|
XBRL-indsendelsesoplysninger
|
|
|
|
Indsender firma CVR-nummer
|
|
|
|
|
|
BUUS JENSEN, Statsautoriserede revisorer
|
Indsender firmaadresse gadenavn og husnummer
|
|
Indsender firmaadresse postnummer og by
|
|
|
Sidste regnskabsperiodes startdato
|
|
|
Sidste regnskabsperiodes slutdato
|
|
|
Regnskabsperiodens startdato
|
|
|
Regnskabsperiodens slutdato
|
|
|
Regnskabets godkendelsesdato
|
|
|
Regnskabsaflæggende firma CVR-nummer
|
|
|
Regnskabsaflæggende firma navn
|
|
|
Regnskabsaflæggende firmaadresse vejnavn
|
|
|
Regnskabsaflæggende firmaadresse vejnummer
|
|
Regnskabsaflæggende firmaadresse postnummer
|
|
Regnskabsaflæggende firmaadresse by
|
|
|
Regnskabsaflæggende firma stiftelsesdato
|
|
|
Revisionsvirksomhedens navn
|
|
BUUS JENSEN, Statsautoriserede revisorer
|
Revisionsvirksomhedens CVR-nummer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revisors adresse, vejnavn
|
|
|
Revisors adresse, vejnummer
|
|
|
Revisors adresse, postnummer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For- og efternavn på dirigenten på generalforsamlingen
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CaseWare fra Revisorgruppen Danmark
|
|
|
To ensure the greatest possible applicability of this document, IAS/IFRS English terminology has been used.
|
Please note that decimal points have not been used in the usual English way. This means that for instance DKK 146.940 means the amount of DKK 146,940, and that 23,5 % means 23.5 %.
|
|
|
|
|
IHM A/S · Annual report 2025
|
|
|
|
XBRL-indsendelsesoplysninger (fortsat)
Rapporteringsforpligtelser i henhold til erklæringsbekendtgørelsens § 7, stk. 2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resultatopgørelse (artsopdelt)
|
|
|
Bruttofortjeneste/-tab (§32)
|
|
|
|
|
|
|
Af- og nedskrivninger af materielle og immaterielle anlægsaktiver
|
|
|
|
|
|
|
Andre finansielle indtægter
|
|
|
Øvrige finansielle omkostninger
|
|
|
Ordinært resultat før skat
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overføres til/fra overført resultat
|
|
|
Overføres til øvrige reserver
|
|
|
|
|
|
|
Færdiggjorte udviklingsprojekter
|
|
|
Udviklingsprojekter under udførelse og forudbetalinger for immaterielle anlægsaktiver
|
|
|
Immaterielle anlægsaktiver i alt
|
|
|
Andre anlæg, driftsmateriel og inventar
|
|
|
Materielle anlægsaktiver i alt
|
|
|
|
|
|
|
Finansielle anlægsaktiver i alt
|
|
|
|
|
|
|
Råvarer og hjælpematerialer
|
|
|
|
|
|
|
Tilgodehavender fra salg og tjenesteydelser
|
|
|
Igangværende arbejder for fremmed regning
|
|
|
Tilgodehavende skat hos tilknyttede virksomheder
|
|
|
Periodeafgrænsningsposter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To ensure the greatest possible applicability of this document, IAS/IFRS English terminology has been used.
|
Please note that decimal points have not been used in the usual English way. This means that for instance DKK 146.940 means the amount of DKK 146,940, and that 23,5 % means 23.5 %.
|
|
|
|
|
IHM A/S · Annual report 2025
|
|
|
|
XBRL-indsendelsesoplysninger (fortsat)
Reserve for udviklingsomkostninger
|
|
|
|
|
|
|
|
|
|
|
Hensættelser til udskudt skat
|
|
|
Hensatte forpligtelser i alt
|
|
|
|
|
|
|
Langfristede gældsforpligtelser i alt
|
|
|
Gæld til pengeinstitutter
|
|
|
Modtagne forudbetalinger vedrørende igangværende arbejder for fremmed regning
|
|
|
Leverandører af varer og tjenesteydelser
|
|
|
Gæld til tilknyttede virksomheder
|
|
|
Skyldig selskabsskat til tilknyttede virksomheder
|
|
|
|
|
|
|
|
|
|
|
Periodeafgrænsningsposter
|
|
|
Kortfristede gældsforpligtelser i alt
|
|
|
|
|
|
|
|
|
|
|
Personaleomkostninger (artsopdelt)
|
|
|
|
|
|
|
|
|
Andre omkostninger til social sikring
|
|
|
Personaleomkostninger i alt
|
|
|
|
|
|
|
|
|
Andre finansielle omkostninger
|
|
|
|
|
|
|
Færdiggjorte udviklingsprojekter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Af-/nedskrivninger, primo
|
|
|
|
|
|
|
Af-/nedskrivninger, ultimo
|
|
|
Færdiggjorte udviklingsprojekter, ultimo
|
|
|
Udviklingsprojekter under udførelse og forudbetalinger for immaterielle anlægsaktiver
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To ensure the greatest possible applicability of this document, IAS/IFRS English terminology has been used.
|
Please note that decimal points have not been used in the usual English way. This means that for instance DKK 146.940 means the amount of DKK 146,940, and that 23,5 % means 23.5 %.
|
|
|
|
|
IHM A/S · Annual report 2025
|
|
|
|
XBRL-indsendelsesoplysninger (fortsat)
|
|
|
|
Udviklingsprojekter under udførelse og forudbetalinger for immaterielle anlægsaktiver, ultimo
|
|
|
Andre anlæg, driftsmateriel og inventar
|
|
|
|
|
|
|
|
|
|
|
|
|
Af-/nedskrivninger, primo
|
|
|
|
|
|
|
Af-/nedskrivninger, ultimo
|
|
|
Andre anlæg, driftsmateriel og inventar, ultimo
|
|
|
Igangværende arbejder for fremmed regning
|
Salgsværdi af periodens produktion
|
|
|
Modtagne acontobetalinger
|
|
|
Reserve for udviklingsomkostninger
|
|
|
|
|
Overført fra Overført resultat
|
|
|
|
|
|
|
|
|
To ensure the greatest possible applicability of this document, IAS/IFRS English terminology has been used.
|
Please note that decimal points have not been used in the usual English way. This means that for instance DKK 146.940 means the amount of DKK 146,940, and that 23,5 % means 23.5 %.
|
|
|
|
|
IHM A/S · Annual report 2025
|
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|
Vandtårnsvej 87, 2860 Søborg
|
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|
Company reg. no. 11 84 50 45
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|
1 January - 31 December 2025
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|
|
The annual report was submitted and approved by the general meeting on the 23 March 2026.
|
|
|
|
Contents
|
|
|
|
|
|
Independent auditor's report
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial statements 1 January - 31 December 2025
|
|
|
|
|
|
|
|
Statement of changes in equity
|
|
|
|
|
|
|
|
|
|
|
|
|
To ensure the greatest possible applicability of this document, IAS/IFRS English terminology has been used.
|
Please note that decimal points have not been used in the usual English way. This means that for instance DKK 146.940 means the amount of DKK 146,940, and that 23,5 % means 23.5 %.
|
|
|
|
|
IHM A/S · Annual report 2025
|
|
|
|
Management's statement
Today, the Board of Directors and the Managing Director have approved the annual report of IHM A/S for the financial year 1 January - 31 December 2025.
|
The annual report has been prepared in accordance with the Danish Financial Statements Act.
|
We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025.
|
Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review.
|
We recommend that the annual report be approved at the Annual General Meeting.
|
Søborg, 23 March 2026
Managing Director
Board of directors
|
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|
IHM A/S · Annual report 2025
|
|
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|
Independent auditor's report
To the Shareholders of IHM A/S
|
|
|
We have audited the financial statements of IHM A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies, for the Company. The financial statements are prepared under the Danish Financial Statements Act.
|
In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.
|
|
|
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 Company 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.
|
Management’s Responsibilities for the Financial Statements
|
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with 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 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 Company or to cease operations, or has no realistic alternative but to do so.
|
Auditor’s Responsibilities for the Audit of the Financial Statements
|
Our objectives are to obtain reasonable assurance 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.
|
|
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|
IHM A/S · Annual report 2025
|
|
|
|
Independent auditor's report
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism 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 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 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 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 audit of the financial statements to obtain sufficient appropriate audit evidence regarding consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. 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.
|
Statement on Management’s Review
|
Management is responsible for Management’s Review.
|
|
|
|
|
IHM A/S · Annual report 2025
|
|
|
|
Independent auditor's report
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, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review.
|
Copenhagen, 23 March 2026
BUUS JENSEN
State Authorised Public Accountants
Company reg. no. 16 11 90 40
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|
State Authorised Public Accountant
|
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IHM A/S · Annual report 2025
|
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|
Company information
|
|
IHM A/S
Vandtårnsvej 87
2860 Søborg
|
|
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|
Hardy Otto Mortensen
Henrik Bernt Sanders
Jens Ulrik Damgaard
|
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|
BUUS JENSEN, Statsautoriserede revisorer
|
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|
IHM A/S · Annual report 2025
|
|
|
|
Management´s review
|
|
IHM develops, markets, sells, and services customised communication and control room solutions targeted at the public safety sector as well as the offshore and marine industries. The company operates in Denmark, across Europe, and in selected markets in Asia.
IHM’s mission is to act as a system integrator, either directly or through selected partners, delivering its own and third-party innovative products. The solutions are primarily based on wireless communication technologies such as DMR, TETRA, GSM, LTE, and related network platforms.
The company’s strategy remains to pursue direct customer relationships in Denmark while relying on a network of distributors in international markets. This dual-channel approach ensures both local market strength and international scalability.
|
Uncertainties connected with recognition or measurement
|
In accordance with accounting policies, development costs amounting to DKK 8.2 million have been capitalised under intangible assets. The valuation of these assets is based on management's expectations regarding future sales of the related products.
One ongoing project, initiated in 2015, continues to be delayed due to regulatory conditions in Algeria. In this project, IHM A/S acts as a subcontractor to a major European contractor. Although the delay introduces an element of uncertainty regarding project completion and potential losses, IHM maintains regular communication with the main contractor. Management believes that under the terms of the agreement, the main contractor is obligated to indemnify IHM A/S against such losses.
|
|
|
No unusual events or conditions have been recorded during 2025.
|
|
|
No events have occurred after the balance sheet date that are expected to materially affect the company’s financial position.
|
|
|
|
|
IHM A/S · Annual report 2025
|
|
|
|
Income statement 1 January - 31 December
All amounts in DKK.
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, amortisation, and impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax net profit or loss
|
|
|
|
|
Tax on net profit or loss for the year
|
|
|
|
|
Net profit or loss for the year
|
|
|
|
|
|
|
|
|
|
Proposed distribution of net profit:
|
|
|
|
|
|
|
|
Transferred to retained earnings
|
|
|
|
|
|
|
|
Transferred to other reserves
|
|
|
|
|
|
|
|
Total allocations and transfers
|
|
|
|
|
|
|
|
|
|
IHM A/S · Annual report 2025
|
|
|
|
Balance sheet at 31 December
All amounts in DKK.
|
|
|
|
|
|
|
Completed development projects, including patents and similar rights arising from development projects
|
|
|
|
|
Development projects in progress and prepayments for intangible assets
|
|
|
|
|
|
|
|
|
|
Other fixtures, fittings, tools and equipment
|
|
|
|
|
Total property, plant, and equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
Raw materials and consumables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract work in progress
|
|
|
|
|
Tax receivables from group enterprises
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IHM A/S · Annual report 2025
|
|
|
|
Balance sheet at 31 December
All amounts in DKK.
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for development costs
|
|
|
|
|
|
|
|
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|
|
|
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|
|
Provisions for deferred tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities other than provisions
|
|
|
|
|
Other payables (long term)
|
|
|
|
|
Total long term liabilities other than provisions
|
|
|
|
|
|
|
|
|
|
Prepayments received from customers for contract work in progress
|
|
|
|
|
|
|
|
|
|
Payables to group enterprises
|
|
|
|
|
Income tax payable to group enterprises
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total short term liabilities other than provisions
|
|
|
|
|
Total liabilities other than provisions
|
|
|
|
|
Total equity and liabilities
|
|
|
|
|
|
|
|
|
|
Contractual obligations and contingencies, etc.
|
|
|
|
|
IHM A/S · Annual report 2025
|
|
|
|
Statement of changes in equity
All amounts in DKK.
|
|
|
Reserve for development costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained earnings for the year
|
|
|
|
|
Transferred from retained earnings
|
|
|
|
|
|
|
|
|
|
|
Retained earnings for the year
|
|
|
|
|
Transferred from retained earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IHM A/S · Annual report 2025
|
|
|
|
Notes
All amounts in DKK.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other costs for social security
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of employees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax on net profit or loss for the year
|
|
|
|
|
|
Tax on net profit or loss for the year
|
|
|
|
|
|
Adjustment of deferred tax for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IHM A/S · Annual report 2025
|
|
|
|
Notes
All amounts in DKK.
|
|
Completed development projects, including patents and similar rights arising from development projects
|
|
|
|
|
|
|
|
|
|
|
|
Additions during the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortisation and write-down 1 January 2025
|
|
|
|
|
|
Amortisation and depreciation for the year
|
|
|
|
|
|
Amortisation and write-down 31 December 2025
|
|
|
|
|
|
Carrying amount, 31 December 2025
|
|
|
|
|
|
Development projects in progress and prepayments for intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
Additions during the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Carrying amount, 31 December 2025
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Disclosure of assumptions related to development projects
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The company has recognized development projects with a book value of DKK 8,2 million in the balance sheet, as shown in note 5 and note 6. The estimates and assessments are based on budgets and business plans for the coming years. Such estimates are inherently subject to uncertainty, and if budgets are not met, the valuation may be lower.
The development projects consist of products designed for marketing and sales to customers both domestically and internationally, as well as software and internal systems aimed at enhancing quality and operational efficiency. These initiatives reflect a strategic balance between outwardfacing innovation and internal optimization, ensuring competitiveness in global markets while streamlining workflows and processes within the organization. The projects proceed as planned and are expected to be completed within 1-3 years.
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IHM A/S · Annual report 2025
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Notes
All amounts in DKK.
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Other fixtures, fittings, tools and equipment
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Additions during the year
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Depreciation and write-down 1 January 2025
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Amortisation and depreciation for the year
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Depreciation and write-down 31 December 2025
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Carrying amount, 31 December 2025
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Carrying amount, 31 December 2025
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Contract work in progress
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Selling price of the production for the period
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Payments received on account
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Contract work in progress, net
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The following is recognised:
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Contract work in progress (current assets)
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Contract work in progress (prepayments received on account)
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One ongoing project, initiated in 2015, continues to be delayed due to regulatory conditions in Algeria. In this project, IHM A/S acts as a subcontractor to a major European contractor. Although the delay introduces an element of uncertainty regarding project completion and potential losses, IHM maintains regular communication with the main contractor. Management believes that under the terms of the agreement, the main contractor is obligated to indemnify IHM A/S against such losses and find no basis to deviate from this assessment.
In contract work in profress, the Algeria project is included at 1.9 million DKK, but the claim against the main contractor may be higher.
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IHM A/S · Annual report 2025
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Notes
All amounts in DKK.
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Long term labilities other than provisions
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Outstanding payables after
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Other payables (long term)
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11.Contractual obligations and contingencies, etc.
Contingent liabilities
Rental liabilities amount yearly to 1,25 mio with an interminable period of 3 years.
Joint taxation
With H.O.M Engineering ApS, company reg. no 66 65 24 16 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax.
The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends.
The jointly taxed enterprises' total known net liability to the Danish tax authorities emerges from the financial statements of the administration company.
Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities.
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IHM A/S · Annual report 2025
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Accounting policies
The annual report for IHM A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises.
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The accounting policies are unchanged from last year, and the annual report is presented in DKK.
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Recognition and measurement in general
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Income is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement.
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Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured.
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Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured.
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Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item.
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Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability.
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Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date.
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Foreign currency translation
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Transactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve.
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Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses.
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IHM A/S · Annual report 2025
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Accounting policies
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Gross profit comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs.
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The enterprise will be applying IAS 11 and IAS 18 as its basis of interpretation for the recognition of revenue.
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Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales.
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Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories.
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Own work capitalised includes staff cost and other internal costs incurred during the financial year and recognised in the cost of proprietary intangible and tangible fixed assets.
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Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs.
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Staff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members.
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Depreciation, amortisation, and write-down for impairment
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Depreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively.
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Financial income and expenses
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Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc.
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IHM A/S · Annual report 2025
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Accounting policies
Tax on net profit or loss for the year
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Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.
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The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises.
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The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses).
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Statement of financial position
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Development projects, patents, and licences
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Development costs and internally generated rights are recognised in the income statement as costs in the acquisition year.
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Patents and licenses are measured at cost less accrued amortisation. Patents are amortised on a straightline basis over the remaining patent period and licenses are amortised over the contract period, however, for a maximum of 3-5 years.
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Profit and loss from the sale of development projects, patents, and licenses are measured as the difference between the sales price less sales costs and the carrying amount at the time of sale. Profit or loss are recognised in the income statement as other operating income or other operating expenses, respectively.
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Property, plant, and equipment
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Land and buildings is measured at cost plus revaluations and less accrued depreciation and write-down for impairment. Land is not subject to depreciation.
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Land and buildings is revaluated on the basis of regular, independent fair-value assessments. Net revaluation at fair value adjustment is recognised directly in equity less deferred tax and tied up in a particular revaluation reserve. Net impairment loss at fair value adjustment is recognised in the income statement.
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The depreciable amount is cost plus revaluations at fair value less expected residual value after the end of the useful life of the asset. The amortisation period is fixed at the acquisition date and reassessed annually. If the residual value exceeds the carrying mount of the asset, depreciation is discontinued.
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Reversal of previous revaluations and recognised deferred taxes concerning revaluations are recognised directly in company equity.
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IHM A/S · Annual report 2025
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Accounting policies
Other property, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment.
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The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued.
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Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets:
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Useful lifeResidual value
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Other fixtures and fittings, tools and equipment3-5years0-20 %
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Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition.
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Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses.
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Leases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc.
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Deposits are measured at amortised cost and represent lease deposits, etc.
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Impairment loss relating to non-current assets
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The carrying amount of both intangible and tangible fixed assets as well as equity investments in associates are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively.
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If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount.
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The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life.
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IHM A/S · Annual report 2025
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Accounting policies
Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed.
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Inventories are measured at cost on the basis of weighted measured average prices. In cases when the net realisable value is lower than the cost, the latter is written down for impairment to this lower value.
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Costs of goods for resale, raw materials, and consumables comprise acquisition costs plus delivery costs.
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Costs of manufactured goods and work in progress comprise the cost of raw materials, consumables, direct wages, and indirect production costs. Indirect production costs comprise indirect materials and wages, maintenance and depreciation of machinery, factory buildings, and equipment used in the production process, and costs for factory administration and factory management. Borrowing expenses are not recognised in cost.
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The net realisable value for inventories is recognised as the estimated selling price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices.
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Receivables are measured at amortised cost, which usually corresponds to nominal value.
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In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level.
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Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses.
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Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate.
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Contract work in progress
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Contract work in progress is measured at the selling price of the work performed. The selling price is measured on the basis of the stage of completion on the reporting date and the total expected income from the individual work in progress.
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IHM A/S · Annual report 2025
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Accounting policies
When the selling price cannot be determined reliably, the selling price is measured at the costs incurred or at net realisable value, if this is lower.
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Each individual item of contract work in progress is recognised in the statement of financial position under ‘accounts receivable’ or ‘liabilities other than provision’, depending on the net value of the selling price less invoicing on account and prepayments.
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Costs in connection with sales work and the procurement of contracts are recognised in the income statement when incurred.
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Prepayments recognised under assets comprise incurred costs concerning the following financial year.
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Cash and cash equivalents
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Cash and cash equivalents comprise cash at bank and on hand.
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Reserve for development costs
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The reserve for development costs comprises recognised development costs less related deferred tax liabilities.
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The reserve cannot be used as dividends or for covering losses.
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The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity.
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Income tax and deferred tax
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Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account.
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The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme.
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Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises"
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According to the rules of joint taxation, IHM A/S is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies.
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IHM A/S · Annual report 2025
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Accounting policies
Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value.
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Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses.
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Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity.
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Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value.
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Liabilities other than provisions
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Liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.
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Payments received concerning future income are recognised under deferred income.
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IHM A/S · Annual report 2025
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