Interim report
Page 1
Danish Aerospace and Defence Company A/S Hvidkærvej 31 A, Højme, DK-5250 Odense SV Interim Financial Statements for the period 1 January - 30 June 2026 CVR No 12 42 42 48
Page 2
Contents Page Management’s Statement and Auditor’s Report Management’s Statement 1 Practitioner’s Statement on Compilation of Financial Statements 2 Company Information Company Information 3 Interim Financial Statements Income Statement 1 January - 30 June 4 Balance Sheet 30 June 5 Statement of Changes in Equity 7 Cash Flow Statement 1 January - 30 June 8 Notes to the Interim Financial Statements 9
Page 3
Management’s Statement 1 The Executive Board and Board of Directors have today considered and adopted the Interim Financial Statements of Danish Aerospace and Defence Company A/S for the period 1 January - 30 June 2026. In our opinion the Interim Financial Statements have been prepared in accordance with the recognition and measurement criteria of the Danish Financial Statements Act and the disclosure and presentation re- quirements established by the Board of Directors. In our opinion the Interim Financial Statements give a true and fair view of the financial position at 30 June 2026 of the Company and of the results of the Company operations and cash flows for the period. Odense, 24 August 2026 Executive Board Thomas Axel Esbern Andersen Board of Directors Niels Thomas Heering Tim Sloth Jørgensen Steen Michael Lynenskjold Chairman James Vernon Zimmerman
Page 4
Practitioner’s Statement on Compilation of Financial 2 Statements To the Management of Danish Aerospace and Defence Company A/S We have compiled the Financial Statements of Danish Aerospace and Defence Company A/S for the period 1 January - 30 June 2026 on the basis of the Enterprise’s accounting records and other information you have provided. The Interim Financial Statements comprise income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies. We performed our work in accordance with ISRS 4410, Engagements to Compile Financial Information. Based on our professional expertise, we have assisted you with the preparation and presentation of the Interim Financial Statements in accordance with the Danish Financial Statements Act. We have complied with relevant provisions of the Danish Act on Approved Auditors and Audit Firms and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code), including the principles of integrity, objectivity, professional competence and due care. The Interim Financial Statements and the accuracy and completeness of the information forming the basis of the compilation of the Interim Financial Statements are your responsibility. As an engagement to compile financial information is not an assurance engagement, we are under no duty to verify the accuracy or completeness of the information you provided to us to compile the Interim Financial Statements. Accordingly, we express no audit opinion or review opinion as to whether the Inte- rim Financial Statements have been prepared in accordance with the Danish Financial Statements Act. Odense, 24 August 2026 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab CVR No 33 77 12 31 Henrik Kyhnauv State Authorised Public Accountant Claus Damhave State Authorised Public Accountant
Page 5
Company Information 3 The Company Danish Aerospace and Defence Company A/S Hvidkærvej 31 A Højme DK-5250 Odense SV CVR No: 12 42 42 48 Financial period: 1 January - 30 June Municipality of reg. office: Odense Board of Directors Niels Heering, Chairman Tim Sloth Jørgensen Steen Michael Lynenskjold James Vernon Zimmerman Executive Board Thomas Axel Esbern Andersen Auditors PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Munkebjergvænget 1, 3. og 4. sal DK-5230 Odense M
Page 6
Income Statement 1 January - 30 June 4 Note 1/1-2026 - 1/1-2025 - 6/30-2026 6/30-2025 DKK DKK Revenue 8,226,451 9,775,062 Work on own account recognised in assets 1,076,424 782,885 Other operating income 69,183 284,451 Expenses for raw materials and consumables -931,367 -529,775 Other external expenses -2,693,198 -2,424,210 Gross profit/loss 5,747,493 7,888,413 Staff expenses 3 -7,747,245 -7,465,220 Profit/loss before interest, taxes, depreciation and amortization (EBITDA) -1,999,752 423,193 Depreciation, amortisation and impairment of intangible assets and property, plant and equipment -208,910 -227,408 Profit/loss before financial income and expenses (EBIT) -2,208,662 195,785 Income from investments in associates -26,985 8,678 Financial income 4 7,220 97,813 Financial expenses 5 -743,623 -1,035,888 Profit/loss before tax -2,972,050 -733,612 Tax on profit/loss for the period 6 647,914 163,304 Net profit/loss for the period -2,324,136 -570,308 Distribution of profit/loss Proposed distribution of profit/loss Retained earnings -2,324,136 -570,308 -2,324,136 -570,308
Page 7
Balance Sheet 30 June 5 Assets Note 6/30-2026 6/30-2025 12/31-2025 DKK DKK (audited) DKK Completed development projects 87,978 162,732 125,356 Acquired patents 1,221,320 1,355,368 1,199,814 Development projects in progress 11,240,817 4,702,470 10,164,392 Intangible assets 7 12,550,115 6,220,570 11,489,562 Other fixtures and fittings, tools and equipment 383,917 501,302 397,839 Leasehold improvements 153,648 225,307 189,477 Property, plant and equipment 8 537,565 726,609 587,316 Investments in associates 9 0 15,737 22,558 Fixed asset investments 0 15,737 22,558 Fixed assets 13,087,680 6,962,916 12,099,436 Trade receivables 11,314,631 4,251,264 9,237,858 Contract work in progress 10 4,248,438 11,986,600 5,542,230 Receivables from group enterprises 0 4,047,676 0 Receivables from associates 0 27,707 0 Other receivables 516,828 440,158 681,563 Corporation tax 0 0 0 Prepayments 127,890 241,212 122,041 Receivables 16,207,787 20,995,617 15,583,782 Cash at bank and in hand 12,557 200,143 53,634 Currents assets 16,220,344 21,195,760 15,637,416 Assets 29,308,024 28,158,676 27,736,852
Page 8
Balance Sheet 30 June 6 Liabilities and equity Note 6/30-2026 6/30-2025 12/31-2025 DKK DKK (audited) DKK Share capital 1,922,002 1,098,287 1,098,287 Reserve for development costs 8,836,460 3,794,857 8,026,003 Reserve for foreign currency translation 0 -281,622 0 Retained earnings 12,160,811 3,189,561 -4,411,531 Equity 22,919,273 7,801,083 4,712,759 Provision for deferred tax 409,985 1,273,095 1,057,900 Provisions 409,985 1,273,095 1,057,900 Other payables 1,210,312 1,242,862 1,210,312 Long-term debt 1,210,312 1,242,862 1,210,312 Credit institutions 1,149,588 13,122,939 13,448,916 Payables to associates 254,001 0 348,879 Trade payables 2,062,066 2,280,489 2,608,956 Other payables 1,302,799 938,208 4,349,130 Short-term debt 4,768,454 17,841,636 20,755,881 Debt 5,978,766 19,084,498 21,966,193 Liabilities and equity 29,308,024 28,158,676 27,736,852 Subsequent events 1 Key activities 2 Contingent assets, liabilities and other financial obligations 13 Accounting Policies 14
Page 9
Statement of Changes in Equity 7 Share capital Share premium Reserve for development costs Retained earnings Total DKK DKK DKK DKK DKK Equity at 1 January 1,098,287 0 8,026,003 -4,411,531 4,712,759 Capital increase 823,715 23,887,747 0 0 24,711,462 Costs related to the share issue 0 0 0 -4,180,812 -4,180,812 Development costs for the period 0 0 839,611 -839,611 0 Depreciation, amortisation and impairment for the period 0 0 -29,154 29,154 0 Transfer from share premium 0 -23,887,747 0 23,887,747 0 Net profit/loss for the period 0 0 0 -2,324,136 -2,324,136 Equity at 30 June 1,922,002 0 8,836,460 12,160,811 22,919,273
Page 10
Cash Flow Statement 1 January - 30 June 8 Note 1/1-2026 - 1/1-2025 - 6/30-2026 6/30-2025 DKK DKK Net profit/loss for the period -2,324,136 -570,308 Adjustments 11 115,474 994,905 Change in working capital 12 -4,254,131 -386,356 Cash flows from operating activities before financial income and expenses -6,462,793 38,241 Financial income 7,220 97,813 Financial expenses -743,623 -1,035,888 Cash flows from operating activities -7,199,196 -899,834 Purchase of intangible assets -1,134,429 -894,095 Purchase of property, plant and equipment -85,283 -36,635 Cash flows from investing activities -1,219,712 -930,730 Change in loans from credit institutions -12,299,328 -300,822 Change in loans to group enterprises 0 55,592 Change in loans from owners and Management 0 1,500,000 Capital increase after costs related to share issue 20,530,650 478,561 Cash flows from financing activities 8,231,322 1,733,331 Change in cash and cash equivalents -187,586 -97,233 Cash and cash equivalents at 1 January 200,143 297,379 Cash and cash equivalents at 30 June 12,557 200,143 Cash and cash equivalents are specified as follows: Cash at bank and in hand 12,557 200,143 Cash and cash equivalents at 30 June 12,557 200,143
Page 11
Notes to the Interim Financial Statements 9 1 Key activity Danish Aerospace and Defence Company A/S has since 1988 developed innovative technological solutions for human exploration in space and is today a leading company in training equipment and health monitoring for astronauts. The activities include design, development and manufacturing of mission critical medical monitoring and exercise equipment, as well as support activities in connection with preparation for and implementation of human space flight. Danish Aerospace and Defence Company A/S has in recent years begun to apply its capabilities to keeping humans in shape in space to other extreme environments including those involving defence and emergency preparedness applications. 2 Special items On 19 March 2026, the Company launched a capital raise in the form of a fully guaranteed rights issue of gross proceeds of DKK 24.7 million with preemptive rights for existing shareholders. The offering was completed on 17 April 2026, and costs attributable to the share issue amounted to DKK 4.2 million and have been recognised directly in equity. As of 1 January 2025 the Company was merged with its daughter company Danish Aerospace Medical Company A/S. Expenses in the financial year from lawyers, auditors and external accountant related to this process amounts to TDKK 158 and have been recognised in the income statement for 2025. As the merger was adopted by the general assembly on 5 August 2025 the merger has not been recognised in the comparative figures for 1 January - 30 June 2025. 1/1-2026 - 1/1-2025 - 6/30-2026 6/30-2025 3 Staff expenses DKK DKK Wages and salaries 7,163,50 5 6,890,214 Pensions 470,999 461,625 Other social security expenses 112,741 113,380 Other staff expenses 0 0 7,747,245 7,465,219 Average number of employees 24 24 4 Financial income Other financial income 7,220 97,813 7,220 97,813
Page 12
Notes to the Interim Financial Statements 10 1/1-2026 - 1/1-2025 - 6/30-2026 6/30-2025 5 Financial expenses DKK DKK Other financial expenses 743,623 1,035,887 743,623 1,035,887 6 Tax on profit/loss for the period Current tax for the year 0 0 Deferred tax for the year -647,914 -163,304 -647,914 -163,304 7 Intangible assets Completed development Acquired Development projects in projects patents progress Total DKK DKK DKK DKK Cost at 1 January 4,717,765 1,444,912 10,164,392 16,327,069 Additions for the period 0 58,005 1,076,424 1,134,429 Cost at 30 June 4,717,765 1,502,919 11,240,817 17,461,498 Impairment losses and amortisation at 1 January 4,592,409 245,098 0 4,837,507 Amortisation for the period 37,377 36,499 0 73,876 Impairment losses and amortisation at 30 June 4,629,787 281,597 0 4,911,383 Carrying amount at 30 June 87,978 1,221,320 11,240,817 12,550,115
Page 13
Notes to the Interim Financial Statements 11 8 Property, plant and equipment Other fixtures and fittings, tools and Leasehold equipment improvements Total DKK DKK DKK Cost at 1 January 4,273,870 1,491,597 5,765,467 Additions for the period 85,283 0 85,283 Cost at 30 June 4,359,153 1,491,597 5,850,750 Impairment losses and depreciation at 1 January 3,876,031 1,302,120 5,178,151 Depreciation for the period 99,205 35,830 135,035 Impairment losses and depreciation at 30 June 3,975,236 1,337,950 5,313,186 Carrying amount at 30 June 383,917 153,647 537,564 6/30-2026 6/30-2025 12/31-2025 DKK DKK (audited) 9 Investments in associates DKK Cost at 1 January 40,00 0 40,000 40,000 Cost at 30 June 40,000 40,000 40,000 Value adjustments at 1 January -17,442 -32,941 -32,941 Net profit/loss for the period -26,98 5 8,678 15,499 Investments with negative net asset value amortised over receivables 4,427 Value adjustments at 30 June -40,000 -24,263 -17,442 Carrying amount at 30 June 0 15,737 22,558 Investments in associates are specified as follows: Place of registered Votes and Name office Share capital ownership Aquaporin Space Alliance ApS Odense, DK DKK 80,000 50%
Page 14
Notes to the Interim Financial Statements 12 6/30-2026 6/30-2025 12/31-2025 DKK DKK (audited) 10 Contract work in progress DKK Selling price of work in progress 72,905,669 89,789,675 72,861,361 Payments received on account -68,657,231 -77,803,075 -67,319,041 4,248,438 11,986,600 5,542,230 Recognised in the balance sheet as follows: Contract work in progress recognised in assets 4,248,438 11,986,600 5,542,230 Prepayments received recognised in debt 0 0 0 4,248,438 11,986,600 5,542,230 1/1-2026 - 1/1-2025 - 6/30-2026 6/30-2025 11 Cash flow statement - adjustments DKK DKK Financial income -7,220 -97,813 Financial expenses 743,623 1,035,887 Depreciation, amortisation and impairment losses, including losses and gains on sales 0 228,813 Income from investments in associates 26,985 -8,678 Tax on profit/loss for the period -647,914 -163,304 115,474 994,905 12 Cash flow statement - change in working capital Change in receivables -624,005 -1,216,732 Change in trade payables, etc -3,630,126 830,376 -4,254,131 -386,356
Page 15
Notes to the Interim Financial Statements 13 6/30-2026 6/30-2025 12/31-2025 (audited) DKK 13 Contingent assets, liabilities and other financial obligations DKK DKK Charges and security Credit facilities are secured by a mortgage on following assets: Corporate mortgage in the company's receivables, inventory, fixed assets, equipment and intangible fixed assets for a total of DKK 12.000k. The carrying amount of pledged assets for credit facilities amounts to 29,168,000 27,943,000 27,539,000 Contingent liabilities The Company has a rent obligation of DKK 316k in the period of interminabiliy. The Company has an accumulated lease obligation of DKK 104k. The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable by the Group amounts to DKK 0. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability.
Page 16
Notes to the Interim Financial Statements 14 14 Accounting Policies The Interim Financial Statements of Danish Aerospace and Defence Company A/S for the period 1 January - 30 June 2026 have been prepared in accordance with the accounting principles applied to the 2025 Annual report and the Interim financial statements for the period 1 January - 30 June 2025. The Interim Financial Statements for the period 1 January - 30 June 2026 are presented in DKK. Recognition and measurement Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the period are recognised in the income statement, including depre- ciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Interim Financial Statements which confirm or invalidate affairs and conditions existing at the balance sheet date. Leases Leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term.
Page 17
Notes to the Interim Financial Statements 14 Accounting Policies (continued) 15 Translation policies Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Income Statement Revenue Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the econo- mic benefits relating to the sale will flow to the Company. Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the period (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the econo- mic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract. Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service com- pleted for the period. This method is applied when to tal revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.
Page 18
Notes to the Interim Financial Statements 14 Accounting Policies (continued) 16 Expenses for raw materials and consumables Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expenses Other external expenses comprise expenses for premises, sales and distribution as well as office expenses, etc. Staff expenses Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment losses Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expenses Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets and property, plant and equipment. Income from investments in associates The item “Income from investments in associates” in the income statement includes the proportionate share of the profit/loss for the period. Financial income and expenses Financial income and expenses are recognised in the income statement at the amounts relating to the pe- riod. Tax on profit/loss for the period Tax for the period consists of current tax for the period and changes in deferred tax for the period. The tax attributable to the profit for the period is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with affiliated Danish companies. The tax effect of the joint taxation is allo- cated to enterprises in proportion to their taxable incomes.
Page 19
Notes to the Interim Financial Statements 14 Accounting Policies (continued) 17 Balance Sheet Intangible assets Development projects and patents Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enter- prise can be demonstrated, and where it is the intention to manufacture, market or use the project, are re- cognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the develop- ment costs. Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item “Reserve for development costs”. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amorti- sation of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 5-10 years. Patents are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use. Patents are amortised over the remaining patent period or a shorter useful life. The amortisation period is 20 years. Property, plant and equipment Property, plant and equipment are measured at cost less accumulated depreciation and less any accumu- lated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.
Page 20
Notes to the Interim Financial Statements 14 Accounting Policies (continued) 18 Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 5-8 years Leasehold improvements 8 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. Impairment of fixed assets The carrying amounts of intangible assets and property, plant and equipment are reviewed on an biannual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in associates Investments in associates are recognised and measured under the equity method. The item “Investments in associates” in the balance sheet includes the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses. The total net revaluation of investments in associates is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the associates. Associates with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions.
Page 21
Notes to the Interim Financial Statements 14 Accounting Policies (continued) 19 Receivables Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Contract work in progress Contract work in progress regarding service is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement. Where the selling price cannot be measured reliably, the selling price is measured at the lower of expen- ses incurred and net realisable value. Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative. Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred. Prepayments Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and inte- rest. Deferred tax assets and liabilities Deferred income tax is measured using the balance sheet liability method in respect of temporary differen- ces arising between the tax bases of assets and liabilities and their carrying amounts for financial repor- ting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimi- nation in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legisla- tion at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes
Page 22
Notes to the Interim Financial Statements 14 Accounting Policies (continued) 20 in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the de- ferred tax relates to items recognised in equity. Current tax receivables and liabilities Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the period adjusted for tax on taxable incomes for prior years and tax paid on account. Extra pay- ments and repayment under the on-account taxation scheme are recognised in the income statement in fi- nancial income and expenses. Financial debts Debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income Deferred income comprises payments received in respect of income in subsequent years. Cash Flow Statement The cash flow statement shows the Company´s cash flows for the period broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Company´s cash and cash equivalents at the beginning and end of the period. Cash flows from operating activities Cash flows from operating activities are calculated as the net profit/loss for the period adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impair- ment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible as- sets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.
Page 23
Notes to the Interim Financial Statements 14 Accounting Policies (continued) 21 Cash and cash equivalents Cash and cash equivalents comprise ”Cash at bank and in hand”. The cash flow statement cannot be immediately derived from the financial records.