As filed with the Securities and Exchange Commission on December 29, 2006

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 20-F


[_]  REGISTRATION  STATEMENT  PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES
     EXCHANGE  ACT OF 1934

                                       OR

[X]  ANNUAL REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES  EXCHANGE
     ACT OF 1934

                     For the fiscal year ended June 30, 2006

                                       OR

[_]  TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR  15(d)  OF THE  SECURITIES
     EXCHANGE  ACT  OF  1934

       For the transition period from __________ to __________

                                       OR

[_]  SHELL  COMPANY  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF THE  SECURITIES
     EXCHANGE ACT OF 1934

Date of event requiring this shell company report ...................

                          Commission File No.: 0-30690

                                  EUROTRUST A/S
               (Exact name of Company as specified in its charter)

      EUROTRUST A/S                                    THE KINGDOM OF DENMARK
(Translation of Company's                         (Jurisdiction of incorporation
    name into English)                                    or organization)

                                   KOHHOLM 3,
                             DK 6000 KOLDING DENMARK
                    (Address of principal executive offices)

Securities   registered   or  to  be
registered pursuant to Section 12(b)
of the Act:                             None

Securities   registered   or  to  be
registered pursuant to Section 12(g)
of the Act:                             None

Securities  for  which  there  is  a    American    Depositary   Shares,    each
reporting   obligation  pursuant  to    representing one ordinary share, nominal
Section 15(d) of the Act:               value DKK 7.50 per ordinary share.


Indicate  the number of  outstanding
shares  of  each  of  the  Company's
classes of  capital or common  stock
as of close of the period covered by    Ordinary shares 33,342,760
the annual report (June 30, 2006):      American  Depositary Shares: 28,680,886

Indicate by check mark if the  registrant is a well-known  seasoned  issuer,  as
defined in Rule 405 of the Securities Act.

                               YES [_]     NO [X]

If this report is an annual or transition report,  indicate by check mark if the
registrant  is not required to file  reports  pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934.

                               YES [X]     NO [_]

Indicate by check mark  whether the  registrant  (1) has filed all reports to be
filed by Section 13 or 15(d) of the  Securities  Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports),  and (2) has been subject to such filing requirements for
the past 90 days.

                               YES [X]     NO [_]

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated  filer, or a  non-accelerated  filer. See definition of "accelerated
filer and large  accelerated  filer" in Rule 12b-2 of the Exchange  Act.  (Check
one):

Large accelerated filer [_]    Accelerated filer [X]   Non-accelerated filer [_]

      Indicate by check mark which financial statement item the Registrant
                             has elected to follow

                           Item 17 [_]     Item 18 [X]

If this is an annual report,  indicate by check mark whether the registrant is a
shell company (as defined in Rule 12b-2 of the Exchange Act).

                               YES [_]     NO [X]
<PAGE>


                                TABLE OF CONTENTS

                                                                            PAGE

EXCHANGE RATE INFORMATION......................................................3

ITEM 1.      IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS.............4

ITEM 2.      OFFER STATISTICS AND EXPECTED TIMETABLE...........................4

ITEM 3.      KEY INFORMATION...................................................4

ITEM 4.      INFORMATION ON THE COMPANY........................................7

ITEM 4A.     UNRESOLVED STAFF COMMENTS........................................21

ITEM 5.      OPERATING AND FINANCIAL REVIEW AND PROSPECTS.....................21

ITEM 6.      DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES.......................32

ITEM 7.      MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS................38

ITEM 8.      FINANCIAL INFORMATION............................................39

ITEM 9.      THE OFFER AND LISTING............................................40

ITEM 10.     ADDITIONAL INFORMATION...........................................41

ITEM 11.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.......46

ITEM 12.     DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES...........46

ITEM 13.     DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES..................46

ITEM 14.     MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
             AND USE OF PROCEEDS..............................................46

ITEM 15.     CONTROLS AND PROCEDURES..........................................46

ITEM 16.     RESERVED.........................................................47

ITEM 16A.    AUDIT COMMITTEE FINANCIAL EXPERT.................................47

ITEM 16B.    CODE OF ETHICS...................................................47

ITEM 16C.    PRINCIPAL ACCOUNTANT FEES AND SERVICES...........................47

ITEM 16D.    EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT..................48

ITEM 16E.    PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED......48

ITEM 17.     FINANCIAL STATEMENTS.............................................48
<PAGE>


ITEM 18.     FINANCIAL STATEMENTS.............................................48

ITEM 19.     EXHIBITS.........................................................49

SIGNATURES   .................................................................50

                                       2
<PAGE>


                            EXCHANGE RATE INFORMATION

        In this annual report,  unless otherwise specified or unless the context
otherwise  requires,  all references to "$" or "dollars" are to U.S. dollars and
all references to "DKK" are to Danish  kroner.  We have converted DKK amounts as
of June 30, 2006 into U.S.  dollars at an  exchange  rate of $1.00 = DKK 5.8674,
which was the noon buying rate on June 30,  2006,  the last  business day of the
fiscal year. We do not make any  representation  that the Danish kroner  amounts
could have been, or could be,  converted into U.S.  dollars at that rate on June
30, 2006, or at any other rate.

        Unless specifically indicated or the context clearly indicates otherwise
all  references  to our ordinary  shares shall  include our American  Depositary
Shares (ADSs) and vice-versa.

                                  ------------

        WE USE THE TERMS "WE", "OUR", "US", EUROTRUST" AND "THE COMPANY" TO MEAN
EUROTRUST A/S AND ITS SUBSIDIARIES AND THEIR RESPECTIVE PREDECESSORS.

                                  ------------

        AS NO INDEPENDENT SOURCES OF INDUSTRY DATA ARE AVAILABLE,  INDUSTRY DATA
CONTAINED  HEREIN,  INCLUDING MARKET SIZE DATA, ARE BASED ON OUR ESTIMATES WHICH
ARE DERIVED FROM INTERNAL MARKET STUDIES AND MANAGEMENT CALCULATIONS.

                                  ------------

                 DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

        This report on Form 20-F contains  "forward-looking  statements"  within
the meaning of the Private  Securities  Litigation  Reform Act of 1995 regarding
our plans and  objectives  and  future  operations.  Forward-looking  statements
attempt  to  predict  future  occurrences  and  are  identified  by  words  like
"believe,"  "may,"  "intend,"  "will,"  "expect,"  "anticipate,"  "estimate"  or
"continue," or other comparable terms.  Forward-looking statements involve known
and unknown  risks,  uncertainties  and other  factors that may cause our actual
results,  performance or achievements to be materially different from any future
results,   performance   or   achievements   expressed   or   implied  by  these
forward-looking  statements.  The  forward-looking  statements  included in this
report  are  based on  current  expectations  that  involve  numerous  risks and
uncertainties.  Our plans and  objectives  are based,  in part,  on  assumptions
involving judgments about, among other things, future economic,  competitive and
market conditions and future business  decisions,  all of which are difficult or
impossible  to predict  accurately  and many of which are  beyond  our  control.
Although  we  believe  that  our  assumptions   underlying  the  forward-looking
statements are reasonable,  any of these assumptions could prove inaccurate and,
therefore, we cannot assure you that the forward-looking  statements included in
this report will prove to be accurate. In light of the significant uncertainties
inherent in the  forward-looking  statements included in this report, you should
not assume,  and we cannot  assure you,  that we can achieve our  objectives  or
implement our plans.  Such  statements  speak only as of the date hereof and are
subject to change.  We undertake no obligation to revise or update  publicly any
forward-looking  statements for any reason.  Factors that could cause our actual
results to differ materially from those expressed or implied by  forward-looking
statements include,  but are not limited to, (a) economic and other factors that
could affect the  development  and sales of properties such as (i) a downturn in
the  housing  market in Denmark or Norway,  (ii) delays in  obtaining  necessary
governmental  permits and  approvals,  and (iii) delays in the  construction  of
housing units;  (b) factors that could impact the  development  and sale of wind
energy such as (i) the  availability of wind energy turbines for the development
of new wind farms, (ii) the market price of electricity, and (iii) the amount of
wind  in any  year;  (c) the  potential  unforeseen  impact  of  offerings  from
competitors;(d)  our ability to raise  additional  capital to finance our growth
aspirations;  (e) our  ability to control  costs and  expenses;  and (f) general
economic political and labor conditions,  as well as the factors set forth under

                                       3
<PAGE>


the headings "Key  Information - Risk Factors" (Item 4.C),  "Information  on the
Company" (Item 4) and "Operating and Financial Review and Prospects" (Item 5).


ITEM 1.    IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

        Not required because this Form 20-F is filed as an Annual Report.

ITEM 2.    OFFER STATISTICS AND EXPECTED TIMETABLE

        Not required because this Form 20-F is filed as an Annual Report.

ITEM 3.    KEY INFORMATION

A.      SELECTED FINANCIAL DATA

        The selected consolidated  financial data presented below as of June 30,
2004,  2005 and 2006 and for the years then ended have been taken or are derived
from our  audited  consolidated  financial  statements  for those  periods.  The
selected  consolidated  financial  data have been  prepared in  accordance  with
generally  accepted  accounting  principles  in the  United  States  of  America
("GAAP").


        On May 19, 2005 our shareholders approved a one for six reverse split of
our ordinary  shares such that six ordinary  shares  nominal value DKK 1.25 were
combined into one ordinary share nominal value DKK 7.50 ("New Ordinary Shares").
In lieu of issuing a fraction of a New  Ordinary  Share,  we paid to each holder
the value thereof based upon the closing price of an ADS on the NASDAQ Small Cap
Market on May 19, 2005. All information contained in this annual report has been
presented as if such reverse stock split occurred as of July 1, 2003.


        The financial  information  presented below is only a summary and should
be read together with our consolidated  financial  statements included elsewhere
in this report.

                                       4
<PAGE>


CONSOLIDATED STATEMENT OF OPERATIONS DATA:

                                                    YEAR ENDED JUNE 30,
                                             2004      2005      2006       2006
                                           -------   -------   -------    ------
                                             DKK       DKK       DKK        US$
                                        (in thousands, except per share amounts)
CONSOLIDATED STATEMENT OF
 OPERATIONS DATA:

    Revenue                                295,975   247,333   433,788    73,932
    Total operating expenses               266,411   185,416   368,355    62,780
    Operating income                        29,564    61,917    65,433    11,152

    Net (loss) income                       17,540    37,099    45,890     7,827

    Net (loss) income per average
        common share, basic                   0.80      1.68      1.93      0.33

    Net (loss) income per average
        common share diluted                  0.80      1.68      1.93      0.33

    Weighted average number of
        common shares outstanding, basic    22,050    22,050    23,760    23,760

    Weighted average number of
        common shares outstanding diluted   22,050    22,050    23,829    23,829

                                       5
<PAGE>


                                                YEAR ENDED JUNE 30,
                                                -------------------

                                          2004       2005       2006       2006
                                        -------    -------    -------    -------
                                          DKK        DKK        DKK        US$
REAL ESTATE DEVELOPMENT:
    Net sales                           295,975    247,333    414,588     70,660
                                        -------    -------    -------    -------
        Total operating expenses        266,411    184,506    354,956     60,496
                                        -------    -------    -------    -------
    Operating income (loss)              29,564     62,827     59,632     10,164
                                        -------    -------    -------    -------


                                          2004       2005       2006       2006
                                        -------    -------    -------    -------
                                          DKK        DKK        DKK        US$
WIND ENERGY
    Net sales                                 0          0     19,200      3,272
                                        -------    -------    -------    -------
        Total operating expenses              0        910     13,399      2,283
                                        -------    -------    -------    -------
    Operating income (loss)                   0       (910)     5,801        989
                                        -------    -------    -------    -------

CONSOLIDATED BALANCE SHEET DATA:


                                                     JUNE, 30
                                                  (IN THOUSANDS)
                                     2004       2005         2006         2006
                                   -------    -------     ---------     -------
                                     DKK        DKK          DKK          US$
CONSOLIDATED BALANCE SHEET DATA:
    Total assets                   482,180    611,638     2,288,547     390,043
    Net assets                      26,496     63,550       589,485     100,468
    Capital stock                  165,375    165,375       250,071      42,620
    Working capital                 12,407   (110,609)     (506,348)    (86,299)
    Number of ordinary shares       22,050     22,050        33,353      33,353


We have never paid any dividends on our ordinary shares.


EXCHANGE RATE INFORMATION

        The exchange rate on December 19, 2006 (the latest practicable date) was
DKK 5.6648 per $1.00.  The following  table sets forth (i) the average  exchange
rate for the years ended June 30, 2002,  2003,  2004,  2005 and 2006  calculated
using the average  exchange  rate on the last day of each month of the  relevant
year and (ii) the high and low  exchange  rates for each of the most  recent six
months. (All rates are expressed as Danish kroner per U.S. dollar.)

                                       6
<PAGE>


                                                 AVERAGE
                                                 -------
YEAR ENDED JUNE 30,:
--------------------
2002                                             DKK 8.3148
2003                                             DKK 7.1324
2004                                             DKK 6.2586
2005                                             DKK 5.8606
2006                                             DKK 6.1369

MONTH ENDED:                                             HIGH            LOW
------------                                          ----------      ----------

December 2006 (as of December 19, 2006)               DKK 5.6920      DKK 5.5929
November 30, 2006                                     DKK 5.8706      DKK 5.6474
October 31, 2006                                      DKK 5.9531      DKK 5.8542
September 30, 2006                                    DKK 5.8964      DKK 5.8050
August 31, 2006                                       DKK 5.8663      DKK 5.7754
July 31, 2006                                         DKK 5.9774      DKK 5.8310



B.      CAPITALIZATION AND INDEBTEDNESS

        Not required because this Form 20-F is filed as an Annual Report.

C.      REASONS FOR THE OFFER AND USE OF PROCEEDS

        Not required because this Form 20-F is filed as an Annual Report.

ITEM 4.    INFORMATION ON THE COMPANY

A.      HISTORY AND DEVELOPMENT

        We are a Danish limited company,  organized in 1986 under the Danish Act
on Limited  Companies of the Kingdom of Denmark.  Originally,  we were organized
under the name  Telepartner  A/S. In 1999 we changed our name to euro909.com A/S
and in December 2001 we changed our name to EuroTrust A/S. Our registered office
is Kokholm 3, 6000 Kolding, Denmark. Our telephone number is +45 75 50 24 75.

OUR BUSINESS.

        HISTORICAL.

        Until  December 2001,  our business  operated in three  distinct  areas:
Internet  products and services;  broadcasting;  and print and online media.  In
2001, we sold our domain name registration business, the remaining assets of our
historical   telecommunications   business   and  our  print  and  online  media
businesses,  and consolidated our television programming business. As of January
1,  2004,  we sold our secure  internet  hosting  business,  our  digital  video
surveillance business and our secure remote back-up business. As a part of these
transactions,  we will continue to receive royalty payments from future sales of
the secure hosting and remote  back-up  services that we formerly  marketed.  We
sold our PKI  services  business  to on April 1,  2004.  We sold the last of our
Internet related business, our virus detection software and services business on
September 30, 2004.

                                       7
<PAGE>


        As a result of these various  transactions,  subsequent to September 30,
2004  our  business  consisted  of dk4,  a  Danish  television  station  and the
television production company Prime Vision.

        On November 29, 2005,  we entered into  agreements to acquire all of the
capital stock of Aktiv Gruppen Holdings A/S,  a Danish company which operates in
two distinct lines of business,  namely the  development and sale of residential
real estate  projects in Denmark and Norway,  and the  operation  of wind energy
farms in Germany.  On April 17, 2006 we  consummated  our  acquisition  of Aktiv
Gruppen. Pursuant to this acquisition,  the holders of the shares of the capital
stock of Aktiv Gruppen received  approximately  70% of the shares of the capital
stock of our  Company.  In  accordance  with United  States  generally  accepted
accounting   principles,   the  acquisition  was  accounted  for  as  a  reverse
acquisition  (i.e.  as if Aktiv  Gruppen  acquired  EuroTrust).  Therefore,  the
pre-acquisition  financial  statements  of  Aktiv  Gruppen  are  treated  as the
historical  financial  statements  of  the  combined  companies.  The  EuroTrust
historical  financial  statements prior to the acquisition are disregarded.  The
results of  operations  of  EuroTrust  will only be  included  in the  financial
results  from  the  date of the  acquisition  (April  17,  2006).  In  addition,
beginning  with the fiscal year ended on June 30,  2006,  EuroTrust  changed its
fiscal year end to June 30, which is the fiscal year end of Aktiv Gruppen.

        On May 4, 2006 we entered  into an  agreement to sell three of our seven
mobile television  production vans, our Prime Vision brand name and the external
customer base of Prime Vision.

        Effective April 17, 2006, we completed the sale of our media business by
selling  all  of  the  outstanding   shares  of  Europe-Visions  A/S  to  Tritel
Investment, Inc.

        As a result of  the sale of Europe-Visions  A/S, our business  currently
consists of our property development operations and our wind energy operations

B.      BUSINESS OVERVIEW

DESCRIPTION OF BUSINESS


REAL ESTATE DEVELOPMENT

        Our real  estate  development  segment,  through  various  wholly  owned
subsidiaries  and  corporate  joint  ventures,   primarily   develops  homeowner
condominiums,   complexes,   single   family  homes,   recreational   homes  and
multi-family  rental complexes  throughout  Denmark and Norway.  The development
occurs as we: 1) seek out  desirable  locations  for  property  development,  2)
acquire permission for resale of a finalized development project, 3) acquire the
land or options to purchase the land, 4) design the project in cooperation  with
outside architects and engineers,  5) acquire  governmental  permission to build
the project,  6) pre-sell  through local real estate agents a minimum  number of
units,  requiring purchasers to sign a binding sales contract and guarantee,  7)
construct the properties  through outside  construction  contractors and 8) sell
remaining units, if any.

        In order to minimize our potential exposure in this area we generally do
not begin  construction of each stage of the development  project until at least
75% of the  units  to be  developed  in that  stage  of the  project  have  been
contracted  for by  purchasers  who put down a small deposit and deliver to us a
bank guarantee for the remainder of the purchase price.

        We sell these units  primarily  through local real estate agents to whom
we pay a commission for each sale.

                                       8
<PAGE>


        Generally, if we are unable to obtain contracts for between 50 % and 75%
of the units within a designated  period of time we will return the deposits and
bank guarantees to the prospective purchasers and will not begin construction of
the project.  Additionally,  in these instances if the land on which the project
was to be built was not owned by us, but was subject to our option,  we will not
exercise the option to acquire the land.

        Operating  under this  methodology  we  generally  do not  obligate  the
Company to incur  expenditures  for a particular  project  until we have assured
ourselves  that the revenue to be received in regard to the number of units that
have been pre-sold will cover a substantial  portion of our expenses  associated
with the project.  Since 2001, we have developed and sold more than 1000 housing
units throughout Denmark, including a 175 unit apartment dwelling in Copenhagen,
Denmark.

        As of December 26, 2006 we have under development, projects to construct
approximately  1,400  units in  Denmark  and 200 units in  Norway.  We expect to
complete construction of these units over the next two years.

        We also have options to acquire land and/or own land for the development
of approximately 6,000 units in Denmark and 1,400 units in Norway.

        We are also  developing a 200 bed hotel in Austria  which is expected to
open by the end of 2007. We will both own and operate this hotel

        We also own a 565 square meter office property in K0ge, Denmark which is
leased to third parties

WIND ENERGY

        During 2006 we acquired an additional 19 operating wind turbines located
in windparks in Germany.  The Company also acquired a 50% equity  interest in 13
operating wind turbines in Germany. In June 2005, we acquired six operating wind
turbines  located in windparks  in Germany.  The Company also holds a 25% equity
interest  in an  additional  wind  turbine in  Germany,  which we  acquired  the
remaining 75% on December 31, 2005. Each respective wind turbine or windpark has
entered into 20 year  agreements with German electric  utilities  companies,  to
sell all of the electricity  generated.  The agreements  have fixed prices.  The
manufacturers  have agreed to operate the  windparks  at a fixed  percentage  of
revenue. When the wind turbines were purchased the manufacturers guaranteed that
they  would be in full  operation  for 97% of each year for the ten years  after
installation.  The  Company  has  leased  the land on which  the wind  parks are
located for 20 years with two five year options to extend the lease.

        We plan to continue to expand this segment  through the  development and
operation of wind turbine energy parks throughout Europe, where we believe there
is a strong  consumer and government  preference  for renewable and  alternative
non-polluting energy sources,  resulting in attractive  government subsidies and
tax benefits from accelerated depreciation.  We expect this political climate to
persist in the near future.

                                       9
<PAGE>


        In May 2006 we entered into an  agreement,  which closed July 2, 2006 to
acquire a 50.25%  interest in European  Wind Farms A/S.  European  Wind Farms is
currently  developing  wind energy farms in Germany,  Italy,  Poland,  Bulgaria,
Lithuania  and  France.  European  Wind  Farms  current  projects  will  have an
installed capacity of approximately 200 megawatts  generating  approximately 400
million kilowatt hours of electric power on a yearly basis. The wind farms under
development are all expected to be operational  within two years.  European Wind
Farms IS in the final stages of  negotiations  for the project rights to develop
additional wind farms with an installed capacity of 300 megawatts.

        Wind  turbines  installed in countries  other than Germany will not have
government fixed prices and therefore, the amount we receive for the sale of the
electricity  generated  by the wind  turbines is subject to the then  prevailing
market price for  electricity.  However in these countries when the wind turbine
begins  operation  we will in some of these  other  countries  be given a "green
certificate" because the energy we generate is non-polluting. These certificates
allow energy companies to create a certain amount of pollution from their energy
production  and  therefore  these  certificates  can be sold to  companies  that
produce energy from sources that are not "non-polluting",  such as oil and coal.
A market has developed in Europe for the sale of these "green  certificates." In
determining where and when to put up new wind turbines we will consider both the
expected market price of electricity and the value of the "green certificates."

        The amounts of  electricity  that can be  generated by a wind turbine is
dependent  upon the amount of wind at the specific site and therefore  before we
decide where to establish a wind farm we review existing historical wind studies
and, if necessary, commission our own wind measurement study.

ROYALTIES FROM INTERNET BUSINESSES.

        As of January 1, 2004, we sold our secure internet hosting business, our
digital video surveillance business and our secure remote back-up business. As a
part of these  transactions,  we will continue to receive royalty  payments from
future sales of the secure hosting and remote back-up  services that we formerly
marketed.  The royalty  payments for our secure hosting  business will end as of
December 31,  2006.  The royalty  payments for our remote back up business  will
continue  until  December  31, 2010 and are based upon future  revenue from this
business.

        The  following  tables set out our  revenues by category  and region for
each of the years ended June 30, 2004, 2005 and 2006.

BREAKDOWN OF REVENUES BY CATEGORY (1)

<TABLE>
<CAPTION>
                                  2004                  2005                  2006               2006
                             DKK     PERCENTAGE    DKK     PERCENTAGE    DKK    PERCENTAGE   USD   PERCENTAGE
<S>                        <C>            <C>    <C>            <C>    <C>            <C>   <C>        <C>
Real Estate development:   295,975        100%   247,333        100%   414,588        96%   70,660     96%
Wind Energy                     --         --         --         --     19,200         4%    3,272      4%
                           -----------------------------------------------------------------------------------
                           295,975        100%   247,333        100%   433,788       100%   73,932    100%
                           -----------------------------------------------------------------------------------
</TABLE>

                                       10
<PAGE>


BREAKDOWN OF REVENUES BY GEOGRAPHIC MARKET

BREAKDOWN OF REVENUES BY GEOGRAPHIC MARKET(1)

                   2004               2005                2006
                DKK      %         DKK       %         DKK       %          USD

Denmark       295,975   100%     247,333    100%     412,389    95%       70,285
Norway             --    --           --     --        2,199     1%          375
Germany            --    --           --     --       19,200     4%        3,272

             -------------------------------------------------------------------
              295,975   100%     247,333    100%     433,788   100%       73,932
             -------------------------------------------------------------------

SEASONALITY

        Our quarterly  operating results  typically  fluctuate with the seasons.
Construction of a customer's home typically proceeds after signing the agreement
of sale and can require 12 months or more to complete.  Weather-related problems
may occur in the late winter and early  spring,  delaying  starts or closings or
increasing costs and reducing profitability.  In addition, delays in opening new
communities or new sections of existing communities could have an adverse impact
on home sales and revenues.  Because of these factors,  our quarterly  operating
results may be uneven and may be marked by lower  revenues  and earnings in some
quarters  than in others.  In addition,  the  electricity  generated by our wind
parks is dependent upon the seasonal nature of the wind velocity in a particular
area.


INTELLECTUAL PROPERTY

        We rely primarily on a combination of  copyrights,  trademarks,  service
marks,  restrictions on disclosure and other methods to protect our intellectual
property.  We also enter into  confidentiality  agreements  with our  employees,
consultants  and  current  and  potential  affiliates,  customers  and  business
partners.  We also generally control access to and distribution of documentation
and other proprietary information.

COMPETITION

        REAL ESTATE DEVELOPMENT

        We compete with many other  developers in Denmark and Norway in the sale
of residential  housing units.  Many of our competitors  have greater  resources
than we do  which  may  enable  them  to  obtain  better  parcels  of  land  for
development.  The sale of  residential  real  estate in  Denmark  and  Norway is
dependent to a large extent on the location of the  development and the purchase
price of the unit.

        WIND ENERGY

        We compete  with both other wind energy  companies  as well as companies
which generate  electricity from other sources both polluting and non-polluting.
Most of these companies have far greater resources then us.

                                       11
<PAGE>


GOVERNMENT REGULATION

        REAL ESTATE DEVELOPMENT

        Our real estate  development  business is subject to obtaining  numerous
national and local approvals and licenses in connection with our construction of
residential   units  and  to  our  compliance  with  various  zoning  and  other
regulations.

        WIND ENERGY

        Our wind  energy  business  is subject  to  obtaining  numerous  permits
regarding the construction of wind turbines and to various regulations regarding
the operation of the wind turbines.

SALES AND MARKETING

        Our real  estate  units are  primarily  sold  through  local real estate
brokers to whom we pay a sales commission.


C.      RISK FACTORS

        IN ADDITION TO OTHER  INFORMATION  IN THIS FORM 20-F, THE FOLLOWING RISK
FACTORS SHOULD BE CAREFULLY CONSIDERED IN EVALUATING US AND OUR BUSINESS BECAUSE
THESE FACTORS  CURRENTLY HAVE OR MAY IN THE FUTURE HAVE A SIGNIFICANT  IMPACT ON
OUR BUSINESS,  OPERATING  RESULTS OR FINANCIAL  CONDITION.  ACTUAL RESULTS COULD
DIFFER  MATERIALLY  FROM THOSE  PROJECTED  IN THE  FORWARD-  LOOKING  STATEMENTS
CONTAINED IN THIS FORM 20-F AS A RESULT OF THE RISK FACTORS  DISCUSSED BELOW AND
ELSEWHERE IN THIS FORM 20-F.

AN ADVERSE CHANGE IN ECONOMIC  CONDITIONS COULD REDUCE THE DEMAND FOR HOMES AND,
AS A RESULT, COULD REDUCE OUR EARNINGS.

        Changes in economic  conditions in Denmark and Norway,  as well as local
economic  conditions  where we  conduct  our  operations  and where  prospective
purchasers  of our homes  live,  can have a  negative  impact  on our  business.
Adverse changes in employment levels, job growth, consumer confidence,  interest
rates and population  growth may reduce demand and depress prices for our homes.
This, in turn, can reduce our earnings.

THE PROPERTY  DEVELOPMENT INDUSTRY IS HIGHLY COMPETITIVE AND, IF OTHERS ARE MORE
SUCCESSFUL, OUR BUSINESS COULD DECLINE.

        We operate in a very competitive environment,  which is characterized by
competition  from a number of other property  developers in each market in which
we operate. We compete with other property developers for land,  financing,  and
skilled  management  and labor  resources.  We also compete with the resale,  or
"previously owned," home market.  Increased competition could cause us to reduce
our prices.  An  oversupply  of homes  available for sale could also depress our
home prices and  adversely  affect our  operations.  If we are unable to compete
effectively in our markets, our business could decline.

IF LAND IS NOT  AVAILABLE AT  REASONABLE  PRICES,  OUR SALES AND EARNINGS  COULD
DECREASE.

                                       12
<PAGE>


        Our operations  depend on our ability to continue to obtain land for the
development of our residential  communities at reasonable prices. Changes in the
general  availability of land,  competition for available land,  availability of
financing to acquire land,  zoning  regulations  that limit housing  density and
other market  conditions may hurt our ability to obtain land for new residential
communities.   If  the  supply  of  land  appropriate  for  development  of  our
residential  communities  becomes more limited because of these factors,  or for
any other  reason,  the cost of land could  increase  and/or the number of homes
that we sell and build could be reduced.

GOVERNMENT  REGULATIONS  MAY DELAY THE START OR COMPLETION  OF OUR  COMMUNITIES,
INCREASE OUR EXPENSES OR LIMIT OUR PROPERTY DEVELOPMENT ACTIVITIES,  WHICH COULD
HAVE A NEGATIVE IMPACT ON OUR OPERATIONS.

        We must  obtain the  approval of numerous  governmental  authorities  in
connection with our development activities,  and these governmental  authorities
often have broad  discretion in exercising  their approval  authority.  We incur
substantial costs related to compliance with legal and regulatory  requirements.
Any  increase  in  legal  and  regulatory  requirements  may  cause  us to incur
substantial   additional  costs.   Various  statutes,   ordinances,   rules  and
regulations  concerning  building,  zoning,  sales and similar  matters apply to
and/or  affect  the  housing  industry.  This  governmental  regulation  affects
construction activities as well as sales activities, mortgage lending activities
and other dealings with consumers.

INCREASES IN TAXES OR  GOVERNMENT  FEES COULD  INCREASE  OUR COSTS,  AND ADVERSE
CHANGES IN TAX LAWS COULD REDUCE CUSTOMER DEMAND FOR OUR HOMES.

        Increases  in real estate  taxes and other local  government  fees could
increase our costs and have an adverse  effect on our  operations.  In addition,
increases  in local real  estate  taxes  could  adversely  affect our  potential
customers  who may consider  those costs in  determining  whether to make a home
purchase and decide, as a result, not to purchase one of our homes. In addition,
any changes in the income tax laws that would reduce or eliminate tax deductions
or  incentives  to  homeowners,  such  as  the  proposed  changes  limiting  the
deductibility of interest on home mortgages,  could make housing less affordable
or otherwise reduce the demand for housing, which in turn could reduce our sales
and hurt our operating results.

ADVERSE  WEATHER  CONDITIONS  AND  CONDITIONS IN NATURE BEYOND OUR CONTROL COULD
DISRUPT  THE  DEVELOPMENT  OF OUR  PROJECTS,  WHICH  COULD  HARM OUR  SALES  AND
EARNINGS.

        Adverse weather  conditions and natural  disasters,  such as, floods and
fires,  can have  serious  effects on our  ability to  develop  our  residential
communities. We also may be affected by unforeseen engineering, environmental or
geological  problems.  Any of these adverse events or circumstances  could cause
delays in the completion of, or increase the cost of,  developing one or more of
our residential communities and, as a result, could harm our sales and earnings.

PRODUCT  LIABILITY  LITIGATION  AND  WARRANTY  CLAIMS THAT ARISE IN THE ORDINARY
COURSE OF BUSINESS MAY BE COSTLY, WHICH COULD ADVERSELY AFFECT OUR BUSINESS.

        As a  homebuilder,  we are  subject  to  construction  defect  and  home
warranty  claims  arising in the ordinary  course of business.  These claims are
common in the homebuilding  industry and can be costly.  In many of our projects
we have an  indemnity  from our general  construction  contractor,  which covers
defects  for up to 10% of the cost of a  project  for the first  year  after the
construction  has been completed,  and for up to 2% of the cost of a project for
the next 4 years.  We  anticipate  that this will  cover any  claims  Therefore,

                                       13
<PAGE>


we do not  carry an  additional  insurance,  which is costly  and the  amount of
coverage offered by insurance  companies is currently  limited.  There can be no
assurance that the indemnity coverage we have from our general  contractors will
cover all defect and home warranty  claims.  If claims exceed the amount of this
indemnity, we may experience losses that could hurt our financial results

IF OUR  POTENTIAL  CUSTOMERS  ARE NOT ABLE TO  OBTAIN  SUITABLE  FINANCING,  OUR
BUSINESS MAY DECLINE.

        Our business and  earnings  also depend on the ability of our  potential
customers to obtain  mortgages  for the purchase of our homes.  Increases in the
cost of home  mortgage  financing  could prevent our  potential  customers  from
purchasing our homes. In addition, where our potential customers must sell their
existing homes in order to buy a home from us, increases in mortgage costs could
prevent the buyers of our customers' existing homes from obtaining the mortgages
they  need to  complete  the  purchase,  which  could  result  in our  potential
customers'  inability to buy a home from us. If our  potential  customers or the
buyers  of our  customers'  current  homes  are  not  able  to  obtain  suitable
financing, our sales and revenues could decline.

IF WE ARE NOT ABLE TO OBTAIN SUITABLE FINANCING, OUR BUSINESS MAY DECLINE.

        Our business and earnings depend  substantially on our ability to obtain
financing for the  development of our  residential  communities and the purchase
and  installation of windmills If we are not able to obtain suitable  financing,
our  costs  could  increase  and our  revenues  could  decrease,  or we could be
precluded  from  continuing  our  operations  at current  levels.  Increases  in
interest rates can make it more difficult  and/or expensive for us to obtain the
funds we need to operate our business.

OUR BUSINESS IS SEASONAL IN NATURE, SO OUR QUARTERLY OPERATING RESULTS
FLUCTUATE.

        Our quarterly  operating results  typically  fluctuate with the seasons.
Construction of a customer's home typically proceeds after signing the agreement
of sale and can require 12 months or more to complete.  Weather-related problems
may occur in the late winter and early  spring,  delaying  starts or closings or
increasing costs and reducing profitability.  In addition, delays in opening new
communities or new sections of existing communities could have an adverse impact
on home sales and revenues.  Because of these factors,  our quarterly  operating
results may be uneven and may be marked by lower  revenues  and earnings in some
quarters  than in others.  In addition,  the  electricity  generated by our wind
parks is dependent upon the seasonal nature of the wind velocity in a particular
area.

AVAILABILITY OF WIND TURBINES.

        The Wind turbine  industry is currently  experiencing a great demand for
capacity  resulting in demand from wind farm project  developers which currently
is  significantly  greater  than the  production  capacity  of the wind  turbine
manufacturers.  The major turbine manufacturers currently require a down payment
of up to 25% in order to accept an order for a  turbine.  And for  certain  wind
turbine models the delivery lead time can be up to 18 months, and the lead times
are continuously  growing. The lack of ability of the wind turbine manufacturers
to supply  turbines  within our  expected  construction  schedules  could have a
negative impact on the timing of the commencement of commercial operation of our
wind farms currently under  development,  and hence negatively impact our future
results.

THE AMOUNT OF ELECTRICITY  WE GENERATE FOR SALE IS ENTIRELY  DEPENDENT UPON WIND
VELOCITY.

                                       14
<PAGE>


        We  locate  our wind  parks in areas  where  studies  indicate  that the
historic  wind  velocity  is  sufficient  to  generate  such  minimum  amount of
electricity as in our judgment will generate a profit.  If wind patterns  change
and the  expected  minimum  wind  velocity  does not occur over our revenues and
profits may be materially adversely affected.

NEW TECHNOLOGIES MAY BECOME BETTER SOURCES OF CLEAN ENERGY.

        If new  technologies  for the  production  of clean  energy from sources
other than wind power are developed and these  technologies are to provide clean
energy more  efficiently and at lower prices than wind energy we may not be able
to sell the  electricity  we  generate  at a profit  which would have a material
adverse effect on our business.

WE MAY NEED TO RAISE  ADDITIONAL  CAPITAL IN THE FUTURE.  IF WE CANNOT DO SO, WE
MAY NOT BE ABLE TO FUND OUR FUTURE ACTIVITIES OR CONTINUE OPERATING.

        Our future  capital  requirements  will  depend on a number of  factors,
including our ability to generate  positive cash flow from  operations,  capital
expenditure  requirements  and  acquisition  opportunities.  If we need to raise
additional  capital in the future,  we cannot assure you that we will be able to
do so on acceptable terms or at all. If we raise additional  capital through the
issuance of equity or convertible debt securities,  the percentage  ownership of
our company held by existing  shareholders,  including holders of our ADSs, will
be diluted. In addition, new securities may contain certain rights,  preferences
or  privileges  that  are  senior  to those of our  ordinary  shares.  If we are
unsuccessful  in raising  additional  capital,  when  needed,  our  business and
results from operations may be materially and adversely affected.

OUR LONG-TERM  GROWTH STRATEGY  ASSUMES THAT WE MAKE SUITABLE  ACQUISITIONS  AND
INVESTMENTS.  IF WE ARE UNABLE TO ADDRESS THE RISKS ASSOCIATED WITH ACQUISITIONS
AND INVESTMENTS OUR BUSINESS COULD BE HARMED.

        Our long-term  growth strategy  includes  identifying  and, from time to
time,  acquiring or investing in suitable  candidates  on acceptable  terms.  In
particular,  we intend to acquire or make investments in businesses that provide
products and services  that expand or  complement  our existing  businesses  and
expand  our   geographic   reach.   In  pursuing   acquisition   and  investment
opportunities,  we may compete with other  companies  having  similar growth and
investment  strategies.  Competition for these acquisition or investment targets
could also result in increased  acquisition or investment costs and a diminished
pool of  businesses,  available for  acquisition  or  investment.  Our long-term
growth strategy could be impeded if we fail to identify and acquire or invest in
promising candidates on terms acceptable to us.

        Assimilating  acquired  businesses  involves  a number  of other  risks,
including, but not limited to:

    o   disrupting our business;

    o   incurring  additional  expense  associated  with a write-off of all or a
        portion  of the  related  goodwill  and other  intangible  assets due to
        changes in market  conditions  or the economy in the markets in which we
        compete or because acquisitions are not providing the benefits expected;

    o   incurring unanticipated costs or unknown liabilities;

                                       15
<PAGE>


    o   managing more geographically-dispersed operations;

    o   diverting management's resources from other business concerns;

    o   assimilating  the operations  and personnel of the acquired  businesses;
        and

    o   maintaining uniform standards, controls, procedures and policies.

        For all  these  reasons,  our  pursuit  of an  overall  acquisition  and
investment  strategy or any individual  acquisition  or investment  could have a
material  adverse  effect on our  business,  financial  condition and results of
operations.  If we are unable to  successfully  address any of these risks,  our
business could be harmed.

RAPID  GROWTH  IN  OUR  BUSINESS  COULD  STRAIN  OUR  MANAGERIAL,   OPERATIONAL,
FINANCIAL,  ACCOUNTING AND INFORMATION SYSTEMS, AND OFFICE RESOURCES. IF WE FAIL
TO MANAGE OUR GROWTH EFFECTIVELY, OUR BUSINESS MAY BE NEGATIVELY IMPACTED.

        In order to  achieve  our  growth  strategy,  we will need to expand all
aspects  of  our   business,   including   our  computer   systems  and  related
infrastructure.  We cannot assure you that our  infrastructure,  technical staff
and technical  resources will adequately  accommodate or facilitate our expanded
operations.  To be successful, we will need to continually improve our financial
and managerial controls,  billing systems, reporting systems and procedures, and
we will also need to continue to expand, train and manage our workforce.

OUR  INTERNATIONAL  PRESENCE  CREATES  RISKS  WHICH  MAY  ADVERSELY  AFFECT  OUR
BUSINESS.

        There are certain risks inherent in doing  business on an  international
level. These risks include differences in legal and regulatory  requirements and
other trade barriers,  difficulties in staffing and managing foreign operations,
problems in collecting  accounts  receivable,  fluctuations in currency exchange
rates,  delays  from  government  agencies,  and  tax  laws.  In  addition,  our
operations  may be affected by changing  economic,  political  and  governmental
conditions  in the  countries in which we operate.  Our  inability or failure to
address  these  risks  could have a  material  adverse  affect on our  business,
operations  and  financial  condition.  Also,  we cannot assure you that laws or
administrative  practices  relating to taxation,  or other  matters of countries
within which we operate will not change.  Any change in these areas could have a
material  adverse  effect on our  business,  financial  condition and results of
operations.


OUR  RESULTS  FROM  OPERATIONS  MAY  BE  ADVERSELY  AFFECTED  BY  EXCHANGE  RATE
FLUCTUATIONS.

        A  portion  of our  expenditures  and  receivables  are paid in  foreign
currencies.   As  a  result,  our  financial  results  may  be  affected  by  an
appreciation  or  depreciation in the value of the Danish kroner relative to the
currencies of the countries in which we operate.  We have not engaged in hedging
or other risk  management  activities  in order to offset  the risk of  currency
exchange rate  fluctuations.  We cannot predict in any meaningful way the effect
of  exchange  rate   fluctuations   upon  future   results.   If  the  value  of

                                       16
<PAGE>


the Danish  kroner  declines  and the  currencies  of the  countries in which we
operate  appreciate  or  remain  stable  our  results  from  operations  may  be
negatively affected.

WE ARE SUBJECT TO  INCREASED  U.S.  REGULATORY  REQUIREMENTS  IN OUR NEXT FISCAL
YEAR,  WHICH WILL  INCREASE  OUR COSTS AND POSE RISKS THAT THE VALUE OF OUR ADSS
COULD DECLINE IF WE FAIL TO TIMELY COMPLY.

        The value of our publicly  traded ADSs held by  non-affiliates  makes us
subject to the financial controls  certification  requirements of Section 404 of
the  Sarbanes-Oxley Act as of the end of our fiscal year, June 30, 2008. We will
have to expend  significant  resources to meet this  requirement,  and we cannot
assure  you that we will  successfully  achieve  this  objective  by that  date.
Failure to achieve  Section 404  certification  in a timely manner may adversely
effect investor  confidence in our Company and this lack of investor  confidence
may adversely effect the market price of our ADSs.

THE MARKET PRICE OF OUR ADSS MAY DECLINE IF THE VALUE OF THE DANISH KRONER FALLS
AGAINST THE US DOLLAR.

        Fluctuations  in the exchange  rate between the Danish Kroner and the US
dollar are likely to affect the market price of our ADSs.  For example,  because
EuroTrust's financial statements are reported in Danish Kroners, if the value of
the Danish Kroner falls against the US dollar, EuroTrust's earnings per share in
US dollars  will be reduced.  This may  adversely  affect the price at which our
ADSs trade in the US.

THERE IS A LIMITED  PUBLIC  MARKET FOR OUR  SECURITIES  AND OUR  SECURITIES  MAY
EXPERIENCE EXTREME PRICE AND VOLUME FLUCTUATIONS.

        Our ordinary shares are not listed on any securities exchange or market.
However, our ADSs are quoted on the Nasdaq National Market(R).  The market price
of our ADSs may  fluctuate  significantly  in  response  to various  factors and
events, including:

    o   variations in our operating results;

    o   the liquidity of the markets;

    o   investor perceptions of us and the segments in which we operate;

    o   changes in earnings estimates by analysts;

    o   sales of ADSs by existing holders; and

    o   general economic conditions.

        In  addition,  Nasdaq has  recently  experienced  broad price and volume
fluctuations.  This volatility has had a significant  effect on the market price
of securities  of companies for reasons that have often been  unrelated to their
operating performance. These broad market fluctuations may also adversely affect
the  market  price of our ADSs and as a result,  holders  of our ADSs may lose a
significant portion of their investment.

                                       17
<PAGE>


WE HAVE NEVER PAID A DIVIDEND NOR DO WE ANTICIPATE  DOING SO IN THE  FORESEEABLE
FUTURE.

        We have not declared or paid any cash dividends on our ordinary  shares.
We do not  expect  to  declare  any  dividends  in the  foreseeable  future.  We
anticipate that all cash that would otherwise be available to pay dividends will
be  applied in the  foreseeable  future to  finance  our growth or to  implement
shareholder-approved  repurchases of our stock.  Payment of any future dividends
will depend on our  earnings  and capital  requirements,  and other  factors our
board of directors deem appropriate.

D.      ORGANIZATIONAL STRUCTURE OF THE COMPANY




                                            COUNTRY OF           INTEREST
SUBSIDIARY                                 INCORPORATION         OWNERSHIP
----------                                 -------------         ---------

Aktiv Gruppen Holdings A/S                    Denmark              100%
AGH Norge A/S                                 Denmark              100% (1)(2)
Euro909.dk A/S                                Denmark              100%
EuroTrust PKI Services A/S                    Denmark              100%
Selskabet af 1. Oktober 2004 A/S              Denmark              100%
EuroTrust NetVaulting A/S                     Denmark              100%

    (1) Formally known as AGH Nordan Invest A/S

    (2) 50% owned  directly  by  EuroTrust  A/S and 50%  owned by Aktiv  Gruppen
        Holdings A/S, a wholly owned subsidiary of EuroTrust

        Other  significant  operating  subsidiaries   consolidated  under  Aktiv
Gruppen  Holdings  A/S and its  jurisdiction  of  incorporation  and the related
Company  ownership  interest  in  those  subsidiaries  at June  30,  2006 are as
follows:

                                                         COUNTRY OF    INTEREST
     SUBSIDIARY                                         INCORPORATION  OWNERSHIP
     ----------                                         -------------  ---------

     Kronborg Byg ApS                                       Denmark       100%
     Ejendomsselskabet Parkhusene ApS                       Denmark       100%
     Ejendomsselskabet Faergegardsvej, Vordingborg ApS      Denmark       100%
     Ejendomsselskabet Krohaven ApS                         Denmark       100%
     Erritso Bygade 79 ApS                                  Denmark       100%
     Vognmandsmarken ApS                                    Denmark       100%
     N0rrebjerg Boligpark ApS                               Denmark       100%
     Ejendomsselskabet Strandparken, Stege ApS              Denmark       100%
     Ejendomsselskabet Blavand Byferie ApS                  Denmark       100%
     Ejendomsselskabet Kildevej, Helsinge ApS               Denmark       100%
     Ejendomsselskabet Kommandorparken, Solrod ApS          Denmark       100%
     Ejendomsselskabet Marienlyst Palae ApS                 Denmark       100%
     Ejendomsselskabet Nyrad, Vordingborg ApS               Denmark       100%
     Ejendomsselskabet Soparken, Fredensborg ApS            Denmark       100%
     Ejendomsselskabet Olbycentervej 65 ApS                 Denmark       100%

                                       18
<PAGE>


                                                         COUNTRY OF    INTEREST
     SUBSIDIARY                                         INCORPORATION  OWNERSHIP
     ----------                                         -------------  ---------
     Kobenhavns Byejendomme A/S                             Denmark       100%
     Ejendomsselskabet Hyltebjerg Alle ApS                  Denmark       100%
        Win:pro Invent GmbH & Co Zehnte Wind KG      (3)    Germany       100%
     Sonderborg Havnefront ApS                              Denmark       100%
     Ejendomsudviklingsselskabet af 2001 A/S                Denmark       100%
     Aktiv Boligopsparing ApS                               Denmark       100%
     Alpen Holidays Ferienhauser GmbH                       Austria       100%
     Delta Byg ApS                                          Denmark        80%
        Delta Houses SIA                             (1)    Latvia         80%
     Aktiv Wind ApS                                         Denmark       100%
     EWF Drei Funf GmbH & Co. KG                     (2)    Germany        78%
     Win:pro Invent Gmbh & Co. Neunte Wind KG        (2)    Germany       100%
     Aktiv Wind GmbH (1)                             (2)    Germany       100%
        EWF Eins Zwei GmbH & Co KG                   (2)    Germany        78%
        EWF Eins Drei GmbH & Co KG                   (2)    Germany        78%
        EWF Eins Vier GmbH & Co KG                   (2)    Germany        78%
        UW Thrana GmbH & Co KG                       (2)    Germany        78%
        EWF Zwei Eins GmbH & Co KG                   (2)    Germany        78%

        UW Nielitz GmbH & Co KG                      (2)    Germany        78%
        Komplementarselskabet Difko Buchbrunn I ApS  (2)    Denmark       100%
        K/S Difko Buchbrunn I                        (2)    Germany       100%

     AGH Norge A/S                                   (4)    Denmark       100%
        Nordan Parkhusene ApS                        (5)    Denmark       100%
        Den Gamle Skibssmedie ApS                    (5)    Denmark       100%
           Hotel Den Gamle Skibssmedie ApS           (6)    Denmark       100%
        Bygg og Ejendomsutvikling Sor A/S            (5)    Norway        100%
           Teamhus A/S                               (7)    Norway        100%
           Topdalfjordens Utvikling AS               (7)    Norway        100%
           Romaasen Utvikling AS                     (7)    Norway        100%
     Drejens Strandskovpark A/S                             Denmark       100%
     2S Ejendomsinvest ApS                                  Denmark       100%
          Silkegade Invest A/S                       (8)    Denmark       100%
          RGW A/S                                    (8)    Denmark       100%
          Romo Golf A/S                              (8)    Denmark       100%
          Romo Golf & Wellness A/S                   (8)    Denmark       100%
          Romo Ferie ApS                             (8)    Denmark       100%
     St. Rorbaek Byudvikling ApS                            Denmark       100%
     St. Rorbaek Byudvikling II ApS                         Denmark       100%
     St. Rorbaek Byudvikling III ApS                        Denmark       100%
     Gribskov Bolig ApS                                     Denmark       100%



        (1) Wholly owned subsidiary of Delta Byg ApS

        (2) Wholly owned subsidiary of Aktiv Wind GmbH

        (3) Wholly owned subsidiary of Hytlebjerg Alle

        (4) 50% owned  directly by EuroTrust  A/S and 50% owned by Aktiv Gruppen
            Holdings, A/S

        (5) Wholly owned subsidiary of AGH Norge A/S

                                       19
<PAGE>


        (6) Wholly owned subsidiary of Den Gamle Skibssmedie ApS

        (7) Wholly owned subsidiary of Bygg og Ejendomsutvikling Sor A/S

        (8) Wholly owned subsidiary of 2S Ejendomsinvest ApS

        On December 12, 2005, AGH Norge A/S purchased a 100% interest in Bygg og
Ejendomsutvikling  Sor A/S. On June 1, 2006, the Company purchased the remaining
50%  interest of AGH Norge A/S. The Company has  consolidated  the result of AGH
Norge A/S from date of acquisition.  The minority interests' proportionate share
of income or loss of AGH Norge A/S is included in the consolidated  statement of
operations through May 31, 2006.

        The results of operations for 2S  Ejendomsinvest  ApS have been included
in the consolidated statement of operations from the date of acquisition on June
2, 2006 through June 30, 2006.

        The results of operations  for Gribskov  Bolig Aps have been included in
the  consolidated  statement of operations  from the date of acquisition on June
16, 2006 through June 30, 2006.

        The Company discontinued the it's Production and Broadcasting Operations
with the sale of certain  production  vans during  April  2006,  and the sale of
EuroVision A/S and subsidiaries effective April 17, 2006.

        At June 30, 2006 and 2005, the Company held a 25% interest in Mediehuset
Danmark  ApS;  the  investment  is  accounted  for  under the  equity  method of
accounting.

        During January 2003, the Company purchased 50% of Kobenhavns Byejendomme
A/S from an entity  controlled by a shareholder of the Company for DKK 1 (not in
thousands)  and  acquired  an  option to  purchase  the  remaining  50% plus the
outstanding  receivable payable for DKK 1 (not in thousands),  which the Company
exercised  January 15, 2005. The shares are acquired in order to utilize the net
operating  loss carry  forward in  K0benhavns  Byejendomme  A/S.  At the time of
acquisition the Company  recorded  contributed  capital of DKK 480 in connection
with the DKK 1.7 million (not in thousands)  net operating  loss carry  forward.
The Company has been  consolidated  from the date of  acquisition as the Company
had an effective 100% controlling interest and right to profit and losses.

        During 2003,  Aktiv  Gruppen  Holding  organized  the  subsidiary  Aktiv
Boligopsparing  ApS and distributed an 20% interest to each of 4 individuals for
DKK  26,000  receivables  from each of the  individuals,  these  interests  were
reacquired from these  individuals  from during 2004 and 2005 in connection with
collection  of the  receivables.  The Company  consolidated  100% of the DKK 161
losses as required by Financial Accounting Standards Board (FASB) Interpretation
No. 46R.


        PROPERTY, PLANT AND EQUIPMENT

               For our  operations,  we lease  412  square  meters  in  Kolding,
Denmark,  305 square  meters in  Copenhagen,  Denmark  and 354 square  meters in
Kristiansand, Norway.

        The total aggregate  annual lease costs were  approximately  DKK 785,000
(not in thousands) for the fiscal year ended June 30, 2006 The operating  leases
are cancelable by both parties through various times between 6 and 32 months. We
believe that the current  facilities for our media  operations  will be adequate
for our purposes for at least the next 12 months.  We also believe that there is
a supply of alternative  facilities  available in each of the locations where we
operate,  should we deem it  desirable  to expand our  facilities  or  otherwise
change locations.

                                       20
<PAGE>


ITEM 4A.       UNRESOLVED STAFF COMMENTS

        NONE.


ITEM 5.   OPERATING AND FINANCIAL REVIEW AND PROSPECTS

A.      OPERATING RESULTS

        OVERVIEW

        Our business currently consists of our property  development  operations
and our  wind  energy  operations.  We have  been in the  business  of  property
development  since 2002. We started our wind energy  business in June, 2005 with
the acquisition of six operating wind turbines in Germany.


CRITICAL ACCOUNTING POLICIES

        The  discussion  and analysis of our financial  condition and results of
operations are based upon our consolidated financial statements, which have been
prepared in accordance  with  accounting  principles  generally  accepted in the
United States (GAAP).  The  preparation of these financial  statements  requires
management to make estimates and judgments  that affect the reported  amounts of
assets,   liabilities,   revenues  and  expenses,  and  related  disclosures  of
contingent assets and liabilities.  Management bases its estimates on historical
experience and on various other  assumptions  that are believed to be reasonable
under  the  circumstances,  the  results  of which  form the  basis  for  making
judgments  about the  carrying  value of  assets  and  liabilities  that are not
readily  available  from other  sources.  Actual  results  may differ from these
estimates  under  different  assumptions  or  conditions.  We  believe  that the
estimates,  assumptions  and  judgments  involved  in  the  accounting  policies
described below have the greatest potential impact on our consolidated financial
statements,  so we consider these to be our critical  accounting  policies.  See
"Summary of  Significant  Accounting  Policies"  in the  consolidated  financial
statements for more information  about these critical  accounting  policies,  as
well as descriptions of other significant accounting policies.

        CASH AND CASH EQUIVALENTS

        Cash and cash equivalents  consist of cash and short-term  deposits with
maturities of less than three months at the time of purchase..

RESTRICTED CASH

        Restricted cash as of June 30, 2006 and 2005,  includes customer deposit
construction  credits and bank  deposits  which are held as  collateral  for the
underlying mortgage and construction loans.

MARKETABLE SECURITIES - AVAILABLE FOR SALE

        The  Company  accounts  for debt and equity  investments  in  Marketable
securities in accordance with Statement of Financial Accounting Standard. (SFAS)
No. 115,  "Accounting  for Certain  Investments in Debt and Equity  Securities".
Under SFAS 115 the Company's  investments in public  companies or

                                       21
<PAGE>


securities are classified as "available-for-sale". These investments are carried
at fair value based on quoted market  prices.  We review the  marketable  equity
holdings in publicly traded  companies on a regular basis to determine if any of
the marketable  securities have experienced an  other-than-temporary  decline in
its fair value. We consider the investee  company's cash position,  earnings and
revenue outlook, stock price performance over the past six months, liquidity and
management,   among  other  factors,   when  reviewing  the  marketable   equity
securities.  If it is determined  that an  other-than-temporary  decline in fair
value exists in a marketable  equity  security,  we record an investment loss in
the consolidated  statement of operations.  Marketable securities are classified
as current if the Company has the ability or  intention  of selling the security
within 12 months.


EQUITY METHOD INVESTMENTS

        Investments in corporate joint ventures,  non-public companies or public
companies in which we are  significant  shareholder  but less than  majority are
included in long-term  investments  in the  consolidated  balance  sheet and are
accounted for under the cost method if our  percentage  ownership is 20% or less
or the equity  method if our  ownership is in excess of 20 but less than 50% and
in  which  we do not have  significant  ability  to  influence  management.  For
non-quoted  investments,  we regularly  review the  assumptions  underlying  the
operating  performance  and cash flow forecasts  based on information  requested
from these privately held  companies.  Generally,  this  information may be more
limited,  may not be as  timely  as and may be less  accurate  than  information
available from publicly traded companies.  Assessing each investment's  carrying
value  requires  significant  judgment by management.  If it is determined  that
there  is an  other-than-temporary  decline  in the fair  value of a  non-public
equity  security,  we write-down the investment to its fair value and record the
related  write-down  as an  investment  loss in the  consolidated  statement  of
operations.

        As of June 30, 2006 investments in non consolidated entities included:

                                                                     % OWNERSHIP
ENTITY                                                   NATION
Europe Vision PLC (Formerly Tritel Investments, Inc.)    Sweden         22.95%
Windpark Wriezener Hohe GmbH & Co KG                     Denmark        50.00%
Mediehuset Danmark ApS                                   Denmark        25.00%



CONTRACT & OTHER ACCOUNTS RECEIVABLE

        Trade  accounts  receivable  are  recorded  at the  amount  invoiced  to
customers and they do not bear interest.  The allowance for doubtful accounts is
the Company's  best  estimate of amount of probable  losses  resulting  from the
inability of our customers to make required  payments.  We regularly  review the
adequacy of our accounts receivable  allowance after considering the size of the
accounts  receivable  balance,  each customer's  expected ability to pay and our
collection history with each customer.  We review significant  invoices that are
past due to determine if an allowance is appropriate  based on the risk category
using the factors  described above The Company's  policy for putting the loan on
non-accrual  status and to record an allowance  for  doubtful  accounts is based
upon  management's best estimate of amount of probable losses resulting from the
purchaser inability to make required payments.

        The  following  includes  the  changes  in the  allowance  for  doubtful
accounts for the years ended June 30, 2004 to June 30, 2006:

                                       22
<PAGE>


Allowance for doubtful accounts:             Amounts
                                             charged
                                          (credited) to
                              Balance at    Operating                 Balance at
                                July 1      Expenses     Write-offs     June 30
                              ----------                              ----------
Year ended June 30, 2004         595           208            0          803
Year ended June 30, 2005         803           200          (352)        651
Year ended June 30, 2006         651           887          (586)        952

MORTGAGE LOANS RECEIVABLE

        Mortgage  loans  receivable  represent a note  received from the sale of
real estate owned by the Company. All of the loans are secured by First Deeds of
Trust in real property and are carried at unpaid principal. The Company monitors
the recoverability of its loans and notes receivable. Interest on mortgage loans
is  recognized  as  revenue  as  it  accrues  during  the  period  the  loan  is
outstanding.   Mortgage  loans   receivable  are  evaluated   periodically   for
impairment.  If it becomes  evident that the borrower is unable to meet its debt
service  obligations  and cannot  satisfy its payments  using sources other than
sales or  operations  of the  property  securing  the  loan,  such  loan will be
considered impaired. In that event, interest income on impaired loans will cease
to accrue  and the  recorded  amount  will be  reduced  to the fair value of the
collateral securing it.

PROPERTIES HELD FOR SALE OR FUTURE DEVELOPMENT

        Real  estate  inventory  held for  current  sale or  future  development
includes land, land development and carrying costs,  including real estate taxes
and assessments,  management fees and other directly related costs incurred.  It
also includes the non-refundable deposits on land for future development.  Costs
are  allocated  to  individual  units based on the  specific  identification  or
relative  sales value method.  Real estate  inventory  held for current sale and
land held for future  development is carried at the lower of cost or fair market
value.  Impairment  is  recognized  when  estimated  expected  future cash flows
(undiscounted and without interest charges) are less than the carrying amount of
the project.  Due to uncertainties  inherent in the valuation process and in the
economy,  it is reasonably  possible that the actual sales values and profits of
the  Company's  inventory of land held for current  sale and future  development
could be  materially  different  than current  expectations.  To the extent that
impairment has occurred, the excess of the carrying amount of such property over
its estimated  fair value,  less  estimated  selling  costs,  will be charged to
operations. As of June 30, 2006 and 2005, the Company's management believed that
there was no impairment on the carrying value of real estate.

PROPERTY ON OPERATING LEASE

        Property  on  operating  lease is  stated  at cost,  net of  accumulated
depreciation,  unless  circumstances  indicate  that  cost,  net of  accumulated
depreciation, cannot be recovered from estimated future undiscounted cash flows,
in which case,  the carrying  value of the property is reduced to its  estimated
fair value.  Due to uncertainties  inherent in the valuation  process and in the
economy,  it is  reasonably  possible  that the actual  results of operating and
disposing of the Company's  property could be materially  different than current
expectations.  At June 30, 2006 and 2005, the Company's management believed that
there was no impairment on the carrying value of the property.  Depreciation  of
the building

                                       23
<PAGE>


and  improvements  is provided  using the straight line method over 30 years the
estimated useful lives of the respective assets.

PLANT AND EQUIPMENT

        Plant,  equipment,  furniture  and fixtures,  automobiles  and leasehold
improvements are carried at cost less accumulated depreciation.

        Equipment,  furniture and fixtures and  automobiles are depreciated on a
straight-line  basis over the  expected  useful  lives of between  three and ten
years.  Leasehold  improvements are amortized over the shorter of their expected
lives, which is ten years or the non-cancelable term of the leases.

IMPAIRMENT OF LONG-LIVED ASSETS

        In accordance with SFAS No. 144,  long-lived  assets,  such as property,
plant, and equipment,  and purchased  intangibles  subject to amortization,  are
reviewed for impairment  whenever  events or changes in  circumstances  indicate
that the carrying amount of an asset may not be recoverable. Circumstances which
could trigger a review include, but are not limited to: significant decreases in
the  market  price of the asset;  significant  adverse  changes in the  business
climate or legal factors;  current period cash flow or operating losses combined
with a history of losses or a forecast of continuing  losses associated with the
use of the asset;  and current  expectation that the asset will more likely than
not be sold or disposed of significantly  before the end of its estimated useful
life.

        Recoverability of assets to be held and used is measured by a comparison
of the carrying amount of an asset to estimated  undiscounted  future cash flows
expected  to be  generated  by the  asset.  If the  carrying  amount of an asset
exceeds its estimated  undiscounted  future cash flows, an impairment  charge is
recognized  by the amount by which the carrying  amount of the asset exceeds the
fair value of the asset. Assets to be disposed of would be separately  presented
in the balance  sheet and reported at the lower of the  carrying  amount or fair
value less costs to sell, and would no longer be  depreciated.  The  depreciable
basis of assets that are impaired and continue in use is their  respective  fair
values.

GOODWILL AND OTHER DEFINITE LIFE INTANGIBLE ASSETS

        Goodwill  represents  the  excess  of costs  over the fair  value of the
identifiable  net assets of  businesses  or  remaining  interest  of  businesses
acquired.  Other definite life  intangibles  assets consisted in 2006 of amounts
paid for the rights to acquire  land and the  allocation  of  purchase  price in
asset and subsidiary  acquisition to development  rights in specific real estate
development  projects.  The Company  accounts for Goodwill and Other  Intangible
Assets in accordance with SFAS No. 142,  GOODWILL AND OTHER  INTANGIBLE  ASSETS,
and  accordingly  Goodwill  and  indefinite  intangible  assets  are  tested for
impairment at least annually or when  circumstances  change that could result in
impairment;  definite-life  intangible  assets with  estimable  useful lives are
amortized  over their  respective  estimated  useful  lives,  and  reviewed  for
impairment  in  accordance  with SFAS No.  144,  Accounting  for  Impairment  or
Disposal of Long-Lived Assets.


                                       24
<PAGE>



REVENUE RECOGNITION LONG TERM CONTRACT

        Real Estate development

        Revenues from real estate  development  contracts are  recognized on the
percentage-of-completion  method,  measured  by  the  percentage  of  project  /
construction  costs  incurred to date to estimated  total project / construction
costs for each contract multiplied by the ratio of the number of units sold over
the total  number of units on a project by project  basis.  This  method is used
because management  considers costs incurred to be the best available measure of
progress on contracts in process.

        Construction  costs  of  projects  under  contract  include  all  direct
material  and  labor  costs  and  those   indirect  costs  related  to  contract
performance.  Directly related selling,  general,  and administrative  costs are
capitalized  and  accreted  included  in cost of sales  charged  to  expense  as
incurred.  Provisions for estimated losses on the incomplete  contracts are made
in the  period  in which  such  losses  are  determined.  Changes  in  estimated
profitability   are  recognized  in  the  period  in  which  the  revisions  are
determined.  The aggregate of costs incurred and income recognized on incomplete
contracts in excess of billings on  uncompleted  contracts is shown as a current
asset.  The aggregate of billings in excess of related costs incurred and income
recognized would be shown as a current liability.

        All leases are  classified  as  operating  leases and minimum  rents are
recognized on a straight-line basis over the lease terms, commencing on the date
that possession is taken by the tenant.

        Tenant reimbursements for real estate taxes, common area maintenance and
other  recoverable  costs are  recognized  in the period that the  expenses  are
incurred.  Lease  termination  fees,  which are  included in other income in the
accompanying consolidated and combined statements of operations,  are recognized
when the related  leases are cancelled  and we have no continuing  obligation to
provide services to such former tenants.

        Wind Energy

        The Company  recognizes  revenue from the  generation  of wind energy in
accordance with the terms of the individual wind turbines or windpark  contracts
with the German Electric Utility  Companies.  These contracts  contain a 20 year
fixed floor price to be paid per kilowatt hour delivered.  Revenue is recognized
upon  delivery  of  the  electricity  to the  electric  utility  substation  and
collection is probable.

ADVERTISING COSTS

        Advertising  costs  are  expensed  as  incurred.   In  the  consolidated
statements  of operation  advertising  costs  directly  related to specific real
estate projects are included in cost of sales.

INCOME TAXES

        The  Company  utilizes  the asset and  liability  method to account  for
income taxes.  Deferred tax assets and liabilities are recognized for the future
tax  consequences  attributable to differences  between the financial  statement
carrying  amounts of existing assets and  liabilities  and their  respective tax
bases and to operating loss carry forwards.  Deferred tax assets and liabilities
are measured  using enacted tax rates expected to apply to taxable income in the
years in which those  temporary  differences  are  expected to be  recovered  or
settled.  The effect on deferred tax assets and  liabilities  of a change in tax
rates is recognized  in income in the period that  includes the enactment  date.
The Company  records a valuation  allowance to reduce  deferred tax assets to an
amount in which realization is more likely than not.

                                       25
<PAGE>


CONCENTRATION OF CREDIT RISK

        Cash and  cash  equivalents  are,  for the most  part,  maintained  with
several major financial institutions in Scandinavia.  These balances are insured
up to DKK 300 per account.

A majority of the Company's  current real estate  development are located within
Denmark.

All of the Company's wind turbines are located in Germany.


ASSET RETIREMENT OBLIGATIONS

        The Company's  wind  turbines are located on property  leased from third
parties. We are obligated to remove the wind turbine upon expiration. We account
for these  estimated  obligations  in  accordance  with  Statement  of Financial
Accounting  Standards No. 143,  "Accounting  for Asset  Retirement  Obligations"
(SFAS No. 143) and Financial  Accounting  Standards Board (FASB)  Interpretation
No. 47, "Accounting for Conditional Asset Retirement Obligations".  SFAS No. 143
requires  the  accrual  of the  present  value  of the  future  estimated  asset
retirement  obligations  at  installation,  with an offsetting  amount booked as
additions  to property &  equipment.  The  estimated  obligation  is accreted to
expense  over the  estimated  life of the assets for the increase in the present
value of the obligation.


        CONSOLIDATED RESULTS

        YEAR ENDED JUNE 30, 2006 COMPARED WITH YEAR ENDED JUNE 30, 2005

        Net sales for the year ended  June 30,  2006 was DKK 414.6  million,  an
increase  of DKK 167.3  million,  or 67.6%,  compared  to net sales of DKK 247.3
million  for  the  year  ended  June  30,  2005.  This  increase  was  primarily
attributable to an overall increase in the activities of the company. Within the
Real Estate  Development  segment  the  increased  activity  was due to a higher
demand for our  projects.  Except for certain  immaterial  start-up  general and
administrative  expenses (DKK 910,000) we had no material activities in our Wind
Energy  segment in the year ended June 30, 2005.  Our Wind Energy  segment began
its  activities in the year ended June 30, 2006.  The table below compares sales
for both years for our Real Estate development  segment-and sets forth the sales
for our Wind Energy segment for the year ended June 30, 2006.


                                ----------------------  ------------------------
                                        SALES            AMOUNT     PERCENTAGE
                                                        INCREASE     INCREASE
                                  2006        2005      (DECREASE)  (DECREASE)
                                ----------  ----------  ----------  ------------
                                            (IN THOUSANDS OF DKK)

Real Estate development:          414,588     247,333     167,255         67.6%
Wind Energy                        19,200         ---         ---          ---%
                                ----------  ----------  ----------  ------------
      Total                       433,788     247,333     186,455         75.4%
                                ----------  ----------  ----------  ------------


        Total operating expenses for the year ended June 30, 2006 were DKK 368.4
million,  an increase of DKK 183.0 million,  or 98.7%,  from the total operating
expenses of DKK 185.4 million for the year ended June 30, 2005. This increase is
primarily attributable to an overall increase in the activities for the company.
The table below  compares our operating  expenses by category for both years for
our Real

                                       26
<PAGE>


Estate  development  segment,  and sets forth our operating expenses by category
for our Wind Energy segment for the year ended June 30, 2006.

                                ----------------------  ------------------------
                                   COST OF SALES        AMOUNT     PERCENTAGE
                                                       INCREASE     INCREASE
                                  2006       2005     (DECREASE)   (DECREASE)
                                ----------  ----------  ----------  ------------
                                           (IN THOUSANDS OF DKK)

Real Estate development:          333,594     173,637     159,957         92.1%
Wind Energy                         1,202         ---         ---          ---%
                                ----------  ----------  ----------  ------------
      Total                       334,796     173,637     161,159         92.8%
                                ----------  ----------  ----------  ------------

                                ----------------------  ------------------------
                                SALES AND MARKETING     AMOUNT     PERCENTAGE
                                                       INCREASE     INCREASE
                                  2006       2005     (DECREASE)   (DECREASE)
                                ----------  ----------  ----------  ------------
                                           (IN THOUSANDS OF DKK)

Real Estate development:            1,049         907         142         15.7%
Wind Energy                             0         ---         ---          ----
                                ----------  ----------  ----------  ------------
      Total                         1,049         907         142         15.7%
                                ----------  ----------  ----------  ------------

                                ----------------------  ------------------------
                                      GENERAL/
                                   ADMINISTRATIVE       AMOUNT     PERCENTAGE
                                                       INCREASE     INCREASE
                                  2006       2005     (DECREASE)   (DECREASE)
                                ---------  ---------- -----------  -----------
                                           (IN THOUSANDS OF DKK)

Real Estate development:           19,632       9,442      10,190        107.9%
Wind Energy                         7,061         910       6,151        675.9%
                                ----------  ----------  ----------  ------------
      Total                        26,693      10,352      16,341        157.9%
                                ----------  ----------  ----------  ------------
                                ----------------------  ------------------------

                                    DEPRECIATION        AMOUNT     PERCENTAGE
                                                       INCREASE     INCREASE
                                  2006       2005     (DECREASE)   (DECREASE)
                                ---------  ---------- -----------  -----------
                                           (IN THOUSANDS OF DKK)

Real Estate development:              681         520         161         31.0%
Wind Energy                         5,136         ---         ---          ---%
                                ----------  ----------  ----------  ------------
      Total                         5,817         520       5,297       1018.7%
                                ----------  ----------  ----------  ------------
                                ----------------------  ------------------------


        In our Real Estate Development  segment our operating expenses increased
as a result of our increased sales.


        For the year ended June 30,  2006,  the gross profit for our Real Estate
Development segment was DKK 80,994 or 19.5% of segment revenues, while the gross
profit for the year ended June 30, 2005 was

                                       27
<PAGE>


DKK 73,696 or 29.8%of segment revenues.  The increase in the gross profit is due
to a higher  demand for our projects and the decrease in the gross profit margin
is due to increasing  building  costs and the type of real estate  projects sold
during the period.

        In our Wind Energy  segment the gross profit for the year ended June 30,
2006 was DKK 12,862 or 67.0% of segment revenues.

        For the year ended June 30, 2006 our operating  profit  increased by DKK
3.5 million to DKK 65.4 million compared to a profit of DKK 61.9 million for the
year ended June 30, 2005.

        The operating profit for our Real Estate  Development  segment decreased
by DKK 2.3 million to DKK 59.6 million  compared to a profit of DKK 61.9 million
for the year ended June 30, 2005.  This  decrease is  attributable  to increased
operating  expenses  incurred  as a result  of our  increased  focus on  further
developing and enhancing our Real Estate Development business.

        For the year  ended June 30,  2006,  we had  interest  income of DKK 4.0
million and interest  expense of DKK 14.6  million.  For the year ended June 30,
2005,  interest  income was DKK 1.3  million  and  interest  expense was DKK 9.2
million.

        For the year ended June 30,  2006 the Net income  increased  to DKK 45.9
million compared to a Net income of DKK 37.1 million for the year ended June 30,
2005 The increase in our Net income of DKK8.8 million is primarily  attributable
to an increase in our  activities  within both our Real Estate  Development  and
Wind Energy segments.



YEAR ENDED JUNE 30, 2005 COMPARED WITH YEAR ENDED JUNE 30, 2004.

        During  the  fiscal  years  ended  June 30,  2005 and June 30,  2004 the
Company's  revenues and expenses were,  except for  immaterial  expenses for our
wind  energy  business  in 2005,  exclusively  attributable  to our real  estate
development  business.  Therefore  no segment  information  is  provided  in the
discussion of the comparison of these results

        Net sales for the year  ended  June 30,  2005 was DKK 247.3  million,  a
decrease of DKK 48.7 million,  or 16.5%,  compared to sales of DKK 296.0 million
for the year ended June 30,  2004.  The  decrease in sales was  attributable  to
delays in obtaining the required municipality plans and building permits,  which
caused us to  postpone  the start of several  planned  projects.  However,  as a
result of these  delays,  our  pipeline  of projects to be built and sold in the
coming years has increased substantially.

        Total operating expenses for the year ended June 30, 2005 were DKK 185.4
million (of which 0.9 million were  attributable to the wind energy segment),  a
decrease of DKK 81.0 million, or 30.4%, from the total operating expenses of DKK
266.4  million for the year ended June 30, 2004.  This  decrease  was  primarily
attributable  to a  decrease  in our cost of sales  of DKK 85.5  million  and an
increase in general and administrative expenses of DKK 4.9 million (of which 0.9
million were attributable to the wind energy segment).

        For the year  ended June 30,  2005,  our  operating  income was DKK 61.7
million  or 24.9% of sales.  For the year  ended June 30,  2004,  the  operating
income was DKK 29.6 million, or 10.0% of sales.

                                       28
<PAGE>


        For the year  ended June 30,  2005,  we had  interest  income of DKK 1.3
million and  interest  expense of DKK 9.2  million.  For the year ended June 30,
2004  interest  income was DKK 0.6  million  and  interest  expense  was DKK 2.3
million.

        Our Net income for the year ended June 30,  2005  increased  to DKK 37.1
million compared to a Net income of DKK 17.5 million for the year ended June 30,
2004.  The  increase in our Net income of DKK 19.6  million  or112% is primarily
attributable  to increased  sales offset by increased  cost of sales,  increased
general and administrative expenses and increased income tax expense.


B.      LIQUIDITY AND CAPITAL RESOURCES

        For the year ended June 30, 2006,  cash provided by  operations  was DKK
56.8 million compared to cash provided by operations of DKK 17.9 million for the
year ended June 30,  2005,  an increase of DKK 38.9  million.  The  increase was
primarily  due to an increase  in our Net income and an  increase in  customer's
deposits of DKK 49.2 million,  partly offset by a decrease in other  receivables
and account payable.

        For the year ended June 30, 2006, cash provided by investing  activities
was DKK 6.3 million compared to cash provided by investing activities of DKK 1.0
million for the prior year,  an increase of DKK 5.3 million.  This  increase was
partly due to an increase in cash  acquired in business  acquisitions  and notes
receivable from related party offset by cash used to purchase  investments and a
decrease in mortgage deed receivables.

        For the year ended June 30, 2006, cash used in financing  activities was
DKK 64.4 million  compared to cash provided by financing  activities of DKK 20.5
million for the prior year, an increase of DKK 84.9  million.  This increase was
primarily due to an increase in short- and long-term borrowings of DKK 261.5 and
an  increase  in proceeds  from the  issuance  of our common  stock of DKK 155.8
million offset by a decrease in restricted cash of DKK 352.8 million.

        Our capital  expenditures  for the year ended June 30, 2006 were DKK 2.4
million. These expenditures primarily related to office equipment  (furniture's)
and IT

        We believe that our cash on hand and the positive trend of our operating
cash flow  together with  borrowings  currently  available  and other  potential
sources of funds as described  above will be sufficient to fund our  anticipated
working  capital  needs and capital  spending  requirements  in the  foreseeable
future.  However,  if we were to incur  any  unanticipated  expenditures  or the
positive trend of our operating cash flow does not continue,  such circumstances
could put a substantial burden on our cash resources.

CONTRACTUAL OBLIGATIONS (in thousands of DKK)
----------------------------- ------- ---------- ----------- -------------------

                                       YEAR
                                       ENDED
                                      JUNE 30,
CONTRACTUAL OBLIGATIONS                 2007     LATER YEARS   TOTAL OBLIGATIONS
----------------------------- ------- ---------- ----------- -------------------

Operating leases                        3,442        36,691          40,133
----------------------------- ------- ---------- ----------- -------------------

TOTAL CONTRACTUAL OBLIGATIONS           3,442        36,691          40,133
----------------------------- ------- ---------- ----------- -------------------

                                       29
<PAGE>


        INFLATION

        We do not believe that inflation had a material impact on our results of
operations.


        IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS

        In  September  2006,  the Chief  Accountant  of the SEC  issued a letter
regarding the accounting  implications of certain option  granting  practices of
which the SEC staff has become aware,  many of which affect the determination of
an option's measurement date. Although not yet embodied in a separate accounting
pronouncement,  the Chief Accountant's  letter elaborates on the staff's view as
to accounting issues related to APB Opinion 25,  "Accounting for Stock Issued to
Employees", should a registrant's practices related to such matters be reviewed.
The Company is evaluating the impact of the Chief Accountant's  letter, but does
not  presently  believe  that  its  consolidated  financial  statements  will be
effected thereby.

        In September  2006, the SEC staff issued Staff  Accounting  Bulletin No.
108,  "Considering  the  Effects of Prior Year  Misstatements  when  Quantifying
Misstatements  in  Current  Year  Financial  Statements."  SAB 108 was issued to
provide  consistency  between  how  registrants   quantify  financial  statement
misstatements.  SAB 108 established an approach that requires  quantification of
financial  statement  misstatements  based on the effects of the misstatement on
each of the Company's  financial  statements and the related financial statement
disclosures.  This  approach  is  commonly  referred  to as the "dual  approach"
because it requires  quantification of errors under two widely-used  methods for
quantifying the effects of financial statement misstatements, generally referred
to as the "roll-over" and "iron curtain" methods.  SAB 108 allows registrants to
initially  apply the dual approach either by (1)  retroactively  adjusting prior
financial  statements  as if the dual  approach  had always  been used or by (2)
recording  the  cumulative  effect of initially  applying  the dual  approach as
adjustments  to the carrying  values of assets and  liabilities as of January 1,
2006 with an offsetting  adjustment  recorded to the opening balance of retained
earnings.  Use of this "cumulative  effect"  transition method requires detailed
disclosure  of the nature and amount of each  individual  error being  corrected
through the cumulative adjustment and how and when it arose. The Company expects
to apply SAB 108 using the  cumulative  effect  transition  method in connection
with the preparation of its annual financial statements for the year ending June
30, 2007. When the Company  initially applies the provisions of SAB 108, it does
not presently expect to record any effects of financial statement misstatements.

        In June 2006, the FASB issued FASB  Interpretation  No. 48,  "Accounting
for  Uncertainty in Income Taxes, an  interpretation  of FASB Statement No. 109"
(FIN 48). FIN 48 clarifies the  accounting  for  uncertainty  in income taxes by
prescribing a two-step  method of first,  evaluating  whether a tax position has
met a more-likely-than-not recognition threshold, and second, measuring that tax
position to determine  the amount of benefit to be  recognized  in the financial
statements.  FIN 48 provides  guidance  on the  presentation  of such  positions
within  a   classified   statement   of   financial   position  as  well  as  on
de-recognition,   interest  and  penalties,   accounting  in  interim   periods,
disclosure and transition. FIN 48 is effective for the Company beginning July 1,
2007.  Management  is  currently  reviewing  FIN 48 to  determine  the impact of
adopting it and its materiality to the Company.

        In February 2006, the FASB issued SFAS No. 155,  "Accounting for Certain
Hybrid Financial  Instruments,  an amendment of FASB statements No. 133 and 140"
(SFAS  155).  SFAS No.  155  allows  financial  instruments  that have  embedded
derivatives  to be accounted for as a whole  (eliminating  the need to bifurcate
the  derivative  from its host) as long as the entire  instrument is valued on a
fair value

                                       30
<PAGE>


basis. The statement also resolves and clarifies other specific SFAS No. 133 and
SFAS No.  140  related  issues.  SFAS No.  155 is  effective  for all  financial
instruments  acquired or issued after the beginning of an entity's  first fiscal
year that begins after September 15, 2006. We will be required to adopt SFAS No.
155 on July 1, 2007 and do not expect that it will have a material effect on our
Consolidated Financial Statements.

          On September  28, 2005,  the FASB  ratified  the  following  consensus
reached in EITF Issue 05-8 ("Income Tax Consequences of Issuing Convertible Debt
with a Beneficial Conversion Feature"): a) The issuance of convertible debt with
a beneficial  conversion  feature results in a basis difference in applying FASB
Statement of Financial  Accounting Standards SFAS No. 109, Accounting for Income
Taxes. Recognition of such a feature effectively creates a debt instrument and a
separate equity  instrument for book purposes,  whereas the convertible  debt is
treated entirely as a debt instrument for income tax purposes.  b) The resulting
basis difference should be deemed a temporary  difference because it will result
in a taxable  amount when the recorded  amount of the  liability is recovered or
settled. c) Recognition of deferred taxes for the temporary difference should be
reported as an adjustment  to  additional  paid-in  capital.  This  consensus is
effective  in the first  interim or annual  reporting  period  commencing  after
December 15, 2005, with early application permitted.  The effect of applying the
consensus  should  be  accounted  for  retroactively  to  all  debt  instruments
containing a beneficial conversion feature that are subject to EITF Issue 00-27,
"Application of Issue No. 98-5 to Certain  Convertible  Debt  Instruments"  (and
thus is  applicable  to debt  instruments  converted  or  extinguished  in prior
periods but which are still presented in the financial statements). The adoption
of this pronouncement is not expected to have a material impact on the Company's
financial statements.

          The Emerging Issues Task Force ("EITF") reached a tentative conclusion
on EITF Issue No. 05-1,  "Accounting  for the  Conversion of an Instrument  That
Becomes Convertible upon the Issuer's Exercise of a Call Option" that no gain or
loss should be recognized  upon the  conversion  of an  instrument  that becomes
convertible as a result of an issuer's exercise of a call option pursuant to the
original terms of the instrument.  The application of this  pronouncement is not
expected to have an impact on the Company's consolidated financial statements.

          In June 2005,  the FASB ratified EITF Issue No. 05-2,  "The Meaning of
'Conventional  Convertible Debt Instrument' in EITF Issue No. 00-19, 'Accounting
for Derivative  Financial  Instruments Indexed to, and Potentially Settled in, a
Company's Own Stock'" ("EITF No. 05-2"), which addresses when a convertible debt
instrument should be considered  'conventional'  for the purpose of applying the
guidance in EITF No. 00-19. EITF No. 05-2 also retained the exemption under EITF
No.  00-19.  EITF No. 05-2 is  effective  for new  instruments  entered into and
instruments  modified in periods  beginning after June 29, 2005. The Company has
applied  the  requirements  of EITF No. 05-2 since the  required  implementation
date. The adoption of this pronouncement did not have an impact on the Company's
consolidated financial statements.

          EITF Issue No. 05-4 "The Effect of a  Liquidated  Damages  Clause on a
Freestanding  Financial Instrument Subject to EITF Issue No. 00-19,  'Accounting
for Derivative  Financial  Instruments Indexed to, and Potentially Settled in, a
Company's Own Stock'" ("EITF No. 05-4") addresses financial instruments, such as
stock  purchase  warrants,  which are accounted for under EITF 00-19 that may be
issued at the same time and in contemplation of a registration  rights agreement
that includes a liquidated  damages  clause.  The consensus of EITF No. 05-4 has
not  been  finalized.  The  Company  does  not  believe  the  adoption  of  this
pronouncement  will  have an  impact  on the  Company's  consolidated  financial
statements.

                                       31
<PAGE>


          In September 2005, the FASB ratified EITF Issue No. 05-7,  "Accounting
for Modifications to Conversion Options Embedded in Debt Instruments and Related
Issues"  ("EITF  No.  05-7"),  which  addresses  whether  a  modification  to  a
conversion  option  that  changes  its fair value  affects  the  recognition  of
interest  expense for the associated debt instrument  after the modification and
whether a borrower should recognize a beneficial  conversion feature, not a debt
extinguishment,  if a debt  modification  increases the  intrinsic  value of the
debt.  EITF No.  05-7 is  effective  for the first  interim or annual  reporting
period  beginning  after  December  15,  2005.  The Company is  currently in the
process of evaluating  the effect that the adoption of this  pronouncement  will
have on its financial statements.


        OFF BALANCE SHEET ARRANGEMENTS

        The  Company  is not aware of any  material  transactions  which are not
disclosed in its consolidated financial statements.


ITEM 6.  DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

A.      DIRECTORS AND EXECUTIVE OFFICERS

        The  following  table sets  forth,  as of  December  1, 2006,  the name,
position, age, principal occupation and address and the date on which they first
became an officer or director for our directors and senior management.


<TABLE>
<CAPTION>
                                                                                 DATE BECAME A
     NAME AND POSITION          AGE       PRINCIPAL OCCUPATION AND ADDRESS       DIRECTOR/OFFICER
-----------------------------  ------  ----------------------------------------  ----------------
<S>                             <C>     <C>                                      <C>
Bo Kristensen                           Chief Executive Officer of
  President, Chief                      EuroTrust A/S
  Executive Officer ........            Kokholm 3
                                47      6000 Kolding
                                        Denmark                                      May 2006

Soren Degn                              Chief Financial Officer of
  Chief Financial Officer...    37      EuroTrust A/S
                                        Kokholm 3
                                        6000 Kolding                               September
                                        Denmark                                        2003

Erik Damgaard                           Private Investor
  Chairman of the Board.....    45      c/o EuroTrust A/S
                                        Kokholm 3
                                        6000 Kolding
                                        Denmark                                   December 2005
</TABLE>

                                       32
<PAGE>


<TABLE>
<CAPTION>
                                                                                 DATE BECAME A
     NAME AND POSITION          AGE       PRINCIPAL OCCUPATION AND ADDRESS       DIRECTOR/OFFICER
-----------------------------  ------  ----------------------------------------  ----------------
<S>                             <C>     <C>                                      <C>
Peter Juul                      44      Chief Executive Officer of Aktiv
  Director, Chief Executive             Gruppen Holding A/S and a Director of
  Officer of Aktiv Gruppen              EuroTrust A/S
  Holding A/S...............            Kokholm 3
                                        6000 Kolding
                                        Denmark                                   December 2005

John J. Stuart, Jr.(1)(2)               Chief Financial Officer of
  Director..................    67      Irvine Sensors Corporation
                                        3001 Redhill Avenue
                                        Costa Mesa, CA 92626-4532
                                        USA                                         May 1998

Christian Rovsing (1)(2)                Management Consultant
  Director..................    70      c/o EuroTrust A/S
                                        Kokholm 3
                                        6000 Kolding
                                        Denmark                                    May 2006

Jan Berger(1)(2)                        Management Consultant
  Director..................    63      c/o EuroTrust A/S
                                        Kokholm 3
                                        6000 Kolding
                                        Denmark                                     May 2003
</TABLE>

------------------------
(1)     Member, audit committee of the Board of Directors.

(2)     Member, compensation committee of the Board of Directors.

BO KRISTENSEN, PRESIDENT, CHIEF EXECUTIVE OFFICER

        Mr.  Kristensen has been our Chief Executive  Officer since May 2006. He
has been  affiliated as partner and responsible for economy and financing in the
subsidiary Aktiv Gruppen Holding A/S since 2001. Mr. Kristensen also serves as a
member of the board for several of our wholly owned subsidiaries.Mr.  Kristensen
has  a  Graduate  Diploma  in  Economics  (Management   Accounting)  and  Higher
Commercial  Examination.  Mr. Kristensen is highly  experienced in both business
areas - Renewable Energy and Estate Development

SOREN DEGN, CHIEF FINANCIAL OFFICER

        Mr. Degn has been our Chief  Financial  Officer since September 2003. He
also  serves  as  a  member  of  the  board  for  several  of  our  wholly-owned
subsidiaries.  Prior to this  appointment  he  served as our  Corporate  Finance
Director  since  2001.  Mr. Degn spent 5 years with  Kampsax A/S (a  consultancy
firm) and 7 years  with KPMG in  Denmark.  Mr.  Degn has a  Graduate  Diploma in
Business  Administration in accountancy and a MSC (Business  Administration  and
Auditing) in financial planning and control from the Copenhagen Business School.

PETER JUUL, DIRECTOR, CHIEF EXECUTIVE OFFICER OF AKTIV GRUPPEN HOLDIng A/S

        Mr. Juul has been the Chief  Executive  Officer of Aktiv Gruppen Holding
A/S since  November 14, 2005. He was Chairman of the board of Aktiv Gruppen from
September 1, 2002 to November 14, 2005.  Prior to his becoming  Chief  Executive
Officer of Aktiv  Gruppen,  Mr.  Juul was a partner in the law firm of  Interlex
Advokater located in Arhus, Denmark.

                                       33
<PAGE>


ERIK DAMGAARD, CHAIRMAN OF THE BOARD OF DIRECTORS

        Mr.  Damgaard  is  currently a private  investor.  From 2002 to 2004 Mr.
Damgaard was a software architect for Microsoft  Corporation.  Prior to 2002 Mr.
Damgaard was the  Technology  Officer of Navision A/S, a company which he helped
found. In 2002, Navision A/S was sold to Microsoft.

JOHN J.  STUART, JR., DIRECTOR

        Mr.  Stuart was  elected to our Board of  Directors  in May 1998.  Since
January 1983 Mr. Stuart has been employed by Irvine Sensors Corporation ("ISC"),
Costa Mesa,  California USA, a developer of proprietary  technologies to produce
extremely compact packages of solid state microcircuitry. He currently serves as
ISC's Senior Vice President and Chief Financial  Officer,  positions he has held
since November 1998 and July 1985, respectively.  Between July 1985 and February
1995, he also held the position of ISC's  treasurer and was  reappointed to this
position in November  1998.  Mr. Stuart holds a degree in Industrial  Management
from the Massachusetts Institute of Technology.

CHRISTIAN ROVSING, DIRECTOR

        Mr. Rovsing was a member of the European  Parliament from 1989-2004.  He
is currently  president or a board member of a number of companies active mainly
in the areas of space,  biotech and  telecommunications.  Mr. Rovsing received a
M.Sc. (electronics) from the Technical University of Denmark.

JAN BERGER, DIRECTOR

        Mr. Berger was elected to our Board of Directors in May 2003. Mr. Berger
has been a  Management  Consultant  since  1998.  He has  more  than 24 years of
experience in the Information  Technology (IT) industry and has held various top
management  positions  with leading IT  companies.  In addition,  Mr. Berger has
served as a board member at several companies  including,  chairman of the board
of Skrivervik  Data, a SUN  Microsystems  distributor in Norway.  Mr. Berger has
degree in Business  Economics and  Administration  with an emphasis on Sales and
Marketing.

        There  are no  family  relationships  among  any of  our  directors  and
executive officers or those of our subsidiaries.


B.      COMPENSATION

        EXECUTIVE COMPENSATION

        Cash  compensation  paid by us and our  subsidiaries  for the year ended
June 30,  2006 to our  directors  and  senior  management  for  services  in all
capacities,  other than professional fees, totaled approximately DKK 5.4 million
(approximately $0.9 Million).  In addition,  we maintain a standard pension plan
for our  executive  officers  under the terms of which we  contribute  an amount
equal to 15% of their annual salary to the plan. The total  contribution for the
year ended June 30, 2006 totaled approximately DKK 168 (approximately $29).

        We have an employment  agreement with Mr. Soren Degn our chief financial
officer which provides,  among other things,  for an annual salary of DKK 1,680.
Mr. Degn's employment agreement will

                                       34
<PAGE>


initially expire on December 31, 2008.  However the agreement will automatically
be extended  for  unlimited  1-year  periods  unless we provide him with 2 years
advance notice that the Company will not renew his employment.

        We have an  employment  agreement  with  Mr.  Bo  Kristensen  our  chief
executive  officer which provides,  among other things,  for an annual salary of
DKK 2,280. Mr. Kristensen's  employment  agreement will initially expire on June
30, 2009.  However the agreement  will  automatically  be extended for unlimited
1-year  periods  unless we provide  him with 30 months  advance  notice that the
Company will not renew his employment.

        OPTIONS

        No options were  granted  pursuant to our stock option plan to the named
executive officers during the year ended June 30, 2006.

        DIRECTOR COMPENSATION

        Directors are  reimbursed  for expenses  they incur in  connection  with
attending  meetings of the Board of Directors  and  committees  thereof.  We may
periodically  grant options to our directors,  although the amount and timing of
those grants are  determined by the Board in its sole  discretion.  In addition,
our  independent  directors  are paid (U.S.)  $6.25 per quarter for serving as a
director  and receive  (U.S.) $1.5 for each Board  meeting  which they attend in
person and (U.S.) $.5 for each Board meeting which they attend by telephone.  In
addition the Chairman of our Audit Committee is paid an additional (U.S.) $2.500
per quarter. Directors may also receive a one time grant of ordinary shares when
they first join our Board.

C.      BOARD PRACTICES

        Our Board of Directors may consist of between  three and seven  members.
As of December 1, 2006,  the Board  consisted  of five  members.  Under  certain
provisions of the Danish  Companies  Act, our employees  have the right to elect
three board members. However, our employees have not exercised this right.

        Each  director is elected by a vote at the annual or special  meeting of
the shareholders and serves for a term of one year. All of our current directors
were elected or  re-elected at the annual  general  meeting held on November 17,
2006.

        There is no restriction on the re-election of directors.  The quorum for
a meeting of the Board of  Directors  is a simple  majority.  All members of the
Board of Directors have equal voting rights and all  resolutions are passed by a
simple majority.

        The citizenships of the directors are as follows:

       Name                                  Country of Citizenship
     --------------------------------------------------------------------------

       ERIK DAMGAARD                         Denmark
       PETER JUUL                            Denmark
       JOHN J. STUART, JR.                   United States
       JAN BERGER                            Norway
       CHRISTIAN ROVSING                     Denmark

                                       35
<PAGE>


        There are no  agreements  with our Board  members  that  provide for the
payment of benefits upon termination of their directorship.

        The Board has determined  that Messrs.  Berger,  Rovsing and Stuart meet
the standard for independent  directors as required by the listing  standards of
NASDAQ.


BOARD COMMITTEES

        Our  Board  of  Directors  has an  audit  committee  and a  compensation
committee.

         The audit  committee  reviews our financial  statements  and accounting
practices,  approves the  selection of the  Company's  independent  auditors and
meets and interacts with the independent auditors to discuss questions in regard
to the Company's financial reporting, reviews the results and scope of the audit
and other  services  provided  by our  independent  auditors,  and our  internal
controls.  The audit committee consists of Messrs.  Berger,  Rovsing and Stuart.
The Board has  determined  that Mr.  Stuart  is an  "audit  committee  financial
expert",  as defined under the rules promulgated by the United States Securities
and Exchange Commission.

        The compensation  committee makes recommendations to the Board regarding
remuneration  of  executive  officers  and  reviews our  compensation  plans and
policies.  The compensation  committee consists of Messrs.  Berger,  Rovsing and
Stuart.


        INDEMNIFICATION

        Except  to  the  extent  indicated   below,   neither  our  Articles  of
Association  nor any  contract  or  other  arrangement  to  which we are a party
contains any provision  under which any of our directors,  members of management
or officers are insured or  indemnified in any manner against any liability that
he or she may incur in his or her capacity as a director or an officer.

        We have  obtained an  insurance  policy  under which our  directors  and
officers  are insured  against  losses  arising  from their acts or omissions in
their capacities as directors or officers up to DKK 40 million.  This policy has
a DKK 50, deductible.

        Under the Danish Act on Limited  Companies,  our directors and officers,
who are  registered as managers with the Danish  Commerce and Companies  Agency,
are liable for losses caused  deliberately  or by negligence in connection  with
the  performance  of their  duties to us and to third  parties.  Officers not so
registered  are  indemnified  by us under  applicable  Danish  law in respect of
actions taken by them in their official capacity.

        Insofar as  indemnification  for liabilities under the Securities Act of
1933, as amended,  may be permitted to our  directors,  officers or  controlling
persons as set forth  above,  we have been  informed  that in the opinion of the
SEC,  such  indemnification  is  against  public  policy  as  expressed  in  the
Securities Act and is, therefore, unenforceable.

                                       36
<PAGE>


D.      EMPLOYEES

As of June 30, 2006, we had 91 employees,  an increase from 82 employees for the
prior  year.  This  increase  is  primarily  attributable  to the  growth of our
business  All of our  employees  are  located  in Denmark  and  Norway  (see the
following table.) The table below gives a breakdown of our employees and area of
employment:

                                     Denmark   Norway    Total

Sales and Marketing                      3        1        4
Customer Service and Support             4        1        5
Technical                                1        0        1
Finance and Administration              16        1       17
Other                                   61        3       64
                                    ----------------------------
     Totals                             85        6       91
                                    ----------------------------


        Some of our employees are members of various labor unions;  however,  we
are not required to, and we do not have  agreements  with any union. We have not
experienced any work stoppages, and we consider our relations with our employees
to be good.

        Competition in the recruiting of highly-qualified  personnel is intense.
We believe  that our future  success  will  depend,  in part,  on our  continued
ability  to hire,  motivate  and  retain  qualified  management,  marketing  and
technical  personnel.  To  date,  we have  not  experienced  any  difficulty  in
attracting and retaining  qualified  personnel,  but we can provide no assurance
that we will be able to continue to attract and retain  qualified  personnel  in
the future.

        We believe that our relations with our union and non-union employees are
good.

        E.      The  following  table sets forth the  ownership  of our ordinary
shares by the individuals named in Item 6.A., as of December 1, 2006

                                  NUMBER ORDINARY
           NAME                 SHARES AND ADSs (1)       PERCENT (2)
---------------------------    ----------------------    -------------
Bo Kristensen                        3,180,303               9.28
Erik Damgaard                        2,652,700               7.74
Peter Juul                           1,910,967               5.58
Soren Degn                               *                    *
John J. Stuart, Jr.                      *                    *
Christian Rovsing                        *                    *
Jan Berger                               *                    *
All officers and directors
   As a group (7 persons)            8,072,760              23.50

-----------------------
* Less than 1%

(1) Beneficial  ownership  is  determined  in  accordance  with the rules of the
    Securities  and  Exchange   Commission  and  generally  includes  voting  or
    investment  power with  respect to  securities.  Common  shares  relating to
    options currently  exercisable or exercisable  within 60 days of December 1,
    2006 are deemed  outstanding  for  computing  the  percentage  of the person
    holding such  securities  but are not deemed  outstanding  for computing the
    percentage of any other person. Except as indicated by footnote, and subject
    to community property laws

                                       37
<PAGE>


    where applicable,  the persons named in the table above have sole voting and
    investment  power with respect to all shares shown as beneficially  owned by
    them.

(2) As of December 1, 2006, 34,258,260 ordinary shares were issued, including no
    treasury shares.  Beneficial  ownership  percentages are calculated based on
    34,258,260 ordinary shares issued and outstanding as of December 1, 2006. Of
    the  amount  issued,   34,246,386   ordinary   shares  have  been  deposited
    (represented  by  34,246,386  ADSs,  each  representing  one ordinary  share
    issued) under the Deposit Agreement with The Bank of New York.


ITEM 7.   MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

A.      MAJOR SHAREHOLDERS

        The following table sets forth information,  as of December 1, 2006 with
respect to the beneficial  ownership of our ordinary shares by each  shareholder
known by us to beneficially own more than 5% of our ordinary shares.

          NAME OF BENEFICIAL OWNER(1)                 SHARES BENEFICIALLY OWNED
                                                         NUMBER (1)   PERCENT

Erik Damgaard                                            1,910,967      5.58%
A,O, Holding ApS, controlled by Arne Olsen               3,614,017     10.55%
J,L,Invest Holding ApS, controlled by Jan Larsen         2,133,332      6.20%
Dansk Anlaegsinvest ApS, controlled by Bo Kristensen     3,183,303      9.28%
Volleshave Holding ApS, controlled by Peter Juul         2,652,700      7.74%
Peter Forchhammer                                        2,343,825      6.84%
Vind  Energi Invest A/S                                  2,300,000      6.71%
Invesco Perpetual                                        2,725,000      8.00%
TOTAL                                                   20,860,144     60.90%
                                                       ============   ========


(1) Beneficial  ownership  is  determined  in  accordance  with the rules of the
    Securities  and  Exchange   Commission  and  generally  includes  voting  or
    investment  power with respect to securities.  Ordinary shares issuable upon
    currently exercisable or convertible securities or securities exercisable or
    convertible within 60 days of May 29, 2006 are deemed beneficially owned and
    outstanding  for computing the  percentage  owned by the person holding such
    securities,  but are not considered outstanding for computing the percentage
    of any other person.


        Our major  shareholders do not have different voting rights.  We are not
owned or controlled,  directly or indirectly,  by another  corporation or by any
foreign government. We are not aware of any arrangement that may at a subsequent
date result in a change of control.

                                       38
<PAGE>


B.      RELATED PARTY TRANSACTIONS

        During 2006, the Company sold 55 holiday condominiums for DKK 103,131 to
Marienlyst  Hotel Invest A/S (MHI).  MHI is partially owned by two  shareholders
who own approximately 5% of the outstanding  shares of EuroTrust A/S at June 30,
2006, one of which is the president of the EuroTrust A/S' Norwegian  operations.
At June 30, 2006 the company had received  DKK 4,000 of the  purchase  price and
recorded  a DKK  99,131 6%  mortgage  deed  receivable  for the  balance  During
September 2006, the Company  collected an additional DKK 11,000 against the note
receivable.

        During January 2006, the Company purchased the remaining 75% interest of
Windpark  Timpberg GmbH & Co Zehnte Wind KG from our Chief Executive Officer for
DKK 5,382.

        The Chairman of the board of directors  and Chief  Executive  Officer of
Aktiv Gruppen  Holdings A/S, who is also a director of EuroTrust,  was a partner
of Interlex  Lawyers until  December 31, 2005.  The Company paid DKK 754 and DKK
1,976 to  Interlex  Lawyers  for legal  services  during June 30, 2004 and 2005,
respectively.  The total outstanding payables due to Interlex Lawyers as at June
30, 2004 and June 30, 2005 were DKK 28 and DKK 587, respectively.


C.      INTERESTS OF EXPERTS AND COUNSEL,

        Not applicable because this is an Annual Report filed under the Exchange
Act of 1934.


ITEM 8.   FINANCIAL INFORMATION

A.      CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION

        See Item 18,  "Financial  Statements" and pages F-1 through F-43 of this
report.

LEGAL PROCEEDINGS

        In 2003,  we  terminated  our  contract  with PA  Tomrerforretning,  the
general  contractor  retained by us in connection  with the  construction of our
Rodvig Hytte og Feriecenter real estate  development  project.  We cancelled the
contract due to  considerable  delays and defects with the  construction  of the
project.  On October  31,  2005 the High Court of Denmark  ordered us to pay DKK
1,300,000 to the guarantor of the general contractor. We appealed immediately to
the Supreme Court of Denmark, which appeal is still pending.

        Other than as described above, neither we nor our property is a party in
any other pending material legal proceeding.

DIVIDEND PAYMENT POLICY

        We have not paid out any dividend to our  shareholders in the last three
financial years. Payment of any future dividends will depend on our earnings and
capital requirements, and other factors our board of directors deem appropriate.

                                       39
<PAGE>


B.      SIGNIFICANT CHANGES

        None

ITEM 9.   THE OFFER AND LISTING

A.      TITLE

        Our   ordinary   shares  are  not  traded  on  any  stock   exchange  or
over-the-counter  market.  However,  our ADS are traded on the  Nasdaq  National
Market under the symbol "EURO".

        On August 29, 2002, we implemented a one for six reverse ratio change in
the number of  ordinary  shares  represented  by each ADS such that each new ADS
issued  subsequent to the ratio change will represent six ordinary shares (prior
the ratio change, each ADS represented one ordinary share).  Holders of our ADSs
prior to the ratio change,  each of which  represents  one ordinary  share ("Old
ADSs"),  exchanged  their Old ADSs for new ADSs,  each of which  represents  six
ordinary shares ("New ADSs").  On May 19, 2005 our  shareholders  approved a one
for six  reverse  split of our  ordinary  shares such that six  ordinary  shares
nominal value DKK 1,25 were  combined into one ordinary  share nominal value DKK
7,50  ("New  Ordinary  Shares").  Therefore,  each  ADS now  represents  one New
Ordinary Share.

        On June 30, 2006,  there were 28,680,886 New ADSs issued and outstanding
representing  28,680,886  ordinary  shares.  On  December  1,  2006  there  were
34,246,386  New ADSs issued and  outstanding  representing  34,246,386  ordinary
shares.

        The following table sets forth, for the periods indicated,  the range of
high and low market prices per ADS as quoted on the Nasdaq  SmallCap or National
Market. The prices shown below (in US Dollars) are adjusted to reflect the 1 for
6 reverse ratio change in our ADSs,  described above,  and represent  quotations
among  securities  dealers,   do  not  include  retail  markups,   markdowns  or
commissions and may not represent actual transactions.


                                               AMERICAN
                                              DEPOSITARY
                                                SHARES
                                           ----------------
                                            HIGH       LOW
                                           ------    ------

 Year Ending June 30, 2002:                 $2.34     $0.65

 Year Ending June 30, 2003:                 $5.95     $0.46

 Year Ending June 30, 2004:                 $5.50     $1.75

 Year Ending June 30, 2005:
 First Quarter                              $4.75     $4.06
 Second Quarter                             $6.00     $4.40
 Third Quarter                              $6.00     $4.12
 Fourth Quarter                             $6.51     $4.41

                                       40
<PAGE>


                                               AMERICAN
                                              DEPOSITARY
                                                SHARES
                                           ----------------
                                            HIGH       LOW
                                           ------    ------

 Year Ending June 30, 2006:
 First Quarter                              $6.97     $5.40
 Second Quarter                            $12.08     $4.85
 Third Quarter                             $13.65    $10.07
 Fourth Quarter                            $18.45    $12.50

 Month Ending:
 December 2006 (as of December 19, 2006)   $14.99    $13.39
 November 30, 2006                         $15.80    $12.50
 October 31, 2006                          $12.80    $11.95
 September 30, 2006                        $12.41    $11.27
 August 31,, 2006                          $13.19    $11.38
 July 31, 2006                             $14.53    $12.44


B.      PLAN OF DISTRIBUTION

        Not required because this Form 20-F is filed as an Annual Report.

C.      MARKETS

        Our   ordinary   shares  are  not  traded  on  any  stock   exchange  or
over-the-counter  market.  However,  our ADSs are traded on the Nasdaq  National
Market under the symbol "EURO".

D.      SELLING SHAREHOLDERS

        Not required because this Form 20-F is filed as an Annual Report.

E.      DILUTION

        Not required because this Form 20-F is filed as an Annual Report.

F.      EXPENSES OF THE ISSUE

        Not required because this Form 20-F is filed as an Annual Report.


ITEM 10.  ADDITIONAL INFORMATION

A.      SHARE CAPITAL

        Not required because this Form 20-F is filed as an Annual Report.

B.      MEMORANDUM AND ARTICLES OF ASSOCIATION

        See Exhibit 1.1.

                                       41
<PAGE>


C.      MATERIAL CONTRACTS

        o   We purchased all of the remaining  issued and  outstanding  ordinary
            shares  ("Shares") of AGH Nordan Invest A/S, a Denmark  corporation,
            not already owned by us from three selling shareholders  pursuant to
            the following separate Share Purchase  Agreements,  each dated April
            25, 2006, between Eurotrust and:

                a)  Kalodde AS, to purchase  100,000  Shares at a purchase price
                    of 1,060,000 New Ordinary Shares;

                b)  Soprosjekt  Holding  AS,  to  purchase  50,000  Shares  at a
                    purchase price of 530,000 New Ordinary Shares; and

                c)  Soren Hager Holding 2 ApS, to purchase  100,000  Shares at a
                    purchase price of 1,060,000 New Ordinary Shares.

        o   As described above in Section Item 4. B. "Business Overview", in May
            2006 we entered into an  agreement  to acquire a 50.25%  interest in
            European Wind Farms A/S.  Pursuant to that agreement we purchased an
            aggregate of 3,030,000  ordinary shares from European Wind Farms and
            European   Energy  Systems  A/S  for  aggregate  cash  and  non-cash
            consideration equal to DKK 190,029,800.

        o   In June 2006, pursuant to a Share Purchase Agreement, we acquired 2S
            Ejendomsinvest ApS, a Denmark  corporation,  all of its wholly-owned
            subsidiaries by purchasing all the issued and  outstanding  ordinary
            shares of 2S Ejendomsinvest,  a Denmark  corporation,  at a purchase
            price of DKK 134,160,000.


D.      EXCHANGE CONTROLS AND OTHER LIMITATIONS AFFECTING SECURITY HOLDERS

        There are no governmental laws, decrees or regulations of the Kingdom of
Denmark  that  restrict  the  export or import of  capital  (including,  without
limitation,  foreign  exchange  controls),  or that  affect  the  remittance  of
dividends, interest or other payments to nonresident holders of ordinary shares.
There are no  limitations  imposed by the laws of the  Kingdom of Denmark or our
Articles of Association  on the right of nonresident or foreign  holders to hold
or vote ordinary shares.


E.      TAXATION

        The  following  summary  contains a description  of the material  United
States federal income tax and Danish tax consequences of the purchase, ownership
and disposition of ordinary shares or ADSs by a beneficial  owner that (i) is an
individual  citizen or resident in the United States (for United States  federal
income tax purposes),  a corporation or partnership  organized under the laws of
the United States or any state thereof, or estates or trusts the income of which
is subject to United States federal income tax regardless of its source, (ii) is
not also a resident or  corporation  of Denmark and is not domiciled in Denmark,
(iii) does not hold  ordinary  shares or ADSs in  connection  with any permanent
establishment  or fixed base in  Denmark,  (iv) does not own,  and has not owned
(directly,  indirectly or by  attribution) at any time, 10% or more of our total
combined  voting  power or  equity,  and (v)  holds  ordinary  shares or ADSs as
capital assets. The term "United States holder," as used in this summary,  means
a beneficial owner of ordinary shares or ADSs meeting these requirements.

        The following  summary of certain  United States  federal and Danish tax
matters  is based on tax laws of the United  States and  Denmark as in effect on
the date of this  report and the  current  Income Tax Treaty  between the United
States and the Kingdom of Denmark (the "Treaty"), which is a generally effective
as  of  January  1,  2001.  We  cannot  assure  you  that  future   legislation,
regulations, administrative rulings or court decisions will not adversely affect
the accuracy of the statements contained in this report, Also, changes in United
States and Danish law and the Treaty  made after the date of this  report  could
have retroactive effect.

                                       42
<PAGE>


        The  following  summary does not consider or discuss the tax laws of any
country other than the United States or Denmark.  This summary does not describe
United States federal  estate and gift tax  considerations,  or state,  local or
provincial tax  considerations.  Furthermore,  it does not address United States
federal  income tax or Danish  tax  considerations  that apply to United  States
holders  of our  ordinary  shares  or  ADSs  who  are  also  subject  to  taxing
jurisdictions  other than or in addition to the United States.  Finally, it does
not address all possible categories of United States holders, some of whom (such
as financial  institutions,  trusts,  estates,  insurance companies,  dealers in
securities,  certain  retirement  plans  and tax  exempt  organizations)  may be
subject to special rules.

        THE  FOLLOWING  DISCUSSION  DOES NOT  PURPORT  TO BE  EXHAUSTIVE  OF ALL
POSSIBLE TAX  CONSIDERATIONS,.  UNITED STATES HOLDERS OF ORDINARY SHARES OR ADSs
SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE UNITED  STATES,  DANISH OR OTHER
TAX  CONSEQUENCES OF THE PURCHASE,  OWNERSHIP AND DISPOSITION OF ORDINARY SHARES
OR ADSs.

        UNITED STATES TAX CONSEQUENCES OF OWNERSHIP OF ORDINARY SHARES OR ADSs

        DIVIDENDS.  For United States  federal  income tax  purposes,  the gross
amount of all  dividends  (that is,  the  amount  before  reduction  for  Danish
withholding  tax) paid to a United States holder with respect to ordinary shares
or ADSs out of our current or accumulated  earnings and profits  ("E&P") will be
taxable for United States federal income  taxation as a foreign source  dividend
income.  As such,  these  dividends are not eligible for the dividends  received
deduction  otherwise  available to United States corporations in connection with
dividends  received  from  United  States  corporations.  To the  extent  that a
distribution exceeds E&P, it will be treated first as a return of capital to the
extent of the Untied States holder's basis, and then, as gain from the sale of a
capital asset.

        For  United  States  federal  income  tax  purposes,  the  amount of any
dividend  paid in Danish  kroner will be the United  States  dollar value of the
kroner at the exchange rate in effect on the date of receipt, whether or not the
kroner is converted into United States dollars at that time.

        The withholding tax imposed by Denmark generally is a creditable foreign
tax for United States federal income tax purposes.  As a result, a United States
holder  generally will be entitled to include the amount withheld as foreign tax
paid in computing a foreign tax credit (or in computing a deduction  for foreign
income taxes paid, if the United States holder does not elect to use the foreign
tax credit  provisions  of the Internal  Revenue  Code of 1986,  as amended (the
"Code")).  The Code,  however,  imposes a number  of  limitations  on the use of
foreign tax credits,  based on the particular  facts and  circumstances  of each
taxpayer.  United States holders who hold ordinary shares or ADSs should consult
their tax advisors regarding the availability of the foreign tax credit.

        Backup  withholding,  imposed at the rate of 31%,  may apply to a United
States  holder in  connection  with the sale or exchange  of ordinary  shares or
ADSs. Generally, backup withholding does not apply to a United States holder (i)
that is a corporation  or comes within  certain other exempt  categories or (ii)
provides a taxpayer identification number,  certifies as to no loss of exemption
from backup withholding and otherwise  complies with applicable  requirements of
the backup withholding rules.

        SALE OR OTHER  DISPOSITION  OF  ORDINARY  SHARES  OR ADSs.  Gain or loss
recognized  by a  United  States  holder  on the sale or  other  disposition  of
ordinary  shares or ADSs will be taxable for United  States  federal  income tax
purposes as capital  gain or loss in an amount equal to the  difference  between
such

                                       43
<PAGE>


United  States  holder's  basis in the  ordinary  shares or ADSs and the  amount
realized on the  disposition.  The capital gain or loss will be long term if the
securities were held for more than 12 months and will be short term if they were
held for less than 12 months.  Capital  losses  are  generally  deductible  only
against capital gains and not against ordinary income.

        Capital gain  recognized  by a United States holder on the sale or other
disposition of ordinary shares or ADSs will be United States source gain. Losses
from the sale of ordinary  shares or ADSs would generally be sourced in the same
manner as gains from the sale of such ordinary shares or ADSs. However, treasury
regulations  include a dividend  recapture  rule and other  exceptions  that may
apply. United States holders of ordinary shares or ADSs should consult their tax
advisors regarding the proper treatment of such losses.

        DANISH TAX CONSEQUENCES OF OWNERSHIP OF ORDINARY SHARES OR ADSs

        DIVIDENDS.  For Danish  income  tax  purposes,  the gross  amount of all
distributions made by us to our shareholders is taxed as a dividend.  However, a
distribution of liquidation  proceeds made by us to our shareholders  during the
calendar  year in which we are  finally  liquidated  and  dissolved  is taxed as
capital gain. In addition, the gross amount paid by us to redeem ordinary shares
or ADSs are generally taxed as a dividend.  However,  a shareholder may apply to
Danish tax authorities for a ruling allowing for capital gains treatment. If the
ruling is obtained  before the  distribution  is decided the ruling  includes an
exemption  from the  dividend  tax. If the  exemption  request is  granted,  the
consideration will be taxed as capital gain.

        The  granting  of  bonus  shares  to  shareholders,  and  the  right  of
shareholders  to subscribe  for ordinary  shares or ADSs at a price that is less
than  the  current  trading  value of such  ordinary  shares  or  ADSs,  are not
considered taxable distributions to shareholders.

        In general,  a Danish withholding tax of 28% is levied on all dividends.
However,  corporate  shareholders  holding  at least 10 % (for  2007 and 2008 at
least 15%) of the share capital for a  consecutive  period for at least one year
may be exempt from Danish withholding tax on dividends. The dividend in question
must be covered by the double tax  treaty  between  Denmark  and United  States.
Further,  a United  States  holder  (individual  or a company)  may apply to the
Danish tax  authorities  for a partial refund of the dividends tax that has been
withheld  under the  Treaty.  If this  refund  request  is  granted,  the Danish
withholding  tax on such  dividends is  effectively  reduced to 15%. The rate is
reduced  to 5% for  corporate  shareholders  holding  at least  10% of the share
capital.  We do not  presently  contemplate  the payment of any dividends on our
ordinary shares or ADSs. However,  should we decide to make payment of dividend,
we will apply to the Danish tax authorities for a blanket exemption  allowing us
to withhold  only 15% of all gross  dividends  paid to a United  States  holder.
While we  believe  that  such an  exemption  will be  granted,  there  can be no
assurance that this will occur. Shareholders eligible for further reduction must
apply individually for such reduction.

        SALE OR OTHER  DISPOSITION  OF ORDINARY  SHARES OR ADSs.  Capital  gains
realized by United States holders upon the sale or other disposition of ordinary
shares or ADSs may be exempt from Danish tax.

        DANISH SHARE TRANSFER DUTY.

        No Danish  share  transfer  duty is levied on the  disposal  of ordinary
shares or ADSs.

                                       44
<PAGE>


        ESTATE AND GIFT TAXES.

        Generally,  if a United States  holder  acquires or disposes of ordinary
shares or ADSs by  inheritance,  legacy or gift, such holder will not be subject
to Danish gift or  inheritance  taxes.  If a United  States holder should make a
gift of ordinary  shares or ADSs to any person  resident in Denmark the gift can
only be subject to Danish gift tax when forming part of the business property of
a permanent  establishment in Denmark.  Other transfers of shares or ADS's shall
be taxable only in the state in which the  transferor  was domiciled at the time
of his death or when  making the gift  according  to the  United  States-Denmark
Double  Taxation  Convention  with respect to taxes on estates,  inheritance and
gifts.

F.      DIVIDENDS AND PAYING AGENTS

        Not required because this Form 20-F is filed as an Annual Report.

G.      STATEMENTS BY EXPERTS

        Not required because this Form 20-F is filed as an Annual Report.

H.      DOCUMENTS ON DISPLAY

        We  are  subject  to the  information  requirements  of  the  Securities
Exchange Act of 1934, as amended and, to the extent  required,  we file periodic
reports and other information with the Securities and Exchange Commission. These
reports and information are available and may be copied at the public  reference
facilities  listed  below.  We intend to give our  shareholders  annual  reports
containing   audited  financial   statements  and  a  report  thereon  from  our
independent  auditors and quarterly reports for the first three quarters of each
fiscal year containing unaudited interim financial information,

        Statements made in this annual report about the contents of contracts or
other  documents  are not  necessarily  complete and we refer you to the copy of
such contracts or other documents filed as exhibits to this annual report.

        You can obtain a copy of the exhibits hereto and other information about
us at the public reference  facilities of the Securities and Exchange Commission
located at:

                           Public Reference Room 1024
                                 Judiciary Plaza
                             450 Fifth Street, N,W,
                             Washington, D,C, 20549

        You may obtain  information  about the operation of the public reference
facility by calling the Securities and Exchange Commission at (800) 732-0330.

        We will also provide our  shareholders  with proxy  statements  prepared
according  to Danish law, As a Danish  company,  we are exempt from the Exchange
Act  rules  about  the  provision  and  content  of proxy  statements  and about
short-swing profit reporting and liability.

I.      SUBSIDIARY INFORMATION

        Not applicable

                                       45
<PAGE>


ITEM 11.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

        At June  30,  2006,  we did  not  believe  that  market  risk  financial
instruments  would have a material affect on future operations or cash flows nor
did  we  view  currency  exchange  risk  or  interest  rate  risk  as  material.
Operational  currency  exchange  risk would  arise if we priced  products in one
currency  while  material  costs and expenses  were  denominated  in a different
currency.  We do not believe  that the  operational  currency  exchange  risk is
material.  However,  from time to time we enter into a contract denominated in a
currency other than the currency of operating  expenses and, in such cases,  may
enter into  currency  forward  arrangements  with  respect to and for the period
covering such contract. Throughout the year ended June 30, 2006 and specifically
at June 30, 2006, we had no material foreign exchange contracts outstanding.


ITEM 12.       DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

        Not required because this Form 20-F is filed as an Annual Report.


                                     PART II

ITEM 13.       DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

        None


ITEM 14.       MATERIAL  MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE
               OF PROCEEDS

        None.

ITEM 15.       CONTROLS AND PROCEDURES

        a)  EVALUATION  OF  DISCLOSURE  CONTROLS  AND  PROCEDURES,   EuroTrust's
            management,  with the  participation of the chief executive  officer
            and the chief  financial  officer,  carried out an evaluation of the
            effectiveness  of EuroTrust's  "disclosure  controls and procedures"
            (as defined in the  Securities  Exchange Act of 1934 (the  "Exchange
            Act") Rules  13a-15(e) and  15-d-15(e))  as of the end of the fiscal
            year covered by this Annual Report (the  "Evaluation  Date").  Based
            upon that  evaluation,  the chief  executive  officer  and the chief
            financial  officer  concluded  that,  as  of  the  Evaluation  Date,
            EuroTrust's   disclosure  controls  and  procedures  are  effective,
            providing  them with material  information  relating to EuroTrust as
            required to be disclosed in the reports  EuroTrust  files or submits
            under the Exchange Act on a timely basis.

        b)  MANAGEMENT'S  ANNUAL  REPORT  ON  INTERNAL  CONTROL  OVER  FINANCIAL
            REPORTING,  Not  applicable  for fiscal years ending before July 15,
            2006.

        c)  ATTESTATION  REPORT OF THE REGISTERED  PUBLIC  ACCOUNTING  FIRM, Not
            applicable for fiscal years ending before July 15, 2006.

        d)  CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING,  There were no
            changes in EuroTrust's  internal controls over financial  reporting,
            known to the chief executive officer or the chief

                                       46
<PAGE>


            financial  officer,  that occurred during the period covered by this
            report that has  materially  affected,  or is  reasonably  likely to
            materially  affect,  EuroTrust's  internal  control  over  financial
            reporting.


ITEM 16.       RESERVED


ITEM 16 A      AUDIT COMMITTEE FINANCIAL EXPERT

     The Board has determined  that,  Mr., John Stuart,  is an "audit  committee
financial expert," as that term is defined in Item 401(h) of Regulation S-K, and
"independent"  for  purposes  of current  and  recently-adopted  Nasdaq  listing
standards and Section 10A(m)(3) of the Securities Exchange Act of 1934.


ITEM 16 B      CODE OF ETHICS

     We have adopted a code of conduct that applies to our  principal  executive
officer,  principal  financial  officer  and other  persons  performing  similar
functions,  as well as all of our other  employees and  directors,  This code of
conduct  is posted on our  website at  www.eurotrust.dk  and is filed as Exhibit
11.1 to this report.


ITEM 16 C      PRINCIPAL ACCOUNTANT FEES AND SERVICES

        AUDIT FEES

     For the fiscal years ended 2005 and 2006,  our principal  accounting  firm,
Gregory & Associates,  LLC, billed aggregate fees of approximately  $102,555 and
$239,810 respectively for the audit of our 2005 and 2006 financial statements.

        AUDIT-RELATED FEES

        None

        TAX FEES

        None

        ALL OTHER FEES

        None

AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES

        The Audit  Committee  charter  provides  that the Audit  Committee  will
pre-approve  audit  services  and  non-audit  services  to be  provided  by  our
independent  auditors  before the accountant is engaged to render these services
other  than  the  minimums   non-audit   services  for  which  the  pre-approval
requirements are waived in accordance with the rules and regulations of the SEC.
The Audit Committee may consult with management in the decision-making  process,
but may not delegate  this  authority to  management.  The Audit  Committee  may
delegate its authority to pre-approve services to one or more committee members,
provided that the designees  present the  pre-approvals to the full committee at
the next committee meeting.

                                       47
<PAGE>


ITEM 16D       EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

Not Applicable


ITEM 16 E      PURCHASES  OF  EQUITY  SECURITIES  BY THE ISSUER  AND  AFFILIATED
               PURCHASERS NOT APPLICABLE


                                    PART III


ITEM 17.       FINANCIAL STATEMENTS

        See Item 18, below.


ITEM 18.       FINANCIAL STATEMENTS

        See  the  Company's   Consolidated   Financial  Statements,   which  are
incorporated herein by reference and set forth on pages F-1 through F-43.

                                       48
<PAGE>


ITEM 19.       EXHIBITS

   1.1  Amended  Articles of  Association of the  Registrant,  as of December 6,
        2001 (1)

   1.2  Rules of Procedures of the Registrant, as amended (2)

   2.1  Employee and Director Subscription Option Plan (4)

   4.5  Form of Employment  Agreement  between the  Registrant and Bo Kristensen
        effective as of July 1, 2005 *

   4.6  Form of  Employment  Agreement  between the  Registrant  and Soren Degn,
        effective as of January 1, 2005 (4)

   4.7  Share Purchase  Agreement for the purchase of 100,000 ordinary shares of
        AGH Nordan Invest A/S between the  Registrant and Kalodde AS dated April
        25, 2006*

   4.8  Share Purchase  Agreement for the purchase of 50,000  ordinary shares of
        AGH Nordan Invest A/S between the Registrant and Sorprosjekt  Holding AS
        dated April 25, 2006*

   4.9  Share Purchase  Agreement for the purchase of 100,000 ordinary shares of
        AGH Nordan Invest A/S between the  Registrant  and Soren Hager Holding 2
        ApS dated April 25, 2006*

  4.10  Share Purchase Agreement for the purchase of 2S Ejendomsinvest ApS dated
        as of June 2, 2006*

  4.11  Share  Purchase  Agreement  for the  purchase  of a 50.25%  interest  of
        European Wind Energy Farms A/S dated as of May 10, 2006*

   8.1  List of the Subsidiaries of the Registrant *

  11.1  Code of Ethics (3)

  12.1  Chief Executive Officer Certification pursuant to Rule 13a-14(a) or Rule
        15d-14(a)*

  12.2  Chief Financial Officer Certification pursuant to Rule 13a-14(a) or Rule
        15d-14(a)*

  13.1  Chief Executive Officer Certification pursuant to Rule 13a-14(b) or Rule
        15d-14(b) and 18 U,S,C, Section 1350*

  13.2  Chief Financial Officer Certification pursuant to Rule 13a-14(b) or Rule
        15d-14(b) and 18 U,S,C, Section 1350*

-----------
* Included herewith.

(1)     Filed as an exhibit to the Company's  Annual Report on Form 20-F,  filed
        on June 27, 2002, and incorporated by reference herein.

(2)     Filed as an exhibit to the Company's original filing of the Registration
        Statement on Form F-1 (File No,  333-7092),  filed on June 20, 1997, and
        incorporated by reference herein.

(3)     Filed as an exhibit to the Company's  Annual Report on Form 20-F,  filed
        on September 23, 2003, and incorporated by reference herein.

(4)     Filed as an exhibit to the Company's  Annual Report on Form 20-F,  filed
        on June 3, 2005, and incorporated by reference herein.

                                       49
<PAGE>


                                   SIGNATURES

        Pursuant to the requirements of Section 15(d) of the Securities Exchange
Act of 1934,  as  amended,  the  Registrant  certifies  that it meets all of the
requirements  for filing on Form 20-F and has duly caused this annual  report to
be signed on its behalf by the undersigned,  thereunto duly  authorized,  in the
City of Kolding, Denmark.

                                        EUROTRUST A/S



Dated:  December 29, 2006               By:   /s/ Bo Kristensen
                                           ------------------------------------
                                             Bo Kristensen
                                             Chief Executive Officer
                                             (Principal Executive Officer)



Dated:  December 29, 2006               By:   /s/ Soren Degn
                                           ------------------------------------
                                             Soren Degn
                                             Chief Financial Officer
                                             (Principal Financial and
                                             Accounting Officer)


                                       50
<PAGE>


                    TABLE OF CONTENTS TO FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm ...................  F-2
Consolidated Balance Sheets as of June 30, 2005 and 2006 ..................  F-3
Consolidated Statements of Operations for the Years Ended
June 30, 2004, 2005 and 2006 ..............................................  F-5
Consolidated Statements of Shareholders' Equity for the Years Ended
June 30, 2004, 2005 and 2006 ..............................................  F-6
Consolidated Statements of Comprehensive Income (Loss)
for the Years Ended June 30, 2004, 2005 and 2006 ..........................  F-7
Consolidated Statements of Cash Flows for the Years Ended
June 30, 2004, 2005 and 2006 ..............................................  F-8
Notes to Consolidated Financial Statements ................................  F-9

                                      F-1
<PAGE>


             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



The Board of Directors and Shareholders
Aktiv Gruppen Holdings A/S and Subsidiaries

        We  have  audited  the  accompanying   consolidated  balance  sheets  of
EuroTrust  A/S and  Subsidiaries  as of June 30,  2005 and 2006 and the  related
consolidated  statements  of  operations,  comprehensive  income,  shareholders'
equity and cash  flows for the years  ended June 30,  2004,  2005 and 2006.  The
financial  statements are the  responsibility of the Company's  management.  Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

        We  conducted  our audits in  accordance  with  standards  of the Public
Company Accounting Oversight Board in the United States. Those standards require
that we plan and perform the audit to obtain reasonable  assurance about whether
the financial statements are free of material misstatement.  The company was not
required  to have,  nor were we engaged  to  perform,  an audit of its  internal
controls over financial reporting.  Our audit included consideration of internal
controls over financial reporting as a basis for designing audit procedures that
are appropriate in the  circumstances,  but not for the purpose of expressing an
opinion on the  effectiveness of the company's  internal controls over financial
reporting. An audit includes examining, on a test basis, evidence supporting the
amounts and  disclosures  in the  financial  statement.  An audit also  includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

        In our  opinion,  the  financial  statements  referred to above  present
fairly,  in all  material  respects,  the  consolidated  financial  position  of
EuroTrust A/S and  Subsidiaries  at June 30, 2005 and 2006 and the  consolidated
results of its  operations and its cash flows for the years ended June 30, 2004,
2005 and 2006, in conformity with accounting  principles  generally  accepted in
the United States.

/s/ Gregory & Associates, LLC
Salt Lake City, Utah
December 19, 2006

                                      F-2
<PAGE>


                         EUROTRUST A/S AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
  (IN THOUSANDS, EXCEPT PER SHARE AND SHARE DATA AND WHERE OTHERWISE INDICATED)

<TABLE>
<CAPTION>
                                                                                JUNE 30,
                                                              --------------------------------------------
                                                                  2005            2006            2006
                                                              ------------    ------------    ------------
                                                                   DKK             DKK             US$
<S>                                                                <C>           <C>               <C>
ASSETS
Current assets:
    Cash and cash equivalents                                        1,619         129,118          22,006
    Restricted cash                                                 80,998         436,291          74,358
    Marketable securities - available for sale                       5,003          13,919           2,372
    Contracts receivable, net of allowances for doubtful
    accounts of DKK 651 in 2005 and DKK 952 in 2006                 34,220          48,750           8,309
    Notes receivable and accrued interest related party             36,291               0              --
    Construction in progress / Cost in excess of billing           233,838         439,145          74,845
    Valued added tax receivables                                     8,310          15,093           2,572
    Prepaid expenses and deposits                                      522          10,362           1,766
    Other receivables                                               10,333          61,563          10,492
                                                              ------------    ------------    ------------
Total current assets                                               411,134       1,154,241         196,720
    Mortgage deed receivables                                        8,471         109,857          18,723
    Rent and other long term deposits                                  293          60,812          10,364
    Long term investments at cost                                        0           1,319             225
    Equity method investment                                         5,872         102,767          17,515
    Plant and equipment, net                                           669          10,675           1,819
    Wind turbines, net                                              99,239         281,008          48,135
    Wind turbines deposits                                           9,334              --              --
    Property held for resale or future development                  68,759         210,935          35,950
    Property on operating lease, net                                 7,867          10,024           1,708
    Other intangible assets                                              0         177,270          30,213
    Goodwill                                                             0         169,639          28,912
                                                              ------------    ------------    ------------

Total assets                                                       611,638       2,288,547         390,043
                                                              ============    ============    ============
</TABLE>


         DKK amounts have been converted into US$ at an exchange rate of
         US$1=DKK 5.8674. The accompanying notes are an integral part of
                    these consolidated financial statements.

                                      F-3
<PAGE>


                         EUROTRUST A/S AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
  (IN THOUSANDS, EXCEPT PER SHARE AND SHARE DATA AND WHERE OTHERWISE INDICATED)

<TABLE>
<CAPTION>
                                                                               JUNE 30,
                                                              --------------------------------------------
                                                                  2005            2006            2006
                                                              ------------    ------------    ------------
                                                                   DKK             DKK             US$
<S>                                                                <C>           <C>               <C>
LIABILITIES AND SHAREHOLDERS` EQUITY
Current liabilities:
    Notes payable and other current debt obligations               402,758       1,271,794         216,756
    Payable for land and subsidiary purchases                            0         172,220          29,352
    Accounts payable, trade                                         62,255          81,791          13,940
    Accounts payable, related parties                                   18           6,859           1,169
    Accrued expenses                                                34,866          43,430           7,402
    Customer deposits                                                4,458          59,126          10,077
    Income taxes payable                                             2,223             147              25
    Deferred  taxes liabilities                                     15,165          25,222           4,298
                                                              ------------    ------------    ------------
Total current liabilities                                          521,743       1,660,589         283,019

Long term liabilities:
    Notes payable and other debt, long term                         25,366          35,263           6,010
    Capital lease obligation                                             0           1,451             247
    Asset retirement obligation                                        979           1,088             185
                                                              ------------    ------------    ------------
Total long term liabilities                                         26,345          37,802           6,442
                                                              ------------    ------------    ------------

Total Liabilities                                                  548,088       1,698,391         289,461
                                                              ------------    ------------    ------------


Minority interest in subsidiaries                                        0             671             114
                                                              ------------    ------------    ------------

Shareholders' equity:

      Common shares, par value 7,50 DKK 22,050,000 and
      57,393,926 authorized 22,050,000 and 33,352,759 shares
      issued and outstanding at 2005 and 2006                      165,375         250,071          42,620

      Additional paid-in capital                                  (159,045)        238,315          40,617

      Retained earnings                                             57,259         103,149          17,580

      Cumulative other comprehensive income, net of
      deferred tax                                                     (39)         (2,050)           (349)
                                                              ------------    ------------    ------------
Total shareholders' equity                                          63,550         589,485         100,468
                                                              ------------    ------------    ------------

Total liabilities and shareholders' equity                         611,638       2,288,547         390,043
                                                              ============    ============    ============
</TABLE>


         DKK amounts have been converted into US$ at an exchange rate of
         US$1=DKK 5.8674. The accompanying notes are an integral part of
                    these consolidated financial statements.

                                      F-4
<PAGE>


                         EUROTRUST A/S AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
  (IN THOUSANDS, EXCEPT PER SHARE AND SHARE DATA AND WHERE OTHERWISE INDICATED)

<TABLE>
<CAPTION>
                                                                                         YEARS ENDED JUNE 30,
                                                                       2004             2005             2006             2006
                                                                   ------------     ------------     ------------     ------------
                                                                        DKK              DKK              DKK              US$
<S>                                                                      <C>              <C>              <C>              <C>
Net sales                                                               295,975          247,333          433,788           73,932

Operating expenses:
    Cost of sales (exclusive of depreciation)                           259,144          173,637          334,796           57,060
    Selling and marketing                                                 1,218              907            1,049              179
    General and administrative                                            5,710           10,352           26,693            4,549
    Depreciation                                                            339              520            5,817              991
                                                                   ------------     ------------     ------------     ------------
    Total operating expenses                                            266,411          185,416          368,355           62,779
                                                                   ------------     ------------     ------------     ------------

Operating income                                                         29,564           61,917           65,433           11,153

Other income (expenses)

    Interest income                                                         593            1,252            3,955              674

    Interest income - related party                                         175            1,050              348               59
    Interest expense                                                     (2,251)          (9,205)         (14,602)          (2,489)

    Loss on sale of fixed assets                                             --             (384)               6                1

    Loss from sales of businesses                                          (355)             (37)             590              101

    Foreign exchange gain (loss)                                             --               --              (32)              --

    Write-up (down) of long term investments                                 --             (250)              47                8

    Results of equity method investments                                     --              122              710              121

    Other (expenses) income, net                                            453           (1,423)           2,184              372
                                                                   ------------     ------------     ------------     ------------

Income before income taxes and minority interest                         28,179           53,042           58,639           10,000


    Income tax expense - current and deferred                            (7,823)         (15,146)         (12,117)          (2,065)

    Minority interest in net income (loss) of subsidiaries               (2,816)            (797)            (632)            (108)
                                                                   ------------     ------------     ------------     ------------

NET INCOME                                                               17,540           37,099           45,890            7,827
                                                                   ============     ============     ============     ============

BASIC INCOME PER WEIGHTED AVERAGE COMMON SHARE

Income from continuing operations                                          0.80             1.68             1.93             0.33
                                                                   ============     ============     ============     ============


Net income                                                                 0.80             1.68             1.93             0.33
                                                                   ============     ============     ============     ============

Weighted average common shares outstanding (in thousands)                22,050           22,050           23,760           23,760
                                                                   ============     ============     ============     ============

DILUTED INCOME PER WEIGHTED AVERAGE COMMON SHARES

Income from continuing operations                                          0.80             1.68             1.93             0.33
                                                                   ============     ============     ============     ============

Net income                                                                 0.80             1.68             1.93             0.33
                                                                   ============     ============     ============     ============

Weighted average common shares outstanding, assuming
dilution  (in thousands)                                                 22,050           22,050           23,829           23,829
                                                                   ============     ============     ============     ============
</TABLE>

         DKK amounts have been converted into US$ at an exchange rate of
         US$1=DKK 5.8674. The accompanying notes are an integral part of
                    these consolidated financial statements.

                                      F-5
<PAGE>


                         EUROTRUST A/S AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY
       (IN THOUSANDS, EXCEPT PER SHARE DATA AND WHERE OTHERWISE INDICATED)

<TABLE>
<CAPTION>
                                                       COMMON        COMMON     ADDITIONAL    OTHER COM-
                                                       SHARES        SHARES      PAID-IN      PREHENSIVE     RETAINED
                                                     OUTSTANDING     AMOUNT      CAPITAL        INCOME       EARNINGS      TOTAL
                                                     (RESTATED)    (RESTATED)   (RESTATED)
                                                      ----------   ----------   ----------    ----------    ----------  -----------
                                                          DKK          DKK          DKK           DKK           DKK          DKK
<S>                                                   <C>             <C>         <C>                            <C>          <C>

BALANCE AT JUNE 30, 2003                              22,050,000      165,375     (159,045)           --         2,620        8,950

Unrealized gain on marketable securities                      --           --           --             7            --            7
Net income                                                    --           --           --            --        17,540       17,540
                                                      ----------   ----------   ----------    ----------    ----------  -----------


BALANCE AT JUNE 30, 2004                              22,050,000      165,375     (159,045)            7        20,159       26,496


Unrealized gain on marketable securities                      --           --           --           (46)           --          (46)
Net income                                                    --           --           --            --        37,099       37,099
                                                      ----------   ----------   ----------    ----------    ----------  -----------


BALANCE AT JUNE 30, 2005                              22,050,000      165,375     (159,045)          (39)       57,259       63,550

Adjustment of carrying value of wind
turbine purchased from a related party to
the carryover basis                                           --           --       (1,758)           --            --       (1,758)

Effect of recapitalization of subsidiary               6,542,759       49,071       71,093            --            --      120,168

Issuance of 2,000,000 common shares for cash           2,000,000       15,000      138,022            --            --      153,022

Issuance of 100,000  common shares upon
the exercise of warrants                                 100,000          750        2,014            --            --        2,764

Issuance of 2,650,000 common shares to
acquire the remaining 50% of AGH Norge  A/S            2,650,000       19,875      187,989            --            --      207,864

Currency translation adjustment                               --           --           --            16            --           16

Unrealized loss on marketable securities,
net of deferred taxes                                         --           --           --        (2,027)           --       (2,027)

Net income                                                    --           --           --            --        45,890       45,890
                                                      ----------   ----------   ----------    ----------    ----------  -----------


BALANCE AT JUNE 30, 2006                              33,342,759      250,071      238,315        (2,050)      103,149      589,485
                                                      ----------   ----------   ----------    ----------    ----------  -----------

BALANCE AT JUNE 30, 2006                              33,352,759   USD 42,620   USD 40,617      USD (349)   USD 17,580  USD 100,468
                                                      ----------   ----------   ----------    ----------    ----------  -----------
</TABLE>


         DKK amounts have been converted into US$ at an exchange rate of
          $1=DKK 5.8674. The accompanying notes are an integral part of
                    these consolidated financial statements.

                                      F-6
<PAGE>


                         EUROTRUST A/S AND SUBSIDIARIES
             CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
       (IN THOUSANDS, EXCEPT PER SHARE DATA AND WHERE OTHERWISE INDICATED)

<TABLE>
<CAPTION>
                                                                                       YEARS ENDED JUNE 30,
                                                                       2004             2005             2006             2006
                                                                   ------------     ------------     ------------     ------------
                                                                        DKK              DKK              DKK              US$
<S>                                                                      <C>              <C>              <C>               <C>

Net income                                                               17,540           37,099           45,890            7,821

Realized gain on investments net of  taxes of DKK 0 in 2004,
2005 and 2006                                                                --               --               --               --

Unrealized investment gains (losses) , net of

taxes of DKK 0, 0, and 805 in 2004, 2005 and 2006                             7              (46)          (2,011)            (343)
                                                                   ------------     ------------     ------------     ------------

Comprehensive net income                                                 17,547           37,053           43,879            7,478
                                                                   ============     ============     ============     ============
</TABLE>


         DKK amounts have been converted into US$ at an exchange rate of
         US$1=DKK 5.8674. The accompanying notes are an integral part of
                    these consolidated financial statements.

                                      F-7
<PAGE>


                         EUROTRUST A/S AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
       (IN THOUSANDS, EXCEPT PER SHARE DATA AND WHERE OTHERWISE INDICATED)

<TABLE>
<CAPTION>
                                                                                         YEARS ENDED JUNE 30
                                                                       2004             2005             2006             2006
                                                                   ------------     ------------     ------------     ------------
                                                                        DKK              DKK              DKK              USD
<S>                                                                     <C>              <C>               <C>              <C>
Cash flows from operating activities:

Net income                                                               17,540           37,099           45,890            7,821

Adjustments to reconcile net loss (income) to
cash provided by (used in) operating activities:

    Depreciation, amortization and write down                               451              765            7,230            1,232

    Loss on sale of fixed assets                                             --              384              387               66

    Gain on equity method investments                                        --               --              959              163

    Interest earned on notes receivable - related party                    (176)          (1,050)            (348)             (59)

    Deferred tax                                                          1,230           13,337           12,472            2,126

    Minority interest                                                     2,878           (2,878)             671              114

    Changes in operating assets and liabilities:                             --

        Accounts receivable                                             (33,833)          (5,238)         (10,043)          (1,712)

        Accounts receivable, related parties                                 --              (65)              --               --

        VAT receivable                                                    1,433           (3,343)           4,068              693

        Cost in excess of Billings                                     (204,265)         (16,586)          (3,277)            (559)

        Prepaid expenses                                                   (889)             347           (9,815)          (1,673)

        Income tax payable                                                5,468              166          (11,632)          (1,982)

        Other receivables                                               (17,259)           7,131          (14,202)          (2,420)

        Accounts payable                                                 28,165           23,708          (11,782)          (2,008)

        Accounts payable, related parties                                 9,725           (9,701)             833              142

        Accrued expenses                                                  8,208           (4,800)          (3,844)            (655)

        Customer Deposits                                                25,848          (21,390)          49,220            8,389
                                                                   ------------     ------------     ------------     ------------

        Cash (used in) provided by operating activities                (155,476)          17,886           56,787            9,678
                                                                   ============     ============     ============     ============

Cash flows from investing activities:

    (Purchase of investments) proceeds from sales of investments         (5,880)          (2,368)         (67,679)         (11,535)

    (Purchase of property) Proceeds from property held for resale         4,161           10,590           (5,734)            (977)

    (Payments) Refund of deposits on the purchase of windturbines            --           (9,334)           2,924              498

    Cash acquired in business acquisitions                                   --            1,856           71,558           12,196

    Mortgage deed receivables, net                                           --               --          (29,370)          (5,006)

    Notes receivable related party                                      (35,000)              --           36,639            6,245

    Purchase of fixed assets                                             (2,086)            (240)          (2,393)            (408)

    Proceeds from sales of fixed assets                                      --              487              350               60
                                                                   ------------     ------------     ------------     ------------

    Cash (used in) provided by investing activities:                    (38,805)             991            6,295            1,073
                                                                   ============     ============     ============     ============

Cash flows from financing activities:

    Net change in short- and long-term borrowings                       253,015          (12,494)         261,465           44.562

    Proceeds for common stock                                                --               --          155,786           26.551

    Payment on notes payable related party                                  (65)          (1,435)              --               --

    Net change in restricted cash                                       (55,637)          (6,586)        (352,833)         (60.134)
                                                                   ------------     ------------     ------------     ------------

    Cash provided by (used in) financing activities:                    197,313          (20,515)          64,418           10.979
                                                                   ============     ============     ============     ============

Net increase (decrease) in cash and cash equivalents                      3,032           (1,638)         127,500           21,730

Cash and cash equivalents, beginning of period                              224            3,256            1,618              276
                                                                   ------------     ------------     ------------     ------------
Cash and cash equivalents, end of period                                  3,256            1,618          129,118           22,006
                                                                   ============     ============     ============     ============
Cash paid for interest                                                    1,098            6,844
                                                                   ============     ============     ============     ============
Capitalized Interest                                                      8,092            6,330
                                                                   ============     ============     ============     ============
Cash paid for taxes                                                         838            1,375
                                                                   ============     ============     ============     ============
</TABLE>

         DKK amounts have been converted into US$ at an exchange rate of
          $1=DKK 5.8674. The accompanying notes are an integral part of
                    these consolidated financial statements.

                                      F-8
<PAGE>


                         EUROTRUST A/S AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
       (IN THOUSANDS, EXCEPT PER SHARE DATA AND WHERE OTHERWISE INDICATED)

1.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

REVERSE ACQUISITION

        On April 17, 2006,  EuroTrust A/S completed the reverse  acquisition  of
Aktiv  Gruppen  Holdings A/S,  "AGH"  through the issuance of 22,050,000  shares
(approximately  77% of the issued and outstanding  shares after giving effect to
the issuance) of EuroTrust A/S. to acquire all the issued and outstanding shares
of AGH. In  accordance  with  Generally  Accepted  Accounting  Principles in the
United  States of  America  ("US  GAAP"),  the  merger  was  accounted  for as a
recapitalization of AGH, wherein AGH became a 100% owned subsidiary of EuroTrust
A/S. In connection with the merger EuroTrust  effectively changed it fiscal year
to June 30, from December 31.

DESCRIPTION OF BUSINESS

        The terms  "EuroTrust A/S",  "Company",  "us", "we" and "our" as used in
this report  refer to  EuroTrust  A/S.  and its  subsidiaries  (the  "Company").
EuroTrust A/S and its  subsidiaries  (the  "Company")  currently  operate in two
reportable segments Real Estate Development and Wind Energy.

        The Company previously operated two reportable  service-based  segments:
broadcast  media with the Danish cable channel DK4 and provided  production  and
broadcasting   services  in  Scandinavia  and  throughout  Europe,  until  these
subsidiaries  and  assets  were sold  during  April of 2006.  The  Company  also
provided  Internet   security  products  and  services  in  Scandinavia;   these
operations were sold during 2003 and 2004.

Real Estate Development
-----------------------

        Through our  ownership  interest in Aktiv Gruppen A/S,  corporate  joint
ventures and other subsidiaries,  we own, acquire,  and develop real estate on a
nationwide  basis  in  Denmark.  Through  our  ownership  interest  in  Bygg  og
Ejendomsutvikling Sor A/S, corporate joint ventures, cost and equity investments
and our other subsidiaries, we own, acquire, and develop real estate in Norway.

        Our  real  estate  development   segment  primarily  develops  homeowner
condominium complexes,  single family homes, recreational homes and multi-family
rental complexes.  The development occurs as we: 1) seek out desirable locations
for  property  development,  2) acquire  permission  for  resale of a  finalized
development  project,  3) acquire the land or options to purchase  the land,  4)
design the project in cooperation  with outside  architects  and  engineers,  5)
acquire  governmental  approval to build the project,  6) pre-sell through local
real estate  agents a minimum  number of units,  requiring  purchasers to sign a
binding  sales  contract and  guarantee,  7) construct  the  properties  through
outside construction contractors and 8) sell remaining units if any.

        Our real estate  segment also leases a 565 square meter office  property
in K0ge, Denmark.

Wind Energy
-----------

        During June 2005,  the  company  entered  its second  operating  segment
through  the  acquisition  of six  operating  wind  energy  turbines  located in
windparks  in Germany.  During  2006,  the Company  acquired  an  additional  19
operating wind energy turbines located in Germany.  Each respective wind mill or
windpark has entered  into  agreements  with German  electric  utilities,  where
electricity  prices are fixed for a 20-year period and manufacturers have agreed
to  operate  the  windparks  at a  fixed  fee.  We  believe  the  wind  turbines
constructed  or acquired  in Germany  can be  financed up to 100%,  with a fixed
interest rate for up to 12-14 years. The company generally  acquires a lease for
the land for 20 years with two five year  extensions,  which correlates with the
estimated life of the wind turbine.

                                      F-9
<PAGE>


BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION

        The  consolidated  financial  statements are prepared in accordance with
("US  GAAP"),  and include the  accounts  of AGH and  subsidiaries  for the year
ending June 30, 2006 and EuroTrust A/S and its  majority-owned  subsidiaries for
the period from date of acquisition on April 17, 2006 to June 30, 2006.

        The following is a list of our significant  operating  subsidiaries  and
their  jurisdiction  of  incorporation  and  our  ownership  interest  in  those
subsidiaries at June 30, 2006:

                                                COUNTRY OF         INTEREST
    SUBSIDIARY                                 INCORPORATION       OWNERSHIP
    ----------                                 -------------       ---------

    Aktiv Gruppen Holdings A/S                    Denmark            100%
    AGH Norge A/S                                 Denmark            100% (1)(2)
    Euro909.dk A/S                                Denmark            100%
    EuroTrust PKI Services A/S                    Denmark            100%
    Selskabet af 1. Oktober 2004 A/S              Denmark            100%
    EuroTrust NetVaulting A/S                     Denmark            100%

    (1) Formally known as AGH Nordan Invest A/S

    (2) 50% owned  directly  by  EuroTrust  A/S and 50%  owned by Aktiv  Gruppen
        Holdings A/S, a wholly owned subsidiary of EuroTrust

        Other  significant  operating  subsidiaries   consolidated  under  Aktiv
Gruppen  Holdings  A/S and its  jurisdiction  of  incorporation  and the related
Company  ownership  interest  in  those  subsidiaries  at June  30,  2006 are as
follows:

                                                         COUNTRY OF     INTEREST
    SUBSIDIARY                                         INCORPORATION   OWNERSHIP
    ----------                                         -------------   ---------

    Kronborg Byg ApS                                      Denmark         100%
    Ejendomsselskabet Parkhusene ApS                      Denmark         100%
    Ejendomsselskabet Faergegardsvej, Vordingborg ApS     Denmark         100%
    Ejendomsselskabet Krohaven ApS                        Denmark         100%
    Erritso Bygade 79 ApS                                 Denmark         100%
    Vognmandsmarken ApS                                   Denmark         100%
    Norrebjerg Boligpark ApS                              Denmark         100%
    Ejendomsselskabet Strandparken, Stege ApS             Denmark         100%
    Ejendomsselskabet Blavand Byferie ApS                 Denmark         100%
    Ejendomsselskabet Kildevej, Helsinge ApS              Denmark         100%
    Ejendomsselskabet Kommandorparken, Solr0d ApS         Denmark         100%
    Ejendomsselskabet Marienlyst Palae ApS                Denmark         100%
    Ejendomsselskabet Nyrad, Vordingborg ApS              Denmark         100%
    Ejendomsselskabet Soparken, Fredensborg ApS           Denmark         100%
    Ejendomsselskabet Olbycentervej 65 ApS                Denmark         100%
    Kobenhavns Byejendomme A/S                            Denmark         100%
    Ejendomsselskabet Hyltebjerg Alle ApS                 Denmark         100%
       Win:pro Invent GmbH & Co Zehnte Wind KG      (3)   Germany         100%
    Sonderborg Havnefront ApS                             Denmark         100%
    Ejendomsudviklingsselskabet af 2001 A/S               Denmark         100%

                                      F-10
<PAGE>


                                                         COUNTRY OF     INTEREST
    SUBSIDIARY                                         INCORPORATION   OWNERSHIP
    ----------                                         -------------   ---------
    Aktiv Boligopsparing ApS                              Denmark         100%
    Alpen Holidays Ferienhauser GmbH                      Austria         100%
    Delta Byg ApS                                         Denmark         80%
        Delta Houses SIA                            (1)   Latvia          80%
    Aktiv Wind ApS                                        Denmark         100%
    EWF Drei Funf GmbH & Co. KG                     (2)   Germany         78%
    Win:pro Invent Gmbh & Co. Neunte Wind KG        (2)   Germany         100%
    Aktiv Wind GmbH (1)                             (2)   Germany         100%
       EWF Eins Zwei GmbH & Co KG                   (2)   Germany         78%
       EWF Eins Drei GmbH & Co KG                   (2)   Germany         78%
       EWF Eins Vier GmbH & Co KG                   (2)   Germany         78%
       UW Thrana GmbH & Co KG                       (2)   Germany         78%
       EWF Zwei Eins GmbH & Co KG                   (2)   Germany         78%

       UW Nielitz GmbH & Co KG                      (2)   Germany         78%
       Komplementarselskabet Difko Buchbrunn I ApS  (2)   Denmark         100%
       K/S Difko Buchbrunn I                        (2)   Germany         100%

    AGH Norge A/S                                   (4)   Denmark         100%
       Nordan Parkhusene ApS                        (5)   Denmark         100%
       Den Gamle Skibssmedie ApS                    (5)   Denmark         100%
           Hotel Den Gamle Skibssmedie ApS          (6)   Denmark         100%
       Bygg og Ejendomsutvikling Sor A/S            (5)   Norway          100%
           Teamhus A/S                              (7)   Norway          100%
           Topdalfjordens Utvikling AS              (7)   Norway          100%
           Romaasen Utvikling AS                    (7)   Norway          100%
    Drejens Strandskovpark A/S                            Denmark         100%
    2S Ejendomsinvest ApS                                 Denmark         100%
         Silkegade Invest A/S                       (8)   Denmark         100%
         RGW A/S                                    (8)   Denmark         100%
         Romo Golf A/S                              (8)   Denmark         100%
         Romo Golf & Wellness A/S                   (8)   Denmark         100%
         Romo Ferie ApS                             (8)   Denmark         100%
    St. Rorbaek Byudvikling ApS                           Denmark         100%
    St. Rorbaek Byudvikling II ApS                        Denmark         100%
    St. Rorbaek Byudvikling III ApS                       Denmark         100%
    Gribskov Bolig ApS                                    Denmark         100%


    (1) Wholly owned  subsidiary of Delta Byg ApS

    (2) Wholly owned subsidiary of Aktiv Wind GmbH

    (3) Wholly owned subsidiary of Hytlebjerg Alle

    (4) 50% owned  directly  by  EuroTrust  A/S and 50%  owned by Aktiv  Gruppen
        Holdings, A/S

    (5) Wholly owned subsidiary of AGH Norge A/S

    (6) Wholly owned subsidiary of Den Gamle Skibssmedie ApS

    (7) Wholly owned subsidiary of Bygg og Ejendomsutvikling Sor A/S

    (8) Wholly owned subsidiary of 2S Ejendomsinvest ApS

        On December 12, 2005, AGH Norge A/S purchased a 100% interest in Bygg og
Ejendomsutvikling  Sor A/S. On June 1, 2006, the Company purchased the remaining
50%  interest of AGH Norge A/S. The Company has  consolidated  the result of AGH
Norge A/S from date of acquisition.

                                      F-11
<PAGE>


The minority  interests'  proportionate share of income or loss of AGH Norge A/S
is included in the consolidated statement of operations through May 31, 2006.

        The results of operations for 2S  Ejendomsinvest  ApS have been included
in the consolidated statement of operations from the date of acquisition on June
2, 2006 through June 30, 2006.

        The results of operations  for Gribskov  Bolig Aps have been included in
the  consolidated  statement of operations  from the date of acquisition on June
16, 2006 through June 30, 2006.

        The Company discontinued its Production and Broadcasting Operations with
the sale of certain  production  vans during April 2006,  and the sale of Europe
Vision A/S and subsidiaries effective April 17, 2006.

        At June 30, 2006, the Company held a 25% interest in Mediehuset  Danmark
ApS; the investment is accounted for under the equity method of accounting.

        During January 2003, the Company purchased 50% of K0benhavns Byejendomme
A/S from an entity  controlled by a shareholder of the Company for DKK 1 (not in
thousands)  and  acquired  an  option to  purchase  the  remaining  50% plus the
outstanding  receivables  and payables for DKK 1 (not in  thousands),  which the
Company  exercised January 15, 2005. The shares are acquired in order to utilize
the net operating loss carry forward in K0benhavns  Byejendomme A/S. At the time
of acquisition the Company recorded contributed capital of DKK 480 in connection
with the DKK 1.7 million (not in thousands)  net operating  loss carry  forward.
The Company has been  consolidated  from the date of  acquisition as the Company
had an effective 100% controlling interest and right to profit and losses.

        During 2003,  Aktiv  Gruppen  Holding  organized  the  subsidiary  Aktiv
Boligopsparing  ApS and  distributed a 20% interest to each of 4 individuals for
DKK  26,000  receivable  from  each of the  individuals;  these  interests  were
reacquired  from  these  individuals  during  2004 and 2005 in  connection  with
collection  of the  receivables.  The Company  consolidated  100% of the DKK 161
losses as required by Financial Accounting Standards Board (FASB) Interpretation
No. 46R.

INFORMATION EXPRESSED IN US DOLLARS

        Translation of DKK amounts into US Dollar amounts is included solely for
the convenience of the reader and has been made at the rate of 5.8674 DKK to one
US Dollar,  the  approximate  exchange rate at June 30, 2006.  Such  translation
should  not be  construed  as a  representation  that the DKK  amounts  could be
converted into US Dollars at that or any other rate.

USE OF ESTIMATES

        The preparation of consolidated  financial statements in conformity with
US GAAP requires  management to make estimates and  assumptions  that affect the
reported  amounts of assets and  liabilities  and disclosures at the date of the
consolidated  financial  statements  and the  reported  amounts of revenues  and
expenses  during the reporting  period.  Actual  results could differ from those
estimates.  Estimates are used when accounting for items and matters such as the
timing of the  recognition  of  revenues  and  estimated  costs  based  upon the
percentage of completion,  allowance for uncollectible  accounts,  amortization,
asset valuations,  impairment assessments,  taxes, guarantees and contingencies.
Management bases its estimates on historical experience and on other assumptions
that are believed to be reasonable under the circumstances, the results of which
form the basis for  making  judgments  about the  carrying  values of assets and
liabilities.  Actual  results may differ from these  estimates  under  different
assumptions or conditions.

                                      F-12
<PAGE>


CASH AND CASH EQUIVALENTS

        Cash and cash equivalents  consist of cash and short-term  deposits with
maturities of less than three months at the time of purchase.

RESTRICTED CASH

        Restricted cash as of June 30, 2006 and 2005 includes  customer  deposit
construction  credits and bank  deposits  which are held as  collateral  for the
underlying mortgage and construction loans.

MARKETABLE SECURITIES - AVAILABLE FOR SALE

        The  Company  accounts  for debt and equity  investments  in  Marketable
securities in accordance with Statement of Financial Accounting Standard. (SFAS)
No. 115,  "Accounting  for Certain  Investments in Debt and Equity  Securities".
Under SFAS 115 the Company's  investments in public  companies or securities are
classified as "available-for-sale".  These investments are carried at fair value
based on quoted  market  prices.  We review the  marketable  equity  holdings in
publicly  traded  companies  on a  regular  basis  to  determine  if  any of the
marketable  securities have experienced an  other-than-temporary  decline in its
fair value.  We consider  the investee  company's  cash  position,  earnings and
revenue outlook, stock price performance over the past six months, liquidity and
management,   among  other  factors,   when  reviewing  the  marketable   equity
securities.  If it is determined  that an  other-than-temporary  decline in fair
value exists in a marketable  equity  security,  we record an investment loss in
the consolidated  statement of operations.  Marketable securities are classified
as current if the Company has the ability or  intention  of selling the security
within 12 months.

EQUITY METHOD INVESTMENTS

        Investments in corporate joint ventures,  non-public companies or public
companies in which we are  significant  shareholder  but less than  majority are
included in long-term  investments  in the  consolidated  balance  sheet and are
accounted for under the cost method if our  percentage  ownership is 20% or less
or the equity  method if our  ownership is in excess of 20 but less than 50% and
in  which  we do not have  significant  ability  to  influence  management.  For
non-quoted  investments,  we regularly  review the  assumptions  underlying  the
operating  performance  and cash flow forecasts  based on information  requested
from these privately held  companies.  Generally,  this  information may be more
limited,  may not be as  timely  as and may be less  accurate  than  information
available from publicly traded companies.  Assessing each investment's  carrying
value  requires  significant  judgment by management.  If it is determined  that
there  is an  other-than-temporary  decline  in the fair  value of a  non-public
equity  security,  we write-down the investment to its fair value and record the
related  write-down  as an  investment  loss in the  consolidated  statement  of
operations.

        As of June 30, 2006 investments in non consolidated entities included:

    ENTITY                                                  NATION   % OWNERSHIP

    Europe Vision PLC (Formerly Tritel Investments, Inc.)   Sweden      22.95%
    Windpark Wriezener Hohe GmbH & Co KG                    Denmark     50.00%
    Mediehuset Danmark ApS                                  Denmark     25.00%

                                      F-13
<PAGE>


CONTRACT & OTHER ACCOUNTS RECEIVABLE

        Trade  accounts  receivable  are  recorded  at the  amount  invoiced  to
customers and they do not bear interest.  The allowance for doubtful accounts is
the Company's  best  estimate of amount of probable  losses  resulting  from the
inability of our customers to make required  payments.  We regularly  review the
adequacy of our accounts receivable  allowance after considering the size of the
accounts  receivable  balance,  each customer's  expected ability to pay and our
collection history with each customer.  We review significant  invoices that are
past due to determine if an allowance is appropriate  based on the risk category
using the factors  described above. The Company's policy for putting the loan on
non-accrual  status and to record an allowance  for  doubtful  accounts is based
upon  management's best estimate of the amount of probable losses resulting from
the purchaser's inability to make required payments.

        The  following  includes  the  changes  in the  allowance  for  doubtful
accounts for the years ended June 30, 2004 to June 30, 2006:

Allowance for doubtful accounts:             Amounts
                                             charged
                                          (credited) to
                             Balance at     Operating                 Balance at
                               July 1        Expenses     Write-offs    June 30
                             ----------                               ----------

Year ended June 30, 2004        595            208            --          803
Year ended June 30, 2005        803            200           (352)        651
Year ended June 30, 2006        651            887           (586)        952

NOTES RECEIVABLE AND NOTES RECEIVABLE RELATED PARTY

        During 2004, the Company  loaned to companies  controlled by each of the
five 20%  shareholders of Aktiv Gruppen DKK 7,000 each for a total of DKK 36,291
with the related accrued  interest at June 30, 2005. The notes accrue interest a
rate of 3% per annum, payable on demand and are secured by marketable securities
held by the  controlled  companies.  During  December  2005,  the balance of the
receivables was collected.

        Notes  receivable were recorded as a result of the sale of Virus 112 and
totaled DKK 10,450 and 5,750 at June 30, 2005 and 2006,  respectively.  Interest
of 6% per annum is  recorded  and  receivable  on a quarterly  basis.  Principal
payments  of DKK 550 are payable  quarterly  beginning  March 31,  2005  through
December 31, 2009.  During 2006, a payment of DKK 2,500 was credited against the
balance for brokerage  commissions toward the purchase of property,  the Company
also  recorded  a discount  of DKK 250 to  reflect a discount  given on the full
payment of the note during August 2006.

MORTGAGE LOANS RECEIVABLE

        Mortgage  loans  receivable  represent a note  received from the sale of
real estate owned by the Company. All of the loans are secured by First Deeds of
Trust in real property and are carried at unpaid principal. The Company monitors
the recoverability of its loans and notes receivable. Interest on mortgage loans
is  recognized  as  revenue  as  it  accrues  during  the  period  the  loan  is
outstanding.   Mortgage  loans   receivable  are  evaluated   periodically   for
impairment.  If it becomes  evident that the borrower is unable to meet its debt
service  obligations  and cannot  satisfy its payments  using sources other than
sales or  operations  of the  property  securing  the  loan,  such  loan will be
considered impaired. In that event, interest income on impaired loans will cease
to accrue  and the  recorded  amount  will be  reduced  to the fair value of the
collateral securing it.

                                      F-14
<PAGE>


PROPERTIES HELD FOR SALE OR FUTURE DEVELOPMENT

        Real  estate  inventory  held for  current  sale or  future  development
includes land, land development and carrying costs,  including real estate taxes
and assessments,  management fees and other directly related costs incurred.  It
also includes the non-refundable deposits on land for future development.  Costs
are  allocated  to  individual  units based on the  specific  identification  or
relative  sales value method.  Real estate  inventory  held for current sale and
land held for future  development is carried at the lower of cost or fair market
value.  Impairment  is  recognized  when  estimated  expected  future cash flows
(undiscounted and without interest charges) are less than the carrying amount of
the project.  Due to uncertainties  inherent in the valuation process and in the
economy,  it is reasonably  possible that the actual sales values and profits of
the  Company's  inventory of land held for current  sale and future  development
could be  materially  different  than current  expectations.  To the extent that
impairment has occurred, the excess of the carrying amount of such property over
its estimated  fair value,  less  estimated  selling  costs,  will be charged to
operations. As of June 30, 2006 and 2005, the Company's management believed that
there was no impairment on the carrying value of real estate.

PROPERTY ON OPERATING LEASE

        Property  on  operating  lease is  stated  at cost,  net of  accumulated
depreciation,  unless  circumstances  indicate  that  cost,  net of  accumulated
depreciation, cannot be recovered from estimated future undiscounted cash flows,
in which case,  the carrying  value of the property is reduced to its  estimated
fair value.  Due to uncertainties  inherent in the valuation  process and in the
economy,  it is  reasonably  possible  that the actual  results of operating and
disposing of the Company's  property could be materially  different than current
expectations.  At June 30, 2006 and 2005, the Company's management believed that
there was no impairment on the carrying value of the property.  Depreciation  of
the building and improvements is provided using the straight line method over 30
years - the estimated useful lives of the respective assets.

PLANT AND EQUIPMENT

        Plant,  equipment,  furniture  and fixtures,  automobiles  and leasehold
improvements are carried at cost less accumulated depreciation.

        Equipment,  furniture and fixtures and  automobiles are depreciated on a
straight-line  basis over the  expected  useful  lives of between  three and ten
years.  Leasehold  improvements are amortized over the shorter of their expected
lives, which is ten years or the non-cancelable term of the leases.

IMPAIRMENT OF LONG-LIVED ASSETS

        In accordance with SFAS No. 144,  long-lived  assets,  such as property,
plant, and equipment,  and purchased  intangibles  subject to amortization,  are
reviewed for impairment  whenever  events or changes in  circumstances  indicate
that the carrying amount of an asset may not be recoverable. Circumstances which
could trigger a review include, but are not limited to: significant decreases in
the  market  price of the asset;  significant  adverse  changes in the  business
climate or legal factors;  current period cash flow or operating losses combined
with a history of losses or a forecast of continuing  losses associated with the
use of the asset;  and current  expectation that the asset will more likely than
not be sold or disposed of significantly  before the end of its estimated useful
life.

        Recoverability of assets to be held and used is measured by a comparison
of the carrying amount of an asset to estimated  undiscounted  future cash flows
expected  to be  generated  by the  asset.  If the  carrying  amount of an asset
exceeds its  estimated  undiscounted  future cash flows,  an  impairment  charge

                                      F-15
<PAGE>


is  recognized  by the amount by which the carrying  amount of the asset exceeds
the fair  value of the  asset.  Assets  to be  disposed  of would be  separately
presented in the balance sheet and reported at the lower of the carrying  amount
or fair  value  less  costs to sell,  and would no longer  be  depreciated.  The
depreciable  basis of assets  that are  impaired  and  continue  in use is their
respective fair values

GOODWILL AND OTHER DEFINITE LIFE INTANGIBLE ASSETS

        Goodwill  represents  the  excess  of costs  over the fair  value of the
identifiable  net assets of  businesses  or  remaining  interest  of  businesses
acquired.  Other definite life  intangibles  assets consisted in 2006 of amounts
paid for the rights to acquire  land and the  allocation  of  purchase  price in
asset and subsidiary  acquisition to development  rights in specific real estate
development  projects.  The Company  accounts for Goodwill and Other  Intangible
Assets in accordance with SFAS No. 142,  GOODWILL AND OTHER  INTANGIBLE  ASSETS,
and  accordingly  Goodwill  and  indefinite  intangible  assets  are  tested for
impairment at least annually or when  circumstances  change that could result in
impairment;  definite-life  intangible  assets with  estimable  useful lives are
amortized  over their  respective  estimated  useful  lives,  and  reviewed  for
impairment  in  accordance  with SFAS No.  144,  Accounting  for  Impairment  or
Disposal of Long-Lived Assets.

REVENUE RECOGNITION LONG TERM CONTRACT

        Real Estate development

        Revenues from real estate  development  contracts are  recognized on the
percentage-of-completion  method,  measured  by  the  percentage  of  project  /
construction  costs  incurred to date to estimated  total project / construction
costs for each contract multiplied by the ratio of the number of units sold over
the total  number of units on a project by project  basis.  This  method is used
because management  considers costs incurred to be the best available measure of
progress on contracts in process.

        Construction  costs  of  projects  under  contract  include  all  direct
material  and  labor  costs  and  those   indirect  costs  related  to  contract
performance.  Directly related selling,  general,  and administrative  costs are
capitalized  and  accreted  included  in cost of sales  charged  to  expense  as
incurred.  Provisions for estimated losses on the incomplete  contracts are made
in the  period  in which  such  losses  are  determined.  Changes  in  estimated
profitability   are  recognized  in  the  period  in  which  the  revisions  are
determined.  The aggregate of costs incurred and income recognized on incomplete
contracts in excess of billings on  uncompleted  contracts is shown as a current
asset.  The aggregate of billings in excess of related costs incurred and income
recognized would be shown as a current liability.

        All leases are  classified  as  operating  leases and minimum  rents are
recognized on a straight-line basis over the lease terms, commencing on the date
that possession is taken by the tenant.


        Tenant reimbursements for real estate taxes, common area maintenance and
other  recoverable  costs are  recognized  in the period that the  expenses  are
incurred.  Lease  termination  fees,  which are  included in other income in the
accompanying consolidated and combined statements of operations,  are recognized
when the related  leases are cancelled  and we have no continuing  obligation to
provide services to such former tenants.

        Wind Energy

        The Company  recognizes  revenue from the  generation  of wind energy in
accordance with the terms of the individual wind turbines or windpark  contracts
with the German Electric Utility  Companies.  These


                                      F-16
<PAGE>


contracts  contain a 20 year  fixed  floor  price to be paid per  kilowatt  hour
delivered.  Revenue  is  recognized  upon  delivery  of the  electricity  to the
electric utility substation and collection is probable.

ADVERTISING COSTS

        Advertising  costs  are  expensed  as  incurred.   Advertising  expenses
totaled,  DKK 7.8  million  (not in  thousands)  and DKK  10.8  million  (not in
thousands)  at  June  30,  2005  and  2006,  respectively.  In the  consolidated
statements  of operation  advertising  costs  directly  related to specific real
estate projects are included under cost of sales.

INCOME TAXES

        The  Company  utilizes  the asset and  liability  method to account  for
income taxes.  Deferred tax assets and liabilities are recognized for the future
tax  consequences  attributable to differences  between the financial  statement
carrying  amounts of existing assets and  liabilities  and their  respective tax
bases and to operating loss carry forwards.  Deferred tax assets and liabilities
are measured  using enacted tax rates expected to apply to taxable income in the
years in which those  temporary  differences  are  expected to be  recovered  or
settled.  The effect on deferred tax assets and  liabilities  of a change in tax
rates is recognized  in income in the period that  includes the enactment  date.
The Company  records a valuation  allowance to reduce  deferred tax assets to an
amount in which realization is more likely than not.

CONCENTRATION OF CREDIT RISK

        Cash and  cash  equivalents  are,  for the most  part,  maintained  with
several major financial institutions in Scandinavia.  These balances are insured
up to DKK 300 per account.

A majority of the Company's  current real estate  development  is located within
Denmark.

All of the Company's wind turbines are located in Germany.

ASSET RETIREMENT OBLIGATIONS

        The Company's  wind  turbines are located on property  leased from third
parties. We are obligated to remove the wind turbine upon expiration. We account
for these  estimated  obligations  in  accordance  with  Statement  of Financial
Accounting  Standards No. 143,  "Accounting  for Asset  Retirement  Obligations"
(SFAS No. 143) and Financial  Accounting  Standards Board (FASB)  Interpretation
No. 47, "Accounting for Conditional Asset Retirement Obligations".  SFAS No. 143
requires  the  accrual  of the  present  value  of the  future  estimated  asset
retirement  obligations  at  installation,  with an offsetting  amount booked as
additions  to property &  equipment.  The  estimated  obligation  is accreted to
expense  over the  estimated  life of the assets for the increase in the present
value of the obligation.

STOCK OPTIONS

        The Company has stock option plans that provide for stock-based employee
compensation,  including the granting of stock options, to certain key employees
[See Note 17]. Prior to January 1, 2006, the Company applied APB Opinion No. 25,
"Accounting  for Stock  Issued to  Employees",  and related  Interpretations  in
accounting for awards made under the Company's  stock-based  compensation plans.

                                      F-17
<PAGE>


Under this method,  compensation  expense was recorded on the date of grant only
if the current market price of the underlying stock exceeded the exercise price.

        During the periods presented in the accompanying  financial  statements,
the Company has granted  options in connection  with the reverse  acquisition of
EuroTrust  A/S.  The Company has adopted the  provisions  of SFAS No. 123R using
the  modified-prospective  transition method and the disclosures that follow are
based on applying  SFAS No. 123R.  Under this  transition  method,  compensation
expense   recognized  during  the  year  ended  June  30,  2006  included:   (a)
compensation  expense for all  share-based  awards granted prior to, but not yet
vested as of January 1, 2006, and (b)  compensation  expense for all share-based
awards granted on or after July 1, 2005.  Accordingly,  no compensation cost has
been  recognized  for  grants of  options  to  employees  and  directors  in the
accompanying  statements of operations with an associated recognized tax benefit
of DKK 0 of which DKK 0 was  capitalized  as an asset for the period  ended June
30, 2006. In accordance with the  modified-prospective  transition  method,  the
Company's  financial  statements  for the prior year have not been  restated  to
reflect, and do not include, the impact of SFAS 123R. Aktiv Gruppen Holdings A/S
prior to the  reverse  acquisition,  had not issued any options and thus had not
recorded any compensation cost for the stock option.

RESTATEMENT

        The common  shares  outstanding,  common  stock and  additional  paid in
capital have been restated in the June 30, 2005 and 2004 financial statements to
reflect the 22,  050,000  shares par value of DKK7.50  per share  issued for the
10,000  shares par value of DKK 100 per share of Aktiv  Gruppen  Holding  A/S in
connection with the reverse acquisition.

PENSIONS AND OTHER POST-RETIREMENT AND POST-EMPLOYMENT BENEFITS

        The Company contributes to insurance companies for defined  contribution
pension  benefits  agreements  between  employees and insurance  companies.  The
Company's  contributions  are  expensed as  incurred.  The Company has no future
liabilities related to pensions beyond the contribution.

        Other than the pension  benefits  described  above, the Company does not
provide its employees with post-retirement and post-employment benefits.

RECLASSIFICATIONS

        Certain balances in the financial  statements for June 30, 2004 and 2005
have been  reclassified to conform to the headings and  classifications  used in
the June 30, 2006 financial statements.

RECENTLY ISSUED ACCOUNTING STANDARDS

        In  September  2006,  the Chief  Accountant  of the SEC  issued a letter
regarding the accounting  implications of certain option  granting  practices of
which the SEC staff has become aware,  many of which affect the determination of
an option's measurement date. Although not yet embodied in a separate accounting
pronouncement,  the Chief Accountant's  letter elaborates on the staff's view as
to accounting issues related to APB Opinion 25,  "Accounting for Stock Issued to
Employees", should a registrant's practices related to such matters be reviewed.
The Company is evaluating the impact of the Chief Accountant's  letter, but does
not  presently  believe  that  its  consolidated  financial  statements  will be
effected thereby.

        In September  2006, the SEC staff issued Staff  Accounting  Bulletin No.
108,  "Considering  the  Effects of Prior Year  Misstatements  when  Quantifying
Misstatements  in  Current  Year  Financial  Statements."  SAB 108 was issued to
provide  consistency  between  how  registrants   quantify  financial  statement
misstatements.  SAB 108 established an approach that requires  quantification of
financial

                                      F-18
<PAGE>


statement  misstatements based on the effects of the misstatement on each of the
Company's financial statements and the related financial statement  disclosures.
This approach is commonly referred to as the "dual approach" because it requires
quantification  of errors  under two  widely-used  methods for  quantifying  the
effects of  financial  statement  misstatements,  generally  referred  to as the
"roll-over" and "iron curtain" methods.  SAB 108 allows registrants to initially
apply the dual approach  either by (1)  retroactively  adjusting prior financial
statements  as if the dual approach had always been used or by (2) recording the
cumulative effect of initially  applying the dual approach as adjustments to the
carrying  values  of  assets  and  liabilities  as of  January  1,  2006 with an
offsetting adjustment recorded to the opening balance of retained earnings.  Use
of this "cumulative  effect"  transition method requires detailed  disclosure of
the nature and amount of each  individual  error  being  corrected  through  the
cumulative  adjustment and how and when it arose.  The Company  expects to apply
SAB 108 using the cumulative  effect  transition  method in connection  with the
preparation  of its annual  financial  statements  for the year  ending June 30,
2007. When the Company  initially applies the provisions of SAB 108, it does not
presently expect to record any effects of financial statement misstatements.

        In June 2006, the FASB issued FASB  Interpretation  No. 48,  "Accounting
for  Uncertainty in Income Taxes, an  interpretation  of FASB Statement No. 109"
(FIN 48). FIN 48 clarifies the  accounting  for  uncertainty  in income taxes by
prescribing a two-step  method of first,  evaluating  whether a tax position has
met a more-likely-than-not recognition threshold, and second, measuring that tax
position to determine  the amount of benefit to be  recognized  in the financial
statements.  FIN 48 provides  guidance  on the  presentation  of such  positions
within  a   classified   statement   of   financial   position  as  well  as  on
de-recognition,   interest  and  penalties,   accounting  in  interim   periods,
disclosure and transition. FIN 48 is effective for the Company beginning July 1,
2007.  Management  is  currently  reviewing  FIN 48 to  determine  the impact of
adopting it and its materiality to the Company.

        In February 2006, the FASB issued SFAS No. 155,  "Accounting for Certain
Hybrid Financial  Instruments,  an amendment of FASB statements No. 133 and 140"
(SFAS  155).  SFAS No.  155  allows  financial  instruments  that have  embedded
derivatives  to be accounted for as a whole  (eliminating  the need to bifurcate
the  derivative  from its host) as long as the entire  instrument is valued on a
fair value basis.  The statement also resolves and clarifies other specific SFAS
No. 133 and SFAS No. 140  related  issues.  SFAS No.  155 is  effective  for all
financial  instruments  acquired or issued  after the  beginning  of an entity's
first fiscal year that begins after  September  15, 2006. We will be required to
adopt  SFAS  No.  155 on July 1,  2007  and do not  expect  that it will  have a
material effect on our Consolidated Financial Statements.

        On September 28, 2005, the FASB ratified the following consensus reached
in EITF Issue 05-8 ("Income Tax Consequences of Issuing  Convertible Debt with a
Beneficial  Conversion  Feature"):  a) The issuance of  convertible  debt with a
beneficial  conversion  feature  results in a basis  difference in applying FASB
Statement of Financial  Accounting Standards SFAS No. 109, Accounting for Income
Taxes. Recognition of such a feature effectively creates a debt instrument and a
separate equity  instrument for book purposes,  whereas the convertible  debt is
treated entirely as a debt instrument for income tax purposes.  b) The resulting
basis difference should be deemed a temporary  difference because it will result
in a taxable  amount when the recorded  amount of the  liability is recovered or
settled. c) Recognition of deferred taxes for the temporary difference should be
reported as an adjustment  to  additional  paid-in  capital.  This  consensus is
effective  in the first  interim or annual  reporting  period  commencing  after
December 15, 2005, with early application permitted.  The effect of applying the
consensus  should  be  accounted  for  retroactively  to  all  debt  instruments
containing a beneficial conversion feature that are subject to EITF Issue 00-27,
"Application of Issue No. 98-5 to Certain  Convertible  Debt  Instruments"  (and
thus is  applicable  to debt  instruments  converted  or  extinguished  in prior
periods but which are still presented in the financial statements). The adoption
of this pronouncement is not expected to have a material impact on the Company's
financial statements.

                                      F-19
<PAGE>


        The Emerging Issues Task Force ("EITF")  reached a tentative  conclusion
on EITF Issue No. 05-1,  "Accounting  for the  Conversion of an Instrument  That
Becomes Convertible upon the Issuer's Exercise of a Call Option" that no gain or
loss should be recognized  upon the  conversion  of an  instrument  that becomes
convertible as a result of an issuer's exercise of a call option pursuant to the
original terms of the instrument.  The application of this  pronouncement is not
expected to have an impact on the Company's consolidated financial statements.

        In November  2005,  the Financial  Accounting  Standards  Board ("FASB")
issued  FSP FAS  115-1  and FAS  124-1,  "The  Meaning  of  Other-Than-Temporary
Impairment and Its Application to Certain  Investments" ("FSP 115-1 and 124-1"),
which  clarifies  when  an  investment  is  considered  impaired,   whether  the
impairment is other than temporary,  and the measurement of an impairment  loss.
It also includes accounting  considerations  subsequent to the recognition of an
other-than-temporary   impairment  and  requires   certain   disclosures   about
unrealized  losses  that  have  not  been  recognized  as   other-than-temporary
impairments.  FSP  115-1  and  124-1 are  effective  for all  reporting  periods
beginning  after December 15, 2005.  Management  does not currently  expect that
implementation  of  these  statements  will  have a  significant  impact  on the
Company's consolidated financial position or results of operations.

        In June 2005,  the FASB  ratified  EITF Issue No. 05-2,  "The Meaning of
'Conventional  Convertible Debt Instrument' in EITF Issue No. 00-19, 'Accounting
for Derivative  Financial  Instruments Indexed to, and Potentially Settled in, a
Company's Own Stock'" ("EITF No. 05-2"), which addresses when a convertible debt
instrument should be considered  'conventional'  for the purpose of applying the
guidance in EITF No. 00-19. EITF No. 05-2 also retained the exemption under EITF
No.  00-19.  EITF No. 05-2 is  effective  for new  instruments  entered into and
instruments  modified in periods  beginning after June 29, 2005. The Company has
applied  the  requirements  of EITF No. 05-2 since the  required  implementation
date. The adoption of this pronouncement did not have an impact on the Company's
consolidated financial statements.

        In May 2005, the Financial  Accounting  Standards  Board ("FASB") issued
SFAS No. 154, "Accounting Changes and Error Corrections" ("SFAS No. 154"), which
replaces APB Opinion No. 20,  "Accounting  Changes",  and SFAS No. 3, "Reporting
Accounting Changes in Interim Financial  Statements-An  Amendment of APB Opinion
No. 28". SFAS No. 154 provides  guidance on the  accounting for and reporting of
accounting   changes  and  error  corrections.   It  establishes   retrospective
application,  or the  latest  practicable  date,  as  the  required  method  for
reporting a change in accounting  principle and the reporting of a correction of
an error.  SFAS No. 154 is effective for accounting  changes and  corrections of
errors made in fiscal years beginning after December 15, 2005 and was adopted by
the Company on July 1, 2006.  Management is currently  reviewing SFAS No. 154 to
determine the effect of adopting it, but does not currently  expect that it will
have a material impact on the Company's  consolidated  results of operations and
financial condition.

        EITF Issue No.  05-4 "The  Effect of a  Liquidated  Damages  Clause on a
Freestanding  Financial Instrument Subject to EITF Issue No. 00-19,  'Accounting
for Derivative  Financial  Instruments Indexed to, and Potentially Settled in, a
Company's Own Stock'" ("EITF No. 05-4") addresses financial instruments, such as
stock  purchase  warrants,  which are accounted for under EITF 00-19 that may be
issued at the same time and in contemplation of a registration  rights agreement
that includes a liquidated  damages  clause.  The consensus of EITF No. 05-4 has
not  been  finalized.  The  Company  does  not  believe  the  adoption  of  this
pronouncement  will  have an  impact  on the  Company's  consolidated  financial
statements.

        In September  2005,  the FASB ratified EITF Issue No. 05-7,  "Accounting
for Modifications to Conversion Options Embedded in Debt Instruments and Related
Issues"  ("EITF  No.  05-7"),  which  addresses  whether  a  modification  to  a
conversion  option  that  changes  its fair value  affects  the  recognition  of
interest  expense for the associated debt instrument  after the modification and
whether a borrower

                                      F-20
<PAGE>


should recognize a beneficial conversion feature, not a debt extinguishment,  if
a debt modification  increases the intrinsic value of the debt. EITF No. 05-7 is
effective  for the first  interim or annual  reporting  period  beginning  after
December 15, 2005.  The Company is  currently in the process of  evaluating  the
effect  that the  adoption  of this  pronouncement  will  have on its  financial
statements.

2.      MARKETABLE SECURITIES

        The  following is a summary of  available-for-sale  investments  held as
long-term assets (in DKK):

                                                 GROSS       GROSS
                                              UNREALIZED  UNREALIZED      FAIR
                                     COST       GAINS       LOSSES       VALUE
                                   ---------  ----------  ----------   ---------

    June 30, 2005:
    Shares in Forstaedernes Bank          50          49           0          99
    Bonds in Dexia Dannevirke          3,000           0         (88)      2,912
    Bonds in Nordnet-Euro              1,318           0           0       1,318
    Bonds in Nordnet-Medium              674           0           0         674
                                   ---------  ----------  ----------   ---------
    Total  short-term investments      5,042          49         (88)      5,003
                                   ---------  ----------  ----------   ---------

    June 30, 2006:

    Shares in Forstaedernes Bank          50          73           0         123
    Bonds in Dexia Dannevirke         16,000           0      (3,020)     12,980
    Notabene.net A/S                     740          76           0         816

                                   ---------  ----------  ----------   ---------
    Total  short-term investments     16,790         149      (3,020)     13,919
                                   ---------  ----------  ----------   ---------



        The unrealized loss on the  available-for-sale  investment securities is
included in other  cumulative  comprehensive  income during 2005 and 2006. Bonds
held in  Dexia  Dannevirke  with a total  cost  price of DKK  3,000  are held as
collateral for notes payable.

3.      EQUITY METHOD INVESTMENTS IN UNCONSOLIDATED COMPANIES

        The following is a summary of equity method investments (in DKK)

                                                                JUNE 30,
                                                            2005       2006
                                                          -------    -------
        Mediehuset Danmark ApS                                 --      2,099
        Windpark Timpberg GmbH & Co Zehnte Wind KG          1,276         --
        Ejendomsselskabet Toftevej A/S                      4,336         --
        AGH Norge A/S                                         260         --
        Europe Vision Plc                                      --     78,555
        Windpark Wriezener Hohe GmbH                           --     21,277
        Kirkeveien 18 AS                                       --        632
        Romasen Utvikling AS                                   --        192
        Rosfjord Ferieeiendom                                  --         12
                                                          -------    -------
                                                            5,872    102,767
                                                          -------    -------

                                      F-21
<PAGE>


MEDIEHUSET DANMARK ApS

        During 2003  EuroTrust  A/S invested 1.5 million DKK for a 25% ownership
of Mediehuset  Danmark ApS. At the date of purchase the purchase  price exceeded
25% of the net equity of Mediehuset Danmark ApS by DKK 998. The Company's Equity
in earnings of Mediehuset  Danmark ApS for the year ended September 30, 2005 and
2004 was DKK 461 and DKK 138, respectively.

WINDPARK TIMPBERG GMBH & CO ZEHNTE WIND KG

        During 2006, the Company purchased the remaining 75% ownership  interest
in the Timpberg #10 windmill for DKK 5,382 to become the 100% owner. At June 30,
2005 the Company had a 25% ownership interest in the wind turbine.

EJENDOMSSELSKABET TOFTEVEJ A/S

        During the year ended June 30, 2006,  the company  sold their  ownership
interest in  Ejendomsselskabet  Toftevej A/S and recognized a loss of DKK 146 on
the sale.

AGH NORGE A/S

        The Company  acquired the remaining 50% ownership  interest  through our
subsidiary  Aktiv  Gruppen  Holding  during the year ended  June 30,  2006.  The
purchase price was 2,650,000 shares in EuroTrust. AGH Norge A/S is now owned 50%
by EuroTrust and 50% by Aktiv Gruppen Holding.

EUROPE VISION PLC

        At June 30, 2006, the Company holds  31,250,000  shares of Europe Vision
Plc (Formerly Tritel Media AB,  approximately  23% of the shares  outstanding of
Europe  Vision  Plc).  The Company  received the shares upon the sale of all the
issued and  outstanding  shares of its former  subsidiary  Euro-Vision  A/S. The
valuation  of the shares is treated  as a cost  investment  until the shares are
sold.

WINDPARK WRIEZENER HOHE GMBH

        Through  our 100%  owned  subsidiary  Aktiv  Wind ApS we own  50.00%  of
Windpark  Wriezener  Hohe GmbH & Co KG, which owns 13 wind turbines with a total
capacity of 26MW.

KIRKEVEIEN 18 AS

        Through  our  100%  owned  subsidiary  AGH  Norge  A/S,  we  own  50% of
Kirkeveien 18 AS, which is building 12 apartments in Baerum,

Norway.

ROMASEN UTVIKLING AS

        Through  our 100%  owned  subsidiary  AGH Norge  A/S,  we own  33.33% of
Romasen Utvikling AS, which is building 70 houses in Lyngdal, Norway.

ROSFJORD FERIEEIENDOM

        Through  our 100%  owned  subsidiary  AGH  Norge  A/S,  we own  11.7% of
Rosfjord Ferieeiendom, which is building 12 cottages in Lyngdal, Norway.

                                      F-22
<PAGE>


4.      CONTRACT RECEIVABLES

Contract receivables consist of the following at June 30, 2005 and 2006:

                                                          2005             2006
                                                  ------------     ------------
        Completed contracts                             34,871           49,702
                                                  ------------     ------------
                                                        34,871           49,702

        Less allowance for doubtful accounts              (651)            (952)
                                                  ------------     ------------
                                                        34,220           48,750
                                                  ============     ============

5.      PLANT AND EQUIPMENT

        Property, plant and equipment include the following (in DKK):

                                                             JUNE 30,
                                      Estimated   -----------------------------
                                         Life         2005             2006
                                                  ------------     ------------

        Furniture and fixtures       3 to 5 years          525            5,508
        Automobiles                    5 years             627            5,455
        Property                       30 years             --            1,862
                                                  ------------     ------------
                                                         1,152           12,825
        Less accumulated depreciation
        and amortization                                  (483)          (2,150)
                                                  ------------     ------------

        Net plant and equipment                            669           10,675
                                                  ============     ============

        Depreciation expense                               520              681
                                                  ============     ============

6.      WIND TURBINES

        Wind turbines include the following (in DKK):

                                                             JUNE 30,
                                      Estimated   -----------------------------
                                         Life         2005             2006
                                                  ------------     ------------

        Wind turbines                  25 years         99,239          285,337
                                                  ------------     ------------
                                                        99,239          285,337
        Less accumulated depreciation
           and amortization                                 --           (4,329)
                                                  ------------     ------------

        Net property, plant and equipment               99,239          281,008
                                                  ============     ============

        Depreciation expense                                --            5,136
                                                  ============     ============

                                      F-23
<PAGE>


        The wind turbines are held as collateral on notes payable (See Note 12).
During  2006,  The  Company  sold three wind  turbines  with a net book value of
DKK 55.1  million and recorded a loss on sale of DKK 200.  No  depreciation  was
recorded during 2005 as the wind turbines were purchased at the end of June.

7.      GOODWILL / DEFINITE - LIFE INTANGIBLE ASSETS

        Goodwill  relating to the purchase of the Company's  Norwegian  activity
consisted of the following (in DKK):

                                                             JUNE 30,
                                                      2005              2006
                                                  ------------     ------------
BALANCE AT THE BEGINNING OF THE YEAR                        --               --

CHANGES:

              Additions                                     --          169,639
              Disposals                                     --               --
              Impairment                                    --               --

                                                  ------------     ------------
BALANCE AT THE END OF THE YEAR                              --          169,639
                                                  ------------     ------------


        During the fourth  quarter of 2006,  the  Company  performed  the annual
impairment  test  and  recorded  an  impairment  charge  of  DKK  0 and  DKK  0,
respectively.

        Fair value was  estimated for each  reporting  unit,  within  EuroTrust,
using the expected  present  value of  discounted  future cash flows the unit is
expected to generate over its remaining  life. When making these  estimates,  we
were  required to make  estimates of future  operating  trends and  judgments on
discount  rates and other  variables.  Actual  future  results and other assumed
variables  could differ from these  estimates.  The  assumptions  supporting the
estimated future cash flows,  including the discount rate and estimated terminal
values, reflect management's best estimates.

DEFINITE - LIFE INTANGIBLE ASSETS

        The Company has  classified  its  intangible  assets as a  definite-life
intangible  asset and is  amortizing  them based upon the revenues  realized per
year over the estimated  total revenues to be realized from the underlying  real
estate  projects.  These projects are estimated to be sold over the next fifteen
years.  During the fourth quarter of 2006 the Company completed its initial test
of intangible assets for impairment in accordance with SFAS No. 142. The Company
used the estimated future cash flows to test the remaining intangible assets for
impairment  and  determined  that  the  Company's  intangible  assets  were  not
impaired.  Amortization  expense of DKK 960 was recorded for the year ended June
30, 2006 and 2005 and has been included in cost of goods sold.  The following is
a summary of intangibles at June 30,:

                                                             JUNE 30,
                                                      2005              2006
                                                  ------------     ------------
Allocation of purchase price for rights
to complete projects

        Projects:
        Norway projects                                     --           54,750
        2S Wellness Center , 200 Holiday condos
        and other projects under development                --          102,488
        Gribskov Bolig development                          --           20,992
                                                  ------------     ------------
                                                            --          178,230
        Less Accumulated amortization                     (960)
                                                  ------------     ------------
BALANCE , NET                                               --          177,270
                                                  ------------     ------------

                                      F-24
<PAGE>


        The remaining  estimated  aggregate  amortization  expense for next five
years and thereafter is as follows at June 30, 2006:

        2007                                                              85,213
        2008                                                              44,346
        2009                                                              14,015
        2010                                                               2,808
        2011                                                               2,808
        Thereafter                                                        28,080
                                                                    ------------
                                                                         177,270
                                                                    ------------

8 - PROPERTY ON OPERATING LEASE

        The Company is a lessor of a 565 square meter  office  building in K0ge,
Denmark and two 99 square meter hotel/holiday apartments in Faborg, Denmark. The
leases call for  monthly  rentals to be  received  of  approximately  DKK 52 and
expire  January 15, 2009 for the office  building and total  monthly  rentals of
approximately DKK 15 for the two hotel/holiday apartments.

        Minimum future rentals to be received on the non-cancelable lease of the
office  building  as of June 30, 2006 for each of the next five years and in the
aggregate are as follows, whereas the hotel/holiday apartments are considered on
a short term (1 year) lease:

                                             DKK
                                        ------------

        June 30, 2007                            813
        June 30, 2008                            639
        June 30, 2009                            335
        June 30, 2010                             --
        Thereafter                                --
                                        ------------
Total Minimum Lease Payments                   1,787
                                        ------------


                                      F-25
<PAGE>


        Property underlying an operating lease consists of the following:

                                                             JUNE 30,
                                                  -----------------------------
                                                      2005             2006
                                                  ------------     ------------
        Land                                               870            1,007
        Building                                         7,354            9,687
                                                  ------------     ------------
                                                         8,224           10,694
        Less accumulated depreciation                     (357)            (670)
                                                  ------------     ------------
        Net property on operating lease                  7,867           10,024
                                                  ============     ============
        Depreciation (included in cost of sales)           245              313
                                                  ============     ============


        The land and  building  are held as  collateral  on a note  payable  for
        Ejendomsselskabet  Olbycentervej  65 ApS and  Kronborg Byg ApS (See Note
        12).

9.      PROPERTY HELD FOR RESALE AND FUTURE DEVELOPMENT

        Real estate held for current sale consisted of the following:

                                                             JUNE 30,
                                                  -----------------------------
                                                      2005             2006
                                                  ------------     ------------
        Recreational condominiums                       64,673               --
        Land                                             4,086          151,346
        Golf course                                         --           59,589

                                                  ------------     ------------
                                                        68,759          210,935
                                                  ============     ============


        The land and  buildings  are held as  collateral  on a note  payable for
Sonderborg  Havnefront ApS , Aktiv Boligopsparing ApS, Store Rorbaek Byudvikling
I ApS,  Store  Rorbaek  Byudvikling  II ApS,  2S  Ejendomsinvest  ApS and  Alpen
Holidays Ferienhauser GmbH (See Note 12).

10.     BUSINESS ACQUISITIONS AND DIVESTITURES

ACQUISITIONS DURING 2005/06
---------------------------

        On May 29, 2006,  EuroTrust A/S purchased the remaining 50% of AGH Norge
A/S from Soren Hager Holding 2 ApS,  Kalodde AS and  Sorprosjekt  Holding AS and
thereby became the 100% owner through our subsidiary  Aktiv Gruppen Holding A/S.
The purchase price was 2,650,000  shares in EuroTrust.  An amount of DKK 155,528
was recorded as goodwill  and an amount of DKK 55,000 was  allocated to projects
in connection  with the  purchase.  The shares were acquired to gain an entrance
with established operations into the Norwegian real estate market.

On June 2, 2006,  Aktiv Gruppen  Holding A/S purchased  100% of the shares in 2S
Ejendomsinvest  ApS from Hans  Schmidt  Holding A/S and VIDA  Holding  ApS.  The
purchase  price was DKK  134,160.  An amount of DKK  132,488  was  allocated  to
projects in connection  with the purchase.  The shares were acquired to ensure a
further development of our Real Estate business in Denmark.

        On June 11, 2006, Aktiv Gruppen Holding A/S purchased 100% of the shares
in Gribskov  Bolig ApS Toki Pant A/S and VIDA Milkap ApS. The purchase price was
DKK 21,256.  An amount of DKK 20,992,  was  allocated to projects in  connection
with the purchase.  The shares were acquired to ensure a further  development of
our Real Estate business in Denmark.

                                      F-26
<PAGE>


<TABLE>
<CAPTION>
                                                                                            ST.        ST.                  DER
                                                2S                 WINDPARK      ST.      R0RBAEK    R0RBAEK                JENS
                                    AGH      EJENDOMS   K/S DIFKO  TIMPBERG    R0RBAEK    BYUDVIK    BYUDVIK     GRIB      STRAND
                                   NORDAN     INVEST      BUCH     GMBH & CO   BYUDVIK    LING II   LING III     SKOV     SKOVPARK
                                   INVEST       APS      BRUNN I   ZEHNTE KG  LING APS      APS        APS     BOLIG APS     APS
                                  ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------
<S>                                 <C>        <C>         <C>        <C>         <C>        <C>        <C>       <C>        <C>
ENTITY ACQUIRED
Percentage Ownership
Acquired                                100%       100%       100%        75%       100%       100%       100%       100%       100%

Purchase Price Paid in DKK          208,000     134,16          0      5,382        125        125        125     21,256        500

Date of Acquisition                 May 29,   June 2,    Jan. 24,   Jan. 2,     May 1,     May 1,   June 11,   June 11,    June 2,
                                     2006      2006        2006      2006        2006       2006      2006       2006        2006
                                  ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------

Cash & restricted cash              121,420     56,275      1,012        748         --         --        125         38        704
Other current assets                     --     11,896      2,012         62         20          8          4         --         10
Receivables                           5,775        421         --        230         --         --         --        262         --
Construction in progress             97,185    307,403         --         --         --         --         --         --         --
Property & equipment                     71     64,151         --         --      5,807      2,527      8,076     42,180     50,783
Wind Turbines                            --         --     30,109     15,148         --         --         --         --         --
Goodwill                            172,312         --         --         --         --         --         --         --         --
                                  ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------

Total assets acquired               396,763    440,146     33,133     16,188      5,827      2,535      8,205     42,480     51,497
                                  =========  =========  =========  =========  =========  =========  =========  =========  =========

Current Liabilities                 188,763     76,476     33,133        151      5,702      2,410      8,080     21,224        210
Long-term debt                      229,510         --     10,651         --         --         --         --     50,787
Asset Retirement Obligation              --         --         --          5         --         --         --         --         --
                                  ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------


Total liabilities assumed           188,763    305,986     33,133     10,807      5,702      2,410      8,080     21,224     50,997
                                  ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------
Net assets acquired                 208,000    134,160         --      5,381        125        125        125     21,256        500
                                  =========  =========  =========  =========  =========  =========  =========  =========  =========
</TABLE>

        The  following  proforma  combined  condensed  results of Aktiv  Gruppen
Holding A/S, AGH Norge A/S, 2S  Ejendomsinvest  A/S and Windpark Timpberg GmbH &
Co Zehnte KG as if the Company had purchased  these entities at the beginning of
the repective periods:

                                              YEARS ENDED JUNE 30,
                                     2005             2006             2006
                                 ------------     ------------     ------------
         .                              DKK              DKK              USD
        Net sales                     304,698          505,461           86,147
        Operating expenses           (235,782)        (438,587)         (74,750)
                                 ------------     ------------     ------------
        Net income                     68,916           66,874           11,397
                                 ============     ============     ============

                                      F-27
<PAGE>


ACQUISITIONS DURING 2004/05

        On February 14, 2005,  Aktiv  Gruppen  purchased  the  remaining  50% of
Ejendomsselskabet  Hyltebjerg  Alle ApS, from JNP Holding ApS and thereby became
the 100% of  Ejendomsselskabet  Hyltebjerg  Alle ApS. The purchase price was DKK
100. No goodwill was recorded in connection  with the purchase.  The shares were
acquired in order to ensure that the project was properly finalized.

        On December 21,  2004,  the Company  purchased  100% of Aktiv Wind GmbH,
from European Wind Farms A/S. The purchase price was DKK 1,212.  No goodwill was
recorded in connection with the purchase.  Aktiv Wind GmbH serves as the general
(unlimited)  partner  in the German  KG's  (partnerships).  On May 4, 2005,  the
Company  acquired a 100%  interest  in EWF Drei Funf GmbH & Co. KG for Euro 2 or
DKK 14 through which the Company has constructed two wind turbines.

        During  2005,  the  company  purchased  four wind  turbines  through the
purchase of four German  partnerships.  The following table summarizes the terms
of the  acquisition and the estimated fair values of the assets acquired and the
liabilities assumed at the date of acquisition (in DKK):

<TABLE>
<CAPTION>
                                                WIN:PRO
                                EWF             INVENT          UPEG 8          BIRGTER
                                DREI FUNF       GMBH & CO.      WIND-PARK       WINDENERGIE     PADER-WIND
                                GMBH & CO.      NEUNTE WIND     GMBH & CO.      GMBH & CO.      GMBH & CO.      AKTIV WIND
                                KG              KG              KG              KG              KG              APS
                                ------------    ------------    ------------    ------------    ------------    ------------
<S>                                <C>            <C>             <C>             <C>             <C>           <C>
ENTITY ACQUIRED
Percentage Ownership Acquired            100%            100%            100%            100%            100%            100%
Purchase Price Paid in DKK                14           3,552          21,832          16,893          16,893           1,212
Date of Acquisition                May 04,        June 29,        June 29,        June 29,        June 29,      December 21,
                                    2005            2005            2005            2005            2005            2004
                                ------------    ------------    ------------    ------------    ------------    ------------

Current assets                            --           1,090           1,301           2,710           1,246             215
Windmills                                 --          17,448          22,051          17,062          17,062           1,002
Goodwill                                  --              --              --              --              --              --
                                ------------    ------------    ------------    ------------    ------------    ------------

Total assets acquired                     --          18,538          23,352          19,772          18,308           1,217
                                ============    ============    ============    ============    ============    ============

Current Liabilities                       --             125           1,301           2,710           1,246              --
Long-term debt                            --          14,688              --              --              --              --
Asset Retirement Obligation               --             173             219             169             169               5
                                ------------    ------------    ------------    ------------    ------------    ------------

Total liabilities assumed                 --          14,986           1,520           2,879           1,415               5
                                ------------    ------------    ------------    ------------    ------------    ------------

Net assets acquired                       --           3,552          21,832          16,893          16,893           1,212
                                ============    ============    ============    ============    ============    ============
</TABLE>

                                      F-28
<PAGE>


        The  following  proforma  combined  condensed  results of Aktiv  Gruppen
Holdings A/S,  win:pro Invent Gmbh & Co. Neunte Wind, UPEG 8 Windpark GmbH & Co.
KG,  Birgter  Windenergie  GmbH & Co. KG, and Paderwind  GmbH & Co. KG as if the
Company had purchased these entities at the beginning of the repective periods:

                                              YEARS ENDED JUNE 30,
                                     2004             2005             2005
                                 ------------     ------------     ------------
                                          DKK              DKK              USD
        Net sales                     297,596          395,294           64,147
        Operating expenses           (279,120)        (356,437)         (57,841)
                                 ------------     ------------     ------------
        Net income                     18,476           38,857            6,306
                                 ============     ============     ============

ACQUISITIONS DURING 2003/2004

        On October 09,  2003,  Aktiv  Gruppen  purchased  the  remaining  50% of
Norrebjerg Boligpark ApS, from Proconex ApS and thereby became the 100% owner of
Norrebjerg  Boligpark  ApS.  The  purchase  price was DKK 357. No  goodwill  was
recorded in connection  with the purchase.  The shares were acquired in order to
develop a new project  within the company and use tax net  operating  loss carry
forwards.

11.     FAIR VALUE OF FINANCIAL INSTRUMENTS

        The fair value of the Company's cash  equivalents  and restricted  cash,
receivables,  marketable securities,  long-term investments,  line of credit and
long-term debt, payables and lease obligations approximates the carrying amount,
which is the amount for which the  instrument  could be  exchanged  in a current
transaction between willing parties. Information about each instrument follows:

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

        The  carrying  amount of cash,  cash  equivalents  and  restricted  cash
approximates their fair value as of June 30, 2005 and 2006, because of the short
term maturities of those  instruments.

ACCOUNTS RECEIVABLE,  RECEIVABLES FROM RELATED PARTIES, VAT RECEIVABLE AND OTHER
RECEIVABLES

        The carrying  amounts of accounts  receivable,  receivables from related
parties, VAT receivable and other receivables approximate their fair value as of
June 30, 2005 and 2006 because of the expected  short term  collection  of those
instruments.

MORTGAGE DEED AND NOTES RECEIVABLE

        The carrying amount of notes receivable approximates their fair value as
of June 30, 2005 and 2006 because the  interest  rates  approximate  the rate of
similar instruments as of June 30, 2005 and 2006.

MARKETABLE SECURITIES

        The fair values of investment  securities are estimated  based on quoted
market prices as of June 30, 2005 and 2006 and are stated at fair value.

                                      F-29
<PAGE>


LINE OF CREDIT AND LONG-TERM DEBT

        The fair values of the Company's line of credit and long-term debt as of
June 30, 2005 and 2006 approximate recorded values as of June 30, 2005 and 2006,
based on  similar  current  rates  offered to the  Company  for debt of the same
remaining maturities.

ACCOUNTS PAYABLE, ACCOUNTS PAYABLE - RELATED PARTIES AND ACCRUED LIABILITIES

        The carrying amount of accounts  payable and accounts  payable - related
party approximates fair value as of June 30, 2005 and 2006, because of the short
term maturity of those instruments.

12.     NOTES PAYABLE, LINES OF CREDIT AND OTHER DEBT OBLIGATIONS

        Notes  payable,  lines of  credit  and  other  debt  obligations  relate
primarily to the funding of development projects and wind turbine  acquisitions.
These notes payable are collateralized by underlying development project or wind
turbines.  Interest  rates  vary  from  4.10  percent,  to 7.5  percent  and are
generally tied to the DKK or EUR LIBOR plus a specified percentage.  One loan of
DKK 45  accrues  interest  at a rate  of  17.10  percent  as of June  30,  2006.
Construction  loans are payable upon  delivery of the project.  Wind turbine and
mortgage loans payment terms are generally bi-annual and monthly,  respectively,
over ten to twenty years.  The remaining  loans vary from on demand,  to balloon
payment to monthly instalments.

        The  construction  loans  are all  classified  as  current  because  the
contractual due date is the sooner of the date the underlying project is sold or
the original  payment date as stipulated in the note payable.  In addition,  the
related construction in progress / cost in excess of billings is also classified
as current.

        The  balances  of  notes  payable  at June  30,  2006  consisted  of the
following:

<TABLE>
<CAPTION>
                                                                 INTEREST RATE              JUNE 30,
                                                                  AT JUNE 30,     ----------------------------
                                                                      2006            2005            2006
--------------------------------------------------------------------------------------------------------------
<S>                                                                <C>                 <C>             <C>
Kronborg Byg ApS
    Construction loan                                              5.15-6.35%           10,638           4,022
Aktiv Gruppen Holding A/S                                               --
    Vehicle Loans                                                      4.5%              1,213           3,176
    Other Loans                                                    4.93-6.25%            5,199          39,752
Ejendomsselskabet Parkhusene ApS
    Construction loan                                                  7.50%           131,409         211,565
Ejendomsselskabet Faergegardsvej, Vordingborg ApS
    Construction loan                                                  5.45%             4,000           9,416
Ejendomsselskabet Krohaven ApS
     Construction loan                                                 6.50%                --          24,952
Errits0 Bygade 79 ApS
     Construction loan                                                17.10%                 5              45
Ejendomsselskabet Guvernorparken
     Construction loan                                                 6.10%            12,000               0
Ejendomsselskabet Kildevej, Helsinge ApS
     Construction loan                                                 6.10%            13,930          67,874
Ejendomsselskabet Kommandorparken, Solrod ApS
     Construction loan                                                 6.10%            17,305          54,203
Drejens Strandskovpark A/S
     Construction loan                                                 6.08%                --          50,787
                                                                   (Continued)
</TABLE>

                                      F-30
<PAGE>


12.     NOTES PAYABLE, LINES OF CREDIT AND OTHER DEBT OBLIGATIONS - CONTINUED

<TABLE>
<CAPTION>
                                                                 INTEREST RATE              JUNE 30,
                                                                  AT JUNE 30,     ----------------------------
(Continued)                                                           2006            2005            2006
--------------------------------------------------------------------------------------------------------------
<S>                                                                <C>                 <C>             <C>
Euro Trust PKI Services ApS
     Other loan                                                          --                 --          80,000
Ejendomsselskabet Marienlyst Palae ApS
     Line of Credit(1)                                                  6.5%           103,000          95,131
     Other loans                                                        6.5%               256             876
Ejendomsselskabet Soparken, Fredensborg ApS
     Construction loan                                                 6.50%                --             113
Ejendomsselskabet Nyrad, Vordingborg ApS
     Construction loan                                                 6.00%             8,546          26,996
Ejendomsselskabet Olbycentervej 65 ApS
     Mortgage loan                                                     5.50%             7,055           6,784
Ejendomsselskabet Hyltebjerg Alle ApS
     Construction loans                                                 6.5%            17,305           1,671
Ejendomsudviklingsselskabet af 2001 A/S
     Construction loan                                                 6.08%            17,268             340
Alpen Holidays Ferienhauser GmbH
     Mortgage loan                                                     5.50%               943             987
Delta Byg ApS
     Line of Credit                                                    5.75%               523              --
Sonderborg Havnefront ApS
     Line of Credit                                                    6.00%                --           1,700
Blavand Byferie ApS
     Line of Credit                                                                         --           5,221
St. Rorbaek Byudvikling I ApS
    Vehicle Loans                                                      6.23%                --             776
    Line of Credit                                                     6.23%                --           2,464
St. Rorbaek Byudvikling II ApS
     Line of Credit                                                    6.23%                --           1,166
Gribskov Bolig ApS                                                                          --              22
AGH Norge A/S
     Line of Credit                                                    7.00%                --              38
Den gamle skibssmedie ApS
     Construction loans                                                6.00%                --          39,233
Bygg & Eiendomsutviklin Sor AS
     Construction loans                                                6.20%                --             925
                                                                    (Continued)
</TABLE>


                                      F-31
<PAGE>


12.     NOTES PAYABLE, LINES OF CREDIT AND OTHER DEBT OBLIGATIONS - CONTINUED

<TABLE>
<CAPTION>
                                                                 INTEREST RATE              JUNE 30,
                                                                  AT JUNE 30,     ----------------------------
(Continued)                                                           2006            2005            2006
--------------------------------------------------------------------------------------------------------------
<S>                                                                <C>                 <C>             <C>
2S Ejendomsinvest ApS
    Line of Credit                                                 6.25-7.02%               --           3,457
Silkegade Invest ApS
    Line of Credit                                                   6.25%                  --           2,000
R0m0 Golf A/S
    Line of Credit                                                   6.25%                  --          24,865
    Other Loans                                                        --                   --             650
RGW A/S
    Line of Credit                                                 6.25-7.02%               --         227,409
Aktiv Wind ApS
    Equipment loan (Windturbine)                                     5,15%              21,138          87,294
win:pro Invent Gmbh & Co. Neunte Wind KG
    Equipment loan (Windturbine)                                   4.75-5.27%           14,688          13,655
EWF Eins Zwei GmbH & Co. KG
    Equipment loan (Windturbine)                                     4.35%                  --          20,004
EWF Eins Drei GmbH & Co. KG
    Equipment loan (Windturbine)                                     4.35%                  --          20,026
EWF Eins Vier GmbH & Co. KG
    Equipment loan (Windturbine)                                     4.35%                  --          19,903
EWF Zwei Eins GmbH & Co. KG
    Equipment loan (Windturbine)                                     4.35%                  --          15,887
UW Nielitz GmbH & Co. KG                                             4.10%                  --          95,005
K/S Difko Bucfhbrunn I
    Revolving credit                                                 6.08%                  --          33,012
win:pro Invent Gmbh & Co. Zehnte Wind KG
    Line of credit                                                   4.35%                  --          13,655
UPEG 8 Windpark GmbH & Co. KG
    Equipment loan (Windturbine)                                   4.00-4.25%           12,851              --
Birgter Windenergie GmbH & Co. KG
    Equipment loan (Windturbine)                                                            --          14,469
Paderwind GmbH & Co. KG
    Equipment loan (Windturbine)                                                            --          14,383
                                                                                  ------------    ------------
                                                                                       428,124       1,307,057
Less long term                                                                         (25,366)        (35,263)
                                                                                  ------------    ------------
Short term                                                                             402,758       1,271,794
                                                                                  ------------    ------------
</TABLE>

    (1) The Company  maintains  revolving  credit  agreements  in the  aggregate
        amount  of DKK  103,000  and DKK  95,131  at June  30,  2005  and  2006,
        respectively with all amounts used. The agreements expire June 30, 2007.

                                      F-32
<PAGE>


        Maturities of debt obligations payable at June 30, 2006 are as follows:

           Year Ending June 30,
           --------------------
             2007                                              $  1,271,794
             2008                                                     3,166
             2009                                                     2,888
             2010                                                     2,915
             2011                                                     2,926
             Thereafter                                              23,368
                                                               ------------

                                                               $  1,307,057
                                                               ============

13.     OPERATING LEASES

        The Company also has  non-cancelable  operating  leases,  primarily  for
office  space,  that  expire over the next four years.  These  leases  generally
contain  renewal  options  for one  year  and  require  the  Company  to pay all
executory  costs such as  maintenance  and insurance.  Expenses under  operating
leases  amounted  to DKK 444 and DKK 1,141 in the years  ended June 30, 2005 and
2006, respectively.

        The Company also leases the underlying land upon which the wind turbines
are  constructed,  expiring  beginning in the year 2023 through 2031, the leases
further  allow for option to extend the lease for one or two, five year periods.
Lease expense under land operating  leases amounted to DKK 0 and DKK 631 for the
years ended June 30, 2005 and 2006 as the wind  turbines  were  purchased at the
end of June, 2005.

        Future minimum lease payments under non-cancelable operating leases with
initial or remaining lease terms in excess of one year, as of June 30, 2006 are:

                                      F-33
<PAGE>


                                                           OPERATING LEASES
                                                           ----------------

Year ending June 30:

    2007                                                              3,442
    2008                                                              2,954
    2009                                                              2,271
    2010                                                              1,342
    2011                                                              1,335
     Thereafter                                                      28,789
                                                           ----------------

                Total minimum lease payments                         40,133
                                                           ================

14.     RELATED PARTY TRANSACTIONS

NOTES AND ACCRUED INTEREST RECEIVABLES

        During  the year ended  June 30,  2006  there  have been no  significant
transactions  with the supervisory  and executive  boards,  executive  officers,
important  shareholders or other related parties have been carried out,  besides
intra-group   transactions  which  have  been  eliminated  in  the  consolidated
financial statement as well as ordinary management remuneration.

        During 2004, the Company  loaned to companies  controlled by each of the
five 20%  shareholders  of the Aktiv  Gruppen DKK 7,000 each.  The notes  accrue
interest a rate of 3% per annum, payable on demand and are secured by marketable
securities held by the controlled companies.  At June 30, 2005 notes and accrued
interest receivable related parties consisted of the following:

                                       JUNE 30,
                               --------------------------
                                   2005          2006
                               ------------  ------------
Dansk Anlaegsinvest ApS              7,245            --
JL Forsikringsformidling ApS         7,245            --
AO Holding ApS                       7,245            --
Synerco ApS                          7,245            --
Salt-Con ApS                         7,245            --
Other employee receivables              66            --
                               ------------  ------------
                                    36,291            --
                               ============  ============


        Subsequent  to the  year  ended  June  30,  2005,  all  of  the  amounts
receivable have been collected.

                                      F-34
<PAGE>


        During 2006, the Company sold 55 holiday condominiums for DKK 103,131 to
Marienlyst  Hotel Invest A/S (MHI).  MHI is partially owned by two  shareholders
who own approximately 5% of the outstanding  shares of EuroTrust A/S at June 30,
2006, one of which is the president of the EuroTrust A/S' Norwegian  operations.
At June 30, 2006 the company had received  DKK 4,000 of the  purchase  price and
recorded  a DKK  99,131 6%  mortgage  deed  receivable  for the  balance  During
September 2006, the Company  collected an additional DKK 11,000 against the note
receivable.

        During January 2006, the Company purchased the remaining 75% interest of
Windpark  Timpberg GmbH & Co Zehnte Wind KG from an  Officer/Shareholder  of the
Company for DKK 5,382.  The Wind Turbine was recorded at the carryover  basis of
the officer/shareholder.

NOTES PAYABLE

        During 2003,  companies  controlled by each of the five 20% shareholders
of the  Aktiv  Gruppen  loaned  DKK 300 each to the  Company.  The note  accrued
interest at a rate of 3% per annum.  The notes were repaid with related  accrued
interest of DKK 66 (payments of DKK 65 during  October 2003 and DKK 1,501 during
July 2004).

        During 2004, the company  purchased four automobiles  from  shareholders
and officers of the Company or entities controlled by shareholders and officers.
Also  during  2004,  the  company  sold  five  recreational  homes to  companies
controlled by shareholders and officers of the Company.

        The  Chairman  of the board of  directors  of Aktiv  Gruppen  was also a
partner of Interlex  Lawyers until  December 31, 2005.  The Company paid DKK 754
and DKK 1,976 to Interlex  Lawyers for legal  services  during June 30, 2004 and
2005, respectively. The total outstanding payables due to Interlex Lawyers as at
June 30, 2004 and June 30, 2005 were DKK 28 and DKK 587, respectively.

15.     INCOME TAXES

        The  Company and each of its wholly  owned  Danish  subsidiaries  file a
consolidated tax return.  The Company's foreign or non-wholly owned subsidiaries
file  separate tax returns in each of the countries of  incorporation.  Deferred
income taxes  reflect the net tax effects of temporary  differences  between the
carrying amounts of assets and liabilities for financial  reporting purposes and
the  amounts  used  for  income  tax  purposes.  Significant  components  of the
Company's  deferred tax assets and  liabilities as of June 30, 2005 and 2006 are
as follows (in DKK):

                                                             JUNE 30,
                                                  -----------------------------
                                                      2005             2006
                                                  ------------     ------------
        DEFERRED TAX ASSETS
            Net operating loss carry forwards            1,980            6,302
            Provisions                                     180            2,082
                                                  ------------     ------------
            Total deferred tax assets                    2,160            8,384
                                                  ------------     ------------
            Less: Valuation allowance                       --               --
                                                  ------------     ------------
                   DEFERRED TAX ASSETS                   2,160            8,384
                                                  ------------     ------------

        DEFERRED TAX LIABILITIES
            Tax value of fixed assets in excess
              of book value of fixed assets             (6,925)         (19,388)
            Construction in Progress                   (10,371)         (14,218)
            Other                                          (29)              --
                                                  ------------     ------------
                  DEFERRED TAX LIABILITY               (17,325)         (33,606)
                                                  ============     ============

                                                  ============     ============
        NET DEFERRED TAX LIABILITY                     (15,165)         (25,222)
                                                  ============     ============

                                      F-35
<PAGE>


        The  recognized  net tax  liabilities  as of June 30,  2005 and 2006 are
related to temporary  timing  differences  between the book and fiscal values of
assets.

        The Company assessed the realization of the deferred tax assets based on
available evidence,  both positive and negative, to determine whether it is more
likely  than  not that all or a  portion  of the  deferred  tax  assets  will be
realized.  The  conclusion  as to whether it is more  likely  than not that some
portion of these assets will not be realized takes into consideration the future
earnings potential  determined through the use of internal forecasts,  the carry
forward  period  associated  with the  deferred tax assets and the nature of the
income that can be used to realize the deferred  tax assets.  To the extent that
the Company  determines  it is more than likely not that all or a portion of the
deferred tax assets will not be realized, a valuation allowance is recorded.

        At June 30, 2005, the company had tax loss  carry-forwards of DKK 22,505
available in Denmark,  which  according to current Danish law has no expiration.
The accumulated tax loss carry forwards cannot be used by all group companies as
not all of companies are jointly taxed.

        For  financial  reporting  purposes,  income  before  income taxes is as
follows (in DKK):

                                           2004          2005           2006
                                        ----------    ----------     ----------

Pretax income :

   Denmark                                  25,103        54,720         55,641
   Austria                                     259        (1,254)          (501)
   Norway                                       --            --          2,276
   Germany                                      --            --          1,037
   Latvia                                       --        (1,220)          (446)
                                        ----------    ----------     ----------
                                            25,362        52,246         58,007
                                        ==========    ==========     ==========

Significant components of the
  provision for income taxes are:

   Current:  Denmark                         2,433         3,657            147
             Others                             --            --             --
                                        ----------    ----------     ----------
                                             2,433         3,657            147
                                        ----------    ----------     ----------

   Deferred:  Denmark                        5,390         8,847         11,970
              Others                            --         2,642             --
                                        ----------    ----------     ----------
                                             5,390        11,489         11,970
                                        ----------    ----------     ----------
      Total:                                 7,823        15,146         12,117
                                        ==========    ==========     ==========

                                      F-36
<PAGE>


                The   reconciliation  of  income  tax  computed  at  the  Danish
        statutory tax rate to income tax expense is:

                                                        2004     2005     2006
                                                        ----     ----

Danish income tax rate ..............................     30%      28%      28%
Effect of change in tax rate on
  net deferred tax liabilities ......................      0%      (1)%      0%
Non - deductible permanent differences ..............      0%       2%       1%
Change in valuation allowance .......................      0%       0%      (8)%
Other ...............................................     (2)%      0%       0%
Reported income tax expense .........................     28%      29%      21%


16.     COMMITMENTS

LETTERS OF CREDIT

        The Company has unused letters of credit / bank guarantees  totaling DKK
124,525 and DKK 160,358 at June 30, 2005 and 2006, respectively.  The letters of
credit / guarantees are required in connection with warranties the Company offer
on certain aspects of the  construction  and materials in developed  projects in
accordance with Danish law. The letters of credit/  guarantees  normally cover a
period of approximately  five years. The estimated future warranty  liability at
June 30, 2005 and 2006 was DKK 0 and DKK 0, as the Company  acquires  letters of
credit / guarantees  from the underlying  contractors and suppliers which offset
the letters of credit issued by the Company.

ASSET RETIREMENT OBLIGATIONS

        Asset retirement  obligations for wind turbines held, and changes to the
obligation for the years ended June 30, 2005 and 2006 consist of the following:

                                                             JUNE 30,
                                                      -------------------------
                                                      2004     2005        2006
                                                      ----      ---      ------
    Balance at the beginning of the year:               --       --         979
      Obligation on acquired assets                     --      979         858
      Obligations paid or sale of the asset                                (556)
    Accretion expense:
      Current year accretion expense                    --       --          31
      Revisions to estimate                             --       --        (224)
    Balance at the end of the year:                     --      979       1,088
                                                      ----      ---      ------


17.     STOCK OPTIONS

        A summary of the status of options granted at June 30, 2006, and changes
during the period then ended are as follows:

                                      F-37
<PAGE>


<TABLE>
<CAPTION>
                                                                                    For the Year Ended
                                                                                      June 30, 2006
                                                   ---------------------------------------------------------------------------------
                                                                       Weighted        Weighted Average              Aggregate
                                                                        Average           Remaining                  Intrinsic
                                                        Shares      Exercise Price     Contractual Term                Value
                                                                   -----------------------------------------
<S>                                                      <C>          <C>                  <C>                        <C>
Outstanding at beginning of period                       1,151        $     4.19           7.02 years                 $  2,098
Granted                                                      1              6.00           4.42 years                        -
Exercised                                                1,055              3.94                    -                        -
Forfeited                                                    -                 -                    -                        -
Expired                                                      1              6.78                    -                        -
                                                      ---------       ----------

Outstanding at end of period                                96        $     4.11           5.72 years                 $    997

Vested and expected to vest in the future                   96        $     4.11           5.72 years                 $    997

Exercisable at end of period                                96        $     4.11           5.72 years                 $    997

Weighted average fair value of options granted        1               $     5.29
</TABLE>


        The Company had no non vested options at the beginning of the period. At
June 30, 2006 the Company had no non vested options resulting in no unrecognized
compensation expense.

        The total  intrinsic  value of options  exercised  during the year ended
June 30, 2006 and 2005 was DKK 997 and DKK 2,097, respectively.  Intrinsic value
is  measured  using the fair market  value at the date of  exercise  (for shares
exercised)  or at June 30,  2006 and 2005 (for  outstanding  options),  less the
applicable exercise price.

        During the years ended June 30, 2006 and 2005, the Company received cash
of DKK 24,408 and DKK 0 upon the exercise of awards.  The Company realized a tax
benefit  due to the  exercise  of options of DKK 0 and DKK 0 for the years ended
June 30, 2006 and 2005.

        Common shares issued upon exercise of options are issued from  available
authorized but un-issued common shares.  As of June 30, 2006, the Company has no
plans to repurchase common shares issued upon exercise of options.

        The  following  table   summarizes   information   about  stock  options
outstanding as of June 30, 2006:

<TABLE>
<CAPTION>
                                                 WEIGHTED AVERAGE        WEIGHTED-
                                                     REMAINING            AVERAGE
        RANGE OF                  SHARES            CONTRACTUAL           EXERCISE           SHARES            WEIGHTED-AVERAGE
     EXERCISE PRICES           OUTSTANDING             LIFE                 PRICE          EXERCISABLE          EXERCISE PRICE
--------------------------   -----------------   ------------------    ---------------    --------------    ------------------------
<S>                                        <C>       <C>                   <C>                       <C>             <C>
      $2.85 - $2.85                        20        1.7 years             $2.85                     20              $2.85
      $3.76 - $3.76                        25        2.8 years             $3.76                     25              $3.76
      $4.75 - $4.75                        50        8.8 years             $4.75                     50              $4.75
      $6.00 - $6.00                         1        6.8 years             $6.00                      1              $6.00
                             -----------------   ------------------    ---------------    --------------    ------------------------
          Total                            96        5.7 years             $4.11                     96              $4.11
                             -----------------   ------------------    ---------------    --------------    ------------------------
</TABLE>

                                      F-38
<PAGE>


        No  compensation  cost is  recognized  in  income  for any of the  years
presented  above as the options can be  exercised at a price equal to or greater
than the price on the date of grant.

18.     PENSIONS

        During the year ending  June 30,  2004,  2005 and 2006,  the company has
recognized expenses for defined  contribution pension agreements paid to pension
and  insurance  companies on behalf of employees  totaling DKK 0 million,  DKK 0
million and DKK 0.2 million, respectively

19.     LITIGATION

        During  2005,  the Company  recorded a provision of DKK 1,500 for claims
arising from the  cancellation  of the contract with the  constructor  of Rodvig
Hytte og  Feriecenter.  The Company  cancelled the contract due to  considerable
delays and defects with the construction of the project. At October 31, 2005 the
High Court  ordered  the  company to pay  approx.  DKK  1,500,  but the  Company
appealed  immediately to the Supreme Court. The final settlement has to wait the
judgment of the Supreme Court.

        The  Company  is  from  time to  time  involved  in  routine  legal  and
administrative proceedings and claims of various types. While any proceedings or
claim  contains an element of  uncertainty,  Management  does not expect them to
have a material affect on our results of operations or financial position.

20.     SEGMENT REPORTING

        The Company's  Chief  Operating  Decision-maker,  as defined in SFAS No.
131, is considered to be  EuroTrust's  CEO. The Chief  Operating  Decision-maker
reviews  separate  consolidated   financial  information  for  the  Real  Estate
Development Segment and the Wind Energy Segment.  Each of the Company's business
segments  are managed  separately  because  they offer and  distribute  distinct
services to different customer segments. The Company therefore considers that it
has two  reportable  segments  under SFAS 131.  Revenues  are  generated  in the
country in which the property is located. During the periods presented all sales
were derived from real estate development in Denmark.

        The Chief Operating  Decision-maker  evaluates performance and allocates
resources based on profit or loss from  operations  before  interest,  gains and
losses on the Company's investment  portfolio,  and income taxes. The accounting
policies  of the  reportable  segments  are the same as those  described  in the
summary  of  significant  accounting  policies.  There  were no inter -  segment
transactions during the periods presented.

        The segmented data are as follows:

[BALANCE OF PAGE INTENTIONALLY LEFT BLANK]

                                      F-39
<PAGE>


20.     SEGMENT REPORTING - CONTINUED

<TABLE>
<CAPTION>
                                                                                 YEARS ENDED JUNE 30,
                                                              2004             2005               2006              2006
                                                          --------------   --------------   -----------------   --------------
                                                               DKK              DKK                                  USD
<S>                                                             <C>              <C>               <C>                <C>
REAL ESTATE DEVELOPMENT:
Net sales                                                       295,975          247,333             414,588           70,660
Operating expenses:
    Cost of sales (exclusive of depreciation)                   259,144          173,637             333,594           56,855
    Selling and marketing                                         1,218              907               1,049              179
    General and administrative                                    5,710            9,442              19,632            3,346
    Depreciation (excluding DKK112,  DKK245 and 245
    included in cost of sales)                                      339              520                 681              116
                                                          --------------   --------------   -----------------   --------------
    Total operating expenses                                    266,411          184,506             354,956           60,496
                                                          --------------   --------------   -----------------   --------------
Operating income (loss)                                          29,564           62,827              59,632           10,164
                                                          --------------   --------------   -----------------   --------------
Capital expenditure                                               2,086              240               2,393              408
                                                          --------------   --------------   -----------------   --------------
Total assets                                                    482,180          503,065           1,926,539          328,346
                                                          --------------   --------------   -----------------   --------------

WIND ENERGY
Net sales                                                             0                0              19,200            3,272
Operating expenses:
    Cost of sales (exclusive of depreciation)                         0                0               1,202              205
    Selling and marketing                                             0                0                   0                0
    General and administrative                                        0              910               7,061            1,203
    Depreciation                                                      0                0               5,136              875
                                                          --------------   --------------   -----------------   --------------
    Total operating expenses                                          0              910              13,399            2,283
                                                          --------------   --------------   -----------------   --------------
Operating income (loss)                                               0            (910)               5,801              989
                                                          --------------   --------------   -----------------   --------------
Capital expenditure including deposits                                0                0                   0                0
                                                          --------------   --------------   -----------------   --------------
Total assets                                                          0          108,573             362,008           61,698
                                                          --------------   --------------   -----------------   --------------

CONSOLIDATED
Net sales                                                       295,975          247,333             433,788           73,932
Operating expenses:
    Cost of sales (exclusive of depreciation)                   259,144          173,637             334,796           57,060
    Selling and marketing                                         1,218              907               1,049              179
    General and administrative                                    5,710           10,352              26,693            4,549
    Depreciation                                                    339              520               5,817              991
                                                          --------------   --------------   -----------------   --------------
    Total operating expenses                                    266,411          185,416             368,355           62,779
                                                          --------------   --------------   -----------------   --------------
Operating income (loss)                                          29,564           61,917              65,433           11,153
                                                          --------------   --------------   -----------------   --------------
Capital expenditure including deposits                            2,086              240               2,393              408
                                                          --------------   --------------   -----------------   --------------
Total assets                                                    482,180          611,638           2,288,547          390,044
                                                          --------------   --------------   -----------------   --------------
</TABLE>


        DKK amounts have been  converted  into US$ at an exchange rate of $1=DKK
5.8674.

SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

Real Estate Development:

        During  April  2006,  the Company  issued  22,050,000  common  shares to
acquire  all of the  issued  and  outstanding  shares of Aktiv  Gruppen  holding
1,000,000 in an  acquisition  accounted for as a  recapitalization  of EuroTrust
A/S.

        During June 2006, the Company issued  2,650,000 common shares to acquire
the remaining 50% interest in AGH Norge A/S.

                                      F-40
<PAGE>


        During  2006,  the Company  sold DKK 103  million in  property  held for
resale and recorded a mortgage deed receivable in the amount of DKK 99 million.

        During June 2006,  the Company  acquired the  consolidated  entity of 2S
Ejendomsinvest  ApS for DKK 134  million  and  recorded  a payable  for land and
subsidiaries.

        The Company borrowed DKK 2,400 to purchase automobiles.

        During June 2006,  the Company  acquired  DKK 143,636 in land for resale
and future  development  and DKK 39,434 in  construction  projects  through  the
acquisition  of St. Rorbaek I Byudvikling  ApS, St. Rorbaek II Byudvikling  ApS,
St. Rorbaek III Byudvikling ApS,  Gribskov Bolig ApS, Den Gamle  Skibssmedie ApS
and projects through the issuance of notes payable.

        During 2005,  the Company sold DKK 8,471 in property  held for resale on
mortgage deed receivables.

        During  2004,  the Company  purchased  DKK 91,981 of  property  held for
resale through short and long term borrowing.  The Company sold DKK 8,224 of the
property on mortgage receivables.

        Wind Energy:

        During 2006, the Company  acquired a 50% interest in Windpark  Wriezener
Hohe GmbH & Co KG, which owns 13 wind turbines for DKK 22,091.

        During  2006,  the  Company  acquired  DKK  220,157 in wind  turbines by
purchasing  the  following  German  parnerships:  EWF Eins Vier GmbH & Co KG, UW
Thrana  GmbH & Co KG,  EWF,  Zwei Eins GmbH & Co KG,  UW  Nielitz  GmbH & Co KG,
Komplementarselskabet Difko Buchbrunn I ApS, K/S Difko Buchbrunn I.

        During  2006,  the  Company  purchased  the  remaining  75%  interest in
Windpark  Timpberg GmbH & Co Zehnte Wind KG for DKK 5,382 and recorded a capital
distribution  of DKK  1,758 to adjust  the  carrying  value of the wind  turbine
purchased from the related party to the related party's carryover basis.

        During 2006,  the Company sold DKK 55 million in wind  turbines  through
the  sale  of  Windpark  GmbH & Co.,  KG  Birgter  Windenergie  GmbH & Co and KG
Paderwind GmbH & Co. KG and recorded a loss of DKK 200.

        During  2005,  the  Company  acquired  DKK  99,239 in wind  turbines  by
purchasing  the  following  German  partnerships:  EWF Drei Funf GmbH & Co.  KG,
Win:pro Invent Gmbh & Co. Neunte Wind KG, Aktiv Wind GmbH,  UPEG 8 Windpark GmbH
& Co., KG Birgter Windenergie GmbH & Co and KG Paderwind GmbH & Co. KG.

21.     SUBSEQUENT EVENTS

        As of July 4,  2006 the  company  acquired  a  controlling  interest  in
European Wind Farms A/S, for a purchase price of DKK 120 million  (approximately
$20.5 million) and 915,500 ordinary shares of EuroTrust. The cash purchase price
will be paid to European  Wind Farms in exchange for newly issued shares and the
915,500  shares of  EuroTrust  will be issued to the  existing  shareholders  of
European Wind

                                      F-41
<PAGE>


Farms in exchange for certain of the shares owned by them.  Upon  completion  of
the transactions EuroTrust will own 50.25% of the outstanding shares of European
Wind Farms.

        As of October 11, 2006 the company  acquired a  controlling  interest in
Enerteq ApS, Enerteq Vitalba ApS, and agreements to purchase 100% of JBH Gruppen
A/S and Real  Ejendomme  A/S,  for an aggregate  purchase  price of up to DKK 21
million (approximately $3.6 million) and 1,070,000 ordinary shares of EuroTrust.
The cash purchase price to be paid to the  shareholders  of JBH Gruppen and Real
Ejendomme  will be payable DKK 4 million at closing and up to an additional  DKK
17 million  based upon the gross margin  earned by Euro Trust of two large scale
real estate development projects expected to be completed by the end of 2007 and
2008  respectively.  The  1,070,000  shares of  EuroTrust  will be issued to the
respective shareholders of Enerteq ApS, Enerteq Vitalba ApS, JBH Gruppen A/S and
Real Ejendomme A/S. The  shareholders of the Enerteq  companies have agreed that
they may not dispose of the shares for at least 3 years and the  shareholders of
JBH  Gruppen  and Real  Ejendomme  have  agreed that they may not dispose of the
shares for at least 1 year up to 5 years.

        Upon  completion  of the  transactions  EuroTrust  will own 50.5% of the
outstanding  shares  of  Enerteq  ApS and  Enerteq  Vitalba  ApS and 100% of the
outstanding shares of JBH Gruppen A/S and Real Ejendomme A/S.

        The acquisition of Real Ejendomme A/S will close on January 1, 2007, and
the deadline for the  completion  of the due diligence in regard to the proposed
acquisition of JBH Gruppen A/S, is extended to January 15, 2007.

        As of December 18, 2006 the company announced that Aktiv Gruppen Holding
A/S (a wholly owned  subsidiary of EuroTrust) has entered into an agreement with
Folkeferie.dk  (Dansk FolkeFerie)  wherein Aktiv Gruppen will be responsible for
the development of between 6 and 8 of Folkeferie.dk's holiday centers in Denmark
over the next 2-3 years.  Aktiv Gruppen will be responsible  for the preparation
of plans for the  centers'  renovation,  developing a plan for  optimization  of
future operations and for expansion and sale of additional units at the centers.
Folkeferie.dk  will  retain its role as owner and  operator of the  centers.  As
compensation for its role in the development of the centers,  Aktiv Gruppen will
receive a  commission  on the future sale of the centers as well as a portion of
the profits from the development of the centers.

        As of December 20, 2006 the company  announced  that it has entered into
agreements  to  purchase  the rights to four wind farm  development  projects in
Spain,  Poland  and Italy with an  accumulated  capacity  of 216 MW,  capable of
supplying the renewable electricity requirements of some 170,000 homes.

        Two of the projects, a 41 MW wind farm project in Spain and a 51 MW wind
farm project in Poland,  will begin  construction in the 1st quarter of 2007 and
are expected to begin  commercial  operation before the end of 2007. The Spanish
project is located northeast of Cadiz in the Andalusia Region in an agricultural
area. The Polish project is situated in Eastern Pomerania, some 5km south of the
Baltic Sea and 13km west of Kolobrzeg,  and is located in flat coastal  terrain.
The two projects in Sicily, Italy are in the final stages of development and are
expected to begin commercial  operation in 2008 or early 2009. Both projects are
on agricultural land in Southern Sicily.

        The  developer  of  all  four  projects  is  a  leading  German  project
developer,  WKN Windkraft Nord AG. Firm orders have already been placed for wind
turbines  for the  Polish  site.  When the four  wind farm  projects  are all in
commercial  operation they are expected to represent a total investment value of
approximately  280 Million  Euro  (approximately  370 Million USD at the present
currency  exchange  rate

                                      F-42
<PAGE>


EUR/USD 1,32) and generate estimated average annual revenues of 44 Million Euros
(approximately 58 Million USD).

        As of  December  20, 2006 the company  announced  that it has  privately
placed  3,600,000  newly issued ordinary shares for (U.S.) $52.2 million ($14.50
per share), with two UK institutional investors, Invesco Perpetual and BlueCrest
Capital  Management.  As a result of the placement,  Invesco  Perpetual and Blue
Crest hold a 15.2% and 1.6% shareholder stake in EuroTrust respectively.

                                      F-43
<PAGE>


                                INDEX TO EXHIBITS

                                    EXHIBITS

   1.1  Amended  Articles of  Association of the  Registrant,  as of December 6,
        2001 (1)

   1.2  Rules of Procedures of the Registrant, as amended (2)

   2.1  Employee and Director Subscription Option Plan (4)

   4.5  Form of Employment  Agreement  between the Registrant and Bo Kristensen,
        effective as of January 1, 2005 *

   4.6  Form of  Employment  Agreement  between the  Registrant  and Soren Degn,
        effective as of January 1, 2005 (4)

   4.7  Share Purchase  Agreement for the purchase of 100,000 ordinary shares of
        AGH Nordan Invest A/S between the  Registrant and Kalodde AS dated April
        25, 2006*

   4.8  Share Purchase  Agreement for the purchase of 50,000  ordinary shares of
        AGH Nordan Invest A/S between the Registrant and Sorprosjekt  Holding AS
        dated April 25, 2006*

   4.9  Share Purchase  Agreement for the purchase of 100,000 ordinary shares of
        AGH Nordan Invest A/S between the  Registrant  and Soren Hager Holding 2
        ApS dated April 25, 2006*

  4.10  Share Purchase Agreement for the purchase of 2S Ejendomsinvest ApS dated
        as of June 2, 2006*

  4.11  Share  Purchase  Agreement  for the  purchase  of a 50.25%  interest  of
        European Wind Energy Farms A/S dated as of May 10, 2006*

   8.1  List of the Subsidiaries of the Registrant *

  11.1  Code of Ethics (3)

  12.1  Chief Executive Officer Certification pursuant to Rule 13a-14(a) or Rule
        15d-14(a)*

  12.2  Chief Financial Officer Certification pursuant to Rule 13a-14(a) or Rule
        15d-14(a)*

  13.1  Chief Executive Officer Certification pursuant to Rule 13a-14(b) or Rule
        15d-14(b) and 18 U,S,C, Section 1350*

  13.2  Chief Financial Officer Certification pursuant to Rule 13a-14(b) or Rule
        15d-14(b) and 18 U,S,C, Section 1350*

-----------
* Included herewith.

(1)     Filed as an exhibit to the Company's  Annual Report on Form 20-F,  filed
        on June 27, 2002, and incorporated by reference herein,.

(2)     Filed as an exhibit to the Company's original filing of the Registration
        Statement on Form F-1 (File No,  333-7092),  filed on June 20, 1997, and
        incorporated by reference herein.

(3)     Filed as an exhibit to the Company's  Annual Report on Form 20-F,  filed
        on September 23, 2003, and incorporated by reference herein.

(4)     Filed as an exhibit to the Company's  Annual Report on Form 20-F,  filed
        on June 3, 2005, and incorporated by reference herein.