Financial statement, P&L
MANAGEMENT’S STATEMENT
The Executive Board and Board of Directors have today considered and adopted the Financial Statements of COBOD International A/S for the financial year 1 January – 31 December 2021. The Annual Report is prepared in accordance with the Danish Financial Statements Act.
In our opinion the Financial Statements give a true and fair view of the financial position at 31 December
2021 of the Company and of the results of the Company operations for 2021.
In our opinion, Management’s Review includes a true and fair account of the matters addressed in the
Review.
We recommend that the Financial Statements be adopted at the Annual General Meeting.
Copenhagen, 3 March 2022
INDEPENDENT AUDITOR’S REPORT
To the shareholders of COBOD International A/S
Opinion
In our opinion, the Financial Statements give a true and fair view of the financial position of the Company
at 31 December 2021 and of the results of the Company´s operations for the financial year 1 January – 31 December 2021 in accordance with the Danish Financial Statements Act.
We have audited the Financial Statements of COBOD International A/S for the financial year 1 January –
31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional
requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We 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.
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 Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review.
Management’s responsibilities for the Financial Statements
Management is responsible for the preparation of 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.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 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.
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.
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
Jens Olsson
State Authorised Public Accountant
mne19908
Daniel Nielsen
State Authorised Public Accountant
mne45105
MANAGEMENT’S REVIEW
Key activities
The company is the leading robotic 3D construction printing company globally. The main activities of the
company are development, manufacturing, sales and service of robotic 3D construction printers and related equipment and activities. The company is global with customers in Asia, Africa, The Middle East, Europe, South and North America.
Development in the year
The income statement of the Company for 2021 shows a Profit before tax of DKK 8,711,346 and a net profit of DKK 6,976,893. On 31 December 2021 the balance sheet of the Company showed an Equity of DKK 17,603,510. The company has managed to continue to grow sales and operations without capital injections or long term debt.
Despite COVID, Sales exploded and tripled during the year and costs also rose significantly due to the strong growth of the company.
Increased prices for sub-components reduced the margins per 3D printer somewhat, as the company chose not to pass on all of the significant increases to the customers. Following the financial year, the prices have been increased to better reflect the rising cost of the subcomponents.
The profit was significantly higher than initially expected, due to the high growth especially in Asian, Middle Eastern and North American markets, which contributed significantly to the positive development.
Strong growth is expected to continue in 2022 and as a result the revenue and profit are both expected to
increase, as the company continue to supply more and more printers in the coming year. At the time of this report, the company has already secured orders equivalent to 40% of year 2021 turnover.
Research and development
The company is conducting significant R&D efforts related to automation, robotics and printing technologies and to construction methods and materials. The company is involved in several development cooperation communities and cooperations in grant projects with some of the leading academic institutions and materials suppliers in these fields. Some of the R&D efforts have been expensed and some have been capitalised representing a valuable immaterial asset.
The grant income related to the same R&D efforts has also been taken on the balance sheet under deferred income, reducing the net value of the capitalized asset and future amortisations.
R&D efforts will be increased significantly in the present year.
Unusual events
The financial position at 31 December 2021 of the Company and the results of the activities and cash flows of the Company for the financial year for 2021 have not been affected by any unusual events.
Subsequent events
No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.
INCOME STATEMENT 1 JAN. – 31 DEC.
| Note | 2021 (DKK) | 2020 (DKK) | |
| Revenue | 83,459,904 | 25,110,388 | |
| Work on own accounts recognised in assets | 2,597,156 | 1,814,288 | |
| Expenses for raw materials and consumables | -51,959,603 | -13,878,462 | |
| Other external expenses | -8,294,301 | -3,724,920 | |
|
|
|
||
| Gross Profit | 25,803,156 | 9,321,294 | |
| Staff expenses | 1 | -15,336,145 | -7,522,224 |
| Depreciation and impairment losses of property, plant and equipment | -1,541,172 | -923,684 | |
| Profit/loss before financial income and expenses | 8,925,839 | 875,386 | |
| Financial income | 15,451 | 334 | |
| Financial expenses | -229,944 | -106,175 | |
| Profit/loss before tax | 8,711,346 | 769,545 | |
| Tax on profit/loss for the year | 2 | -1,734,453 | -47,419 |
| Net profit/loss for the year | 6,976,893 | 722,126 | |
| DISTRIBUTION OF PROFIT | |||
| 2021
|
2020
|
||
| DKK | DKK | ||
| Proposed distribution of profit | |||
| Proposed dividend for the year | 2,500,000 | 0 | |
| Other statutory reserves | 2,287,250 | 1,415,144 | |
| Retained earnings | 2,189,643
|
-693,018
|
|
| 6,976,893
|
722,126
|
BALANCE SHEET 31 DEC.
ASSETS
| Note | 2021 (DKK) | 2020 (DKK) | |
| Development projects in progress | 6,359,719 | 3,427,346 | |
| Intangible assets | 3 | 6,359,719 | 3,427,346 |
| Land and buildings | 1,216,145 | 1,415,446 | |
| Other fixtures and fittings, tools and equipment | 5,851,160 | 3,153,465 | |
| Leasehold improvements | 70,633 | 89,912 | |
| Property, plant and equipment | 4 | 7,137,938 | 4,658,823 |
| Deposits | 5 | 678,754 | 341,350 |
| Fixed asset investments | 678,754 | 341,350 | |
| Fixed assets | 14,176,411 | 8,427,519 | |
| Finished goods and goods for resale | 543,177 | 408,659 | |
| Prepayments for goods | 0 | 265,577 | |
| Inventories | 543,177 | 674,236 | |
| Trade receivables | 18,054,400 | 4,122,828 | |
| Contract work in progress | 6 | 14,731,174 | 1,452,166 |
| Receivables from group enterprises | 1,629,679 | 774,360 | |
| Other receivables | 6,642,605 | 2,530,036 | |
| Corporation tax receivable from group enterprises | 0 | 65,906 | |
| Prepayments | 160,803 | 70,891 | |
| Receivables | 41,218,661 | 9,016,187 | |
| Cash at bank and in hand | 13,768,188 | 1,906,211 | |
| Current assets | 55,530,026 | 11,596,634 | |
| Assets | 69,706,437 | 20,024,153 |
LIABILITIES & EQUITY
| Note | 2021(DKK) | 2020(DKK) | |
| Share capital | 625,500 | 625,300 | |
| Reserve for development costs | 4,960,580 | 2,673,330 | |
| Retained earnings | 9,517,430 | 5,840,595 | |
| Proposed dividend for the year | 2,500,000 | 0 | |
| Equity | 17,603,510 | 9,139,225 | |
| Provision for deferred tax | 1,847,778 | 113,325 | |
| Other provisions | 7 | 1,697,510 | 527,614 |
| Provisions | 3,545,288 | 640,939 | |
| Deferred income | 4,389,078 | 2,204,301 | |
| Long-term debt | 8 | 4,389,078 | 2,204,301 |
| Prepayments received from customers | 10,950,437 | 4,085,162 | |
| Trade payables | 9,880,738 | 2,404,362 | |
| Contract work in progress | 6 | 19,320,851 | 0 |
| Other payables | 4,016,535 | 1,550,164 | |
| Short-term debt | 44,168,561 | 8,039,688 | |
|
Debt |
48,557,639 |
10,243,989 | |
| Liabilities and equity | 69,706,437 | 20,024,153 | |
| Contingent assets, liabilities and other financial obligations |
9 | ||
| Accounting Policies | 10 |
STATEMENT OF CHANGES IN EQUITY
| Share capital | Reserve for development costs | Retained earnings | Proposed dividend for the year | Total | ||
|
DKK |
DKK |
DKK |
DKK |
DKK |
||
| Equity at 1 January | 625,300 | 2,673,330 | 5,840,595 | 0 | 9,139,225 | |
| Cash capital increase | 200 | 0 | 1,487,192 | 0 | 1,487,392 | |
| Development costs for the year | 0 | 2,287,250 | 0 | 0 | 2,287,250 | |
| Net profit/loss for the year | 0 | 0 | 2,189,643 | 2,500,000 | 4,689,643 | |
| Equity at 31 December | 625,500 | 4,960,580 | 9,517,430 | 2,500,000 | 17,603,510 |
STATEMENT OF CHANGES IN EQUITY
| 1. STAFF EXPENSES | 2021(IN DKK) | 2020(IN DKK) | |
| Wages and salaries | 13,405,587 | 7,043,721 | |
| Pensions | 649,317 | 390,505 | |
| Other social security expenses | 197,871 | 81,347 | |
| Other staff expenses | 1,083,370 | 6,651 | |
| 15,336,145 | 7,522,224 | ||
| Average number of employees | 40 | 20 | |
| 2. INCOME TAX EXPENSE | 2021(IN DKK) | 2020(IN DKK) | |
| Deferred tax for the year | 1,734,453 | 113,325 | |
| Adjustment of tax concerning previous years | 0 | -65,906 | |
| 1,734,453 | 47,419 | ||
| 3. INTANGIBLE FIXED ASSETS | Development projects in progress | DKK | |
| Cost at 1 January | 3,427,347 | ||
| Additions for the year | 2,932,372 | ||
| Cost at 31 December | 6,359,719 | ||
| Carrying amount at 31 December | 6,359,719 | ||
| Amortised over | 5 years |
Development projects relate to the further development of the Company’s 3D construction printers and also the usage for printing wind turbine towers. The further development consists among other things of new types, systems and applications.
The development projects are partly covered by grants. The income from the grants has been recognized as deferred income cf. note 7. The net value of the assets amounts to DKK 2 million.
| 4. PROPERTY, PLANT AND EQUIPMENT | Land and buildings |
Other fixtures & fittings, tools and equipment | Leasehold improvements |
| DKK | DKK | DKK | |
| Cost at 1 January | 1,993,009 | 4,507,346 | 96,393 |
| Additions for the year | 0 | 4,020,288 | 0 |
| Cost at 31 December | 1,993,009 | 8,527,634 | 96,393 |
| Impairment losses and depreciation at 1 January | 577,563 | 1,353,882 | 6,481 |
| Depreciation for the year | 199,301 | 1,322,592 | 19,279 |
| Impairment losses and depreciation at 31 December | 776,864 | 2,676,474 | 25,760 |
| Carrying amount at 31 December | 1,216,145 | 5,851,160 | 70,633 |
| Amortized over | 10 years | 5 years | 5 years |
| 5. OTHER FIXED ASSET INVESTMENTS | Deposits
DKK |
||
| Cost at 1 January | 341,350 | ||
| Additions for the year | 349,076 | ||
| Disposals for the year | -11,672 | ||
| Cost at 31 December | 678,754 | ||
| Carrying amount at 31 December | 678,754 | ||
| 6. CONTRACT WORK IN PROGRESS |
2021 DKK |
2020 DKK |
|
| Selling price of work in progress | 14,731,174 | 4,026,774 | |
| Payments received on account | -19,320,851 | -2,574,608 | |
| -4,589,677 | 1,452,166 | ||
| Recognised in the balance sheet as follows: | |||
| Contract work in progress recognised in assets | 14,731,174 | 1,452,166 | |
| Prepayments received recognised in debt | -19,320,851 | 0 | |
| -4,589,677 | 1,452,166 |
7. OTHER PROVISIONS
The Company provides warranties of 14 months on some of its products and is therefore obliged to repair or replace goods which are not satisfactory. Based on previous experience in respect of the level of repairs and returns, other provisions of DKK 1,698k (2020: DKK 528k) have been recognised for potential warrant claims.
|
2021 DKK |
2020 DKK |
|
| Other provisions | 1,697,510 | 527,614 |
| 1,697,510 | 527,614 | |
| The provisions are expected to mature as follows: | ||
| Provisions falling due after 5 years | 0 | 0 |
8. LONG-TERM DEBT
Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below:
| 2021 (DKK) | 2020 (DKK) | |
| Deferred income | ||
| After 5 years | 0 | 0 |
| Between 1 and 5 years | 4,389,078 | 2,204,301 |
| Long-term part | 4,389,078 | 2,204,301 |
| Within 1 year | 0 | 0 |
| 4,389,078 | 2,204,301 | |
| The deferred income relates to grants regarding development projects. The development projects have a total value of DKK 6.4 million. See note 3 for description of the development projects. |
| 2021 (DKK)
|
2020 (DKK)
|
|
| 9. CONTINGENT ASSETS, LIABILITIES & OTHER FINANCIAL OBLIGATIONS |
||
| Rental and lease obligations | ||
| Lease obligations under operating leases. Total future lease payments: | ||
| Payments under operating leases concerning cars | 106,852 | 131,181 |
| Rent payment concerning a contract which is non-terminable | 1,487,128 | 774,688 |
| Payments under operating leases concerning machines | 670,184 | 0 |
| 2,264,164 | 905,869 |
Other contingent liabilities
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 is disclosed in the Annual Report of The 3D Group A/S, which is the management company of the joint taxation purposes. 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.
10. ACCOUNTING POLICIES
The Annual Report of COBOD International A/S for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.
The accounting policies applied remain unchanged from last year.
The Financial Statements for 2021 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 year are recognised in the income statement, including depreciation, 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.
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
Net sales
Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have
been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company.
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 year (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 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 contract.
Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.
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 as well as office expenses, etc.
Gross profit
With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, work on own account recognised in assets, expenses for raw materials and consumables and other external expenses.
Staff expenses
Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity’s employees. The item is net of refunds made by public authorities.
Amortisation, depreciation and impairment losses
Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of
intangible assets and property, plant and equipment.
Financial income and expenses
Financial income and expenses are recognised in the income statement at the amounts relating to the
financial year
Tax on profit/loss for the year
Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.
The Company is jointly taxed with. The tax effect of the joint taxation is allocated to Danish enterprises in
proportion to their taxable incomes.
BALANCE SHEET
Intangible fixed assets
Development costs and costs relating to rights developed by the Company are recognised in the income
statement as costs in the year of acquisition.
Property, plant and equipment
Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated 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. In the case of assets of own construction, cost comprises direct and indirect expenses for labour, materials, components and sub-suppliers.
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 buildings – 10 Years
- Other fixtures and fittings, tools and equipment – 5 Years
- Leasehold improvements – 5 Years
- Plant and machinery – 5 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 and investments are reviewed on an annual 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.
Other fixed asset investments
Other fixed asset investments consist of paid deposits.
Inventories
Inventories are measured at the lower of cost under the FIFO method and net realisable value.
The net realisable value of inventories is calculated at the amount expected to be generated by sale of the
inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.
The cost of raw materials and consumables equals landed.
Other fixed asset investments
Other fixed asset investments consist of paid deposits.
Inventories
Inventories are measured at the lower of cost under the FIFO method and net realisable value.
The net realisable value of inventories is calculated at the amount expected to be generated by sale of the
inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.
The cost of raw materials and consumables equals landed cost.
Receivables
Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value,
which corresponds to nominal value less provisions for bad debts. Provisions for bad debts are determined on the basis of an individual assessment of each receivable, and in respect of trade receivables, a general provision is also made based on the Company’s experience from previous years.
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 interest.
Equity
Dividend
Dividend distribution proposed by Management for the year is disclosed as a separate Dividend item.
Provisions
Other provisions include warranty obligations in respect of repair work within the warranty period of 14
months. Provisions are measured and recognised based on experience with guarantee work.
Deferred tax assets and liabilities
Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.
Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which
the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities 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 legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred 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 year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments
and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.
Financial debts
Debts are measured at amortised cost, substantially corresponding to nominal value.
Deferred income
Deferred income comprises payments grants provided for the purchase of assets, and is recognized as
income in a methodical way over the useful life of the asset.