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These global external factors resulted in a notable slowdown of the Danish ready-mix concrete (RMC) market, bringing the RMC market down to levels similar to those seen following the 2008 financial crisis. Despite the challenging circumstances, everyone at Unicon has demonstrated exceptional dedication, resulting in Unicon navigating through the year and achieving significant earnings compared to the volume produced sold while still maintaining market share.Robust financial resultsDespite a downturn in RMC market activity, Unicon achieved a revenue of DKK 1,186m (-11%). Earnings before depreciation and amortisation (EBITDA) amounted to DKK 178m (-14%). Despite this decli-ne, we have been able to maintain a positive trend in cash flow from operating activities (CFFO) which ended at DKK 211m (2022: DKK 144m). The free cash flow (FCF) was DKK 184m (2022: DKK 124m), and net interest-bearing debt (NIBD) amounted to DKK -53m (2022: DKK -5m).Revenue and earnings realised in 2023 are below expectations for the year due to the decline in the construction sector caused by the macroeconomic challenges. Taking the market conditions into con-sideration, the result for the year is satisfactory. Casting a greener future with CO reduced 2concreteOur commitment to environmental leadership was notably exemplified in 2023, as we changed our standard product to UNI-GREEN which is fully based on FUTURECEM®. To push ourselves and the industry further, we have also introdu-ced the UNI-GREEN PLUS® series, utilising the 56-day strength. This innovation enables us to reduce CO emissions even more by up to 50% 2compared to conventional concrete in the same class. This underscores our commitment to drive sustainable innovation and setting new industry standards, with products that have been verified 3by EPD to have the lowest CO/m levels in the 2Danish RMC market.In 2023, we also launched a new initiative in collaboration with our customers to challenge the specifications defined for construction sites and in tender processes.A circular future in the construction industryAnother significant focus area on our path to-wards a more sustainable future is our dedication to the circular economy, manifested in compre-hensive initiatives such as water collection and recycling of concrete at all our concrete plants, reuse of excess concrete and a zero-waste target. Currently, we are able to successfully recycle 50% of all surplus concrete produced at Unicon into new concrete. A more sustainable fleetAs part of our eorts to reduce our CO emissi-2ons, we are committed to lowering the carbon footprint of our fleet. Having gained good experi-ence with the world’s first serially-produced ele-ctric truck mixer from 2021, Unicon took the next step towards emissions-free distribution in 2023 by introducing a new generation of electric truck mixers with greater range and payload. Conse-quently, Unicon joined Volvo Trucks in presenting the world’s first electric tractor and concrete semitrailer combination, which features a range of up to 300 kilometers without recharging and load sizes of over 11 cubic meters of ready-mixed concrete possible.We preventPrioritising health and safety is paramount at Uni-con. In response to the ever-growing importance of these areas, we increased significantly the re-sources and capabilities of our Health, Safety and Environment (HSE) department in 2023. Despite improvements in Health & Safety culture, three minor Lost Time Injuries (LTI) occurred in 2023. This is the lowest number in the last ten years, but still not satisfactory. Our goal is to not just maintain but reinforce our focus on health and safety and achieving zero accidents.A Great Place to WorkIn 2023, we invested in comprehensive training programmes for our all our employees, expanded opportunities for apprentices and young talents, and intensified our eorts to enhance overall employee job satisfaction. Following insights from our annual employee engagement survey, we have introduced regular pulse surveys to monitor the impact of our initiatives, ensuring continuous improvements in our work environment and hel-ping to retain our valuable employees. ”Having gained good experience with the world’s first serially-produced electric truck mixer from 2021, Unicon took the next step towards emissions-free distribution in 2023 by introducing a new generation of electric truck mixers with greater range and payload.”Casper Mathiasen, Managing DirectorOur focus on ESG Building upon our commitment to sustainabi-lity, we are proud to present our first-ever ESG report, where we delve deeper into our work with the ESG agenda. In 2023, we initiated multiple initiatives across the entire ESG agenda including implementing a new Quality Management System according to DS/EN ISO 9001, collaborations across our industry, increased focus on training and people development, etc. We invite you to explore our ESG Report 2023 to learn more about these initiatives and many others.Events after the balance sheet dateNo events have occurred subsequent to the balance sheet date through to this date which would influence the evaluation of this annual report.Expectations to 2024Going into 2024, Unicon remains agile and scalable, ready to adapt to any market fluctu-ations. Backed by its robust contract portfolio, Unicon anticipates a more stable and predictable year. We aim to focus even more on our cust-omers and to remain their preferred supplier, thereby retaining our market share and potential-ly growing it in specific regi ons. The focus in 2024 is on strengthening our local presence around existing plants and improving our customers’ journeys. For the year 2024, the company expects to achieve revenue of approximately EUR 160m and earnings (EBIT) in the range of EUR 11-12m. Søren Holm Christensen, CEOHenrik Jeppesen. CFOCasper Mathiasen, Managing directorUnicon A/S was founded in 1926 and is the leading producer and partner for ready-mixed concrete, serving both private and professional customers in Denmark. With 33 concrete plants, we are the only company capable of delivering concrete throughout the entire country, and thanks to our advanced production and logistics systems, we guarantee concrete of the right quality and on-time delivery.Because you only cast concrete once Ready-mixed concrete is a concrete product specially tailored by Unicon to suit the unique requirements of each customer’s construction project. The concrete is delivered in a fresh, moldable, and unset state from one of our 33 plants in Denmark.Since we were founded in 1926, we have developed extensive technical expertise and a well-documented product range, enabling us to oer customized concrete solutions for all types of construction projects. Our wide range of concrete pumps and pumping accessories means that no concrete pouring task is impossible.At Unicon, we recognise that every concrete pour presents a single chance for success, regardless of its size. Every pour is equally important, and when customers have only one chance to get it right, Unicon is the clear choice. We are dedicated to consistently delivering the best solution for our clients every time.Part of a group Unicon A/S is a part of Aalborg Portland Holding, owned by the Italian Cementir Group. Cementir is a multinational group operating in 18 countries across the building materials sector and employ-ing around 3,000 people globally. The Group’s annual production capacity amounts to more than 13 million tonnes of grey and white cement, around 10 million tonnes of aggregates and 5 million cubic metres of ready-mixed concrete. The group has several aliated companies, including Unicon AS in Norway, AB Sydsten in Sweden and our subsidiary, Kudsk & Dahl A/S, which operates two aggregate quarries in southern Denmark. For more information on Cementir Group, see www.cementirholding.com, for Unicon AS, see www.unicon.no, for AB Sydsten, see www.sydsten.se, for Kudsk and Dahl A/S, see www.kudsk-dahl.dk and for Unicon A/S, see www.unicon.dk.1926Our founder, engineer Kristian Hindhede, establishes KH Beton and built Europe’s first RMC (Ready-Mixed Concrete) plant.1927-1987KH Beton grows and becomes one of the largest RMC (Ready-Mixed Concrete) producers in Denmark. 2004Italian Cementir Holding acquires Aalborg Portland and Unicon. Unicon becomes a part of Aalborg Portland Holding. 2008Unicon acquires the raw material company Kudsk & Dahl.1927KH Beton becomes a part of the FLSmidth Group.1998Eight RMC com-panies within the FLSmidth Group, including KH Beton, are merged under the name Unicon A/S.2006Unicon acquires 4K Beton and becomes the largest producer and supplier of RMC (Ready-Mixed Concrete) on the Danish market.2021Unicon introduces the first mass-produced, 100% electric rotating concrete mixer truck.DKK ’0002019 2020 2021 2022 2023INCOME STATEMENTRevenue 1,037 1,069 1,182 1,330 1,186 Earnings before depreciation/amortisation, impairment losses, provisions, interest and tax (EBITDA) 135 165 197 207 178EBITDA ratio 13% 15% 17% 16% 15%Earnings before interest and tax (EBIT) 66 93 126 132 102EBIT ratio 6% 9% 11% 10% 9%Earnings before tax (EBT) 104 121 173 173 94Profit for the year 88 101 128 144 72CASH FLOWSCash flows from operating activities (CFFO) 159 199 215 144 211Cash flows from investing activities (CFFI) * -14 -19 -49 -19 -26Free cash flow (FCF) 145 180 166 125 185* Hereof investments in property, plant and equipment -17 -22 -55 -30 -27BALANCE SHEETTotal assets 898 867 944 1,008 965Shareholders’ equity 490 489 528 583 564Net interest-bearing debt (NIBD) 83 36 -3 -5 -53Working capital (WC) -7 -12 -65 -48 -66FINANCIAL RATIOSIncluding non-controlling interests’ shareReturn on equity 18% 21% 25% 26% 13%Equity ratio 55% 56% 56% 58% 58%Return on capital employed (ROCE) 15% 19% 24% 29% 21%NIBD/EBITDA factor 0.6 0.2 0.0 0.0 -0.3Number of employees at 31 December 363 347 379 393 359For definition of financial ratios, see page 35.Profit and loss account Revenue in 2023 amounted to DKK 1,186m (2022: DKK 1,330m).Sale of ready-mix in Denmark declined by 24% compared to 2022.The financial results were impacted by a decline in the Danish ready-mix market that was primarily due to the negative impact of higher interest rates and inflation, bringing the ready-mix market down to levels seen post the 2008 financial crisis. The company successfully navigated a year of difficult market conditions requiring the implementation of cost optimisati-on initiatives and yet still achieved some of the highest earnings relative to volume in company history, while still retaining market share.Operating profit before depreciation (EBITDA ratio) reached 15.0% (2022: 15.5%). Earnings before interest and tax (EBIT) amounted to DKK 101.7m (2022: DKK 132.4m).Tax on profit for the year amounted to DKK 22.0m (2022: DKK 29.6m), net profit for the year being DKK 72.2m (2022: DKK 143.7m).Cash flowsCash flow from operating activities (CFFO) was DKK 210.7m for 2023 (2022: DKK 143.6m). Cash flow from investment activities (CFFI) amounted to DKK -26.3m (2022: DKK -19.3m).Debt and financial resources Unicon is part of the cash pool held by the parent company, Aalborg Portland Holding A/S. Unicon has access to funding through the parent company financing facility.Balance sheetNon-current assets amounted to DKK 652.0m at 31 December 2023 (2022: DKK 710.0m), of which DKK 419.4m (2022: DKK 408.8m) is related to property, plant and equipment and DKK 16.8m (2022: DKK 24.6m) is related to intan-gible assets.Current assets amounted to DKK 312.9m (2022: DKK 297.6m), mainly related to receivables.Shareholders’ equityShareholders’ equity amounted to DKK 564.2m at the end of 2023 against DKK 582.6m the year before. The decrease in shareholders’ equity was due to the profit for the year less the dividend paid to Aalborg Portland Holding A/S.Equity ratio was 58.5% at the end of 2023 (57.8% in 2022). Working capitalWorking capital, i.e. the capital tied up in debtors and inventories less creditors, was at a low level through focused control and reporting in relation to agreed targets. Keeping down working capital saves interest expenses and frees up resources for investment, etc. The positive development in working capital was partly due to the implementation of a factoring setup for selected customers.Working capital at the end of 2023 amounted to DKK -65.5m (DKK -47.5m in 2022).SubsidiariesNorwayThe Norwegian subsidiary experienced a significant decline in financial performance during 2023, primarily due to a substantial downturn in the construction sector, the most significant downturn since the 2009 financial crisis. The volumes of ready-mix concrete sold declined by 25% compared to 2022. Mitigation measures have been or are in the process of being im-plemented to curb the market impact, but were unable to offset the effects of reduced sales volume. Consequently EBIT declined with 52% compared to 2022.SwedenThe Swedish construction market experienced a significant decline during 2023 due to macroeconomic developments which resulted in inflation and interest rate increases which had an immediate negative impact on all market segments. Volumes sold declined by 42% in ready-mix and by 18% in aggregates compared to 2022. EBIT declined significantly during 2023 and cost optimisation initiatives have been implemented to offset the impact of reduced sales volume and stabilise future earnings.Internal control and risk management system Unicon is integrated with the Cementir Group’s Internal Control and Risk Management System, defined as the set of tools, organisational structure, procedures and company rules to guarantee, through an adequate process of identification, measurement, management and monitoring of the main risks, correct and consistent business management with objectives set in terms of: • compliance with laws and regulations; • safeguarding of corporate assets; • operating activity effectiveness and efficiency; • reporting accuracy and completeness. The Internal Control and Risk Management System adopts a ”top-down” and ”risk-based” approach that starts from the definition of the Cementir Group’s Industrial Plan. It ensures that the main risks are identified, asses-sed and monitored taking into account each business unit, to create a fully integrated risk management process. Risks are assessed with quantitative and qualitative tools considering both the probability of occurrence and the impacts that would be generated in a given time horizon if the risk were to occur. It also ensures that all necessary measures are taken to control risks that could threaten the Group’s assets, its ability to generate profits or achieve its objectives. Roles and responsibilities in risk management have been defined starting from the Company’s Board of Directors, which defines strategy, policy and risk appetite, supported by the Audit Committee and the Sustainability Committee. In addition, management teams from the Group companies are involved, with responsibility for risk management within their area of expertise. Below is a summary of the people and bodies involved and their responsibilities: • The Board of Directors plays the central role, defining the Company’s risk appetite, the nature and level of risk. In addition, it carries out an assessment of the risks related to climate change ensuring the constant compatibility of management and strategic objectives. • The Cementir Group’s Audit Committee and the Sustainability Committee (corporate bodies relevant in the risk definition process) support the Board of Directors, subject to a favourable opinion, in the definition and management of risks; • CEO & Chairman: implements the general guidelines of the Board of Directors, ensuring the identification, management and monitoring of the main risks; • Risk owners, or the first level of control, are primarily responsible for internal control and risk management activities; • Finally, Risk Management and Internal Audit are the main responsible for the internal control and risk management system (second and third level of control). They are responsible for verifying that the Internal Control and Risk Management System is functioning and adequate with respect to the size and operations of the Group, verifying, in particular, that the Management has identified the main risks, that they have been evaluated in a consistent manner and that the appropriate mitigation actions have been defined and implemented.The Cementir Group’s Internal Control and Risk Management System is integrated into the Group’s organisational, administrative, accounting and governance structure and has been prepared on the basis of the principles laid down by the Enterprise Risk Management - Integrated Framework, an international standard developed by the Committee of Sponsoring Organi-zations of the Treadway Commission (COSO Report), also ensuring greater detail in the identification of the risks of the companies and Group and integration with the results of the Audit activities. The methodology followed involves an iterative process consisting of the following steps: • Risk identification: the process starts with the definition of the Industrial Plan and focuses on the main risks that could compromise the achieve-ment of the Group’s objectives; • Risk assessment: for each identified risk, management gives an inherent risk assessment (in the absence of controls/mitigation actions), in terms of probability and impact during the horizon of the Industrial Plan, using a 5-level assessment system (scoring): › Impact: scale from 1 (Negligible) to 5 (Extreme); › Probability: scale from 1 (Rare) to 5 (More than Likely) • With regard to impact, three parameters are considered: economic (quan-titative), operational (qualitative), reputational (qualitative). Management at Region and Group level assesses the potential impacts and likelihood of major risks that could have a material adverse effect on the company’s current or future operations. For sustainability and climate-related risks, the time horizon was extended to a long-term view for the analysis of the various threats that could jeopardise the success of the “10-year Roadmap to Sustainability”. For more details, see the 2023 Non-Financial Statement; • Identification and assessment of the adequacy of the existing principals: for each identified risk, all the controls/actions currently in place for risk mitigation are identified with the management; • Residual Risk Assessment: taking into account the individual controls for each risk and the relative adequacy, the residual risk is calculated by applying a uniform calculation methodology to all Group companies;• Identification of further actions: in the event that the residual risk is higher than the predefined level of risk appetite, further actions are agreed with management to mitigate the risk and contain it within acceptable levels. The initiatives are taken promptly and within budget limits, to effectively contribute to risk mitigation; • Risk mitigation: mitigation strategies are defined with specific action plans for key risks; • Reporting: reports are prepared at the company and Group level, showing the main risks and initiatives taken by management to reduce the risks to acceptable levels; • Monitoring: the following are reviewed periodically: existing risk as-sessments, assessment parameters, and new risks can be identified if necessary. The model, as described, subject to further and future updates, aims to provide support for the decision-making and operational processes of the company management, so as to reduce the possibility that specific events could compromise the Group’s ordinary operations or the achievement of its strategic objectives. To this end, the risk appetite level adopted in relation to strategic risks is consistent with the vision of creating value, while always respecting the en-vironment and promoting integration with local communities. In relation to operational risks, the risk appetite level is defined on the basis of the effectiveness and efficiency targets set by the management. Provisions for compliance and financial reporting are different. The Group does not accept an assumption of non-compliance risk for laws and regulations (including those relating to safety), and of possible alterations to the integrity of financial reporting. The Cementir Group’s Internal Control and Risk Management System is integrated with the Group’s Sustainability Strategy. Starting from 2021 the Cementir Group launched a project to implement the recommendations of the TCFD (Task Force on Climate-Related Financial Disclosure) committing to be transparent on risks and opportunities related to climate change. The identification, assessment and effective manage-ment of risks and opportunities related to climate change are fully integrated into the Group’s risk management process. To promote and improve its climate change disclosure, in 2022, the Group engaged Standard & Poor’s (S&P) to assess physical and transitional climate risks and develop scenario analyses to support the implementation of the TCFD guidelines. The analysis carried out by S&P showed that the Cementir Group scored 100% on the overall assessment of the eleven recommendations of the TCFD, which represents a complete and transparent level of disclosure achieved. Furthermore, the Group is integrating the guidelines published by the European Union “EU Taxonomy Re-gulation”, which together with the TCFD constitute the reference frameworks. For more details, see the paragraph ”Main risks to which the group is exposed”. In relation to accounting and financial reporting, the existing Internal Control System ensures its accuracy and completeness through constantly updated administrative and accounting procedures. Furthermore, as part of the compliance activities with the COSO structure, during the year, the Internal Audit function carries out audit activities on the aforementioned procedures to ascertain that the provided key controls are being correctly applied by the involved company structures. The assessment of the internal control system on financial reporting provided for by Cementir Group procedures was carried out based on this activity. On the basis of the activity carried out by the Internal Audit de-partment and the related results, the Audit Committee assessed the Internal Control and Risk Management System as adequate, effective and appropriate for dealing with business, operational, environmental, financial and compliance risks.Starting from October 2023, the Group has launched the stra-tegic initiative for the digitalization of Risk Management aims to enhance organizational resilience by leveraging advanced technology solutions, streamlining data-driven risk assessments, and implementing real-time monitoring capabilities, fostering a proactive and agile approach to risk mitigation across all business functions. The digitalization of Risk Management will commence with the updating of the model during 2024, ensuring our risk management practices are at the forefront of industry standards. Regarding the mandatory statement on corporate social responsibility, cf. section 99(a) of the Danish Financial Statements Act, reference is made to “Sustainability Report 2023” published by the Group’s owners Cementir Holding N.V., Netherlands. The statement is available at https://www.cementirholding.com/en/sustainability/sustainability-report-and-documents. Senior Management 2023Total members 3Underrepresented gender in % 0Target in per cent 33.3Target year 2026Other Management levels 2023Total members 5Underrepresented gender in % 0Target in per cent 33.3Target year 2027Increasing diversity at all management levels will remain a focus area in the coming years. While no specific diversity initiatives were launched in relation to the Board of Directors in 2023, a talent management training programme was introduced to support and increase the awareness of potential future managers within the organisation. In Unicon, diversity is not limited to geography but is approached broadly based on a wide range of qualifi-cation and competence requirements. Diversity is also important in terms of seniority, educational background, age, gender, ethnicity, religion, sexual orientation, and disability. The Company acknowledges that diversity depends on inclusion but also that both diversity and inclusion challenges are unique for each of the Group’s teams and locations. Therefore, efforts are made at all locations to increase diversity, and locally in Denmark, work continues in relation to e.g. conscious/unconscious bias in connection with employment and recruitments. In accordance with the Danish rules for large compa-nies with operations relating to i.a. the extraction of mineral deposits, cf. section 99(c) of the Danish Finan-cial Statements Act, the Group explains its payments to authorities in a note to the consolidated financial statements. The payments relate in particular to direct and indirect taxes.In relation to the provisions in Denmark on the gender composition of management in large companies, cf. section 139(a) of the Danish Companies Act and section 99(b) of the Danish Financial Statements Act, the Group continues to apply its policy on gender equality in re-cruitment and promotions in that the key consideration when filling any position in the organisation remains to identify the best qualified person for that position.The sector in which the Group operates is historically characterised by a predominantly male workforce. In or-der to achieve a balanced composition of management, the Group wishes to increase the proportion of female managers, and the work to attract female candidates for senior positions will continue in pursuance of our policy on gender equality and the achievement of our gender distribution targets in the Danish subsidiaries. In accordance with the Danish rules for large companies, cf. section 99(d) of the Danish Financial Statements Act, the Parent Company of Unicon, Aalborg Portland Holding, has issued a Policy on Data Ethics. The policy addresses the data ethics principles applied by the Aalborg Port-land Holding Group and describes the approach to data processing covering all data types. This includes e.g. the use of new technologies and responsible use of data, including personal data protection (GDPR). Data Ethics is an integral part of the compliance programme of the Aalborg Portland Holding Group and Group Manage-ment has the overall responsibility for compliance with the Policy on Data Ethics. Implementation of the data ethics policy at the operational level is anchored in Group IT. In 2023, the Aalborg Portland Holding Group continued the work on data ethics issues in accordan-ce with the policy. The policy is reviewed on a yearly basis and no changes were made in 2023. The policy is available at https://aalborgportlandholding.com/en/data-ethics. 1186299000 1330090000 772917000 839485000 413382000 490605000 255258000 293999000 68561000 74762000 13835000 10555000 1736000 0 101662000 132399000 -10192000 40579000 4522000 3405000 6291000 719000 8125000 3730000 94158000 173372000 22000000 29626000 72158000 143746000 -30304000 21722000 -47538000 37024000 150000000 85000000 16729000 20746000 49000 3838000 16778000 24584000 99336000 103857000 138510000 153195000 3912000 3901000 16307000 1801000 161321000 146080000 419386000 408834000 184151000 250863000 31666000 25691000 215817000 276554000 651981000 709972000 25285000 24875000 25285000 24875000 60307000 116439000 218541000 137539000 728000 557000 6590000 1354000 286166000 255889000 1450000 16827000 312901000 297591000 964882000 1007563000 150000000 150000000 18516000 66054000 245649000 281584000 564165000 582638000 9567000 10083000 2050000 2392000 11617000 12475000 125223000 113416000 125223000 113416000 38248000 34312000 143706000 144183000 11166000 46408000 24498000 29463000 46259000 44668000 263877000 299034000 389100000 412450000 964882000 1007563000 150000000 29030000 263556000 85000000 527586000 0 -4785000 17734000 0 12949000 0 -11745000 21000000 0 9255000 0 43984000 -43984000 0 0 0 0 143746000 0 0 37024000 103028000 0 140052000 0 0 0 85000000 85000000 0 0 85000000 -85000000 0 150000000 66054000 281584000 85000000 0 -8616000 13199000 0 4583000 0 -50484000 49436000 0 -1048000 0 -5670000 5670000 0 0 0 0 72158000 0 0 -47538 114065 0 66527000 0 0 0 85000000 85000000 0 0 150000000 -150000000 0 150000000 18516000 245649000 150000000 71478000 69419000 Reversal of revaluation / impairment losses Reversal of revaluation / impairment losses 501000 347000 Share of net profits of equity-accounted investees Share of net profits of equity-accounted investees 5670000 -43984000 Net financial income / expense Net financial income / expense -46754000 -17297000 Gains/losses on disposals Gains/losses on disposals 449000 -9763000 Income taxes Income taxes 74603000 53952000 Change in provisions (current and non-current) Change in provisions (current and non-current) -341000 335000 177764000 196755000 410000 1095000 52382000 -43370000 34431000 -26459000 Change in non-current/current other assets/liabilities Change in non-current/current other assets/liabilities -3963000 -9359000 Change in current and deferred taxes Change in current and deferred taxes 16000 0 191358000 169390000 Dividends received Dividends received 49436000 21000000 5296000 623000 4875000 3008000 27479000 44245000 210727000 143635000 26677000 29914000 380000 10581000 -26297000 -19333000 38317000 33647000 Other cash movement of financial receivables Other cash movement of financial receivables -76490000 11126000 85000000 85000000 -199807000 -107521000 -15377000 16781000 16827000 46000 1450000 1. Staff costsDKK ’000NOTE2023 2022Wages and salaries 196,135 209,968Pension contributions 20,194 19,535Social security contributions 3,736 3,715220,065 233,218 359 393 Remuneration to the board of directors amounted to DKK 0.1 m in 2023 and DKK 0.1m in 2022. In 2023 and 2022, remuneration to the management is paid via management fee to Aalborg Portland Holding A/S. Remuneration to the management is DKK 2.0m in 2023 and DKK 1.9m in 2022. 2. Other operating income and other operating costs DKK ’000NOTE2023 2022Other operating incomeRental income 911 788Profit from sale of fixed assets 1,287 9,763Insurance compensations 5,000 0Contract compensations 6,250 0Other income 387 413,835 10,555Other operating costsLoss from sale of fixed assets 1,736 01,736 0 3. Investments in subsidiariesDKK ’000NOTE2023 2022Cost at 1 January 209,472 227,206Exchange rate and other adjustments -13,199 -17,734Cost at 31 December 196,273 209,472Adjustments at 1 January 41,391 6,661Exchange rate adjustments 6,315 5,206Profit after tax -10,192 40,579Equity movements in subsidiaries -1,048 9,255Dividend received -48,588 -20,310Adjustments at 31 December -12,122 41,391Carrying amount at 31 December 184,151 250,863Investments in subsidiariesUnicon’s Unicon’s Unicon’s OwnershipShareholders’shareshareshare of DKK ’000interest equityof profitof profit shareholders’(%)before taxafter taxequityUnicon AS, Norway 136,004 100 -22,005 -17,193 78,833AB Sydsten, Sweden 95,374 50 3,542 2,531 81,363Kudsk & Dahl A/S, Denmark 19,485 100 5,732 4,470 23,955-12,731 -10,192 184,1514. Investments in joint venturesDKK ’000NOTE2023 2022Cost at 1 January 1,028 1,028Cost at 31 December 1,028 1,028Value adjustments at 1 January 24,663 22,369Exchange rate adjustments 2,301 -421Profit shares 4,522 3,405Dividend for the year -848 -690Adjustments at 31 December 30,638 24.663Carrying amount at 31 December 31,666 25,691Unicon’s Unicon’s Unicon’s OwnershipShareholders’shareshareshare of DKK ’000interest equityof profitof profit shareholders’(%)before taxafter taxequityEcol-Unicon Sp. z o.o., Poland 64,625 49 6,525 4,522 31,6666,525 4,522 31,666The voting rights does not differ from the ownership interest held. 5. Financial income and expenses DKK ’000NOTE2023 2022Financial incomeInterest and other financial income 297 313Interest income, Group enterprises 5,000 311Realised exchange rate gains 31 3Unrealised exchange rate gains 963 926,291 719 Financial expensesInterest and other financial expenses 4,873 1,228Interest expenses, Group enterprises 2,957 1,907Realised exchange rate losses 86 1Unrealised exchange rate losses 209 5948,125 3,730 6. Tax on profit for the year DKK ’000NOTE2023 2022Current tax on the profit for the year 24,498 29,463Adjustment of deferred tax -516 1,972Adjustment previous years -1,982 -1,80922,000 29,626 7. Proposed distribution of profit DKK ’000NOTE2023 2022Transfer to next year -30,304 21,722Net revaluation according to the equity method -47,538 37,024Proposed dividends for the financial year 150,000 85,00072,158 143,746 8. Intangible assets2023 2022DKK ’000Goodwill GoodwillCost at 1 January 172,343 175,391Exchange rate and other adjustments -3,632 -3,048Cost at 31 December 168,711 172,343Amortisation at 1 January 151,597 150,629Exchange rate -3,631 -3,048Amortisation for the year 4,016 4,016Amortisation at 31 December 151,982 151,597Carrying amount at 31 December 16,729 20,746OtherOtherintangibleintangibleassetsassetsCost at 1 January 104,957 104,957Cost at 31 December 104,957 104,957Depreciation at 1 January 101,119 95,015Depreciation for the year 3,789 6,104Depreciation at 31 December 104,908 101,119Carrying amount at 31 December 49 3,838Performed impairment tests have supported carrying values. 9. Property, plant and equipmentDKK ’0002023 2022Land andLand andbuildingsbuildingsCost at 1 January 370,055 370,210Additions 855 1,860Disposals 0 -11,031Transfer 0 9,016Cost at 31 December 370,910 370,055Depreciation and impairment losses at 1 January 266,198 271,468Reversed depreciation on disposals 0 -10,620Depreciation for the year 5,376 5,350Depreciation and impairment losses at 31 December 271,574 266,198Carrying amount at 31 December 99,336 103,857Property, plant and equipment, continued DKK ’0002023 2022Plant andPlant andmachinerymachineryCost at 1 January 397,645 390,990Additions 9,019 25,903Disposals -8,661 -40,784Transfer 1,584 21,536Cost at 31 December 399,587 397,645Depreciation and impairment losses at 1 January 244,450 260,522Reversed depreciation on disposals -7,832 -40,377Depreciation for the year 24,459 24,305Transfer 00Depreciation and impairment losses at 31 December 261,077 244,450Carrying amount at 31 December 138,510 153,195DKK ’0002023 2022Other Other fixtures,fixtures,tools andtools andequipmentequipmentCost at 1 January 33,662 92,902Additions 713 350Disposals -579 -60,007Transfer 0 417Cost at 31 December 33,796 33,662Depreciation at 1 January 29,761 89,074Reversed depreciation on disposals -579 -60,007Depreciation for the year 702 694Depreciation at 31 December 29,884 29,761Carrying amount at 31 December 3,912 3,901DKK ’0002023 2022TangibleTangibleassetsassetsin course ofin course ofconstructionconstructionCost at 1 January 1,801 30,966Additions 16,090 1,801Transfer -1,584 -30,966Cost at 31 December 16,307 1,801Carrying amount at 31 December 16,307 1,801DKK ’0002023 2022Right-of-useRight-of-useassetsassetsCost at 1 January 249,814 220,088Additions 55,156 37,476Disposals -28,827 -7,749Transfer 0-1Cost at 31 December 276,143 249,814Depreciation and impairment losses at 1 January 103,734 78,204Reversed depreciation on disposals -26,065 -7,438Depreciation for the year 37,153 32,968Transfer 00Depreciation and impairment losses at 31 December 114,822 103,734Carrying amount at 31 December 161,321 146,080 DKK ’0002023 2022Depreciation, Land and buildings 2,433 2,035Depreciation, plant and machinery 34,720 30,933Interest on lease liabilities 1,683 1,076Short-term leases 3,175 3,175Total amounts recognised in the income statement 42,011 37,219 10. InventoriesNo material impairment has been made during the year and no material inventories are measured at a net realisable value under the actual cost price. 11. ReceivablesReceivables with maturity after one year amount to DKK 0.0m (2022: DKK 0.0m). 12. Deferred tax liabilitiesDKK ’000NOTE2023 2022Deferred tax liabilitiesIntangible assets -4,177 -3,473Property, plant and equipment 14,027 13,836Current assets 91 95Provisions -374 -375Deferred tax liabilities at 31 December 9,567 10,083DeferredThe year's changes in deferred tax liabilitiestaxliabilitiesDeferred tax liabilities at 1 January 2023 10,083Movements through the income statement -516Deferred tax liabilities at 31 December 2023 9,567The Company’s basis for deferred tax reflects the differences between the carrying amount and the tax value of the Company’s assets and liabilities.The Company’s valued tax assets are essentially not subject to time limits. 13. Other provisions DKK ’0002023 2022Other provisions at 1 January 2,392 2,057Additions 0 350Disposals in the year -342 -15Other provisions at 31 December 2,050 2,392The provisions are mainly related to guarantee work and demolition liabilities for buildings etc. 14. Non-current liabilitiesNon-current liabilities falling due later than 5 years after the end of the financial year: DKK ’0002023 2022Leases 28,244 26,63528,244 26,63515. Other payablesOther payables include due holiday pay, taxes, public duties and interest payable. 18. Related party transactionsRelated parties with significant influence: Aalborg Portland Holding A/S, Rørdalsvej 44, 9220 Aalborg Øst, owns 100% of the shares in Unicon A/S. Cementir España S.L., Calle General Yagüe, Num. 13, 28020 Madrid, SpainCementir Holding N.V., Zuidplein 36, 1077 XV Amsterdam, Netherlands Caltagirone S.p.A., Via Barberini, 28, 00187 Rome, Italy Related parties within Unicon A/S comprise the enterprises’ Board of Directors and Management together with family related to these persons. Furthermore, related parties comprise enterprises in which the above-mentioned persons have significant interests. DKK ’000NOTE2023 2022Transactions with Aalborg Portland Holding A/S:Intra-group management and administration agreements and 4,347 4,582royaltiesFinancial items, net 274 -214Financial receivables 28,821 18,446Financial payable 0173Trade payables 1,047 1,310Transactions with other related parties:Intra-Group management and administration agreements 1,670 1,408Cost of sales 50,830 51,237Other operating income 227 343Trade receivables 502 49Trade payables 451 4,633 16. Contingent liabilities DKK ’0002023 2022Guarantees 531 531Lease expenses recognised in the income statement are in accordance with IFRS16, reference is made to note 9. Unicon A/S is taxed jointly with other Danish companies in the Aalborg Portland Holding Group. As a 100% owned subsidiary, the company is jointly and unlimited liable with the other companies in the joint taxation of Danish corporate taxes within the joint taxation group. Payable corporate taxes in the joint taxation group amounted to DKK 30.5 m at 31 December 2023. Any subsequent corrections of the taxable income subject to joint taxation could cause a higher liabilityof the company. 17. Fee to the auditors appointed at the Annual General Meeting Total fee to auditors appointed at the Annual General Meeting to be specified as follows:DKK ’0002023 2022Statutory audit 666 539Other assurance engagements 0 -8Other services 04666 535 19. Financial risks and instrumentsThe Company has no financial instruments at 31 December 2023. 20. Post-balance sheet eventsThere have been no post-balance sheet events material to this Annual Report which have not been recognised or mentioned. 21. Accounting policiesGeneralThe Annual Report 2023 of Unicon A/S is prepared in accordance with the Danish Financial Statements Act for large companies in reporting class C, with the adoption of some IFRS standards.The annual report 2023 is presented in thousand Danish kroner.Recognition and measurement in generalThe financial statements have been prepared under the historical cost convention.Income is recognised in the income statement as it is earned, including re-cognised value adjustments of financial assets and liabilities measured at fair value or amortised cost. Furthermore, costs incurred to achieve year earnings are recognised in the income statement, including depreciation, impairment losses and provisions as well as reversals due to changes in accounting esti-mates of amounts previously recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits will accrue to the company and the value of the asset can be reliably measured.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company and the liability value can be reliably measured.On initial recognition assets and liabilities are measured at cost. Subse-quent measurement of assets and liabilities are made as described below for each individual item.Certain financial assets and liabilities are measured at amortised cost, which includes a constant effective interest rate over the term. Amorti-sed cost is calculated as original cost less depreciation and allowance / deduction of accumulated depreciation of the difference between cost and the nominal amount. Hereby exchange rate gains and losses are allocated according to the life of the asset or liability.Recognition and measurement take into account predictable losses and risks, which appear before the annual report is presented, and which con-firm or deny the conditions that existed at the balance sheet date.DKK is used as functional currency. All other currencies are considered foreign currency.Foreign currency translationTransactions in foreign currencies are translated at the exchange rate of the date of transaction. Any foreign exchange variances between the rates at the transaction date and the payment date are stated in the income statement as financial items.Monetary assets and liabilities in foreign currencies are translated at the exchange rates at the balance sheet date. Any foreign exchange variances between the rates at the transaction date and the payment date or the balance sheet date, respectively, are stated in the income statement as financial items.Non-monetary assets and liabilities in foreign currencies are stated at the rate of exchange at the date of transaction.Income statements of foreign subsidiaries and joint ventures that are separate legal entities are translated at transaction date rates or approxi-mated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity.Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary ba-lance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement.On full or partial disposal of a foreign operation or on repayment of balances which constitute part of the net investment in the foreign operation, the share of the cumulative amount of the exchange differences recognised di-rectly in equity relating to that foreign operation is recognised in the income statement when the gain or loss on disposal is recognised.An average exchange rate is used if it does not significantly deviate from the exchange rate ruling at the transaction date.The assets and liabilities of a foreign company acquired are translated at the exchange rate at the date of transaction (acquisition date).The annual report is classified by function. RevenueRevenue is recognised in the income statement on delivery and passing of the risk to the buyer and when the income can be measured reliably and is expected to be received. Revenue is measured at fair value of the consideration agreed excl. VAT charged on account of third party. All kinds of discounts are recognised in Revenue. All revenues are related to sales in Denmark.Trade receivables recognised as services delivered are invoiced to the cust-omer and are not adjusted for any financing components as credit terms are short – typically between 20 to 45 days – and the financing component therefore insignificant.Cost of salesCost of sales comprises of raw materials, consumables, direct labour costs and indirect production costs such as maintenance, depreciation and opera-tion of production plant as well as administration and plant management. Sales and distribution costsSales and distribution costs comprise direct distribution and marketing costs, salaries for the sales and marketing functions, depreciation as well as other indirect costs.Administrative expensesAdministrative costs comprise the costs of the year for management and administration of the company, including costs for administrative staff and management, offices, office expenses and depreciation.Other operating income and costsOther operating income and costs comprise items of a secondary nature in re-lation to the activities of the Group, including certain grants, rentals, fees, etc. Other operating income and costs also comprise profit on disposal of individual assets, land and buildings which are not related to a total disposalof an activity.Profit/loss from investments in subsidiaries The proportionate share of the profit/loss after tax of subsidiaries is recog-nised in the income statement and the financial statements of the Parent Company and after elimination of the proportionate share of intra-group unrealised profits/losses, and deduction of impairment and depreciation of group goodwill.Profit/loss from investments in joint venturesThe proportionate share of the profit/loss after tax of joint ventures is re-cognised in the consolidated income statement and after elimination of the proportionate share of intra-group unrealised profits/losses, and deduction of impairment and depreciation of group goodwill. Profit/loss on disposal of joint ventures are presented in the income statement. Costs related to the disposal are recognised in the statement of profit/loss.Financial items Interest income and expenses comprise interest, exchange rate gains and losses on securities, debt and transactions in foreign currency and deprecia-tion of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Realised and unrealised gains and losses on derivative financial instruments that are not qualified as hedge accounting are also included. TaxTax for the year comprises current tax and changes in deferred tax. Current tax comprises tax payable calculated on the basis of the expected taxable income for the year, using the applicable tax rates for the financial year and any adjustment of tax for previous years.Tax related to changes in shareholders’ equity is restated on equity.Deferred tax is recognised and measured according to the balance sheet liability method on all temporary differences between the carrying amounts for financial reporting purposes and the amounts used for taxation purposes, except differences relating to goodwill not deductible for tax purposes.Deferred tax is calculated based on the applicable tax rates for the indivi-dual financial years. The effect of changes in the tax rates is stated in the income statement unless it relates to items previously entered directly in Shareholders’ equity.Deferred tax assets, including the value of tax loss carry-forwards, are recognised under other fixed assets at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against defer-red tax liabilities in the same legal tax entity and jurisdiction.Tax assets are presented under other fixed assets as a separate item.Unicon A/S is jointly taxed with the parent company Aalborg Portland Holding A/S and all Danish enterprises. The current Danish corporation tax is allocated between the jointly taxed Danish companies in proportion to their taxable income.Balance sheetIntangible assetsGoodwillOn initial recognition, goodwill is recognised in the balance sheet at cost as described under “Business combinations”. Subsequently goodwill is mea-sured at cost less accumulated impairment and depreciation. Goodwill is amortised over its estimated useful life, which is determined on the basis of management experience in the individual business areas. • Goodwill. The amortisation period is up to 20 years. Development projects, patents and other intangible assetsDevelopment projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities in the Company is demonstrated, and where the Company intends to complete, market and use the individual project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings or the netselling price can cover production costs, selling and administrative expen-ses and development costs. Other development costs are recognised in the income statement as incurred.Intangible assets are measured at cost less accumulated amortisation and impairment. Cost comprises wages and salaries, depreciation and other costs attribu-table to the Group’s development activities.Specifically developed software applications with a high degree of com-pany-specific adjustments are considered to have an economic life of up to 15 years.Following the completion of the development work, development costs are amortised on a straight-line basis over the estimated useful life from the date when the asset is available for use. The depreciation period is:• Development costs, up to 5 years.• Software applications, up to 15 years.• Licences and other rights, up to 20 years.Property, plant and equipment Property, plant and equipment are measured at cost less accumulated depreciation and impairment.The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, and wages and salaries.Deemed costs for dismantling and disposal of the asset and re-establish-ment are added to cost if the deemed costs are recognised as a provision. The cost of total assets is split into separate components, which are depre-ciated separately if the useful lives of the individual components differ.Financing costs on loans to finance manufacture of property, plant and equipment are included in the cost price if related to the manufacturing period. All other financing costs are recognised in the income statement.Subsequent costs, e.g. in connection with replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The carrying amount of the replaced components are derecognised in the balance sheet and recognised as an expense in the income statement. All costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Depreciation is charged on a straight-line basis during the estimated useful life of the asset concerned until it reaches the estimated scrap value.Estimated useful lives are as follows:• Buildings, 20 - 40 years• Plant and machinery, 5 - 25 years• Other fixtures, tools and equipment, 3 - 10 years• Leasehold improvements, up to 5 years.Newly acquired assets and assets of own construction are depreciated from the time they are available for use. Land is not depreciated, unless it is used for raw material extraction after individual assessment.The basis of depreciation is calculated on the basis of the scrap value less impairment losses. The scrap value is determined at the acquisition date and reassessed annually. If the scrap value exceeds the carrying amount, depreciation is discontinued.When changing the depreciation period or the scrap value, the effect on the depreciation is recognised prospectively as a change in accounting estimates.Lease assets and lease liabilitiesUnicon Group mainly leases land, trucks, vehicles and office buildings. Whenentering into a contract, it is assessed whether the contract is a lease or contains a lease component. A lease is defined as a contract or part of a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. When assessing whether a contract contains a lease component, it must be considered whether, during the period of use, the lessee has the right to essentially all economic benefits from the use of the identified asset and the right to direct the use of the identified asset. A right-of-use asset and a lease liability is recognised at the commence-ment date. Unicon Group leases cars including a service component in the payments to the lessor. This service is separated from the lease payment when mea-suring the lease liability. If it is not possible to separate lease components and non-lease components, it is considered a single lease component.Lease liabilities recognised as ”Credit institutions and interest-bearing liabilities” are initially measured at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, we have used the incremental borrowing rate.The lease payments consist of fixed and variable lease payments that depend on an index or a rate, guaranteed residual values, purchase options and exten-sion options, if it is reasonably certain to exercise the option and termination penalties, if the lease term reflects our exercising an option to terminate the lease. The lease liability is subsequently adjusted as follows, if:The value of the index or rate on which the lease payments are based is changed. • The exercise of options is changed in order to extend or terminate the lease due to significant events or a significant change in circumstances within the Company’s control. • The lease term is changed if the option is exercised in order to extend or terminate the lease. • Estimated residual value guarantee is changed.• The contract is renegotiated or modified.Any subsequent adjustment of the future lease liability is recognised as an adjustment to the right-of-use asset. If the carrying amount of the right-of-use asset is DKK 0, a negative adjustment to the right-of-use asset is, however, recognised in the income statement. The right-of-use asset is initially measured at cost comprising amount of initial measurement of the lease liability plus any initial direct costs and any estimated costs of dismantling and removal of the asset at the end of the lease term which the Company is under an obligation to incur and any prepaid lease payments and less any lease incentives received. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the right-of-use asset. Short-term leases with a maximum lease term of 12 months and leases for low-value assets are not recognised in the balance sheet.Impairment of assetsGoodwill and intangible assets with an indefinite useful life are subject to an annual impairment test. The first test is carried out before the end of the acquisition year.The carrying amount of goodwill is impairment tested at least once a year together with the other non-current assets in the cash-generating unit to which the goodwill is allocated, and an impairment to the recoverable amount is made in the income statement if the carrying amount is higher. The recoverable amount is calculated as the higher of selling price less expected disposal costs and the value in use. The value in use is computed as the present value of the expected future cash flows from the entity of activity (cash-generating unit) to which the goodwill is allocated. The carrying amount of non-current assets, except for goodwill, intangible assets with an indefinite useful life, deferred tax assets and financial assets, is reviewed each year to determine whether there is any indication of im-pairment. If any such indication exists, the recoverable amount is estimated. The recoverable amount is the higher value of the asset’s selling price less expected disposal costs and its value in use. An impairment loss is recognised if the carrying amount of an asset or a cash-generating unit exceeds the recoverable amount of the asset or the cash-generating unit. Impairment of Intangible assets and Property, plant and equipment is char-ged to the same items as the related depreciation.Investments in joint venturesInvestments in joint ventures are measured according to the equity method.Investments in joint ventures are recognised in the balance sheet as the proportionate share of the equity value of the entities stated in accordance with the Group’s accounting policies, adding or deducting the proportionate share of unrealised intra-group profits and losses. The total net revaluation of investments in joint ventures 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 joint ventures.Joint ventures 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.InventoriesRaw materials and consumables are measured at cost. Cost is computed according to the weighted average cost method.The cost of goods for resale and raw materials and consumables comprises purchase price plus delivery costs.The cost of work in progress and finished goods comprise direct production costs with addition of indirect production costs. Indirect production costs include operating costs, maintenance and depreciation of production plant and plant management.If the net realisable value is lower than cost, write-down is made to this lower value.ReceivablesReceivables are measured at the lower of amortised cost and net realisable value, which corresponds to nominal value less net of impairment losses after individual assessment. Carrying amounts of trade receivables includes receivables subject to factoring arrangement. Trade receivables are recog-nised net factored trade receivables.Prepaid expenses Prepaid expenses are measured at amortised cost.Investments in subsidiariesInvestments in subsidiaries are measured according to the equity method. Investments in subsidiaries are recognised in the balance sheet as the proportionate share of the equity value of the entities stated in accordance with the Group’s accounting policies, adding or deducting the proportionate share of unrealised intra-group profits and losses. 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 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.EquityDividendsDividends are recognised as debt at the time of approval at the annual general meeting (time of declaration). Dividends which are proposed for distribution are therefore stated separately in the shareholders’ equity.Interim dividends are recognised as debt at the time of decision.Net revaluation reserve according to the equity methodNet revaluation reserve according to the equity method comprises net reva-luation of equity investments in associates in proportion to cost.Dividends that are expected to be received before the balance sheet date are not tied to the reserve.Reserves may be eliminated in connection with loss, realisation of equity investments or changes in accoun-ting estimates.Reserves cannot be recognised at a negative amount.Pensions, defined contribution schemes In contribution pension schemes the employer is obliged to pay a specific contribution (e.g. a fixed sum or a fixed percentage of the pay). In a contribution scheme the risk in respect of future developments in interest rate, inflation, mortality and invalidity is not borne by the Group. Payments by the Group into defined contribution schemes are stated in the income statement for the pe-riod to which they apply and any outstanding payments are stated in the balance sheet as Other payables.ProvisionsProvisions are recognised when, as a result of past events, the Group has a legal or a constructive obligation and it is probable that there may be an outflow of resources embo-dying economic benefits to settle the obligation. When measuring provisions, deemed costs are discoun-ted. When the Group has a legal obligation to dismantle or remove an asset or restore the site on which the as-set is located, a provision is recognised corresponding to the present value of expected future costs. Provisions relating to obligations relate to guarantee work, severance costs, re-establishment of gravel pits, demolition liabilities for buildings and silos on rented land, etc.Provisions are measured as the best estimate of the expenses required to settle the obligation at the balan-ce sheet date.On measurement of provisions, the costs required to settle the liability are discounted if the effect is material to the measurement of the liability. A pre-tax discount factor is used that reflects the current market interest rate level plus risks specific to the liability. Changes in present values during the year are recogni-sed as financial expenses.To the extent that at the end of the year further minor supplies etc. for completion of an order are outstanding, accounting provisions are made. Outstanding supplies, for which price and volumes have been agreed upon, are recognised as liabilities. The rest of the reserved amount is allocated to provisions. The provision covers the expected cost of its own completion, subsequent warranty supplies and unsettled claims from customers or sub-suppliers.Financial liabilitiesAmounts owed to credit institutions are recognised when raising the loan at the proceeds received less transaction costs. Subsequent measurement is made at amortised cost so that the difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan.Other payables consist of holiday pay obligations, supplementary holiday pay, taxes and levies and interest payable. Other payables are recognised at amortised cost prices, usually corresponding to the nominal value. Cash flow statementThe cash flow statement for the Group is presented according to the indirect method and shows the compo-sition of the cash flow divided into operating, investing and financing activities, respectively, and the cash funds at the beginning and end of the year.The cash flow statement is based on earnings before depreciation, impairment, provisions, interest and tax (EBITDA).In the statement of working capital/loans a distinc-tion is made between interest-bearing and non-inte-rest-bearing items plus cash funds. • Cash funds consist of cash in hand and bank deposits.• Loans represent total interest-bearing debt items less interest-bearing receivables.• All other non-interest-bearing receivables and debt items are regarded as working capital.Cash flows from operating activities are stated as the year’s profit adjusted for non-cash operating items, changes in working capital, financial items and paid tax.Cash flows from investing activities comprise paymentsmade in connection with the acquisition and disposal ofproperty, plant and equipment.To the extent that enterprises or joint ventures buy-backtreasury shares, this is regarded as disposal of securi-ties and is thus included as a reduction of cash flows from investing activities, and not as the dividends as cash flows from operating activities.Cash flows from financing activities comprise pay-ments to and contributions from owners as well as the raising and repayment of loans.Omission of consolidated financial statementsPursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of UniconA/S and group entities are included in the consolidated financial statements of Aalborg Portland Holding A/S, Rørdalsvej 44, 9220 Aalborg Øst, Denmark, CVR no. 14 24 44 41.Financial ratiosEBITDA ratio Earnings before depreciation/amortisation, impair-ment losses, provisions, interest and tax (EBITDA). RevenueEBIT ratioEarnings before interest and tax (EBIT).RevenueROCENOPAT Average invested capitalNOPAT Net Operating Profit After TaxEarnings before interest and tax (EBIT) x(1 – effective tax rate)Capital employedIntangible assets + tangible assets + working capitalNIBD/EBITDA factorNet interest-bearing debt (NIBD) EBITDAReturn on equity ProfitAverage shareholders’ equityEquity ratio Shareholders’ equityTotal assetsNet interest-bearing debt (NIBD)Interest-bearing liabilities less interest-bearing assetsWorking capital Inventories, trade receivables and trade payables. true The Board of Directors and the Executive Board have today discussed and approved the annual report of Unicon A/S for the financial year 1 January – 31 December 2023. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion the financial statements give a true and fair view of the Company’s assets, liabilities and financial position at 31 December 2023 and of the results of the Company’s operations and cash flows for the financial year 1 January – 31 December 2023. Further, in our opinion, the Management’s review gives a fair review of the development in the Group’s and the Parent Company’s activities and financial matters, of the results for the year and of the Group’s and the Parent Company’s financial position. We recommend the annual report for adoption at the Annual General Meeting. Vejle, To the Shareholders of Unicon A/S OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2023, and of the results of the Company’s operations and cash flows for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Unicon A/S for the financial year 1 January - 31 December 2023, which comprise income statement, balance sheet, statement of cash flows, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). Basis for OpinionWe conducted our audit in accordance with International Standards on Audi-ting (ISAs) and the additional requirements applicable in Denmark. Our re-sponsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Interna-tional Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management’s ReviewManagement 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 isto read Management’s Review and, in doing so, consider whether Mana-gement’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management’s Responsibilities for the Financial StatementsManagement is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Sta-tements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclo-sing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operati-ons, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial StatementsOur 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 ad-ditional 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 judgment and maintain professional skepticism 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 or-der to design audit procedures that are appropriate in the circumstan-ces, but not for the purpose of expressing an opinion on the effective-ness of the Company’s internal control.• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial state-ments or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.• Evaluate the overall presentation, structure and contents of the finan-cial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Aarhus, PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Henrik Trangeled Kristensen Thyge Belter State Authorised Public Accountant State Authorised Public Accountant mne23333 mne30222 Unicon A/S Ulvehavevej 61 7100 Vejle Denmark +45 70 10 05 90 info@unicon.dk www.unicon.dk 16064939 Bjarne Moltke Hansen Chairman Marco Maria Bianconi, Vice Chairman Søren Holm Christensen Carsten Ottsen Flemming Grand Søren Holm Christensen, CEO, Nordic & Baltic Henrik Jeppesen, CFO, Aalborg Portland Holding Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-01-01 2023-12-31 2022-01-01 2022-12-31 2024-04-22 Ane Ryberg Holm Reporting class C, large enterprise 2024-03-11 25578198 KPMG P/S Dampfærgevej 28 2100 København Ø Opinion Basis for Opinion 2024-03-11 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Operating cash flows before changes in working capital Operating cash flows before changes in working capital