16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember 16064939 2024-12-31 cmn:ConsolidatedMember 16064939 2023-12-31 cmn:ConsolidatedMember 16064939 2022-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 16064939 2022-12-31 cmn:ConsolidatedMember fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 16064939 2022-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 16064939 2022-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 16064939 2022-12-31 cmn:ConsolidatedMember 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 16064939 2023-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 16064939 2023-12-31 cmn:ConsolidatedMember fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 16064939 2023-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 16064939 2023-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 16064939 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 16064939 2024-12-31 cmn:ConsolidatedMember fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 16064939 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 16064939 2024-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember 2 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember 3 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 3 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember 4 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 4 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember 5 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 5 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember 6 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 6 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 7 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember 7 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember 8 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 8 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember 9 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 9 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember 10 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 10 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 16064939 2023-01-01 2023-12-31 cmn:ConsolidatedMember 2 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 3 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 4 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 5 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 16064939 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 iso4217:DKK xbrli:pure LETTER FROM MANAGEMENTThe financial year 2024 was marked by a continued unstable macroeconomic environment, impacting construction activity, including the ready-mix-concrete sector. Despite these challenges, the end of 2024 brought encouraging developments with declining interest rates and some major national construction projects that collectively increased the use of concrete in Denmark. While these indicators are promising, the construction sector continues to face challenges, notably pressure on raw material prices and inflation aecting wages. Additionally, high construction activity in isolated geographic areas has led to local labour shortages, which we expect to continue as large infrastructure projects progress, while other areas are experiencing a market decline.Financial performanceIn 2024, we demonstrated a solid performance. We achieved a revenue of DKK 1,272m (up 7% from 2023), successfully retaining our market share and achieving our planned sales strategy in terms of both volume and price. Earnings before depreciation and amortisation (EBITDA) amounted to DKK 172m (down 4% from 2023). Despite the postponement of major projects, we eectively mitigated the impact on volume. Our strategic focus on maintaining market share at the national level proved successful, although volumes varied across dierent geographical areas. We continued a positive trend in cash flow from operating activities (CFFO), which ended at DKK 176m (2023: DKK 211m). The free cash flow (FCF) was DKK 109m (2023: DKK 185m), and net interest-bearing debt (NIBD) amounted to DKK 128m (2023: DKK -53m).Revenue generated in 2024 is in line with expec-tations for the year. EBIT generated in 2024 is slightly below expectations for the year, mainly due to inflation and price competition in the market. Taking market conditions into consider-ation, the result for the year is satisfactory.Setting new standards in CO₂ reduced concreteAs a market leader, Unicon is committed to reducing the CO₂ footprint of concrete, setting the standard for the industry. In 2024, we intro-duced UNI-PLUS based on FUTURECEM, signifi-cantly cutting CO₂ emissions with a reduction of up to 50% compared to conventional concrete in the same class. This underscores our commit-ment to drive sustainable innovation and setting new industry standards. With new building regulations in 2025, we are ready to support our customers in meeting these demands. Our proactive approach and innovative solutions position us to lead the transition towards more sustainable construction practices.Community engagementAs part of our eorts to reduce our CO₂ emis-sions, we are committed to lowering the carbonfootprint of our fleet. In 2024 we took the next step towards emissions-free delivery of concrete and expanded our fleet of hybrid and fully elec-tric trucks, maintaining one of Europe’s largest active fleets of electric vehicles. This initiative not only reduces emissions but also focuses on noise reduction, which has received positive feedback from the community due to the quieter operation of our electric vehicles within the RMC industry. Additionally, this initiative enhances safety and health on construction sites, benefiting surround-ing communities and supporting sustainable urban development.Circular construction leadership In 2024, Unicon significantly advanced our zero waste strategy and launched additional initiatives to recycle surplus concrete, reinforc-ing our strong commitment to achieving zero waste. This intensified focus not only reduces waste but also maximises resource eciency, underscoring our unwavering dedication to sustainable practices and ecosystem protection. To further this commitment, we have signifi-cantly increased our focus on biodiversity, both in our quarries and at Unicon locations, to better safeguard our surrounding environments. People and collaboration In 2024, we placed a strong emphasis on em-ployee training and development, recognising that continuous upskilling is vital for growth. We invested in comprehensive training programmes for all employees, expanded opportunities for apprentices and young talents, and intensified ef-forts to enhance overall job satisfaction. To ensure our employees are thriving, we conducted a com-prehensive satisfaction survey and implemented measures to address challenges based on the feedback. Most of our key positions are in place, and we are following our planned succession strategy to ensure leadership continuity in key positions. Our diverse team of future specialists and leaders positions Unicon to remain a market leader for many years to come.Safety commitmentAt Unicon, we take immense pride in our steadfast commitment to safety, which we prioritise by implementing advanced safety protocols and conducting regular safety walks. Our unwavering goal is to foster a work environment where safety is the top priority, ensuring that every employ-ee returns home safely each day and striving towards achieving zero accidents. As part of our ”In 2024 we took the next step towards emissions-free delivery of concrete and expanded our fleet of hybrid and fully electric trucks, maintaining one of Europe’s largest active fleets of electric vehicles within the RMC industry.” Casper Mathiasen, Managing Directorfocus Unicon is working towards ISO 45001 and ISO 14001 certification. Subsequent events after the reporting dateNo events have occurred subsequent to the bal-ance sheet date through to this date which may have an impact on the assessment of this annual report.Expectations for 2025Looking ahead to 2025, we anticipate a more sta-ble and predictable market. Our focus will remain on maintaining market share and growing with the market. We expect a minor growth of 2%, primar-ily in the larger project and construction segment, with a decline in other market segments. The Nordhavn Tunnel project, initially planned to start in Q1 2024, was postponed multiple times throughout the year and is now expected to com-mence full-scale operations in February 2025. The Novo Kalundborg project was delivered according to the contract, and there is an opportunity for the contract to be extended in terms of volume going into November 2025.The acquisition of NB Beton proceeded as planned and has proven to be a solid business case as expected. They are now fully integrated and are expected to deliver according to the business case and budget.For the year 2025, the company expects to achieve a revenue of approximately DKK 1,400m and earnings (EBIT) of approximately DKK 95m.Søren Holm Christensen, CEOHenrik Jeppesen. CFOCasper Mathiasen, Managing directorUnicon A/S was founded in 1926 and is the leading producer and partner for ready-mix concrete, for both private and professional customers in Denmark. With 33 concrete plants, we are the only ones capable of delivering concrete throughout the entire country, and thanks to our advanced production and logistics systems, we can guarantee concrete of the right quality and on-time delivery. Read more about our company at unicon.dk1926 Unicon was founded in 1926.400 Unicon employs more than 400 employees located throughout Denmark.200Unicon operates its own fleet of up to 200 trucks and trailers.1 mio.Unicon produces more than 1 million cubic meters of concrete annually.33Unicon has 33 plants throughout Denmark. Setting the standard Ready-mix concrete is a concrete product specially tailored by Unicon A/S to suit the unique require-ments 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 our establishment in 1926, we have developed extensive technical expertise and a well-documented product range, enabling us to oer customised concrete solutions for all types of construction projects. Our wide range of con-crete 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 holds significance, and when customers only have one chance to get it right, Unicon is the clear choice. We are dedicated to consistently delivering the best solution for our customers 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, employing 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 meters of ready-mix concrete. The Group has se-veral 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 the Cementir Group, see www.cementirholding.com, on Unicon AS, see www.unicon.no, on AB Sydsten, see www.sydsten.se, on Kudsk and Dahl A/S, see www.kudsk-dahl.dk and on Unicon A/S, see www.unicon.dk.1926 Our founder, engineer Kristian Hindhede, establishes KH Beton and builds 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.2024Unicon acquires parts of NB Beton’s operations, thereby expanding its network of concrete plants in Denmark.1927KH Beton becomes a part of the FLSmidth Group.1998Eight RMC companies 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 truck mixer.REPORTING IN ACCORDANCE WITH DANISH ACCOUNTING LEGISLATIONRegarding the mandatory corporate social responsibility statement, cf. section 99(a) of the Danish Financial Statements Act, reference is made to Sustainability Report 2024 published by the Group’s owners Cementir Holding N.V., Netherlands. The statement is available here*. The Group continues to apply its policy on gender equality in recruitment and promotions ensuring 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 order to achieve a balanced gender compo-sition of management, the Group wishes to increase the proportion of female managers, and the work to attract female candidates for senior positions will continue to comply with our policy on gender equality and achieve our gender diversity targets in the Danish subsidiaries. Increasing diversity at all management levels will remain a focus area in the coming years. The company has a talent management training programme 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 qualification and competence requirements. Di-versity 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 diver-sity 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 to tackle both conscious and unconscious bias in connection with employment and recruitments. In accordance with the Danish rules for large companies with operations re-lating to i.a. the extraction of mineral deposits, cf. section 99(c) of the Danish Financial 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 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 Portland Holding Group and describes the approach to data processing covering all data types. This includes 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 Management has 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 2024, the Aalborg Portland Holding Group continued the work on data ethics issues in accordance with the policy. The policy is reviewed on a yearly basis, and no changes were made in 2024. The policy is available at https://aalborgportlandholding.com/en/data-ethics.*www.cementirholding.com/en/sustainability/sustainability-report-and-documents.FINANCIAL HIGHLIGHTSNet revenue DKKm1,272 20241,2722023 1,18620221,3302021 1,182 2020 1,069 Free cash flowDKKm10920241092023185202212520211662020180Return on capital employed (ROCE)%25%202425%202321%202229%202124%202019%EBITDA DKKm172 202417220231782022 207 2021 197 2020 165 Net interest-bearing debtDKKm12812820202023 -53 2022-52021-3362020Equity ratio%46%202346%202358%202258%202156%202056%FIVE-YEAR OVERVIEWDKKm2020 2021 2022 2023 2024INCOME STATEMENTRevenue 1,069 1,182 1,330 1,186 1,272Earnings before depreciation/amortisation, impairment losses, provisions, interest and tax (EBITDA) 165 197 207 178 172EBITDA ratio 15% 17% 16% 15% 13%Earnings before interest and tax (EBIT) 93 126 132 102 81EBIT ratio 9% 11% 10% 9% 6%Financial result 28 47 41 -8 -16Earnings before tax (EBT) 121 173 173 94 65Profit for the year 101 128 144 72 48CASH FLOWSCash flows from operating activities (CFFO) 199 215 144 211 176Cash flows from investing activities (CFFI) * -19 -49 -19 -26 -181Free cash flow (FCF) 180 166 125 185 109* Hereof investments in property, plant and equipment -22 -55 -30 -27 -50BALANCE SHEETTotal assets 867 944 1,008 965 1,007Shareholders’ equity 489 528 583 564 462Net interest-bearing debt (NIBD) 36 -3 -5 -53 128Working capital (WC) -12 -65 -48 -66 -87FINANCIAL RATIOSIncluding non-controlling interests’ shareReturn on equity 21% 25% 26% 13% 9%Equity ratio 56% 56% 58% 58% 46%Return on capital employed (ROCE) 19% 24% 29% 21% 25%NIBD/EBITDA factor 0.2 0.0 0.0 -0.3 0.7Number of employees at 31 December 347 379 393 359 395For definition of financial ratios, see page 37.FINANCIAL REVIEWProfit and loss account Revenue in 2024 amounted to DKK 1271.7m (2023: DKK 1186.3m).Sale of ready-mix concrete in Denmark increased by 8% compared to 2023, partly due to the acquisition of Skovby plant from NB Beton, adjusted for the impact of Skovby plant, the increase was 3% compared to 2023.The financial results were impacted by an unstable macroeconomic environment, significantly impacting construction activity including the Ready-Mix-Concrete sector. Despite these challenges, the latter part of 2024 brought encouraging developments with declining interest rates. The construction sector continues to face challenges, notably inflation pressures affecting wages and salary hikes due to ongoing labor shortages. The company managed a year of difficult market conditions with strong competition in the market which put earnings under pressure and required continued implementation of cost optimisation initiatives.Operating profit before depreciation (EBITDA ratio) reached 13.5% (2023: 15.0%). Earnings before interest and tax (EBIT) amounted to DKK 80.8m (2023: DKK 101.7m).Tax on profit for the year amounted to DKK 17.8m (2023: DKK 22.0m), net profit for the year being DKK 47.7m (2023: DKK 72.2m).Cash flowsCash flow from operating activities (CFFO) was DKK 176.0m for 2024 (2023: DKK 210.7m). Cash flow from investment activities (CFFI) amounted to DKK -181.0m (2023: DKK -26.3m), where 2024 is significantly impacted by acquisition of Skovby plant from NB Beton.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 754.0m at 31 December 2024 (2023: DKK 652.0m), of which DKK 451.5m (2023: DKK 419.4m) is related to property, plant and equipment and DKK 90.2m (2023: DKK 16.8m) is related to intan¬-gible assets.Current assets amounted to DKK 253.4m (2023: DKK 312.9m), mainly related to receivables.Shareholders’ equityShareholders’ equity amounted to DKK 461.7m at the end of 2024 against DKK 564.2m 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 45.8% at the end of 2024 (58.5% in 2023). 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. Working capital at the end of 2024 amounted to DKK -87.5m (DKK -65.5m in 2023).SubsidiariesNorwayThe Norwegian subsidiary experienced a significant decline in financial performance during 2024, primarily due to the continued downturn in the Norwegian construction sector, the most significant downturn since the 2009 financial crisis. The volumes of ready-mix concrete sold declined by 18% compared to 2023. Mitigation measures have been implemented to restrain the market impact but were unable to offset the effects of reduced sales volume. Consequently, EBITDA declined by 54% compared to 2023.SwedenThe Swedish construction market is still at a very low activity level due to the macroeconomic situation with high inflation and interest rates which have only at the later part of 2024 seen some reduction. Due to contracts won for some larger construction projects the company managed a satisfactory performance during 2024. Volumes sold increased by 32% in ready-mix concrete and declined by 10% in aggregates compared to 2023. EBITDA increased by 42% compared to 2023.GROUP CHARTCementir Holding N.V.Aalborg Portland Holding A/S100%Unicon A/S100%Unicon AS100%Kudsk & Dahl A/S100%NB Beton ApS49%AB Sydsten 50%*Skåne Grus ABÅgab Grus AB60%40%*Ecol-Unicon Sp. z o.o.49%*Joint ventureRISKS AND UNCERTAINTIESInternal control and risk management system Unicon is integrated with the Cementir Group’s Internal Control and Risk Management System which is 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 Business 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 Group’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 risk owners identify, assess and manage risksI LEVEL OF CONTROLRisk OwnersGroup Management Team Regional Management Business Units INTERNAL CONTROL AND RISK MANAGEMENT SYSTEMII LEVEL OF CONTROL II LEVEL OF CONTROLRisk Management Internal AuditFacilitation, coordination and Assurance on the risk methodological supportmanagement systemChairman & CEO: shall implement the guidelines from the Board of Directors; ensure the identification, management and monitoring of the main risksChairman & CEOEnterprise Risk ManagementReport to Chairman & CEOReport to corporate bodiesRisk Management flowRELEVANT BODIESBoard of DirectorsAudit CommitteeSustainability CommitteeThe Board of Directors plays a central role, defining the Group’s risk appetite, nature and level of risk. Furthermore, it carries out an assessment of the risks associated with climate change, ensuring constant alignment between management and strategic objectives. The BoD, with the support of the Audit Committee and Sustainability Committee (relevant bodies for the risk management process), outlines the guidelines for risk management, so as to ensure that the main corporate risks are properly identified and adequately assessed, managed and monitored.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 Indu-strial Plan and focuses on the main risks that could compromise the achievement of the Group’s objectives;• Risk assessment: for each identified risk, management gives an inhe-rent 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 (quantitative), operational (qualitative), reputational (qualitative). Ma-nagement 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 various threats that could jeopardise the implementation of the Group’s climate transition plan;• Identification and assessment of the adequacy of the existing princi-pals: 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, show-ing the main risks and initiatives taken by management to reduce the risks to acceptable levels;• Monitoring: the following are reviewed periodically: existing risk asses-sments, 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 environment 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 regu-lations (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 has launched a project to implement the recommendations of the TCFD (Task Force on Climate-Related Financial Disclosure) commit-ting to be transparent on risks and opportunities related to climate change. The identification, assessment and effective management 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 Ta-xonomy Regulation”, 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 Cemen-tir Group procedures was carried out based on this activity.On the basis of the activity carried out by the Internal Audit department 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.As of October 2023, the Group has launched the strategic initiative for the digitalisation of Risk Management, aimed at improving the resilience of the organisation by leveraging advanced technological solutions, simplifying data-driven risk assessments and implementing real-time monitoring capa-bilities, promoting a proactive and agile approach to risk mitigation across all business functions. The digitisation process was completed during 2024, and the Group Risk Management was updated using the new platform. Risk categoriesThe Group is subject to various risks and uncertainties. The risk library is the basis for the company’s risk assessment process. The most important risks and their categorisation (strategic, operational, compliance, financial and sustainability) have been listed to facilitate the identification of the main risk categories that may have an impact on the Group. The following table provides a non-exhaustive example of key business risks.13 / 11562 / 1158 / 115Strategic Risk Uncertain outlookRisk linked to uncertainties in economic, political, technological, or market-related factorGeopolitical riskRisk coming from the complex interplay of geopolitical events, govern-ment actions, international relations and global developmentsPrice pressureRisk to reduce profit margins, financial strain and other adverse eects for businesses in case of a strong pressure on prices due to unfair competitionMarket landscapeRisk of inadequate monitoring of market trends, industry conditions making it dicult to navigate the complexity of its marketStrategic planningRisk of adopting strategic choices that could adversely aect the company's performance to a considerable degreeTalent and retention managementRisk to potential challenges and negative impacts that may arise from issues related to attracting, developing, and retaining key employees within an organizationOperationalRiskHealth and safetyRisk of incidents, injuries, illnesses due to unsafe behaviors, conditions or without preventive measuresCybersecurityRisk of cyber attacks or sensitive data stealingLack of raw materials/fuels/aggregatesRisk to not source the resource necessary for business operationsAsset managementRisk of loosing the value or returns of investments on company's assetsSupply chain disruptionRisk that the occurrence of supply chain disruption may lead to increa-sed costs or shortages of products or resourcesCustomer managementRisk of failure to meet customer's expectations, needs or orders ma-king dicult to acquire or retain customersFreight and logistic costRisk associated to volatile or increased freight/logistic costsComplianceRiskAccounting complianceRisk of non-compliance with international or national accounting regulations and lawsAntitrust complianceRisk of non-compliance with international or national antitrust regula-tions and lawsTax complianceRisk of non-compliance with international or national fiscal regulati-ons and lawsBusiness ethics and complianceRisk of non-compliance with international or national business ethics regulations and laws, with company's Code of EthicsCompliance with law and regulationsRisk related to non-compliance with all applicable regulations6 / 115 26 / 115Financial Risk Currency exchange riskRisk of potential financial loss that can occur as a result of fluctuations in the exchange ratesCredit riskRisk of potential financial loss that the company may incur if a counterparty fails to fulfill their contractual obligationsInadequate management of the financial planning and budget processRisk of failure to eectively plan, budget and manage company's financial resourcesInternal control system for fraud risk managementThis risk relates to intentional acts perpetrated by deception by one or more members of manage-ment, those responsible for governance activities, employees or third parties, in order to obtain unlawful advantages. Fraud, whether false financial reporting or misappropriation of company assets, implies the existence of incentives or pressure to commit it and the perception of an opportunity to do so.The intrinsic nature of the Group’s business introdu-ces potential vulnerabilities to fraud and corruption, which can be summarised as follows: (i) fraudulent activities in financial transactions, such as misappro-priation of funds or fraudulent invoicing; (ii) the risks of collusion or conflicts of interest extend to relati-onships with suppliers, customers and employees, amplifying the potential for fraudulent activities; (iii) non-compliance with anti-corruption laws and regulations; (iv) the theft or mismanagement of stock leading to financial loss. The potential impact of fraud risks, if realised, can result in financial loss, reputational damage, and regulatory consequences.Mitigation actionsTo mitigate the risk of fraud, the Group has imple-mented a combination of preventive, investigative and corrective measures to minimise exposure to fraudulent activities, below is an illustration of the main ones.Internal Audit conducts a thorough analysis of potential fraud risks during the risk assessment phase, when formulating the audit plan. Priority is given to areas considered at risk, with a focus on the assessment of identified fraud risks, including the probability of occurrence and possible impacts. All operational and compliance audits (in particular L. 262) include a preliminary assessment of the ability of the internal control system to prevent potential fraud. Following the results of the audit, all actions and control measures agreed with the Management have the primary objective of securing the process from exposure to fraud and thus making it more effective. In the assessments, all reports emerging from whi-stleblowing channels and cases of fraud detected in the last 12 months are also taken into account. In 2023, the Group adopted a whistleblowing system that can be used on a platform managed by a third party, to encourage employees and all stakeholders to report suspicious activity without fear of retaliation. Full information on this system, including details on the channels to be used, can be found on the Group’s official website: https://www.cementirholding.com/en/governance/ethics-and-compliance. The miti-gation of the risk of fraud is also guaranteed by the activities conducted by the Ethics Committee (a com-mittee appointed by the Board of Directors), which on a quarterly basis, analyses the results of the investi-gative activities carried out by the Internal Audit and verifies the implementation of disciplinary, organisa-tional and operational actions for each individual case of violation. The Ethics Committee reports on its work to the Audit Committee and the Board of Directors. Another important mitigation measure is the adoption and use of a data mining tool called Celonis. This tool proves to be crucial for spotting unusual patterns or trends in financial transactions. The Group, in fact, implements segregation of duties as an operational practice, making it difficult for an individual to carry out and conceal fraudulent activities. The measures implemented aim to significantly reduce vulnerability to fraud and corruption within operations. SustainabilityRiskPhysical riskRisk linked to unpredictable extreme weather events or scarcity of natural resources (e.g., water)in the regions where the company operates.CO2 emissions laws and regulationsRisk of cost increase and non-compliance to inter-national and local regulations with the introduction of new lawsEnvironmental regulation and claims from the communityRisk related to (i) environmental incidents, (ii) non-compliance with environmental regulation and (iii) claims from the communityProduct innovationRisk of not innovating adequately, without introducing or updating products on the market that contributes to the reduction and mitigation of carbon emissionsInnovation technologyRisk to not implement new and advanced techno-logies within the organization, key to company's reduction targets achievementAvailabilities of alternative fuelsRisk of absence or partial availability of alternative fuels, strategic for the achievement of our targets 1271675000 1186299000 832114000 772917000 439561000 413382000 282112000 255258000 80782000 68561000 76667000 89563000 5502000 13835000 1358000 1736000 -14688000 -10192000 2010000 0 5070000 4522000 6122000 6291000 13912000 8125000 65413000 94158000 17762000 22000000 47651000 72158000 -8833000 -30304000 -18516000 -47538000 75000000 150000000 47651000 72158000 75092000 16729000 15065000 49000 90157000 16778000 103246000 99336000 159651000 138510000 4014000 3912000 38796000 16307000 145789000 161321000 451496000 419386000 156076000 184151000 20688000 0 35560000 31666000 212324000 215817000 753977000 651981000 27926000 25285000 27926000 25285000 72513000 60307000 150466000 218541000 688000 728000 1683000 6590000 225350000 286166000 95000 1450000 253371000 312901000 1007348000 964882000 150000000 150000000 0 18516000 236748000 245649000 75000000 150000000 461748000 564165000 14483000 9567000 2691000 2050000 17174000 11617000 112302000 125223000 112302000 125223000 36465000 38248000 185361000 143706000 132663000 11166000 16751000 24498000 44884000 46259000 416124000 263877000 528426000 389100000 1007348000 964882000 150000000 66054000 281584000 85000000 582638000 0 -8616000 13199000 0 4583000 0 -50484000 49436000 0 -1048000 0 -5670000 5670000 0 0 0 0 72158000 0 72158000 0 0 0 85000000 85000000 0 -47538000 114065000 -85000000 -18473000 0 0 150000000 -150000000 0 150000000 18516000 245649000 150000000 564165000 0 -6423000 2741000 0 -3682000 0 -3750000 0 0 -3750000 0 -7608000 7608000 0 0 0 14494000 -14494000 0 0 0 -1322000 1322000 0 0 0 2235000 -2235000 0 0 0 0 47651000 0 47651000 0 0 0 150000000 150000000 0 -18516000 66099000 -150000000 -102417000 0 0 75000000 -75000000 0 150000000 0 236748000 75000000 461748000 47651000 72158000 77399000 71478000 Reversal of revaluation / impairment losses Reversal of revaluation / impairment losses 471000 501000 Share of net profits of equity-accounted investees Share of net profits of equity-accounted investees 20405000 5670000 Net financial income / expense Net financial income / expense -5007000 -46754000 Gains/losses on disposals Gains/losses on disposals -778000 449000 Income taxes Income taxes 30031000 74603000 Change in provisions (current and non-current) Change in provisions (current and non-current) 642000 -341000 170814000 177764000 2153000 410000 -10419000 52382000 -34501000 34431000 Change in non-current/current other assets/liabilities Change in non-current/current other assets/liabilities 835000 -3963000 Change in current and deferred taxes Change in current and deferred taxes -16000 16000 193562000 191358000 Dividends received Dividends received 14494000 49436000 5964000 5296000 12682000 4875000 24255000 27479000 176049000 210727000 50206000 26677000 139926000 0 1180000 380000 -7928000 0 -181024000 -26297000 41730000 38317000 Other cash movement of financial receivables Other cash movement of financial receivables 197353000 -76490000 150000000 85000000 Other variances of equity Other variances of equity -2003000 0 3620000 -199807000 -1355000 -15377000 1450000 16827000 95000 1450000 1. Staff costsDKK ’000NOTE2024 2023Wages and salaries 219,389 196,135Pension contributions 23,583 20,194Social security contributions 3,701 3,736246,673 220,065 386 378 Remuneration to the board of directors amounted to DKK 0,2 m in 2024 and DKK 0,2m in 2023. In 2024 and 2023, remuneration to the management is paid via management fee to Aalborg Portland Holding A/S. Remuneration to the management is DKK 3,1m in 2024 and DKK 2,7m in 2023. 2. Other operating income and other operating costs DKK ’000NOTE2024 2023Other operating incomeRental income 912 911Profit from sale of fixed assets 2,137 1,287Insurance compensations 0 5,000Contract compensations 0 6,250Other income 2,453 3875,502 13,835Other operating costsLoss from sale of fixed assets -1,358 -1,736-1,358 -1,736 3. Investments in subsidiariesDKK ’000NOTE2024 2023Cost at 1 January 196,273 209,472Exchange rate and other adjustments -2,742 -13,199Cost at 31 December 193,531 196,273Adjustments at 1 January -12,122 41,391Exchange rate adjustments 5,902 6,315Profit after tax -14,688 -10,192Equity movements in subsidiaries -3,750 -1,048Dividend received -12,797 -48,588Adjustments at 31 December -37,455 -12,122Carrying amount at 31 December 156,076 184,151Investments in subsidiariesUnicon’s Unicon’s Unicon’s OwnershipShareholders’shareshareshare of DKK ’000interest equityof profitof profit shareholders’(%)before taxafter taxequityUnicon AS, Norway 78,833 100 -36,728 -28,699 56,658AB Sydsten, Sweden 81,363 50 11,412 9,664 74,116Kudsk & Dahl A/S, Denmark 23,955 100 5,583 4,347 25,302-19,733 -14,688 156,0765. Investments in joint venturesDKK ’000NOTE2024 2023Cost at 1 January 1,028 1,028Cost at 31 December 1,028 1,028Value adjustments at 1 January 30,638 24,663Exchange rate adjustments 521 2,301Profit shares 5,070 4,522Dividend for the year -1,697 -848Adjustments at 31 December 34,532 30,638Carrying amount at 31 December 35,560 31,666Unicon’s Unicon’s Unicon’s OwnershipShareholders’shareshareshare of DKK ’000interest equityof profitof profit shareholders’(%)before taxafter taxequityEcol-Unicon Sp. z o.o., Poland 72,573 49 6,031 5,070 35,5606,031 5,070 35,560Shared management according to joint venture agreement. 4. Investments in associatesDKK ’000NOTE2024 2023Cost at 1 January 0 0Increase 20,000 0Cost at 31 December 20,000 0Goodwill, amortisation for the year -1,322 0Profit shares 2,010 0Adjustments at 31 December 688 0Carrying amount at 31 December 20,688 0Unicon’s Unicon’s Unicon’s OwnershipShareholders’shareshareshare of DKK ’000interest equityof profitof profit shareholders’(%)before taxafter taxequityNB Beton ApS, Denmark 17,945 49 2,577 2,010 8,7932,577 2,010 8,793Unicon A/S acquired 49% of NB Beton ApS on April 12, 2024 for a total of 20 mio. DKK. NB Beton ApS operates in the production and sale of concrete and concrete blocks. There is a positive difference (goodwill) of 13,2 million DKK upon recognition, which is included in the cost price. As further described in the section on the recognition of goodwill under the applied accounting policies, the acquisiti-on method has been applied for the accounting treatment. The acquisition has accounting effect as of the acquisition date. 6. Financial income and expenses DKK ’000NOTE2024 2023Financial incomeInterest and other financial income 227 297Interest income, Group enterprises 5,737 5,000Realised exchange rate gains 67 31Unrealised exchange rate gains 91 9636,122 6,291 Financial expensesInterest and other financial expenses -4,479 -4,873Interest expenses, Group enterprises -9,304 -2,957Realised exchange rate losses 0 -86Unrealised exchange rate losses -129 -209-13,912 -8,125 7. Tax on profit for the year DKK ’000NOTE2024 2023Current tax on the profit for the year -16,751 -24,498Adjustment of deferred tax -1,253 516Adjustment previous years 242 1,982-17,762 -22,000 8. Proposed distribution of profit DKK ’000NOTE2024 2023Transfer to next year -8,833 -30,304Net revaluation according to the equity method -18,516 -47,538Proposed dividends for the financial year 75,000 150,00047,651 72,158 9. Intangible assets2024 2023DKK ’000Goodwill GoodwillCost at 1 January 168,711 172,343Exchange rate and other adjustments -2,524 -3,632Addition, business acqusitions 69,311 0Cost at 31 December 235,498 168,711Amortisation at 1 January 151,982 151,597Exchange rate -2,523 -3,631Amortisation for the year 10,947 4,016Amortisation at 31 December 160,406 151,982Carrying amount at 31 December 75,092 16,729OtherOtherintangibleintangibleassetsassetsCost at 1 January 104,957 104,957Additions, business acqusitions 16,651 0Cost at 31 December 121,608 104,957Depreciation at 1 January 104,908 101,119Depreciation for the year 1,635 3,789Depreciation at 31 December 106,543 104,908Carrying amount at 31 December 15,065 49Performed impairment tests have supported carrying values. 10. Property, plant and equipmentDKK ’0002024 2023Land andLand andbuildingsbuildingsCost at 1 January 370,910 370,055Additions 0 855Additions, business acqusitions 9,000 0Disposals -7,321 0Transfer 433 0Cost at 31 December 373,022 370,910Depreciation and impairment losses at 1 January 271,574 266,198Reversed depreciation on disposals -7,321 0Depreciation for the year 5,523 5,376Depreciation and impairment losses at 31 December 269,776 271,574Carrying amount at 31 December 103,246 99,336DKK ’0002024 2023Plant andPlant andmachinerymachineryCost at 1 January 399,587 397,645Additions 12,243 9,019Additions, business acqusitions 23,967 0Disposals -8,574 -8,661Transfer 15,042 1,584Cost at 31 December 442,265 399,587Depreciation and impairment losses at 1 January 261,077 244,450Reversed depreciation on disposals -8,172 -7,832Depreciation for the year 29,709 24,459Depreciation and impairment losses at 31 December 282,614 261,077Carrying amount at 31 December 159,651 138,510DKK ’0002024 2023Other Other fixtures,fixtures,tools andtools andequipmentequipmentCost at 1 January 33,796 33,662Additions 0 713Additions, business acqusitions 1,000 0Disposals -242 -579Cost at 31 December 34,554 33,796Depreciation at 1 January 29,884 29,761Reversed depreciation on disposals -241 -579Depreciation for the year 897 702Depreciation at 31 December 30,540 29,884Carrying amount at 31 December 4,014 3,912Property, plant and equipment, continued DKK ’0002024 2023TangibleTangibleassetsassetsin course ofin course ofconstructionconstructionCost at 1 January 16,307 1,801Additions 37,964 16,090Transfer -15,475 -1,584Cost at 31 December 38,796 16,307Carrying amount at 31 December 38,796 16,307DKK ’0002024 2023Right-of-useRight-of-useassetsassetsCost at 1 January 276,143 249,814Additions 28,373 55,156Disposals -23,371 -28,827Cost at 31 December 281,145 276,143Depreciation and impairment losses at 1 January 114,822 103,734Reversed depreciation on disposals -19,101 -26,065Depreciation for the year 39,635 37,153Depreciation and impairment losses at 31 December 135,356 114,822Carrying amount at 31 December 145,789 161,321Property, plant and equipment, continued DKK ’0002024 2023Depreciation, Land and buildings 2,956 2,433Depreciation, plant and machinery 36,679 34,720Interest on lease liabilities 2,980 1,683Short-term leases 3,175 3,175Total amounts recognised in the income statement 45,790 42,011 11. 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. 12. ReceivablesReceivables with maturity after one year amount to DKK 0,0m (2023: DKK 0,0m). 13. Deferred tax liabilitiesDKK ’000NOTE2024 2023Deferred tax liabilitiesIntangible assets 782 -4,177Property, plant and equipment 14,201 14,027Current assets 92 91Provisions -592 -374Deferred tax liabilities at 31 December 14,483 9,567DeferredThe year's changes in deferred tax liabilitiestaxliabilitiesDeferred tax liabilities at 1 January 2024 9,567Movements through the income statement 4,916Deferred tax liabilities at 31 December 2024 14,483The 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. 14. Other provisions DKK ’0002024 2023Other provisions at 1 January 2,050 2,392Additions 720 0Disposals in the year -79 -342Other provisions at 31 December 2,691 2,050The provisions are mainly related to guarantee work and demolition liabilities for buildings etc. 15. Non-current liabilitiesNon-current liabilities falling due later than 5 years after the end of the financial year: DKK ’0002024 2023Leases 23,163 28,24423,163 28,244 16. Contingent liabilities DKK ’0002024 2023Guarantees 531 531Lease expenses recognised in the income statement are in accordance with IFRS16, reference is made to note 10. 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 cor-porate taxes within the joint taxation group. Receivable corporate taxes in the joint taxation group amounted to DKK 4,2 m at 31 December 2024. Any subsequent corrections of the taxable income subject to joint taxation could cause a higher liability of 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 ’0002024 2023Statutory audit 777 666 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, ItalyRelated 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 ’000NOTE2024 2023Transactions with Aalborg Portland Holding A/S:Intra-group management and administration agreements 30,746 32,388and royaltiesFinancial items, net -3,567 2,043Financial receivables 148,982 214,799Financial payable 128,650 0Trade receivables 186 0Trade payables 0 7,805Transactions with other related parties:Intra-Group management and administration agreements 11,549 12,443Cost of sales 397,758 378,730Other operating income 729 1,691Trade receivables 1,297 3,742Trade payables 3,137 3,362 19. Financial risks and instrumentsThe Company has no financial instruments at 31 December 2024. 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. Estimation on uncertainties and judgements Estimation on uncertainties The accounting polices require that when calculating the carrying value of certain assets and liabilities estimates are made of how future events influence the value of recognised assets and liabilities at the balance sheet date. Estimates that have a material influence on the amounts recognised in the annual report. The estimates applied are based on assumptions deemed reasonable by the Management, but, given the nature of things, are uncertain. Thus, the Company is exposed to risks and uncertainties that may result in varian-ces between actual and estimated results. The development in the world economy and in the financial markets in the last three years has resulted in conside-rable changes compared to previ-ous years in respect of some uncertainty in a number of key assumptions within i.a. credit risk, interest level, sales volumes, volatility, etc. The Management deems that the accounting policies do not include critical aspects. Non-current assets Non-current assets are measured at cost less accumulated depreciation and impairment. Depreciation is provided on a straight-line basis over the expected useful lives of the assets considering the residual value of the assets. The anticipated useful life and residual value are determined on the basis of past experience and the anticipated future use of the asset in question. The anticipated future use and scrap values may prove impossi-ble to realise, prompting a need for write-down or a loss on the disposal of the assets. The depreciation periods are stated in the section ”Accounting policies” in note 22, and non-current assets are stated in notes 9 and 10.Accounting judgements Accounting judgements are made when applying accounting policies. Accounting judgements are the judgements made, that can have a signifi-cant impact on the amounts recognised in the financial statements. Provisions and contingent liabilities Assessment of provisions and contingent liabilities are largely based on estimates and judgements. Description of provisions and contingent liabilities is given in note 14 and 16. 22. Accounting policiesGeneralThe Annual Report 2024 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 2024 is presented in thousand Danish kroner.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.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 sepa-rate 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.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.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 liabi-lities. Monetary balance 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 balan-ces which constitute part of the net investment in the foreign operation, the share of the cumulative amount of the exchange differences recogni-sed 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 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 customer and are not adjusted for any financing components as credit terms are short – typically between 20 to 45 days – and the financing com-ponent therefore insignificant.Cost of salesCost 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 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 relation to the activities of the Group, including certain grants, rentals, fees, etc. Other operating income and costs also comprise profit on disposal of indi-vidual assets, land and buildings which are not related to a total disposal of an activity.Profit/loss from investments in subsidiaries and associatesThe proportionate share of the profit/loss after tax of subsidiaries and associates is recognised in the income statement and the financial state-ments of the Parent Company and after elimination of the proportionate share of intra-group unrealised profits/losses, and deduction of impair-ment and depreciation of group goodwill.Profit/loss from investments in joint venturesThe 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 depre-ciation of financial assets and liabilities as well as surcharges and refundsunder 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 taxati-on 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 utilisati-on; 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.Balance sheetIntangible assetsGoodwillOn initial recognition, goodwill is recognised in the balance sheet at cost. 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.When acquiring new businesses, the acquisition method is applied, whe-reby the identified assets and liabilities of the newly acquired businesses are measured at fair value at the acquisition date.Positive difference amounts (goodwill) between the cost price and the fair value of the acquired identified assets and liabilities are recognised as int-angible assets and systematically amortised over the income statement, based on an individual assessment of the economic useful lifeDevelopment 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 mea-sured 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 recogni-sed 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-spe-cific 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 de-preciated 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 be-nefits 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 maintenanceare recognised in the income statement as incurred. Depreciation is charged on a straight-line basis during the estimated use-ful 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. 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 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 lia-bilities” 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 circum-stances 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 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 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 accordan-ce with the Group’s accounting policies, adding or deducting the proportio-nate 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 compri-ses purchase price plus delivery costs.The cost of work in progress and finished goods comprise direct produc-tion costs with addition of indirect production costs. Indirect production costs include operating costs, maintenance and depreciation of producti-on 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 reali-sable 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 recognised 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 accordan-ce with the Group’s accounting policies, adding or deducting the proportio-nate 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 nega-tive balance of the enterprise is recognised in provisions.Investments in associatesInvestments in associates are measured according to the equity method. Investments in associates are recognised in the balance sheet as the pro-portionate share of the equity value of the entities stated in accordance with the Group’s accounting policies, adding or deducting the proportiona-te share of unrealised intra-group profits and losses. The total net revaluation of investments in associates is transferred upon distribution of profit to ”Reserve for net revaluation under the equity met-hod” under equity. The reserve is reduced by dividend distributed to the Pa-rent Company and adjusted for other equity movements in joint ventures.Associates with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the nega-tive 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 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 contri-bution 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 sta-tement for the period 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 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 correspon-ding 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 completi-on, 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 measure-ment 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, public duties 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 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, impair-ment, 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-bea-ring receivables.• All other non-interest-bearing receivables and debt items are regar-ded as working capital.Cash flows from operating activities are stated as the year’s profit adju-sted for non-cash operating items, changes in working capital, financial items and paid tax.Cash flows from investing activities comprise payments made in connec-tion 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 reducti-on 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 contributi-ons 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 sta-tements of Unicon A/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 2024. 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 2024 and of the results of the Company’s operations and cash flows for the financial year 1 January – 31 December 2024. 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 Shareholder 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 2024, and of the results of the Company’s operations and cash flows for the financial year 1 January - 31 December 2024 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 2024, which comprise income statement, balance sheet, statement of cash flows, statement of changes in equity and notes, including a summary of significant accounting policies (“the 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 is to 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 judgement and maintain professional scepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the Finan-cial 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 re-asonableness 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 uncer-tainty 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 Finan-cial 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 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. • Plan and perform the audit to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the Fi-nancial Statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsi-ble 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. 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 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-04-23 Ane Ryberg Holm Reporting class C, large enterprise 2025-03-11 25578198 KPMG P/S Dampfærgevej 28 2100 København Ø Opinion Basis for Opinion 2025-03-11 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Operating cash flows before changes in working capital Operating cash flows before changes in working capital