Borg Automotive A/S
CVR: 87 32 24 16
Funder Dalgårdsvej 12
8600 Silkeborg
Denmark
Approved at the Annual General Meeting,
16 April 2026
Chairman
Jesper Brandt
2
CONTENT
CORPORATE INFORMATION ............................................................................................................................................................... 3
STATEMENT BY MANAGEMENT .......................................................................................................................................................... 4
INDEPENDENT AUDITOR’S REPORT ................................................................................................................................................... 5
FINANCIAL HIGHLIGHTS AND KEY RATIOS ...................................................................................................................................... 7
GROUP STRUCTURE ............................................................................................................................................................................. 9
MANAGEMENT REVIEW ..................................................................................................................................................................... 10
INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME ...................................................................................... 15
BALANCE SHEET ................................................................................................................................................................................. 16
CASH FLOW STATEMENT ................................................................................................................................................................... 18
EQUITY STATEMENT .......................................................................................................................................................................... 19
NOTES TO THE FINANCIAL STATEMENTS ....................................................................................................................................... 21
3
CORPORATE INFORMATION
Borg Automotive A/S
Funder Dalgårdsvej 12
8600 Silkeborg
Denmark
Phone: +45 86 80 11 77
Web: www.borgautomotive.com
CVR no.: 87 32 24 16
Registered in: Denmark, Silkeborg
Financial year: 1 January – 31 December
Board of Directors
Jens Bjerg Sørensen, Chairman
Kurt Bering Sørensen, Vice Chairman
Søren Ulrik Toft-Jensen
Carsten Thygesen
Executive Management
Jesper Møberg, CEO
Auditors
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
Nobelparken
Jens Chr. Skous Vej 1
8000 Aarhus C
CVR-nr.: 33 77 12 31
4
STATEMENT BY MANAGEMENT
The Board of Directors and the Executive Management have today discussed and approved the annual report of Borg Automotive
A/S for 2025.
The annual report has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and
additional requirements of the Danish Financial Statements Act.
It is our opinion that the consolidated financial statements and the parent company financial statements give a true and fair
view of the financial position of the Group and the Parent Company at 31 December 2025 and of the results of the Group's and
the Parent Company's operations and cash flows for the financial year 1 January – 31 December 2025.
Further, in our opinion, the Management's review gives a fair review of the development in the Group's and the Parent Company's
activities and financial matters, results of operations, cash flows and financial position as well as a description of material risks
and uncertainties that the Group and the Parent Company face.
We recommend that the annual report be approved at the annual general meeting.
Silkeborg, 5 Marts 2026
Executive Management
Jesper Møberg
CEO
Board of Directors
Jens Bjerg Sørensen Kurt Bering Sørensen
Chairman of the Board Vice Chairman of the Board
Søren Ulrik Toft-Jensen Carsten Thygesen
5
INDEPENDENT AUDITOR’S REPORT
To the shareholders of Borg Automotive A/S
Opinion
In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view
of the Group’s and the Parent Company’s financial position at 31 December 2025 and of the results of the Group’s and the
Parent Company’s operations and cash flows for the financial year 1 January to 31 December 2025 in accordance with IFRS
Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.
We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Borg Automotive A/S
for the financial year 1 January - 31 December 2025, which comprise income statement and statement of comprehensive
income, balance sheet, statement of changes in equity, cash flow statement and notes, including material accounting policy
information, for both the Group and the Parent Company (“financial statements”).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance
with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA
Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Statement on Management's review
Management is responsible for Management’s Review.
Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so,
consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained
during the audit, or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish
Financial Statements Act.
Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial
Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the
Danish Financial Statement Act. We did not identify any material misstatement in Management’s Review.
Management's responsibilities for the financial statements
Management is responsible for the preparation of Consolidated Financial Statements and Parent Company Financial Statements
that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in
the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent Company’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent
Company or to cease operations, or has no realistic alternative but to do so.
6
INDEPENDENT AUDITOR’S REPORT
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional
requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise
professional judgment and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s
and the Parent Company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by Management.
Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the
financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Group and the Parent Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that gives a true and
fair view.
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of
the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial
Statements and the Parent Company Financial Statements. We are responsible for the direction, supervision and review
of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Aarhus, 5 Marts 2026
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR no. 33 77 12 31
Claus Lindholm Jacobsen Henrik Trangeled Kristensen
State Authorised Public Accountant State Authorised Public Accountant
mne-no. 23328 mne-no. 23333
FINANCIAL HIGHLIGHTS AND KEY RATIOS
TDKK 2025 2024* 2023* 2022* 2021
Revenue and income
Revenue 1.775.673 1.950.368 1.863.196 1.811.764 1.368.358
EBITDA 37.293 149.488 140.883 176.342 158.057
Depreciation and amortization 54.889 51.850 52.067 53.530 45.972
Operating profit (EBIT) -17.596 97.638 88.816 122.812 112.085
Net Financial items -37.872 -60.468 -3.861 -51.522 -17.227
Profit for the year -52.371 27.682 71.784 41.542 71.217
Cash flows for the year
Cash flow from operating activities 10.003 28.128 66.638 -152.715 49.153
Cash flow from investing activities -18.382 -57.663 -259.552 -59.300 -17.885
Cash flow from financing activities 16.728 39.410 179.935 199.723 -16.285
Cash flows for the year 30.653 22.033 2.139 11.375 23.689
Invested capital and financing
Investments in property, plant and equipment 23.000 58.016 59.066 50.942 24.709
Net working capital 698.971 671.847 636.216 610.160 326.537
Invested capital 951.545 960.762 882.413 821.593 524.630
Total Assets 1.763.577 1.800.852 1.661.691 1.631.751 1.373.540
Equity 380.417 430.732 397.838 298.654 332.841
Net interest-bearing debt -731.733 -691.061 -635.367 -426.524 -137.776
Financial ratios
EBITDA margin (%) 2,1% 7,7% 7,6% 9,7% 11,6%
EBIT margin (%) -1,0% 5,0% 4,8% 6,8% 8,2%
Net margin (%) -2,9% 1,4% 3,9% 2,3% 5,2%
Return on equity (%) -12,9% 6,7% 20,6% 13,2% 21,7%
Return on invested capital (%) 3,9% 16,2% 16,5% 26,2% 39,5%
Solvency (%) 21,6% 23,9% 23,9% 18,3% 24,2%
Financial data
Average number of employees 2.143 1.990 1.886 1.969 1.779
CONSOLIDATED
*See Note 1 in the consolidated financial statements for details regarding the revision of prior period financial statements.
7
FINANCIAL HIGHLIGHTS AND KEY RATIOS
(continued)
The ratios included in financial highlights are
defined and calculated as follows:
EBITDA margin (%)
EBIT margin (%)
Net margin (%)
Return on equity (%)
Return on invested capital (%)
Solvency (%)
Additionally the following alternative performance measures are applied and calculated in the following manner:
TDKK 2025 2024 2023 2022 2021
Inventories
918.021 968.406 840.906 954.020 714.177
Trade receivables
271.739 268.181 309.015 239.360 213.555
Other receivables
41.225 41.947 45.905 54.174 55.324
Prepayments
9.315 8.179 11.656 5.506 3.769
Trade payables
-177.194 -256.398 -181.735 -255.124 -273.028
Other payables
-364.135 -358.468 -389.531 -387.776 -387.260
Net working capital
698.971 671.847 636.216 610.160 326.537
Net working capital 698.971 671.847 636.216 610.160 326.537
Intangible assets 39.781 47.911 45.796 62.061 79.525
Property, plant and equipment 258.489 258.591 215.976 165.831 132.306
Provisions -45.696 -17.587 -15.575 -16.459 -13.738
Invested capital 951.545 960.762 882.413 821.593 524.630
Non-current interest-bearing debt -60.484 -62.731 -39.132 -34.510 -48.843
Current interest-bearing debt -28.406 -25.111 -19.628 -19.845 -22.153
Other receivables, interest bearing 72 72 72 72 72
Receivables from parent company 0 0 0 0 0
Payables to parent company -673.568 -625.324 -588.655 -386.390 -90.541
Cash and cash equivalents 30.653 22.033 11.976 14.149 23.689
Net interest-bearing debt -731.733 -691.061 -635.367 -426.524 -137.776
Average equity and average invested capital is calculated as a simple average of equity or invested capital beginnning of the year and
equity or invested capital end of year.
Equity x 100
Total assets
Revenue
Profit for the year x 100
Average equity
EBITDA x 100
Average invested capital
EBITDA x 100
Revenue
EBIT x 100
Revenue
Profit for the year x 100
8
9
GROUP STRUCTURE
BORG Automotive Group legal structure is illustrated below:
All shares in subsidiaries are owned 100%.
Aktieselskabet Schouw & Co. owns 100% of the shares in Borg Automotive A/S.
Borg Automotive A/S
Silkeborg, Danmark
Nom. DKK 1.000.000
Borg Automotive Newman A/S
Støvring, Denmark
Nom. DKK 40.000.000
Borg Automotive GmbH
Eisenach, Germany
Nom. EUR 1.022.938
Borg Automotive SAS
Beauvais, France
Nom. EUR 327.000
Borg Automotive Sp. z.o.o.
Zdunska Wola, Polen
Nom. PLN 20.597.580
Car Parts Industries Belgium SRL
Nivelles, Belgium
Nom. EUR 18.550
Borg Automotive Spain S.L.
Pamplona, Spain
Nom. EUR 3.000
Borg Automotive Reman Spain S.L.
Pamplona, Spain
Nom. EUR 3.000
Borg Automotive UK Ltd.
Wednesbury, UK
Nom. GBP 10.600.001
Electro Steer Ltd.
Wednesbury, UK
Nom. GBP 1
Borg Automotive af 21 maj 2024 A/S
Silkeborg, Denmark
Nom. DKK 400.000
Electro Build Tunesia SARL
Monastir, Tunisia
Nom. TND 810.000
10
MANAGEMENT REVIEW
BORG Automotive Group (The Group) consist of two business segments BA Reman and BA Newman. The BA Reman segment is
the original foundation of the Group and is an independent remanufacturer and supplier of automotive parts with 50 years of
experience within remanufacturing, covering the product groups starters, alternators, air condition compressors, brake calipers,
EGR valves, steering products, and turbo chargers. BA Reman distributes the products across the European continent.
In 2021 the Group expanded the business with a new segment BA Newman, who supplies spare parts for the automotive
business with distribution facilities in Denmark, Germany, France, and Poland, with products sold throughout Europe by sales
teams in Denmark, Germany and France.
Despite the slow market conditions and the unsatisfactory result for 2025, management remains firmly convinced that
remanufacturing represents the future of the industry. The Group has received significant recognition for its circular business
model and won multiple prizes during 2025. Overall societal trends point towards a more sustainable approach, in which the
Group is strongly positioned.
2025 AT A GLANCE
Remanufacturing products are Borg Automotive’s legacy activity and Reman products still make up the majority of the business,
but since 2021, when Borg Automotive acquired a trading company dealing in new automotive spare parts, the Reman
operations have been complemented by a range of Newman products. In recent times, however, market conditions have
changed quite substantially, with a challenging combination of soft market demand, rising production costs and increasingly
fierce price competition.
Management has been adapting to these challenges for some time. The Group has now launched a strategy called Refine4Future
that builds on four main pillars:
-
Improve commercial excellence
-
Optimise manufacturing footprint
-
Optimise logistics footprint
-
Adjust SG&A to future activity level.
When fully implemented in 2027, the strategy can potentially improve earnings by up to MDKK 100 on an annual basis with the
improvements deriving from:
-
Commercial excellence is estimated to deliver up to MDKK 20
-
Optimisation of manufacturing footprint estimated to deliver up to MDKK 50
-
Optimisation of logistics footprint estimated to deliver up to MDKK 20
-
Adjustment of SG&A estimated to deliver up to MDKK 10
During 2025 the Group has appointed a new senior leadership team to drive the next growth phase and launch the new strategic
direction. As part of a planned generational change, Jesper Møberg has replaced Kim Kruse Andersen as Chief Executive Officer,
and Ernst Kildegaard has been promoted to Executive Vice President.
11
2025 Performance
Revenue for the fiscal year for the Group was MDKK 1.776 compared to MDKK 1.950 in 2024, corresponding to a decrease of
9%.
Revenue in the Reman segment decreased with 8% in 2025 to MDKK 1.411 (2024: MDKK 1.531) and Revenue in the Newman
segment decreased 13% to MDKK 364 in 2025 (2024: MDKK 419). which was mainly the result of a challenged 2025, due to a
soft marked and increased competitiveness on Brake Calipers coming from China and other European players.
For the parent company revenue for the fiscal year was MDKK 1.124 compared to MDKK 1.249 in 2024,
For the Group loss for the year amounted to MDKK -52 (2025: MDKK 28), and to MDKK -52 (2024: MDKK 28) for the parent
company. Profit for the year for both the Group and parent company are heavily impacted for the reasons mentioned below.
In 2025 earnings have been impacted by one-off costs related to the necessary initiatives to realise the Refine4Future strategy.
For 2025, these costs amount to MDKK 36. These one-offs relate to closure of the Groups plant in the UK and in the form of
severance payments related to a headcount adjustment throughout the Group.
Furthermore, the clean-up in France, where actual earnings have proven to be significantly lower than expected following a
detailed review of the company’s bonus arrangements. The Group’s loss in France for 2025 amounted to MDKK 33. The amount
is adjusted in prior periods.
In addition, core market prices have declined. Whereas 2024 included income of MDKK 30 related to core price regulations,
2025 reflects an expense of MDKK 23.
Last year we expected a revenue in the range of MDKK 2.100-2.300 and earnings before interests, tax, depreciation and
amortisation (EBITDA) in the range of MDKK 170-200. But due to soft marked and the different impacts mentioned above we
realised far from our expectations.
Overall, the performance in 2025 is considered unsatisfactory compared to the expected level.
Revision of Prior Period Financial Statements
As part of the acquisition of the Newman Group, we also acquired a French legal entity. As part of the integration of operations,
the bookkeeping activities of the French entity were transferred to Borg Automotive’s shared service centre in 2025. During this
process, management identified accounting discrepancies between customer payments and outstanding receivables. Following
a comprehensive internal review, the findings have led to corrective actions to ensure full compliance with group policies and
financial governance standards.
The correction has led to a reduction in equity as at 1 January 2024 of MDKK 12.6 and a reduction in equity as at 1 January 2025
of MDKK 16.4. The total cumulative adjustment to equity amounts to MDKK 29.
Comparative figures have been restated in accordance with IAS 1, and operating profit before depreciation and amortization
(EBITDA) in the comparative figures has been adjusted by MDKK -21.0 as well as the Trade receivables have been adjusted by
MDKK -37 as a result of the error. The related tax effect amounts to MDKK 4.6, and the total impact on profit for the year in the
comparative figures amounts to MDKK -16.4.
Financial position and cash flow
The inventories within the Group decreased with MDKK 50 (5%) during 2025 compared to 2024. The decrease in net working
capital is attributable to a lower level of activity as well as an increased focus on reducing net working capital.
At year-end 2025, total assets for the Group amounted to MDKK 1.764 against MDKK 1.801 in 2024, while total equity ended
at MDKK 380 against MDKK 431 at year-end 2024. The average number of employees increased from 1.990 in 2024 to 2.143
in 2025. For the parent company assets amounted to MDKK 1.596 at year-end compared to MDKK 1.549 in 2024, while equity
was MDKK 380 against MDKK 431 last year.
The cash flow from operating activities for 2025 amounted to MDKK 10 (2024: MDKK 28), while the investing activities
amounted to MDKK -18 (2024: MDKK -58). The financing activities in 2025 accounted for a total of MDKK 17 (2024: MDKK 39).
Overall, the development in 2025 witnesses a business in a transition period and with a strong base of both competent
employees and an appropriate production and distribution footprint in Europe.
12
OUTLOOK FOR 2026
Although general market conditions currently reflect soft demand and fierce competition, some product lines are still showing
healthy growth potential that, combined with the initiatives launched, management expects to counteract the challenges going
forward.
The current expectations of a positive development in sales are driven by a strong market position, as being Europe’s biggest
independent remanufacturer, now also having the opportunity to offer trading products to our customers. The large product
range as well as broader and more present geographical coverage brings in new customers while also adding new product
groups to existing customers which combined with a service level that lives up to a continuously increasing demand on quality,
delivery capability and product range.
The strategic initiatives taken with Refine4Future will have a positive impact on 2026, and we have refined the Group for further
growth and profitability.
The Group expects sales volume in 2026 to be in line with or slightly above 2025 and the effects of Refine4Future to materialize.
Based on this both revenue and earnings before tax are expected to increase. It is expected that revenue will be in the range of
MDKK 1.650 – 1.850 and the earnings before interests, tax, depreciations and amortization (EBITDA) are expected to be in the
range of MDKK 70-100.
DEVELOPING TALENT AND DRIVING INNOVATION
We believe that development does not happen by chance. It requires intention, commitment, and the right environment. That is
why we created Development 4 Future - an internal program designed to empower employees to take ownership of their growth,
broaden their professional perspective, and prepare for greater responsibilities within the organization. The program brings
together colleagues from different functions and locations, offering them the opportunity to expand their perspective, build new
competencies, and challenge themselves beyond their daily roles. It is built on initiative and engagement - participation is not
assigned, but earned through motivation, readiness to learn, and the ambition to grow.
The true value of such an initiative is best seen in the journeys of those who choose to step forward and make the most of it.
One of such examples is Lara Rodrigo from our branch in Spain.
Lara had been a valued part of our Iberian sales team for several years, consistently contributing to the region’s commercial
development and strengthening long-term customer partnerships. Her professionalism, strong business understanding, and
collaborative approach earned her recognition across the organization and among customers alike. Motivated to grow further,
she took the initiative to apply for the 2
nd
edition of Development 4 Future, seeking to broaden her perspective and prepare
herself for greater challenges. By combining the insights gained through the program with her daily responsibilities, Lara
expanded her business outlook and demonstrated her readiness to take on wider responsibility. She consistently translated
development into tangible results, showing both capability and commitment in her work. In 2025, she was promoted to Sales
Manager Iberia - a natural next step that reflected her experience, performance, and continuous drive to grow.
Lara’s journey clearly demonstrates that when structured development opportunities are met with personal ambition,
consistency, and the courage to step beyond one’s comfort zone, they can evolve into meaningful and lasting career progression
within the Group.
EMPLOYEE DEVELOPMENT AND APPRAISAL
An essential prerequisite for the continued development of the Group is the employees, which entails a focus on both attracting
new and competent employees, but also a very keen and determined focus to retain, develop, and motivate the existing
workforce to ensure that the necessary skills and capabilities are present. Important elements to support this goal include
delegation of responsibility and competencies, establishment of cross-organizational solutions, compulsory annual employee
appraisals, and employee surveys.
ENVIRONMENTAL MANAGEMENT
The Group makes continuous efforts to mitigate the environmental impact of the business activities. The largest environmental
impact identified relates to the consumption of energy, raw materials, and the use phase of our products. Group policy is always
to comply with applicable local legislation, rules, and regulations and commits to progress at the established initiatives within
environment as well as health and safety.
In addition to the internal focus the Group is also determined to contribute to ensure environmental management as well as
promote responsible behavior throughout the value chain. Since the Group is an international supplier of auto parts, it is
imperative that all environmental and quality requirements are channelled to the Group´s partners and suppliers to ensure the
same high levels of quality, environment, safety, and ethics.
13
During 2025 the Group has received significant recognition for our circular business model. We were honored with the
Sustainability Award at Silkeborg Business, the prestigious “Deutsche Nachhaltigkeitspreis 2025” in Germany, the ATR
International Supplier of the Year Award, and “Remanufacture of the year” at the Remanufacturing fair Rematec. These
achievements demonstrate that, despite current market challenges, our commitment to sustainability resonates strongly across
the industry.
QUALITY MANAGEMENT
The Group’s quality system is based on the standard ISO 9001a. In addition to this platform the Group has a close cooperation
with several customers who challenge the existing production setup as well as the quality management. This collaboration is
considered to have a very positive impact on the current and future quality of the products within the portfolio and is a valuable
and important aspect of the Group’s ability to continuously update, renew, and improve the product quality.
RESEARCH AND DEVELOPMENT ACTIVITIES
The Group is continuously developing new methods, processes, and products as well as customer specific amendments to the
existing portfolio. The development activities have during 2025 taken place in the subsidiaries in Poland, UK, and Spain.
In Poland remanufacturing of products within hybrid technology has been in focus to secure necessary skills and processes for
reverse engineering of future products and technologies. Several products are in a screening process with customers for
potentially being incorporated into the Group's future product portfolio.
To keep expanding the Group’s product portfolio the Group has initiated a center for reverse engineering, RE:LAB. RE:LAB aims
to focus efforts on developing the product portfolio within the Reman business.
CORPORATE RESPONSIBILITY
The Group is dedicated to being a responsible employer and a good corporate citizen. Our Code of Conduct (COC) represents
how suppliers are expected to act when doing business with the Group. A continuous focus is on updating the COC to reflect the
expectations both from the community and customers. Any suspicions related to a breach of the COC are considered very
serious and are always acted upon. In severe cases of non-compliance with the COC, a termination of the business relationship
will take place. As part of the Group’s business is the audit of external suppliers of finished goods and spare parts. Since 2020
compliance with the COC has been part of these supplier audits.
STATUTORY DESCRIPTION OF CORPORATE SOCIAL RESPONSIBILITY (CSR)
For the Group’s statutory description of Corporate Social Responsibility, including human rights, social and labour conditions,
climate, environment and anti-corruption, in accordance with §99b in the Financials Statements act, please refer to Schouw &
Co, CVR no: 63 96 58 12, ESG section in the annual report 2025 at:
https://www.schouw.dk/investorer/regnskaber-og-praesentationer
The Group continually strives to improve the work environment and aim to strengthen and implement a shared corporate culture
to ensure that all colleagues are treated equally irrespective of location, gender, origin, or employment.
DATA ETHICS
In the Group we strive to achieve a high standard of data integrity and transparency for securing the trust of our business
partners and employees. A continuous focus and acknowledgement of the responsibility and co-responsibility are on all links of
the data processing chain to ensure the technical and organization measures which must be in place to support the ethically
responsible data processing.
For the Group’s statutory description regarding Data ethics in accordance with §99d, paragraph 1 in the Financials Statements
act, please refer to Schouw & Co, CVR no: 63 96 58 12, ESG section in the annual report 2025 at:
https://www.schouw.dk/investorer/regnskaber-og-praesentationer
WORKING ENVIRONMENT
In the Group the number of working hours is always set to comply with local labor legislation. In situations where overtime is
needed, the Group compensate according to the requirements related to all additional payments. No employees shall work more
than the hours set as a maximum by the UN Human Rights.
The Group continuously improves the internal work instructions and workflows to ensure that all phases of the Group’s own
operations are planned and organized to promote a safe, healthy, and responsible working environment. The purpose is to avoid
accidents and to ensure that the physical and mental conditions of the employees will not deteriorate. It is indeed important to
the Group to have healthy employees.
Schouw & Co operates a whistleblower system for all companies within the Schouw & Co. Group, also covering BA Group. The
14
system provides a secure channel for all employees and business partners for reporting suspected criminal or unethical matters.
OUTSTANDING ENVIRONMENTAL ISSUES
The Group always aims at conducting its business and operating in compliance with all existing environmental rules and
regulations and has set up internal task forces to handle the Group’s environmental affairs.
There are currently no known material environmental issues outstanding within the Group.
SPECIAL BUSINESS RISKS
The general financial risks relevant for the Group are described more detailed in note 29 to which reference is made but below
is included a brief highlight of the special risks to which the Group is exposed.
OPERATIONAL RISKS
The Group is not considered to have special operational risks. The operations are located within a business area with a low
sensitivity to the general conjunctural changes and where the customer portfolio is considered broad and loyal. The risk to which
the Group is exposed relates more to the conjunctural changes within the automotive business.
RAW MATERIALS RISKS RELATED TO PURCHASE OF CORES
A large part of the raw materials (cores) is continuously purchased at prices that may fluctuate depending on market demand,
and with a correlation to significant changes in the metal prices.
FOREIGN CURRENCY RISK
The cross-country activities within the Group entails that both income, cash flow, and equity are affected by changes in
currencies especially PLN to DKK and USD to DKK. To reduce the currency risk, hedging of cash flows are carried out to cover
the exposure of trading between PLN and USD to DKK. The hedging is done based on 12 months rolling forecast. Refer to note
30 for further information.
CREDIT RISK
The majority of the Group’s production is delivered to international customers, with a long history with the Group. Any credit
risk related to the customers and trade receivables are covered by Group policy and with effective management of customer
credit assessments and regular and thorough analyses of customer creditworthiness and external insurance are obtained to
reduce risk accordingly. Furthermore, as part of the remanufacturing business setup, customers pay a core charge (deposit) on
top of the purchase price for the product. The deposit will be repaid if the customer returns a used unit (a core). This setup
(depos system) is an additional safeguard regarding potential losses related to customers, since the depos amount placed within
the Group can be offset in any outstanding balances. However, for the Newman business we have a risk related to the customers
and trade receivables since we do not have the Depos system for the products within Newman.
These factors combined with external credit insurance have entailed that no material losses have been recorded in recent years.
CAPITAL STRUCTURE
The Group is predominately financed by resources of the parent company Schouw & Co. as well as a number of committed and
to a lesser extent uncommitted credit facilities. The Group, like other major subsidiaries in the Schouw & Co. Group, co-
guarantees for these facilities, see further details in note 31.
Based on the policies set by and for all companies within the Schouw Group the equity ratio for each individual company shall
be within a range which enables an assessment of this company as credit-worthy on a stand-alone basis.
EVENTS SUBSEQUENT TO THE FINANCIAL YEAR-END
No material events have occurred after the end of the financial year.
INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
INCOME STATEMENT
TDKK Note 2025
2024
2025 2024
Revenue 3 1.775.673 1.950.368 1.123.899 1.249.377
Cost of sales 4,5,7,8 -1.449.060 -1.496.990 -1.067.181 -1.081.301
Gross profit 326.613 453.378 56.718 168.076
Other operating income 9 17.603 5.625 56.512 48.894
Distribution expenses 5,8 -234.950 -245.309 -79.586 -79.228
Administrative expenses 5,6,8 -124.381 -115.340 -82.529 -81.557
Other operating expenses 9 -2.481 -716 -31.231 -32.115
Operating profit (EBIT) -17.596 97.638 -80.116 24.070
Income from subsidiaries 16 0 0 20.176 23.082
Financial income 10 17.919 5.776 40.396 40.952
Financial expenses 11 -55.791 -66.244 -53.243 -58.424
Profit before tax -55.468 37.170 -72.787 29.680
Tax for the year 12 3.097 -9.488 20.416 -1.998
Profit for the year -52.371 27.682 -52.371 27.682
STATEMENT OF COMPREHENSIVE INCOME
Items that may be reclassified subsequently to the income
statement:
Exchange differences on translation of foreign operations 2.000 9.309 2.000 9.309
Value adjustment of hedging instruments during the year 16.042 16.476 22.699 11.699
Hedging instruments transferred to financials
1.109 3.922 -225 4.526
Hedging instruments transferred to cost of sales
-17.080 -25.650 -18.511 -25.026
Tax on other comprehensive income
12 -15 1.155 -872 1.936
Value adjustment of subsidiaries
16 0 0 -3.036 2.768
Other comprehensive income after tax
2.056 5.212 2.055 5.212
Profit for the year
-52.371 27.682 -52.371 27.682
Total comprehensive income -50.315 32.894 -50.316 32.894
Attributable to:
Shareholders of Borg Automotive A/S -50.315 32.894 -50.316 32.894
CONSOLIDATED PARENT COMPANY
15
BALANCE SHEET
ASSETS
TDKK Note 2025
2024
1. Jan 2024 2025 2024
Development projects in progress 0 415 2.853 0 415
Customer relations 11.172 13.355 15.553 6.906 8.399
Brands 0 0 5.000 0 0
Know-how 25.436 29.910 19.032 13.594 16.313
IT projects 2.654 3.795 2.646 2.591 3.669
Other intangible assets 519 436 712 405 0
Intangible assets 13 39.781 47.911 45.796 23.496 28.796
Land and buildings 178.330 181.400 143.492 57.402 58.516
Plant and machinery 48.301 43.305 41.094 0 0
Other fixtures, tools and equipment 18.330 20.401 23.267 2.933 4.212
Assets under construction, etc. 13.528 13.485 8.123 824 824
Property, plant and equipment 14 258.489 258.591 215.976 61.159 63.552
Investment in subsidiaries 16 0 0 0 579.891 540.752
Deferred tax 18 84.940 91.017 96.299 29.381 27.833
Right of use assets 15 48.075 44.907 44.326 1.124 2.239
Receivables from related parties
21,23 0 0 0 555.750 271.402
Other receivables 10.637 13.214 12.359 0 0
Other non-current assets 143.652 149.138 152.984 1.166.146 842.226
Total non-current assets 441.922 455.640 414.756 1.250.801 934.574
Inventories 19 918.021 968.406 840.906 93.319 74.439
Trade receivables 29 271.739 268.181 309.015 195.016 169.738
Receivables from related parties
21,23 0 0 0 15.339 350.123
Corporate income tax 20 3.873 3.105 27.477 0 0
Joint taxation contribution 20 46.829 33.361 0 17.985 10.511
Other receivables 41.225 41.947 45.905 8.376 2.901
Prepayments 9.315 8.179 11.656 5.597 4.894
Cash and cash equivalents 30.653 22.033 11.976 9.602 1.544
Total current assets 1.321.655 1.345.212 1.246.935 345.234 614.150
Total assets 1.763.577 1.800.852 1.661.691 1.596.035 1.548.724
CONSOLIDATED PARENT COMPANY
16
BALANCE SHEET
EQUITY AND LIABILITIES
TDKK Note 2025
2024
1. Jan 2024 2025 2024
Share capital 22 1.000 1.000 1.000 1.000 1.000
Hedge transaction reserve 3.069 3.013 7.110 4.125 1.034
Net revaluation reserve per equity method
0 0 0 291.030 271.890
Exchange adjustment reserve 11.095 9.095 -214 0 0
Retained earnings 365.253 417.624 389.942 84.261 156.808
Proposed dividend 0 0 0 0 0
Total Equity 380.417 430.732 397.838 380.416 430.732
Deferred tax 18 11.121 8.320 3.520 0 0
Other payables 24 65.917 64.420 72.166 46.145 47.119
Payables to related parties 21,23 0 0 0 74.121 60.513
Interest bearing debt 15,23 60.484 62.731 39.132 29.816 31.928
Provisions 25 12.123 13.499 17.123 9.600 10.711
Total non-current liabilities 149.645 148.970 131.941 159.682 150.271
Current portion of non-current interest bearing debt
15,23 28.406 25.111 19.628 2.169 2.293
Payables to related parties
21,23 673.653 625.324 588.655 842.218 750.125
Trade payables 177.194 256.398 181.735 29.766 26.057
Other payables 24 298.218 294.048 317.365 164.936 175.277
Corporation tax payable 20 10.348 2.682 6.593 0 13
Joint taxation contribution 20 0 0 2.361 0 0
Provisions 25 45.696 17.587 15.575 16.849 13.956
Total current liabilities 1.233.515 1.221.150 1.131.912 1.055.937 967.721
Total liabilities 1.383.160 1.370.120 1.263.853 1.215.619 1.117.992
Total equity and liabilities 1.763.577 1.800.852 1.661.691 1.596.035 1.548.724
Changes in working capital 27
Financial assets and liabilities 28
Financial risks 29
Derivative Financial instruments 30
Contingent liabilities 31
Related parties 32
CONSOLIDATED PARENT COMPANY
17
CASH FLOW STATEMENT
TDKK Note 2025 2024 2025 2024
Profit before tax -55.468 37.170 -72.787 29.680
Adjustment for operating items of a non-cash nature,
etc.:
Depreciation and impairment losses 8 54.889 51.850 9.626 9.341
Other non-cash operating items, net -2.126 -2.508 6 -53
Provisions 1.970 -2.895 1.783 -1.603
Income from subsidiaries 16 0 0 -20.176 -23.082
Financial income 10 -17.919 -5.776 -40.396 -40.952
Financial expenses 11 55.791 66.244 53.243 58.424
Cash flows from operating activities before
changes in working capital
37.137 144.085 -68.701 31.755
Changes in working capital 27 1.194 -51.674 -11.267 -90.676
Cash flows from operating activities after changes
in working capital
38.331 92.411 -79.968 -58.921
Interest income received 19.251 1.746 299 99
Interest expenses paid -52.775 -52.714 -48.932 -47.021
Cash flow from ordinary activities 4.807 41.443 -128.601 -105.843
Income tax paid 20 5.196 -13.315 10.510 -9.694
Cash flows from operating activities 10.003 28.128 -118.091 -115.537
Purchase of intangible assets 26 -619 -158 -583 -158
Purchase of property, plant and equipment 26 -23.000 -57.772 -61 -3.781
Sale of property, plant and equipment 2.707 699 53 242
Acqusition of business and equity contributions 17 0 375 -20.000 -400
Dividend received from subsidiaries 16 0 0 0 7.457
Change in financial assets 2.530 -807 0 0
Cash flows from investing activities -18.382 -57.663 -20.591 3.360
Repayment of non-current liabilities 23 -1.322 -1.210 -1.322 -770
Repayment of lease liabilities 23 -28.796 -23.300 -1.229 -1.535
Proceeds from incurring non current financial liabilities 1.549 33.034 0 33.034
Change in net payables/receivables to group companies
23 45.297 30.886 149.222 82.250
Shareholders:
Dividend paid 0 0 0 0
Cash flows from financing activities 16.728 39.410 146.671 112.979
Cash flows for the year 8.349 9.875 7.989 802
Cash at the beginning of the year 22.033 11.976 1.544 725
Value adjustment of cash and cash equivalents 23 271 182 69 17
Cash at the end of the year 30.653 22.033 9.602 1.544
CONSOLIDATED PARENT COMPANY
18
EQUITY STATEMENT
CONSOLIDATED
TDKK
Share
Capital
Hedge
transaction
reserve
Exchange
adjustment
reserve
Retained
earnings
Proposed
dividend Total equity
Equity at 1 January 2025 1.000 3.013 9.095 417.624 0 430.732
Profit and other comprehensive income in 2025:
Exchange rate adjustment of foreign
subsidiaries
0 0 2.000 0 0 2.000
Value adjustment of hedging instruments
recognised during the year
16.042 0 0 0 16.042
Hedging instruments transferred to financials
0 1.109 0 0 0 1.109
Hedging instruments transferred to cost of
sales
0 -17.080 0 0 0 -17.080
Tax on hedging instruments
0 -15 0 0 0 -15
Profit for the year 0 0 0 -52.371 0 -52.371
Total recognised comprehensive income
0 56 2.000 -52.371 0 -50.315
Transactions with the owners:
Dividend distributed 0 0 0 0 0 0
Transactions with the owners for the
period
0 0 0 0 0 0
Equity at 31 December 2025 1.000 3.069 11.095 365.253 0 380.417
Share
Capital
Hedge
transaction
reserve
Exchange
adjustment
reserve
Retained
earnings
Proposed
dividend Total equity
Equity at 1 January 2024
1.000 7.110 -214 402.554 0 410.450
Effect of prior period revision -12.612 -12.612
Equity at 1 January 2024 (revised)
1.000 7.110 -214 389.942 0 397.838
Profit and other comprehensive income in 2024:
Exchange rate adjustment of foreign
subsidiaries
0 0 9.309 0 0 9.309
Value adjustment of hedging instruments
recognised during the year
16.476 0 0 0 16.476
Hedging instruments transferred to financials
0 3.922 0 0 0 3.922
Hedging instruments transferred to cost of
sales
0 -25.650 0 0 0 -25.650
Tax on hedging instruments
0 1.155 0 0 0 1.155
Profit for the year 0 0 0 27.682 0 27.682
Total recognised comprehensive income
0 -4.097 9.309 27.682 0 32.894
Transactions with the owners
Dividend distributed 0 0 0 0 0 0
Transactions with the owners for the
period
0 0 0 0 0 0
Equity at 31 December 2024 1.000 3.013 9.095 417.624 0 430.732
19
EQUITY STATEMENT
PARENT COMPANY
TDKK
Share capital
Hedge
transaction
reserve
Net revaluation
reserve per
equity method
Retained
earnings
Proposed
dividend Total Equity
Equity at 1 January 2025 1.000 1.034 271.890 156.808 0 430.732
Profit and other comprehensive income in 2025
Exchange rate adjustment of foreign
subsidiaries
0 0 2.000 0 0 2.000
Value adjustment of hedging
instruments recognised during the year
0 22.699 0 0 0 22.699
Hedging instruments transferred to
financials
0 -225 0 0 0 -225
Hedging instruments transferred to cost
of sales
0 -18.511 0 0 0 -18.511
Tax on equity adjustements
0 -872 0 0 0 -872
Value adjustment of hedging
instruments in subsidiary
0 0 -3.036 0 0 -3.036
Profit for the year 0 0 20.176 -72.547 0 -52.371
Total recognised comprehensive
income
0 3.091 19.140 -72.547 0 -50.316
Transactions with the owners:
Dividend distributed 0 0 0 0 0 0
Transactions with the owners for the
period
0 0 0 0 0 0
Equity at 31 December 2025 1.000 4.125 291.030 84.261 0 380.416
Share capital
Hedge
transaction
reserve
Net revaluation
reserve per
equity method
Retained
earnings
Proposed
dividend Total Equity
Equity at 1 January 2024
1.000 7.899 256.800 144.751 0 410.450
Effect of prior period revision -12.612 -12.612
Equity at 1 January 2024 (revised) 1.000 7.899 244.188 144.751 0 397.838
Profit and other comprehensive income in 2024:
Exchange rate adjustment of foreign
subsidiaries
0 0 9.309 0 0 9.309
Value adjustment of hedging
instruments recognised during the year
0 11.699 0 0 0 11.699
Hedging instruments transferred to
financials
0 4.526 0 0 0 4.526
Hedging instruments transferred to cost
of sales
0 -25.026 0 0 0 -25.026
Tax on equity adjustements
0 1.936 0 0 0 1.936
Value adjustment of hedging
instruments in subsidiary
0 0 2.768 0 0 2.768
Profit for the year 0 0 15.625 12.057 0 27.682
Total recognised comprehensive
income
0 -6.865 27.702 12.057 0 32.894
Transactions with the owners:
Dividend distributed 0 0 0 0 0 0
Transactions with the owners for the
period
0 0 0 0 0 0
Equity at 31 December 2024 1.000 1.034 271.890 156.808 0 430.732
20
21
NOTES TO THE FINANCIAL STATEMENTS
CONTENT
1. ACCOUNTING POLICIES ....................................................................................................................................................................... 22
2. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS ................................................................................ 30
3. REVENUE ................................................................................................................................................................................................ 32
4. COST OF SALES ...................................................................................................................................................................................... 32
5. STAFF COST ........................................................................................................................................................................................... 33
6. FEES TO AUDITORS APPOINTED BY THE GENERAL MEETING........................................................................................................... 35
7. RESEARCH AND DEVELEOPMENT COSTS ............................................................................................................................................ 35
8. DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES .......................................................................................................... 35
9. OTHER OPERATING INCOME AND EXPENSES ..................................................................................................................................... 36
10. FINANCIAL INCOME .............................................................................................................................................................................. 36
11. FINANCIAL EXPENSES .......................................................................................................................................................................... 36
12. TAX ON PROFIT FOR THE YEAR ............................................................................................................................................................ 37
13. INTANGIBLE ASSETS ............................................................................................................................................................................ 38
14. PROPERTY, PLANT AND EQUIPMENT ................................................................................................................................................... 40
15. RIGHT OF USE ASSETS .......................................................................................................................................................................... 42
16. INVESTMENTS IN SUBSIDIARIES (PARENT COMPANY) ..................................................................................................................... 45
17. ACQUISITION OF BUSINESSES ............................................................................................................................................................ 46
18. DEFERRED TAX ...................................................................................................................................................................................... 47
19. INVENTORIES ........................................................................................................................................................................................ 49
20. CORPORATE INCOME TAX .................................................................................................................................................................... 49
21. RECEIVABLES AND PAYABLES WITH RELATED PARTIES ................................................................................................................... 50
22. SHARE CAPITAL ..................................................................................................................................................................................... 50
23. INTEREST-BEARING DEBT ................................................................................................................................................................... 51
24. OTHER PAYABLES .................................................................................................................................................................................. 54
25. PROVISIONS .......................................................................................................................................................................................... 55
26. ADJUSTMENTS FOR NON-CASH TRANSACTIONS ............................................................................................................................... 55
27. CHANGES IN WORKING CAPITAL......................................................................................................................................................... 55
28. FINANCIAL ASSETS AND LIABILITIES ................................................................................................................................................. 56
29. FINANCIAL RISKS .................................................................................................................................................................................. 59
30. DERIVATIVE FINANCIAL INFORMATION ............................................................................................................................................. 63
31. CONTINGENT LIABILITIES AND GUARANTEES................................................................................................................................... 64
32. RELATED PARTIES ................................................................................................................................................................................. 65
22
NOTES TO THE FINANCIAL STATEMENTS
1.
ACCOUNTING POLICIES
Borg Automotive A/S is a limited liability company incorporated and domiciled in Denmark. The annual report for the period 1.
January – 31. December 2025 comprises both the consolidated accounts for Borg Automotive A/S and its subsidiaries (BA Group
or Group) and the annual accounts for the parent company Borg Automotive A/S.
The consolidated financial statements of Borg Automotive A/S and its subsidiaries have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European Union and additional Danish disclosure
requirements for annual reports applying for large class C entities.
Basis of preparation
The consolidated financial statements and the parent company financial statements are presented in Danish kroner (DKK),
which is the presentation currency for the Group and the functional currency of the parent company. If not stated otherwise, all
amounts rounded to nearest thousands (‘000 or TDKK).
The consolidated financial statements and the parent company financial statements have been prepared on the basis of
historical cost, except for share based remuneration and derivative financial instruments that are measured at fair value.
Revision of Prior Period Financial Statements
Borg identified a number of irregularities in connection with its review of the accounting basis of the subsidiary in France,
Newman France SAS, and consequently initiated a comprehensive process to analyse and determine reliable financial
information.
Borg evaluated the error under IAS 1 “Presentation of Financial Statements”, IAS 8 “Accounting Policies, changes in Accounting
Estimates and Errors”, and determined that the related impact was not individually material to any of Borg’s previously issued
financial statements, however correcting the cumulative impact of this error would be material to Borg’s consolidated statement
of comprehensive income for 2025. Accordingly, Borg has revised the 2024, 2023 and 2022 financial statements and related
notes included herein. The comparative figures for fiscal years 2024, 2023 and 2022 have been revised accordingly.
The revision affected the comparative figures of 2024.
MDKK
Consolidated Parent company
2024 Revision 2024 revised 2024 Revision
2024
revised
Income statement
Revenue 1.971 -21 1.950
1.249 0 1.249
Income from subsidiaries 0 0 0
39 -16 23
Profit before tax 58 -21 37
46 -16 30
Tax -14 5 -9
-2 0 -2
Profit after Tax 44 -16 28
44 -16 28
Balance sheet 0
Trade receivables 305 -37 268
169 0 169
Joint Taxation contribution 25 8 33
10 0 10
Investment in subsidiaries 0 0 0
570 -29 541
Total assets 1.830 -29 1.801
1.578 -29 1.549
Equity 460 -29 431
460 -29 431
Total Equity and liability 1.830 -29 1.801
1.578 -29 1.549
Going concern
The Board of Directors and Executive Management have in connection to the preparation of the Financial Statements assessed
the Group´s and the Parent Company´s ability to continue as a going concern and thus whether this assumption can be applied.
Based in the knowledge of the Group and Parent Company including the future expectations including budgets, developments
in liquidity, the identified risks and uncertainties connected to the regular business the Board of Directors and Executive
Management considers it fair and justified to apply the going concern principle.
New and amended standards and interpretations
In 2025, the Group implemented amendments to IAS 21, the implemented amendment has not had a material impact of
recognition and measurement for the Group.
As of the date of publication of this annual report, the IASB had issued a number of new and amended financial reporting
23
standards and interpretations which are not mandatory for the Group in 2025. None of these new standards and interpretations
are expected to have a material impact of recognition and measurement for the Group.
The following adopted standards and interpretations that have not yet come into force will be implemented as and when they
become mandatory for the Group as per the EU effective dates: IFRS 9 Financial instruments, IFRS 18 Presentation and IFRS
19 Subsidiaries without public interests. The Group has started to evaluate the implementation of IFRS 18 on the presentation
of the financial statements, however the evaluation is still ongoing.
Basis of consolidation
The consolidated financial statements comprise Borg Automotive A/S and its subsidiaries at 31 December 2025.
Subsidiaries are entities controlled by BA Group. Control exists when the Group is exposed, or has rights, to variable returns
from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically,
the Group controls an investee if, and only if, the Group has all of the following:
Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)
Exposure, or rights, to variable returns from its involvement with the investee
The ability to use its power over the investee to affect its returns
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses
control of the subsidiary.
The consolidated financial statements have been prepared by aggregating the financial statements of the parent company and
the individual subsidiaries prepared in accordance with the Group’s accounting policies. Intra-group income and expenses,
shareholdings, dividends, balances as well as realised and unrealised gains or losses on transactions between the consolidated
companies are eliminated. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are
included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to
control the subsidiary.
Business combinations
Newly acquired or newly established companies are recognised in the consolidated financial statements from the date of
acquisition. Comparative figures are not adjusted to reflect acquisitions.
The purchase method is applied on acquisitions if the Parent Company gains control of the company acquired. Assets, liabilities
and contingent liabilities in companies acquired are measured at their fair value at the date of acquisition. Intangible assets are
recognised if they can be separated or if they arise from a contractual right and the fair value can be reliably measured. Deferred
tax on revaluations made is recognised.
Any excess of the consideration paid for the business over the fair value of the acquired assets, liabilities and contingent
liabilities is recognised as goodwill under intangible assets. In the event of uncertainty regarding measurement, goodwill may
be adjusted until 12 months after the acquisition. Goodwill is not amortised but is tested for impairment annually. The first
impairment test is performed before the end of the year of acquisition. On acquisition, goodwill is transferred to the cash-
generating units that will subsequently form the basis for future impairment tests.
Contingent consideration agreed in connection with company acquisitions and paid to the seller if certain conditions are met,
are recognised at fair value and considered part of the total consideration for acquiring the company. Changes in fair value of
the contingent consideration are recognised in the income statement.
Foreign currency translation
The Group’s consolidated financial statements are presented in Danish Kroner (DKK), which is also the Parent Company’s
functional currency. A functional currency is determined for each of the reporting entities in the Group. The functional currency
is the currency in the primary economic environment in which the reporting entity operates. Transactions in other currencies
other than the functional currency are considered transactions in foreign currencies.
On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date.
Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance
sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the
exchange rate at the transaction date and the exchange rate at the payment date, as well as the exchange rate at the balance
sheet date are recognised in the income statement as financial income or financial expenses.
Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in
foreign currencies are translated using historical exchange rates.
On consolidation of entities with functional currency different from Danish Kroner (DKK), the income statements are translated
at monthly average exchange rates prevailing at the dates of the transactions and the balance sheets are translated at the
exchange rate prevailing at the balance sheet date. The exchange differences arising on the translation are recognised in other
comprehensive income.
24
On disposal of a foreign operation, the component of other comprehensive related to that specific foreign operation is recognised
in the income statement.
Derivative financial instruments
The Group uses derivative financial instruments such as forward currency contracts to hedge its foreign currency risks (cash
flow hedges).
Derivative financial instruments are measured at fair value and recognised in the balance sheet under other receivables or other
payables, respectively. The fair value of derivative financial instruments is calculated based on current market data and
recognised valuation methods.
Changes in the fair value of derivative financial instruments that effectively hedge the fair value of a recognised asset or a
recognised liability are recognised in the income statement together with any changes in the value of the hedged asset or hedged
liability. Hedging of future cash flows under agreements are treated as hedging of the fair value of a recognised asset or a
recognised liability.
Changes in the part of the fair value of derivative financial instruments effectively hedging future cash flows are recognised in
other comprehensive income in the reserve for hedging transactions under equity. On realisation of the hedged transaction, any
gains or losses relating to such hedge transactions are transferred from other comprehensive income and recognised in the
same item as the hedged item.
For derivative financial instruments that do not qualify for hedge accounting, changes in fair value are recognised as interest
income or expenses and similar items in the income statement as they occur.
Government grants
Government grants are recognised where there is reasonable assurance that the grant will be received and all attached
conditions will be complied with. When the grans relates to an expense item, it is recognised as income on systematic basis over
the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to and asset, it
is recognised as income in equal amounts over he expected useful life of the related asset.
When the Group receives grants of non-monetary assets, the asset and the grant are recorded at nominal amounts and released
to profit or loss over the expected useful life of the asset, based on the pattern of consumption of the benefits of the underlying
asset by equal annual instalments.
INCOME STATEMENT
Revenue
Revenue from contracts with customers comprises sales of finished goods and remanufactured products, added the market
value of cores and adjustment of core provisions. Revenue from the sale is recognised at the point in time when the control of
products is transferred to the customer, which is generally upon delivery. For contracts providing the customer with a right of
return within a specified period, the Group considers the timing of recognition.
Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects
to be entitled in exchange for those products. Amounts disclosed as net revenue exclude discounts, VAT and other duties.
The Group considers whether contracts include other promises that constitute separate performance obligations and to which
a portion of the transaction price needs to be allocated. In determining the transaction price, the Group considers the effects of
variable consideration. No element of financing is deemed present, as payment is generally received as cash - on delivery or up
to generally 60-90 days of credit.
Variable consideration:
The Group pays various discounts depending on the nature of the customer and business. Customer discounts comprise off-
invoice discounts and volume- and activity-related discounts. Off-invoice discounts arise from sales transactions where the
customer immediately receives a reduction in the sales price. This also includes cash discounts and incentives for early
payments. Volume- and activity-related discounts is a broad term covering incentives for customers to sustain business with
the Group over a longer time and may be related to a current campaign or a sales target measured in volumes or total value.
Examples include discounts paid as a lump sum, discounts for meeting all or certain sales targets or for exceeding targets, or
progressive discounts offered in step with increasing sales to a customer.
Cost of sales
Cost of sales comprises cost related to generating the revenue for the year. While trading companies recognise the costs of
goods sold, the manufacturing companies recognise production costs corresponding to the year’s revenue, including direct and
indirect costs for raw materials and consumables, wages and salaries, depreciation on leasing assets and on minor rent and
25
leasing arrangements, amortisation and impairment of intangible assets, depreciation and impairment of production buildings
and equipment and impairment of inventory.
Cost of sales also includes costs and expenses relating to the operation, administration and management of the production
sites. Additionally, is included costs for research and product development that do not meet the criteria for capitalization, as
well as amortisation and impairment of capitalized product development costs.
Distribution costs
Distribution costs comprise expenses incurred in connection with the distribution of goods sold during the year and in connection
with sales campaigns, etc. launched during the year under review, including cost of sales and logistics staff, advertising and
exhibition costs, as well as depreciation/amortisation and impairment losses.
Administrative expenses
Administrative expenses comprise expenses incurred during the year for management and administration, including expenses
for administrative staff, office premises and office expenses, and depreciation and impairment losses. Administrative expenses
also comprise write-downs on receivables.
Employee benefits
Executive Management and selected Key Management in BA Group are covered by the parent company Schouw & Co.’s share
option programme. The costs related to the programme are calculated according to “Black & Scholes” and are expensed as staff
costs linearly over the period of the option and settled to the parent company.
Other operating income and expenses
Other operating income and expenses comprise items of a secondary nature relative to the companies’ primary activities and
consist of the following:
Gains and losses on disposal of intangible assets and property, plant and equipment and right of use assets.
Compensation from external parties for e.g. claims or insurance
Income from rental of facilities to external parties
Group internal services and allocations
Profit or loss in subsidiaries (Parent company)
The proportionate share of the profit or loss from individual subsidiaries after tax and after elimination of the proportionate
share of intra-group gains or losses is recognised in the income statement.
Financial income and expenses
Financial income comprises interest income and expenses including interest to group enterprises, net capital gains or losses on
securities, payables and transactions in foreign currencies, amortisation of financial assets, interests related to lease liabilities
as well as tax relief or surcharge under the Danish Tax Prepayment Scheme etc.
Tax for the year
Tax for the year comprise current tax including joint taxation contribution and deferred tax for the year. Tax relating to the result
for the year is recognised in the income statement, while tax expenses or income relating to changes in equity is recognised in
other comprehensive income.
BALANCE SHEET
Completed development projects
Completed development projects comprise specific projects related to the development of new products and processes and are
recognised as intangible assets when they are clearly defined, identifiable, and for which technical feasibility, sufficient
resources and a potential future market or application in the enterprise can be demonstrated. In addition, it is the intention with
these projects to manufacture, market or use the project for future commercial purposes. This applies if cost can be measured
reliably and sufficient certainty exists that future earnings or the net selling price can cover production costs, distribution costs,
and administration costs as well as research and development costs. Within BA Group this is underpinned by a gate process,
where these judgements are made at specific gates. Other development costs which does not fulfil the criteria for capitalization
are recognised in the income statement and incurred as research and development costs under cost of sales.
26
Development costs comprise salaries, external costs, amortisation and other costs attributable to the projects. Following
completion of the development work, development projects are amortised on a straight-line basis over their estimated useful
lives. The amortisation period is three to five years. The basis of amortisation is calculated net of any impairment losses. The
projects are measured at cost less accumulated amortisation and impairment losses.
IT-projects
IT projects comprises internally developed IT solutions and software for the purpose of supporting business operations.
Development costs comprise salaries, external costs, amortisation and other costs attributable to the projects. Following
completion of the development work, development projects are amortised on a straight-line basis over their estimated useful
lives. The amortisation period is three to five years. The basis of amortisation is calculated net of any impairment losses. The
projects are measured at cost less accumulated amortisation and impairment losses.
Other intangible assets
Other intangible assets comprise customers, know-how and IT licenses. The cost of other intangible assets acquired from an
external party are capitalized at cost at the date of acquisition. Following initial recognition, intangible assets are carried at cost
less any accumulated amortisation and accumulated impairment losses.
Other intangible assets are amortised on a straight-line basis over the expected useful lives of the assets which are as follows:
Customer relations: 10-15 years
Brands: 3-20 years
Know-how: 10-15 years
Other intangible assets: 1-10 years
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal
proceeds and the carrying amount of the asset and are recognised in the statement of profit or loss when the asset is
derecognised.
Intangible assets are assessed for impairment whenever there is an indication that the intangible asset may be impaired. The
amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end
of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits
embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes
in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit
or loss in the expense category that is consistent with the function of the intangible assets.
Property, plant and equipment
Land and buildings, plant and machinery as well as other fixtures, tools and equipment are measured at cost less accumulated
depreciation and impairment.
Cost comprises the acquisition price and any costs directly attributable to the acquisition and preparation of the asset until the
time when it is ready to be put into operation. The total cost of an asset is divided into separate components which are
depreciated separately if their useful lives differ.
Subsequent costs, such as the cost of replacing components of property, plant and equipment, are included in the asset´s
carrying amount when deemed likely that it will result in economic benefit. The replaced components are no longer recognised
in the balance sheet and the carrying amount is transferred to the income statement. All other ordinary repair and maintenance
costs are recognised in the income statement when incurred.
Property, plant and equipment are depreciated on a straight-line basis over the expected useful lives of the asset/components,
which are expected to be as follows:
Buildings: 5-40 years
Plant and machinery: 3-15 years
Other fixtures and fittings, tools and equipment: 3-10 years
Land is not depreciated
The basis for depreciations are calculated with due considerations to the asset´s scrap value, useful life and reduced by any
impairment losses. The residual value is determined at the acquisition date and reassessed annually and adjusted prospectively,
if appropriate. In case of changes to the depreciation period or residual value the effect on depreciations going forward is
recognised as a change in accounting estimates.
Depreciation are recognised in the income statement as production costs, distribution costs or administrative expenses.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other
27
borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity
incurs in connection with the borrowing of funds. Usually borrowing costs do not exist.
Right of use assets
Right of use assets are lease assets arising from lease agreements. Right of use assets are initially measured at cost comprising
the following:
the amount of the initial measurement of lease liability
any lease payments made at or before the commencement date less any lease incentives received
any initial direct costs
restoration costs
The right of use assets are depreciated on a straight-line basis over the shorter period of the assets useful life and the lease
term in the contract. The right of use assets can be adjusted due to modifications to the lease agreement or reassessment of
the lease term.
The depreciation periods are as follows:
Property: 2-40 years
Cars: 3-13 years
Production equipment: 3-5 years
Other right of use assets: 3-5 years
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an
expense in the income statement. Short-term leases are leases with a term of 12 month or less, while low value assets comprise
assets with a value below TDKK 75.
The Group sublets a share of a leased property which is classified as financial leasing, “Right-of-use-assets”. The future
expected income from this sublet is accounted for in assets as a receivables, non-current and current respectively.
Investments in subsidiaries (Parent company)
Investments in subsidiaries are, at first recognition measured at cost and subsequently at the proportionate share of the
companies' net asset values calculated in accordance with the parent company’s accounting policies with the deduction or
addition of unrealised intra-group gains or losses and with the addition or deduction of goodwill calculated according to the
acquisition method.
Investments in subsidiaries with negative net asset values are measured at cost at DKK 0 (nil). If the parent company has a legal
or contractual obligation to support a provision is recognised.
Net revaluation of investments in subsidiaries is recognised in the reserve for net revaluation under equity according to the
equity method to the extent that the carrying amount exceeds cost.
Subsidiaries acquired or established during the year are initially recognised in the financial statement from the date of
acquisition, while sold or liquidated companies are recognised until the date of disposal.
Impairment of non-current assets
Deferred tax assets are assessed on a yearly basis and are only recognised in case it is deemed likely that they will be utilized.
The carrying amount of development projects in progress is tested for impairment at least annually, and where the carrying
amount exceeds the net present value of the future net cash flows expected to be generated by the development project, the
project is written down to its recoverable amount in the income statement. Finished development projects are tested for
impairment if there is indication of impairment from the annual review.
The carrying amount of other non-current assets are tested annually to determine whether there is any indication of impairment.
If such an amount exists, the recoverable amount of the assets is calculated. The recoverable amount is the higher of the fair
value of the asset less expected costs to sell and the value in use. For the purpose of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable cash flows (cash-generating units).
A write-down is recognised when the carrying amount of an asset or a cash-generating unit exceeds the recoverable amount of
the asset or the cash-generating unit. Write-downs are recognised in the income statement as production, distribution or
administration expenses.
28
Inventories
Inventories are measured at cost in accordance with the FIFO. Where the net realisable is lower than the cost, inventories are
written down to this lower value. The net realisable value of inventories is calculated as the estimated selling price less
completion costs and costs incurred to execute sale and is determined in consideration of marketability, obsolescence and
movements in the expected selling price.
The cost of goods for resale, raw materials and consumables comprise the purchase price and delivery costs.
The cost of finished goods and work in progress comprise of raw materials, consumables, direct labour and indirect production
costs, based on a normal operating activity. Indirect production costs comprise indirect materials and labour as well as
maintenance of and depreciation and impairment of the relating to machines, factory buildings and equipment used in the
manufacturing process as well as costs of factory management and administration. Financing costs are not included in cost.
Receivables
Receivables comprises of trade receivables, receivables from group companies, and other receivables. Receivables are
recognized initially at fair value and subsequently measured at amortized cost less impairment losses.
For trade receivables, BA Group applies the simplified approach related to impairment assessment, which permits the use of
lifetime Expected Credit Loss model (ECL). The ECL model involves a three-stage approach under which financial assets move
through the stages as their credit quality changes. The stages determine how impairment losses are measured and the effective
interest is applied. Provisions are determined based on grouping of trade receivables sharing the same credit risk characteristics
and days past due.
Regarding group intercompany loans, impairment losses will be recognized based on 12-month or lifetime ECL depending on
whether a significant increase in credit risk has arisen since initial recognition.
Corporate income tax
Current tax consists of tax payable or receivable including joint taxation contribution and is recognised in the balance sheet as
calculated tax on the taxable income for the year, adjusted for tax on prior years’ taxable income and for tax paid under the on-
account scheme. Receivables and payables regarding the joint taxation is presented separately in the balance sheet.
Borg Automotive A/S is taxed jointly with its parent company and other Danish subsidiaries. The current Danish income tax
liability is allocated among the companies of the tax pool in proportion to their taxable income. Companies that utilize tax losses
from other companies pay a joint contribution to the parent company at an amount corresponding to the tax value of the tax
losses utilized. Companies whose tax losses are utilized by other companies receive joint tax contribution from the parent
company corresponding to the tax value of the utilised losses (full absorption). The jointly taxed companies pay tax under the
Danish on-account tax scheme.
Prepayments
Prepayments include expenses paid in respect of subsequent financial years and are measured at cost.
Cash
Cash comprises cash in hand and short-term bank deposits.
SHAREHOLDERS EQUITY
Dividend
Dividend is recognised as a liability at the time of adoption by the shareholders at the annual general meeting (the date of
declaration). Dividends expected to be declared in respect of the year are stated as a separate line item under equity.
Hedge transaction reserve
The hedge transaction reserve contains the accumulated net change in the fair value of hedging transactions that meet the
criteria for hedging future cash flows and for which the hedged transaction has yet to be realised.
The hedge transaction reserve is dissolved, when the hedged transaction is realised, if the hedged cash flow are no longer
expected realised, or if the hedge is no longer effective.
Reserve for development projects (Parent company)
The reserve for development costs comprise recognized development costs reduced by amortizations and taxes. The reserve
cannot be used to distribute dividend or cover losses. The reserve will be reduced or dissolved if the recognised development
costs are no longer part of the Company´s operations by a transfer directly to the distributable reserves under equity.
29
Exchange adjustment reserve
The exchange adjustment reserve comprises exchange differences arising on the translation of the financial statements of
foreign enterprises from their functional currencies into Danish kroner including exchange differences on financial instruments
considered to be a part of the net investment or as hedging of the net investment. On realisation, accumulated value adjustments
are taken from equity to financial income and expenses in the income statement.
The exchange adjustment reserve is dissolved upon disposal of the subsidiary, or if the conditions for efficient hedging is no
longer present.
Net revaluation reserve (Parent company)
Net revaluation of investments in subsidiaries are recognised at cost in the reserve for net revaluation according to the equity
method. The reserve cannot be recognised at a negative amount. The reserve is dissolved upon disposal of the subsidiary.
Provisions
Provisions relates to warranty commitments which recognized when, as a consequence of an event occurring before or at the
balance sheet date, the Group has a legal or constructive obligation, the settlement of which is likely to result in an outflow from
the Group of economic benefit.
Financial liabilities
Debt to credit institutions is recognised at the raising of a loan at fair value less transaction costs. In subsequent periods,
financial liabilities are measured at amortised cost, applying the “effective interest rate method”, to the s effect that the
difference between the proceeds and the nominal value is recognised in the income statement under financial expenses over
the term of the loan. In addition, the capitalised lease liability is recognised under financial liabilities.
Other liabilities
Other liabilities including core liability (customer rebates) are measured at net realisable value, which normally will be equal to
nominal value.
Contingent consideration agreed in connection with company acquisitions and paid to the seller if certain conditions are met,
are recognized at fair value and considered part of the total consideration for acquiring the company. The liability is determined
by discounting the expected payments, taking into account the probability of the balance of the purchase price to be paid. The
pre-tax discount rate used reflects the general level of interest rates and the specific risk related to the earn-out. The differences
for the financial year In the discount elements are recognized in financial expenses. Changes in the fair value of the earn out
which may not be attributed to the discount element of the earn out is recognised in profit or loss.
Deferred tax
Deferred tax is measured using the balance sheet liability method on temporary differences between the carrying amount and
the tax base of assets and liabilities. However, no deferred tax is recognised on timing differences on non-deductible items for
which timing differences have arisen at the acquisition date without affecting the financial results or taxable income.
Deferred tax is measured based on the tax rules and rates in the respective countries that will apply under the legislation in
force on the balance sheet date when the deferred tax asset is expected to crystallise as current tax. Changes in deferred tax
resulting from changes in tax rates are recognised in the income statement.
Deferred tax assets, including the tax base of tax loss carry-forwards, are recognised under other noncurrent assets at the
expected value of their utilisation, either as a set-off against tax on future income or as a set-off against deferred tax liabilities
within the same legal tax entity and jurisdiction. Deferred tax adjustments are made regarding eliminations of unrealised
intercompany gains and losses.
Deferred tax assets are reviewed annually and recognised only to the extent that it is probable that they will be utilized within
the period of five years.
Fair value measurement
Fair value measurements are based on the principal market. If no principal market exists, the measurement is based on the
most advantageous market, i.e. the market that maximizes the price of the asset or liability less transaction and/or
transportation costs.
All assets and liabilities which are measured at fair value, or whose fair value is disclosed, are classified based on the fair value
hierarchy, see below:
Level 1: Value in an active market for similar assets/liabilities
Level 2: Value based on recognized valuation methods based on observable market information
30
Level 3: Value based on recognised valuation methods and reasonable estimates (non-observable market information).
Cash flow statement
The cash flow statement shows cash flows for the year distributed on operating, investing and financing activities, net changes
for the year in cash as well as cash and cash equivalents at the beginning and end of the year.
Cash flows from operating activities are calculated according to the indirect method as the profit for the year before tax adjusted
for non-cash operating items, changes in working capital and income taxes paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of companies and
operation and the acquisition and disposal of intangible assets, property, plant and equipment.
Cash flows from financing activities comprise payments to and from shareholders and related expenses as well as the raising of
loans, re-payments of interest-bearing debt and repayment of lease liabilities.
2.
SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the Group’s consolidated financial statements requires Management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures,
and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Management continuously
reassesses these estimates and judgements based on several factors in the given circumstances. The following accounting
estimates are considered significant for the financial reporting:
Revenue
Offset in revenue are amounts related to the value of cores when these are later returned to BA Group from the external
customers, as well as an estimate related to the share of outstanding repayment obligations which are not expected to become
an obligation based on the historical rate of return rates from the external customers.
Reference is made to further details of the repayment obligation and value of cores in note 24.
Inventories
The uncertainties of inventories relates both to cores and finished goods.
The uncertainty related to inventories of cores cover both the assessment of core market prices and the valuation related to
cores considered to be obsolete or lack of marketability. Cores repurchased from customers for remanufacturing are valued
based on the historical external purchase prices at the production facilities. The uncertainty related to the core market price is
the difference between the historical prices, which are considered the best indicator available, and significant price
developments in the market.
Cores considered to be obsolete or to have impaired marketability are written down to net realisable value. The assumption
applied regards to the valuation of cores on inventory relates to the principle applied that cores on stock for more than 1 years
expected sales are considered obsolete and thus written down to the scrap price.
Finished goods inventories are written down to net realisable value based on either sales forecast or time of purchase, both
based on the same principles with reference to write-down timing and percentage.
Core liability
The core liability is composed of the core charge (deposit) paid be the customer upon purchase of a unit which is returned to
the customer conditional on and at the same rate as return of the used units (cores). The core charge is offset by the expected
value of the returned cores and the expected core return rate, which constitutes the elements of the core liability. The
uncertainty related to the core liability therefore covers both the estimation of the expected core return rate of cores as well as
the value of the outstanding cores.
Reference is made to further details of the repayment obligation and value of cores in note 24.
Deferred tax assets
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred
tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax
planning strategies.
31
A part of the deferred tax assets are tax losses carried forward, which relate to the subsidiaries in UK and France. The tax loss
carried forward do not expire and they may not be used to offset taxable income elsewhere in the Group. The tax value of tax
losses carried forward has been recognised, if it has been considered sufficiently probably that the losses will be utilised within
five years.
Further details on taxes are disclosed in Note 18.
3
REVENUE (TDKK)
2025 2024 2025 2024
Denmark
59.245 81.907 37.711 48.451
Europe, other than Denmark
1.715.656 1.862.080 1.086.188 1.200.926
Central America
72 142 0 0
Asia
700 6.239 0 0
Total revenue
1.775.673 1.950.368 1.123.899 1.249.377
Reman
1.411.280 1.531.385 1.123.899 1.249.377
Newman
364.393 418.983 0 0
Total revenue
1.775.673 1.950.368 1.123.899 1.249.377
4
COST OF SALES (TDKK)
2025 2024 2025 2024
Cost of goods sold
942.022 1.017.759 1.030.074 1.023.566
Inventory impairments
13.420 3.285 112 166
Reversed inventory impairments
-15.210 -5.647 -175 -178
The Reman segment cover the remanufacturing and sales of finished goods, while the Newman segment cover the trading business
related to the sales of externally purchased finished goods.
CONSOLIDATED PARENT COMPANY
32
5
STAFF COST (TDKK)
2025 2024 2025 2024
Wages and salaries
419.522 381.328 75.714 64.438
Defined contribution pension plans
11.003 9.860 7.779 6.524
Other social security costs
58.462 56.475 809 840
Short term-incentive plans
1.568 2.559 1.196 2.019
Total staff costs
490.555 450.222 85.498 73.821
Staff costs are recognised as follows:
Cost of sales
312.934 290.285 10.811 9.125
Distribution
116.647 111.905 32.412 29.720
Administration
60.974 48.032 42.275 34.976
Staff costs recognised in the income statement
490.555 450.222 85.498 73.821
Average number of employees
2.143 1.990 96 87
REMUNERATION TO THE BOARD OF DIRECTORS, EXECUTIVE MANAGEMENT AND KEY MANAGEMENT PERSONNEL
2025 2024 2025 2024
Board of directors
913 -* 913 -*
Executive Management
4.273 -* 4.273 -*
Total Remuneration
5.186 5.298 5.186 5.298
Remuneration to Key Management Personnel (Group
Directors)
2025 2024 2025 2024
Salaries
14.857 13.750 11.027 10.044
Pensions
1.063 1.031 948 919
Short term-incentive plans
1.568 2.559 1.196 2.019
Total Remuneration
17.488 17.340 13.171 12.982
Headcount of Group Directors at year-end
7 7 5 5
*Executive Management consist in 2024 of one member, therefore remuneration of the Board of Directors and Executive Management are
disclosed collectively with reference to section 98b paragraph 3 of the Danish Financial Statements Act.
CONSOLIDATED
Remuneration to Key Management Personnel as in accordance with IAS 24, comprise the Group Directors covering Executive
Management and Key Management.
CONSOLIDATED PARENT COMPANY
PARENT COMPANY
CONSOLIDATED PARENT COMPANY
33
5 STAFF COST
(Continued)
Share-based payment: Share option programme
Outstanding share options
Executive
Management Others Total
Granted in 2021 20.000 16.000 36.000
Granted in 2022 20.000 16.000 36.000
Granted in 2023 20.000 20.000 40.000
Total outstanding options at 31 December 2024
60.000 52.000 112.000
Lapsed (from 2021 grant) -20.000 -16.000 -36.000
Exercised (from 2022 grant) -20.000 -16.000 -36.000
Transferred from executive management to other (from 2023 grant) -20.000 20.000 0
Transferred from other to executive management (from 2023 grant) 6.000 -6.000 0
Total outstanding options at 31 December 2025
6.000 34.000 40.000
In 2025, 36.000 options were exercised at an average price of 527,33 DKK.
The assumptions for determining the fair value of unexercised share options at the date of allocation as follows:
On the date of allocation:
2025 grant 2024 grant 2023 grant 2022 grant
Expected volatility no grant no grant 25,03% 24,82%
Expected option life no grant no grant 47 mth. 49 mth.
Expected dividend per share no grant no grant 15 DKK 14 DKK
Risk free interest rate no grant no grant 2,66% -0,17%
Other information on option programme:
Exercise price in DKK (1) no grant no grant 577,53 527,07
Fair value in DKK per option (2) no grant no grant 96,55 68,35
Total fair value in '000 (2) no grant no grant 3.862 3.281
Can be exercised from no grant no grant March 2026 March 2025
Can be exercised until no grant no grant March 2027 March 2026
The expected volatility is calculated as 12 months' historical volatility based on average share prices. If the option holders have not
exercised their options at the end of the specified period, the options will lapse without any compensation to the holders. Exercise of the
share options is contingent to the holder being in continuing employment during the above-mentioned periods. If the share option holder
resigns before the vesting date, the holder may in some cases have a right to exercise the share option early during a four-week period
following the next interim report from Schouw & Co. In the event of early exercise, the number of options will be reduced proportionally.
(2) At the date of allocation
(1) On exercise after 4 years (at the latest possible moments)
Management and Senior Managers in Borg Group has been covered by the parent company Schouw & Co.´s share option programme,
which in its original form was terminated in 2024 as a share-based programme.
34
6 FEES TO AUDITORS APPOINTED BY THE GENERAL MEETING (TDKK) 2025 2024
Statutory audit
2.294 1.980
Other assurance engagements
569 600
Tax consultancy
161 128
Fees for other services
26 85
Total fees
3.050 2.793
TDKK
7
RESEARCH AND DEVELOPMENT COSTS (TDKK)
2025 2024 2025 2024
Research & Development costs expensed and development costs
incurred are shown below:
Research and development costs incurred
16.233 15.032 16.935 16.827
Amortisation and impairment of recognised development costs
413 441 0 0
Research and development costs expensed and recognised in
the income statements
16.646 15.473 16.935 16.827
2025 2024 2025 2024
Amortisation of intangible assets
8.352 11.818 5.883 5.614
Depreciation of property plant and equipment
21.476 20.152 2.394 2.167
Depreciation of lease assets
25.225 19.699 1.349 1.560
Impairment of property plant and equipment
-164 181 0 0
Total depreciation, amortisation and impairment losses
54.889 51.850 9.626 9.341
Depreciation/amortisation and impairment is recognised in the
income statement as follows:
Cost of sales
29.337 26.543 214 206
Distribution
16.245 17.373 4.841 4.979
Administration
9.307 7.934 4.571 4.156
Total depreciation, amortisation and impairment losses
54.889 51.850 9.626 9.341
8
CONSOLIDATED
With reference to the Danish Financial Statements Act Paragraph 96, section 3 Fees to auditors appointed by the General Meeting have
only been provided for the Group.
CONSOLIDATED PARENT COMPANY
CONSOLIDATED PARENT COMPANY
DEPRECIATION, AMORTISATION AND
IMPAIRMENT LOSSES (TDKK)
35
2025 2024 2025 2024
Gains on the disposal of property, plant and equipment and
intangible assets
108 161 -6 56
Goverment grants
1.201 0 0 0
Charged to Group companies (i.e. management services)
0 0 56.487 48.783
Other operating income
16.294 5.464 31 55
Total other operating income
17.603 5.625 56.512 48.894
Losses on the disposal of property, plant and equipment and
intangible assets
679 22 0 3
Storage compensation
0 0 31.231 32.112
Other operating expenses
1.802 694 0 0
Total other operating expenses
2.481 716 31.231 32.115
10
FINANCIAL INCOME (TDKK)
2025 2024 2025 2024
Interests from group loans and cash pool
627 1.060 39.005 40.424
Interest income on financial assets measured at amortised cost
627 1.060 39.005 40.424
Fair value adjustments of hedging transactions transferred from
equity
225 0 225 0
Other interests
920 1.291 7 57
Exchange rate adjustments
16.147 3.425 1.159 471
Total financial income
17.919 5.776 40.396 40.952
11
FINANCIAL EXPENSES (TDKK)
2025 2024 2025 2024
Interest expense
1.627 4.194 1.236 1.097
Interests from lease liabilities
3.158 1.910 59 73
Interests from group loans and cash pool
46.320 46.443 49.989 49.054
Interest expenses from financial liabilities measured at
amortised cost
51.105 52.547 51.284 50.224
Fair value adjustments of hedging transactions transferred from
equity
1.334 3.922 0 4.526
Fair value adjustments of financial assets measured through profit
or loss
0 824 0 0
Exchange rate adjustments
3.352 8.951 1.959 3.674
Total financial expenses
55.791 66.244 53.243 58.424
CONSOLIDATED PARENT COMPANY
OTHER OPERATING INCOME AND EXPENSES
(TDKK)
9
36
12
TAX ON PROFIT FOR THE YEAR (TDKK)
2025 2024 2025 2024
Tax for the year is composed as follows:
Tax on profit for the year
-3.097 9.488 -20.416 1.998
Tax on comprehensive income
15 -1.155 872 -1.936
Total tax
-3.082 8.333 -19.544 62
Tax on profit for the year has been calculated as follows:
Current tax
-11.711 -408 -17.984 -3.505
Deferred tax
8.629 9.435 -2.419 5.503
Adjustment of prior-year tax charge - current tax
-15 -2.464 -13 0
Adjustment of prior-year tax charge - deferred tax
0 2.925 0 0
Total tax recognised in the income statement
-3.097 9.488 -20.416 1.998
Effective tax rate:
Calculated 22.0% tax of the profit for the year
-12.203 8.178 -16.013 10.143
Adjustment of tax related to subsidiaries and PEs
780 1.899 -4.439 -8.694
Non-deductible costs and non-taxable income
-1.417 2.830 49 549
Adjustment of prior-year tax charge
-15 461 -13 0
Adjustment of deferred tax asset
9.758 -3.880 0 0
Recognised tax income
-3.097 9.488 -20.416 1.998
Effective tax rate
5,6% 25,5% 28,0% 6,7%
Tax recognised in comprehensive income:
Before tax
Tax
After tax
Exchange rate adjustment of foreign subsidiaries -2.000 0 -2.000
Value adjustment of hedging instruments during the year -16.042 3.529 -12.513
Hedging instruments transferred to financials -1.109 244 -865
Hedging instruments transferred to cost of sales 17.080 -3.758 13.322
Tax on items recognised in comprehensive income -2.071 15 -2.056
2024
Before tax Tax After tax
Exchange rate adjustment of foreign subsidiaries -9.309 0 -9.309
Value adjustment of hedging instruments during the year -16.476 3.625 -12.851
Hedging instruments transferred to financials -3.922 863 -3.059
Hedging instruments transferred to cost of sales 25.650 -5.643 20.007
Tax on items recognised in comprehensive income -4.057 -1.155 -5.212
2025
Before tax Tax After tax
Exchange rate adjustment of foreign subsidiaries -2.000 0 -2.000
Value adjustment of hedging instruments during the year -22.699 4.994 -17.705
Hedging instruments transferred to financials 225 -50 175
Hedging instruments transferred to cost of sales 18.511 -4.072 14.438
Other comprehensive income from subsidiaries 3.036 0 3.036
Tax on items recognised in comprehensive income -2.927 872 -2.056
2024
Before tax Tax After tax
Exchange rate adjustment of foreign subsidiaries -9.309 0 -9.309
Value adjustment of hedging instruments during the year -11.699 2.574 -9.125
Hedging instruments transferred to financials -4.526 996 -3.530
Hedging instruments transferred to cost of sales 25.026 -5.506 19.520
Other comprehensive income from subsidiaries -2.768 0 -2.768
Tax on items recognised in comprehensive income -3.276 -1.936 -5.212
CONSOLIDATED PARENT COMPANY
CONSOLIDATED
PARENT COMPANY
37
2025
Completed
development
projects
Development
projects in
progress
Customer
relations Brands
Know-
how
IT
projects
Other
intangible
assets Total
Cost at 1 January
18.490 415 22.197 35.500 40.786 24.915 2.449 144.752
Foreign exchange adjustment
0 0 41 0 -439 1 14 -383
Additions
0 0 0 0 0 36 583 619
Additions on company acquisitions
0 0 0 0 0 0 0 0
Transferred/reclassified
0 -415 0 0 0 415 0 0
Cost at 31 December
18.490 0 22.238 35.500 40.347 25.367 3.046 144.988
Amortisation and impairment at 1
January
18.490 0 8.842 35.500 10.876 21.120 2.013 96.841
Foreign exchange adjustment
0 0 11 0 -10 3 10 14
Amortisation
0 0 2.213 0 4.045 1.590 504 8.352
Amortisation and impairment at 31
December
18.490 0 11.066 35.500 14.911 22.713 2.527 105.207
Carrying amount at 31 December
0 0 11.172 0 25.436 2.654 519 39.781
Amortized over (years)
3 10-15 3-20 10-15 3-5 1-10
2024
Completed
development
projects
Development
projects in
progress
Customer
relations Brands
Know-
how
IT
projects
Other
intangible
assets Total
Cost at 1 January
18.490 2.853 22.177 35.500 27.189 22.120 2.429 130.758
Foreign exchange adjustment
0 0 20 0 107 55 17 199
Additions
0 295 0 0 0 0 0 295
Disposals
0 0 0 0 13.490 7 3 13.500
Transferred/reclassified
0 -2.733 0 0 0 2.733 0 0
Cost at 31 December
18.490 415 22.197 35.500 40.786 24.915 2.449 144.752
Amortisation and impairment at 1
January
18.490 0 6.624 30.500 8.157 19.474 1.717 84.962
Foreign exchange adjustment
0 0 3 0 0 51 7 61
Amortisation
0 0 2.215 5.000 2.719 1.595 289 11.818
Amortisation and impairment of
disposed assets
0 0 0 0 0 0 0 0
Amortisation and impairment at 31
December
18.490 0 8.842 35.500 10.876 21.120 2.013 96.841
Carrying amount at 31 December
0 415 13.355 0 29.910 3.795 436 47.911
Amortized over (years)
3 10-15 3-20 10-15 3-5 1-10
13
CONSOLIDATED
Management have not identified issues, which indicate need for impairment regarding intangible assets.
INTANGIBLE ASSETS
(TDKK)
38
(Continued)
2025
Completed
development
projects
Development
projects in
progress
Customer
relations Brands
Know-
how
IT
projects
Other
intangible
assets Total
Cost at 1 January
18.490 415 14.930 0 27.189 22.068 1.238 84.330
Additions
0 0 0 0 0 0 583 583
Transferred/reclassified
0 -415 0 0 0 415 0 0
Cost at 31 December
18.490 0 14.930 0 27.189 22.483 1.821 84.913
Amortisation and impairment at 1
January
18.490 0 6.531 0 10.876 18.399 1.238 55.534
Amortisation
0 0 1.493 0 2.719 1.493 178 5.883
Amortisation and impairment at 31
December
18.490 0 8.024 0 13.595 19.892 1.416 61.417
Carrying amount at 31 December
0 0 6.906 0 13.594 2.591 405 23.496
Amortized over (years)
3 10-15 10-15 3-5 3
2024
Completed
development
projects
Development
projects in
progress
Customer
relations Brands
Know-
how
IT
projects
Other
intangible
assets Total
Cost at 1 January
18.490 2.852 14.930 0 27.189 19.336 1.238 84.035
Additions
0 295 0 0 0 0 0 295
Transferred/reclassified
0 -2.732 0 0 0 2.732 0 0
Cost at 31 December
18.490 415 14.930 0 27.189 22.068 1.238 84.330
Amortisation and impairment at 1
January
18.490 0 5.038 0 8.157 16.997 1.238 49.920
Amortisation
0 0 1.493 0 2.719 1.402 0 5.614
Amortisation and impairment at 31
December
18.490 0 6.531 0 10.876 18.399 1.238 55.534
Carrying amount at 31 December
0 415 8.399 0 16.313 3.669 0 28.796
Amortized over (years) 3
10-15 10-15
3-5 3
13
PARENT COMPANY
Management have not identified issues, which indicate need for impairment regarding intangible assets.
INTANGIBLE ASSETS
(TDKK)
39
14 PROPERTY, PLANT AND EQUIPMENT (TDKK)
2025
Land and
buildings
Plant and
machinery
Other fixtures,
tools and
equipment
Assets under
construction Total
Cost at 1 January
200.615 78.853 48.648 13.855 341.971
Foreign exchange adjustment
1.171 173 386 62 1.792
Additions
106 4.685 1.753 16.456 23.000
Disposals
0 -4.246 -1.790 -896 -6.932
Transferred/reclassified
693 10.299 4.747 -15.739 0
Cost at 31 December
202.585 89.764 53.744 13.738 359.831
Depreciation and impairment at 1 January
19.215 35.548 28.247 370 83.380
Foreign exchange adjustment
121 -41 225 4 309
Impairment
0 0 0 -164 -164
Depreciation
4.919 8.208 8.349 0 21.476
Depreciation and impairment of disposed assets
0 -2.252 -1.407 0 -3.659
Depreciation and impairment at 31 December
24.255 41.463 35.414 210 101.342
Carrying amount at 31 December
178.330 48.301 18.330 13.528 258.489
Depreciated over (years)
5-40 3-15 3-10
2024
Land and
buildings
Plant and
machinery
Other fixtures,
tools and
equipment
Assets under
construction Total
Cost at 1 January
158.068 68.124 44.338 8.307 278.837
Foreign exchange adjustment
1.281 1.355 608 164 3.408
Additions
32.977 3.167 2.026 19.846 58.016
Additions on company acqusitions
2.788 454 20 0 3.262
Disposals
0 -167 -1.385 0 -1.552
Transferred to leased assets/reclassified
5.501 5.920 3.041 -14.462 0
Cost at 31 December
200.615 78.853 48.648 13.855 341.971
Depreciation and impairment at 1 January
14.576 27.030 21.071 184 62.861
Foreign exchange adjustment
217 678 345 5 1.245
Impairment
0 0 0 181 181
Depreciation and impairment of disposed assets
4.422 7.968 7.762 0 20.152
Transferred/reclassified
0 -128 -931 0 -1.059
Depreciation and impairment at 31 December
19.215 35.548 28.247 370 83.380
Carrying amount at 31 December
181.400 43.305 20.401 13.485 258.591
Depreciated over (years)
5-40 3-15 3-10
Legal obligation at 31 December for the purchase of
property, plant and equipment
74 1.684 0 0 1.758
Interest recognised during the period
0 0 0 0 0
Average interest used
0,00%
No significant changes have been made in accounting estimates regarding property, plant and equipment.
Management have not identified issues, which indicate need for impairment regarding property, plant and equipment.
CONSOLIDATED
40
14 PROPERTY, PLANT AND EQUIPMENT (TDKK)
(Continued)
2025
Land and
buildings
Plant and
machinery
Other fixtures,
tools and
equipment
Assets under
construction Total
Cost at 1 January
59.621 39 5.188 824 65.672
Additions
0 0 61 0 61
Disposals
0 0 -60 0 -60
Cost at 31 December
59.621 39 5.189 824 65.673
Depreciation and impairment at 1 January
1.105 39 976 0 2.120
Depreciation
1.114 0 1.280 0 2.394
Disposals
0 0 0 0 0
Depreciation and impairment at 31 December
2.219 39 2.256 0 4.514
Carrying amount at 31 December
57.402 0 2.933 824 61.159
Depreciated over (years)
40 5 5
Legal obligation at 31 December for the purchase of
property, plant and equipment
0 0 0 0 0
Interest recognised during the period
0 0 0 0 0
2024
Land and
buildings
Plant and
machinery
Other fixtures,
tools and
equipment
Assets under
construction Total
Cost at 1 January
57.057 39 4.886 0 61.982
Additions
2.564 0 637 824 4.025
Disposals
0 0 -335 0 -335
Cost at 31 December
59.621 39 5.188 824 65.672
Depreciation and impairment at 1 January
0 39 63 0 102
Depreciation
1.105 0 1.062 0 2.167
Disposals
0 0 -149 0 -149
Depreciation and impairment at 31 December
1.105 39 976 0 2.120
Carrying amount at 31 December
58.516 0 4.212 824 63.552
Depreciated over (years)
40 5 5
No significant changes have been made in accounting estimates regarding property, plant and equipment.
Management have not identified issues, which indicate need for impairment regarding property, plant and equipment.
PARENT COMPANY
41
15
RIGHT OF USE ASSETS (TDKK)
2025
Buildings Cars
Production
equipment Other assets Total
Cost at 1 January
93.767 17.682 1.108 841 113.398
Foreign exchange adjustment
-358 -126 2 1 -481
Additions
26.092 1.764 0 627 28.483
Disposals
-1.898 -729 0 -841 -3.468
Re-measure / modification of lease assets
5.126 -5.126 0 0 0
Cost at 31 December
122.729 13.465 1.110 628 137.932
Amortisation and impairment at 1 January
62.118 4.830 825 718 68.491
Foreign exchange adjustment
-457 14 1 1 -441
Amortisation
20.638 4.248 129 210 25.225
Amortisation and impairment of disposed assets
-1.894 -711 0 -813 -3.418
Amortisation and impairment at 31 December
80.405 8.381 955 116 89.857
Carrying amount at 31 December
42.324 5.084 155 512 48.075
Depreciated over (years)
2-40 3-13 3-5 3-5
2024
Buildings Cars
Production
equipment Other assets Total
Cost at 1 January
87.326 9.099 2.308 700 99.433
Foreign exchange adjustment
1.732 54 42 1 1.829
Additions
8.242 7.633 0 208 16.083
Additions on company acqusitions
0 5.255 0 0 5.255
Disposals
-2.385 -4.359 -1.242 -68 -8.054
Re-measure / modification of lease assets
-1.148 0 0 0 -1.148
Cost at 31 December
93.767 17.682 1.108 841 113.398
Amortisation and impairment at 1 January
47.795 5.039 1.709 564 55.107
Foreign exchange adjustment
1.147 10 21 0 1.178
Amortisation
15.561 3.605 320 213 19.699
Amortisation and impairment of disposed assets
-2.385 -3.824 -1.225 -59 -7.493
Amortisation and impairment at 31 December
62.118 4.830 825 718 68.491
Carrying amount at 31 December
31.649 12.852 283 123 44.907
Depreciated over (years)
2-40 3-13 3-5 3-5
CONSOLIDATED
42
15 RIGHT OF USE ASSETS (TDKK)
(Continued)
2025
Buildings Cars
Production
equipment Other assets Total
Cost at 1 January
0 4.395 0 0 4.395
Additions
0 234 0 0 234
Disposals
0 -321 0 0 -321
Cost at 31 December
0 4.308 0 0 4.308
Amortisation and impairment at 1 January
0 2.156 0 0 2.156
Amortisation
0 1.349 0 0 1.349
Disposals
0 -321 0 0 -321
Amortisation and impairment at 31 December
0 3.184 0 0 3.184
Carrying amount at 31 December
0 1.124 0 0 1.124
Depreciated over (years)
- 3
2024
Buildings Cars
Production
equipment Other assets Total
Cost at 1 January
2.386 4.320 0 0 6.706
Additions
0 1.868 0 0 1.868
Disposals
-2.386 -1.793 0 0 -4.179
Adjusted cost at 1 January
0 4.395 0 0 4.395
Amortisation and impairment at 1 January
2.297 2.439 0 0 4.736
Amortisation
88 1.472 0 0 1.560
Disposals
-2.385 -1.755 0 0 -4.140
Amortisation and impairment at 31 December
0 2.156 0 0 2.156
Carrying amount at 31 December
0 2.239 0 0 2.239
Depreciated over (years)
2 3
LEASE LIABILITIES (TDKK)
Lease liabilities expiring within the following
periods from the balance sheet date:
2025 2024 2025 2024
Within 1 year 25.849 23.847 782 1.029
Between 1 and 5 years 30.512 31.717 224 913
Total lease liability, non-discounted 56.361 55.564 1.006 1.942
Lease liabilities are recognised in the balance sheet as follows:
Non-current liabilities 30.512 31.716 223 913
Current liabilities 25.849 23.847 783 1.029
Total lease liabilities 56.361 55.563 1.006 1.942
Repayment of lease debt 28.796 23.300 1.229 1.535
Recognised interests on lease contracts 3.158 1.910 59 73
Lease payments in the year 31.954 25.210 1.288 1.608
CONSOLIDATED PARENT COMPANY
PARENT COMPANY
43
15 RIGHT OF USE ASSETS (TDKK)
(Continued)
Lease agreements not recognised in the balance sheet
Service*
Small
value
assets
Short term
leases Total Service*
Small
value
assets
Short
term
leases Total
Due for payment within 1 year 142 6 0 148 425 20 0 445
Due for payment within >1-5 years 0 0 0 0 865 0 0 865
Total commitments 142 6 0 148 1.290 20 0 1.310
Recognised in the income statement
142 6 0 148 251 20 0 271
Service*
Small
value
assets
Short term
leases Total Service*
Small
value
assets
Short
term
leases Total
Due for payment within 1 year 142 6 0 148 98 20 0 118
Total commitments 142 6 0 148 98 20 0 118
Recognised in the income statement
142 6 0 148 98 20 0 118
Other leasing information
0-1 years 1-5 years > 5 years
Total
cash flow
Total cash-flow impact
2.684 4.454 0 7.138
BA Group have subleased a part of a Right-of-use assets to an external party. The expected future income related to the sublease
amounts to a total of TDKK 7.138 and a total amount of TDKK 2.470 have impacted cash flow in 2025.
The sublease arrangement will impact the cash-flows as listed below:
*) The service (variable) element of lease contracts is the part of the lease commitment that are not included in the lease obligation in
the balance sheet.
CONSOLIDATED
PARENT COMPANY
2025 2024
44
16
INVESTMENTS IN SUBSIDIARIES (Parent company) (TDKK)
2025 2024
Cost at 1 January
268.863 268.463
Additions
20.000 400
Cost at 31 December
288.863 268.863
Adjustments at 1 January
271.889 244.188
Foreign exchange adjustments
2.000 9.309
Share of profit/(loss) after tax for the year
20.176 23.082
Other value adjustments
-3.037 2.767
Dividends paid
0 -7.457
Adjustments at 31 December
291.028 271.889
Carrying amount at 31 December
579.891 540.752
Name Registered Office
Ownership
interest 2025
Ownership
interest
2024
Borg Automotive Sp. z.o.o. 100% 100%
Borg Automotive UK Ltd. 100% 100%
Electro Steer UK Ltd. 100% 100%
Car Parts Industries Belgium SRL 100% 100%
Borg Automotive Spain S.L. 100% 100%
Borg Automotive Reman Spain S.L. 100% 100%
Borg Automotive Newman A/S 100% 100%
Borg Automotive GmbH Germany, Eisenach 100% 100%
Borg Automotive SAS France, Beauvais 100% 100%
Borg Automotive af 21 maj 2024 A/S Denmark, Silkeborg 100% 100%
Electro Rebuild Tunisia SARL Tunisia, Monastir 100% 100%
All subsidiaries are Limited Liability Companies.
Poland, Zdunska Wola
UK, Birmingham
Belgium, Nivelles
Denmark, Støvring
UK, Birmingham
Spain, Pamplona
Spain, Pamplona
45
17
ACQUISITION OF BUSINESSES (TDKK)
The assets and liabilitites recognised as a result of the
acquisition are as follows:
2025 2024 2025 2024
Know-how 0 13.490 0 0
Other intangible assets 0 10 0 0
Property, plant and equipmet 0 3.262 0 0
Lease assets 0 5.255 0 0
Inventories 0 2.665 0 0
Tax asset 0 266 0 0
Cash 0 487 0 400
Interest-bearing debt 0 -5.254 0 0
Provisions 0 -377 0 0
Trade payables 0 -18.723 0 0
Tax payable 0 -879 0 0
Other provisions 0 -90 0 0
Net assets acquired
0 112 0 400
Of which cash and cash equivalents 0 -487 0 0
Total cash acquisition costs
0 -375 0 400
The company was acquired at a purchase price of TDKK 112 (KEUR 15).
In 2024, the acquistion of ERT has effected Group revenue with TDKK 347 and profit for the year with TDKK 363, based on a closing
date of 30 November 2024. Full-year revenue and results if the acqusition had taken place on January 1st would have been 480 TDKK
and TDKK -359.
Effective 1 December 2024, BORG Automotive Group acquired 100% of the issued share capital of Electro Build Tunisia SARL (ERT).
The company owns one production plant located in Monastir, Tunisia and have more than 40 years of experience with remanufacturing
alternators and starters.
CONSOLIDATED PARENT COMPANY
Transaction costs incurred in connection with the acquisition of ERT amount to TDKK 238, of which TDKK 163 has been recognised as
an administrative expense in 2024.
No acqusisitions was made in 2025.
46
18 DEFERRED TAX (TDKK)
2025 2024 2025 2024
Defered tax at 1 January 82.697 92.779 27.833 31.400
Foreign exchange adjustment
-234 857 0 0
Addition on acqusition
0 266 0 0
Deferred tax for the year recognised in profit for the year
-8.629 -12.360 2.420 -5.503
Deferred tax for the year recognised in equity -15 1.155 -872 1.936
Deferred tax at 31 December, net
73.819 82.697 29.381 27.833
Deferred tax is recognised as follows in the balance sheet:
Deferred tax asset
84.940 91.017 29.381 27.833
Deferred tax liability
-11.121 -8.320 0 0
Net deferred tax at 31 December
73.819 82.697 29.381 27.833
Deferred tax pertains to:
Intangible assets
-3.400 -53 -4.480 -5.223
Property, plant and equipment
3.312 2.719 -1.131 -1.333
Receivables
-1.477 -2.114 0 0
Inventories
15.463 12.489 0 0
Other current assets
259 268 0 0
Equity
-1.165 -851 -1.165 -293
Provisions
60 114 0 0
Liabilities other than provisions
58.597 53.445 36.157 34.682
Tax losses
2.170 16.680 0 0
Total deferred tax (net liability)
73.819 82.697 29.381 27.833
Tax losses carried forward are recognised in the balance sheet only if they are expected to be utilised within a period of 5 (five) years. This
principle entails that an amount of MDKK 13,5 (2024: MDKK 5,4) related to the subsidiary Borg Automotive UK Ltd. have not been
recognised in the balance sheet. The unrecognised tax loss may be carried forward for an unlimited period.
CONSOLIDATED PARENT COMPANY
47
18 DEFERRED TAX (TDKK)
(Continued)
2025
1 Jan.
Foreign
exchange
adjustment
Additions on
acquisition
Recognised in
profit for the
year
Recognised in
equity 31 Dec.
Intangible assets
-53 0 0 -3.347 0 -3.400
Property, plant and equipment
2.719 0 0 593 0 3.312
Receivables
-2.114 0 0 637 0 -1.477
Inventories
12.489 80 0 2.894 0 15.463
Other current assets
268 -9 0 0 0 259
Equity, Hedging
-851 0 0 -299 -15 -1.165
Provisions
114 0 0 -54 0 60
Liabilities other than provisions
53.445 69 0 5.083 0 58.597
Tax credits, incentives etc.
0 0 0 0 0 0
Tax losses
16.680 -374 0 -14.136 0 2.170
Deferred tax at 31 December, net
82.697 -234 0 -8.629 -15 73.819
2024
1 Jan.
Foreign
exchange
adjustment
Additions on
acquisition
Recognised in
profit for the
year
Recognised in
equity 31 Dec.
Intangible assets
1.534 0 0 -1.587 0 -53
Property, plant and equipment
4.029 0 0 -1.310 0 2.719
Receivables
-1.994 -2 0 -118 0 -2.114
Inventories
8.143 100 0 4.246 0 12.489
Other current assets
0 2 266 0 0 268
Equity, Hedging
-2.006 0 0 0 1.155 -851
Provisions
-1 0 0 115 0 114
Liabilities other than provisions
66.446 154 0 -13.155 0 53.445
Tax losses
16.628 603 0 -551 0 16.680
Deferred tax at 31 December, net
92.779 857 266 -12.360 1.155 82.697
2025
1 Jan.
Foreign
exchange
adjustment
Additions on
acquisition
Recognised in
profit for the
year
Recognised in
equity 31 Dec.
Intangible assets
-5.223 0 0 743 0 -4.480
Property, plant and equipment
-1.333 0 0 202 0 -1.131
Equity, Hedging
-293 0 0 0 -872 -1.165
Liabilities other than provisions
34.682 0 0 1.475 0 36.157
Deferred tax at 31 December, net
27.833 0 0 2.420 -872 29.381
2024
1 Jan.
Foreign
exchange
adjustment
Additions on
acquisition
Recognised in
profit for the
year
Recognised in
equity 31 Dec.
Intangible assets
-5.339 0 0 116 0 -5.223
Property, plant and equipment
-1.368 0 0 35 0 -1.333
Equity, Hedging
-2.229 0 0 0 1.936 -293
Liabilities other than provisions
40.336 0 0 -5.654 0 34.682
Deferred tax at 31 December, net
31.400 0 0 -5.503 1.936 27.833
PARENT COMPANY
CONSOLIDATED
48
19 INVENTORIES (TDKK)
2025 2024 2025 2024
Raw materials and consumables
420.208 441.545 16.619 19.711
Finished goods and goods for resale
497.813 526.861 76.700 54.728
Total inventories
918.021 968.406 93.319 74.439
Inventory values are presented at lower of cost and net realisable value.
Cost of inventories for which impairment losses have been
recognised
151.726 184.020 471 545
Accumulated impairment losses on inventories -75.920 -77.792 -275 -272
Net sales value 75.806 106.228 196 273
20 CORPORATE INCOME TAX (TDKK)
2025 2024 2025 2024
Income tax payable at 1 Janaury
33.784 14.966 10.498 -2.701
Exchange adjustments
40 -47 0 0
Current tax for the year
11.711 3.965 17.984 3.505
Adjustment related to prior years - current tax
15 2.464 13 0
Addition on acqusitions
0 -879 0 0
Corporate income tax paid during the year
19.974 25.872 0 8
Joint taxation contribution paid during the year
-25.170 -12.557 -10.510 9.686
Income tax at 31 December
40.354 33.784 17.985 10.498
Which is distributed as follows:
Corporate income tax, receivable
3.873 3.105 0 0
Joint taxation contribution, receivable
46.829 33.361 17.985 10.511
Corporate income tax, payable
-10.348 -2.682 0 -13
Income tax at 31 December
40.354 33.784 17.985 10.498
Deferred tax:
The Group has applied the temporary exception issued by IASB in May 2023 from the accounting requirements for deferred taxes in IAS
12. Accordingly, the group neither recognizes nor discloses information about deferred tax assets and liabilities to Pillar Two income
taxes.
The global minimum taxation rules (Pillar II) have applied to Schouw & Co. from 1 January 2024. The minimum tax rules imply that a top-
up or minimum tax must be paid to Denmark if the effective tax rate in a jurisdiction is lower than 15%. Certain countries have
implemented local top-up tax rules, and any minimum tax will be paid locally. Most of the Group’s jurisdictions are exempt in 2025 due
to certain transitional rules. In 2025, it is not expected that the global minimum taxation rules will have a significant impact on the
Group.
CONSOLIDATED PARENT COMPANY
During 2025, TDKK 7.515 (2024: TDKK 6.824) was recognised in inventory as write-down of inventory to net realisable value at Group
level. The adjustment of TDKK 691 (2024: TDKK 1.923) is recognised in cost of sales as a cost.
In the Parent Company, TDKK 691 (2024: TDKK 1.923) was recognised during 2025 as a cost for inventories carried at net realisable
value. A cost was offset in cost sales (TDKK 571) and a cost was recognised as part of result in shares in subsidiaries (TDKK 120).
CONSOLIDATED PARENT COMPANY
The Group has applied the temporary exception to the accounting requirements on deferred tax under IAS 12 as issued by the IASB in
May 2023.
49
21 RECEIVABLES AND PAYABLES WITH RELATED
PARTIES (TDKK)
2025 2024 2025 2024
Receivables from related parties, interest-bearing, non-current
0 0 555.750 271.402
Receivables from related parties, interest-bearing, current
0 0 0 338.759
Receivables from related parties, current
0 0 15.339 11.364
Payables to related parties, interest-bearing, non-current
0 0 -74.121 -60.513
Payables to related parties, interest-bearing, current
-673.568 -625.324 -694.770 -648.098
Payables to related parties, current
-85 0 -147.448 -102.027
-673.653 -625.324 -345.249 -189.113
Recognised as follows in assets:
Receivables from related parties, non-current 0 0 555.750 271.402
Receivables from related parties, current 0 0 15.339 350.123
Payables to related parties, non-current 0 0 -74.121 -60.513
Payables to related parties, current -673.653 -625.324 -842.218 -750.125
-673.653 -625.324 -345.249 -189.113
22 SHARE CAPITAL (TDKK) 2025 2024
The share capital consists of 5.000 shares of each DKK 200. 1.000 1.000
Aktieselskabet Schouw & Co.
Chr. Filtenborgs Plads 1, 8000 Aarhus C
Company registration number: 63 96 58 12
The following shareholder is registered to hold 100 % of the shares and voting capital of the company:
CONSOLIDATED PARENT COMPANY
The shares have not been divided into classes. During the last five years, no changes have been made to the share capital.
50
23 INTEREST-BEARING DEBT (TDKK) 2025 2024 2025 2024
Debt recognised in the balance sheet:
Credit institutions
379 0 0 0
Mortgage debt
29.593 31.015 29.593 31.015
Lease liabilities
30.512 31.716 223 913
Payables to related parties
0 0 74.121 60.513
Non-current interest bearing debt
60.484 62.731 103.937 92.441
Current portion of non-current interest-bearing debt
28.406 25.111 2.169 2.293
Payables to related parties
673.568 625.324 694.770 648.098
Current interest-bearing debt
701.974 650.435 696.939 650.391
Total interest-bearing debt
762.458 713.166 800.876 742.832
Fair-value of interest-bearing debt
762.458 713.166 800.876 742.832
Weighted average effective rate of interest for the year was (%)
7,3% 7,3% 7,0% 7,0%
Weighted average effective rate of interest for the balance sheet
date was (%)
7,7% 7,7% 7,5% 7,5%
Interest-bearing debt per currency:
DKK
226.925 223.250 205.292 207.977
EUR
220.777 143.261 299.568 211.318
PLN 301.791 342.564 290.403 321.893
GBP
2.287 -842 2.361 -5
USD
2.521 -2.027 1.115 -14
NOK
2.137 1.663 2.137 1.663
TND
6.020 5.297 0 0
Total interest-bearing debt 762.458 713.166 800.876 742.832
PARENT COMPANYCONSOLIDATED
BA Group net-borrowings are mainly in DKK, EUR and PLN with floating rates. The fair value of the floating rate loans are approximately
the carrying amounts.
51
23 INTEREST-BEARING DEBT (TDKK)
(Continued)
Development in Net interest-bearing debt
2025
1 Jan.
Cash flow
Acquisi-
tions
Currency
exchange
movements Leasing Other
31 Dec.
Interest-bearing assets
Non-current receivables
72 0 0 0 0 0 72
Cash
22.033 8.349 0 271 0 0 30.653
Interest-bearing liabilities
Non-current credit institutions
0 -1.549 0 0 0 1.170 -379
Non-current morgage debt
-31.015 0 0 0 0 1.422 -29.593
Non-current lease liabilities
-31.716 0 0 27 1.177 0 -30.512
Current part of non-current, credit institutions
0 0 0 -1 0 -1.170 -1.171
Current part of non-current mortgage debt
-1.264 1.322 0 0 0 -1.444 -1.386
Current part of non-current lease debt
-23.847 28.796 0 71 -30.869 0 -25.849
Current debt to group companies
-625.324 -45.297 0 -2.947 0 0 -673.568
Net interest-bearing debt
-691.061 -8.379 0 -2.579 -29.692 -22 -731.733
2024
1 Jan.
Cash flow
Acquisi-
tions
Currency
exchange
movements Leasing Other
31 Dec.
Interest-bearing assets
Non-current receivables
72 0 0 0 0 0 72
Cash
11.976 9.388 487 182 0 0 22.033
Interest-bearing liabilities
Non-current credit institutions
-37 38 0 -1 0 0 0
Non-current morgage debt
0 -33.034 0 0 0 2.019 -31.015
Non-current lease liabilities
-39.095 0 -3.678 -496 11.553 0 -31.716
Current part of non-current, credit institutions
-394 402 0 -8 0 0 0
Current part of non-current mortgage debt
0 770 0 0 0 -2.034 -1.264
Current part of non-current lease debt
-19.234 23.300 -1.576 -284 -26.053 0 -23.847
Current debt to group companies
-588.655 -30.886 0 -5.783 0 0 -625.324
Net interest-bearing debt
-635.367 -30.022 -4.767 -6.390 -14.500 -15 -691.061
CONSOLIDATED
Non-cash changes
Non-cash changes
52
23 INTEREST-BEARING DEBT (TDKK)
(Continued)
Development in Net interest-bearing debt
2025
1 Jan.
Cash flow
Acquisi-
tions
Currency
exchange
movements Leasing Other
31 Dec.
Interest-bearing assets
Non-current receivables from related parties 271.402 -95.771 0 2.358 0 377.761 555.750
Current receivables from related parties 338.759 0 0 0 0 -338.759 0
Cash 1.544 7.989 0 69 0 0 9.602
Interest-bearing liabilities
Non-current morgage debt -31.015 1.322 0 0 0 100 -29.593
Non-current lease liabilities -913 -59 0 0 0 749 -223
Non-current payables to related parties -60.513 -9.369 0 -127 0 -4.112 -74.121
Current part of non-current mortgage debt -1.264 0 0 0 0 -122 -1.386
Current part of non-current lease debt -1.029 1.229 0 0 -983 0 -783
Current payables to related parties -648.098 -44.018 0 -2.654 0 0 -694.770
Net interest-bearing debt -131.127 -138.677 0 -354 -983 35.617 -235.524
2024
1 Jan.
Cash flow
Acquisi-
tions
Currency
exchange
movements Leasing Other
31 Dec.
Interest-bearing assets
Non-current receivables from related parties
594.408 -21.186 0 772 0 -302.592 271.402
Current receivables from related parties
0 -2.929 0 5.720 0 335.968 338.759
Cash
725 802 0 17 0 0 1.544
Interest-bearing liabilities
Non-current morgage debt 0 -33.034 0 0 0 2.019 -31.015
Non-current lease liabilities
-704 0 0 0 -209 0 -913
Non-current payables to related parties
-52.462 -11.838 0 -31 0 3.818 -60.513
Current part of non-current mortgage debt 0 770 0 0 0 -2.034 -1.264
Current part of non-current lease debt
-941 1.535 0 0 -1.623 0 -1.029
Current payables to related parties
-596.123 -46.297 0 -5.678 0 0 -648.098
Net interest-bearing debt
-55.097 -112.177 0 800 -1.832 37.179 -131.127
PARENT COMPANY
Non-cash changes
Non-cash changes
53
24
OTHER PAYABLES (TDKK)
2025 2024 2025 2024
Core liability, specification below 64.253 62.421 46.145 47.119
Employee related debt 1.664 1.908 0 0
Other payables 0 91 0 0
Other payables, non-current 65.917 64.420 46.145 47.119
Core liability, specification below 192.947 187.588 138.435 141.358
Employee related debt 36.395 35.063 6.087 4.215
Hedging instruments
2.485 0 0 0
Customer chains bonus
32.834 39.098 16.765 22.721
VAT
1.759 5.685 0 3.770
Other payables
31.798 26.614 3.649 3.213
Other payables, current
298.218 294.048 164.936 175.277
Total other payables 364.135 358.468 211.081 222.396
CORE LIABILITY (TDKK) 2025 2024 2025 2024
BA Group has a repayment obligation in respect of deposits
received from customers conditional on and at the same rate as
customers return of used units (cores).
Repayment obligation at year-end
794.370 718.202 597.575 548.688
Estimated value of cores
-537.170 -468.193 -412.995 -360.211
Net core liability accrued for in the balance sheet
257.200 250.009 184.580 188.477
CONSOLIDATED PARENT COMPANY
54
25 PROVISIONS (TDKK) 2025 2024 2025 2024
At 1 January
31.085 32.697 24.666 26.269
Utilized during the year
-19.802 -15.575 -15.713 -12.513
Additions
46.536 13.963 17.496 10.910
At 31 December
57.819 31.085 26.449 24.666
Recognised in the balance sheet as follows:
Non-current liabilities
12.123 13.499 9.600 10.711
Current liabilities
45.696 17.587 16.849 13.956
Provisions 31 December
57.819 31.086 26.449 24.667
Recognised in the income statement:
Cost of sales
46.536 13.963 17.496 10.910
Provisions recognised in the income statement
46.536 13.963 17.496 10.910
The historical return rate of warranty units in 2025 was on average 8,7 months, compared to 10,5 months in 2024.
2025 2024 2025 2024
Purchase of intangible assets
-619 -295 -583 -295
Of which had not been paid at the balance sheet date/adjustment
for the year
0 137 0 137
Amount paid in relation to intangible assets
-619 -158 -583 -158
Purchase of property, plant and equipment
-23.000 -58.016 -61 -4.025
Of which had not been paid at the balance sheet date/adjustment
for the year
0 244 0 244
Amount paid in relation to purchase of property, plant and
equipment
-23.000 -57.772 -61 -3.781
Incurring financial liabilities
30.032 42.714 234 34.902
Of which lease debt
-28.483 -9.680 -234 -1.868
Proceeds from incurring financial liabilities
1.549 33.034 0 33.034
27 CHANGES IN WORKING CAPITAL (TDKK)
2025 2024 2025 2024
Change in inventories
54.617 -115.023 -18.880 -18.353
Change in receivables and other receivables
595 35.774 -27.827 33.984
Change in trade payables and other payables
-54.018 27.575 35.440 -106.307
Changes in working capital in total 1.194 -51.674 -11.267 -90.676
CONSOLIDATED PARENT COMPANY
CONSOLIDATED PARENT COMPANY
Provisions made comprise expected cost related to closure of the production in UK and warranty commitments related to goods sold,
since the company has a contractual obligation to provide warranties up to 24 months. Under these warranties the company either
replace or repair goods which do not function according to promised standards. The statement of expected expiry dates is based on
historical data and previous experience related to the typical receival or return of goods.
The provision for the restructuring in the UK amounts to MDKK 24.4 and the provision for warranty amounts to MDKK 33.4.
ADJUSTMENT FOR NON-CASH TRANSACTIONS
(TDKK)
26
CONSOLIDATED PARENT COMPANY
55
28
FINANCIAL ASSETS AND LIABILITIES (TDKK)
CONSOLIDATED
2025
Carrying
amount Fair value 0-1 years 1-5 years > 5 years
Total cash
flow
Trade receivables
271.739 271.739 271.739 0 0 271.739
Other receivables
46.500 46.500 41.227 10.563 0 51.790
Cash in hand and in bank
30.653 30.653 30.653 0 0 30.653
Receivables measured at amortised cost 348.892 348.892 343.619 10.563 0 354.182
Derivative financial assets (level 2)
5.290 5.290 5.290 0 0 5.290
Financial derivaties used for hedging purposes 5.290 5.290 5.290 0 0 5.290
Total financial assets 354.182 354.182 348.909 10.563 0 359.472
Interest bearing debt 32.529 32.529 2.640 6.402 24.251 33.294
Lease liabilities 56.361 55.249 27.908 32.306 24.251 84.466
Payables to related parties 673.568 673.568 673.568 0 0 673.568
Trade payables 177.194 177.194 177.194 0 0 177.194
Other payables 364.135 364.135 298.218 65.917 0 364.135
Financial liabilities measured at amortised cost 1.303.787 1.302.675 1.179.529 104.625 48.502 1.332.657
Derivative financial liabilities (level 2)
0 0 0 0 0 0
Financial derivaties used for hedging purposes 0 0 0 0 0 0
Total financial liabilities 1.303.787 1.302.675 1.179.529 104.625 48.502 1.332.657
Non-contractual items such as accruals and dererred income are excluded from other receivables and other debt.
The maturity profile of financial assets and liabilities is disclosed below according to category and calss distributed on period to
maturity. All interest payments on and repayments of financial asasets and liabilitites are based on contracts.
At 31 December 2025 exchange rate contracts have been applied for hedging of cash flows covering future periods. The hedging
relates to BA Groups purchase of finished goods in USD and internal trade of finished goods in PLN. All contracts are expected to
expire - and thus affect results - in the financial year 2026. Derivatives are disclosed in note 30.
Due to the short term nature of trade receivables and trade payables as well as other receivables and other debt falling due within 1
year, their carrying amount are considered to be approximately the same as their fair value.
56
28 FINANCIAL ASSETS AND LIABILITIES (TDKK)
(Continued)
CONSOLIDATED
2024
Carrying
amount Fair value 0-1 years 1-5 years > 5 years
Total cash
flow
Trade receivables
305.405 305.405 305.405 0 0 305.405
Other receivables
54.331 54.331 41.947 13.142 0 55.089
Cash in hand and in bank
22.033 22.033 22.033 0 0 22.033
Receivables measured at amortised cost 381.769 381.769 369.385 13.142 0 382.527
Derivative financial assets (level 2)
3.863 3.863 3.863 0 0 3.863
Financial derivaties used for hedging purposes 3.863 3.863 3.863 0 0 3.863
Total financial assets 385.632 385.632 373.248 13.142 0 386.390
Interest bearing debt 32.279 32.279 1.310 4.410 27.721 33.441
Lease liabilities 52.797 52.797 25.755 33.372 0 59.128
Payables to related parties 661.993 661.993 625.324 0 0 625.324
Trade payables 256.398 256.398 256.398 0 0 256.398
Other payables 358.468 358.468 294.048 64.420 0 358.468
Financial liabilities measured at amortised cost 1.361.935 1.361.935 1.202.835 102.203 27.721 1.332.759
Derivative financial liabilities (level 2) 0 0 0 0 0 0
Financial derivaties used for hedging purposes 0 0 0 0 0 0
Total financial liabilities 1.361.935 1.361.935 1.202.835 102.203 27.721 1.332.759
PARENT COMPANY
2025
Carrying
amount Fair value 0-1 years 1-5 years > 5 years
Total cash
flow
Trade receivables
195.016 195.016 195.016 0 0 195.016
Receivables from related parties
571.089 571.089 15.339 63.447 708.519 787.305
Other receivables
8.376 8.376 8.376 0 0 8.376
Cash in hand and in bank
9.602 9.602 9.602 0 0 9.602
Receivables measured at amortised cost 784.083 784.083 228.333 63.447 708.519 1.000.299
Derivative financial assets (level 2)
5.290 5.290 5.290 0 0 5.290
Financial derivaties used for hedging purposes 5.290 5.290 5.290 0 0 5.290
Total financial assets 789.373 789.373 233.623 63.447 708.519 1.005.589
Lease liabilities 1.006 1.006 806 226 0 1.032
Payables to related parties 916.339 916.339 842.218 5.688 96.493 944.398
Trade payables 29.766 29.766 29.766 0 0 29.766
Other payables 211.081 211.081 164.936 46.145 0 211.081
Financial liabilities measured at amortised cost 1.158.191 1.158.191 1.037.725 52.059 96.493 1.186.277
Contingent consideration (level 3)
0 0 0 0 0 0
Financial derivaties used for hedging purposes 0 0 0 0 0 0
Total financial liabilities 1.158.191 1.158.191 1.037.725 52.059 96.493 1.186.277
Non-contractual items such as accruals and dererred income are excluded from other receivables and other debt.
Due to the short term nature of trade receivables and trade payables as well as other receivables and other debt falling due within 1
year, their carrying amount are considered to be approximately the same as their fair value.
57
28 FINANCIAL ASSETS AND LIABILITIES (TDKK)
(Continued)
PARENT COMPANY
2024
Carrying
amount Fair value 0-1 years 1-5 years > 5 years
Total cash
flow
Trade receivables
169.738 169.738 169.738 0 0 169.738
Receivables from related parties
621.525 621.525 11.364 362.093 407.837 781.294
Other receivables
2.901 2.901 2.901 0 0 2.901
Cash in hand and in bank
1.544 1.544 1.544 0 0 1.544
Receivables measured at amortised cost 795.708 795.708 185.547 362.093 407.837 955.477
Derivative financial assets (level 2)
1.327 1.327 1.327 0 0 1.327
Financial derivaties used for hedging purposes 1.327 1.327 1.327 0 0 1.327
Total financial assets 797.035 797.035 186.874 362.093 407.837 956.804
Lease liabilities 1.942 1.942 1.085 938 0 2.023
Payables to related parties 810.638 810.638 750.125 13.243 76.365 839.733
Trade payables 26.057 26.057 26.057 0 0 26.057
Other payables 222.396 175.277 175.277 47.119 0 222.396
Financial liabilities measured at amortised cost 1.061.033 1.013.914 952.544 61.300 76.365 1.090.209
Contingent consideration (level 3)
0 0 0 0 0 0
Financial derivaties used for hedging purposes 0 0 0 0 0 0
Total financial liabilities 1.061.033 1.013.914 952.544 61.300 76.365 1.090.209
58
29
FINANCIAL RISKS (TDKK)
GROUP RISK MANAGEMENT
RAW MATERIAL PRICE RISK
The raw material risk for the Group is considered medium and the potential impact high on both the Groups results and equity.
The following table shows the groups and parent companies sensitivity to changes in raw material prices of cores:
CONSOLIDATED
Change 2025 2024
Revenue +5% 41.001 40.144
Profit for the year/Equity +5% 26.665 23.969
The opposite effect will impact revenue and profit for the year/equity per a 5% decrease in the raw material prices.
PARENT COMPANY
Change 2025 2024
Revenue +5% 32.304 32.051
Profit for the year/Equity +5% 22.651 20.318
The opposite effect will impact revenue and profit for the year/equity per a 5% decrease in the raw material prices.
FOREIGN CURRENCY RISK
BA Group actively monitors and manages financial risks to which the Group is exposed through its operations, investments and
financing activities. The financial risk management covers all areas of the business such as raw material price risk, foreign exchange
risk, interest rate risk, credit risk, liquidity risk and the capital structure of the Group.
As a main rule, BA Group hedges significant foreign exchange risks regarding in- and out going payments in foreign currencies in
accordance with the Group hedging policy. The sensitivity analysis shows the impact on the income statement and equity from likely
changes in the exchange rates for the currencies where a risk is identified.
The raw material risk relates to the risk of changes in the market prices of raw materials, the cores, to which BA Group is exposed. The
development in raw material prices not only affect the direct cost of purchasing the cores for production, but also the value of the net
core liability to customers accounted for in the balance sheet.
A reduction in the core market price will result in a short term loss for the Group due to the change in the purchase obligation to the
customers, but will in the longer perspective reduce the cost price of the raw materials thus affecting the result positively. The opposite
is also applicable.
The potential impact on the financial results may be of a significant size, since the price change of the cores can not immediately be
transferred to the sales prices. The development of the prices in the unregulated core market are therefore monitered continously and
closely, since the timing of the core purchases are of the essence, both in regards to the required quantities and prices. The skills and
market knowledge of the core purchasers are thus very crucial to reduce this raw material price risk.
BA Group´s presentation currency is DKK, but a large part of the Groups activities and investments is dominated in other currencies.
The Group is with reference to the high intercompany trading of both cores and finished goods therefore exposed to the exchange rate
risk when trading in PLN, EUR and GBP respectively and as well exposed to the USD when purchasing finished goods from China.
Consequently there is an inherent risk of exchange rate fluctuations impacting both profits and the financial position in DKK.
59
29 FINANCIAL RISKS (TDKK)
(Continued)
CONSOLIDATED
Currency
Securities and
cash/
equivalents Receivables Debt
Net position
before
hedging
Hedged by
financial
instruments
Net position
after hedging
EUR / DKK 2.208 505.908 -1.020.804 -512.688 0 -512.688
EUR / GBP 6.447 21.727 -2.849 25.325 0 25.325
EUR / PLN 1.773 36.950 -37.297 1.426 0 1.426
EUR / TND 0 9.851 -8.907 944 0 944
PLN / DKK 12.078 281.624 -374.503 -80.801 81.243 442
PLN/EUR 853 9.231 -40.567 -30.483 0 -30.483
GBP / DKK 313 14.991 -45.698 -30.394 0 -30.394
GBP / EUR 831 14.585 -5.147 10.269 0 10.269
USD /DKK 1.377 0 -16.276 -14.899 12.690 -2.209
NOK / DKK 0 -979 -5.059 -6.038 0 -6.038
USD / PLN 302 0 -22.506 -22.204 0 -22.204
USD / EUR 0 0 -20.695 -20.695 0 -20.695
Currency
Securities and
cash/
equivalents Receivables Debt
Net position
before
hedging
Hedged by
financial
instruments
Net position
after hedging
EUR / DKK 171 485.523 -607.578 -121.884 0 -121.884
EUR / GBP 59 21.495 -9.867 11.687 0 11.687
GBP / DKK 400 22.315 -21.183 1.532 0 1.532
PLN / DKK 1.992 320.462 -148.005 174.449 51.432 225.881
USD /DKK 582 0 -17.758 -17.176 27.174 9.998
NOK / DKK 0 1.560 -7.142 -5.582 0 -5.582
USD / PLN 1 0 -5.200 -5.199 0 -5.199
USD / EUR 1 0 -20.852 -20.851 0 -20.851
GBP / EUR 0 10.977 0 10.977 0 10.977
Sensitivity of currency risk
Change 2025 2024
PLN/DKK + 5% -17 -717
GBP/EUR + 5% -400 -427
GBP/DKK + 5% 1.185 -646
EUR /GBP + 5% -988 -865
EUR/TND + 5% -37 701
USD/PLN + 5% #N/A 1.076
USD /EUR + 5% #N/A 1.472
To measure currency risk in accordance with IFRS 7, sensitivity is calculated as the change in fair value of future cash flow from
financial instruments as a result of fluctuations in exchange rates at the Balance Sheet date. Below analysis includes the effect on profit
after tax on a 5% increase in the exchange rates, all other things being equal. A 5% decrease are expected to have a corresponding
inverse effect.
The foreign exchange risk is considered low, but the potential impact on profits /(losses) and financial position are considered medium.
The group's foreign exchange risks recognised in the balance sheet at 31 December 2024:
The Group's significant foreign exchange risks recognised in the balance sheet at 31 December 2025:
Below for both BA Group and the parent company is illustrated the most significant foreign exchange exposures at year-end:
The largest currency risk exposures for the BA Group and the Parent Company is the purchase of goods from the subsidiary in Poland in
PLN as well as the purchase of finished goods from China in USD by the Newman business. As a safeguard to this exposure a “rolling”
hedge strategy is applied by the Group Management, where the expected requirements of PLN and USD on a rolling 12 months basis is
hedged. EUR cash flows are not hedged due to the Danish fixed exchange rate policy against EUR, while the GBP exposure relates
mainly to internal sales of a more limited size and are therefore not hedged.
The parent company also incur the foreign exchange risk related to Intercompany loans with subsidiaries which are in the local currency
of the subsidiaries and the risk relate to the net investments in foreign subsidiaries. This risk is not hedged.
Due to the DKK being fixed to the EUR, significant fluctuations on this exposure are not included in the sensitivity analysis below, since
it is considered immaterial.
60
29 FINANCIAL RISKS (TDKK)
(Continued)
Currency
Securities and
cash/
equivalents Receivables Debt
Net position
before
hedging
Hedged by
financial
instruments
Net position
after hedging
EUR / DKK 2 466.603 -809.649 -343.044 0 -343.044
GBP / DKK 3 14.716 -45.687 -30.968 0 -30.968
NOK / DKK 0 -979 -5.059 -6.038 0 -6.038
CNY / DKK 4 0 -54 -50 0 -50
PLN / DKK 9.487 281.624 -374.474 -83.363 81.243 -2.120
Currency
Securities and
cash/
equivalents Receivables Debt
Net position
before
hedging
Hedged by
financial
instruments
Net position
after hedging
EUR / DKK 3 446.747 -541.041 -94.291 0 -94.291
GBP / DKK 3 20.734 -21.183 -446 0 -446
USD /DKK 0 0 -1.660 -1.660 0 -1.660
NOK / DKK 0 1.560 -7.142 -5.582 0 -5.582
PLN / DKK 694 320.462 -147.863 173.293 51.432 224.725
Sensitivity of currency risk
Change 2025 2024
PLN/ DKK +5% 83 -700
GBP/ DKK +5% 1.208 -595
INTEREST RATE RISK
CONSOLIDATED
Change 2025 2024
Profit for the year +1% -5.813 -5.489
Equity +1% -5.813 -5.489
The opposite effect will impact revenue and profit for the year/equity per a 5% decrease in the interest rates.
BA Groups interest rate risk related to interest-bearing debt and interest-bearing assets. The Groups interest-bearing assets and debt
relates mainly to deposits and borrowings with the parent company (Schouw & Co.) in the form of cash-pool accounts and to a minor
extent to deposits or borrowings with local external banks as well as leasing obligations towards external leasing companies and
mortgage debt. As of 31 December 2025 interest-bearing assets amounted to TDKK 30.725 (2024: TDKK 22.105) and interest-bearing
debt of TDKK 762.458 (2024: TDKK 713.166).
PARENT COMPANY
The Parent Company's significant foreign exchange risks recognised in the balance sheet at 31 December 2025:
The Parent Company´s foreign exchange risks recognised in the balance sheet at 31 December 2024:
Below analysis includes the effect on profit after tax on a 5% increase in the exchange rates for the Parent company, all other things
being equal. A 5% decrease are expected to have a corresponding inverse effect.
Due to the DKK being fixed to the EUR, significant fluctuations on this exposure are not included in the sensitivity analysis below.
Below tables shows the sensitivity to changes in the interest rates as per Net Interest-bearing debt (NIBD) balance as per 31
The interest rate risk is not hedged, but the risk and threat is considered medium, primarily as a result of the financing of the activities in
Poland.
61
29 FINANCIAL RISKS (TDKK)
(Continued)
PARENT COMPANY
Change 2025 2024
Profit for the year +1% 1.837 1.023
Equity +1% 5.594 5.310
CREDIT RISK
Trade receivables can be specified as follows:
2025 2024 2025 2024
Not overdue 191.758 238.291 141.223 154.993
Due below 30 days 53.121 26.855 38.606 13.650
Due between 31 and 90 days 17.014 7.537 12.410 724
Due above 90 days 18.173 3.336 2.777 371
Trade receivables before allowance 280.066 276.019 195.016 169.738
Impairment -8.327 -7.838 0 0
Total trade receivables 271.739 268.181 195.016 169.738
97,0% 97,2% 100,0% 100,0%
Impairment rate
3,0% 2,8% 0,0% 0,0%
Impairment losses on trade receivables 2025 2024 2025 2024
Impairment losses at 1 January -7.838 -7.467 0 -172
Exchange rate adjustment -17 -9 0 0
Impairment losses during the year -520 -730 -1 212
Realised loss 48 368 1 -40
Impairment losses at 31 December -8.327 -7.838 0 0
The overall credit risk of the BA Group is considered to be low.
The parent company have large receivable intercompany loans with subsidiaries which impact the profit before tax positively and thus
offset the negative impact of changes in interest rates.
CONSOLIDATED PARENT COMPANY
Proportion of the total receivables which is
expected to be settled
The risk credit risk related to deposits on the cash pool accounts with Schouw & Co. via Danske bank as well as receviables from the
subsidiaries by the parent company are considered low.
CONSOLIDATED PARENT COMPANY
The impairment of TDKK 8.327 (consolidated) relates primarily to trade receivables due above 30 and 90 days with the Newman
business.
BA Group is exposed to credit risks arising from receivables and from balances with banks including derivative financial instruments.
Risks related to receivables are primarily with reference to external customers not fullfilling their contractual obligations. Credit risk
with banks occur when it is uncertain whether the bank is capable of settling its obligations when due towards the Group.
The credit risk in relation to customers (trade receivables) is countered by Group policy, with effective management of customer credit
and thorough regular analyses based on customer type, country, and specific conditions. Generally, customers are creditworthy and
historically only a small and insignificant losses has been realized. Additionally external credit insurance are generally used on all
customers if possible, which together with the possibility to offset outstanding deposits (core liability) on the outstanding amounts from
customers reduces the risk of losses significantly on a large part of the cusotmer base. The risk of losses is therefore considered low
which is illustrated by the very insignificant losses incurred.
62
29 FINANCIAL RISKS
(Continued)
LIQUIDY RISK
CAPITAL STRUCTURE
30 DERIVATIVE FINANCIAL INSTRUMENTS (TDKK)
CONSOLIDATED
Currency Period 2025 2024 2025 2024 2025 2024
PLN/EUR 0-1 year 165.500 230.000 4,3546 4,4112 5.289 1.326
USD/EUR 0-1 year 10.000 10.000 1,1635 0,9070 -1.356 2.536
Tax -864 -849
Total after tax 3.069 3.013
PARENT COMPANY
Currency Period 2025 2024 2025 2024 2025 2024
PLN/EUR 0-1 year 165.500 230.000 4,3546 4,4112 5.289 1.326
Tax -1.164 -292
Total after tax 4.125 1.034
The BA Group Management monitors the capital structure of all legal entities within the Group and takes adequate measures to ensure
it is capitalised in the best interest of the Group and its shareholders. The overall objective is to ensure a continued development and of
BA Group which support the Groups strategy and growth ambitions.
BA Group uses forward contracts to hedge specific currency exposure related to the purchase of raw materials (cores) and finished
goods. Hedging contracts are not entered into for speculative purposes, but are only used to reduce the exposure to changes in
exchange rates relates to purchase or sales transactions.
Contractual value in
currency Average price
Gains and losses recognized in
the equity
Gains and losses recognized in
the equity
Contractual value in
currency Average price
It is the Management´s opinion that the Group has suffcient financial ressources to settle its oustanding obligations as they become
due, and the liquidity risk of BA Group is considered to be low.
At year-end 2025 the Groups liquidity reserve consist of both cash at hand, deposits at credit institutions, mortgage debt and cash pool
accounts which amount to TDKK 147.995, of which TDKK 61.239 are cash-pool deposits. Based on the available facilities from the
ultimate parent company Schouw & Co., sufficient liquidity is consired to be in place.
BA Group is predominately financed by resources of the parent company Schouw & Co. as well as a number of committed and to a
lesser extent uncommitted credit facilities.The available facilities are continuously reviewed and the ultimate parent company Schouw
& Co. provides the adequate funds required for the Group to support the BA Group.
Liquidity is managed centrally and is continously monitored and assesed, to ensure that financial ressources are availables in all BA
Group companies at any given time.
63
2025 2024 2025 2024
Guarantees
As security for the engagement with mortgage institutions, mortgage
deeds have been issued with a total value at year-end of 33.710 33.710 33.710 33.710
The value of the related assets amounts to the following 57.402 58.516 57.402 59.975
Debt to the mortgage-institution at year-end amounted to 30.979 32.279 30.979 32.279
Borg Automotive A/S have issued a mortgage deed, which is in the
possession of the company. The mortgage deed amounts to: 35.000 35.000 35.000 35.000
Borg Automotive A/S have issued a guarantee towards HMRC in UK
related to postponed VAT accounting, a total of TGBP 900. The
guarantee in TDKK amounts to: 7.719 8.094 7.719 8.094
As security for the engagement with an external supplier a subsidiary
in BA Group have issued a bankguarantee of TEUR 270 with a total
value at year-end of: 2.016 2.013 0 0
2025 2024 2025 2024
The following amount was drawn on the credit facilties as mentioned
above at year-end 704.155 654.023 694.770 648.098
Contractual commitments
BA Group have commited to the purchase of assets in the next year of
the following amounts: 0 1.758 0 0
A subsidiary in the Group have entered into an agreement with a third-
party regarding packaging operations in Poland. At year-end the
obligation amounts to: 4.674 525 0 0
CONTINGENT LIABILITIES AND GUARANTEES
(TDKK)
31
CONSOLIDATED PARENT COMPANY
The company is predominately financed by resources of the parent company Schouw & Co. as well as a number of committed and to a
lesser extent uncommitted credit facilities.
The parent company’s source of financing is primarily composed of a syndicated banking facility, which in December 2020 was
refinanced with a total facility framework of DKK 3,275 million. The facility expires April 2027 and has an outstanding of DKK 1.145
million.
In April 2019 and in November 2023, Schouw & Co. issued Schuldschein transactions of EUR 136 million, and EUR 225 million. The
amount outstanding on the Schuldscheins is EUR 58 million (DKK 359 million) which expires in April 2026, November 2026,
November 2028 and November 2030.
In December 2021, a loan was established for a total of DKK 400 million with Nordic Investment Bank for specific capacity and
development investments. The loan is amortizing and has an outstanding of DKK 267 million and expires in December 2028.
In June 2024, Schouw & Co. issued a bond in the Norwegian bond market with a nominal value of NOK 1,300 million. The bond was
further supplemented with an additional NOK 500 million in September 2024 to a total of NOK 1,800 million (DKK 1,161 million). To
eliminate any currency risk, the nominal amount and all future interest payments is swapped to DKK.
In 2025, Schouw & Co. established a series of term loans totaling DKK 1,500 million with expiry in April 2027.
The company, like other major subsidiaries in Schouw & Co., co-guarantees the aforementioned facilities totaling DKK 6,561 million,
where of DKK 4,432 million is utilized per 31/12-2025.
CONSOLIDATED PARENT COMPANY
64
31
CONTINGENT LIABILITIES AND GUARANTEES
(Continued)
Joint taxation liability
32
RELATED PARTIES (TDKK)
2025 2024 2025 2024
Sale of goods to subsidiaries
0 0 224.392 252.608
Purchase of goods from subsidiaries
0 0 1.078.055 1.084.156
Sales of services to subsidiaries
0 0 60.679 48.783
Purchase of services from subsidiaires
0 0 15.252 12.892
Sales of fixed assets to suibsidiaries
0 0 0 31
Purchase of research and development from subsidiaries
0 0 16.935 16.827
Royalty income from subsidiaries
0 0 2.126 2.888
Royalty payment to subsidaries 0 0 0 10.140
Sales storage financing
0 0 45 0
Storage financing
0 0 31.231 32.112
Interests paid to subsidiaries
0 0 4.156 3.213
Interests paid to parent company
46.355 46.435 45.834 45.841
Interests received from subsidiaries
0 0 39.002 40.407
Interests received from parent company
626 1.024 3 17
Management fee paid to parent company
2.600 2.000 2.600 2.000
Dividend received from subsidiaries
0 0 0 7.457
Receivables from subsidiaries
0 0 571.089 621.525
Payables to subsidiaires
0 0 221.569 162.540
Payables to parent company
673.568 625.324 694.770 648.098
Borg Automotive A/S is jointly taxed with the other danish companies of Schouw & Co. Group. According to the joint taxation provisions
of the Danish Corporation Tax Act, the company is therefore liable for income taxes etc. for the jointly taxed companies and also for
obligations, if any, relating to the withholding of tax on interest, royalties and dividends for these companies. Schouw & Co. serves as
the administration company in a Danish joint taxation agreement.
The consolidated financial accounts for Schouw & Co. is publicly available and can be aquired at the following website:
www.schouw.dk
The Parent Company of BA Group, Borg Automotive A/S is owned 100% by Aktieselskabet Schouw & Co.
Additionally members of the Board of Directors, Executive management as well as their familiy members are considered related parties.
Furthermore, related parties are companies in which the above mentioned group of people has significant interests.
Transactions between companies within the BA Group and other entities within the Schouw & Co. Group are included below:
CONSOLIDATED PARENT COMPANY
The consolidated figures of BORG Automotive Group is included in the consolidated financial statements of the ultimate parent
company Aktieselskabet Schouw & Co., Aarhus, Denmark, CVR no: 63 96 58 12.
All companies within the Schouw & Co.Group including BA Group companies are considered related parties.
65
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2025-01-012025-12-312024-01-012024-12-31549300MDSIE3MD0RSU02Reporting class C, medium-size enterpriseOpinionBasis for Opinionmne23328mne23333549300MDSIE3MD0RSU022025-01-012025-12-31cmn:ConsolidatedMember549300MDSIE3MD0RSU022025-01-012025-12-31549300MDSIE3MD0RSU022024-01-012024-12-31549300MDSIE3MD0RSU022025-12-31549300MDSIE3MD0RSU022024-12-31549300MDSIE3MD0RSU022023-12-31549300MDSIE3MD0RSU022024-12-31ifrs-full:IssuedCapitalMember549300MDSIE3MD0RSU022025-01-012025-12-31ifrs-full:IssuedCapitalMember549300MDSIE3MD0RSU022025-12-31ifrs-full:IssuedCapitalMember549300MDSIE3MD0RSU022024-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300MDSIE3MD0RSU022025-01-012025-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300MDSIE3MD0RSU022025-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300MDSIE3MD0RSU022024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300MDSIE3MD0RSU022025-01-012025-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300MDSIE3MD0RSU022025-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300MDSIE3MD0RSU022024-12-31ifrs-full:RetainedEarningsMember549300MDSIE3MD0RSU022025-01-012025-12-31ifrs-full:RetainedEarningsMember549300MDSIE3MD0RSU022025-12-31ifrs-full:RetainedEarningsMember549300MDSIE3MD0RSU022024-12-31BOR:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember549300MDSIE3MD0RSU022025-01-012025-12-31BOR:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember549300MDSIE3MD0RSU022025-12-31BOR:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember549300MDSIE3MD0RSU022023-12-31ifrs-full:IssuedCapitalMemberifrs-full:PreviouslyStatedMember549300MDSIE3MD0RSU022023-12-31ifrs-full:IssuedCapitalMember549300MDSIE3MD0RSU022024-01-012024-12-31ifrs-full:IssuedCapitalMember549300MDSIE3MD0RSU022023-12-31ifrs-full:ReserveOfCashFlowHedgesMemberifrs-full:PreviouslyStatedMember549300MDSIE3MD0RSU022023-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300MDSIE3MD0RSU022024-01-012024-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300MDSIE3MD0RSU022023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMemberifrs-full:PreviouslyStatedMember549300MDSIE3MD0RSU022023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300MDSIE3MD0RSU022024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300MDSIE3MD0RSU022023-12-31ifrs-full:RetainedEarningsMemberifrs-full:PreviouslyStatedMember549300MDSIE3MD0RSU022024-12-31ifrs-full:RetainedEarningsMemberifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember549300MDSIE3MD0RSU022023-12-31ifrs-full:RetainedEarningsMember549300MDSIE3MD0RSU022024-01-012024-12-31ifrs-full:RetainedEarningsMember549300MDSIE3MD0RSU022023-12-31BOR:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMemberifrs-full:PreviouslyStatedMember549300MDSIE3MD0RSU022023-12-31BOR:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember549300MDSIE3MD0RSU022024-01-012024-12-31BOR:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember549300MDSIE3MD0RSU022023-12-31ifrs-full:PreviouslyStatedMember549300MDSIE3MD0RSU022024-12-31ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember549300MDSIE3MD0RSU022025-01-012025-12-31cmn:ConsolidatedMember1549300MDSIE3MD0RSU022025-01-012025-12-31cmn:ConsolidatedMember1549300MDSIE3MD0RSU022025-01-012025-12-31cmn:ConsolidatedMember2549300MDSIE3MD0RSU022025-01-012025-12-31cmn:ConsolidatedMember3549300MDSIE3MD0RSU022025-01-012025-12-31cmn:ConsolidatedMember4549300MDSIE3MD0RSU022025-01-012025-12-31cmn:ConsolidatedMember1549300MDSIE3MD0RSU022025-01-012025-12-31cmn:ConsolidatedMember2549300MDSIE3MD0RSU022024-01-012024-12-31cmn:ConsolidatedMemberiso4217:DKKxbrli:pure