Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Munkebjergvænget 1, 3. og 4. sal 5230 Odense M 2022-07-01 2021-07-01 2023-06-30 2022-06-30 19757803 Dymak A/S Holkebjergvej 120 5250 Odense SV Odense PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Munkebjergvænget 1 5230 Odense M Danmark 2023-08-30 Claus Juul Bøgelund Regnskabsklasse C, stor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of Dymak A/S for the financial year 1 July 2022 - 30 June 2023. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 30 June 2023 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2022/23. We recommend that the Annual Report be adopted at the Annual General Meeting. Odense 2023-08-30 Claus Juul Bøgelund CEO Kristian Kristiansen Executive Officer Per Høholt Chairman Lisbeth Dau Claus Juul Bøgelund Marianne Tochtermann To the Shareholder of Dymak A/S Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 30 June 2023 and of the results of the Group’s and the Parent Company’s operations and of consolidated cash flows for the financial year 1 July 2022 - 30 June 2023 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Dymak A/S for the financial year 1 July 2022 - 30 June 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financials Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s and the Group’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Odense 2023-08-30 Odense 2023-08-30 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Mette Plambech statsautoriseret revisor mne34162 Seen over a five-year period, the development of the Group is described by the following financial highlights: 407840000 286174000 248736000 81471000 61233000 48737000 39157000 23012000 15372000 4269000 6775000 -3920000 -333000 371000 30465000 17945000 14091000 170693000 75698000 66126000 39227000 36853000 40222000 -1783000 -511000 -1912000 -680000 -155000 115 98 100 30.1 38.2 23 30.4 23.2 71.8 48.6 23 48.7 60.8 36.9 97.6 80.1 46.6 42 Dymak’s business model Dymak is a global B2B company focused on the “green world". Garden centres and growers comprise our primary target group, and major markets are the US, the Netherlands and Canada. Main product categories include plant accessories such as pots and vases, as well as garden centre products such as garden furniture. Today, the products are designed in Denmark and primarily produced in China, Vietnam and India, and it is the Company’s clear objective to increase its supplier diversification in the coming years. Dymak has a niche in the market with a strong focus on small target groups, where the ambition is to achieve a strong global presence. The Company only produces to order and has no production facilities of its own. Instead, we are a key part of a value chain partnership, which includes the producer and the customer. The close partnerships provide Dymak with great insight into what drives the market and sales at the customers, allowing the Company to develop essential product concepts for customers, including private label ranges and direct deliveries from factory to customer. Strategy 2023 Dymak's purpose is to have "A Good Day at Work". As our employees are our greatest asset, we consider a good working environment and good overall terms and conditions as crucial if we are to realise the remaining ambitions of the Company. The Company's decision to be present locally and having our own employees at all significant production and sales locations increases the need to use values as a guide. Dymak's values are founded in Denmark, and a constant effort is, therefore, required to ensure that these values are preserved in the very different cultures of our global offices. We believe that a common global language is necessary and will become a competitive parameter when we as a company are to meet the ESG targets that will very soon govern international trade Dymak's values/characteristics • Dynamic – we adapt and act as first movers in our industry • Innovative – we design exciting products and concepts • Reliable – we deliver quality and compliance globally • Transparency – we share information and build trust Our main success criterion is to have the products recommended by us sold out according to plan. Our responsibility does not end with the delivery; it ends when the product has been sold to the end user. Dymak is seeking to strengthen its three core competences; "Global Sourcing", "Information Technology" and "Customised Services". A common thread of these skills is the boots-on-the-ground approach, where local presence ensures close contact with both factories and customers. The model is visualised by the following headlines: Development in activities and finances The Group's gross profit for the financial year 1 July 2022 - 30 June 2023 is DKK 101,859,000 compared to DKK 152,000,000 last year, and the Group's profit after tax is DKK 39,099,000 compared to DKK 72,794,000 last year. The negative development is, for example, a result of an extraordinarily low demand due to a shift in consumer behaviour from physical products towards services, as well as large inventories at our customers due to rising inflation, weakened consumer confidence, etc. The Group’s balance sheet at 30 June 2023 shows equity of DKK 101,318,000 compared to DKK 109,155,000 last year. Canada is an important market for the continued development of Dymak's operations in North America. During the financial year, Dymak established its own organisation in Canada as part of the Company's strategy to be close to all significant production and sales locations. Under the circumstances, Management considers the results for the year satisfactory. Development in the year The expectations set out in the most recent Annual Report encompassed a minor decline in activity level and results. The decline was larger than anticipated and, in addition to the macroeconomic trends indicated above, also significantly affected by a decline in freight rates. The increased complexity of global trade is expected to strengthen the Company's competitiveness in the long term. Special risks As the geopolitical development entails an increasing risk to international trade in general, we are making a targeted effort to diversify our supply chain through a greater diversification of sourcing countries. To support the continued diversification of our supply chain, we have established local procurement offices in Mexico, Vietnam, Indonesia, India and Turkey. In 2022/23, the target procurement share in these countries was 18%, which was achieved. The target for 2023/24 is 20%, and for 2024/25 it is 25%. The somewhat slow diversification rate is mainly due to a lack of competent production capacity, but also to a highly competent procurement office in China. In order to support a smoother transfer of know-how from China to the other procurement offices, an organisational change was implemented as of 1 July 2023 and a global quality control centre was established. Dymak's most immediate risk is product quality. To ensure and maintain high-quality products at all times, the Group is represented locally by its own employees, who on average make three inspections per production: Typically, these comprise a pre-production inspection where Code of Conduct and specific certification requirements are checked, and packaging is ordered from the factory's subcontractors. Then a production inspection is carried out, during which a number of samples are selected for inspection in accordance with the order specifications. Lastly, a final inspection is performed, where packaging, labels, moisture level, etc., are checked. All inspections are documented using customised software and will be made available to customers on request. The Group has a target claim ratio of < 1.0%. IT security poses a risk which is mitigated through a global cyberrisk agreement with a leading security provider. An intrusion detection system has thus been deployed globally in all entities of the Group, and no software can be procured without central verification. In the current financial year, the focus has been on configuration of corporate assets and software, access control, account management, data recovery and malware protection. Dymak met its CIS target for Implementation Group 2 in 2022. In 2023, we will focus on continuous vulnerability management, audit log management, network monitoring and defence, network infrastructure management, as well as security awareness and skills training. Dymak's goal for 2024/25 is a CIS Basic Cyber Hygiene of 80%. About 80% of the currency exposure to USD is hedged. Exposure to other currencies is considered insignificant. Credit insurance has been taken out via a global Group agreement in respect of approx. 90% of total receivables compared to approx. 80% last year. Since Dymak has had no significant bad debts in the past ten years, the Company has achieved a better rating than last year. Know-how and Research The Group's most important resource is its highly skilled and motivated employees. 10% of the Group's expenses are allocated to concept innovation, IT/AI investments, ESG Skills, supply chain diversification and, not least, investment in employee learning and development. Significant initiatives in 2023 include: • Establishment of a new cloud-based ERP platform • QC Centre to ensure best-practice quality control across production countries • PC Centre to ensure best-practice supply chain procedures • Moreover, the Company is working on an AI project concerning Dymak's unique image database containing more than 80,000 samples, including supplier details Development expectations In the financial year 2023/24, the activity level is expected to be slightly below this year’s level. This is due to cautious customers as a result of their continued large inventories. In addition, a tripling of the investment budget targeted at IT structure/AI, ESG-related projects and competence development in new production countries will affect earnings in the short term. Continued investment in the development of the new target group will also have an adverse effect on earnings. However, this does not change Dymak's current ambition, which is to double gross profit in the period towards 2024/25. Dymak has identified four trends, which we expect to impact our overall objectives towards 2024/25. Statement of corporate social responsibility Uniqueness As our society changes, so does the need for fulfilment of more specific demands. Consumers are increasingly demanding products that meet more complex purchase criteria such as sustainable production, storytelling, specific events or the like – in other words, the demand for specialties and special concepts is increasing. Response A challenge to ‘uniqueness’ is that the development and delivery of new products directly from the factory are more complicated than the delivery of standard products through a storage facility. Dymak's value proposition meets this particular trend, and it is our mission to ".... source unique products". The Company's image database of 80,000 thorough product descriptions is a crucial tool in the process, and, in 2022/23, we developed over 8,000 new, special/unique products in close cooperation with our customers. In future, AI will help increase the value of this database for the purpose of ensuring efficient product development. Corporate social responsibility report, cf section 99 a of the Danish Financial Statements Act The Company's business model is shown on page 8. Statement of corporate social responsibility (CSR) Dymak impacts, to varying degrees, the communities in which the Company operates. As a Danish owner-managed business, the Company finds it only natural to carry out responsible operations and act with care in the local communities. Dymak intends to ensure a profitable and sustainable approach to social, environmental and climate matters. Both in terms of operations and at strategic level. Our CSR work has been approved by Management and Dymark’s Board of Directors and is embedded in the ESG & Compliance department. Dymak is continuously making progress in the CSR area, and it is very important to the Company to make a considerable effort in the future. Among other initiatives, a working group was established at the end of the financial year to clarify the scope of and correct approach to, for example, new EU rules (CSRD, EU taxonomy, etc.). Said group will also be initiating the implementation of the measures deemed necessary to enter into a dialogue with, and meeting future requirements of, customers, stakeholders, business partners and legislation. Dymak considers the UN's Sustainable Development Goals an important focal point for the Company's work with corporate social responsibility. The goals were reviewed carefully in the past year and assessed according to Dymak's business. This resulted in the addition of a new goal, namely UN-8 focusing on decent work for all. Otherwise, we will remain focused on UN-12, UN-13 and UN-17, as these four goals all support areas in which Dymak's business is considered to have the greatest opportunity to contribute. To support its work with corporate social responsibility, Dymak became a member of the UN Global Compact Network in 2022. The purpose of the network is to support enterprises intending to carry on a responsible business by implementing the Global Compact's ten principles within human rights, labour rights, anti-corruption and the environment. The first report was thus submitted in the spring of 2023. Risks relating to CSR Based on the conditions that are significant to the Company to run a healthy business, Dymak has performed a risk assessment in relation to social responsibility. The risk assessment includes an assessment of the Company’s impact on the environment and climate, social and employee matters, human rights and anti-corruption. The biggest environmental and climate risks are related to the actual production carried out by third parties.Dymak is aware of the potential risks associated with its presence in Asia, Türkiye and Mexico, particularly challenges related to human rights and corruption. Dymak actively seeks to mitigate such potential risks by, for example, being present locally with its own employees close to the factories. Dymak also acknowledges the risks related to the challenges of attracting and retaining talented employees, as well as the climate impact of the transport of goods and the Company's operation of offices. The transport impact is attempted limited through direct deliveries from the factory to the various points of sale, so that carriage to and from a warehouse facility is avoided. Materiality assessment of risks/opportunities The risk assessment includes relevant risks and potential opportunities to influence and/or prevent or avoid potential and adverse impacts from the above six matters. AreaRiskDegree of impactEnvironment and climateEnvironmental and climate impact of own offices and warehousesHighEnvironmental and climate impact of products (depending on material type) MediumEnvironmental and climate impact on supply chain (production, transport)MediumClimate impact of end-of-use products (dismantling, sorting and recycling) LowSocial and employee conditions (own employees) and gender representationRights and working conditions, including employee satisfaction, accidents, sickness absence and employee turnover ratio.Attract and retain skilled employeesEnsure equal gender representation at Board of Directors and Management levelHighHuman rights in the value chain Rights and working conditions in the supply chain (human rights and employee rights at suppliers)MediumProduct safety (consumers)HighGovernance and anti-corruptionCorruption in the supply chainMedium/highData security (GDPR, cyberthreats, etc.)Medium/high Dymak strives to do its utmost to identify, prevent and mitigate the above risks. The risk picture is assessed on an ongoing basis by top management and Dymak's ESG and Compliance department. In the spring of 2023, as part of the preparation of a formalised policy in the area, Dymak identified 11 ESG KPIs, all of which will support the four UN Sustainable Development Goals. The KPIs include: • Decision on the proportion of suppliers who must commit to social certifications (BSCI, Sedex), CoC and Dymak Supplier Agreement – which will all support decent working conditions (UN-8). • Decision on the number of suppliers, the volume of business carried out, focus on more direct deliveries and number of factory audits – which will all support sustainable production patterns (UN-12). • Decision on the reduction of CO2 emissions using renewable energy – for the purpose of combatting climate change (UN-13). • Decision on the proportion of sourcing from different developing countries – which will support global partnerships focusing on sustainable development (UN-17). Tracking and follow-up will be initiated in the next financial year. Environment and climate Dymak is continuously working on minimising its negative impact on the environment and climate. The biggest environmental and climate risks are related to the actual production. Often, the manufacturing process (for example firing of ceramics) is energy intensive. On selected shipping lanes, Dymak has entered into agreements with carriers about bio-fuelled transport. Dymak is aware of the environmental and climate impact of its warehouse and offices. To meet this challenge, Dymak has installed solar cells at its head office and invested in European solar parks to cover all CO2 emissions from its own offices. In the view of the Group, travelling should be limited to the extent possible from a business perspective. In addition, based on new rules in the area, sorting of waste has been introduced at the head office in Denmark. Cardboard, plastic (LDPE/transport film) and food waste are recycled. Being a merchandising business, the Company has limited influence on the end-of-use environmental and climate impact of discarded Dymak products, and therefore, it does not carry out separate work in this area. In relation to ensuring proper conditions (biodiversity, aquatic environment, the rights of indigenous peoples and forest workers) and preventing deforestation, Dymak is FSC-certified (Chain of Custody). The audit was carried out by Bureau Veritas at the beginning of 2023, and no remarks were made. In the past year, formalisation of the supplier selection process became a focal point.The process includes criteria for selection, mitigation of risks, potential for improvement, signing of a supplier agreement and Code of Conduct and, finally, a physical audit at the production site, where relevant working conditions are reviewed before a supplier can be approved. The compliance IT tool for performance of the audit, referred to in last year's Management’s Review, is now in operation. The tool is used by our own quality control officers and ensures continuous focus on both environmental and climate aspects of production as well as social conditions and governance (anti-corruption). Following an audit, a report is generated which forms the basis for an overall assessment of whether the supplier meets the requirements set out in the supplier agreement, etc. In the coming years, Dymak will make a targeted effort at reducing the number of suppliers. This will contribute to a more efficient production process, which will optimise energy consumption and reduce waste. In addition, the Company will attempt to increase the number of direct deliveries, which will reduce transport and associated CO2 emissions where possible. Social matters Dymak continuously contributes to the improvement of social conditions by requiring new suppliers to be BSCI-certified at C level or become BSCI-certified as a minimum at C level within six months. In addition, Dymak is a member of Amfori. Amfori empowers companies to operate successful and responsible businesses, by helping them improve the environmental, social and governance performance of their value chains. Dymak's quality control officers make at least three visits: before, during and after production, while applying the proprietary compliance tool to review the production facility's management of the environment, climate, human rights and anti-corruption. In addition, the Company is actively working to increase the share of BSCI or Sedex-certified suppliers in the future. Staff matters Dymak accepts broad social responsibility for all players in our value chain, but we are first and foremost responsible for our own employees. We have chosen to live up to this responsibility by creating a working environment that ensures "A Good Day at Work" for everybody. "A Good Day at Work" is prioritised above everything else as it is seen as the very prerequisite for developing the Company's competitiveness. Dymak's low employee turnover rate is an indication of success in terms of creating "A Good Day at Work". Out of 150 employees, a total of six employees terminated their employment with Dymak last year, corresponding to a retention rate of 96%. The results of this year's Satisfaction Survey also contribute to this picture. An overall score of 4.3 on a scale of 1 to 5 reflects a group of employees who are generally very satisfied with their workplace Our new HQ is under construction. The building will be DGNB Gold certified (the environment), Heart certified (staff matters), CO2 neutral in operation and will generally embrace a good working life. It is the ambition that employees will be showing up at the office because they want to, not because they have to. Dymak is an inclusive workplace without discrimination, and where employees are hired solely based on their skills and a set of values consistent with our internal values. Our staff data are handled in software designed specifically for GDPR compliance. In the coming year, "A Good Day at Work" will remain our focal point and a job satisfaction survey will, in line with previous years, be conducted to track our development. Human rights Dymak is continuously working on increasing the proportion of BSCI-certified suppliers. The reason for this is that the main risks associated with human rights are the conditions at the factories, including observance of working hours, ventilation, etc.Areas targeted by the BSCI. Dymak believes that human rights are complied with to a greater extent when quality control officers are present locally and address the above conditions during their inspections. Any issues are pointed out to the factory management. Depending on the nature of the issue, a deadline of one to six months is set for the supplier to rectify the situation. We did not, during our visits to the factories, identify any significant inconsistencies with Dymak's guidelines or the BSCI rules, and all suppliers with unacceptable scores have cooperated to meet the Company's social compliance requirements. As product safety at the end user is essential, Dymak has made a strategic choice to eliminate the sale of selected product groups that could potentially entail a risk to the end user. In addition, efforts are made to minimise the use of glazing containing harmful chemicals, and the Company is actively promoting the sale of products which, from a manufacturing perspective, are less harmful to the environment and climate. These include pottery made of paper where the energy-intensive firing process known from the production of ceramics is avoided. Dymak is a global company, but with values that are clearly Danish. As such, we want to support democracy and free speech. Dymak is therefore “Democracy Supporter" at the 2023 Copenhagen Democracy Summit. The sponsorship has been signed with the "Alliance of Democracies Foundation", under the leadership of Anders Fogh Rasmussen, former Prime Minister of Denmark and Secretary General of NATO. Dymak is committed to the communities of which the Company is a part, and therefore, we support, for example, the Danish Children’s Rights National Organisation. In the year to come, all our new suppliers must sign Dymak's Code of Conduct and Supplier Agreement. Anti-corruption and anti-bribery Dymak has prepared and applies both an internal and an external Code of Conduct. From this, it is clear that corruption and bribery are strictly forbidden, both by Dymak's employees and at the production facilities. As a global player, Dymak knows that the concept is interpreted differently across cultures and, for this precise reason, the Company continues to communicate and control this matter. The policy is translated into action by asking all employees in the production areas to sign a declaration clearly stating that corruption and bribery are reported to the police and will lead to termination of employment and cancellation of any bonuses earned. It is the Company's view that the partnerships established by Dymak through its local presence at the factories reduce the risk of corruption and bribery, both now and in future. In the past year, an Honesty Agreement was drawn up as an addendum to the Supplier Agreement. The document contains clear guidelines as to which actions are considered to resemble corruption. Suppliers must inform Dymak immediately if they become aware of behaviour resembling corruption. As part of a risk assessment, selected suppliers in selected markets were tested on a sample basis. Where indications of deviant behaviour existed, measures were taken to prevent corruption and bribery. Going forward, Dymak will continue to encourage suppliers and employees to report behaviour resembling corruption. A whistleblower scheme will be implemented in the coming year. Report on gender representation, cf section 99 b of the Danish Financial Statements Act Report on data ethics policy, cf section 99 d of the Danish Financial Statements Act Data ethics Dymak is aware of its responsibility to treat all external and internal stakeholders' data safely and securely. IT and data protection policies have been prepared, which are available to all employees on Dymak's intranet. The policies cover the use of hardware and software, as well as guidelines for IT security and implementation of the GDPR. Ongoing training is carried out across the organisation where needed to ensure that the employees involved act correctly as regards data ethics in their daily work. Data processing agreements are drawn up with external partners, and only sensitive personal data are registered in systems that comply with the GDPR rules. Dymak operates in the business-to-business market, which means that Dymak only has business-to-business information, including contact information on customers and suppliers. Personal data on employees are collected solely for the purposes of employment. Personal data may not be used for purposes other than that for which the data were originally provided. In addition, the ongoing data ethics efforts and policies are evaluated continuously to ensure compliance with the policies across the organisation. Uncertainty with recognition and measurement Recognition and measurement in the Annual Report have not been subject to any uncertainty. Unusual circumstances No unusual events have occurred. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Employability More flexible requirements in terms of physical presence at the workplace increase the ability of businesses to attract talented employees from a larger geographical area. However, this trend also makes the competition for the same talent more intense, which in turn imposes requirements on organisations to be an attractive workplace. Response Dymak is perfectly aware of the importance of creating an attractive workplace for talented people – we consider this a crucial competitive parameter. Therefore, the response to this trend should obviously be made by Dymak’s employees. For practical reasons, however, we include a comment from Dymak's Head of People & Culture (hcm@dymak.dk): By "Having a good day at work" as our overall purpose, Dymak applies special focus to the well-being of its employees. Based on the job satisfaction survey which we have conducted and subsequently worked with in the past year, the employee group believes that Dymak stands out positively in the following ways: • Strong team spirit in an informal environment with a flat organisation • Team development through joint professional and social events – also across national borders • Joint celebration of successes • Individual development – both professionally and personally • Good personal terms, including flexible working hours adapted to the employee’s personal situation and position in life as well as a competitive salary Compliance Customers’ increased focus on ESG has become more intense in recent years, and with greater awareness, the risk is also greater if a supplier fails. Therefore, the customers are increasingly demanding value chains that are able to handle this increased complexity. Response Dymak is committed to building competencies within ESG in general and compliance in particular. Our own Compliance department is testing new products related to potential IP right infringements, and in connection with more complicated products, external advisers are involved. A couple of the initiatives are: • BSCI certification – Sedex certification: We are working on having our suppliers join a third-party social audit, for example the BSCI or Sedex, to ensure proper conditions at the factories • Our suppliers sign Dymak's Code of Conduct, Supplier Agreement and receive an Honesty Agreement • In collaboration with selected customers and suppliers, we are working on how to meet future CO2 emission requirements. • We have initiated the transition to the new EUDR requirement, which will enter into force in 2025 Supply Chain disruption Prior to COVID 19 and the war in Ukraine, the consensus was that the lowest possible total costs of a purchase was achieved by concentrating purchases with a few factories. This trend is now moving towards the application of a diversified approach, where delivery reliability from multiple factories, located in several geographical areas, is factored in with the total costs. Geopolitics and delivery reliability have become a criterion to the purchase decision. Response Dymak has for many years created value by selecting slightly smaller but highly specialised factories, and we are therefore well positioned in relation to this development. In addition, with the establishment of a Quality Centre to facilitate knowledge sharing, we ensure that an increasingly large share of our productions can take place in countries such as Indonesia, Vietnam and Türkiye. Production alternatives to China increase diversity in our supplier network. Board of Directors In the past year, the Board of Directors had four members: two women and two men. As Dymak meets the gender representation requirements in terms of female members on the Board of Directors, no target figures have been laid down in this respect. Other management levels At the end of the financial year, women accounted for 47% of Dymak’s management. As Dymak meets the gender representation requirements in terms of female managers, no target figures have been laid down in this respect. Recruitment When recruiting new employees, Dymak does not in general take account of gender, age, ethnicity or other characteristics that are irrelevant to the competences of the candidate. Recruitment is based solely on qualifications. Promotions Those who have been promoted to managers in the past year were internal candidates. The Company focuses on identifying employees with the drive and skills necessary to be promoted. Any supplementary training options and management courses which could be relevant to support the managers’ development have been considered. 455731602 712103245 293481602 554320861 0 0 15219910 11550773 330667459 537108819 276295888 511993186 23205347 22994395 11602487 11447085 101858796 152000031 20803137 42431363 54182899 60870535 20712614 30262768 4909345 4594055 4565466 4024269 42766552 86535441 -4474943 8144326 0 0 35375394 57804743 9568338 12352497 12960018 14817515 5299200 5577625 4837581 4433048 47035690 93310313 39022888 76333536 7936017 20516173 -309501 3736726 39099673 72794140 39332389 72596810 13870058 12502374 13426895 12046943 47143 94286 0 0 13917201 12596660 13426895 12046943 651180 0 0 0 1662736 1472177 561620 956142 2313916 1472177 561620 956142 0 0 15503735 12763568 1032898 1032898 1032898 1032898 8006917 6576000 8006917 6576000 9039815 7608898 24543550 20372466 25270932 21677735 38532065 33375551 1995047 0 0 0 15233435 66574193 2414445 13438352 7909222 13073775 7909222 13073775 25137704 79647968 10323667 26512127 23669629 95644550 3053464 13438401 0 0 19813086 129572476 21842253 23138412 12629070 10619347 2835267 3641105 1898839 1291894 48347149 122424067 37394459 154922118 43116717 2491129 41682257 0 116601570 204563164 89400383 181434245 141872502 226240899 127932448 214809796 1000000 1000000 1000000 1000000 1000000 1000000 1000000 1000000 0 0 8912977 9396614 45317652 66154518 36404675 56757904 55000000 42000000 55000000 42000000 497333 843634 0 0 101814985 109998152 101317652 109154518 1061761 1377925 1061761 1377925 1061761 1377925 1061761 1377925 0 28510872 0 28510872 34903 91888 0 91888 22363276 59953697 7393296 29188587 0 0 10270542 32818740 1006136 1529990 0 0 0 5638696 0 5638696 15591441 19139679 7889197 8028570 38995756 114864822 25553035 104277353 38995756 114864822 25553035 104277353 141872502 226240899 127932448 214809796 1000000 0 0 66154518 42000000 843634 0 -42000000 0 0 0 0 -1468595 0 -94800 0 -3719445 0 0 -15648826 55000000 -251501 1000000 0 0 45317652 55000000 497333 1000000 0 9396614 56757904 42000000 0 0 -42000000 0 0 -1449810 0 0 0 0 0 -3719445 0 0 -483637 483637 0 0 1449810 0 -17117421 55000000 0 1000000 0 8912977 36404675 55000000 0 39099673 72794140 7012829 25617028 83672095 -32163591 129784597 66247577 9569875 12351001 5300739 5576129 134053733 73022449 14414731 15393207 119639002 57629242 5445513 5411519 1783011 -108188 1430917 6607018 156899 0 -8502542 -11910349 28510872 30255298 0 1886148 42000000 13000000 -70510872 -45141446 40625588 577447 2491129 1913682 43116717 2491129 43116717 2491129 Geographical segments Revenue, Denmark 41.099.316 109.272.618 41.099.316 109.272.618 Revenue, exports 414.632.286 602.830.627 252.382.286 445.048.243 455.731.602 712.103.245 293.481.602 554.320.861 45248649 51685336 15911110 24960496 2773382 2756086 2190726 2373401 1444641 1503458 0 0 4716227 4925655 2610778 2928871 54182899 60870535 20712614 30262768 1993600 3401636 1993600 3401636 520000 335000 520000 335000 2513600 3736636 2513600 3736636 129 148 34 48 4124972 3756168 4077829 3709026 784373 837887 487637 315243 4909345 4594055 4565466 4024269 0 0 4193658 3242055 817458 805763 18317 57986 8750880 11546734 8748043 11517474 1084558 2567897 621177 1460927 4214642 3009728 4216404 2972121 5299200 5577625 4837581 4433048 8132152 21375731 0 4596284 -309501 -859558 -309501 -859558 113366 0 0 0 7936017 20516173 -309501 3736726 25019124 2207870 5457781 0 30476905 2207870 12529018 2113584 4077829 47143 16606847 2160727 13870058 47143 The Group's development projects consist of the development and implementation of a web-based IT solution and databasesfor use in the collection and processing of purposive data volumes. The costs include external development costs and arevalued in accordance with the expected support of the Group's principal activity of the enterprise Amortised over 5 years 3 years 0 16426479 651180 1131831 0 -197129 651180 17361181 0 14954302 0 770543 0 -26400 0 15698445 651180 1662736 Depreciated over 3-10 years 21769077 21769077 75090 0 21844167 21769077 -9005509 15083283 -1449810 7330560 33135897 58976432 -31948460 -89224096 687952 0 -47143 -47143 2286641 -1124545 -6340432 -9005509 Remaining positive difference included in the above carrying amount at 30 June Ikke lovkrav 47.141 94.284 Dymak Holland BV Holland 100 Dymak Xiamen Kina 100 Danflora Kina 70 Dymak India Limited Indien 80 Dymak USA Inc. USA 100 Dymak Limited England 100 Dymak Canada Canada 100 1032898 6576000 1032898 6576000 0 1430917 0 1430917 1032898 8006917 1032898 8006917 Other receivables include the positive fair value of currency forward contracts of TDKK 30 for hedging the price of the future financial year's future purchases in USD. Prepayments consist of prepaid expenses. 55000000 42000000 55000000 42000000 0 0 1449810 -22413839 -251501 197330 0 0 -15648826 30596810 -17117421 53010649 Provision for deferred tax at 1 July 1.377.925 2.237.483 1.377.925 2.237.483 Amounts recognised in the income statement for the year -309.501 -859.558 -309.501 -859.558 Amounts recognised in equity for the year (residual) -6.663 0 -6.663 0 Provision for deferred tax at 30 June 1.061.761 1.377.925 1.061.761 1.377.925 -9568338 -12352497 5299200 5577625 4909345 4594055 7936017 20516173 -1563395 7281672 54510262 -14282908 74076920 -33372551 -41195642 11796045 -3719445 3695823 83672095 -32163591 Charges and security The following assets have been placed as security with bankers: Company charges registered to the totalling kr. 35.000.000, providing security on accounts receivables, inventory, tangible and tangible assets at a total carrying amount of 23.184.925 59.529.613 23.184.925 59.529.613 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 880.477 712.457 471.682 413.705 Between 1 and 5 years 652.809 922.750 216.702 571.568 1.533.286 1.635.207 688.384 985.273 Lease obligations, period of non terminability 5-6 years. 9.479.089 11.837.423 6.648.897 7.839.572 Lease obligations regarding properties 127.185.272 127.185.272 127.185.272 127.185.272 Other contingent liabilities The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Bøgelund ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability. Basis Controlling interest Bøgelund ApS 70 % ejerandel Transactions There have been no transactions with the Supervisory Board, the Executive Board, senior officers, significant shareholders, group enterprises or other related parties, except for intercompany transactions and normal management remuneration. The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office Bøgelund ApS (største koncern udelad hvis samme som mindste) Sankt Peders Stræde 21, 2. 2 1453 København K Danmark (mindste koncern) 240000 210000 240000 210000 15000 0 15000 0 273102 248748 0 0 53345 274853 0 0 The Annual Report of Dymak A/S for 2022/23 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C . The accounting policies applied remain unchanged from last year. The Consolidated and Parent Company Financial Statements for 2022/23 are presented in DKK. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. The Consolidated Financial Statements comprise the Parent Company, Dymak A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company’s investments in the consolidated subsidiaries are set off against the Parent Company’s share of the net asset value of subsidiaries stated at the time of consolidation. Business combinations Minority interests form part of the Group’s total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquisition of subsidiaries. Business acquisitions carried through before 1 July 2018 Minority interests are recognised at the carrying amounts of the acquired assets and liabilities at the time of acquisition of subsidiaries. Business acquisitions carried through on or after 1 July 2018 Minority interests are initially measured at their proportionate share of the fair value of the acquired entity’s identifiable net assets. In this way, only goodwill related to the Parent Company’s share of the entity acquired is recognised. On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Changes in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk. Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in retained earnings under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction. Changes in the fair values of financial instruments that are designated and qualify as hedges of net investments in independent foreign subsidiaries or associates are recognised directly in equity as regards the effective portion of the hedge, whereas the ineffective portion is recognised in the income statement. Information on business segments and geographical segments based on the Group´s risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments. Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with wholly owned Danish and foreign subsidiaries. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans raised directly for financing the construction of property, plant and equipment are recognised in cost over the period of construction. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 3-10 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are recognised and measured under the equity method. The item“Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Fixed asset investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price. Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. Other fixed asset investments consist of deposit. Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of goods for resale, raw materials and consumables equals landed cost. The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Dividend distribution proposed by Management for the year is disclosed as a separate equity item. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan. Other debts are measured at amortised cost, substantially corresponding to nominal value. The cash flow statement shows the Group´s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group´s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents The cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand” and ”Overdraft facilities”. Goodwill is amortised on a straight-line basis over the estimated useful life of 5 years. determined on the basis of Management’s experience with the individual business areas. Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item “Reserve for development costs”. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 5 years. 19757803 2022-07-01 d:ConsolidatedMember e:ContributedCapitalMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:ContributedCapitalMember 19757803 2023-06-30 d:ConsolidatedMember e:ContributedCapitalMember 19757803 2022-07-01 d:ConsolidatedMember e:ReserveForNetRevaluationAccordingToEquityMethodMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:ReserveForNetRevaluationAccordingToEquityMethodMember 19757803 2023-06-30 d:ConsolidatedMember e:ReserveForNetRevaluationAccordingToEquityMethodMember 19757803 2022-07-01 d:ConsolidatedMember e:RetainedEarningsMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:RetainedEarningsMember 19757803 2023-06-30 d:ConsolidatedMember e:RetainedEarningsMember 19757803 2022-07-01 d:ConsolidatedMember e:ProposedDividendRecognisedInEquityMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:ProposedDividendRecognisedInEquityMember 19757803 2023-06-30 d:ConsolidatedMember e:ProposedDividendRecognisedInEquityMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember 19757803 2022-07-01 2023-06-30 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember 1 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember 1 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember 2 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember 3 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember 4 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember 1 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember 2 19757803 2021-07-01 2022-06-30 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:ProposedDividendRecognisedInEquityMember 19757803 2021-07-01 2022-06-30 d:ConsolidatedMember e:ProposedDividendRecognisedInEquityMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:ReserveForNetRevaluationAccordingToEquityMethodMember 19757803 2021-07-01 2022-06-30 d:ConsolidatedMember e:ReserveForNetRevaluationAccordingToEquityMethodMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:RetainedEarningsMember 19757803 2021-07-01 2022-06-30 d:ConsolidatedMember e:RetainedEarningsMember 19757803 2022-06-30 19757803 2023-06-30 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:ManagementMember 19757803 2021-07-01 2022-06-30 d:ConsolidatedMember e:ManagementMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:BoardOfDirectorsMember 19757803 2021-07-01 2022-06-30 d:ConsolidatedMember e:BoardOfDirectorsMember 19757803 2022-07-01 d:ConsolidatedMember e:LandAndBuildingsMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:LandAndBuildingsMember 19757803 2023-06-30 d:ConsolidatedMember e:LandAndBuildingsMember 19757803 2022-07-01 d:ConsolidatedMember e:FixturesFittingsToolsAndEquipmentMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:FixturesFittingsToolsAndEquipmentMember 19757803 2023-06-30 d:ConsolidatedMember e:FixturesFittingsToolsAndEquipmentMember 19757803 2022-07-01 d:ConsolidatedMember e:OtherInvestmentsMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:OtherInvestmentsMember 19757803 2023-06-30 d:ConsolidatedMember e:OtherInvestmentsMember 19757803 2022-07-01 d:ConsolidatedMember e:DepositsLongtermInvestmentsAndReceivablesMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:DepositsLongtermInvestmentsAndReceivablesMember 19757803 2023-06-30 d:ConsolidatedMember e:DepositsLongtermInvestmentsAndReceivablesMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:SubsidiaryMember 1 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:SubsidiaryMember 2 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:SubsidiaryMember 3 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:SubsidiaryMember 4 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:SubsidiaryMember 5 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:SubsidiaryMember 6 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:SubsidiaryMember 7 19757803 2023-06-30 d:ConsolidatedMember e:SubsidiaryMember 1 19757803 2023-06-30 d:ConsolidatedMember e:SubsidiaryMember 2 19757803 2023-06-30 d:ConsolidatedMember e:SubsidiaryMember 3 19757803 2023-06-30 d:ConsolidatedMember e:SubsidiaryMember 4 19757803 2023-06-30 d:ConsolidatedMember e:SubsidiaryMember 5 19757803 2023-06-30 d:ConsolidatedMember e:SubsidiaryMember 6 19757803 2023-06-30 d:ConsolidatedMember e:SubsidiaryMember 7 19757803 2022-07-01 d:ConsolidatedMember e:CompletedDevelopmentProjectsMember 19757803 2022-07-01 d:ConsolidatedMember e:GoodwillMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:GoodwillMember 19757803 2023-06-30 d:ConsolidatedMember e:GoodwillMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:CompletedDevelopmentProjectsMember 19757803 2023-06-30 d:ConsolidatedMember e:CompletedDevelopmentProjectsMember 19757803 2022-07-01 2023-06-30 e:ProposedDividendRecognisedInEquityMember 19757803 2021-07-01 2022-06-30 e:ProposedDividendRecognisedInEquityMember 19757803 2022-07-01 2023-06-30 e:ReserveForNetRevaluationAccordingToEquityMethodMember 19757803 2021-07-01 2022-06-30 e:ReserveForNetRevaluationAccordingToEquityMethodMember 19757803 2022-07-01 2023-06-30 e:RetainedEarningsMember 19757803 2021-07-01 2022-06-30 e:RetainedEarningsMember 19757803 2021-07-01 2022-06-30 d:ConsolidatedMember e:MinorityInterestsMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:MinorityInterestsMember 19757803 2021-07-01 2022-06-30 e:MinorityInterestsMember 19757803 2022-07-01 2023-06-30 e:MinorityInterestsMember 19757803 2022-07-01 2023-06-30 e:InvestmentsInGroupEnterprisesMember 19757803 2021-07-01 2022-06-30 e:InvestmentsInGroupEnterprisesMember 19757803 2022-07-01 d:ConsolidatedMember e:ReserveForDevelopmentExpenditureMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:ReserveForDevelopmentExpenditureMember 19757803 2023-06-30 d:ConsolidatedMember e:ReserveForDevelopmentExpenditureMember 19757803 2022-07-01 d:ConsolidatedMember e:MinorityInterestsMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember e:MinorityInterestsMember 19757803 2023-06-30 d:ConsolidatedMember e:MinorityInterestsMember 19757803 2021-07-01 2022-06-30 d:ConsolidatedMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember d:TwoYearsAgoMember 19757803 2023-06-30 d:ConsolidatedMember d:TwoYearsAgoMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember d:ThreeYearsAgoMember 19757803 2023-06-30 d:ConsolidatedMember d:ThreeYearsAgoMember 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember d:FourYearsAgoMember 19757803 2023-06-30 d:ConsolidatedMember d:FourYearsAgoMember 19757803 2023-06-30 d:ConsolidatedMember 19757803 2022-06-30 d:ConsolidatedMember 19757803 2022-07-01 e:InvestmentsInGroupEnterprisesMember 19757803 2021-07-01 e:InvestmentsInGroupEnterprisesMember 19757803 2023-06-30 e:InvestmentsInGroupEnterprisesMember 19757803 2022-07-01 d:ConsolidatedMember 19757803 2021-07-01 d:ConsolidatedMember 19757803 2022-07-01 e:OtherInvestmentsMember 19757803 2022-07-01 2023-06-30 e:OtherInvestmentsMember 19757803 2023-06-30 e:OtherInvestmentsMember 19757803 2022-07-01 e:ContributedCapitalMember 19757803 2022-07-01 2023-06-30 e:ContributedCapitalMember 19757803 2023-06-30 e:ContributedCapitalMember 19757803 2022-07-01 e:ReserveForNetRevaluationAccordingToEquityMethodMember 19757803 2022-07-01 2023-06-30 e:ReserveForNetRevaluationAccordingToEquityMethodMember 19757803 2023-06-30 e:ReserveForNetRevaluationAccordingToEquityMethodMember 19757803 2022-07-01 e:RetainedEarningsMember 19757803 2022-07-01 2023-06-30 e:RetainedEarningsMember 19757803 2023-06-30 e:RetainedEarningsMember 19757803 2022-07-01 e:ProposedDividendRecognisedInEquityMember 19757803 2022-07-01 2023-06-30 e:ProposedDividendRecognisedInEquityMember 19757803 2023-06-30 e:ProposedDividendRecognisedInEquityMember 19757803 2022-07-01 2023-06-30 e:ManagementMember 19757803 2021-07-01 2022-06-30 e:ManagementMember 19757803 2022-07-01 2023-06-30 e:BoardOfDirectorsMember 19757803 2021-07-01 2022-06-30 e:BoardOfDirectorsMember 19757803 2022-06-30 e:InvestmentsInGroupEnterprisesMember 19757803 2021-07-01 2022-06-30 d:ConsolidatedMember 1 19757803 2022-07-01 2023-06-30 d:ConsolidatedMember 2 19757803 2021-07-01 2022-06-30 d:ConsolidatedMember 2 19757803 2022-07-01 e:DepositsLongtermInvestmentsAndReceivablesMember 19757803 2022-07-01 2023-06-30 e:DepositsLongtermInvestmentsAndReceivablesMember 19757803 2023-06-30 e:DepositsLongtermInvestmentsAndReceivablesMember 19757803 2022-07-01 2023-06-30 1 19757803 2022-07-01 2023-06-30 2 19757803 2021-07-01 2022-06-30 1 19757803 2021-07-01 2022-06-30 2 19757803 2022-07-01 e:ReserveForDevelopmentExpenditureMember 19757803 2022-07-01 2023-06-30 e:ReserveForDevelopmentExpenditureMember 19757803 2023-06-30 e:ReserveForDevelopmentExpenditureMember 19757803 2022-07-01 e:MinorityInterestsMember 19757803 2022-07-01 2023-06-30 e:MinorityInterestsMember 19757803 2023-06-30 e:MinorityInterestsMember xbrli:pure iso4217:DKK Data ethics Dymak is aware of its responsibility to treat all external and internal stakeholders' data safely and securely. IT and data protection policies have been prepared, which are available to all employees on Dymak's intranet. The policies cover the use of hardware and software, as well as guidelines for IT security and implementation of the GDPR. Ongoing training is carried out across the organisation where needed to ensure that the employees involved act correctly as regards data ethics in their daily work. Data processing agreements are drawn up with external partners, and only sensitive personal data are registered in systems that comply with the GDPR rules. Dymak operates in the business-to-business market, which means that Dymak only has business-tobusiness information, including contact information on customers and suppliers. Personal data on employees are collected solely for the purposes of employment. Personal data may not be used for purposes other than that for which the data were originally provided. In addition, the ongoing data ethics efforts and policies are evaluated continuously to ensure compliance with the policies across the organisation.