Gorrissen
Editors
Ida Elmdal Thagesen, Gorrissen Federspiel
Ann Hedahl, heyKommunikation
Layout and design
Denise Hennig, Gorrissen Federspiel
Photos
Anni Norddahl, Kristian Holm, Esben Zøllner Olesen, Human Practice Foundation, Lars E. Andreasen, Ulrik Jantzen, Gorrissen Federspiel
Printing
Knudtzon Graphic
Gorrissen Federspiel
Axel Towers
Axeltorv 2 1609 København V
+45 33 41 41 41
Prismet
Silkeborgvej 2
8000 Aarhus C
+45 86 20 75 00
contact@gorrissenfederspiel.com gorrissenfederspiel.com
© March, 2026
Content
Management commentary 5
Solid growth despite geopolitical turmoil 7
2025 at Gorrissen Federspiel 12
Financial highlights 14
Our organisation 18
“A winning strategy – again!” 21
Notable matters 24
Standing strong in turbulent times 27
Transforming geopolitical risks into strategic opportunities 28
At the forefront of technological developments 32
Data ethics policy statement 34
Corporate social responsibility and sustainability 36
Our work with corporate social responsibility and sustainability 38
Our collaboration with the Human Practice Foundation 50
Secondment to the Human Practice Foundation provided new perspectives 52
Our work on inclusion and diversity 54
Financial report 59
Ejopsat Management commentary
Solid growth despite geopolitical turmoil
The world is changing faster than ever before. Today, Danish, European and international companies must navigate a reality defined by war in Europe, a more fragmented and unpredictable global market, increasing regulatory complexity and rapid technological advancement.
In this reality, a combination of strategic overview, effective management and legal expertise is essential. The need for robust and comprehensive legal advice has never been greater.
At Gorrissen Federspiel, 2025 was a year in which we once again demonstrated our resilience in turbulent times and delivered the advice our clients demanded. Our strategy, culture and commitment to excellence enable us to serve our clients’ interests and support their strategic opportunities – even in a rapidly changing world.
Solid growth across practice areas
Despite the geopolitical challenges, Gorrissen Federspiel saw solid growth across all practice areas in 2025.
This development is a natural extension of the strategic investments we have made in recent years. We strengthened our position in areas such as energy, real estate and life sciences by establishing specialised teams and investing in the necessary talent and expertise to handle increasingly complex cases. Working with leading companies in these areas strengthened both our clients’ positions and our own role as a trusted adviser on matters of great strategic importance.
A winning strategy that puts clients first
Our growth and development are guided by four key themes in our strategy: a strong client focus, attracting and developing the best people, acting as one team and being the best-run law firm.
Putting clients first means understanding the market and investing in areas where we can have the greatest impact on our clients’ businesses. We achieve this by establishing and developing strong sector groups, where specialists from various legal disciplines work together closely to solve cases at the intersection of law, business, and regulation.
This approach is not limited to the energy, real estate and life sciences sectors, but also extends to areas such as defence and security. Our sector focus and collaboration across practice groups ensure that we provide advice that is both deep and broad.
A foundation of talented people and strong teamwork
Our commitment to excellence relies on the people who work at Gorrissen Federspiel. In 2025, our focus remained on attracting, developing and retaining the most talented people, while fostering a culture grounded in professionalism, integrity and strong teamwork. By recruiting some of the industry’s most talented specialists, we strengthened our capacity in several key areas, thereby enhancing our clients’ access to advice based on a valuable combination of legal expertise, business understanding and deep industry insight.
Talented people perform at their best when they thrive, so creating an inclusive, professional community and an environment in which our people thrive remains a key guiding principle for Gorrissen Federspiel. Our success in creating such an environment is reflected in the external recognition we receive. In 2025, we came first in Universum’s survey as the most attractive workplace for law students.
We are proud of this recognition, which demonstrates not only that we are an attractive workplace for future lawyers, but also that our commitment to professionalism, integrity and community is evident in our daily work and resonates with individuals considering where to develop their careers.
A year of
remarkable achievements
Taking first place as the most attractive workplace for law students in Universum’s survey was just one of the many remarkable achievements for Gorrissen Federspiel in 2025. We received the best ratings from international agencies to date, and more employees than ever before received top rankings across the firm. During the year, we received the following awards:
• Denmark Law Firm of the Year 2025 by Chambers and Partners
• Denmark Tax Firm of the Year at ITR EMEA Tax Awards 2025
• Denmark Firm of the Year at LMG Life Sciences Awards 2025
We also came first in the Kantar Prospera Tier 1 Law Firm Review for Denmark in 2025 for the sixth consecutive year and can therefore continue to call ourselves the best law firm in Denmark — achieving our highest-ever rating in 2025. It is also the highest rating in the Nordics. We are particularly proud of this achievement because the survey is based on responses from our clients.
Our clients are not the only ones who call us the best law firm in Denmark. According to the 2025 Image Report, published by AdvokatWatch in collaboration with Wilke, Gorrissen Federspiel had the best reputation among employees in the legal industry in 2025.
These recognitions demonstrate our commitment to excellence, showing that we remain the preferred choice among clients and legal talent in Denmark.
They also demonstrate our ongoing success in achieving our ambition of becoming the most respected law firm in the Nordics and of being in a league of our own.
A lasting commitment to society
Gorrissen Federspiel is dedicated to continuing its contributions to society. In 2025, we demonstrated this commitment through our support for the Red Cross. Our employees’ donation of Christmas gifts, combined with their participation in the Red Cross Christmas Challenge, enabled us to provide additional support to vulnerable families. Another example of this commitment is our continued collaboration with the Human Practice Foundation, which works to improve schooling for children and young people in Denmark and abroad.
As a member of InterForce Denmark, we made it clear that we share responsibility for Denmark’s security and preparedness. We actively support employees who are reservists or volunteers in the Armed Forces or the Home Guard, for example by offering special leave schemes to those who wish to go the extra mile.
Furthermore, we continue to collaborate with Think Tank EUROPA, contributing to events and dialogues on Europe’s security situation, strategic autonomy and the framework conditions that are significant to our clients and society.
Profit for the year against guidance 2025 saw solid growth and satisfactory performance, with revenue of DKK 1.311 billion realised. This represents growth of 13.2%, which is indeed a very satisfactory performance.
This exceeds our guidance of 8–10% growth and was driven partly by our strategic sector focus and partly by an overall increase in activity across all our practice areas, particularly Dispute Resolution, where we experienced higher-than-expected growth.
Outlook
Despite the continued uncertainty in the market, particularly with regard to geopolitical developments, we expect to continue growing in 2026. Based on the current level of activity, our ability to stand strong in uncertain times and the continued demand for specialised advice, we forecast growth of 5–10%.
We will continue to develop our business in 2026. This will be achieved by maintaining our focus on building closer relationships with clients and society, while recognising that we are part of something bigger.
Martin André Dittmer Managing partner
Number of employees per 31. december 2025
147
94
2025 at Gorrissen Federspiel
Financial highlights
Despite geopolitical uncertainty, we delivered solid growth across all practice areas as our strategic investments continue to pay off. In the following, CFO Martin Leth Povlsen looks at the financial highlights.
2025 was a year of uncertainty in global markets. Geopolitical tensions made it more challenging to conduct business. Our revenue increased by 13.2%, making the profit for the year highly satisfactory.
“Our profit for the year reflects both our ability to adapt strategically to the world around us and the dedication of our people,” says Martin Leth Povlsen, CFO at Gorrissen Federspiel. He elaborates:
“Despite the global uncertainty, we made progress on several fronts in 2025. This is reflected in our revenue and in the growth of our firm. Gorrissen Federspiel once again delivered an impressive performance.”
Our growth is broad-based and driven by high activity across strategically important sectors, including energy and infrastructure, defence and security, shipping and transportation, real estate and life sciences.
“We continued to prioritise areas where we can create the greatest value for our clients and establish a strong, long-term presence for the firm,” says Martin Leth Povlsen.
Targeted investment in talented people
The increased revenue was matched by targeted investment in strategically selected areas, including the recruitment of new employees. This strengthened our capacity in terms of employees in 2025. We welcomed new colleagues in legal and business support roles and expanded several key practice areas with new profiles. We now have 644 employees, which represents a 7% increase in the number of employees.
“Attracting and developing talented people is crucial to our business. Investing in new talent is therefore both necessary and integral to our long-term strategy,” says Martin Leth Povlsen.
"We continued to prioritise areas where we can create the greatest value for our clients and establish a strong, long-term presence for the firm."
Investment in a healthy culture and a strong community Financial results should be considered within the context of the culture in which they are generated. In 2025, we continued to develop and embed our core values.
This increase in our workforce has increased both our capacity and our degree of specialisation. It enables us to handle larger and more complex cases, as well as providing targeted advice to clients in different sectors.
Our values are not just words; they guide our priorities, leader ship and cooperation. They guide us in both our work with our clients and in our internal teamwork.
Throughout the year, we organised a variety of professional and social activities to strengthen community ties across teams, functions and levels of seniority. These included major joint events and other initiatives that promoted well-being, knowledge sharing and teamwork. One successful example was the strategy seminar we held over a weekend in August, which included both professional development and social activities. We kept the costs of social activities at a level that reflects our commitment to prioritising well-being and cohesion.
Responsible investment in new technology
The year 2025 was also characterised by targeted investment in new technology and security. Although these areas increase costs in the short term, they generate long-term value.
Implementing Legora as an AI-powered legal tool and working towards achieving ISO 27001 certification required significant resources from across the organisation. This goal has now been achieved. However, these investments are strategic and will enhance the quality, efficiency and safety of our advice.
“For us, it’s about using technology to improve the quality and efficiency of our advice while ensuring that data security and compliance always meet our clients’ expectations,” says Martin Leth Povlsen.
We therefore invest in new technology in a longterm and responsible manner.
A clear strategic direction
“Overall, 2025 was a year of stable business growth, targeted investment in employees and new technology, and a clear focus on values, culture and social responsibility,” says Martin Leth Povlsen, and he adds:
“In 2026, we’ll continue to strengthen our position and develop our business based on quality, accountability and long-term value creation. This will ensure that our financial performance continues to reflect our strength in challenging times.”
"For us, it’s about using technology to improve the quality and efficiency of our advice while ensuring that data security and compliance always meet our clients’ expectations."
Financial highlights are defined and calculated in accordance with the current version of ”Recommendations & Ratios” issued by the CFA Society Denmark.
In evaluating profit/loss for the year, it should be considered that the shareholders of the Private Limited Partnership are also its partners and that their remuneration is profit-related. This remuneration has been recognised in staff costs.
Our organisation
Owners / partners*
Jakob Skaadstrup Andersen
Peter Appel
Niels Bang
Morten Berggreen
Morten Nybom Bethe
Lasse Skaarup Christensen
Anders Peter G. Christoffersen
Camilla C. Collet
Martin André Dittmer
Lotte Eskesen
Christoffer Fode
Søren Fogh
Mikkel Fritsch
Sven Frode Frølund
Martin Dræbye Gantzhorn
Henriette Gernaa
Tue Goldschmieding
Jacob Gunst
Thomas Maaberg Hansen
Steen Hellmann
Johan Casper Hennings
Søren Henriksen
Tina Herbing
Andreas Hertel
Steen Puch Holm-Larsen
Bo Holse
Ole Horsfeldt
Morten Hans Jakobsen
Preben Jakobsen
Anders Ørjan Jensen
Michael Steen Jensen
Hans-Peter Jørgensen
Erik Kjær-Hansen
Louise Celia Korpela
Jakob Krogsøe
Kenneth Kvistgaard-Aaholm
Gitte Lansner
Alexander Troeltzsch Larsen
Jesper Avnborg Lentz
Tobias Linde
Jakob Plesner Mathiasen
Michael Meyer
Erik Molin
Kenneth Hvelplund Pedersen
Rikke Schiøtt Petersen
Christina Rahbek
Jacob Skude Rasmussen
Jacob Sand
Christian Halskov Sauer
Mikael Philip Schmidt
John Sommer Schmidt
Chantal Pernille Patel Simonsen
Niclas Holst Sonne
Søren Stæhr
Klaus Søgaard
David Telyas
Søren Høgh Thomsen
Charlotte Thorsen
Michael Wejp-Olsen
Henrik Saugmandsgaard Øe
Board of directors
Niels Bang, chairman
Martin André Dittmer, Managing Partner
Lotte Eskesen
Anders Ørjan Jensen
Kenneth Kvistgaard-Aaholm
Jacob Skude Rasmussen
Charlotte Thorsen
Practice groups
Capital Markets
Compliance & Sustainability
Corporate Crime & Investigations
Corporate/Mergers & Acquisitions
Dispute Resolution
Economic Analysis
Environment
EU & Competition
Finance
FinTech
Foreign Direct Investments
Foundation Law
Geopolitical Risks
International Construction & Engineering Projects
Labour & Employment
IP & Digital Business
Maritime Disputes
Marketing Law
Private Clients & Family Offices
Real Estate
Restructuring & Insolvency
Securities Litigation
Shipping/Offshore/Transportation
Sustainable Financing & Governance
Tax
Sector groups
Aircraft & Rolling Stock
Auditing & Consultancy Firms
Defence & Security
Energy & Infrastructure
Financial Services
Insurance & Reinsurance
Life Sciences
Media & Entertainment Private Equity Retail & Consumer Telecommunications
“A winning strategy – again!”
2025 was another year of impressive performance. Niels Bang, chairman of the board of directors, discusses the strategic choices that made the difference.
Gorrissen Federspiel proved once again in 2025 that our strategic direction is sound and that consistent execution of the strategy leads to satisfactory performance. These are the words of Niels Bang, who elaborates:
“If I could give 2025 at Gorrissen Federspiel a headline, it would be: We did it again!
We were named the best law firm in Denmark – again. Our employees rated us very highly in our well-being survey – again. And we grew significantly in terms of both our top and bottom lines – again!”
For Niels Bang, the link between strategy and performance is clear.
“We achieved all this by continuing to execute our strategy and by holding on to the values and strong community that bind us together as a firm.”
Standing strong – backed by a sound strategy
In 2025, law firms and Danish companies had to navigate an uncertain and unpredictable market.
In this context, Gorrissen Federspiel’s strategy was a vital management tool, focusing consistently on putting clients first, strengthening specialisation and fostering collaboration across the firm. As Niels Bang puts it:
“Although 2025 was characterised by uncertainty, we maintained high activity levels across all practice areas. This did not happen by itself but is the result of us sticking to our strategic priorities, staying close to our clients and constantly adapting to their needs.” He adds:
“A significant factor in achieving this year’s profit is the real impact of our strategic investments. We can clearly see that the investments we made in specialised, sector-focused teams, cross-practice collaboration and market visibility are generating tangible returns.”
These strategic priorities are particularly evident in the Energy & Infrastructure, Real Estate and Life Sciences practice groups where a long-term focus has now resulted in strong market positions.
Energy & Infrastructure: proof that proactivity pays off Energy and infrastructure issues are becoming increasingly important for society and companies and consequently for our clients and ourselves.
Therefore, in recent years, we have focused on establishing an Energy & Infrastructure team at Gorrissen Federspiel, comprising specialists from several practice groups. This has enabled us to advise on major energy transactions and combine the specialist skills required to support the entire value chain in an industry characterised by complex regulations, significant technological developments and substantial political interest.
“The energy and infrastructure sector exemplifies our ability to meet our clients’ needs, adapt to the market and
establish ourselves as one of the preferred advisers in a crucial industry,” says Niels Bang.
Real Estate achieved growth despite market slowdown
While the energy sector has grown in recent years, the real estate market has slowed down. To advise our clients as effectively as possible, we have been monitoring developments closely and have identified two significant trends. Firstly, there is an increasing need
for specialised legal advice on large infrastructure projects, partly due to the record number of new energy and construction projects and the resulting construction law disputes. Secondly, there has been a significant increase in interest in, and activity within, the Danish real estate market from international investors.
By increasing our focus and specialisation and significantly expanding our Real Estate and Construction teams, we have established a strong position
in this area. In 2025, we were involved in some of the largest real estate transactions in Denmark and the Nordics, including the DKK 10 billion sale of the Swedish hotel company Midstar Fastigheter to Capman.
“This investment is further proof that our strategy of reading the market, putting clients first and composing the right teams produces long-lasting results, even in challenging markets,” says Niels Bang.
Life Sciences & Healthcare unlocked significant potential
Gorrissen Federspiel also unlocked significant potential in the life sciences sector in recent years. We have evolved from primarily advising on life sciences transactions to covering the full spectrum, including core IP and regulatory areas.
Our targeted international and market-oriented efforts have paid off. Gorrissen Federspiel is increasingly the first choice for Danish and
international clients alike. In 2025, the firm was named “Firm of the Year” and recognised for “Impact Deal of the Year” at the LMG Life Sciences Awards. Gorrissen Federspiel also has the highest transaction volume in the industry.
As part of our continued strategic focus on this area, we strengthened the Life Sciences & Healthcare team in 2025 by bringing in Jesper J. Lange, former CEO of MC2 Therapeutics, as Life Sciences Executive Counsel. This gives clients even
”Our success is based on idenfying market needs, investing in the right people, collaborating across disciplines and focusing on providing advice where it’s needed most.”
better access to strategic advice based on a combination of legal expertise, business understanding and deep industry knowledge.
“The same applies to all three areas – Energy & Infrastructure, Real Estate and Life Sciences – in that the strategy is sound and is being executed. Our success is based on idenfying market needs, investing in the right people, collaborating across disciplines and focusing on providing advice where it’s needed most,” says Niels Bang.
Investment in specialists in selected areas
As part of our strategy, we continuously strengthen the organisation by bringing in specialists where we identify a need for our clients. In addition to Jesper J. Lange joining the Life Sciences team in 2025, we have bolstered our Energy & Infrastructure sector group by bringing in Christopher Halling as Managing Counsel and Johannes Bruun as Energy Counsel. Having come from Vestas and Energinet respectively, they bring valuable specialist expertise to Gorrissen Federspiel.
We also expanded our tax expertise by hiring Nina Legaard Kristensen, who has extensive experience in this field and previously worked at the Ministry of Taxation.
Furthermore, Marya Akhtar, formerly of the Danish Institute for Human Rights, has joined us as a Dispute Resolution Practice Area Counsel. Her expertise will bolster our work in litigation and regulatory affairs.
“These investments reflect our ambition to support our strategic focus areas and our
clients’ needs with strong professional profiles”, says Niels Bang.
The road leading into 2026
2026 marks the beginning of a new strategic period, during which the core principles of the previous strategy will remain in place. Consequently, Gorrissen Federspiel will enter 2026 with a solid foundation and a renewed focus.
As Niels Bang points out, a combination of talented people, specialised teams and a strong community will be crucial going forward. The firm must continue to read the market, collaborate closely with key clients and invest in areas where needs are evolving fastest.
“I’m confident that our strategy and market approach will ensure continued growth into 2026,” he emphasises, concluding:
“We must do it again!”
Notable matters
As one of Denmark’s largest law firms, Gorrissen Federspiel provides Danish and international clients with expert advice on complex cases. We select the best team from across our practice areas to complete each task quickly. Each case is handled by a team of some of the country’s most specialised and experienced lawyers, who act as trusted advisers. In 2025, we were once again involved in some of the year’s most notable matters. Below is a selection of notable matters that have been published.
Renewable Energy Company
We assisted Obton A/S and its main shareholder, FSN Capital, with a unique and complex transaction that established Renewable Energy Company as an integrated energy company. This was achieved through a series of mergers involving the three solar energy funds Stabil, Impact and Fond 1. These mergers were approved at their respective general meetings, following a public offering of shares in Renewable Energy Company to the more than 3,000 investors, combined with a contribution in kind and an asset transfer from Obton A/S. Renewable Energy Company currently has a global portfolio of solar installations with a total capacity of approximately 1.2 GW across Europe and Japan, as well as a global development portfolio consisting primarily of solar, hybrid and battery projects with a total capacity of approximately 4.4 GW.
A.P. Møller Holding
We assisted APMH Invest A/S, a wholly owned subsidiary of A.P. Møller Holding, which made and completed a recommended voluntary takeover bid for all issued shares of Svitzer Group A/S.
Tryg
We assisted Tryg with an outsourcing agreement that was one of the largest outsourcing transactions in the Nordics in 2025, as well as being one of the first partnershiporiented agreements based on the long-term business interests of both parties. Tryg’s agreement exemplifies the relationshiporiented outsourcing model of the future.
Nordea
We assisted Nordea with an extensive and complex criminal case concerning alleged breaches of money laundering regulations between 2012 and 2015, which demonstrates our expertise in corporate criminal law. This historic case raises fundamental questions of great importance to the entire financial sector, and the outcome will influence future legal developments in this area.
Ontario Teachers’ Pension Plan Board
In collaboration with Freshfields, we assisted the Ontario Teachers’ Pension Plan Board in selling its indirect ownership interest in Copenhagen Airports A/S to its co-shareholder, ATP, after holding the interest for 14 years. Significant investments amounting to DKK 18 billion were made during that period to modernise and expand the airport. This transaction also marks the conclusion of more than 20 years of collaboration with Copenhagen Airports A/S’s controlling owners.
JFM
We advised the Danish Media Group JFM on its strategic collaboration with and cross-ownership of Berlingske Media and its owner, the Norwegian company Amedia. Amedia acquired 30% of the shares in JFM, while JFM acquired 30% of Berlingske Media. This new media alliance will create greater reach and better opportunities to invest in quality journalism, as well as increasing digital strength through the development of joint technological solutions.
DMK Group
We assisted Germany’s largest dairy cooperative, the DMK Group, in connection with its planned merger with Arla Foods. This merger combines more than 12,000 farmers within a single cooperative, aiming to create Europe’s strongest dairy cooperative, with a total revenue of EUR 19 billion. DMK’s dominance in the German market, together with Arla’s global position, will strengthen overall competitiveness.
Blackstone
As Blackstone’s dedicated legal adviser, we assisted with its Danish activities, including the sale of a Nordic logistics portfolio to the Ontario Teachers’ Pension Plan. The portfolio comprised two assets in Denmark and three in Sweden with a total gross area of around 92,000 sqm. We also provided assistance with real estate financing and asset management tasks.
Nammo
We assisted Nammo with the bidding process and subsequent conclusion of a framework agreement with the Danish Ministry of Defence’s Materiel and Procurement Agency (FMI). The agreement relates to the construction of a factory in Denmark to produce ammunition in both small and large calibres. Under the terms of the agreement, Nammo, a Norwegian-Finnish company and a leading global supplier of specialised ammunition with factories in the US and Europe, will resume production of ammunition and grenades at the Krudten ammunition factory in Elling, Northern Jutland. This agreement is a milestone as it is the first of its kind to bring ammunition production back on Danish soil. The agreement is of great importance to Denmark.
PFA
We assisted PFA with a comprehensive set of agreements relating to the tender and negotiation of a new management agreement for a property portfolio worth DKK 24 billion. The management agreement was entered into with Rubik Properties, which now has around 40 billion DKK worth of real estate assets under management. Following this transaction, Rubik became the largest real estate and investment manager in the Danish market in terms of volume.
Barings
We assisted the global asset management company Barings with several real estate transactions. Our advice included assisting with the purchase of a residential development project comprising 380 residential and nine commercial units, spread over approximately 30,000 sqm and with 270 parking spaces. We also assisted with the conclusion of a joint venture agreement with Catella, as well as the simultaneous acquisition of Project Vega, a residential development in Herlev comprising 269 homes and 134 parking spaces spread over approximately 22,864 sqm.
Standing strong in turbulent times
Transforming geopolitical risks into strategic opportunities
Our Managing Partner, Martin André Dittmer, explains how our geopolitical taskforce helps clients to navigate an increasingly unpredictable global landscape.
Geopolitics plays a much bigger role for Danish and international companies today than it did just a few years ago. War in Europe, uncertain supply chains and a shifting world order require new ways of thinking about law, strategy and risk management.
Gorrissen Federspiel is today an advisory firm that combines legal expertise with an understanding of geopolitical developments to best serve our clients.
With this in mind, in 2025, we brought together and organised our existing work in this area to create a dedicated geopolitical taskforce, which strengthens the advice we already provide.
As Managing Partner Martin André Dittmer puts it:
“We are increasingly seeing the very concrete consequences of geopolitics for Danish and international companies. It’s crucial that legal advice is coupled with a strategic overview and an understanding of the risks and opportunities that companies face.” He adds:
“This combination forms the core of our work at Gorrissen Federspiel.”
Geopolitical taskforce: the interplay between law and geopolitics
Our geopolitical taskforce helps clients navigate geopolitical shifts and new frameworks, converting them into tangible decisions.
The taskforce assists clients in identifying and managing legal risks arising from geopolitical changes, while also uncovering commercial opportunities.
At the same time, the taskforce brings together the firm’s various areas of expertise to provide clients with a holistic strategic and legal perspective, rather than individual pieces of advice.
“When framework conditions change rapidly, we need to help our clients see the bigger picture so they can assess the risks and spot the opportunities arising from change,” says Martin André Dittmer and adds:
“That’s exactly what the geopolitical taskforce was created for.”
The taskforce advises companies that are directly exposed in conflict and risk areas, as well as those that are indirectly affected through their suppliers. The advice we provide ranges from trade and sanctions to export controls, investment screening, contract structures, security of supply and governance.
Contributing to Denmark’s security
Standing strong in troubled times is not just about providing high-quality advice to others; it is also about taking responsibility as a business.
In line with this ambition, Gorrissen Federspiel joined InterForce Danmark in 2025. This membership underlines our commitment to supporting the Danish Defence and the voluntary forces that contribute to security and stability.
As an InterForce member, we are committed to giving employees who serve in the Armed Forces, Home
Guard, Emergency Management Agency or Coastal Rescue Service up to five days of annual paid leave.
Partner Kenneth Kvistgaard-Aaholm, who advises the defence and security industry and has served as an Air Force Reserve officer for many years, is proud that Gorrissen Federspiel has become a member:
“In times of increased uncertainty, it’s more important than ever to contribute to Denmark’s effective and robust preparedness. By supporting our uniformed employees, we recognise their efforts and invest in the skills, sense of responsibility and drive they bring back to the firm. This benefits both us and the advice we provide. We’re proud to support our employees in their service to Denmark,” says Kenneth Kvistgaard-Aaholm.
In addition to the possibility of taking a leave of absence, Gorrissen Federspiel also offers leave for participation in international missions or deployment in the event of national disasters or comparable situations for up to seven months.
“These are concrete schemes that make a real difference for employees who want to take on responsibility beyond their daily work, while also strengthening Denmark’s overall preparedness,” says Kenneth Kvistgaard-Aaholm.
Standing strong when the world shifts
The geopolitical taskforce and the membership of InterForce together provide a clear indication of Gorrissen Federspiel’s approach to navigating an increasingly turbulent world.
On the one hand, we are enhancing our professional preparedness by establishing specialised units to advise clients on geopolitical uncertainty. On the other hand, we are taking active steps to support Denmark’s security and preparedness by improving the conditions for employees that serve in uniform. Our Managing Partner Martin André Dittmer puts it like this:
“For us, it’s fundamentally about resilience – the ability to withstand external pressure without losing our sense of direction. By investing in our geopolitical advisory services and engaging in society’s preparedness efforts, we become a stronger firm and a more reliable adviser to clients who face the challenge of making difficult decisions in an uncertain world.”
See the members of our geopolitical taskforce gflegal.org/geo-tf
Think Tank EUROPA
Auditorium, Axel Towers — In 2025, we once again created a platform for dialogue between government, the business sector and academia in collaboration with Think Tank EUROPA. At three events held in the auditorium of Axel Towers, we provided valuable insights from leading experts.
On 5 March, Lykke Friis, Director of Think Tank EUROPA, and Jeremy Cliffe of the ECFR visited us to provide an analysis of the consequences of Germany’s election result, particularly in relation to the EU’s green agenda.
On 6 May, together with Zscaler and the Think Tank, we hosted a conference on cyber resilience. The debates focused on the growing challenges posed by the complex hybrid warfare threats that Europe has recently experienced and how the continent can strengthen its defences against them.
Denmark held the Presidency of the Council of the European Union in the second half of 2025, and on 18 June, we looked at the challenges that the EU would face during the Presidency. A range of experts discussed the unstable world order and the significant demands it places on strong leadership.
At the forefront of technological developments
ISO 27001 certification and the Legora AI tool strengthen the foundation for secure, responsible and efficient legal advice. Here, Managing Partner Martin André Dittmer and partner Tue Goldschmieding discuss working with AI and data security – and the strategic decisions involved.
In 2025, Gorrissen Federspiel invested in new technology and data security to strengthen its position in an increasingly technological world. The ambition is clear: to use technology to its full potential without compromising quality, ethics or the security of client data.
Two initiatives have been particularly key to this:
• ISO 27001 certification – the international standard for information security;
• the rollout of the AI-powered tool Legora, which is tailored to legal professionals.
Together, these initiatives reflect a fundamental balance between being at the forefront of technological developments and delivering more efficient advice, while always prioritising data security and client confidentiality.
ISO 27001: proven high-level security
Gorrissen Federspiel received a formal and independent seal of approval for its work with information security by achieving ISO 27001 certification. This globally recognised standard is based on a systematic, risk-based approach to protecting information, both internally and externally.
“The ISO 27001 certification is an important milestone that proves that we meet the highest international standards and have the right processes and controls in place,” says Managing Partner Martin André Dittmer.
This certification is the result of several years of structured work to develop and implement an information security management system throughout the organisation. This involved developing and implementing policies, risk assessments and security measures across disciplines, practice areas and business support functions.
Trust is fundamental in the legal industry – and information security is a key part of that trust. “We operate in an industry where trust is a prerequisite. Our clients need to know that their data is protected. With the ISO 27001 certification, we are sending a clear signal that we take this responsibility seriously and that our security level has been tested and documented
by an independent body,” says Martin André Dittmer and adds:
“The certification marks the beginning of a new phase, not the end of the process. We must continue to strengthen our security level and develop our compliance efforts. We view this as a strategic investment in our market position and in building trust with our clients on a daily basis.”
Partner Tue Goldschmieding, who specialises in outsourcing, IT contracts and data protection, emphasises the importance of taking a long-term perspective:
“ISO 27001 places high demands on both technology and processes. The certification proves that we have established a robust and documented security architecture that enables us to identify, assess and manage information security risks effectively – across the entire organisation.”
AI as a tool – not a substitute While security and compliance requirements are increasing, technological development is accelerating. Artificial intelligence has become an integral part of
everyday legal practice – but how it is used is crucial.
By partnering with Legora, Gorrissen Federspiel has taken a strategic step towards realising the potential of AI without compromising on quality or security. Legora’s AI-powered legal platform helps lawyers quickly analyse substantial amounts of legal information, freeing up time for the work that creates the most value for clients.
"When you combine the best legal minds with cutting-edge technology, you get really solid results."
sible advice, they come to us. And now we’re better equipped than ever before.”
“Fighting for our clients’ rights is a very important driving factor for me,” says Managing Partner Martin André Dittmer, and he adds:
“We don’t see Legora as a replacement for talented lawyers but as a tool that enables us to perform even better while meeting our extensive data security and compliance requirements. When our clients are faced with a complex legal issue or challenging business dilemma and require the best pos-
This means faster insights, more targeted analysis and an even better overall experience for our clients, especially in cases where the volume of documents is high and decisions need to be made quickly and efficiently.
“When you combine the best legal minds with cutting-edge technology, you get really solid results,” says Tue Goldschmieding.
Security and trust form the foundation For Gorrissen Federspiel, the link between ISO 27001 and Legora is crucial: A high level of proven security provides a solid basis for the responsible implementation of advanced AI solutions. ISO certification ensures the necessary processes, controls and governance structures are in place, and Legora provides new opportunities to work faster and more efficiently while maintaining the same high professional standards.
Overall, our strategic focus on security and new technology demonstrates our proven high level of information security and compliance, our purposeful use of technology to enhance the quality and efficiency of our advice and our commitment to integrity, governance and clear priorities.
For Gorrissen Federspiel, investments in data security and AI ultimately serve the same purpose: to deliver excellent legal advice in a digital landscape where the demand for efficiency and accountability is growing.
Data ethics policy statement
Gorrissen Federspiel uses data in a responsible and sustainable manner. As part of this commitment, we have updated our Data Ethics Policy to reflect the firm’s evolving use of data and technology. Although there have not yet been any data ethics challenges relating to current data use, we foresee an increasing integration of AI-powered solutions that could potentially raise such issues in the future. Even though we comply with data protection legislation and legal ethics rules, we have decided to have a separate data ethics policy to clarify the principles we work by and proactively handle any issues that may arise in the future. The Data Ethics Policy is based on the following data ethics principles:
(a) Human dignity
Any use of data must respect human dignity. Data must not be used to exploit knowledge in a way that could unjustifiably or unreasonably harm the dignity of the individual. Data must be used securely to protect individuals from the misuse of their personal data. This means that Gorrissen Federspiel will ensure that information is kept confidential and used only in a manner that respects the dignity of individuals, while also being proportionate to the interests of our clients and the processing of the case.
(b) Responsibility
The use of data in new ways can lead to previously unknown risks. When implementing new technology, including artificial intelligence, Gorrissen Federspiel assumes responsibility for exercising due diligence prior to implementing such technologies. Gorrissen Federspiel therefore performs risk assessments when data is used in new ways and when new systems are implemented that may involve unknown risks. This means that, before implementing new digital solutions such as AI-powered legal tools or data analytics technologies, the firm conducts a thorough assessment to ensure they do not compromise data ethics principles or client confidentiality or violate applicable laws.
(c)
Equality and fairness
Gorrissen Federspiel’s use of data must recognise and respect equality and fairness. This means that Gorrissen Federspiel actively seeks to prevent any unwanted bias in the data we use in order to avoid unfair categorisation or data models that discriminate based on population groups or ethnic origin, for example. Where Gorrissen Federspiel works with third parties, Gorrissen Federspiel may not always have full insight into the algorithms used to process data. In such situations, we will exercise due diligence and cease or restrict the processing of data on Gorrissen Federspiel’s behalf if Gorrissen Federspiel becomes aware that the data processing leads to significant instances of discrimination or unfair treatment.
This policy is administered by Gorrissen Federspiel’s internal compliance department and applies to all employees. It is communicated to all employees and integrated into the ongoing training provided to new and existing employees, including that relating to the use of AI-powered systems.
The updated policy was adopted by the board of directors on 26 February 2026. Significant changes must be approved by the board of directors, while the compliance department is responsible for maintaining the policy, evaluating its effectiveness and proposing any necessary changes. Compliance has access to relevant business documents, records, systems, processes, policies and procedures at any time, as necessary, to audit and verify compliance with this policy.
Corporate social responsibility and sustainability
Our work with corporate social responsibility and sustainability
In 2018, we joined the UN Global Compact, whose principles now guide our work with corporate social responsibility and sustainability. These principles are an integral part of our business operations, management focus and strategy.
Since joining the UN Global Compact, we have worked to ensure that the ten principles on human rights, labour, environment and anti-corruption are embedded in our operations and strategy. As a result, corporate social responsibility has become an integral part of our behaviour and business foundation. We have complemented this by prioritising the UN’s 17 Sustainable Development Goals (SDGs), selecting seven goals that represent areas where we can have the greatest impact. These SDGs highlight areas where we need to take action in our daily lives.
Gorrissen Federspiel’s work on corporate social responsibility and sustainability is overseen by our sustainability committee, which ensures compliance with applicable industry rules and best practices. The committee monitors our progress towards achieving our goals, makes decisions on our efforts and direction and oversees the implementation of new initiatives and compliance with our sustainability policy.
Our focus
As a workplace for more than 640 employees, all of whom perform exceptionally on a daily basis, it is paramount to us to provide a good working environment, ensure well-being and development and foster a diversified and inclusive work culture where everyone has equal opportunities and can perform to the best of their abilities.
We also aim to promote a society in which everyone has access to education, knowledge and the rule of law. We provide specialised legal advisory services in strategic compliance and corporate social responsibility, and we are committed to sharing our expertise with the wider community. We achieve this through sharing our knowledge in publications, at events, as external lecturers and as experts at Danish and international study programmes and through pro bono work.
As a socially responsible firm, we also recognise our responsibility for the climate, and we are continuously working to reduce our footprint. We achieve this by maintaining and optimising our operations and by switching to more sustainable solutions and suppliers.
Our business model
Gorrissen Federspiel is a leading law firm in Denmark with strong international ties. As a full-service law firm, we provide legal advice on Danish and European business law. Our ambition is to be the most respected law firm in the Nordics and the adviser of choice for organisations operating in Denmark.
Our clients are primarily large Danish and international companies, which we assist in major transactions and cases. We collaborate closely with reputable international law firms which refer their clients to us for legal advice relating to the Danish market or Danish interests.
Our work is anchored in Gorrissen Federspiel’s core values –Quality, Decency, Team Spirit, Value Creation and Perspective –which guide how we work professionally and collaborate with each other, our clients and the outside world.
At the end of 2025, we employed 365 lawyers. During the year, 29 young lawyers, all of whom have trained with us to become highly qualified lawyers, were admitted to the Danish bar. The commit-
The sustainability committee
The sustainability committee works towards ensuring that we, as a law firm, meet all applicable rules, standards and best practices in the field of sustainability.
Camilla C. Collet Partner, chair of the sustainability committee
Martin André Dittmer Managing Partner
Sara Jursic Head of HR
Martin Leth Povlsen CFO
ment and dedication of our people are fundamental to our ability to provide our clients with excellent legal advice. We therefore consider risks related to labour to be the most important element we need to address in our sustainability work. Our approach to identifying and managing these risks is described in more detail in the following section of the sustainability report.
Our method of reporting
Below, we outline our ambitions and the importance of our focus and goals. We also highlight the progress of our sustainability work under the UN Global Compact and the SDGs to which we are contributing. We report on some of the actions and initiatives that have been particularly important to us as a firm and to our people over the past year.
Sustainability work and progress in 2025
In 2025, we further developed our sustainability efforts, building on the preparations and strategic decisions made the previous year. We believe that we have fully met the sustainability targets set the previous year. While Gorrissen Federspiel is not directly covered by the Corporate Sustainability Reporting Directive (CSRD), our work on formulating our sustainability strategy has provided valuable insight and a stronger foundation.
We have also continued to strengthen our sustainability efforts based on our voluntary adherence to the UN Global Compact’s principles for human rights, labour, environment and anti-corruption. At the same time, we have worked on integrating sustainability into our decision-making processes and daily practices.
Aims for 2026
In 2026, we will continue to strengthen our sustainability efforts. As part of the firm’s ongoing strategic development, we will increase our focus on implementing policies and initiatives, including our work with the UN Global Compact principles and SDGs, to further integrate sustainability into our business practices.
Human rights
When it comes to human rights, we are committed to the principles of the UN Global Compact:
Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and
Principle 2: make sure that they are not complicit in human rights abuses.
Our ambitions
As a socially responsible company and a leading Danish law firm specialising in providing highly specialised legal advice on corporate compliance and sustainability, we have a responsibility to protect and promote fundamental human rights.
We see this as supporting the development of a society in which everyone has equal opportunities to develop, to work in a safe and secure environment and be part of an inclusive and diverse workplace.
We contribute to this by making our knowledge available pro bono to relevant companies, NGOs and individuals working to extend fundamental human rights to those who would otherwise have difficulty accessing legal knowledge and advice. Be it as volunteer advisers in legal aid offices or other similar organisations.
As in previous years, we focus our efforts on areas where we believe our expertise creates the greatest value, namely the rule of law and the education of children and young people in Denmark and around the world. Furthermore, we provide financial support to selected interest groups that work to promote these causes.
The importance of focusing on human rights
As a knowledge-based firm, we have not identified any significant human rights risks related to our operations or business relationships. We expect our clients, business partners and suppliers to comply with all applicable conventions in this area. We are also continually aware of our ethical responsibility when selecting business partners and suppliers, and when entering client relationships.
Development in 2025
In our work with human rights, we believe that everyone should have the opportunity to live a life with basic rights, access to education and the rule of law. As a law firm, we believe it is our duty to support the structures that enable this, through legal advice and strategic partnerships.
In 2025, we continued our collaboration with the Human Practice Foundation. The Human Practice Foundation works to improve schooling and living conditions of children and young people, and our involvement in projects in Nepal and Kenya exemplifies our commitment to providing equal opportunities for all.
We also continued our involvement in the Danish Red Cross by participating in campaigns that support vulnerable families in Denmark and around the world.
Finally, we focused on the rule of law in public debates. Managing Partner Martin André Dittmer participated in podcasts and debates addressing topics such as the rule of law, the separation of powers and citizens’ rights. For instance, he participated in the Legal Finance Club Podcast, where he discussed the development of the rule of law, the responsibilities of the legal profession and the consequences of political developments in the US. He also participated in Danish Industry’s podcast ‘The possibilities of uncertainty’, where he discussed questions about the robustness of society and individual rights.
Going forward, we will continue to prioritise partnerships that strengthen the rule of law and educational opportunities for children and young people – both in Denmark and around the world.
SDGs
Labour
When it comes to labour, we are committed to the principles of the UN Global Compact:
Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
Principle 4: the elimination of all forms of forced and compulsory labour;
Principle 5: the effective abolition of child labour; and
Principle 6: the elimination of discrimination in respect of employment and occupation.
Our
ambitions
Our people are among the industry’s most talented lawyers and specialists, and we aim to be the workplace of choice in our industry. The well-being and development of our people are therefore high priorities in our daily work. Our efforts to create a valued and sustainable workplace are based on a community where everyone has an equal opportunity to develop their skills, regardless of their social background, culture, gender, ethnicity, disability, age, colour or sexual orientation.
We believe that promoting a diverse and inclusive working environment is the best way to ensure the well-being and development of our people.
The importance of focusing on labour
Ensuring employee well-being remains a key priority for Gorrissen Federspiel. We receive regular feedback from our employees and continuously focus on developing the workplace and our management approach.
We continue to pay close attention to the importance of mental well-being. Poor mental well-being and stress-related absence can have serious personal consequences for employees, affecting their health, employment and quality of life. In line with our value of decency, organising work in a sustainable way for employees is therefore a key priority.
Furthermore, weakened employee well-being poses a significant risk to Gorrissen Federspiel’s ability to deliver the high- quality advice our clients expect. Wellbeing is therefore a key part of our responsibility for contributing to a healthy and sustainable working life for our employees and for providing our clients with advice of the highest quality.
Consequently, we continue to develop our work on well-being and stress prevention as an integral part of our HR and management activities. We continue to offer our employees the benefits previously implemented – including stress management, the services of an external business coach and the well-being programmes offered by PFA Health.
At the same time, we are committed to developing Gorrissen Federspiel as a modern, inclusive and diverse workplace. At a time of intensified competition for talented lawyers and specialists, it is crucial for us to maintain and strengthen our position as an attractive workplace that takes responsibility for its employees.
Development in 2025
In 2025, we maintained our focus on well-being and mental health. For instance, we organised presentations to help employees manage work pressure more effectively and build sustainable careers.
Renowned author and researcher Nicklas Brendborg visited our offices at Axel Towers in Copenhagen, giving employees a research-based insight into how the body and brain are affected by modern working life and what specific steps may boost longterm health, energy and performance.
Alongside our focus on well-being and a healthy working environment, we continued our focus on diversity and inclusion. We invited all employees to attend a presentation by Caroline Farberger, a prominent figure in the Swedish business world. She shared her experiences of inclusive leadership and her perspective on being on both sides of the gender balance at the top of the business world. Her story has contributed to our internal dialogue about bias, culture, and leadership responsibility.
SDGs
Environment
When it comes to the environment, we are committed to the principles of the UN Global Compact:
Principle 7: Businesses should support a precautionary approach to environmental challenges;
Principle 8: undertake initiatives to promote greater environmental responsibility; and
Principle 9: encourage the development and diffusion of environmentally friendly technologies.
Our ambitions
Our aim is to integrate sustainability and care for our environment wherever we can make a difference. We impose sustainability requirements on our business partners and suppliers. We share our knowledge of environmental legislation through conferences, debates and our involvement in organisations.
The importance of focusing on environment
As a legal adviser, our primary business activities have no direct climate impact. We have not identified any significant environmental risks in our operations or business relationships.
Nevertheless, we recognise our responsibility to reduce our climate footprint by adopting sustainable practices in our daily operations. We therefore consider climate impacts and prioritise environmentally friendly options when entering into agreements with new suppliers and business partners.
Development in 2025
Green ambassadors: In 2025, Christian Halskov Sauer, Camilla Collet and Christina Rahbek were recognised as green ambassadors in Legal 500, making us the Danish law firm with the highest number of green ambassadors. Christian Halskov Sauer and Camilla Collet also received this recognition in 2024, while Christina Rahbek received it for the first time in 2025.
Christian Halskov Sauer is recognised for his advice on the development, financing and commercialisation of renewable energy projects, including wind, solar, biogas and Power-to-X. He also plays an active role in industry dialogue and knowledge sharing on the green transition.
Camilla Collet has extensive expertise in sustainability and ESG. She advises companies on governance, reporting and the implementation of key EU regulations, such as the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD). She is also a prominent voice within the firm and in the legal profession’s thought leadership.
Christina Rahbek advises on regulatory and commercial matters related to sustainability, including ESG-related legislation, supply chain due diligence, sustainability in commercial contracts and responsible business conduct. She plays a key role in both client work and Gorrissen Federspiel’s internal work with sustainability.
Overall, these recognitions emphasise that Gorrissen Federspiel has strong, externally recognised experts who actively promote green considerations through their legal advice.
Supplier switching and sustainability initiatives in our kitchens: In 2025, the kitchens in Copenhagen and Aarhus replaced some of their conventional suppliers to promote organic principles, animal welfare and responsibility throughout
the supply chain. This was done wherever it was possible to achieve a documented effect while maintaining quality and operational efficiency.
In this context, specific organic performance indicators are calculated for the Copenhagen kitchen, while the development in Aarhus is described qualitatively.
As part of this initiative, the Copenhagen kitchen now exclusively serves organic meat sourced from small farms. Supporting smaller producers helps ensure higher animal welfare standards and increased transparency in the supply chain. These partnerships also support producers who work in line with the kitchen’s sustainability ambitions.
The effect of the implemented measures is reflected in the kitchen’s performance indicators. Between June and December, the average proportion of organic food products purchased for the Copenhagen kitchen increased from 63.8% in 2024 to 73.5% in 2025 — an improvement of around 10 percentage points overall. This improvement was particularly pronounced in the last months of the year.
In Aarhus, a new head chef took over in August 2024. At that time, the kitchen did not yet have an organic certification. The new head chef swiftly altered the purchasing strategy, enabling the Aarhus kitchen to achieve the Silver Organic Cuisine Label by the end of 2024. Since then, the kitchen’s organic share has remained stable at 70–75%.
Furthermore, logistical adjustments were made at both locations in the form of consolidation of deliveries. This has reduced the number of trips and, consequently, the environmental impact of transportation. The reorganisation of logistics was completed without any negative impact on delivery reliability.
Alongside these initiatives, the kitchen is working hard to reduce food waste.
Food waste can be divided into three categories: production waste, waste from the daily buffet (where employees can buy leftovers at a reduced price) and food waste from users. Work is underway to find a solution that will enable systematic weighing of food waste at the cleaning station and make it more visible, in order to raise awareness and provide a better basis for future reductions. Meanwhile, daily production waste is already handled via the kitchen’s biogrinder, where it is used for energy production to help heat residential homes.
Overall, the initiatives implemented and initiated in our kitchens are considered to have made a positive contribution to the overall sustainability efforts. The results demonstrate that targeted efforts in areas such as supplier selection, animal welfare, logistics and food waste can have long-term, measurable effects.
SDGs
Anti-Corruption
When it comes to anticorruption, we are committed to the principles of the UN Global Compact:
Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.
Our ambitions
As a law firm, we have a special obligation to operate in accordance with applicable laws, as well as internationally recognised ethical and professional standards. We fulfil this obligation by implementing robust anti- corruption and anti-bribery policies, which all employees are required to follow. We have a zero-tolerance policy and repudiate any form of bribery or corruption.
We are continuously working to strengthen our internal processes and controls, including those relating to anticorruption.
The importance of focusing on anti-corruption
Our business is built on professional expertise and high ethical standards. Clients entrust us with their most critical challenges, expecting us to act in full compliance with the law. Integrity and decency form the foundation of our business, and we do not tolerate any involvement in corruption by our employees or business partners.
Having evaluated our business model, we have not identified corruption as a significant high-risk area for us. We have not identified any significant corruption risks in our operations or in relation to our business partners that are not already being addressed by our compliance initiatives. We continuously evaluate our compliance efforts to ensure compliance with applicable regulations and ethical standards.
All new employees receive an introduction to our anti-corruption policy, complete an e-learning course on anti-corruption and are briefed on the whistleblower scheme. This systematic approach ensures that employees are equipped to act appropriately if they witness violations of anti-corruption rules or other concerning issues.
Development in 2025
In 2025, we continued our efforts to raise awareness of the anti-corruption policy. As part of our onboarding process, all new employees are introduced to the policy through e-learning and dedicated training sessions. During the year, 155 new employees attended a dedicated session on the policy and completed the accompanying e-learning course. Training was also held for relevant professional groups based on a risk-based approach, with approximately 150 employees participating.
The training programme aims to ensure that all employees are aware of our zero-tolerance policy towards corruption and bribery. Employees are informed of our expectations and procedures for reporting any violations or suspected violations, including the possible involvement of the compliance department, the responsible partner or the Ethics Committee.
As in previous years, we did not register any cases or incidents related to anticorruption in 2025.
Following the annual review of the anti-corruption policy by the board of directors, updates were made to better reflect our internal organisation. Additionally, anti-corruption was incorporated into our newly established Supplier Code of Conduct, and we expect our business partners to demonstrate the same level of commitment to our zero-tolerance policy as our employees.
SDGs
Red Cross Christmas Challenge
1 December 2025, Axel Towers — The Red Cross Christmas Challenge beautifully symbolises what we can achieve when we come together and contribute. We were therefore happy and proud to participate in the Challenge once again, supporting the provision of emergency aid to children affected by war and disasters. The money raised is used to provide medical care for children in war zones.
The challenge was passed on to several leading Danish companies, all of which support the important work of the Red Cross and are making a real difference. Managing Partner Martin André Dittmer accepted the challenge from Mastercard’s Vice President, Sif Linding Kristensen, and passed it on to DSB’s CEO, Flemming Jensen.
In addition to taking part in the challenge, many of our employees chose to support the cause again this year by forgoing Christmas gifts and donating instead. Gorrissen Federspiel matched this gesture, meaning that every donation had twice the impact.
You can watch Martin André Dittmer talk about our participation in the Danish Red Cross Christmas Challenge here: gflegal.org/js25
Our collaboration with the
Human Practice Foundation
The Human Practice Foundation was founded by Pernille Kruse Madsen, a former attorney at Gorrissen Federspiel. The organisation works to provide more children and young people with the opportunity to attend school. Its work is based on a holistic model that not only builds, renovates and manages schools, it also strengthens the entire community through education, parental involvement and micro-entrepreneurship. This gives families a sustainable financial situation and the means to send their children to school.
In 2025, Gorrissen Federspiel contributed in several ways: We supported a specific project in north-eastern Nepal, helped to raise awareness of a specific project called ‘Inner Strength’ aimed at Danish primary schools, seconded some of our talented employees to the Human Practice Foundation and provided ongoing legal advice.
Support for project in north-eastern Nepal
In 2025, we made a significant donation to a project in north-eastern Nepal. The donation will support 74 families who, over a period of three years, receive training in crop cultivation, basic farming skills and business skills to help them establish sustainable micro-enterprises.
The idea is that by establishing a stable income, families will be able to afford to send their children to school, creating better opportunities for their children’s education.
An essential part of the model is that after the three years, the families pass on the initial support to a new family. This ensures that the initial funds are reinvested
As part of our sustainability work at Gorrissen Federspiel, we are committed to improving access to education for children and young people. As part of this work, we have enjoyed a close and rewarding collaboration with the Human Practice Foundation for many years.
and the project’s impact gradually extends to more and more families.
The photograph shows Hana, who has successfully turned the investment she received from the Human Practice Foundation into a sustainable farming business involving various crops and livestock.
Focus on project ‘Inner Strength’ in Danish schools
Our collaboration with the Human Practice Foundation is not only about projects in Nepal and Kenya, but also about children and young people in Denmark. In 2025, we welcomed the Human Practice Foundation to our premises at Axel Towers in Copenhagen, where Pernille Kruse Madsen provided insight into the organisation’s journey and school projects. Programme Manager Katinka Gøtzsche presented a programme called ‘Inner Strength’.
This programme focuses on enhancing the self-esteem and well-being of children and young people in Danish primary schools. It provides students with the tools to recognise their feelings, set healthy boundaries and flourish within their communities. It also equips teachers to approach relationships and mental well-being systematically.
For Gorrissen Federspiel, focusing on well-being in Danish schools is an important addition to the international projects. We help children in some of the world’s poorest areas gain access to education, and we support children in Denmark to thrive and complete their education.
Part of our long-term sustainability initiatives
Our collaboration with the Human Practice Foundation is an integral part of our sustainability work, not a stand-alone charity project. We are committed to supporting a society in which more children and young people have good opportunities in life, including access to quality education.
Together with the Human Practice Foundation, we are helping to create lasting change. For Gorrissen Federspiel, this partner ship is a valuable addition to our core legal business, as it enables us to translate our values into concrete action.
Secondments
to the Human Practice Foundation
Working with the Human Practice Foundation is also about professional and personal development for our own employees. In 2025, two of our employees were seconded to the organisation: Philip Worm provided legal advice in the first half of the year and Mia Maansson Nielfeldt took over in the second half of 2025.
The secondments provide the opportunity to work closely with the projects, contribute legal and commercial skills and gain unique insights into the implementation of development projects.
Secondment to the Human Practice Foundation provided new perspectives
In 2025, Philip Worm and Mia Maansson Nielfeldt were seconded to the Human Practice Foundation. Along the way, they strengthened their legal skills while contributing to a worthy cause.
Philip Worm and Mia Maansson Nielfeldt are law students working at Gorrissen Federspiel. In 2025, they were both seconded to the Human Practice Foundation (HPF). Philip Worm assisted with legal advice in the first half of 2025, while Mia Maansson Nielfeldt continued the work in the second half of 2025.
The secondment gave them the opportunity to test their legal skills in an NGO context and contribute to projects that significantly impact the sustainable communities that the HPF works to strengthen.
Responsibilities and new experiences
Secondment to the HPF entailed a wide variety of tasks. While Philip Worm provided legal advice on contract review and compliance, Mia Maansson Nielfeldt was responsible for the organisation’s work with foundations, fundraising events and selected data protection issues.
Mia Maansson Nielfeldt found it especially insightful to have a high degree of ownership over an entire area, prioritising and structuring the tasks herself.
“The special thing was that I was given a lot of responsibility and was able to follow the tasks from start to finish,” she says.
“I gained a clear insight into how lawyers collaborate with the finance, communications and fundraising teams,” he says.
Warm recommendation Philip Worm and Mia Maansson Nielfeldt both rec -
"You gain new perspectives, more responsibility and valuable experience. It’s both educational and relevant to the work we do at Gorrissen Federspiel."
“It gave me a much better overview and understanding of the entire process – not just the individual legal aspects,” she says.
Philip Worm also highlights the interdisciplinary collaboration within a smaller organisation as a key benefit of the secondment.
ommend a secondment to the HPF to other students without hesitation. They both point out that experience has strengthened their legal judgment, sense of responsibility and ability to see the law in a broader context – all while
working for an important and meaningful cause.
“You learn a lot that’s directly applicable to your future work as a lawyer,” says Philip Worm.
“You gain new perspectives, more responsibility and valuable experience. It’s both educational and relevant to the work we do at Gorrissen Federspiel,” says Mia Maansson Nielfeldt.
"You learn a lot that’s directly applicable to your future work as a lawyer."
Our work on inclusion and diversity
We promote inclusion and diversity because it strengthens our workplace and improves the quality of our advice. Below, we outline the most significant initiatives of the past year and our upcoming plans.
At Gorrissen Federspiel, we see diversity, equity and inclusion (DEI) as prerequisites for providing quality legal advice and for being an attractive workplace for talented lawyers. We have been working with DEI for several years and see it as ongoing development work.
We strive for a diverse workforce and a work environment in which everyone can contribute their skills and perspectives. When assessing current or prospective employees, we never consider a person’s social background, gender, ethnic background, religion, age, colour or sexual orientation, but rather their talent. To us, diversity is a matter of both fairness and quality. The more diverse the range of perspectives we hear, the better we can understand our clients and the society they are part of.
A long-term focus on diversity
Our work on DEI is extensive and has been ongoing for several years.
In 2025, we continued our participation in a diversity project with the Danish Bar and Law Society, contributing to the development and sharing of knowledge on how the legal profession can become more diverse and inclusive. We also continued our partnership with The Diversity Council, which we joined in 2017, to moti-
vate and retain talent more effectively, regardless of gender. Moreover, we offered our employees training in unconscious bias to raise awareness of the blind spots that can affect recruitment, talent development and collaboration. It is also worth mentioning that we have worked on reverse mentoring where younger employees share their perspectives with more experienced colleagues and managers, challenging habits, language and assumptions across generations.
These are all long-term initiatives that aim to encourage us to think more carefully about how we lead, provide feedback, distribute tasks, recruit people and collaborate in our daily work.
Visit by Caroline Farberger
As part of our DEI initiatives, we invited the Swedish business leader Caroline Farberger to give a presentation during Copenhagen Pride Week in August 2025. Caroline Farberger is one of the most prominent voices in the Nordics when it comes to inclusive leadership and diversity. Her personal story is unique: On 13 September 2018, Carl Farberger went home from his job as CEO of ICA Insurance, and the following day Caroline Farberger showed up instead.
During her presentation, she shared her unique experience of working as a top manager, both as a man and as a woman. She emphasised the importance of inclusive leadership, demonstrating how bias can affect workplace culture. She provided our employees with a clear, personalised example of why active inclusion is important for individuals and organisations.
Diversity as part of our professional quality
Our long-term focus on diversity and inclusion aims to create an environment where diversity is a resource and where leaders and colleagues have the tools they need to turn good intentions into action.
Promoting DEI is integral to our identity as a law firm. By forming teams with a variety of perspectives, experiences and backgrounds, we can better understand our clients’ situations and find solutions to complex legal and business issues.
Diversity therefore encompasses both the workplace culture and the quality of the advice we provide.
Career paths, talent development and a balanced pipeline
We also promote diversity and inclusion in our approach to designing career paths. In 2025, we appointed six new Managing Counsels and ten new Practice Area Counsels. These appointments were made based on high professionalism, commercial understanding and the ability to take clear responsibility towards clients, teams and the business. Both roles offer an alternative to the traditional partnership track and can lead to permanent positions, providing more opportunities to play a significant role in the firm.
The gender distribution among the new Managing Counsels is completely equal, while women make up around 60% of the newly appointed Practice Area Counsels. This reflects our long-term commitment to talent development and our progress in creating a more balanced and robust pipeline with a more equal gender distribution across levels.
Gender composition at Gorrissen Federspiel
At Gorrissen Federspiel, we strive for a balanced gender representation at all levels. We implement initiatives to promote diversity and inclusion because we believe that a more diverse workplace and workforce lead to a better working environment, a broader market understanding, increased competitiveness and fresh ideas, which benefit both us and our clients.
Gender composition in senior management I In 2025, partner Charlotte Thorsen joined the board, expanding it to seven members. This meant that, in 2025, the gender distribution was 29% women and 71% men. Our aim remains to achieve a minimum of 33% women and a maximum of 67% men by 2028.
Gender composition at other levels of management
Gorrissen Federspiel’s other levels of management comprise the executive board, heads of practice groups and department heads. These levels comprise a total of 25 people. At the end of 2025, the gender composition of these levels was 24% women and 76% men. Our aim remains to achieve a minimum of 33% women and a maximum of 67% men by 2028.
Pride
14 August 2025, Auditorium, Axel Towers — During Copenhagen Pride Week, Caroline Farberger, a prominent Swedish business figure and the first Nordic business leader to speak openly about her gender transition, visited us and gave an inspiring and important talk about diversity and inclusion. She now uses her unique experience to promote diversity within organisations.
Caroline Farberger shared her inspiring story of holding the position of CEO at a large insurance company while transitioning from male to female. With clarity and insight, she shed light on the structural privileges that not everyone enjoys — and that many fail to recognise. She emphasised the need to work strategically to develop an inclusive culture and leadership style in order to unlock the potential of the entire talent pool, and she highlighted that our differences are a strength.
At Gorrissen Federspiel, diversity and inclusion in the organisation have been important focus areas for many years.
Financial report
Content
Entity details 62
Statement by Management 62
Independent auditor’s report 63
Income statement for 2025 65
Balance sheet at 31.12.2025 66
Statement of changes in equity for 2025 68
Cash flow statement for 2025 69
Notes 70
Accounting policies 73
Entity details
Entity
Gorrissen Federspiel Advokatpartnerselskab
Axeltorv 2
1609 Copenhagen V
Business Registration No.: 38052497
Registered office: Copenhagen
Financial year: 01.01.2025 - 31.12.2025
Board of Directors
Niels Vahman Bang, formand
Martin André Dittmer
Kenneth Kvistgaard-Aaholm
Lotte Pinstrup Eskesen
Anders Ørjan Jensen
Jacob Skude Rasmussen
Charlotte Louise Thorsen
Executive Board
Martin André Dittmer
Auditors
Deloitte Statsautoriseret Revisionspartnerselskab
Weidekampsgade 6
2300 Copenhagen S
Statement by Management
The Board of Directors and the Executive Board have today considered and approved the annual report of Gorrissen Federspiel Advokatpartnerselskab for the financial year 01.01.2025 - 31.12.2025.
The annual report is presented in accordance with the Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and of the results of its operations and cash flows for the financial year 01.01.2025 - 31.12.2025.
We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.
We recommend the annual report for adoption at the Annual General Meeting.
Copenhagen, 26.02.2026
Executive Board
Martin André Dittmer, Managing Partner
Board of Directors
Niels Vahman Bang, formand
Martin André Dittmer
Kenneth Kvistgaard-Aaholm
Lotte Pinstrup Eskesen
Anders Ørjan Jensen
Jacob Skude Rasmussen
Charlotte Louise Thorsen
Independent auditor’s report
To the shareholders of Gorrissen Federspiel
Advokatpartnerselskab
Opinion
We have audited the financial statements of Gorrissen Federspiel Advokatpartnerselskab for the financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and of the results of its operations and cash flows for the financial year 01.01.202531.12.2025 in accordance with the Danish Financial Statements Act.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity 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 Entity’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 Entity’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 Entity to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, 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.
Statement on the management commentary Management is responsible for the management commentary.
Our opinion on the financial statements does not cover the management commentary, 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 the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.
Based on the work we have performed, we conclude that the management commentary 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 of the management commentary.
Copenhagen, 26.02.2026
Deloitte
Statsautoriseret Revisionspartnerselskab CVR No. 33963556
Christina Nilsson
State Authorised Public Accountant Identification No. (MNE) mne44182
Income statement for 2025
Balance sheet at 31.12.2025
Statement of changes in equity for 2025
At 31 December 2025, the shareholders have a total amount receivable from the Private Limited Partnership of DKK 439,879k, see note 15 and 16 to the financial statements. This amount covers partly current balances, partly the liquidity provided by the shareholders to the Private Limited Partnership for a rate of return.
Cash flow statement for 2025
1
at 01.01.
Geographical markets and activities do not differ significantly, for which reason these are not reported, see Section 96 of the Danish Financial Statements Act.
2 Other external expenses
Other external expenses comprise administrative expenses, costs of premises, education and training, marketing, bad debts, etc.
3 Fees to the auditor appointed by the Annual General Meeting
The members of the Executive Board and the Board of Directors of the Private Limited Partnership have not received any management remuneration during the financial year.
5
6
The line item ”Other interest expenses” includes interest on balances with the shareholders of the Private Limited Partnership in the
8
10
11 Other receivables
In 2025, this line item included a net deposit of DKK 1,314k, which is calculated as the difference between deposits on client accounts amounting to DKK 976,079k and client payables amounting to DKK 974,765k.
In 2024, this line item included a net deposit of DKK 2,512k, which is calculated as the difference between deposits on client accounts amounting to DKK 898,078k and client payables amounting to DKK 895,566k.
12 Prepayments
No shares carry special rights.
14 Other provisions
The outcome of cases of liability and the time when they are closed are inherently uncertain, however, the liabilities are estimated to be settled within the next three or four years. These liabilities comprise costs, including legal expenses and any compensation.
15 Non-current liabilities other than provisions
16 Payables to shareholders and management
The line item ”Payables to shareholders and management” reflects partly contributed loan capital, partly current balances with the partners, and the Private Limited Partnership’s proposition to the partners to have a rate of return on balances in exchange for the Private Limited Partnership’s availability of liquidity for agreed periods of time.
17 Other payables
The Private Limited Partnership has entered into rental agreements on premises in Copenhagen and Aarhus. The total rent commitment stands at DKK 198,264k at 31 December 2025.
The Private Limited Partnership leases furniture and equipment, leasehold improvements and IT from GFJURA 883 A/S, which is a wholly owned subsidiary of Gorrissen Federspiel Komplementar Advokatanpartsselskab. The total lease commitment stands at DKK 23,116k at 31 December 2025.
20 Contingent liabilities
When entering into rental agreements, the Private Limited Partnership committed itself to returning the premises in the same condition as when they were received.
The Private Limited Partnership has provided a surety guarantee of DKK 30,000 thousand for the bank debt of GFJURA 883 A/S, which amounts to DKK 17,608 thousand as of 31 December 2025.
Accounting policies
Basis for financial statements
This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large).
The accounting policies applied to these financial statements are consistent with those applied last year.
Recognition and measurement
Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.
Foreign currency translation
On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses.
Income statement
Revenue
Revenue from the sale of services is recognised in profit or loss as the agreed service is performed. Revenue is recognised net of VAT, duties, and discounts related to the sale, and is measured at the fair value of the consideration received or receivable.
Contract work in progress for third parties is recognised as revenue as production progresses, such that revenue corresponds to the selling price of the work performed during the financial year (the percentage-of-completion method). Recognition at selling price
is based on the assumption that total income and costs, as well as the stage of completion at the balance sheet date, can be measured reliably, and that it is probable that payment will be received.
Tax on profit/loss for the year
Gorrissen Federspiel Advokatpartnerselskab is not an independent taxpayer, for which reason neither current tax nor deferred tax on profit/loss for the year is provided for in the financial statements. Gorrissen Federspiel Advokatpartnerselskabs resultat is taxed at the level of the shareholders of the Private Limited Partnership in accordance with the current rules of Danish tax law.
Other external expenses
Other external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.
Staff costs
Staff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.
Depreciation, amortisation and impairment losses
Depreciation, amortisation and impairment losses relating to intangible assets comprise depreciation, amortisation and impairment losses for the financial year.
Other financial income
Other financial income comprises interest income, including interest income from bank deposits and foreign currency transactions.
Other financial expenses
Other financial expenses comprise interest expenses, including interest expenses on payables and foreign currency transactions.
Balance sheet
Goodwill
Goodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. For amounts of goodwill, useful life has been determined based on an assessment of whether the enterprises are strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be separated and recognised as separate assets. Useful lives are reassessed annually. The amortisation periods used are 7 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.
Receivables
Receivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.
Client balances, net
Client balances comprise the net amount of client accounts at financial institutions and client payables. Set-off is effected when the net amount is recognised in the balance sheet whereas the gross amount is specified in the note to the financial statements.
Client accounts at financial institutions comprise all trust funds held in special client accounts at financial institutions. The client accounts are subject to the rules governing attorneys’ obligations related to the treatment of trusted funds.
Client payables comprise all of such amounts as are received on the account of a third party.
Contract work in progress
Contract work in progress is measured at the selling price of work carried out on cases at the balance sheet date and costs incurred on such cases.
If the selling price of a contract in progress cannot be made up reliably, it is measured at the lower of costs incurred and net realisable value.
Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions, depending on whether the net value, which is calculated as the selling price less prepayments received, is positive or negative.
Prepayments
Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.
Cash
Cash comprises cash in hand and bank deposits.
Dividend
Dividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management’s proposal for distribution of profit/loss.
Other provisions
Other provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on contract work in progress, decided and published restructuring, etc.
Other provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance sheet date are measured at their discounted value.
Once it is probable that total costs will exceed total income from a contract in progress, provision is made for the total loss estimated to result from the relevant contract.
Operating leases
Lease payments on operating leases are recognised on a straightline basis in the income statement over the term of the lease.
Other financial liabilities
Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.
Cash flow statement
The cash flow statement shows cash flows from operating, investing and financing activities, and cash and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes, and financial income and financial expenses.
Cash flows from investing activities comprise payments in connection with fixed asset investments.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash.