Management.
For impairment testing of the three business units, future cash flows are based on budget, managements
projections and business plans for the financial year 2026/27 and forecasts for the subsequent four years up to
and including 2030/31. The key assumptions applied for determining expected cash flows are revenue growth
and EBITDA / EBIT margins. The most important expectations from management are presented for each business
unit, including expected annual growth in revenue from 2026/27 budget and throughout the forecast period until
2030/31, as well as EBITDA / EBIT margins over the same period.
From 2031/32 onwards, management has adjusted the growth rate to align with the expected long-term average
growth rate for each industry.
No impairment losses on goodwill and brand have been recognised in neither 2024/25 or 2025/26. Goodwill and
brands were tested for impairment as of 30 April 2026.
A reasonable change in the key assumptions on which the management has based its estimation of recoverable
amounts would not cause the carrying amounts to exceed the recoverable amount of the goodwill and brands.
Assumptions applied in the impairment tests
DKK’000 2025/26 2024/25
SDK FREJA
Forecast period revenue growth % CAGR 3.5% 2.2%
Forecast period EBITDA margin % Avg. 7.0% 6.8%
Terminal period EBITDA margin % Avg. 7.0% 6.8%
Terminal period growth rate Avg. 2.0% 2.0%
Discount rate Avg. 10.5% 11.4%
CM BIOMASS
Forecast period revenue growth % CAGR 3.1% 2.2%
Forecast period EBIT margin % Avg. 3.2% 4.8%
Terminal period EBIT margin % Avg. 4.0% 4.0%
Terminal period growth rate Avg. 3.0% 3.0%
Discount rate Avg. 9.6% 10.3%
UNIT IT
Forecast period revenue growth % CAGR 2.0% 2.0%
Forecast period EBIT margin % Avg. 10.0% 9.7%
Terminal period EBIT margin % Avg. 10.2% 10.2%
Terminal period growth rate Avg. 2.0% 2.0%
Discount rate Avg. 8.1% 9.0%
Management has determined the values assigned to each of the above key assumptions as follows:
ANNUAL GROWTH
This is the weighted average growth rate used to extrapolate cash flows beyond the budget period. The growth
rates are consistent with the forecasts presented in relevant industry reports.
EBITDA / EBIT MARGIN
This is the weighted average EBITDA / EBIT margin, defined as EBITDA / EBIT divided by gross profit, based on
historical performance and management’s expectations.
DISCOUNT RATE
The discount rate is a WACC reflecting the risk-free interest rate together with a risk premium associated with the
specific cash-generating unit.
Note 6 Intangible assets (continued)
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34
Note 7 Property, plant and equipment
30 april
DKK ‘000
Land and
buildings
Ships and
equipment
Fixed assets
under
construction
Fixtures and
fittings, tools
and equipment
Leasehold
improvements
Plant and
machinery Total
2025/26
Cost at 1 May 1,050,317 1,827,773 45,440 285,397 81,474 683,079 3,973,480
Exchange rate adjustment (4,134) (45,707) (75) (5,674) 648 (13,933) (68,875)
Transfer (28,775) 4,323 0 (81,168) 0 75,493 (30,127)
Additions 67,836 236,873 41,505 24,019 8,110 59,974 438,317
Disposals (10,334) (305,313) 0 (20,639) (12,919) (38,673) (387,878)
Cost at 30 April 1,074,910 1,717,949 86,870 201,935 77,313 765,940 3,924,917
Depreciation and impairment at 1 May 209,662 840,458 287 165,715 46,948 204,011 1,467,081
Exchange rate adjustment (189) (20,515) (21) (4,445) 187 (2,336) (27,319)
Depreciation 28,226 107,213 670 16,908 11,527 70,658 235,202
Reversed depreciation and impairments of disposals (4,774) (109,149) 0 (49,441) (9,943) 5,807 (167,500)
Impairment losses 0 0 0 0 0 374 374
Depreciation and impairments at 30 April 232,925 818,007 936 128,737 48,719 278,514 1, 507,838
Carrying amount at 30 April 841,985 899,942 85,934 73,198 28,594 487,426 2,417,079
2024/25
Cost at 1 May 994,012 1,874,784 28,996 417,356 80,729 568,577 3,964,454
Exchange rate adjustment (8,318) (94,243) (54) (16,422) (4,398) (26,089) (149,524)
Transfer 4,797 38,792 (4,729) (165,998) 1,398 124,423 (1,317)
Additions 59,908 115,594 21,227 63,533 13,786 83,478 357,526
Disposals (82) (107,154) 0 (13,072) (10,041) (67,310) (197,659)
Cost at 30 April 1,050,317 1,827,773 45,440 285,397 81,474 683,079 3,973,480
Depreciation and impairment at 1 May 185,771 790,837 0 262,714 42,396 108,022 1,389,740
Exchange rate adjustment 589 (40,255) (29) (6,318) (1,942) (15,668) (63,623)
Transfer 0 30,418 0 (111,514) 781 80,315 0
Depreciation 21,055 136,612 316 21,782 11,179 82,950 273,894
Reversed depreciation and impairments of disposals 0 (107,154) 0 (11,972) (5,466) (53,914) (178,506)
Impairment losses 2,247 30,000 0 11,023 0 2,306 45,576
Depreciation and impairments at 30 April 209,662 840,458 287 165,715 46,948 204,011 1,467,081
Carrying amount at 30 April 840,655 987,315 45,153 119,682 34,526 479,068 2,506,399
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RESPONSIBILITY
MANAGEMENT
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Note 8 Investment properties
30 april
DKK ‘000 2025/26 2024/25
Cost at 1 May 1,185,287 977,221
Additions 234,820 208,066
Disposals (47,320) 0
Transfer 38,165 0
Cost at 30 April 1,410,952 1,185,287
Revaluation at 1 May 116,748 115,836
Revaluation for the year (579) 912
Reversed revaluation of disposals (7, 342) 0
Transfer (8,038) 0
Revaluation at 30 April 100,789 116,748
Carrying amount at 30 April 1,511,741 1,302,035
Interest expenses capitalised as part of cost amounted to DKK 7 million.
See note 15 for the fair value measurement of the investment properties.
The Group has investment properties under construction amounting to DKK 410.7 million (2024/25: DKK 336.2
million) at the balance sheet date. These properties are expected to be completed within the next 12 month.
Investment property comprises of residental, office, retail and parking house, unbuild land etc. Investment
properties generated the following net income:
DKK’000 2025/26 2024/25
Rental income (included in revenue) 50,361 47,285
Operating expenses 8,054 6,423
Investment property is measured at fair value. Fair value is generally determined based on an earnings multiple
method. Earnings is determined as normalised earnings, i.e. current earnings adjusted for off market rental
agreements and vacancy. Fair value is determined as normalised earnings mutiplied by the earnings multiple
with adjustment of the value of off-market rental agreements, rental loss is estimated vacancy periods etc.
The earnings multiple is based on discount rates in the range 3,45% - 7,00% (2024/25: 3,50% - 7,00%) determined
based on location, nature of the property etc.
A change in the applied discount rate will affect fair value of the investment properties as follows:
+1% 226,535 (2024/25: 184,646)
-1% (385,488) (2024/25: (298,953))
View of the Little Belt from Kabelbyen under construction
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Note 9 Right-of-use assets
30 april
The balance sheets show the following amounts relating to leases:
DKK ‘000 2025/26 2024/25
Land and buildings 632,212 693,303
Fixtures and fittings, tools and equipment 2,008,636 2,088,559
Right-of-use assets at 30 April 2,640,848 2,781,862
Depreciation charge of right-of-use assets
Land and buildings 250,712 198,922
Fixtures and fittings, tools and equipment 980,724 755,855
Total 1,231,436 954,777
Interest expense (included in finance cost) 158,282 117,247
Expenses relating to short-term leases 1,141,543 1,208,555
Expenses relating to low-value assets 129 250
Additions to right-of-use assets 1,061,689 2,017,757
Total cash outflow for leases 2,446,189 2,244,300
Future cashflow from committed leases with commencement dates in the
following year 8,500 8,500
The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease payments to
be received after the reporting date:
Operating leases Financial leases
DKK ‘000 2025/26 2024/25 2025/26 2024/25
Less than one year 180,367 126,665 110,443 1,676,681
One to two years 97,561 118,694 0 0
Two to three years 16,345 44,195 0 0
Three to four years 0 0 0 0
Four to five years 0 0 0 0
More than five years 0 0 0 0
Total undiscounted lease receivables 294,273 289,554 110,443 1,676,681
The decline in the value of lease receivables is due to the financial structure having changed significantly as a
result of the cooperation agreement entered into with Jyske Finans in the previous financial year. The cooperation
means that lease contracts, which were previously held in our accounts, have now been moved to Jyske Finans’
balance sheet.
The following table sets out lease liabilities split into current and non-current liabilities:
DKK’000 2025/26 2024/25
Current lease liabilities 1,074,471 1,810,160
Non-current lease liabilities 1,685,060 1,069,756
Lease liabilities at 30 April 2,759,531 2,879,916
For the maturity analysis of lease payments please refer to note 17.
Selfinvest operates as lessor in certain circumstances, primarily related to time charter contracts and rent of
premises (operating leases), and sports cars (financial leases).
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Note 10 Investments in associates
30 april
The Group owns interest in a number of associates which are not individually considered material from the Group.
The associates are shown in the Group structure in note 34.
DKK ‘000 2025/26 2024/25
Cost at 1 May 389,481 391,364
Exchange adjustments (1,316) (2,862)
Additions for the year 69,329 16,586
Disposals for the year 0 (15,607)
Transfer 65,046 0
Cost at 30 April 522,540 389,481
Value adjustments at 1 May 94,965 91,822
Exchange rate adjustment (5,667) (12,882)
Share of profit for the year 24,669 45,267
Dividends received (20,802) (20,261)
Transfer (34,121) 0
Other adjustments (35,255) (8,981)
Value adjustments at 30 April 23,789 94,965
Carrying amount at 30 April 546,329 484,446
Hereof:
Investments in associates 391,212 381,189
Other equity investments 155,117 103,257
Carrying amount at 30 April 546,329 484,446
Note 11 Discontinued operations
30 april
DKK ‘000 2025/26 2024/25
INCOME STATEMENT
Revenue 0 98,642
Expenses 0 (490,469)
Earnings before tax 0 (391,827)
Income tax 0 11,187
Earnings from discontinued operation 0 (380,640)
STATEMENT OF COMPREHENSIVE INCOME
Fair value adjustment of derivative financial instruments 0 0
Total Comprehensive income 0 0
CASH FLOW STATEMENT
Cash flows from operation activities 0 (21,146)
Cash flows from financing activities 0 20,427
Net Cash flow from discontinued operations 0 (719)
There are no discontinued operations in 2025/26.
Bunker Holding Group had discontinued operations in the financial year 2024/25 which comprise the results of
GRM Commodities A/S as well as value adjustments related to PSTV Cargo, which was reported as a discontinued
operation in 2023/24.
GRM Commodities A/S was engaged in commodity trading and was not considered to be within the strategic
direction of Bunker Holding Group. As a result, the operations were closed, and the company was merged into
A/S Global Risk Management Ltd. Holding on 28 April 2025. GRM Commodities A/S was subsequently dissolved
following the merger.
The additional value adjustment related to PSTV Cargo reflects an updated assessment of the recoverable amount
of assets held in connection with the discontinued Cargo business in East and West Africa, which was previously
conducted by PSTV Energy DMCC and ceased operations during the financial year 2023/24.
Financial information relating to the discontinued operations for the period is set out above.
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Note 12 Inventories
30 april
DKK ‘000 2025/26 2024/25
Bunkers 1,057,850 630,570
Investment cars 1,406,739 1,344,011
Wood pellets and biofuel 398,012 585,617
Other 405 141
Total inventory 2,863,006 2,560,339
Write-downs of inventory to net realisable value have been recognised as an expense during the year and
included in direct expenses in the statement profit or loss.
Note 13 Derivatives
30 april
Derivatives are used only for economic hedging purposes and not as speculative investments. However, where
derivatives do not meet the hedging criteria, they are classified as ‘held for trading’ for accounting purposes
below.
The Group has the following derivative financial instruments:
2025/26 2024/25
DKK ‘000 Assets Liabilities Assets Liabilities
Commodity swaps 7,434,012 (8,995,113) 3,144,819 (2,412,300)
Commodity futures 7,349,933 (5,393,504) 1,242,333 (1,708,199)
Commodity options 0 0 7,284 (6,418)
Forward foreign exchange contracts 0 (95,078) 3,568 (97,717)
Settled financial instruments 153,346 (399,292) 71,381 (17,496)
Gross balance 14,937,291 (14,882,987) 4,469,385 (4,242,130)
Balances qualifying for offsetting
Commodity swaps, -futures and -options (11,659,766) 11,659,728 (2,996,801) 2,996,806
Net balance 3,277, 525 (3,223,259) 1,472,584 (1,245,324)
Margin deposits (1,778,673) 430,937 (379,290) 834,918
Amounts presented in the balance sheet 1,498,852 (2,792,322) 1,093,294 (410,406)
Amounts with right of set-off (653,443) 748,515 (158,651) 158,651
Balance amounts covered by guarantees 0 0 0 0
Net exposure 845,409 (2,043,807) 934,643 (251,755)
The Group has a master netting agreement with some customers and obtains and provides collateral in excess
of agreed credit limits. In the balance sheet, derivative assets and liabilites and related collateral with the same
counterparty is presented net to the extent that the amounts will be settled net.
Offsetting is typically limited within specific products. According to IFRS, financial assets and liabilities
are presented net, if there is both a legal right and intention to settle amounts with a counter party net or
simultaneously.
Derivatives are classified as held for trading and accounted for at fair value through profit or loss unless they are
designated as hedges. They are presented as current assets or liabilities if they are expected to be settled within 12
months after the end of the reporting period.
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Note 14 Securities
30 april
DKK ‘000 Level 1 Level 2 Level 3 Total
2025/26
Listed shares 318,943 0 0 318,943
Bonds 168,082 0 0 168,082
Private equity investments 0 0 474,101 474,101
Other alternative investments 0 0 395,090 395,090
Total 487,025 0 869,191 1,356,216
2024/25
Listed shares 246,508 0 0 246,508
Bonds 330,687 0 0 330,687
Private equity investments 0 0 700,312 700,312
Other alternative investments 0 0 153,808 153,808
Total 577,195 0 854,120 1,431,315
Securities classified as current assets comprise listed shares, bonds, private equity investments and other
alternative investments. Securities are measured at fair value at the balance sheet date.
Listed shares and bonds (level 1) are valued based on the most recently quoted selling price.
Unlisted investments (level 3) are measured at fair value in accordance with the International Private Equity and
Venture Capital Valuation Guidelines (IPEV). Depending on the nature and stage of the investment, fair value
is determined either based on cost (typically for new investments where cost is considered to approximate fair
value) or using valuation techniques based on earnings multiples derived from comparable companies or other
market-based multiples derived from relevant industry benchmarks. The valuation approach incorporates relevant
factors that market participants would consider when pricing a transaction, including financial performance,
market conditions and other relevant assumptions. The peer group multiple method uses comparable companies
for which market values and earnings are available.
Reference is made to note 15 for further details on the fair value hierarchy.
Unlisted investments are measured at fair value using multiple-based valuation techniques based on comparable
companies, with valuation multiples differentiated based on the characteristics of the underlying investments.
The applied valuation multiples range from 1.5x to 30.9x and are determined based on industry conditions,
macroeconomic factors and expected financial performance. The variation in multiples reflects differences in
industry, growth expectations, profitability and risk profile of the underlying investments. Changes in valuation
multiples applied to unlisted investments may have a significant impact on the fair value measurement.
Approximately one-tenth of the unlisted securities comprise preference shares. Fair value is determined based on
the contractual terms of the investment, including the preferred return mechanism. Changes in fair value reflect
the contractual terms of the investment, including the accretion of the agreed preference dividend rate and other
relevant terms.
The valuation multiples and contractual terms applied in the valuation of unlisted investments are considered the
most significant unobservable inputs in the fair value measurement.
From the Selfinvest head office in Middelfart, Denmark
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Note 15 Fair value
30 april
DKK ‘000 Level 1 Level 2 Level 3 Total
2025/26
FINANCIAL ASSETS
Derivatives 7,366,779 7,570,512 0 14,937,291
Securities 487,025 0 869,191 1,356,216
Investment properties 0 0 1,511,741 1,511,741
Total 7,853,804 7,570,512 2,380,932 17,805,248
FINANCIAL LIABILITIES
Derivatives (5,673,732) (9,209,254) 0 (14,882,986)
Total (5,673,732) (9,209,254) 0 (14,882,986)
2024/25
FINANCIAL ASSETS
Derivatives 1,313,721 3,155,664 0 4,469,385
Securities 577,195 0 854,120 1,431,315
Investment properties 0 0 1,302,035 1,302,035
Total 1,890,916 3,155,664 2,156,155 7,202,735
FINANCIAL LIABILITIES
Derivatives (1,823,412) (2,418,718) 0 (4,242,130)
Total (1,823,412) (2,418,718) 0 (4,242,130)
Movement in level 3 assets:
DKK ‘000
Investment
Properties Securities Total
2025/26
Opening balance 1 May 1,302,035 854,120 2,156,155
Additions 234,820 87,855 322,675
Disposals (54,662) (41,026) (95,688)
Gain in the income statement (579) 16,151 15,572
Transfer 30,127 (47,909) (17,782)
Closing balance 30 April 1,511,741 869,191 2,380,932
2024/25
Opening balance 1 May 1,093,057 821,203 1,914,260
Additions 208,066 145,730 353,796
Disposals 0 (105,237) (105,237)
Gain in the income statement 912 (7,576) (6,664)
Closing balance 30 April 1,302,035 854,120 2,156,155
Gains or losses on investment properties have in the income statement been recognised in the line item “Fair
value adjustments of investment properties” while gains and losses on securities have been recognised under
“Financial income or expenses”.
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FAIR VALUE HIERACHY – FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE
Financial instruments measured at fair value comprise only derivatives and can be divided into three levels:
There were no transfers between levels 1 and 2 for recurring fair value measurements during the year. Neither
were there any transfers into or out of level 3.
The group’s policy is to recognise transfers into and out of fair value hierarchy levels as at the end of the reporting
period.
LEVEL 1
Quoted prices (unadjusted) in active markets for identical assets or liabilities;
LEVEL 2
Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices). To a large extent level 2 is based on observable quoted prices,
however in some instances forward prices are not observable. In these situations we use the most liquid forward
curves and derive a spread to the specific location. For options theoretical pricing models with implied volatilities
are used to calculate market prices.
These valuation techniques maximise the use of observable market data where it is avaliable and rely as little as
possible on entity specific estimates. If all significant inputs required to calculate the fair value of an instrument
are observable, the instrument is included in level 2;
LEVEL 3
Inputs for the asset or liability that are not based on observable market data. Fair value of listed securities falls
within level 1 of the fair value hierarchy. Non-listed shares and other securities fall within level 3 of the fair value
hierarchy.
Fair value of derivatives falls mainly within level 2 of the fair value hierarchy and is calculated on the basis of
observable market data as of the end of the reporting period. A minor amount of crude oil price derivatives fall
within level 1 of the fair value hierarchy.
Fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows. A
reasonably possible change in the discount rate is not estimated to affect the Group’s profit or equity significantly.
Note 15 Fair value (continued)
VALUATION TECHNIQUES USED TO DETERMINE FAIR VALUES
Specific valuation techniques used to value financial instruments include:
• for commodity futures – the use of quoted market prices or dealer quotes for similar instruments
• for interest rate swaps – the present value of the estimated future cash flows based on observable yield curves
• for foreign commodity swaps and forward exchange contracts – the present value of future cash flows based
on the forward exchange rates at the balance sheet date
• for commodity options – option pricing models (eg. Black-Scholes model), and
• for other financial instruments – discounted cash flow analysis.
All of the resulting fair value estimates are included in level 2, except for certain derivative contracts, where the fair
values have been determined based on present values and the discount rate used was adjusted for counterparty
or own credit risk.
The group obtains independent valuations for its investment properties at least annually. At each reporting period,
the directors update their assessment of the fair value of each property, taking into account the most recent
independent valuations, and determine the fair value within a range of reasonable estimates.
The best evidence of fair value is current prices in an active market for similar properties. Where such information
is not available the directors consider information from a variety of sources including:
• current prices in an active market for properties of a different nature or recent prices of similar properties in less
active markets, adjusted to reflect those differences.
• discounted cash flow projections based on reliable estimates of future cash flows
• capitalised income projections based on a property’s estimated net market income, and a capitalisation rate
derived from an analysis of market evidence.
All resulting fair value estimates for properties are included in level 3.
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DKK ‘000
Fair value
through profit
or loss Amortised cost Total
2025/26
Financial assets
Trade and other receivables 0 12,222,280 12,222,280
Derivative financial instruments 1,498,852 0 1,498,852
Securities 1,356,216 0 1,356,216
Cash and cash equivalents 0 2,898,151 2,898,151
Total financial assets 2,855,068 15,120,431 17,975,499
FINANCIAL LIABILITIES
Trade and other payables 0 9,774,099 9,774,099
Mortgage debt and borrowing 0 6,616,931 6,616,931
Lease liabilities 0 2,759,531 2,759,531
Derivative financial instruments 2,792,322 0 2,792,322
Total financial liabilities 2,792,322 19,150,561 21,942,883
Total (3,967, 384)
2024/25
Financial assets
Trade and other receivables 0 10,240,790 10,240,790
Derivative financial instruments 1,093,294 0 1,093,294
Securities 1,431,315 0 1,431,315
Cash and cash equivalents 0 1,056,335 1,056,335
Total financial assets 2,524,609 11,297,125 13,821,734
FINANCIAL LIABILITIES
Trade and other payables 0 7,460,016 7,460,016
Mortgage debt and borrowing 0 6,247,023 6,247,023
Lease liabilities 0 2,879,916 2,879,916
Derivative financial instruments 410,406 0 410,406
Total financial liabilities 410,406 16,586,955 16,997,361
Total (3,175,627)
Note 16 Financial instruments by category
30 april
Categories of financial assets and liabilities as defined in IFRS 9. The classification depends on the purpose for
which the investments were made.
Management determines the classification of its investments on initial recognition and revaluates this at the end
of every reporting period to the extent that such a classification is permitted and required.
FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE
The Group has entered into financial bunker sale agreements with customers with the bunker price in places
where the price is not observable as the underlying. Fair value is determined as the present value of the difference
between the price fixed in the agreement and the forward price for the same quality of bunker in a liquid place
(Rotterdam, Singapore) with the addition of an estimated spread between the liquid place and the place of
delivery under the contract for the same quality of bunker and an estimated margin. The spread is determined
on the basis of an analysis of the historical difference between the actual price in the liquid place and available
price observations for the place of delivery. The margin is estimated to be equal to the margin on inception of the
contract over the term of the agreement. Refer to note 13 for further information.
FINANCIAL INSTRUMENTS CARRIED AT AMORTISED COST
Fair value of the short term financial assets and other financial liabilities carried at amortised cost is not materially
different from the carrying amount.
In general, fair value is determined primarily based on the present value of expected future cash flows, discounted
with an interest rate reflecting the credit rating of the company. Where a market price was available, however, this
was deemed to be the fair value.
Fair value of borrowing items falls within level 2 of the fair value hierarchy and is calculated on the basis of
discounted future cash flows. The carrying amount of financial liabilities measured at amortised cost is not
considered to differ significantly from fair value.
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Note 17 Financial risks
30 april
The Group is exposed to a variety of financial risks including market risks such as currency risks, interest rate risks
and commodity price risks. The Group is also exposed to credit risks and liquidity risks.
Market risk is the risk of losses on financial positions arising from movements in market prices to which the Group
is exposed through financial instruments. Market risks are regularly assessed and prioritised based on how likely
they are to occur and their potential impact. The Group’s risk management programme seeks to minimise the
potential adverse effects on the Group’s financial performance. The Group uses derivative financial instruments to
hedge certain risk exposures.
Risk management is carried out by a central department under policies approved by the Executive Board.
The below sensitivity analyses relate to the position of financial instruments at 30 April.
CURRENCY RISK
The functional currency of two of the largest entities in the Group, Bunker Holding and Uni-Tankers is USD and
thus most amounts are recorded in USD but reported in DKK as DKK is the reporting currency.
However, payments of local costs such as office expenses, local taxes, local employee compensation and GST/VAT
payments may be denominated in local currency. In some limited locations, suppliers are paid in local currency.
The largest gross exposures are to the Singapore Dollar, The United Arab Emirates dirham and Mauritian Rupee.
However the risk management policy requires the use of hedging strategies to mitigate the impact of foreign
currency exchange risk. Therefore, the net exposure to foreign currency exchange risk is insignificant.
CM Biomass, whose functional currency is EUR, enters into sales as well as purchase transactions in foreign
currencies. The main currency to which CM Biomass is exposed is USD.
As of 30 April 2026 a 10% increase in the USD rate would have decreased profit for the year before tax by DKK 7.6
million (2024/25: by DKK 1.6 million) and to affect the Group’s equity, excluding tax, negatively by DKK 8.2 million
(2024/25: by DKK 2.3 million). The sensitivities are based only on the impact of financial instruments that are
outstanding at the balance sheet date and are thus not an expression of the Group’s total currency risk.
Other Group entities primarily have transactions in Danish Kroner or Euro which is also their functional currency.
Therefore, the net exposure to foreign currency exchange risk is insignificant for these entities.
INTEREST RATE RISK
The Group has most of its debt denominated in USD. Borrowings issued at variable interest rates expose the
Group to interest rate risk. The Group’s policy is to have its borrowings mainly in floating rate instruments, as the
borrowings are mainly financing short term assets.
A general increase in interest rates by one percentage point is estimated, all other things being equal, to have a
negative impact on profit before tax and equity, excluding tax by DKK 88.1 million (2024/25: negatively by DKK 76.7
million), as a result of higher interest cost on borrowings.
The pricing model of the Group allows to a large extent the pass-through of interest costs to customers. Hence,
from an operational point of view the Group is not as exposed as the analysis indicates. As such the analysis is
therefore not representative for the Group.
EQUITY PRICE RISK
The Group holds listed and unlisted equity investments and is therefore exposed to changes in equity prices.
Based on the portfolio of equity investments as of 30 April 2026, a 15% increase/decrease in equity prices would
have increased/decreased profit and equity by DKK 178 million (2024/25: DKK 165 million).
Net interest-bearing debt
DKK ‘000 2025/26 2024/25
NON-CURRENT LIABILITIES
Borrowing 4,281,505 1,886,660
Lease liabilities 1,685,060 1,810,160
CURRENT LIABILITIES
Borrowings 2,335,426 4,360,363
Lease liabilities 1,074,471 1,069,756
Interest-bearing debt 9,376,462 9,126,939
Interest bearing securities 168,082 330,687
Cash and cash equivalents 2,898,151 1,056,335
Interest-bearing assets 3,066,233 1, 387,022
Net interest-bearing debt 6,310,229 7,739,917
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During the year, the following gains(/losses) were recognised in profit or loss in relation to impaired receivables:
DKK ‘000 2025/26 2024/25
Incurred losses (23,746) (25,920)
Movement in expected credit losses (130,194) 68,190
Reversal of previous incurred losses 12,820 11,772
Loss recognised in the income statement (141,120) 54,042
During the year, the following movement in provision was recognised in balance in relation to impaired
recievables:
DKK ‘000 2025/26 2024/25
Opening loss allowance 1 May (59,375) (130,492)
Movement in provision for impairment (130,194) 68,190
Exchange rate adjustment 1,777 2,927
Carrying amount at 30 April (187,792) (59,375)
Individual receivables which are known to be uncollectible are written off by reducing the carrying amount
directly. The other receivables are assessed collectively to determine whether there has been a significant
increase in the credit risk since their initial recognition. For these receivables the estimated impairment losses are
recognised in a separate provision for impairment.
Receivables for which an impairment provision was recognised are written off against the provision when there is
no expectation of recovering additional cash.
Impairment losses are recognised in profit or loss within other expenses. Subsequent recoveries of amounts
previously written off are likewise credited within other expenses.
As of 30 April 2026, the Group had sold receivables amounting to DKK 2,352 million. The Group’s continuing
involvement in these sold receivables, which continue to be recognised, amounted to DKK 42 million.
CREDIT RISK
The Group is exposed to credit risk relating to its customers, and all customers and other business partners
are credit rated regularly in accordance with the Group’s policy for assuming credit risks. Thorough internal
procedures are in place to minimise the credit risks and the international conventions for obtaining maritime lien
for bunker deliveries mitigate the negative impact from defaulting payers. In addition, the Group insures the credit
risk on certain receivables where considered adequate due to the credit worthiness of the counter party or the
size of the credit exposure.
The Groups cash at bank and in hand is deposited with banks that meet the appropriate credit criteria. In terms of
credit rank banks must be at an acceptable level. Risk Management services are offered to our customers. These
services include derivatives on fixed price contracts to customers which have been approved in line with the
Groups credit policy.
The Group has established receivable sale programs that enable us to sell certain qualifying receivables to
third parties. We have assessed the criteria for risk transfer and the control of receivables subsequent to their
sale. Based on this assessment, sold receivables are excluded from trade receivables, except for any amounts
representing our continuing involvement. One of the programs involves the sale of receivables to a third-party
special purpose vehicle (SPV) established to acquire receivables from the Group. An assessment was conducted to
determine whether Bunker Holding controls the SPV, with the conclusion being that it does not. This conclusion
is based on several factors, including that the Group only manages the debt collection process until any potential
event of default, after which other parties in the structure will take over.
The ageing of receivables is as follows:
DKK ‘000
Trade
receivables ECL Rate
Provision
for impairment
Net trade
receivables
2025/26
Receivables not due 9,040,843 0.6% (52,780) 8,988,063
Less than 90 days overdue 1,571,412 1.1% (18,016) 1,553,396
More than 90 days overdue 474,161 24.7% (116,996) 357,165
Carrying amount 11,086,416 1.7% (187,792) 10,898,624
2024/25
Receivables not due 7,753,130 0.2% (15,462) 7,737,668
Less than 90 days overdue 1,294,459 1.0% (12,488) 1,281,971
More than 90 days overdue 255,061 12.3% (31,426) 223,635
Carrying amount 9,302,650 0.6% (59,376) 9,243,274
Note 17 Financial risks (continued)
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LIQUIDITY RISK
Funding and adequate liquidity are fundamental factors in driving an expanding business, and management of
both is an integrated part of the Group’s continuous budget and forecasting process.
To ensure focus on managing the risks related to funding and liquidity, the Group’s Finance department manages
and monitors funding and liquidity for the entire Group and ensures sufficient cash and bank credit facility
reserves to enable the Group to meet the operating liquidity needs, having an adequate amount of committed
credit facilities and monitoring forecast and actual cash flow by matching the maturity profiles.
The borrowings are based on multipel loan facilities committed by the banks for up to a 3-year period ending
December 2028. The financing is granted as overdraft facilities without an agreed repayment profile.
CAPITAL MANAGEMENT
The Group’s borrowings are subject to standard clauses, according to which the Group’s debt must be repaid in
case of a change of control. The group has open credit lines to ensure an acceptable level of liquidity and monitors
capital on the basis of four key figures/ratios of which the group is subject to covenants. The covenants consist
of a borrowing base covenant (1), equity covenant (2) Interest cover covenant (3) and a gearing covenant (4). The
covenants have not been breached in 2025/26, and neither were they breached in 2024/25.
It is crucial for the Group to maintain a financial reserve to cover the Group’s obligations and investment
opportunities and to provide the capital necessary to offset changes in the Group’s liquidity due to changes in
the cash flow from operating activities. At 30 April 2026 the Group had total unutilised credit facilities of DKK
6,058 million (2024/25: DKK 5,112 million). Besides the unutilised credit facilities the Group has factoring lines and
inventory financing facilities of DKK 4,844 million (2024/25: DKK 5,480 million).
MATURITIES OF LIABILITIES AND COMMITMENTS
The tables below detail the Group’s remaining contractual maturity for its financial liabilities with agreed
repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilites
based on the earliest date on which the Group can be required to pay.
DKK ‘000
Carrying
amount 0-1 year 1-5 year After 5 years Total
2025/26
Borrowings 6,616,931 2,440,514 3,695,154 985,447 7,121,115
Lease liabilities 2,759,531 1,132,748 1,640,158 150,348 2,923,254
Payables to related parties 142,628 142,628 0 0 142,628
Trade payables 8,314,103 8,314,103 0 0 8,314,103
Put-option liability 80,000 80,000 0 0 80,000
Other payables 1,459,996 1,418,284 41,712 0 1,459,996
Derivatives 2,792,322 2,792,322 0 0 2,792,322
Financial instruments 22,165,511 16,320,599 5,377,024 1,135,795 22,833,418
2024/25
Borrowings 6,247,023 4,373,795 1,216,035 756,391 6,346,221
Lease liabilities 2,879,916 1,179,615 1,776,141 202,069 3,157,825
Payables to related parties 98,702 98,702 0 0 98,702
Trade payables 6,100,992 6,100,992 0 0 6,100,992
Debt to non-controlling interests 609,223 478,196 131,027 0 609,223
Put-option liability 552,500 502,500 50,000 0 552,500
Other payables 1,359,024 1,337,960 21,064 0 1,359,024
Derivatives 410,406 410,406 0 0 410,406
Financial instruments 18,257,786 14,482,166 3,194,267 958,460 18,634,893
Note 17 Financial risks (continued)
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OIL PRICE RISK
The majority of the Group’s trading activities is back-to-back trading of bunker products with delivery on short
notice (so called spot trading), where sale and purchases are made simultaneously. This eliminates the oil price risk
as there are no open positions in such transaction.
The same is the case when the Group enters into fixed price agreements with customers for delivery of bunker
products on future dates. Here the oil price exposure of such contracts is hedged to mitigate any oil price risk
arising. In cases where bunkers are sold on term contracts at fixed prices and a counter party fails to fulfill its
contractual obligations of lifting product this may lead to uncertainty with regards the net realisable value of the
inventory. To mitigate for this; term commitments are assessed by Group Credit in a M2M credit framework.
When it comes to physical activities the Group possesses stocks of oil as the bunker products are bought in larger
quantities and stored for blending and resale. The oil price risk arising from these oil price stocks is mitigated by
entering into hedge agreements and only a small risk is allowed for each company involved in physical activities –
this risk is allowed for operational reasons.
The overall risk limit set in the policy is defined by a maximum net open (unhedged) position for the Group and for
the individual companies involved in physical exposure having a limit for open oilprice risk. The sensitivity of the
consolidated net open position is calculated every day on a 1 day Value at-Risk basis, based on a confidence level of
95% and 500 days of historical observations.
The Group is exposed to oil price risk arising from future purchases and sales of bunkers and from bunker
inventories. The Group regularly enters into financial derivatives to hedge this risk. The risk is measured as the net
open position until December 2026.The company designates the spot component of oil futures and swaps as the
hedging instrument.
Measured on these terms Value-at-Risk was respectively DKK 10.2 million and DKK 9.8 million for 2025/26 and
2024/25.
The effects of applying hedge accounting on the Group’s financial position and performance are as follows:
Oil Futures and swaps hedging future sales of oil
2025/26 2024/25
Notional amount (MT) 83,920 91,520
Carrying amount, assets (DKK’000) 48,072 525
Carrying amount, liabilities (DKK’000) (22,239) (10,625)
Maturity dates May’26-Dec’27 May’25-Dec’26
Hedge ratio 1:1 1:1
Change in discounted spot value of outstanding hedging instruments since 1
May (DKK’000) 25,833 (10,093)
Change in value of hedged item used to determine hedge effectiveness
(DKK’000) 25,833 (10,093)
Weighted average hedge price per metric tonne included forward points
(USD) 1,182 563
The carrying amount of DKK 25.5 million (2024/25: DKK (10.5) million) has been netted with carrying amount of the
oil futures and swaps hedging futures purchase of oil. Net carrying amount is DKK 99.6 million (2024/25: DKK (36.1)
million).
Oil Futures and swaps hedging future purchases of oil
2025/26 2024/25
Notional amount (MT) 79,172 210,038
Carrying amount, assets (DKK’000) 66,154 400
Carrying amount, liabilities (DKK’000) (7,707) (23,658)
Maturity dates - -
Hedge ratio 1:1 1:1
Change in discounted spot value of outstanding hedging instruments since 1
May (DKK’000) 73,861 (26,080)
Change in value of hedged item used to determine hedge effectiveness
(DKK’000) 73,861 (26,080)
Weighted average hedge price per metric tonne included forward points
(USD) 619 556
The carrying amount of DKK 74.1 million (2024/25: DKK (26.3) milliion) has been netted with carrying amount of
the oil futures and swaps hedging futures sales of oil. Net carrying amount is DKK 99.6 million (2024/25: DKK (36.1)
million).
Note 17 Financial risks (continued)
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Oil Futures and swaps hedging inventory
2025/26 2024/25
Notional amount (MT) (111,275) (144,240)
Carrying amount, assets (DKK’000) 36,381 25,391
Carrying amount, liabilities (DKK’000) (82,020) (11,563)
Maturity dates May’26-Dec’27 May’25-Dec’26
Hedge ratio 1:1 1:1
Change in discounted spot value of outstanding hedging instruments since 1
May (DKK’000) (45,639) 13,827
Change in value of hedged item used to determine hedge effectiveness
(DKK’000) (45,639) 13,827
Weighted average hedge price per metric tonne included forward points
(USD) 330 689
Note 17 Financial risks (continued)
Cost of hedging reserve
DKK ‘000 2025/26 2024/25
CASH FLOW HEDGING RESERVE
Fair value 1 May (16,853) (4,203)
Fair value changes deferred for the year 129,275 (8,158)
Reclassified to sales (19,346) (3,234)
Reclassified to costs of goods sold (109) (2,209)
Exchange rate adjustment 456 951
Fair Value 30 april 93,423 (16,853)
COST OF HEDGING RESERVE
Fair value 1 May 1,805 (6,750)
Fair value changes deferred for the year 85,392 23,129
Reclassified to costs of goods sold (16,926) (14,508)
Exchange rate adjustment (49) (66)
Fair value 30 April 70,222 1,805
TOTAL OF HEDGING RESERVE
Fair value 1 May (15,048) (10,953)
Fair value changes deferred for the year 214,667 14,971
Reclassified to sales (19,346) (3,234)
Reclassified to costs of goods sold (17,035) (16,717)
Exchange rate adjustment 407 885
Fair value 30 April 163,645 (15,048)
Sunset over The Little Belt
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Note 18 Share capital
At year end the share capital consists of 301k shares with a par value of DKK 1. The share capital is unchanged
relatively to 30 April 2025.
The Executive Board proposes a dividend to the shareholders of DKK 0 per share – a total of DKK 0.
Note 19
Put-option liability related to non-controlling interests
NON-CONTROLLING INTERESTS
As part of the acquisition of FREJA in December 2020, the seller of FREJA and Key Management of FREJA became
27% shareholder in FREJA Group ApS holding the combined logistics activities in SDK FREJA Group. The minority
shareholders hold options to partially sell their shares to SDK FREJA A/S as from 2024, and SDK FREJA A/S holds
options to acquire the shares on similar terms. The transaction price will be based on pre-agreed earnings
multiple. In 2025/26 SDK FREJA has acquired 11.2 % of the shares, where-after the seller and Key Management of
FREJA has 3.3% of the shares in FREJA Group ApS. The carrying amount of the liability is DKK 80 million as of 30
April 2026 (30 April 2025: DKK 300 million).
The part of the options that the shareholders can exercise in 2026 is included as current liabilities as of 30 April
2026.
The transactions with non-controlling shareholders have affected the equity attributable to owners negatively
with DKK 264.2 million in 2025/26 (2024/25: DKK 382.8 million).
Changes in the carrying amount of the put option liability are recognised in equity unless risks and rewards have
transferred to the parent.
During the financial year 2025/26, the Group settled outstanding liabilities including accrued interest to minority
shareholders related to share acquisitions completed in the financial year 2024/25. Furthermore, the Group
acquired the remaining equity interests in CM Biomass and increased its ownership interest in FREJA through the
purchase of additional shares. Collectively, these transactions resulted in cash outflows of DKK 1,202 million during
the financial year.
From the Selfinvest head office in Middelfart, Denmark
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Note 20 Contingent assets, liabilities and assets pledged as security
30 april
Assets pledged as security
DKK ‘000 2026 2025
SECURITY
Carrying amount of land and buildings provided as security for debt to mortgage credit institutes 1,578,593 1,455,510
As security for long-term debt, letters of indemnity have been provided in ships and equipment 401,275 441,497
At the balance sheet date, the carrying amount of the assets provided as security was 895,157 919,705
Mortgages deed registered to the mortgagor with charge on buildings on owned and leased land has
been provided as security for debt to credit institutions 433,906 38,706
At the balance sheet date, the carrying amount of the assets provided as security was 813,369 359,554
Mortgages in properties have been deposited for collateral with owner association 471 426
At the balance sheet date, the carrying amount of the assets provided as security was 602,349 578,700
At the balance sheet date, limited security was provided for associates debt to credit institutions 72,330 83,400
At the balance sheet date, a guarantee was provided for a third party’s liabilities 159,802 0
CONTINGENT LIABILITIES
Latent tax concerning ship owning company registered under the Danish Tonnage Tax Scheme 19,819 20,362
At the balance sheet date, the committed future capital contributions through investments agreements on limited partnerships
were DKK 398,666k.
EVENTS OCCURRING AFTER THE REPORTING PERIOD
No events have occurred since the balance sheet date which could materially affect the Group’s financial position.
CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Group’s Danish companies are jointly and severally liable for the tax on the Group’s jointly taxed income etc. Total accrued corporation tax
appears from the Annual Report of SelfGenerations T ApS which acts as management company in the jointly taxed group. Moreover, the Group’s
Danish enterprises are jointly and severally liable for Danish withholding tax. Any subsequent adjustments to the corporation tax or with-holding
tax may result in an increase of the Company’s liability.
As stated in the consolidated financial statements for 2023/24, the Group had to close its activities within the Environmental Division as a
consequence of the unfortunate and unexpected bankruptcy of Nordic Waste A/S. The investigations of the bankruptcy estate are not completed
at 30 April 2026. The bankruptcy estate has raised claims of DKK 70 mio. at 30 April 2026, predominantly relating to dividend distributions in
the period 2022-2023 that in the opinion of the bankruptcy estate should not have been distributed. Group Management and its legal advisors
disagree with the claims raised, and consequently there are no accruals recognised at 30 April 2026.
CHANGE OF CONTROL
The bank borrowings are comitted and unsecured (no pledge on assets) and is subject to change-of-control clause.
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Note 21 Other information
1 may - 30 april
Related parties
Related parties are defined as parties with
control or significant influence, including
Group Companies.
The Company is included in the
Consolidated Financial Statements
of the immediate Parent Company,
SelfGenerations T ApS.
Controlling interest is exercised through
the Company’s immediate Parent
Company, SelfGenerations T ApS. The
Company’s ultimate Parent Company
which prepares Consolidated Financial
Statements is SelfGenerations T ApS, in
which Torben Østergaard-Nielsen, CEO,
exercises control.
Other related parties comprise the
Executive Board.
Transactions with related parties
The following transactions occurred with related parties:
DKK ‘000
Parent
company/
Owner
Associated
companies
Key
Management
2025/26
INCOME STATEMENT
Revenue 0 205,457 0
Operation costs 0 (8,223) (32,348)
Other external expenses 0 (5,434) 0
Financial, net (3,695) 3,636 0
ASSETS
Deposits 0 10,361 0
LIABILITIES
Deposits (38,654) (103,974) 0
2024/25
INCOME STATEMENT
Revenue 0 150,001 0
Operation costs 0 (9,562) (23,020)
Other external expenses 0 (9,224) 0
Financial, net (3,563) 2,798 0
ASSETS
Deposits 0 37,953 0
LIABILITIES
Deposits (80,766) (6,044) 0
All transactions, receivables and payables with key management have been carried out at
ordinary business terms.
Fees to auditors
The following fees were incurred in relation to services provided by auditors:
DKK ‘000 2025/26 2024/25
PRICEWATERHOUSECOOPERS
Audit 14,219 15,481
Assurance engagements 1,265 619
Tax services 3,016 3,309
Other services 4,237 5,758
OTHER
Audit 3,231 3,202
Assurance engagements 2,257 290
Tax services 4,058 3,005
Other services 5,214 7,630
Total fee 37,497 39,294
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Note 22 Change in liabilities arising from financing activities
30 april
DKK ‘000 Borrowings
Lease
liabilities Total
2025/26
Debt as at 1 May 2025 6,247,023 2,879,916 9,126,939
Proceeds 2,215,966 0 2,215,966
Repayment (1,802,416) (1,146,235) (2,948,651)
Cash flows 413,550 (1,146,235) (732,685)
New leases 0 1,061,689 1,061,689
Disposals 0 (3,190) (3,190)
Foreign exchange adjustment (43,694) (38,139) (81,833)
Other 52 5,490 5,542
Non-cash flows (43,642) 1,025,850 982,208
Debt as at 30 April 2026 6,616,931 2,759,531 9,376,462
2024/25
Debt as at 1 May 2024 7,797, 380 1,843,119 9,640,499
Proceeds 748,063 0 748,063
Repayment (2,205,676) (918,248) (3,123,924)
Changes in borrowings 0 0 0
Cash flows (1,457,613) (918,248) (2,375,861)
New leases 0 2,027,755 2,027,755
Foreign exchange adjustment (93,271) (93,556) (186,827)
Other 527 20,846 21,373
Non-cash flows (92,744) 1,955,045 1,862,301
Debt as at 30 April 2025 6,247,023 2,879,916 9,126,939
Mineralvandsfabrikken, Vejle, Denmark
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Note 23 Significant accounting estimates and judgements
1 may - 30 april
In preparing the consolidated financial statements, Management makes various significant accounting estimates
and judgements that affect the reported amounts and disclosures in the statements and in the notes to the
financial statements.
These estimates are based on professional judgement, historical data and other factors that management
considers appropriate under the given circumstances, but which are inherently uncertain or unpredictable.
Such assumptions may be incomplete or inaccurate, and unexpected events or circumstances may occur. In
addition, the Group is subject to risks and uncertainties that may cause actual outcomes to deviate from these
estimates. Risk factors specific to the Group are described in the management commentary. Though by their
nature, estimates include a degree of uncertainty, and actual results may therefore deviate from the estimates at
the reporting date. Estimates are continuously evaluated, and the effects of any changes are recognised in the
relevant period. Management regards the following as the key accounting estimates and judgements used in the
preparation of the consolidated financial statements.
PURCHASING PRICE ALLOCATION FOR ACQUISITION OF BUSINESSES
For acquisitions of entities, the assets, liabilities and contingent liabilities of the acquiree are recognised using
the acquisition method. The most significant assets acquired generally comprise goodwill, customer contracts,
trademarks, other non-current assets and receivables.
No active market exists for the majority of the acquired assets and liabilities, in particular in respect of acquired
intangible assets. Accordingly, Management makes estimates of the fair value of acquired assets, liabilities and
contingent liabilities. Depending on the nature of the item, the determined fair value of an item may be associated
with uncertainty and possibly adjusted subsequently.
GOODWILL
The unallocated purchase price (positive amount) is recognised in the statement of financial position as goodwill,
which is allocated to the Group’s cash-generating units. Management determines the acquired cash-generating
units, the cash-generating units that already existed in the Group and the allocation of goodwill. The allocation of
goodwill is based on the expected future cash flows for the business.
Management’s assessment of indication of impairment is based on the cash-generating units (CGUs). If there are
indications that the carrying amount of assets exceeds the value of future cash flows from the assets (recoverable
amount), an impairment test must be carried out. The recoverable value is calculated as the highest value of the
net selling price (fair value less selling costs) and the value in use at continued use.
The impairment test is carried out within the Group’s CGUs. The impairment test is done by estimating the
recoverable amount at value in use calculated as the present value of the total expected cash flows within the
CGU. If the value in use is lower than the carrying amounts of the assets in the CGU, the assets are written down
by first reducing the value of any goodwill allocated to the CGU and then pro rata reducing the value of the other
assets of the CGU on the basis of the carrying amount of each asset. The assets are not written down to a lower
amount than the individual assets net selling price.
The present value of expected future cash flows (value in use) is based on budgets and business plans. Key
parameters are annual growth rate in the first five years, EBIT-margin and growth expectations beyond the next
five years.
As the risk associated with cash flows is not included in the expected cash flows for newly acquired entities, the
expected future cash flows are discounted using a WACC rate, cf. the description below. Management believes
that the purchase price accounted for in the consolidated financial statements reflects the best estimate of the
total fair value of the business.
Determining whether goodwill is impaired requires a comparison of the recoverable amount with the carrying
amount. The recoverable amount is determined as the net present value of the future cash flows expected to arise
from the cash-generating unit to which goodwill is allocated. The carrying amount of goodwill and brands as of 30
April 2026 amounts to DKK 1,928 million, and the assumptions applied for determining the recoverable amount is
disclosed in note 6.
CUSTOMER AGREEMENTS AND PORTFOLIOS
In business combinations, the value of acquired customer agreements and customer portfolios is assessed based
on the value of repeat customers who buy our products. The current repeat customers have substantial value
due to future revenue via additional purchases of products with a minimum sales effort as a result of established
relationships. These relationships are defined as customer relationships. The valuation method applied is based
on a capitalised value of future cash flows attributable to the customers based upon expected future mortality
dispersion function and deducted with cost of goods sold, related expenses and corporate income taxes.
BRANDS
Acquired brands are initially recognised at their fair value being the estimated value of the acquired brands based
on all future cash flows associated with the brands using the relief from royalty method as there for most acquired
entities is a close relationship between brands and sale. Brands with an indefinite useful lives are subject to a
yearly impairment test. The classification of the useful life is based on an assessment of the brand’s name, overall
position, presence and reputation in the market, its degree of exposure to changes in the economic environment
and stability of the industry. Based on these criteria’s Management has assessed that the current brands all
have an indefinite useful life. The useful life of assets with an indefinite life is each accounting period assessed to
determine whether facts and circumstances continue to support an indefinite useful life assessment for the asset.
If they do not, the useful life of the assets is changed from indefinite to finite and amortisation is commenced.
TRADE RECEIVABLES
Trade receivables are measured at amortised cost less writedown for estimated bad debt losses. Impairment
losses are based on an individual review of the need for impairment based on customers’ creditworthiness and
expected ability to pay, customer insolvency or anticipated insolvency, and past due amounts. Write downs are
also considered on a portfolio level. In assessing the adequacy of write-downs for bad debt losses, Management
specifically analyses receivables, including doubtful debts, concentrations of credit risk, credit ratings, current
economic conditions, and changes in customers’ payment behaviour.
The specific amount provided for as bad debt is estimated based on a specific assessment of the customers. In
this assessment professional judgment such a possibility for taking collateral is taken into consideration.
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FAIR VALUE
The Group measures a number of financial instruments at fair value, including all derivatives as well as shares and
bonds.
Estimates are made in connection with the determination of the fair value of financial instruments in the following
areas:
Choice of valuation technique
Determination of when available qouted prices do not represent fair value calculation of fair value adjustments to
take into account relevant risk factors such as credit risk, model risk and liquidity risk.
Assessment of which market parameters must be observed
Estimating of future cash flows and required rates of return as regards unlisted shares.
Furthermore, the Group holds a portfolio of investments properties which are also measured at fair value. As there
are normally no active market for investment properties, the fair values are estimated based on discounted cash
flow models.
These models are based on assumption on future rental income, vacancy levels, operating and maintenance
costs, yield requirements and interest rates, and thus contain a number of accounting estimates.
LEASES
In accounting for lease contracts, various judgements are applied in determining right-of-use assets and lease
liabilities.
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered
by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to
terminate the lease, if it is reasonably certain not to be exercised.
The Group has several lease contracts that include extension and termination options. The Group applies
judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or
terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise
either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is
a significant event or change in circumstances that is within its control and affects its ability to exercise or not to
exercise the option to renew or terminate.
Note 23 Significant accounting estimates and judgements (continued)
Boardroom at Havnegade 71, Middelfart, Denmark
Havnegade 71, Middelfart, Denmark
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Note 24 Significant accounting policies
1 may - 30 april
BASIS OF PREPARATION
The consolidated financial statements for 2025/26 for Selfinvest have been prepared in accordance with the
International Financial Reporting Standards (IFRS) as adopted by the EU and further requirements in the Danish
Financial Statements Act. The consolidated financial statements are also in accordance with IFRS as issued by the
International Accounting Standards Board (IASB).
The Management Board have on 29 June 2026 considered and adopted the Annual Report for 2025/26, which will
be presented for adoption by the shareholders at the Company’s Annual General Meeting on 29 Juny 2026.
BASIS OF MEASUREMENT
Amounts in the Annual Report are presented in thousands Danish Kroner (DKK), unless otherwise stated. The
Annual Report has been prepared under the historical cost convention with the exception of derivative financial
instruments, securities, investment properties and acquisition opening balances, which are measured at fair value.
The accounting policies described in the notes have been applied consistently to the financial year and the
comparative figures.
CONSOLIDATION
The consolidated financial statements include the parent company Selfinvest ApS and subsidiaries controlled by
Selfinvest.
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its control over the entity.
Subsidiaries are fully consolidated from the date of which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
The consolidated financial statements are prepared by consolidating items of a uniform nature. In the
consolidation, intercompany income and costs, balances, dividends and intercompany gains and losses are
eliminated. The financial statements used for the consolidation are prepared in accordance with the Group’s
accounting policies.
FOREIGN CURRENCY TRANSLATION
Items included in the financial statements of each of the Group’s entities are measured using the currency of the
primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial
statements are presented in DKK, which is the Group’s presentation currency and the functional currency of the
parent company.
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing
at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at year-end exchange rates of
monetary assets and liabilities denominated in foreign currencies are recognised in financial items.
The results and financial position of all of the Group entities that have a functional currency different from the
presentation currency are translated into the presentation currency. Assets and liabilities for each balance sheet
presented are translated at the closing rate at the date of that balance sheet; income and costs for each income
statement are translated at average exchange rates. All resulting exchange differences are recognised in other
comprehensive income.
MATERIALITY IN FINANCIAL REPORTING
In preparing the Annual Report, Management seeks to improve the information value of the consolidated financial
statements, notes to the statements and other measures disclosed by presenting the information in a way that
supports the understanding of the Group’s performance in the reporting period.
This objective is achieved by presenting fair transactional aggregation levels on line items and other financial
information, emphasising information that is considered of material importance to the user and making relevant
rather than generic descriptions throughout the Annual Report. All disclosures are made in compliance with the
International Financial Reporting Standards, Danish Financial Statements Act and other relevant regulations,
ensuring a true and fair view throughout the financial statements.
Income Statement
REVENUE - GENERAL PRINCIPLES
Revenue from contracts with customers is recognsied when control of the goods or services are transferred to the
customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for
those goods or services. Revenue includes fair value gains and losses net related to commodity derivatives.
Trade receivables are recognised as sale of goods and services delivered and invoiced to the customer and are not
adjusted for any financing components, due to short credit terms and thus insignificant. Where services delivered
have yet to be invoiced, contract assets and accrued cost of services are recognised at the reporting date.
REVENUE FROM SALE AND MEDITATION OF BUNKER
Revenue from sale and meditation of bunker comprises sales of fuel products across the globe. Sale of bunker is
recognised upon passing of title to the customer which generally coincides with delivery and acceptance of the
goods sold.
REVENUE FROM SALE OF LOGISTICS SERVICES
Logistics services comprises freigth logistics faciliting transportation of goods by road and other forms of
transportation. Logistics services are characterised by short delivery times as most transports are completed
within days. Revenue is recognised over time.
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REVENUE FROM SHIP OWNING
Revenue from ship owning comprises chartering of tanker ships. Revenue is recognised when or as performance
obligations are satisfied by transferring services to the customer, i.e. over time, provided the state of completion
can be measured reliable.
REVENUE FROM IT SERVICES
Revenue from IT services comprises sale of hosting and operations solutions and consulting services. Revenue of
hosting and operations services are recognised in the period the services are provided which will either be based
on an output measure or using the streight-line method. Consulting services are recognised as hours delivered or
in accordance with the stage of completion method.
REVENUE FROM SUSTAINABLE ENERGY
Revenue from sustainable energy comprises of trading of various types of sustainable energy products. Revenue
from sustainable energy is recognised when the risk and rewards relating to the goods sold have been transferred
to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to
the sale will flow to the Group.
REVENUE FROM RISK MANAGEMENT
Revenue from risk management comprises hedging of clients’ energy price exposure and associated liquidity risk
by giving access to bilateral trading and margin funding in relevant derivative instruments.
REVENUE FROM FROM SPORTS CAR ACTIVITIES
Revenue from sports car activities comprises sale or renting of unique sports cars. Revenue on sales with no
financing element are recognised when all performance obligations have been satisfied. Revenue from renting
agreements containing a financing element (financial lease) is recognised as an outright sale, where the
revenue is measured at the fair value, or, if lower, the present value of the lease payments accruing to Selfinvest,
discounted using the market rate of interest. The associated cost of goods are recognised as the carrying amount
of the sports car less the present value of the unguaranteed residual value.
DIRECT EXPENSES
Direct expenses include expenses for the purchase of goods for resale, and are expensed as incurred.
OTHER EXTERNAL EXPENSES
Other external expenses include expenses for sales, administration as well as the running of office facilities, etc.,
and are expensed as incurred.
STAFF EXPENSES
Staff expenses comprise wages and salaries as well as payroll expenses. Staff expenses are recognised in the
financial year in which the employee renders the related service.
SHARE OF PROFIT/LOSS IN ASSOCIATED COMPANIES
Share of profit or loss in associated companies is recognised net of tax and corrected for the share of unrealised
intra-group gains and losses.
OTHER OPERATING INCOME
Grants from government are recognised at their fair value where there is a reasonable assurance that the grant
will be received and the Group will comply with all attached conditions. Government grants relating to costs are
deferred and recognised in profit or loss over the period necessary to match them with the costs that they are
intended to compensate.
FINANCIAL INCOME AND EXPENSES
Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and
unrealised exchange adjustments, fair value adjustment of securities, amortisation of mortgage loans as well as
extra payments and repayment under the on-account taxation scheme.
TAX ON PROFIT/LOSS FOR THE YEAR
Tax comprises an estimate of current and deferred income tax as well as adjustments to previous years of those.
The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable
to equity transactions is recognised directly in equity. Any changes in deferred tax due to changes to tax rates are
recognised in the income statement.
The Group is subject to a jointly taxation with Danish Group enterprises. The tax effect of the joint taxation is
allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit
for tax losses).
STATEMENT OF COMPREHENSIVE INCOME
Other comprehensive income consists of income and costs not recognised in the income statement, including
exchange rate adjustments arising from the translation from functional currency to presentation currency, fair
value adjustments of other equity investments and cash flow hedges. The Group’s share of other comprehensive
income in associated companies is also included.
Other comprehensive income includes current and deferred income tax to the extent the items recognised in
other comprehensive income are taxable or deductible.
Note 24 Significant accounting policies (continued)
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Balance Sheet
INTANGIBLE ASSETS
Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is
calculated on a straight-line basis over the estimated useful lives of the assets:
…
Acquired rights up to 20 years
…
Customer relations up to 8 years
…
Software up to 5 years
…
Completed development projectsup to 3 years
…
Technologies and knowhowup to 10 years
…
Brands indefinite
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost
comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset
is ready for use.
Land is measured at cost. No depreciation is made on land.
Interest paid on loans raised for indirect or direct financing or production of property, plant and equipment is
recognised in the income statement.
Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected
useful lives of the assets:
…
Buildings 20-50 years
…
Ships and equipment new-buildings 25 years
…
Ships and equipment not new-building 25 years
…
Fixtures and fittings, tools and equipment3-10 years
…
Leasehold improvements 5-15 years
…
Plant and machinery 5-10 years
Estimated useful lives and residual values are reassessed on a regular basis. Scrap values are assessed yearly.
Gains and losses on sale of property, plant and equipment are recognised in the income statement under Other
operating income and Other external expenses, respectively.
SECURITIES
Securities classified as current assets comprise listed shares, bonds, private equity investments and other
alternative investments. Securities are measured at fair value at the balance sheet date. Fair value is determined
based on quoted market prices at the balance sheet date for listed securities. For unlisted investments, fair value
is determined in accordance with the International Private Equity and Venture Capital Valuation (IPEV) Guidelines.
Depending on the nature and stage of the investment, fair value is determined either at cost (typically for recent
investments where cost is considered to approximate fair value) or using valuation techniques based on earnings
multiples or other market-based multiples derived from relevant industry benchmarks.
INVESTMENT PROPERTIES
Investment properties comprise investments made in land and buildings to earn a return on the invested capital
by way of current operation income and/or capital gain upon resale.
Initially, Investment properties are measured at cost, including transaction costs. Cost of own developed
investment properties comprises the cost of acquisition and expenses directly related to the acquisition, including
transaction costs and indirect costs for labour, materials, components and sub-suppliers up until the time when
the asset is ready for use.
After initial recognition, investment properties are measured at fair value, which reflects market conditions at the
reporting date. Gains or losses arising from changes in the fair value of investment properties are included in a
separate line in profit or loss in the line item “Fair value adjustments and investment properties” in the period in
which they arise, including corresponding tax effect.
Fair values are determined based on a annual valuation performed by an external independent assessor applying
a return-based model and subjective estimates made by Management. The calculation of fair value under the
return-based model is based on budgeted operating income of the properties for the coming year. The budgeted
operating income is based on rental income at full occupancy less the usual operating expenses of the properties.
Investment properties are derecognised when they have been disposed of or when they are permanently
withdrawn from use and no future economic benefit is expected from their disposal. The difference between
the net disposal proceeds and the carrying amount of the investment property is recognised in profit or loss in
the period of derecognition. In determining the amount of consideration from the derecognition of investment
property the Group considers the effects of variable consideration, existence of a significant financing component,
non-cash consideration and consideration payable to the buy, if any.
Transfers are made to, or from, investment property only when there is a change in use. For a transfer from
investment property to owner-occupied property, the deemed cost for subsequent accounting is the fair value at
the date of change in use. If owner-occupied property becomes an investment property, the Group accounts for
such property in accordance with the policy stated under property, plant and equipment up to the date of change
in used.
Note 24 Significant accounting policies (continued)
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LEASES - GENERAL PRINCIPLES
The Group assesses at contract inception whether a contract is, or contain, a lease. This is if the contract conveys
the right to control the use of an identified assets for a period of time in exchange for consideration.
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and
leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets
representing the right to use the underlying asset.
Right-of-use assets
The Group recognises right-of-use assets at the commencement date for the leases. Right-of-use assets
are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities
recognised, initial direct costs incurred, and lease payments made at or before the commencement date less
lease incentives received. Right-of-use assets are depreciated over the shorter of the asset’s useful life and lease
term on a straight-line basis.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value
for lease payments to be made over the lease term. The lease payments include fixed payments less any lease
incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be
paid under residual value guarantiees. The lease payment also include the exercise price of a purchase option
reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease
term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an
index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment
occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the
lease commencement date because the implied interest of the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced
for the lease payments made. Additionally, the carrying amount of lease liabilities is remeasured if there is a
modification, a change in the lease term, a change in the lease payments, or a change in the assessment of an
option to purchase the underlying asset.
Short term leases and low-value assets
The Group applies the short-term recognition exemption to its short-term leases insofar the leases have a lease
term of 12 months or less from the commencement date and do not contain a purchase option. Furthermore, the
Group applies the lease of low-value assets recognition exemption to leases that are considered to be of low value.
Lease payments on short-term and low value assets are recognised as expenses on a straight-line basis over the
lease term.
Leases as lessor
When the Group acts as lessor, it determines at lease inception whether each lease is a finance lease or an
operating lease.
In order to classify each lease, the Group makes an overall assessment of whether the lease transferes transfer
substantially all the risks and rewards incidental to ownership of an assets. If this is the case, the lease is classified
as finance lease; if not the lease is classified as operating leases.
Operating leases
Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue
in the statement of profit and loss due to its operating nature. Initial direct costs incurred is negotiating and
arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease
term on the same basis as rental income.
Contingent rents are recognised as revenue in the period in which they are earned.
Financial leases
Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group’s net
investment in the lease. Financial lease income is allocated to accounting periods so as to reflect a constant
periodic rate of return on the Group’s net investment outstanding in respect of the lease, and under due
consideration of the amount recognised in income as an outright sale as described above in the section “Revenue
from sports car activities”.
The Group applies the derecognition and impairment requirements in IFRS 9 to the net investment in the leases.
The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross
investment in the lease.
IMPAIRMENT OF INTANGIBLE AND TANGIBLE ASSETS
The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis
to determine whether there is any indication of impairment other than that expressed by amortisation and
depreciation.
Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the
higher of the estimated value in use and fair value less costs of disposal. Goodwill is attributed to cash-generating
units on acquisition and impaired before other assets.
Intangible assets and property, plant and equipment are tested for impairment, if there is an indication of
impairment. However, annual impairment tests are carried out for goodwill and other intangible assets with
indefinite useful lives.
INVESTMENTS IN ASSOCIATES
Investments in associated companies and joint ventures are recognised at Selfinvest’s share of the equity value
inclusive of goodwill less any impairment losses. Goodwill is an integral part of the value of associated companies
and is therefore subject to an impairment test together with the investment as a whole. Impairment losses are
reversed to the extent the original value is considered recoverable.
INVENTORIES
Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable
value of inventories is calculated at the amount expected to be generated by sale in the process of normal
operations with deduction of selling expenses and costs of completion.
The net realisable value is determined allowing for marketability, obsolescence and development in expected
sales sum.
The cost price of inventories whose fair value is effectively hedged from derivative financial instruments is
adjusted for the change in fair value attributable to the hedged risk.
Note 24 Significant accounting policies (continued)
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FINANCIAL INSTRUMENTS
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.
Financial assets are classified at initial recognition, as subsequently measured at amortised cost, fair value
through other comprehensive income (OCI), and fair value through profit or loss. The classification depends on the
Group’s business model for managing the financial assets and the contractual terms of the cash flows.
Regular way purchases and sales of financial assets are recognised on trade date, being the date on which the
Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash
flows from the financial assets have expired or have been transferred and the Group has transferred substiantilly
all the risks and rewards of ownership.
At initial recognition, the Group measures financial assets at their fair value plus transaction costs that are directly
attributable to the acquisition of the financial asset. Transactions costs of financial assets carried at fair value
through profit or loss are expensed in profit or loss.
Debt instruments
Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset
and the cash flow characteristics of the asset.
Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of
principle and interest, are measured at amortised costs. Interest income from these financial assets is included in
financial income using the effective interest rate method. Any gain or loss arising on derecognition is recognised
directly in profit or loss.
Assets that are held for collection of contractual cash flows and for selling the financial assets, where those cash
flows represent solely payments of principle and interest, are measured at fair value through other comprehensive
income. Movements in the carrying amount are taken through OCI, except for the recognition of impairment
gains or losses, interest income and foreign exchange gains and losses which are recognised in profit or loss.
Assets that do not meet the criteria for amortised cost or fair value through other comprehensive income are
measured at fair value through profit or loss.
Equity instruments
The Group subsequently measures all equity instruments at fair value through profit or loss.
Receivables
Receivables are recognised initially at the amount of consideration that is unconditional less expected credit
losses. They are subesquently measured at amortised cost using the effective interest method, which generally
corresponds to nominal values less expected credit loss provision.
The Group utilises a simplified approach to measuring expected credit losses and uses a lifetime expected loss
allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on
credit risk characteristics and the days past due.
Derivatives
Derivative financial instruments are initially recognised in the balance sheet at fair value. Any difference between
the transaction price and fair value determined when applying a valuation model, which is not solely based on
observable market data is deferred and recognised over the term of the contract.
Derivative financial instruments are subsequently remeasured at their fair values. Derivative financial assets
and liabilities and related collateral payable and receivable are presented net if the company has both a current
legally enforceable right to set off the recognised amounts and intends to settle net. Net amounts of positive and
negative fair values of derivative financial instruments are presented in separate line items in the balance sheet.
Fair value of OTCs (oil derivative contracts) are determined on the basis of generally applied forward and option
pricing models. Inputs to the models are to the extent possible determined on the basis of observable prices for
the underlying products. For contracts, where the most significant input is unobservable, Management estimates
the input.
Changes in the fair values of derivative financial instruments are recognised in the income statement unless the
derivative financial instrument is designated and qualify as hedge acccounting.
BORROWINGS
Borrowings are initially recognised at fair value, net of transactions costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption
amount is recognised in profit or loss over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it
is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down
occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the
fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it
relates.
Other debts are measured at amortised cost, substantially corresponding to nominal value.
HEDGE ACCOUNTING
Changes in the fair values of financial instruments that are designated and qualify as fair value hedges of a
recognised asset or a recognised liability are recognised in the income statement, as are any changes in the fair
value of the hedged asset or the hedged liability related to the hedged risk.
Changes in the fair values of financial instruments that are designated and qualify as hedges of highly probable
future transactions are recognised in other comprehensive income and presented in a separate reserve within
equity as regards the effective portion of the hedge.
The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a
liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the
liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity
is transferred from equity to the income statement in the period in which the hedged transaction is recognised.
The amount is recognised in the same item as the hedged transaction.
Changes in the fair values of financial instruments that are designated and qualify as hedges of net investments in
independent foreign subsidiaries or associates are recognised directly in equity as regards the effective portion of
the hedge, whereas the ineffective.
Note 24 Significant accounting policies (continued)
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DEFERRED TAX ASSETS AND LIABILITIES
Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base
of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning
goodwill not deductible for tax purposes.
Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation
at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the
computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis
of the intended use of the asset and settlement of the liability, respectively.
Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the
asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax
liabilities.
Deferred tax assets and liabilities are offset within the same legal tax entity.
CURRENT TAX RECEIVABLES AND LIABILITIES
Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of
the expected taxable income for the year and adjusted for tax on taxable incomes for prior years.
Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on
a net basis or simultaneously.
DIVIDEND
Dividend distribution proposed by Management for the year is disclosed as a separate item in equity.
MINORITY INTERESTS
Non-controlling interests’ share of profit/loss for the year and of equity in subsidiaries is included as part of the
Group’s profit and equity respectively, but shown as separate items.
The Group recognises non-controlling interests in an acquired entity either at fair value or at the non-controlling
interest’s proportionate share of the acquired entity’s net identifiable assets. This decision is made on an
acquisition-by-acquisition basis.
The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions
with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying
amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any
difference between the amount of the adjustment to non-controlling interests and any consideration paid or
received is recognised in a separate reserve within equity attributable to owners.
Put options held by non-controlling interests are recognised as financial liabilities at the present value of the
expected exercise price. The non-controlling interest continues to be recognised unless risks and rewards have
been transferred to the parent company. Changes in the carrying amount of the put option liability are recognised
in equity unless risks and rewards have transferred to the parent.
PROVISIONS
Provisions for legal claims, service warranties and make good obligations are recognised when the Group has a
present legal or constructive obligation as a result of past event, it is probable that an outflow of resources will
be required to settle the obligation, and the amount can be realiably estimated. Provisions are not recognised for
future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is
determined by considering the class of obligations as a whole. A provision is recognised when if the likelihood of
an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of Management’s best estimate of the expenditure required to settle
the present obligation at the end of the reporting period. The discount rate used to determine the present value
is a pre-tax rate that reflects current market assessments of the time, value of money and the risks specific to the
liability. The increase in the provision due to the passage of time is recognised as interest expense.
BUSINESS COMBINATIONS
Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value
at the date control was achieved using the acquisition method. Identifiable intangible assets are recognised if
they arise from a contractual right or can otherwise be separately identified. The difference between the fair value
of the acquisition cost and the fair value of acquired identifiable net assets is recognised as goodwill.
Any subsequent changes to contingent acquisition costs are recognised as other income or other costs in the
income statement.
CASH FLOW STATEMENT
Cash flow from operating activities is presented according to the indirect method based on EBIT, adjusted for
depreciation, non-cash operating movements, net interests, changes in working capital and income taxes paid.
Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets,
property, plant and equipment as well as fixed asset investments.
Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well
as payments to and from shareholders.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise the items “Cash at bank and in hand” under current assets.
The cash flow statement cannot be immediately derived from the published financial records.
Note 24 Significant accounting policies (continued)
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DEFINITION OF FINANCIAL RATIOS
Gross margin
=
Gross profit x 100
Revenue
Profit margin
=
Profit before financials x 100
Revenue
Return on equity
=
Net profit for the year x 100
Average equity
Liquidity ratio
=
Current assets
Short-term debt
Solvency ratio
=
Equity at year end x 100
Total assets
Number of employees
=
Employees and rented crew
on vessels reported as annualised numbers
Note 24 Significant accounting policies (continued)
New legislation
NEW AND AMENDED IFRS STANDARDS
No amendments that apply for the first time in 2025/26 have a material impact on amounts recognised in current
and prior periods.
The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet
effective.
The following new standards and amendments to existing IFRS will become effective in future year.
ADOPTED BY EU AND EFFECTIVE FOR 2027/28
IFRS 18 includes requirements for the presentation and disclosure of information in financial statements, and will
be effective for annual reporting periods beginning on or after 1 January 2027. As such, IFRS 18 will be applied for
the first time in the Group’s financial year beginning on 1 May 2027.
The statement of profit or loss will bepresented into five categories, operating, investing, financing, income tax
and discontinued operations categories based on an assessment of the Group’s business activities. The standard
also includes requirements related to aggregation and disaggregation of information in the primary financial
statements and notes. Further, IFRS 18 requires the Group to identify its management defined performance
measures (MPM) as detailed disclosures need to be included in the notes for them.
This should enable users of consolidated financial statements to understand the aspect of financial performance
that in management’s view is communicated by an MPM and how the MPM compares with measures defined by
IFRS Accounting Standards. The Group is assessing the impact of IFRS 18.
NOT YET ADOPTED BY EU
In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure
requirements while still applying the recognition, measurement and presentation requirements in other IFRS
Accounting Standards.
To be eligible, at the end of the reporting period an entity must be a subsidiary as defined in IFRS 10, cannot have
public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial
statements, available for public use, which comply with IFRS Accounting Standards.
IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027. As such, IFRS 19 will be
applied for the first time in the Group’s financial year beginning on 1 May 2027.
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Income Statement
1 may - 30 april
DKK ‘000 Note 2025/26 2024/25
Revenue 25 117,818 177,099
Direct expenses (91,847) (157,392)
Gross profit 25,971 19,707
Other operating income 1,882 0
Other external expenses (48,033) (52,124)
Staff expenses 26 (90,864) (77,968)
Depreciation, amortisation and impairment losses 27 (1,199) (1,990)
Profit before financial income and expenses (112,243) (112,375)
Profit from investments in group enterprises and associates 694,350 163,935
Financial income 28 106,912 47,132
Financial expenses 29,30 (94,336) (110,182)
Profit before tax 594,683 (11,490)
Tax on profit for the year 31 9,676 27,852
Net profit for the year 604,359 16,362
PROPOSED DISTRIBUTION OF PROFITS
Reserve for net revaluation under the equity method 675,063 163,935
Retained earnings (70,704) (147,573)
604,359 16,362
Selected Car Collection
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63
Statement of financial position
30 april
DKK ‘000 Note 2026 2025
Software 773 626
Goodwill 0 0
Intangible assets 32 773 626
Land and buildings 15,009 15,009
Fixtures and fittings, tools and equipment 931 1,779
Leasehold improvements 202 1,265
Property, plant and equipment 33 16,142 18,053
Investments in group enterprises 5,172,279 4,800,921
Investments in associates 112,492 93,205
Receivables from associates 5,985 375
Securities, equity investments and other investment assets 155,118 103,257
Other receivables 46,912 0
Fixed asset investments 34 5,492,786 4,997,758
Fixed assets 5,509,701 5,016,437
Inventories 35 973,858 996,419
Trade receivables 1,519 3,227
Receivables from group entreprises 707,801 418,548
Other receivables 16,827 16,070
Corporation tax 28,229 29,425
Prepayments 36 5,500 2,104
Receivables 759,876 469,374
Securities 1,210,824 1,308,810
Cash at bank and in hand 6,052 39,801
Current assets 2,950,610 2,814,404
Assets 8,460,311 7,830,841
Statement of financial position
30 april
DKK ‘000 Note 2026 2025
Share capital 37 301 301
Reserve for net revaluation under the equity method 3,719,071 3,397,802
Retained earnings 3,131,711 3,101,926
Total equity 6,851,083 6,500,029
Provision for deferred tax 38 32,360 25,603
Provisions 32,360 25,603
Credit institutions 1,403,254 0
Long-term debt 39 1,403,254 0
Credit institutions 0 1,071,602
Trade payables 28,623 2,670
Payables to group enterprises 51,813 138,044
Other payables 93,178 92,893
Short-term debt 173,614 1,305,209
Debt 1,576,868 1,305,209
Liabilities and equity 8,460,311 7,830,841
Contingent liabilities and lease and contractual obligations 40
Related parties 41
Fees to auditors 42
Subsequent events 43
Significant accounting policies 44
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Statement of changes in equity
1 may - 30 april
DKK ‘000 Share capital
Reserve under
the equity
Retained
earnings Total
2025/26
Equity at 1 May 301 3,397,802 3,101,926 6,500,029
Net profit for the year 0 675,063 (70,704) 604,359
Exchange rate adjustment 0 (78,675) 0 (78,675)
Other equity changes 0 (275,119) 100,489 (174,630)
Equity at 30 April 301 3,719,071 3,131,711 6,851,083
2024/25
Equity at 1 May 301 3,953,480 3,241,499 7,195,280
Net profit for the year 0 163,935 (147,573) 16,362
Exchange rate adjustment 0 (231,823) 0 (231,823)
Other equity changes 0 (487,790) 8,000 (479,790)
Equity at 30 April 301 3, 397,802 3,101,926 6,500,029
Commercial property (Developer: Selfinvest)
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Note 25 Revenue
1 may - 30 april
DKK ‘000 2025/26 2024/25
Sports car activities 86,064 149,315
Events 3,851 3,075
Property service 6,507 6,973
Consultants 21,396 12,412
Other 0 5,324
Total 117,818 177,099
In compliance with section 96 of the Danish Financial Statements Act, information regarding revenue on
geographical markets has been left out due to the fact that geographical markets do not differ material on risks
and rewards.
Note 26 Staff expenses
1 may - 30 april
DKK ‘000 2025/26 2024/25
Wages and salaries 87,698 75,275
Pensions 2,873 2,539
Other social security expenses 293 154
Total 90,864 77,968
Executive Board 30,998 23,020
Number of employees 68 70
Note 27 Depreciation, amortisation and impairment losses
1 may - 30 april
DKK ‘000 2025/26 2024/25
Intangible assets 197 590
Tangible assets 1,002 1,400
Total 1,199 1,990
From the Group’s wooden schooner “FIONIA”
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Note 28 Financial income
1 may - 30 april
DKK ‘000 2025/26 2024/25
Financial income from group enterprises 22,705 27,783
Other financial income 84,207 19,349
Total 106,912 47,132
DKK ‘000
Fair value
adjustment
Fair value
30 April 2026
Listed shares 72,655 486,947
Other alternative investments 522 723,877
Securities classified as current assets comprise listed shares, bonds, private equity investments and other
alternative investments. Securities are measured at fair value at the balance sheet date.
Listed shares and bonds (level 1) are valued based on the most recently quoted selling price.
Unlisted investments (level 3) are measured at fair value in accordance with the International Private Equity and
Venture Capital Valuation Guidelines (IPEV). Depending on the nature and stage of the investment, fair value
is determined either based on cost (typically for new investments where cost is considered to approximate fair
value) or using valuation techniques based on earnings multiples derived from comparable companies or other
market-based multiples derived from relevant industry benchmarks. The valuation approach incorporates relevant
factors that market participants would consider when pricing a transaction, including financial performance,
market conditions and other relevant assumptions. The peer group multiple method uses comparable companies
for which market values and earnings are available.
Reference is made to note 15 for further details on the fair value hierarchy.
Unlisted investments are measured at fair value using multiple-based valuation techniques based on comparable
companies, with valuation multiples differentiated based on the characteristics of the underlying investments.
The applied valuation multiples range from 1.5x to 30.9x and are determined based on industry conditions,
macroeconomic factors and expected financial performance. The variation in multiples reflects differences in
industry, growth expectations, profitability and risk profile of the underlying investments. Changes in valuation
multiples applied to unlisted investments may have a significant impact on the fair value measurement.
The valuation multiples applied in the valuation of unlisted investments are considered the most significant
unobservable inputs in the fair value measurement.
Note 29 Financial expenses
1 may - 30 april
DKK ‘000 2025/26 2024/25
Impairment of financial assets 13,139 8,982
Financial expenses from group enterprises 6,315 6,291
Other financial expences 74,330 93,766
Exchange adjustments 552 1,143
Total 94,336 110,182
Note 31 Corporation tax
1 may - 30 april
DKK ‘000 2025/26 2024/25
Current tax for the year (10,175) (16,116)
Deferred tax for the year 6,757 (11,657)
Adjustment of tax relating to previous years (6,258) (79)
Total (9,676) (27,852)
Note 30 Non-recurring items
1 may - 30 april
DKK ‘000 2025/26 2024/25
Impairment of receivable 30,050 55,500
Total 30,050 55,500
Impairment of receivables is due to an investment in associated company, which is written down to DKK 0 as a
consequence of declining performance.
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Note 32 Intangible assets
1 may - 30 april
DKK ‘000 Software Goodwill
Cost at 1 May 4,166 1,800
Additions for the year 344 0
Disposal for the year 0 (1,800)
Cost at 30 April 4,510 0
Depreciation at 1 May 3,540 1,800
Depreciation for the year 197 0
Reversal of amortisations 0 (1,800)
Depreciation at 30 April 3,737 0
Carrying amount at 30 April 773 0
Note 33 Property, plant and equipment
1 may - 30 april
DKK ‘000
Land and
buildings
Fixtures and
fittings, tools
and equipment
Leasehold
improvements
Cost at 1 May 15,009 9,278 3,846
Disposals for the year 0 (401) (3,516)
Cost at 30 April 15,009 8,877 330
Depreciation at 1 May 0 7,499 2,581
Depreciation for the year 0 848 154
Reversal of amortisation of sold assets 0 (401) (2,607)
Depreciation at 30 April 0 7,946 128
Carrying amount at 30 April 15,009 931 202
Kabelbyen, Middelfart, Denmark
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Note 34 Fixed asset investments
1 may - 30 april
DKK ‘000
Investments
in group
enterprises
Investments
in associates
Receivables
from associates
Other
investments
Other
receivables
Cost at 1 May 1,387,895 108,429 375 111,097 0
Additions for the year 0 35,255 5,610 34,089 46,912
Transfer 0 34,121 0 30,911 0
Cost at 30 April 1,387,895 177,805 5,985 176,097 46,912
Value adjustments at 1 May 3,413,026 (15,224) 0 (7,840) 0
Exchange adjustment (78,675) 0 0 0 0
Shares of profit for the year 677,307 19,287 0 0 0
Dividend received (50,400) 0 0 0 0
Other equity movements, net (174,630) 0 0 0 0
Amortisation on badwill 2,300 0 0 0 0
Transfer 0 (34,121) 0 0 0
Other regulations (4,544) (35,255) 0 (13,139) 0
Value adjustments at 30 April 3,784,384 (65,313) 0 (20,979) 0
Carrying amount at 30 April 5,172,279 112,492 5,985 155,118 46,912
The Parent Company’s investments in group enterprises and associates comprise:
Place of reg.
office
Votes and
ownership
A/S United Shipping & Trading Company Middelfart 100%
Selfestate ApS Middelfart 100%
Selfrent ApS Middelfart 100%
Selfgarage ApS Middelfart 100%
Selfapartments ApS Middelfart 100%
Selfhouse ApS Middelfart 100%
Selfproperty ApS Middelfart 100%
Selfequity ApS Middelfart 100%
Selected Car Group A/S Middelfart 50%
Selfpremises A/S Middelfart 100%
Selfship ApS Middelfart 100%
Selffuel ApS Middelfart 100%
SI PL 1 ApS Middelfart 100%
I. P. Jacobsen Center A/S Thisted 40%
CT Invest A/S Odense 49%
New Start 3 ApS Odense 50%
SIBI Invest ApS Kolding 50%
ByBiehl Denmark ApS Hellerup 27%
Reference is made to the respective annual reports of the above enterprises for a
specification of enterprises owned by subsidiaries and associates.
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Note 35 Inventories
1 may - 30 april
DKK ‘000 2025/26 2024/25
Investment cars 956,942 989,074
Prepayments 16,916 7,345
Total 973,858 996,419
Note 38 Deferred tax
1 may - 30 april
DKK ‘000 2025/26 2024/25
Deferred tax at 1 May 25,603 37,260
Change for the year 6,757 (11,657)
Total 32,360 25,603
Note 39 Long-term debt
1 may - 30 april
Repayments due within one year are recognised under current liabilities. Other obligations are classified as non-
current liabilities.
The liabilities fall due in the following order:
DKK ‘000 2025/26 2024/25
Credit institutions
After 5 years 0 0
Between 1-5 years 1,403,254 0
Total 1,403,254 0
Short-term 0 1,071,602
Credit institutions at 30 April 1,403,254 1,071,602
Note 36 Prepayments
Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions, property tax and
other costs.
Note 37 Share capital
1 may - 30 april
Number
of shares
Nominal
value
DKK ‘000
A-shares 6,020 6
B-shares 294,980 295
Total 301,000 301
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Note 41 Related parties
Related parties comprise the Executive Board and senior executives in Group enterprises as well as companies in
which these persons have significant interests.
Except for intercompany transactions, no transactions have been carried out with the Executive Board,
managerial staff, significant shareholders or other related parties during the year.
The Company is included in the Consolidated Financial Statements of the immediate Parent Company,
SelfGenerations T ApS.
Controlling interest is exercised through the Company’s immediate Parent Company, SelfGenerations T ApS, in
which Torben Østergaard-Nielsen, CEO, exercises control.
Note 44 Significant accounting policies
BASIS OF PREPARATION
The Annual Report of Selfinvest ApS for 2025/26 has been prepared in accordance with the provisions of the
Danish Financial Statements Act applying to large enterprises of reporting class C.
The accounting policies applied remain unchanged from previous years.
With reference to Section 86 (4) of the Danish Financial Statements Act and the cash flow statement in the
consolidated financial statements, the company has omitted to prepare a cash flow statement.
A few reclassifications have been made in the comparative figures this year. These reclassifications have had no
effect on net profit, equity, or the total balance sheet.
RECOGNITION AND MEASUREMENT
The Financial Statements have been prepared based on the historic cost principle.
Revenues are recognised in the income statement as earned, and all expenses incurred to achieve the earnings for
the year are deducted. Expenses include operating expenses, depreciation, amortisation, impairment losses and
provisions as well as changes due to changed accounting estimates. Furthermore, value adjustments of financial
assets and liabilities measured at fair value are recognised in the income statement.
Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the
asset will flow to the Company, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of
the Company, and the value of the liability can be measured reliably.
Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described
for each item below.
Note 42 Fees to auditors
In compliance with section 96 no. 3 of the Danish Financial Statements Act, information regarding fees to auditors
has been left out.
Note 43 Subsequent events
No significant events affecting the assessment of the Annual Report have occurred after the balance sheet date.
Note 40 Contingent liabilities and lease and contractual
obligations
CONTINGENT LIABILITIES
At the balance sheet date, the committed future capital contributions through investments agreements on
limited partnership was DKK 380,163k.
The Company has operating lease commitments. Total future lease payments have been calculated at DKK 5,760k
at the balance sheet date.
Obligation to designated buyer in respect of operating lease. Expected residual values at contract expiry are
calculated at DKK 47,064k at the balance sheet date.
The Company has provided surety to its bank in respect of subsidiaries. The surety amounted to DKK 605,014k at
the balance sheet date.
The Company has provided a guarantee to a third party. The guarantee amounted to DKK 159,802k at the balance
sheet date.
The Company has provided limited guarantee to its banks in respect of associates. The guarantees totalled DKK
72,330k at the balance sheet date.
There are no other material financial obligations as of 30 April 2026.
OTHER LIABILITIES
The Group’s Danish companies are jointly and severally liable for the tax on the Group’s jointly taxed income
etc. Total accrued corporation tax appears from the Annual Report of SelfGenerations T ApS which acts as
management company in the jointly taxed group. Moreover, the Group’s Danish enterprises are jointly and
severally liable for Danish withholding tax. Any subsequent adjustments to the corporation tax or withholding tax
may result in an increase of the Company’s liability.
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Recognition and measurement take into account profits, losses and risks occurring before the presentation of the
Annual Report which relate to affairs and conditions existing at the balance sheet date.
Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant
effective interest rate over the maturity period. Amortised cost is calculated as original cost less any repayments
and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal
amount. In this way, capital losses and gains are allocated over the maturity period.
Danish Kroner is used as the measurement currency. All other currencies are regarded as foreign currencies.
TRANSLATION POLICIES
Transactions in foreign currencies are translated during the year at the exchange rates at the dates of transaction.
Gains and losses arising due to differences between the transaction date rates and the rates at the dates of
payment are recognised in financial income and expenses in the income statement.
Receivables, payables and other monetary items in foreign currencies are translated at the exchange rates at the
balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction
date rates are recognised in financial income and expenses in the income statement.
Upon recognition of financial statements of foreign group enterprises, income statement items are translated into
Danish kroner at the average exchange rate and balance sheet items at the exchange rate at the balance sheet
date. Exchange differences arising on this translation are recognised directly in equity.
Income statement
REVENUE
Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been
transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits
relating to the sale will flow to the company.
Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts
relating to sales.
DIRECT EXPENSES
Direct expenses comprise expenses consumed to achieve revenue for the year.
OTHER OPERATING INCOME AND EXPENSES
Other operating income and other operating expenses comprise items of a secondary nature to the main
activities.
OTHER EXTERNAL EXPENSES
Other external expenses include expenses for sales, administration as well as the running of office facilities etc.
Note 44 Significant accounting policies (continued)
STAFF EXPENSES
Staff expenses comprise wages and salaries as well as payroll expenses.
SHARE OF PROFIT/LOSS IN SUBSIDARIES
Share of profit or loss in subsidaries is recognised net of tax and corrected for the share of unrealised intra-group
gains and losses.
FINANCIAL INCOME AND EXPENSES
Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and
unrealised exchange gains and losses and gains and losses on securities, as well as amortisation of mortgage
loans.
TAX ON PROFIT/LOSS FOR THE YEAR
Tax for the year consists of current tax for the year and adjustment of deferred tax for the year. The tax attributable
to the profit for the year is recognised in the income statement, whereas the tax attributable to equity
transactions is recognised directly in equity.
The company is jointly taxed with Danish Group enterprises. The tax effect of the joint taxation is allocated to
enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax
losses). The jointly taxed enterprises have adopted the on account taxation scheme.
Balance sheet
INTANGIBLE ASSETS
Intangible assets are measured at cost less accumulated amortisation.
The period of amortisation of goodwill is longest for enterprises acquired for strategic purposes with a strong
market position and a long earnings profile.
Amortisation based on cost is calculated on a straight-line basis over the expected useful lives of the assets, which
are:
…
Goodwill 5 years
…
Software 3-5 years
Residual values and expected useful lives are reassessed on an annual basis.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost
comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset
is ready for use.
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Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected
useful lives of the assets:
…
Fixtures and fittings, tools and equipment 3-10 years
…
Lease improvements 3-5 years
Residual values and expected useful lives are reassessed on an annual basis.
Equipment are measured at cost less accumulated depreciation calculated on a straight-line basis over the period
until either the end of the expected useful life or the time of expected phasing out.
Gains and losses on sale of property, plant and equipment are recognised in the income statement under other
operating income and other external expenses, respectively.
INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES
lnvestments in subsidaries and associates are recognised and measured under the equity method.
The item “Investments in group enterprises” and “Investments in associates” in the balance sheet include the
proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values
of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits
or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of
acquisition of the enterprises.
The total net revaluation of investments in subsidiaries and associates is transferred upon distribution of profit
to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend
distributed and adjusted for other equity movements in the subsidiaries and associates.
SECURITIES, EQUITY INVESTMENTS AND OTHER INVESTMENT ASSETS
Securities classified as current assets comprise listed shares, bonds, private equity investments and other
alternative investments. Securities are measured at fair value at the balance sheet date. Fair value is determined
based on quoted market prices at the balance sheet date for listed securities. For unlisted investments, fair value
is determined in accordance with the International Private Equity and Venture Capital Valuation (IPEV) Guidelines.
Depending on the nature and stage of the investment, fair value is determined either at cost (typically for recent
investments where cost is considered to approximate fair value) or using valuation techniques based on earnings
multiples or other market-based multiples derived from relevant industry benchmarks.
INVENTORIES
Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable
value of inventories is calculated at the amount expected to be generated by sale in the process of normal
operations with deduction of selling expenses and costs of completion. The net realisable value is determined
allowing for marketability, obsolescence and development in expected sales sum.
The cost of inventories, the fair values of which are effectively hedged by a financial transaction, is adjusted for
changes in the fair value of the hedged risk.
Inventories are measured at landed cost.
RECEIVABLES
Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which
corresponds to nominal value less provisions for bad debts. Provisions for bad debts are determined on the basis
of an individual assessment of each receivable.
PREPAYMENTS
Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and other costs as
well.
DIVIDEND
Dividend distribution proposed by Management for the year is disclosed as a separate equity item.
DEFERRED TAX AND LIABILITIES
Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base
of assets and liabilities.
Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation
at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the
computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis
of the intended use of the asset and settlement of the liability, respectively.
Deferred tax assets, including the tax base of tax loss carryforwards, are measured at the value at which the
asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax
liabilities.
Deferred tax assets and liabilities are offset within the same legal tax entity.
CURRENT TAX RECEIVABLES AND LIABILITIES
Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of
the expected taxable income for the year and adjusted for tax on taxable incomes for prior years. Tax receivables
and liabilities are offset and presented as a net item if there is a legally enforceable right of set-off and an intention
to settle on a net basis or simultaneously.
FINANCIAL DEBTS
Fixed-interest loans, such as loans from credit institutions, are recognised initially at the proceeds received net of
transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between
the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan
period.
Other debts are measured at amortised cost, substantially corresponding to nominal value.
Note 44 Significant accounting policies (continued)
EXECUTIVE BOARD
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The New Little Belt bridge and “FIONIA” seen from Kabelbyen
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CVR No 33 77 12 31
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Solar panels on the roof of Kabelbyen in Middelfart, Denmark
