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reportAuditor's report on audited financial statementsfalseReporting class C, large enterprisefalsefalseUnicon A/SIslands Brygge432300Copenhagen S16064939Copenhagen, Denmark2021-01-012021-12-312020-01-012020-12-312022-04-07Mette Line BraadBjarne Moltke HansenMarco Maria BianconiSøren Holm ChristensenCarsten OttsenFlemming GrandChairmanVice ChairmanElected by the employeesElected by the employeesSøren Holm ChristensenHenning BækCEO, Nordic & BalticExecutive Vice President, CFO, Aalborg Portland HoldingPricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabPricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab3377123133771231KPMG Statsautoriseret RevisionspartnerselskabDampfærgevej 282100 København Ø25578198The 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 2021. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion the consolidated financial statements and the parent company financial statements give a true and fair view of the Group's and the Parent Company's assets, liabilities and financial position at 31 December 2021 and of the results of the Group's and the Parent Company's operations and consolidated cash flows for the financial year 1 January – 31 December 2021. 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.Copenhagen2022-03-08To the Shareholders of Unicon A/SOpinionIn 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 31 December 2021, and of the results of the Group’s and the Parent Company’s operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Unicon A/S for the financial year 1 January - 31 December 2021, 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 (“financial statements”).Basis for OpinionWe 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 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 Parent 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 Parent 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 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 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 Group’s and the Parent 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 Group’s and the Parent 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 Parent 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.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 Statement Act. We did not identify any material misstatement in Management’s Review.Aarhus2022-03-08Henrik Trangeled KristensenThyge BelterState Authorised Public AccountantState Authorised Public Accountantmne23333mne30222Main activity Unicon develops, produces and distributes ready-mixed concrete in Denmark, Norway and Sweden. Unicon is one of the Nordic region's leading suppliers of ready-mixed concrete. The financial ratios have been computed in accordance with the Guidelines issued by the Danish Finance Society in 2015. Cf. definitions in accounting policies. IFRS 16 have been implemented in 2019 without restatement of comparable figures. In 2021, the Unicon Group realised revenue of DKK 2,624m within ready-mixed concrete and aggregates, an increase 10% compared to 2020. Operating profit (EBITDA) was DKK 369m against DKK 307m in 2020. The profit before tax for 2021 was DKK 219m against DKK 154m in 2020, an increase of 42%. The return on capital employed (ROCE) was 19%, against 15% in 2020. The shareholder’s equity at 31 December 2021 was DKK 630m, corresponding to an equity ratio of 40%. Similar to past years, the Unicon Group achieved a positive cash flow from operating activities at DKK 340m. After net investments of DKK 121m, the Group has a free cash flow of DKK 219m. Denmark In Denmark, Unicon is the market leader with 33 plants producing and supplying ready-mixed concrete to the whole country. Ready-mixed concrete is sold to both residential and business customers. In 2021, the company again has delivered a strong performance, both financially and strategically. Financially Unicon is looking at solid results driven by strong sales, continuous efforts to control costs, and follow up on working capital initiatives. Strategically, Unicon has managed to differentiate itself from the market by taking on the role as market leader through a strong focus on the sustainability agenda within ready-mixed concrete. In 2021, post corona, there was a high activity level in construction, and therefore high demand on readymixed concrete, resulting in shortage of raw materials and lack of qualified staff. A completely new situation and challenge that Unicon handled with determination and strength. Kudsk & Dahl has also again delivered a solid financial result, driven by a continuous optimisation of costs and sales efforts. An open and transparent collaboration between Unicon and Kudsk & Dahl has throughout 2021 strengthened both results. Norway Unicon AS produces ready-mixed concrete at 24 plants and 2 mobile units from Mandal in the South to Steinkjer in the North. Market and sales development Unicon experienced a low demand for ready-mixed concrete at the beginning of the year. This was caused by very harsh winter conditions and as well travel restrictions related to the Covid-19 pandemic. This caused a delayed start-up on several major projects. However, this changed as Unicon got closer to the summer, and the demand picked up and continued strong throughout the autumn and winter with corresponding high activity level on most of our plants. Unicon has continued the supplies to Nordøyvegen, Regjeringskvartalet (the Norwegian Government Building Complex), and the new Hospital in Drammen. In addition, Unicon has won infrastructure projects in Trondheim on E6 and Nydalsbrua, as well as committed on additional contracts at Regjeringskvartalet and Drammen Hospital. During 2021, Unicon continued its focus on sustainability, customer service and improved competitiveness. Regarding sustainability Unicon delivered our first commercial project of our new Futurecem™ cement to the rehabilitation of the office for the Port of Oslo. Sweden AB Sydsten produces and sells ready-mixed concrete and aggregates (granite and gravel) to the southern part of Sweden. The company has 9 plants, 5 granite quarries, 1 gravel pit, trading business in precast concrete and a recycling business. In 2021, Sydsten increased its market position in terms of volumes, revenue and earnings compared to 2020. Sales during 2021 were higher in all business streams, primarily due to some huge projects such as 4- track railway, New Hospital Malmö and furthermore winning several good middle and small size contracts in infrastructure and residential market. Sydsten has been successful in both keeping and developing the business with existing customers and finding new customers in the market for all our business streams. Our environmental efforts and actions towards a fossil free production such as four ready-mix trucks and one 56 meters pump with electrical hybrid engine, bio-fuels in all concrete plants and continuing electrifying the production in our quarries has been an important factor to win new contracts in the market. Sydsten is also engaged in several social activities in the community such as Lund’s University of Technology, “Smart Math” in elementary school and every year Sydsten participates at the exhibition “Industrinatten” for high school students. Sustainability Unicon A/S – Unicon Denmark, Unicon Norway, Sydsten and Kudsk & Dahl – has overall increasingly had focus on sustainability on five areas:  CO2 reduced concrete: Shift to new CO2 reduced cement types in concrete products with focus on implementing FuturecemTM.  Green transport: Introduction of ready-mix trucks with electrical hybrid engines into the market.  Sustainable production: Electrifying production in quarries and energy efficiency at concrete plants.  Waste management: Reusing own concrete waste and concrete waste from demolition. Cleaning wastewater from production.  Health and safety: A number of measures in order to create a stronger safety culture and reducing the number of accidents. The sustainability efforts for Unicon A/S will continue the coming years with more initiatives to insure more sustainable products, a more sustainable production, greener transport and a more safe and healthy work environment. Group exposures Business risks The company is sensitive to the conditions usually affecting sale of ready-mixed concrete. This exposure can be split into four main areas:  Private new construction  Multi-storey houses and multi-family houses  Non-residental construction  Public-sector construction and infrastructure The Unicon Group’s focus of business is on the Scandinavian countries. Efforts are made to achieve a proper mix of variable and fixed costs to be able to counter temporary changes in demand. Currency exposure The Group’s products are usually not sold to other countries, for which reason its currency exposure is limited mainly to balance sheet items which for individual subsidiaries are in local currency. Interest rate exposure It is Group policy to have a proper mix of short-term and medium-term interest exposure. Long-term interest agreements are concluded seldom. Cash flow risk It is Group policy always to be able to pay its debts, and periodic cash management and reporting therefore takes place on a systematic basis to ensure this. Credit risks The Group’s credit risk primarily relates to trade receivables from sale to customers. The Group’s receivables are assessed on a current and individual basis and provisions are made currently if there is any doubt about a customer’s ability to pay. Basically, sale to customers with an estimated low ability to pay is made against prepayment or a bank guarantee. The maximum credit risk on trade receivables corresponds to the value at which they are included in the balance sheet. No individual customer poses any material risk to the Group. Environment and energy Environmental respect and energy consumption are focal issues for the entire Nordic ready-mixed concrete business area. A number of environmental projects are therefore currently under way, including one relating to the recycling of large volumes of water used in company processes. Concrete is an environment-friendly building material pre-dominantly produced from natural resources. Environmental impacts from Unicon’s concrete production are continuously being reduced, and Unicon has established an internal Environmental Management System based on ISO 14001 that has been implemented in the Group’s production plants. The system ensures ongoing improvements to environmental conditions at company plants. Events after the balance sheet date No events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report. Other issues In Aalborg Portland Holding A/S’ consolidated financial statements for 2021, the Unicon group contributes with DKK 219m before tax and minority interests. Aalborg Portland Holding A/S’ consolidated financial statements are presented according to IFRS. The variances to the Group accounts of Unicon A/S for 2021, which is presented according to the Danish Financial Statements’ Act, are: Earnings before tax (EBT) in the Unicon consolidated financial statements DKK 219m Amortisation of goodwill, not deductible, cf. IFRS DKK 6m Contribution (EBT) to the Aalborg Portland Holding Group DKK 225m The total variance between Unicon A/S’s financial statements for 2021 and the contribution to Aalborg Portland Holding A/S’ consolidated financial statements for 2021 amounts to DKK 6m before tax. Expectations to 2022 Sales in 2022 are generally expected to be in line with 2021. In Denmark, sales are expected to be at the level of 2021. In Norway, sales are expected to increase compared to 2021, whereas sales in Sweden are expected to be slightly below 2021. Efforts will still be focused on maintaining a strong market position and - based on the business units' close customer relations - constantly keep focus on customer needs and product development. Revenue is expected to be in the range of DKK 2,750 – 2,850m and overall, earnings (EBIT) for 2022 are expected to be in line with 2021.Unicon is part of the annual report of the Aalborg Portland Holding Group, which is part of the annual report of the Cementir Group, in which social responsibility has been described. Unicon’s Statutory Report on Corporate Social Responsibility, cf. Section 99(a) of the Danish Financial Statements Act, can be found in “Sustainability Report 2021” from Cementir Holding, the owner of Aalborg Portland Holding. The report is available at www.cementirholding.it. Payments to authorities In accordance with Danish regulations governing payments to authorities in large companies, cf. Section 99(c) of the Danish Financial Statements Act, reference is made to parent company Aalborg Portland Holding A/S annual report 2021.www.cementirholding.itIn accordance with Danish regulations governing the gender composition of management in large companies, cf. Section 139(a) of the Danish Companies Act and Section 99(b) of the Financial Statements Act, the Group’s policy on gender equality is being extended to recruitment and promotion, the decisive consideration being to find the best qualified people for all company positions. Focus is placed on increasing the number of female managers to provide for a balanced gender composition. Increasing the female representatives in the management level remains a priority for Unicon A/S and during 2021 Unicon has continued working to attract female candidates and strengthen our recruitment strategies to ensure that Unicon has female candidates, applying for management positions. For 2021, the management level of Unicon A/S consists of 13 males and 4 females. The Board of the Group’s parent company has three male AGM-elected members, and therefore goal is not met. No change of board members has been relevant during 2021. The aim of Unicon A/S is to have at least one female AGM-elected member before the end of 2023. In accordance with the Danish rules for large companies, cf. section 99(d) of the Danish Financial Statements Act, the parent company Aalborg Portland Holding has issued its Policy on Data Ethics. The policy addresses the data ethic principles applied by Aalborg Portland Holding and describes the approach to data processing covering all data types. This includes e.g. use of new technologies and responsible use of data, including personal data protection (GDPR). In continuation of the prepared policy on data ethics, Aalborg Portland Holding will in the annual report for 2022 account for the work with data ethical issues. The policy is available here https://aalborgportlandholding.com/en/data-ethics.https://aalborgportlandholding.com/en/data-ethicsGeneral The Annual Report 2021 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 2021 is presented in thousand Danish kroner. The accounting policies used in the preparation of the consolidated financial statements and the parent company financial statements are consistent with those of last year. Recognition and measurement in general The financial statements have been prepared under the historical cost convention. Income is recognised in the income statement as it is earned, including recognised 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 estimates 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. Subsequent 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. Amortised 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 confirm or deny the conditions that existed at the balance sheet date. DKK is used as functional currency. All other currencies are considered foreign currency. Consolidated financial statements The consolidated financial statements comprise the Parent Company, Unicon A/S, and all enterprises in which the Parent Company exercises a controlling influence of their financial and operating policies. Control is obtained when the company directly or indirectly holds more than 50% of the voting rights in the enterprise or which it, in some other way, controls. Enterprises, in which the Parent Company exercises significant influence, but not a controlling influence, are considered as joint ventures. Significant influence is generally achieved by direct or indirect ownership or control of more than 20% and less than 50% of the voting rights. Joint arrangements are activities or enterprises, in which the Group through cooperation agreements with one or more parties have joint control, where major decisions require unanimity. Joint arrangements are classified as joint ventures or joint operations. Joint operations are where participants have direct rights of assets and direct liability for obligations, whereas, joint ventures are activities where participants alone have rights over the net assets. The consolidated financial statements are based on the financial statements of the Parent Company and the individual enterprises which are prepared in accordance with the Unicon Group accounting policies. All items of a uniform nature are combined. Intra-group income, costs and intra-group financial statements, shareholdings and dividends are eliminated. Furthermore, unrealised gains and losses on transactions between the consolidated companies are eliminated. Unrealised gains on transactions with joint ventures are eliminated in relation to the Group's ownership in the enterprise. Non-controlling interests Subsidiaries’ items are recognised in the consolidated financial statement by 100%. Non-controlling interests’ share of equity is stated separately. Business combinations Enterprises acquired or formed during the year are recognised in the consolidated financial statements from the date of acquisition or formation. Enterprises disposed of are recognised in the consolidated income statement until the date of disposal. Comparative figures are not restated for acquisitions and disposals. On acquisition of subsidiaries, the difference between cost and net asset value of the enterprise acquired is determined at the date of acquisition after the individual assets and liabilities having been adjusted to fair value (the purchase method). This includes allowing for any restructuring provisions determined in relation to the enterprise acquired. Any remaining positive differences are recognised in intangible assets in the balance sheet as goodwill, which is amortised in the income statement on a straight-line basis over its estimated useful life, but not exceeding 20 years. Any remaining negative differences are recognised in deferred income in the balance sheet as negative goodwill. Amounts attributable to expected losses or expenses are recognised as income in the income statement as the affairs and conditions to which the amounts relate materialise. Any negative goodwill not related to expected losses or expenses is recognised at an amount equal to the fair value of non-monetary assets in the income statement over the average useful life of the non-monetary assets. Positive and negative differences from enterprises acquired may, due to changes to the recognition and measurement of net assets, be adjusted until the end of the financial year following the year of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in depreciation already made. The booked value method is applied to transfers between Group companies (common controlled transactions), according to which assets and liabilities are transferred at their carrying amount plus Group goodwill and negative goodwill, which is restated in equity. When enterprises are sold, the difference between the selling price and the net assets plus cumulative translation differences and unamortised goodwill is recognised in the income statement as a separate item. Foreign currency translation Transactions 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 approximated 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 balance sheet items are translated at the exchange rates at the balance sheet date, whereas nonmonetary 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 directly 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 Parent Company’s financial statements are prepared in accordance with the Danish Financial Statements Act for large companies in reporting class C, with the adoption of some IFRS standards. Compared to the accounting policies applied in the consolidated financial statement (see Note 23 to the consolidated financial statements) the Parent Company’s accounting policies only deviate in the following items: Investments in subsidiaries Investments 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.The annual report is classified by function. Revenue Revenue 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. Trade receivables recognised as services delivered are invoiced to the customer 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 sales Cost of sales comprises of raw materials, consumables, direct labour costs and indirect production costs such as maintenance, depreciation and operation of production plant as well as administration and plant management. Sales and distribution costs Sales and distribution costs comprise direct distribution and marketing costs, salaries for the sales and marketing functions, depreciation as well as other indirect costs. Administrative expenses Administrative 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 costs Other operating income and costs comprise items of a secondary nature in relation 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 disposal of an activity. Profit/loss from investments in subsidiaries The proportionate share of the profit/loss after tax of subsidiaries is recognised 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 ventures The proportionate share of the profit/loss after tax of joint ventures is recognised 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 depreciation 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. Tax Tax 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 individual 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 deferred 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.Intangible assets Goodwill On initial recognition, goodwill is recognised in the balance sheet at cost as described under “Business combinations”. Subsequently goodwill is measured 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 assets Development 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 net selling price can cover production costs, selling and administrative expenses 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 attributable to the Group's development activities. Specifically developed software applications with a high degree of company-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-establishment 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 depreciated 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 liabilities Unicon Group mainly leases land, trucks, vehicles and office buildings. When entering 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 commencement date. Unicon Group leases cars including a service component in the payments to the lessor. This service is separated from the lease payment when measuring 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 extension 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 assets Goodwill 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 cashgenerating 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 (cashgenerating 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 impairment. 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 charged to the same items as the related depreciation. Investments in joint ventures Investments 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. Inventories Raw 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. Receivables Receivables 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. Prepaid expenses Prepaid expenses are measured at amortised cost. Equity Dividends Dividends 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 method Net revaluation reserve according to the equity method comprises net revaluation 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 accounting 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 period to which they apply and any outstanding payments are stated in the balance sheet as Other payables. Pensions, defined benefit schemes In benefit pension schemes the employer is obliged to pay a specific benefit (e.g. a retirement pension as a fixed sum or a fixed percentage of final pay). In a benefit scheme the Group bears the risk with regard to future development in interest rate, inflation, mortality and invalidity. An annual actuarial valuation is carried out to determine the present value of the future benefits to be paid under defined benefit schemes. The present value is calculated on the basis of assumptions for future developments in wage/salary level, interest rates, inflation and mortality. The present value is calculated only for benefits to which the employees have already earned the right during their employment with the Group. The actuarial present value less the fair value of any plan assets is recognised in the balance sheet under retirement benefit obligations. Differences between the expected growth in pension assets and liabilities and the realised values are classified as actuarial gains or losses. Such gains and losses are recognised in the balance sheet with an offsetting entry on equity. If a pension plan constitutes a net asset, the asset is only recognised if it represents future refunds from the plan or will lead to reduced future payments to the plan. Similarly, other long-term employee benefits are recognised based on an actuarial calculation. However, actuarial gains and losses are recognised in the income statement immediately. Other long-term employee benefits include jubilee benefits. Provisions Provisions 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 embodying economic benefits to settle the obligation. When measuring provisions, deemed costs are discounted. When the Group has a legal obligation to dismantle or remove an asset or restore the site on which the asset 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 balance 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 recognised 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 liabilities Amounts 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.The cash flow statement for the Group is presented according to the indirect method and shows the composition 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 distinction is made between interest-bearing and non-interest-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 payments made in connection with the acquisition and disposal of property, plant and equipment. To the extent that enterprises or joint ventures buy-back treasury shares, this is regarded as disposal of securities 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 payments to and contributions from owners as well as the raising and repayment of loans.2623859000238900000024690000002509000000260500000023891670001181926000106885100015537300012300000010800000014600000011900000012325000012843600010107000085000000850000002009000234800026937000221800001284360001010700004142700013722000156276800015120000001523000000131200000012040000001512211000943896000866700000-129000000-64000000-69000000-76000000-101000000630393000593000000588000000585000000560000000592913000527586000489141000339637000307000000229000000159000000300000000306960000-121109000-61000000-58000000-40000000-95000000-60903000Earnings before depreciation/amortisation, impairment, provisions, interest and tax (EBITDA)Earnings before depreciation/amortisation, impairment, provisions, interest and tax (EBITDA)Earnings before depreciation/amortisation, impairment, provisions, interest and tax (EBITDA)Earnings before depreciation/amortisation, impairment, provisions, interest and tax (EBITDA)Earnings before depreciation/amortisation, impairment, provisions, interest and tax (EBITDA)Earnings before interest and tax (EBIT)Earnings before interest and tax (EBIT)Earnings before interest and tax (EBIT)Earnings before interest and tax (EBIT)Earnings before interest and tax (EBIT)Earnings before tax (EBT)Earnings before tax (EBT)Earnings before tax (EBT)Earnings before tax (EBT)Earnings before tax (EBT)Free cash flow (FCF)Free cash flow (FCF)Free cash flow (FCF)Free cash flow (FCF)Free cash flow (FCF)Net interest-bearing debt (NIBD)Net interest-bearing debt (NIBD)Net interest-bearing debt (NIBD)Net interest-bearing debt (NIBD)Net interest-bearing debt (NIBD)Working capital (WC)Working capital (WC)Working capital (WC)Working capital (WC)Working capital (WC)NIBD/EBITDA factorNIBD/EBITDA factorNIBD/EBITDA factorNIBD/EBITDA factorNIBD/EBITDA factorEBITDA ratioEBITDA ratioEBITDA ratioEBITDA ratioEBITDA ratioEBIT ratioEBIT ratioEBIT ratioEBIT ratioEBIT ratioNumber of employees at 31 DecemberNumber of employees at 31 DecemberNumber of employees at 31 DecemberNumber of employees at 31 DecemberNumber of employees at 31 December369000000307000000295000000262000000257000000219000000162000000146000000172000000166000000219000000154000000139000000181000000157000000219000000246000000171000000118000000205000000-68000000-1600000074000000-130000000-123000000-71000000-170000001000000-21000000-54000000-200000-100000200000-500000-5000000.1900.1500.1500.2200.1900.2500.2100.1800.2600.2200.1400.1300.1200.1000.1000.0800.0700.0600.0700.060678.0644.0659.0664.0670.0EBITDA ratio Earnings before depreciation/amortisation, impairment losses, provisions, interest and tax (EBITDA) Revenue EBIT ratio Earnings before interest and tax (EBIT) Revenue ROCE NOPAT Average invested capital NOPAT Net Operating Profit After Tax Earnings before interest and tax (EBIT) x (1 – effective tax rate) Capital employed Intangible assets + tangible assets + working capital NIBD/EBITDA factor Net interest-bearing debt (NIBD) EBITDA Return on equity Profit Average shareholders' equity Equity ratio Shareholders’ equity Total assets Net interest-bearing debt (NIBD) Interest-bearing liabilities less interest-bearing assets Working capital Inventories, trade receivables and trade payables1653592000150460500072277700064934000014088000722400091310003720000970267000884562000459149000419511000631376000576677000282522000254389000133287000150328000591990007418700092100029570007190002138000218771000161824000125840000925170004833600034472000463600042580002009000234800062740007238000153000325000103770001882200029130008346000219304000154498000173425000121316000639310003124800044989000202460001177000017892000994200016462000247590003044000024762000298320003652900048332000347040004629400018026100018071500098742000100750000210475000215630000141884000130737000367534000350447000130468000133204000433700042930003828000373300068317000279860003096600011480008309240007790710004058880003695720002338670002116970002339700021997000358370003205500035837000320550002572640002336940009032900008594580006978560006495600006556200057501000237800001786300027732000274380009329400084939000237800001786300024016800023409400073697000821820001647110001722580001472900001164190003814000119100092200001051100011160005120001113800095090001110001110004290510004275630002222140001992240001371330001402510004600053000659478000652753000246040000217140000150000000150000000150000000150000000347740003099100022767000209690002578120002231500002698190002331720008500000085000000850000008500000010280700010377200075663000708140001624700011276000811100084920003615000039162000205700051800001280600001212520001016800013672000154183000161794000111697000103246000154183000161794000111697000103246000597200005672300031445000282810003921310003244100001554410001127530003170500089247000787100019745000645800061100046054000211850004906500023430000111053000141831000536340007867700065013200063625200029444500026064100080431500079804600040614200036388700015627680001512211000943896000866700000147339000142050000-8354000-1444000-453900077740006586900010773000-5859000-6639000-37241000-35606000Reversal of revaluation / impairment lossesReversal of revaluation / impairment lossesShare of net profits of equity-accounted investeesShare of net profits of equity-accounted investeesNet financial income / expenseNet financial income / expenseGains/losses on disposalsGains/losses on disposalsIncome taxesIncome taxesChange in employee benefitsChange in employee benefitsChange in provisions (current and non-current)Change in provisions (current and non-current)Operating cash flows before changes in working capitalOperating cash flows before changes in working capitalChange in non-current/current other assets/liabilitiesChange in non-current/current other assets/liabilitiesChange in current and deferred taxesChange in current and deferred taxesOperating cash flowsOperating cash flowsDividends receivedDividends receivedInterests receivedInterests receivedOther income collected/expenses paidOther income collected/expenses paid1563000676000-4637000-22290000410300011584000-5939000175730006393100031248000-12660002743000-3012000-840000357455000305994000-31015000341760001130000-129600038054600035597700031800005660003520001307000-71240006500005140001290410006448900085190004100000Other variances investment assetsOther variances investment assets630000-10020002013000103537000119399000Change in current financial liabilitiesChange in current financial liabilitiesChange in current financial assetsChange in current financial assetsOther variances of equityOther variances of equity-111020000-1057280000-16968000-55930006268000-219148000-236840000-6200009217000-140251000-126766000-24980004268000137133000140251000Ready-mixed concrete Aggregates Total Ready-mixed concrete Aggregates Total DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 Denmark 1,181,912 27,573 1,209,485 1,068,851 24,221 1,093,072 Norway 884,277 0 884,277 801,264 0 801,264 Sweden 341,772 188,325 530,097 309,569 185,262 494,831 2,407,961 215,898 2,623,859 2,179,684 209,483 2,389,167Other operating income Rental income 1,709 1,819 Profit from sale of fixed assets 6,470 3,416 Other income 5,909 1,989 14,088 7,224 Other operating costs Loss on sale of assets 531 2,957 Other costs 390 0 921 2,957Other operating income and other operating costs Other operating income Rental income 786 850 Profit from sale of fixed assets 5,214 2,550 Other income 3,131 320 9,131 3,720 Other operating costs Loss from sale of fixed assets 329 2,138 Other costs 390 0 719 2,138Wages and salaries 330,078 334,786 Pension contributions 38,426 37,139 Social security contributions 27,205 23,199 395,709 395,124 The amounts comprise: cost of sales, sales and distribution costs as well as administrative expenses and other costs.Wages and salaries 196,009 202,100 Pension contributions 18,381 17,472 Social security contributions 4,486 3,259 218,876 222,831Remuneration to the board of directors amounted to DKK 0.1m in 2021 and 2020. In 2021 and 2020, remuneration to the management is paid via management fee to Aalborg Portland Holding A/S. Remuneration to the management is DKK 1.9m in 2021 and DKK 1.7m in 2020.Remuneration to the board of directors amounted to DKK 0.1m in 2021 and 2020. In 2021 and 2020, remuneration to the management is paid via management fee to Aalborg Portland Holding A/S. It is not possible to specify the remuneration to the management. Thus no salaries are paid to the management by Unicon A/S in 2021 and 2020.686649387353Investments in joint ventures Investments Investments in in joint ventures joint ventures Cost at 1 January 1,064 1,063 Exchange rate and other adjustments -1 1 Cost at 31 December 1,063 1,064 Adjustments at 1 January 30,991 27,919 Exchange rate adjustments -455 -1,186 Profit shares 4,636 4,258 Dividend for the year -318 0 Other adjustments -80 0 Adjustments at 31 December 34,774 30,991 Carrying amount at 31 December 35,837 32,055 Unicon's share Unicon's share Shareholders' Ownership of profit of shareholders' equity interest after tax equity DKK '000 % DKK '000 DKK '000 - Ecol-Unicon Sp. z o.o., Poland 47,750 49 2,009 23,397 - ÅGAB Syd AB, Sweden 31,099 40 2,627 12,440 4,636 35,837 Notes / consolidated financial statements The amounts comprise: cost of sales, sales and distribution costs as well as administrative expenses and other costs. Remuneration to the board of directors amounted to DKK 0.1m in 2021 and 2020. In 2021 and 2020, remuneration to the management is paid via management fee to Aalborg Portland Holding A/S. Remuneration to the management is DKK 1.9m in 2021 and DKK 1.7m in 2020. The proportion of voting rights does not differ from the ownership interest held.Investments in subsidiaries Investments Investments in in subsidiaries subsidiaries Cost at 1 January 220,355 228,629 Exchange rate and other adjustments 6,851 -8,274 Cost at 31 December 227,206 220,355 Adjustments at 1 January -8,658 -28,408 Exchange rate adjustments -5,586 9,018 Profit after tax 48,336 34,472 Equity movements in subsidiaries -5,998 -475 Dividend received -21,433 -23,265 Adjustments at 31 December 6,661 -8,658 Carrying amount at 31 December 233,867 211,697 Investments in subsidiaries Unicon's share Unicon's share Unicon's share Shareholders' Ownership of profit of profit of shareholders' equity interest before tax after tax equity DKK '000 % DKK '000 DKK '000 DKK '000 - Unicon AS, Norway 103,921 100 23,644 18,460 124,869 - AB Sydsten, Sweden 181,902 50 29,910 24,624 89,417 - Kudsk & Dahl A/S, Denmark 16,838 100 8,569 5,742 19,581 Amortisation, goodwill -490 -490 61,633 48,336 233,867 Investments in joint ventures Investments Investments in in joint ventures joint ventures Cost at 1 January 1,028 1,028 Cost at 31 December 1,028 1,028 Value adjustments at 1 January 20,969 20,175 Exchange rate adjustments -211 -1,554 Profit shares 2,009 2,348 Dividend for the year -318 0 Other adjustments -80 0 Adjustments at 31 December 22,369 20,969 Carrying amount at 31 December 23,397 21,997 Unicon's share Unicon's share Unicon's share Shareholders' Ownership of profit of profit of shareholders' equity interest before tax after tax equity DKK '000 % DKK '000 DKK '000 DKK '000 - Ecol-Unicon Sp. z o.o., Poland 47,750 49 2,225 2,009 23,397 2,225 2,009 23,397 The voting rights does not differ from the ownership interest held.Financial income Interest and other financial income 564 277 Interest income from group enterprises 2 73 Realised exchange rate gains 5,475 4,591 Unrealised exchange rate gains 233 2,297 6,274 7,238 Financial expenses Interest and other financial expenses 4,215 4,420 Interest expenses to group enterprises 2,397 2,838 Realised exchange losses 3,417 11,096 Unrealised exchange losses 348 468 10,377 18,822Financial income and expenses 2021 2020 DKK '000 DKK '000 Financial income: Interest and other financial income 152 185 Interest income, Group enterprises 0 46 Realised exchange rate gains 1 94 153 325 Financial expenses: Interest and other financial expenses 1,356 1,108 Interest expenses, Group enterprises 1,367 1,612 Realised exchange rate losses 102 5,157 Unrealised exchange rate losses 88 469 2,913 8,346Current tax on the profit for the year 48,955 35,769 Adjustment deferred tax -1,987 382 Other adjustments, including previous years 16,963 -4,903 63,931 31,248Current tax on the profit for the year 29,290 21,185 Adjustment of deferred tax -381 827 Adjustment previous years 16,080 -1,766 44,989 20,246Total fee to auditors appointed at the Annual General Meeting to be specified as follows: Statutory audit 1,163 1,043 Tax and VAT advisory services 13 12 Other services 146 44 1,322 1,099Total fee to auditors appointed at the Annual General Meeting to be specified as follows: Statutory audit 645 451 Other services 4 4 649 455Goodwill Goodwill Cost at 1 January 330,038 344,592 Exchange rate adjustments 10,512 -14,554 Cost at 31 December 340,550 330,038 Amortisation at 1 January 299,598 306,032 Exchange rate adjustments 10,463 -14,116 Amortisation for the year 5,730 7,682 Amortisation at 31 December 315,791 299,598 Carrying amount at 31 December 24,759 30,440 Performed impairment tests have supported carrying values. Other Other intangible intangible assets assets Cost at 1 January 106,361 105,876 Exchange rate and other adjustments 57 -29 Additions 650 514 Disposals 0 0 Cost at 31 December 107,068 106,361 Depreciation at 1 January 88,469 79,871 Exchange rate and other adjustments 10 1 Disposals 0 0 Depreciation for the year 6,819 8,597 Depreciation at 31 December 95,298 88,469 Carrying amount at 31 December 11,770 17,892Cost at 1 January 172,617 176,457 Exchange rate and other adjustments 2,774 -3,840 Cost at 31 December 175,391 172,617 Amortisation at 1 January 142,785 139,194 Exchange rate 2,742 -3,495 Amortisation for the year 5,102 7,086 Amortisation at 31 December 150,629 142,785 Carrying amount at 31 December 24,762 29,832 Performed impairment tests have supported carrying values. Other Other intangible intangible assets assets Cost at 1 January 104,957 104,957 Cost at 31 December 104,957 104,957 Depreciation at 1 January 88,495 80,087 Depreciation for the year 6,520 8,408 Depreciation at 31 December 95,015 88,495 Carrying amount at 31 December 9,942 16,462Land and Land and buildings buildings Cost at 1 January 549,685 550,656 Exchange rate and other adjustments 3,008 -3,192 Additions 6,774 4,097 Disposals -2,496 -2,906 Transfer 8,579 1,030 Cost at 31 December 565,550 549,685 Depreciation and impairment losses at 1 January 368,970 360,326 Exchange rate and other adjustments 1,357 -1,336 Reversed depreciation on disposals -2,496 -1,782 Depreciation for the year 11,931 11,762 Transfer 5,527 0 Depreciation and impairment losses at 31 December 385,289 368,970 Carrying amount at 31 December 180,261 180,715 Plant and Plant and machinery machinery Cost at 1 January 1,182,707 1,169,733 Exchange rate and other adjustments 11,442 -12,713 Additions 55,794 46,946 Disposals -54,076 -26,485 Transfer 24,718 5,226 Cost at 31 December 1,220,585 1,182,707 Depreciation and impairment losses at 1 January 832,260 812,017 Exchange rate and other adjustments 9,713 -10,742 Reversed depreciation on disposals -51,494 -25,851 Depreciation for the year 61,676 56,836 Transfer 896 0 Depreciation and impairment losses at 31 December 853,051 832,260 Carrying amount at 31 December 367,534 350,447 Other fixtures, Other fixtures, tools and tools and equipment equipment Cost at 1 January 97,726 97,988 Exchange rate and other adjustments 200 -277 Additions 703 -10 Disposals -1,320 -107 Transfer 0 132 Cost at 31 December 97,309 97,726 Depreciation at 1 January 93,433 93,112 Exchange rate and other adjustments 175 -234 Reversed depreciation on disposals -1,320 -107 Depreciation for the year 684 662 Depreciation at 31 December 92,972 93,433 Carrying amount at 31 December 4,337 4,293 Tangible Tangible assets assets in course of in course of construction construction Cost at 1 January 27,986 23,880 Exchange rate and other adjustments 1,434 -1,080 Additions 65,771 13,456 Disposals 0 -1,882 Transfer -26,874 -6,388 Cost at 31 December 68,317 27,986 Carrying amount at 31 December 68,317 27,986 Right-of-use Right-of-use assets assets Cost at 1 January 322,018 273,167 Change in accounting policy, leases 0 0 Exchange rate and other adjustments 1,461 -1,494 Additions 60,692 47,667 Disposals -17,907 -4,616 Transfer -292 7,294 Cost at 31 December 365,972 322,018 Depreciation and impairment losses at 1 January 106,388 48,663 Exchange rate and other adjustments 289 670 Reversed depreciation on disposals -11,589 -4,012 Depreciation for the year 60,499 56,511 Transfer -90 4,556 Depreciation and impairment losses at 31 December 155,497 106,388 Carrying amount at 31 December 210,475 215,630 2021 2020 DKK '000 DKK '000 Depreciation, Land and buildings 9,669 8,991 Depreciation, plant and machinery 50,830 47,520 Interest on lease liabilities 2,710 2,667 Short-term leases 13,940 11,620 Lease of low value assets 233 65 Total amounts recognised in the income statement 77,382 70,863Land and Land and buildings buildings Cost at 1 January 368,207 368,144 Additions 3,073 116 Disposals -1,070 -53 Cost at 31 December 370,210 368,207 Depreciation and impairment losses at 1 January 267,457 262,426 Reversed depreciation on disposals -1,070 -53 Depreciation for the year 5,081 5,084 Depreciation and impairment losses at 31 December 271,468 267,457 Carrying amount at 31 December 98,742 100,750 Plant and Plant and machinery machinery Cost at 1 January 403,428 397,892 Additions 20,409 20,570 Disposals -33,461 -16,653 Transfer 614 1,619 Cost at 31 December 390,990 403,428 Depreciation and impairment losses at 1 January 270,224 265,204 Reversed depreciation on disposals -32,352 -16,464 Depreciation for the year 22,648 21,482 Transfer 2 2 Depreciation and impairment losses at 31 December 260,522 270,224 Carrying amount at 31 December 130,468 133,204 Other fixtures, Other fixtures, tools and tools and equipment equipment Cost at 1 January 93,519 93,504 Additions 703 -10 Disposals -1,320 -107 Transfer 0 132 Cost at 31 December 92,902 93,519 Depreciation at 1 January 89,786 89,305 Reversed depreciation on disposals -1,320 -107 Depreciation for the year 608 588 Depreciation at 31 December 89,074 89,786 Carrying amount at 31 December 3,828 3,733 Tangible Tangible assets assets in course of in course of construction construction Cost at 1 January 1,148 3,634 Additions 30,430 1,148 Decreases 0 -1,882 Transfer -612 -1,752 Cost at 31 December 30,966 1,148 Carrying amount at 31 December 30,966 1,148 Right-of-use Right-of-use assets assets Cost at 1 January 181,612 151,017 Change in accounting policy, leases 0 0 Additions 42,147 32,542 Disposals -3,493 -1,947 Transfer -178 0 Cost at 31 December 220,088 181,612 Depreciation and impairment losses at 1 January 50,875 24,373 Reversed depreciation on disposals -2,908 -1,585 Depreciation for the year 30,352 28,087 Transfer -115 0 Depreciation and impairment losses at 31 December 78,204 50,875 Carrying amount at 31 December 141,884 130,737 Depreciation, Land and buildings 1,903 1,559 Depreciation, plant and machinery 28,449 26,528 Interest on lease liabilities 998 862 Short-term leases 1,844 2,360 Total amounts recognised in the income statement 33,194 31,309No material impairment has been made during the year and no material inventories are measured at a net realisable value under the actual cost price.No material impairment has been made during the year and no material inventories are measured at a net realisable value under the actual cost price.Prepayments comprise prepaid expenses concerning rent and insurance premiums etc.Receivables with maturity after one year amount to DKK 0.0m (2020: DKK 0.0m).Receivables with maturity after one year amount to DKK 0.0m (2020: DKK 0.0m).The pension commitments incumbent on the Danish enterprises are funded through insurance schemes. The pension commitments of certain foreign enterprises are also funded through insurance schemes. Foreign enterprises whose pension commitments are not - or only partly - funded through insurance schemes (benefit-based) state the uncovered pension commitments at the actuarial present value at the balance sheet date. These pension schemes are backed by pension funds. Moreover, the Unicon Group has made provisions of DKK 76m (2020: DKK 71m) considering the assets related to the schemes. Present value of benefit-based schemes 107,739 100,994 Market value of the assets comprised by the schemes -32,076 -30,180 75,663 70,814 Present value of benefit-based schemes at 1 January 100,994 98,827 Adjustment to prior years 7,198 0 Exchange rate adjustment 92 88 Actuarial gains/losses -2,282 130 Costs 3,814 3,596 Interest on commitment 1,146 1,437 Payments -3,223 -3,084 Present value of benefit-based schemes at 31 December 107,739 100,994 Market value of the assets comprised by the schemes at 1 January 30,180 31,685 Exchange rate adjustment 1,444 -1,950 Actuarial gains/losses -1,125 -799 Payments 1,116 767 Interest on assets 461 477 Market value of the assets comprised by the schemes at 31 December 32,076 30,180 Stated as liability (Pension provisions) 75,663 70,814 Taken to the income statement Costs (incl. actuarial adjustments) 3,814 3,596 Interest, net 685 960 Total amount taken to the income statement 4,499 4,556 All assets comprised by the schemes are managed and controlled by pension providers in collective pool schemes. The assumptions on which the actuarial computations are based at the balance sheet date are as follows, on average: Average discounting rate applied 1-2% 1-2% Future pay increase rate 2-3% 2-3% Expected pension increase rate 1-2% 1-2%Deferred tax assets Deferred tax liabilities Intangible assets 0 0 -44,866 -43,410 Property, plant and equipment 0 0 42,186 41,487 Other non-current assets 0 0 0 0 Current assets 0 0 -205 161 Provisions 0 0 19,444 13,393 Non-current and current liabilities 0 0 -312 -355 Deferred tax liabilities at 31 December 0 0 16,247 11,276 Deferred tax liabilities DKK '000 The year's changes in deferred tax assets/liabilities Deferred tax assets/liabilities at 1 January 2021 11,276 Movements through the income statement -835 Hereof effect of change in tax rates -1,152 Fair value adjustments 65 Defined benefit plan 230 Exchange rate movements 6,663 Net deferred tax assets/liabilities at 31 December 2021 16,247 The Group's basis for deferred tax reflects the differences between the carrying amount and the tax value of the group's assets and liabilities. The Group's aggregate net deferred tax stated above is broken down by assets and liabilities. Where a legal entity or jurisdiction has both tax assets and liabilities, these have been set off. The Group's valued tax assets are essentially not subject to time limits. The Mutual Agreed Procedures (“MAP”) covering 2008-2012 between the Danish and the Italian tax authorities regarding a transfer pricing case on royalty payments involving the Aalborg Portland Holding Group was settled in 2021. The Tax Authorities in Denmark and Italy reached a split decision, where the Italian tax authorities gave an adjustment of 64%, which means that royalties were reduced to approx. 1/3 of the original amount. With regards to the transfer case for the following years 2013-2021 a mutual agreement has been made with the Danish and the Italian tax authorities to apply a sales-based calculation of 0.25% of the net sales only, which is at the level accepted between the Danish and Italian Tax Authorities for FYs 2008-2012. For Unicon A/S, being part of the joint taxation, this has resulted in a tax adjustment of DKK 17.7m included in the Financial Statement 2021.Deferred tax liabilities Intangible assets -2,260 -955 Property, plant and equipment 10,673 10,132 Current assets 73 58 Provisions -375 -743 Deferred tax liabilities at 31 December 8,111 8,492 Deferred tax liabilities DKK '000 The year's changes in deferred tax liabilities Deferred tax liabilities at 1 January 2021 8,492 Movements through the income statement -381 Deferred tax liabilities at 31 December 2021 8,111 The Parent Company's basis for deferred tax reflects the differences between the carrying amount and the tax value of the Parent Company's assets and liabilities. The Parent Company's valued tax assets are essentially not subject to time limits. The Mutual Agreed Procedures (“MAP”) covering 2008-2012 between the Danish and the Italian tax authorities regarding a transfer pricing case on royalty payments involving the Aalborg Portland Holding Group was settled in 2021. The Tax Authorities in Denmark and Italy reached a split decision, where the Italian tax authorities gave an adjustment of 64%, which means that royalties were reduced to approx. 1/3 of the original amount. With regards to the transfer case for the following years 2013-2021 a mutual agreement has been made with the Danish and the Italian tax authorities to apply a sales-based calculation of 0.25% of the net sales only, which is at the level accepted between the Danish and Italian Tax Authorities for FYs 2008-2012. For Unicon A/S, beting part of the joint taxation, this has resulted in a tax adjustment of DKK 16.7m included in the Financial Statement 2021.Other provisions at 1 January 39,162 40,002 Exchange rate adjustments and other adjustments 342 -570 Additions for the year 1,166 3,409 Disposals for the year -4,520 -3,679 Other provisions at 31 December 36,150 39,162 The provisions are mainly attributable to re-establishment costs in connection with the Group's gravel and stone activities and demolition liabilities for buildings etc. Additions for the year are mainly attributable to reassessment hereof.Other provisions at 1 January 5,180 4,018 Additions 100 1,270 Disposals in the year -3,223 -108 Other provisions at 31 December 2,057 5,180 The provisions are mainly related to guarantee work and demolition liabilities for buildings etc.Non-current liabilities falling due later than within 5 years after the end of the financial year: Leases 31,181 28,333 31,181 28,333Non-current liabilities falling due later than 5 years after the end of the financial year: Leases 24,187 18,209 24,187 18,209Other payables include due holiday pay, taxes, public duties and interest payable.Other payables include due holiday pay, taxes, public duties and interest payable.Related parties with significant influence: Aalborg Portland Holding A/S, Rørdalsvej 44, 9220 Aalborg Øst, owns 100% of the shares in Unicon A/S. Other payables include due holiday pay, taxes, public duties and interest payable. Notes / consolidated financial statements Cementir España S.L., Calle General Yagüe, Num. 13, 28020 Madrid, Spain Cementir Holding N.V., Zuidplein 36, 1077 XV Amsterdam, Netherlands Caltagirone S.p.A., Via Barberini, 28, 00187 Rome, Italy Related parties within Unicon Group 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. Transactions with Aalborg Portland Holding A/S: - Intra-group management and administration agreements and royalties 5,909 5,853 - Financial items, net -322 -371 - Financial receivables 22,149 22,738 - Financial payable 2,634 10,132 - Trade payables 198 0 Transactions with other related parties: - Intra-Group management and administration agreements 4,179 4,017 - Cost of sales 48,277 46,278 - Trade receivables 0 412 - Trade payables 1,431 1,862 Financial risks and instruments Currency risks Hedging is assessed and taken out in close co-operation with the Italian parent company. For the hedging of currency risks, the Group analyses realised and expected cash flows broken down by currencies. The Group does not hedge the currency risk between EUR/DKK due to the Danish fixed-exchange-rate policy aimed at the EUR. Risks relating to purchases and sales Revenue from the Group's activities and the purchases are denominated in several currencies. Accordingly, these activities are exposed to changes in exchange rates. The Group's currency risks are primarily hedged by the settlement of income and costs in the same currency and by use of derivative financial instruments. Post-balance sheet events There have been no post-balance sheet events material to this Annual Report which have not been recognised or mentioned.Related 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, Spain Cementir 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. Transactions with Aalborg Portland Holding A/S: - Intra-group management and administration agreements and royalties 3,316 3,367 - Financial items, net -184 -210 - Financial receivables 19,778 15,173 - Financial payable 85 2,345 Transactions with other related parties: - Intra-Group management and administration agreements 2,624 2,388 - Cost of sales 41,438 35,980 - Other operating income 377 489 - Trade receivables 28 473 - Trade payables 974 309Management: Casper Mathiasen, Managing Director, Unicon, Denmark Eric Staurset, Managing Director, Unicon, Norway Per Smidfelt, Managing Director, Sydsten, Sweden Casper Mathiasen, Managing Director, Kudsk & Dahl, Denmark Part of the Aalborg Portland Holding Group Unicon A/S, Denmark is part of the Aalborg Portland Holding Group, which is part of the Cementir Group, an international supplier of cement and concrete. Unicon A/S is included in the Group financial statements for Aalborg Portland Holding A/S, Denmark and Caltagirone S.p.A., Italy. Cementir Holding N.V. has its registered head office in Amsterdam and its secondary office in Rome, is listed on the Italian Stock Exchange in Milan (code CEM) and is part of the listed Caltagirone Group. Consolidated shareholders' equity Reserve for net revaluation Proposed Nonaccording to dividends for controlling Share Retained the equity the financial Unicon's interests' Total capital earnings method year total share total share equity Shareholders' equity at 1 January 2020 150,000 211,781 27,919 100,000 489,700 98,281 587,981 Exchange rate adjustments 31 -1,186 0 -1,155 3,559 2,404 Changes in fair value of financial instruments -629 -629 -629 Other adjustments including actuarial gains/losses on defined benefit schemes 155 155 -1,211 -1,056 Profit for the year 101,070 101,070 22,180 123,250 Reserve according to equity method -4,258 4,258 0 0 Proposed dividends for the financial year -85,000 85,000 0 0 Paid dividends -100,000 -100,000 -19,037 -119,037 Shareholders' equity at 31 December 2020 150,000 223,150 30,991 85,000 489,141 103,772 592,913 Exchange rate adjustments -4,557 -853 0 -5,410 -9,365 -14,775 Changes in fair value of financial instruments 232 232 232 Other adjustments including actuarial gains/losses on defined benefit schemes 267 267 659 926 non-controlling interest -80 -80 0 -80 151,733 151,733 26,937 178,670 Correction DK_GAAP/IFRS -23,297 -23,297 -23,297 Profit for the year 128,436 128,436 26,937 155,373 Reserve according to equity method -4,636 4,636 0 0 Proposed dividends for the financial year -85,000 85,000 0 0 Paid dividends -85,000 -85,000 -19,196 -104,196 Shareholders' equity at 31 December 2021 150,000 257,812 34,774 85,000 527,586 102,807 630,393 The consolidated share capital consists of shares of nominal DKK 1,000 or multiples of these. Charges Carrying amount Carrying amount of assets Assets of assets Assets charged charged charged charged DKK '000 DKK '000 DKK '000 DKK '000 Other fixtures, tools and equipments 16,447 0 17,741 0 Real estate 0 0 0 1,430 16,447 0 17,741 1,430Shareholders' equity Reserve for net revaluation Proposed according to dividends for Share the equity Retained the financial capital method earnings year Total Shareholders' equity 1 January 2020 150,000 20,175 219,525 100,000 489,700 Exchange rate adjustments -1,554 400 -1,154 Equity movements in subsidiaries -475 -475 Reserve according to equity method 2,348 -2,348 0 Profit for the year 101,070 101,070 Movement for the year at the equity 0 794 98,647 0 99,441 Dividend paid -100,000 -100,000 Proposed dividends for the financial year -85,000 85,000 0 Shareholders' equity at 31 December 2020 150,000 20,969 233,172 85,000 489,141 Exchange rate adjustments -211 1,298 1,087 Equity movements in subsidiaries -6,078 -6,078 Reserve according to equity method 2,009 -2,009 0 Profit for the year 128,436 128,436 Movement for the year at the equity 0 1,798 121,647 0 123,445 Dividend paid -85,000 -85,000 Proposed dividends for the financial year -85,000 85,000 0 Shareholders' equity at 31 December 2021 150,000 22,767 269,819 85,000 527,586 The consolidated share capital consists of shares of nominal DKK 1,000 or multiples of these. Financial risks and instruments The Company has no financial instruments at 31 December 2021. Post-balance sheet events There have been no post-balance sheet events material to this Annual Report which have not been recognised or mentioned.Guarantees 6,214 10,587 Lease expenses recognised in the income statement are in accordance with IFRS16, reference is made to note 9. Related parties within Unicon Group comprise the enterprises' Board of Directors and Management together with family related to these persons. There have been no post-balance sheet events material to this Annual Report which have not been recognised or mentioned. Unicon A/S and Kudsk & Dahl A/S are taxed jointly with other Danish companies in the Aalborg Portland Holding Group. As 100% owned subsidiaries, the companies are 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 8.9m at 31 December 2021. Any subsequent corrections of the taxable income subject to joint taxation could cause a higher liability of the companies.Guarantees 531 531 Lease 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 8.9m at 31 December 2021. Any subsequent corrections of the taxable income subject to joint taxation could cause a higher liability of the company.