2024

2023

2022

(EUR’000)

Tax on profit/(loss) for the year

Current tax (expense)/income

(3,289

)

(5,377

)

(3,723

)

Current tax, adjustments to prior years

(126

)

3,904

(1,654

)

Deferred tax, movement for the year

(2,035

)

(1,044

)

—

Deferred tax, adjustments to prior years

607

(4,786

)

—

(4,843

)

(7,303

)

(5,377

)

Tax for the year can be explained as follows

Profit/(loss) before tax

(373,241

)

(474,144

)

(577,817

)

Tax at the Danish corporation tax rate of 22%

82,113

104,312

127,120

Tax effect of:

Non-deductible costs

(9,740

)

(8,494

)

(17,094

)

Additional tax deductions

3,161

9,077

13,720

Impact from associates

(4,413

)

(4,047

)

(3,893

)

Prior year adjustments

481

(1,294

)

—

Other effects including effect of different tax rates

182

(882

)

(2,716

)

Deferred tax asset, not recognized

(76,627

)

(105,975

)

(122,514

)

Tax on profit/(loss) for the year

(4,843

)

(7,303

)

(5,377

)

Effective tax rate

1.30

%

1.54

%

0.93

%

2024

2023

2022

(EUR’000)

Specification of deferred tax assets/(liabilities)

Tax deductible losses

434,997

521,697

433,174

Other temporary differences, assets

164,479

16,256

19,961

Deferred tax asset, not recognized

(599,476

)

(537,953

)

(453,135

)

Other temporary differences, liabilities

(7,258

)

(5,830

)

—

Total deferred tax assets/(liabilities) at December 31

(7,258

)

(5,830

)

—