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The company is one of Europe's leading carpet manufacturers and is driven by a strategy of "designing beautiful carpets for a sustain- able future". Production takes place at five factories in Denmark using the most advanced technology in the industry. Further- more, carpet yarns in primary wool are manufactured at a factory in Lithuania. Ege Carpets annually produces around 6.0 million m² carpets, which primarily are sold to the commercial market. Ege Carpets produces unique floor designs in a more sustainable way by turning waste into resources, while striving to keep the material components in closed loops. Via nine sales offices and more than 50 partners worldwide, Ege Carpets supplies Cradle to Cradle-certified carpets to e.g. hotel, office and marine projects in over 80 countries. Visit egecarpets.com for further details. mDKK2023/242022/232021/222020/212019/20Revenue 1,2061,1631,0859151,156EBITDA 134123 89 85130Profit before net financials and tax (EBIT) 7057 20 14 63Net financials -8 -7-7-7-17Profit before tax 62 50 137 46The Group's net profit 4338-2126Total assets, end of year 969 960 960 1,0141,161Share capital 2424242426Equity, end of year, Excluding minority interests 47945543132 493Net working capital 255244218245282Net interest bearing debt 171207242202194Cash flows from operating activities 10677 99 108108Number of employees 605 578587616715Investments in property, plant, and equipment (excluding acquisition of enterprise) 5631 20 1267Acquisition of subsidiary 0 0 0 0 5Depreciation and amortisation 64 66 69 7167Financial ratios Profit margin (EBIT margin) 6 5225Return on invested capital (ROIC) 8 7-1 0 4Return on equity after tax 9 8 -1 0 5Solvency ratio 49 47454342Ratio of net working capital to revenue 2121 20 2724Ege Carpets' purpose – "Designing beautiful carpets for a sus- tainable future" – continues to be the lodestar that guides all the work taking place at Ege Carpets. In 2023/2024, Ege Carpets managed to grow revenue to 1,206 mDKK, which is only the second time in the company's almost 90-years history that rev- enue has topped 1,200 mDKK. Growth was generated in both established and new geographical markets. 2023/2024 was a key step in Ege Carpets' strategic journey "double impact for a better tomorrow", in which the company targets to increase our revenue to above 2,000 mDKK. Together with the aim of doubling revenue, Ege Carpets has joined the Science Based Targets initiative (SBTi). In 2023/2024, Ege Carpets' near term science based targets were approved, which means that the company has, based on its benchmark emissions in 2019, committed to reduce Scope 1 and 2 CO2 emissions by 50.6% by 2030. Thus, Ege Carpets has committed to decouple the growing revenue/activity levels with the CO2 emissions. In 2023/2024, Ege Carpets made a significant dou- ble digit million kroner investment in switching from natural gas to electricity. In doing so, Ege Carpets has managed to reduce its CO2 emissions by over 40%. The company is very proud of this achievement, but the journey does not end here – the aim is to cut CO2 emissions even further. In 2023/2024, Ege Carpets launched its new Rugs concept, which gives customers complete freedom to custom design rugs in a wide range of quality materials, including 100% wool for luxurious and natural softness or regenerated nylon for a mod- ern look. As part of the concept, a market-leading online con- figurator tool, Rug Creator, has been developed, which makes it possible to explore the different collections, colours, shapes and edge solutions that are available as well as to visualise the rugs in different environments. In Ege Carpet's new Rugs concept, the carpets can be delivered in "any size and any shape", hence the concept provides almost infinite possibilities for customers, whether furnishing a modern office landscape, a unique bou- tique hotel or a stylish concept store. The concept also allows customers to choose rugs from our Designer or Colour collec- tions, in which Ege Carpets has collaborated with, for example, Monsieur Christian Lacroix, the designer duo Laura Bilde and Linnea Blæhr, Tom Dixon, and Margrethe Odgaard, to create iconic designs that makes the concept a unique experience. In 2023/2024, Ege Carpets also expanded its 100% wool pro- duct range, which contrasts with the industry standard of 80% wool and 20% nylon. Using 100% wool – a renewable natural material – to produce the carpets reduces the consumption of virgin plastic materials. In addition, carpets made of 100% wool have a higher insulation value than comparable carpets made of other fibre types, so the room temperature feels higher than it actually is, which reduces energy costs. At Ege Carpets, con- siderable interest is already being shown by customers in the 100% wool carpets. "There is a strong demand for innovative material so- lutions today. In particular, we serve customers in the hotel, office and cruise industries, who are increasingly being measured in terms of their sustainability efforts. The new carpet quality meets this requirement without compromising on quality or design. On the contrary." says CEO Rune Stephansen. Over the past two years, Ege Carpets has invested in upgrading and modernising its headquarters in Herning. The investment that was completed in 2023/2024 includes, among other things, new canteen facilities, refurbished offices, a new corporate design and the establishment of a new showroom as well as facades and outdoor areas which now tie in naturally with the biodiversity project Gjellerup Enge – a meadow area situated just outside the factory in Herning. The new facilities are frequently used by visitors and em- ployees at Ege Carpets, and clearly show Ege Carpets' expertise and commitment within design. Moreover, new showrooms were completed in Gothenburg, Hamburg, Munich, Bielefeld, Cologne, and New York during the financial year – all operational elements in the strategic plan "double impact for a better tomorrow". The biodiversity project Gjellerup Enge, which lies next to one of Ege Carpet's factories in Herning, was inaugurated in 2023/2024. The project covers 90 hectares, or the equivalent of about 130 football pitches. Ege Carpets has been one of the driving forces behind the project together with the Municipality of Herning, the water utility Herning Vand, The Danish Nature Fund, and lo- cal landowners. Ege Carpets has donated approx. 33% of the total area for use as a biodiversity area. When establishing Gjel- lerup Enge, Ege Carpets decided to measure the effect of the biodiversity project by commissioning an independent firm of consultants to calculate the Danish Nature Indicator (DNI) score. The result of the first measurement shows that the bioscore has increased by 142% since Gjellerup Enge was established. The bioscore for Gjellerup Enge is now 63% higher than the average bioscore for the Municipality of Herning and 4% higher than the national average in Denmark. Naturrådgiverne Eskildsen & Buur, a firm of nature consultants, says the following about Gjellerup Enge: "The nature restoration project in Gjellerup Enge is one of the best Danish examples of how companies can take responsibility for restoring nature on their own land on a larger scale. Nature's recovery is documen- ted and followed over time by using a completely new monitoring method: the Danish Nature Indicator (DNI). In this way, Ege Carpets leads the way for other compa- nies that want to carry out professionally credible local biodiversity efforts." – Naturrådgiverne Eskildsen & Buur Ege Carpets is continually working to create a diverse and ac- commodating workplace with equal opportunities for everyone. In 2023/2024, Ege Carpets had 76% more students than the target set by the Danish Ministry of Children and Education. In 2023/2024, the proportion of female managers at Ege Carpets increased by 6 percentage points to 30%, while the company has also expanded the commitment to Ege Go2Work. Ege Go2Work is one of Ege Carpets' ESG initiatives. Under Ege Go2Work, the cardboard spools are collected with leftover yarn from Ege Car- pets' Danish factories, ensuring that both the yarn and cardboard are recycled rather than being sent for incineration. The Ege Go2Work employees may be in job training schemes, have vari- ous mental disorders, reduced functional capacity, or social is- sues and might generally have difficulty in finding or holding down a job in the ordinary labour market. As part of the "double impact for a better tomorrow" strategy, new company values were implemented at Ege Carpets in 2023/2024. The values must support the journey and the culture as the company work to achieve its strategic goals. The values reflect the strengths on which Ege rests, while the ambitions and development focus are being further developed. It is important for Ege Carpets to have values that all business units in Denmark and abroad can relate to and feel a part of. Values are central to the daily activities and the corporate culture. A continuing strong Ege culture is what will drive the customer satisfaction, the strategy and the goals of the group. The values were rolled out in autumn 2023, and it was already clear by the end of the year that they are already having a big impact in the organisa- tion. In 2023/2024, Ege Carpets conducted an employee satisfaction survey via an internationally recognised firm of consultants. The results showed, among other things, that Ege Carpets' employer Net Promoter Score (eNPS), which reflects employee satisfaction and loyalty, is twice as high as the global average and more than three times higher than the average for the sector. There is every reason to feel proud! Read more about Ege Carpets' ESG work in the ESG Policy at egecarpets.com. Group Revenue Revenue of the Group amounts to 1,206 mDKK against 1,163 mDKK last year, corresponding to an increase of 4%. This year's revenue is the second highest revenue in Ege Carpets' almost 90 years history. Five out of Ege Carpets' 13 sales divisions have achieved an all time high revenue in 2023/24. Other operating income Other operating income amounts to 6.2 mDKK against 2.1 mDKKlast year. The increase is predominantly due to profit on sale of assets.Expenses Other external expenses amount to 235 mDKK compared to 228 mDKK last year. The increase can be attributed to the increasing activity and market related activities. Staff costs amount to 317 mDKK against 303 mDKK last year. The increase is due to the increase in activity combined with commercial investments in e.g. USA, UK, and key resources in Denmark. Depreciations amount to 64 mDKK against 66 mDKK last year. Profit before net financials (EBIT) EBIT amounts to 70 mDKK (5.8%) against 57 mDKK (4.9%) last year, corresponding to an increase of 22%. Both revenue and EBIT % are within the forecasted interval for 2023/24. The result for 2023/24 is considered satisfactory taking the market conditions into account. Financial items Financial items make up -6.6 mDKK against -6.0 mDKK last year. The result of the year Profit before tax amounts to 62 mDKK against 50 mDKK last year, this is an increase of 23%. Tax on the profit for the year is 18.6 mDKK against 12.7 mDKK last year. Net profit for the year amounts to 43.3 mDKK against 37.6 mDKK last year, this equals an increase of 15% compared to last year. Equity The group's equity is 479 mDKK against 455 mDKK last year. The solvency ratio is 49.5% against 47.4% last year. Net interest bearing debt Net Interest debt amounts to 171 mDKK and has decreased by 36 mDKK during the fiscal year. Cash flow statement Cash flow from operating activities amount to 106 mDKK. This is an improvement of 29 mDKK compared to last year, which is primarily due to increased activity and improved handling of working capital. Cash flows for investments amount to -54 million mDKK against -32 mDKK last year. This has generated a free cash flow of 52 mDKK, compared to 45 mDKK last year. Cash flows from financing amount to -52 million mDKK against -33 mDKK last year. 15 mDKK has been paid in dividend in the fiscal year.Changes in cash and cash equivalents amount to -1 mDKK, and liquid assets thus amount to 37 mDKK at the end of the year. The group year on year continues to generate a healthy free cash flow, combined with the available capital from existing facilities the capital availability is more than sufficient to facilitate the group strategic growth journey. Investments Investments in long term assets of the year amount to 56 mDKK compared to 34 mDKK last year. The majority of the investments has been made in lowering Ege Carpets CO2 emissions and commercial initiatives. The parent company Proposed distribution of profit The year's result of 35.3 mDKK is proposed to be allocated as follows: kDKK Dividend20,000 Transferred to Retained earnings 15,32635,326In 2024/25 we expect a revenue between 1.2 and 1.3 billion DKK, combined with an EBIT margin of 6-8%. In the strategic work, growth potentials have been identified both in relation toproducts as well as geographical market growth potentials.Ege Carpets is partly owned by Ege Fonden, the sole purpose of which is to donate to charitable and non-profit projects in the local area of Ege Carpets. Ege Fonden thus sends all dividends from the company back to society in the form of donations, in line with “for a better tomorrow”. Risk management General risks Through Ege Carpets' operation and strategy Ege Carpets is subject to risk factors of both a commercial and financial nature. The risks may affect the value of the group's earnings as well as the value of assets and liabilities but are generally no different from what is usual for other companies in the carpet industry. Financial risks As a result of its operations, investments and financing, the group is exposed to changes in exchange rates and interest rates. Currency risks The Group is characterized by the fact that the majority of pro- duction takes place in Denmark, while invoicing primarily is in foreign currency. In 2023/24 87% of the revenue was exported and sold in foreign currencies, which is a small increase com- pared to last year. Interest rate risks The net interest bearing debt has decreased by 36 mDKK duringthe year to 171 mDKK.The vast majority of the group's interest bearing debt has a fixed interest. An increase in the interest rate level of 1% p.a. in relationto the year's actual interest rates, all other things being equal, would have a negative impact on profit and equity of 0.2 mDKK(2022/23: 0.3 mDKK).Credit risks The group's receivables are generally not considered to be as- sociated with unusual credit risk. If more than usual uncertainty is attached to the credit assessment of trading partners, recei- vables are secured. Such security typically consists of financial guarantees or credit insurance. Research and development activities In the group there is continuous optimisation of existing pro- ducts, development of new products and new innovative pro- duction methods are explored. This work is done both internally, in collaboration with suppliers and other relevant contributors. Costs for this are recognised in the income statement. Subsequent events No subsequent events have occurred by year end closing of sig- nificant importance to the financial position in the Group or in the parent company. Rugs redefined Growing core business by rethinking the potential To help reach double impact, the rugs product category has been assigned further strategic priority. More specifically, we ex- pect rugs to account for 20% of our turnover by the fiscal year 2026/2027. To support this ambition, we've invested heavily in rethinking our existing rug selection and in adding new, com- plementary styles. Thus, the rug concept combines a carefully curated selection of our bestselling constructions with novelties primarily chosen for their ability to ensure product diversity since they're either crafted in 100% wool or polyamide with high pile weight. Ege CircleBack A ground-breaking take-back concept reducing your used carpet's end-of-life CO2 emissions by as much as 60% In Europe, only 1-3% of carpets are recycled. The rest finds space in landfill sites or goes up in smoke. It's time for a change and therefore, we've proudly introduced Ege CircleBack, a ground-breaking take-back programme that aims to minimise waste by recycling and reusingyour used carpet.Ege Carpets supplies carpets to the world's largest food companyThe Danish carpet giant Ege Carpets has delivered carpets to the food giant Nestlé's  square meter Scandinavian headquar-ter in Copenhagen, Denmark.Ege Carpets supplies carpets to a wide range of customers, in-cluding the international luxury hotel chain Marriott, Pepsico and ive-star cruise ships.Now employees at Nestlé, the world's largest food company, can enjoy Ege Carpets' creations at their new Scandinavian headquarter in Copenhagen, which are now itted with colourful rugs in the café and lounge areas as well as carpet tiles in muted shades in the more traditional desk zones.New showroomsNew showrooms were completed in Herning, Gothenburg, Ham-burg, Munich, Bielefeld, Cologne, and New York during the inan-cial year – all operational elements in the strategic plan "double impact for a better tomorrow".SHE: a new designer collection crafted from 100% woolSHE is Ege Carpets' irst WOOL designer collection and a natural embrace of renewable materials, luxurious comfort and uncompromising quality. Crafted from  pure new wool yarn, which is spun from extra-long ibres perfectly matching the durability of mixed wool/nylon qualities, the carpet collection holds a heavy commercial wear rating.A tribute to herSHE celebrates female artists in their time not obtaining the rec-ognition they deserved within the textile weaving, sculpture or painting handicrafts. Thus, SHE honours women who helped clear the way for future female artists, who, then and now, live and breathe design. The collection is a tribute to these women – a tribute to her. Reporting on social responsibility Pursuant to § 99a of the Danish Financial Statements Act, the financial statements must contain an account for Ege Carpets' work with social responsibility. We have collected the entire re- port in Ege Carpets' ESG report, which contains exciting cases and information about our work with social responsibility in the Ege Group. Here, interested readers can e.g. see how social re- sponsibility is built in as a basic element of our business model and read about which ESG risks we have identified and work with on a daily basis. The ESG report is a group report that deals with the common goals and initiatives across the group. At the same time, the re- port contains individual consumption statements for each of the five production units that we own, so it is possible to see how we affect the world around us. There are several big news in this year's ESG report. Some of the biggest news are that we launched Ege Felt – a recycled textile material made from carpet tile offcuts – which can be used as an important resource in for example the production of textile products for the interior industry. We also converted our pri- mary steam production from gas to electricity at our two largest manufacturing sites. Finally, we inaugurated Gjellerup Enge in the spring of 2023. A large-scale nature restoration project with the purpose to restore a wild and diverse nature with considera- tion for biodiversity. In this year's report, we are pleased to report the results from the first monitoring of the state of biodiversity on our part of Gjellerup Enge. The ESG report is built around our ambitious sustainability stra- tegy. We have developed a circular model which forms the foun- dation of our work. The model includes the headlines: • Sourcing raw materials • Product design • Production • Corporate responsibility • Recycling and take-back Under each headline, we have specific 2030-goals and initia- tives which ensure that we are constantly moving forward. The ESG report explains how we work with the goals and initiatives and gives a status on how far we are today. We report, among other things, about exciting initiatives, such as our award-win- ning programme Ege Go2Work, where candidates with special needs carry out an important task of preparing one the waste fractions from the tufting and weaving processes for recycling. The report makes it possible to explore our work with UN Sus- tainable Development Goals and circular economy. It also contains excerpts form our ESG Policy, which includes human rights, working environment, environmental impact, climate ac- tion and anti-corruption, and it is also full of cases and numbers on how we translate the ambitious goals of the group to tangible actions. The statuary § 99a statement appears in the ESG report, which will be published on July 4 2024. The report can be found here: https://catalogs.egecarpet.com/8054035 This report forms an integral part of the management report in Ege Carpets A/S' annual report for the financial year 2023/2024. At Ege Carpets, women are underrepresented in management compared to the general distribution of men and women in the group. Therefore, we have determined some guidelines to en- sure more women in managing positions. Policy for equal distribution of women and men in the management of Ege Carpets Ege Carpets desires a diverse workplace where employees can make the best use of their competences, regardless of gender, ethnicity, religion, political opinion, age, disability, sexual orienta- tion, etc. We will work to promote an equal distribution of women and men on Ege Carpet's board of directors as well as in other manage- ment levels. Based on this, the target figure for the parent company's board of directors is set at 60/40 in accordance with the requirement for equal distribution in the Danish Financial Statements Act §99b. In addition, we continuously work to ensure an equal distribution in other management levels in the group via internal transfers and new hires as needed. Target figures and actions to promote equal distribution of the genders in management are evaluated annually in connection with the statutory report on the underrepresented gender in management, cf. Danish Financial Statements Act §99b. Overall objective Specific targets have been set for women on the board. The aim is a distribution of 60/40 in accordance with the requirement from the Danish Business Authority. Since Ege Carpets' Board of Directors counts four members elected on a General Meeting, the individual equitable gender distribution goal is one to three, or 25% to 75%. In addition, it is a goal to ensure an equal distribution in other management levels, which reflects the distribution of women and men in the total workforce in the group. The targets are maintained until 2027. Status on overall goals Board of Directors There are four members of Ege Carpet's board of directors. At the end of the year on 04/30/2024, the distribution of men and women on the board is 75% men and 25% women, as in the past three financial years. Thus, we have achieved an equal gender distribution in the Board of Directors. Other levels of management cf. §99b Definition of other levels of management: The company's other management levels involve the two management levels under the board: 1. Management level is Ege Carpets' CEO 2. Management level is employees with personnel responsibil- ity, who refer directly to the first management level. The other levels of management count six individuals, two women and four men, corresponding to an underrepre- sented gender distribution of 33%. Thus, we have achieved equal gender distribution in the other levels of management according to the provisions of the Danish Business Authority for a group of six individuals. Responsibility, reporting, evaluation and auditing The senior management at Ege Carpets has the overall responsi- bility for ensuring that the internal guidelines for more women in management are respected. HR is responsible for implementing the various initiatives, as well as reporting back to senior management. HR is also responsible for preparing the Statement of the underrepresented gender in accordance with Section 99b of the Danish Financial Statements Act. The ESG department is responsible for reporting on the distribu- tion of male and female managers in the group in the ESG report.Top managerial Total number of members 4 position Underrepresented gender in pct. 25%Target figure in pct. 25%Year for fulfilment of target figure N/A Other managerial Total number of members 6 positions Underrepresented gender in pct. 33%(1 and 2)Target figure in pct. 33%Year for fulfilment of target figure N/A 4 6 the individual equitable gender distribution goal is one to three, or 25% to 75%. In addition, it is a goal to ensure an equal distribution in other management levels, which reflects the distribution of women and men in the total workforce in the group. The targets are maintained until 2027. Status on overall goals Board of Directors There are four members of Ege Carpet's board of directors. 0.25 0.25 Other levels of management cf. §99b Definition of other levels of management: The company's other management levels involve the two management levels under the board: 1. Management level is Ege Carpets' CEO 2. Management level is employees with personnel responsibil- ity, who refer directly to the first management level. The other levels of management count six individuals, two women and four men, corresponding to an underrepre- sented gender distribution of 33%. Thus, we have achieved equal gender distribution in the other levels of management according to the provisions of the Danish Business Authority for a group of six individuals. 0.33 0.33 Statement on Data Ethics Ege Carpets has a policy for data ethics, the purpose of which is to explain Ege Carpet's general data collection and use in order to ensure transparency. The statutory statement cf. §99d can be found on the below link: https://catalogs.egecarpet.com/data_ethics_2024_dk/ The Board of Directors and the Management have today re- viewed and approved the annual report of Ege Carpets A/S for the financial year 1 May 2023 – 30 April 2024. The annual report has been prepared in accordance with the Danish Financial Statement Act. In our opinion the consolidated financial statement and the an- nual accounts give a true and fair view of the Group's and the company's assets, liabilities and financial state as per 30 April 2024 as well as of the Group's and the company's activities and cash flows for the financial year 1 May 2023 – 30 April 2024. In our opinion, the management's review gives a true statement of the development of the Group's and the company's activities and financial state, the results of the year, cash flows and finan- cial position, as well as a description of the most significant risks and uncertainties the Group and the company are facing. The annual report is recommended for approval by the General Meeting Herning To the shareholders of Ege Carpets A/S Opinion We have audited the consolidated financial statements and the parent company financial statements of Ege Carpets A/S for the financial year 1 May 2023 – 30 April 2024, which comprise in- come statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company fi- nancial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 30 April 2024 and of the results of the Group's and the Parent Company's operations as well as the consolidated cash flows for the financial year 1 May 2023 – 30 April 2024 in accordance with the Danish Financial Statements Act. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements ap- plicable in Denmark. Our responsibilities under those stan- dards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial state- ments and the parent company financial statements" (herein- after collectively referred to as "the financial statements") sec- tion of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the Inter- national Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Management's responsibilities for the financial statements Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Fi- nancial Statements Act and for such internal control as Manage- ment determines is necessary to enable the preparation of finan- cial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsi- ble for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Manage- ment either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material mis- statement, 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 additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are con- sidered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit conducted in accordance with ISAs and ad- ditional requirements applicable in Denmark, we exercise profes- sional judgement and maintain professional scepticism through- out the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ma- terial misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence ob- tained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going con- cern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the re- lated disclosures in the financial statements or, if such disclo- sures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. • Obtain sufficient appropriate audit evidence regarding the fi- nancial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely re- sponsible 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 deficien- cies in internal control that we identify during our audit. Statement on the Management's review Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Mana- gement's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our re- sponsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially incon- sistent 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 the Mana- gement's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial state- ments and has been prepared in accordance with the require- ments of the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review. Aarhus 30700228 Morten Friis Kim R. Mortensen mne32732 mne18513 The Annual Report for Ege Carpets A/S has been prepared in ac- cordance with the provisions of the Danish Financial Statements Act for Class C companies. The Annual report is presented in DKK. Consolidated financial statements The consolidated financial statements comprise the parent com- pany, Ege Carpets A/S, and subsidiaries in which Ege Carpets A/S has a controlling influence by directly or indirectly owning or holding more than 50% of the voting rights. The consolidated financial statements are prepared as a sum- mary of the financial statements of the parent company and the individual subsidiaries, compiled according to the Group's ac- counting policies, with eliminations for intra-group income and expenses, and internal balances and dividend, as well as realised and unrealised gains from transactions between the consoli- dated enterprises. Business combinations / acquisition of companies On the acquisition of new enterprises in which Ege Carpets A/S achieves a controlling influence on the acquired activities, the acquisition method is applied. The identifiable assets, liabilities and contingent liabilities of the acquired enterprises are mea- sured at fair value on the acquisition date. Identifiable intangible assets are recognised if they can be separated or derive from a contractual right. Deferred tax is recognised concerning the reassessments made. Newly acquired enterprises are recognised in the consolidated financial statements as from the acquisition date. The acquisi- tion date is the date on which Ege Carpets A/S actually achieves control of the acquired enterprise. A positive difference (goodwill) between, on the one hand, the acquisition price, the value of minority interests in the acquired enterprise and the fair value of any previously acquired equity interests and, on the other hand, the fair value of the acquired identifiable assets, liabilities and contingent liabilities, is recog- nised as goodwill under intangible assets. Goodwill is amortised over the assessed economic lifetime, which is determined on the basis of the management's experience within the individual busi- ness areas. Goodwill is amortised on a straight line basis over the amortisation period, which is between 5 and 10 years. The amor- tisation period is determined on the basis of the expected repay- ment period and is longest for strategically acquired companies with significant market power and a long-term earnings profile. On acquisition, goodwill is attributed to the cash-generating units that subsequently form the basis for impairment tests. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with a functional currency other than Danish kro- ner are treated as assets and liabilities belonging to the foreign entity and, on initial recognition, are converted to the foreign entity's functional currency at the exchange rate applicable on the transaction date. Negative differences (negative goodwill) are recognised in the income statement on the acquisition date. The acquisition price of an enterprise consists of the fair value of the agreed remuneration in the form of acquired assets, as- sumed liabilities and equity instruments issued. If part of the acquisition price is contingent upon future events or the fulfil- ment of agreed terms, this element of the acquisition price is recognised at fair value on the acquisition date. Costs that can be attributed to business combinations are recognised directly in the income statement as incurred. If there is uncertainty on the acquisition date concerning the identification or measurement of acquired assets, liabilities or contingent liabilities, or the determination of the acquisition price, the initial recognition will be based on provisional values. If it subsequently emerges that the identification or measurement of the acquisition price, acquired assets, liabilities or contingent liabilities was incorrect on initial recognition, the statement will be adjusted retroactively, including goodwill, for up to 12 months after the acquisition, and the comparative figures will be re- stated. Thereafter, there will be no adjustment of goodwill. The gain or loss on the divestment or disposal of subsidiaries and associates is calculated as the difference between the selling price or the disposal consideration and the carrying amount of net assets including goodwill at the time of sale and the costs of divestment or disposal. Foreign currency translation For each of the reporting companies in the Group, a functional currency is determined. The functional currency is the currency used in the primary economic environment in which each re- porting company operates. Transactions in currencies other than the functional currency are transactions in foreign currency. On initial recognition, foreign currency transactions are trans- lated to the functional currency at the exchange rate applicable on the transaction date. Exchange rate differences arising be- tween the exchange rates applicable on the transaction date and on the balance sheet date, respectively, are recognised in the income statement under net financials. Receivables and payables in foreign currency are translated at the exchange rate applicable on the balance sheet date. Real- ised and unrealised exchange rate gains and losses are recog- nised in the income statement. On recognition in the consolidated financial statements of foreign enterprises with a functional currency other than DKK, the income statements are translated at the exchange rate ap- plicable on the transaction date, and the balance sheet items are translated at the exchange rate applicable on the balance sheet date. The exchange rate applicable on the transaction date is the average exchange rate for the individual months. Exchange rate differences arising on the translation of the equity of foreign enterprises at the beginning of the year at the exchange rate applicable on the balance sheet date, and on the translation of income statements from the exchange rates applicable on the transaction date to the exchange rates applicable on the balance sheet date, are recognised directly in equity under a special re- serve for foreign currency translation adjustments. Foreign cur- rency translation adjustments are distributed between the equity of the parent company and minority shareholders, respectively. Derivative financial instruments Derivative financial instruments are recognised and measured in the balance sheet at fair value under other receivables or other payables, respectively. Changes in the fair value of derivative financial instruments that are classified as and fulfil the criteria for hedging of the fair value of a recognised asset or a recognised liability are recognised in the income statement together with changes in the value of the hedged asset or the hedged liability. Changes in the fair value of derivative financial instruments that are classified as and fulfil the conditions for hedging of future cash flows are recognised directly in equity under a separate re- serve for hedging transactions. Income and expenses relating to such hedging transactions are transferred from equity on the re- alisation of the hedged object and recognised in the same item as the hedged object. For derivative financial instruments that do not fulfil the con- ditions for treatment as hedging instruments, changes in fair value are recognised in the income statement on an ongoing basis. Income statement Revenue The company uses IAS 11/IAS 18 as recognition of revenue. Re- venue from the sale of own manufactured goods and commer- cial goods is recognised in the income statement if the delivery and transfer of risk to the purchaser have taken place before the end of the financial year, and if the revenue can be measured re- liably. Revenue is recognised excluding VAT, taxes and discountsrelated to the sale.Costs of raw materials, consumables and commercial goods and changes in inventories Costs incurred for the purchase of raw materials, consumables and commercial goods are recognised in the income statement if delivery and transfer of risk from the seller have taken place before the end of the financial year. The change in inventories of finished goods, goods in progress and commercial goods in- cludes the change in the carrying amount of the inventory of these goods. Other external expenses Other external expenses include the year's incurred costs of a primary and ordinary nature in relation to the main objective. Staff costs Staff costs include wages, salaries, remuneration, pensions and other costs for the company's employees, including the Group Management and Board of Directors. Other operating income and expenses Other operating income and expenses include accounting items of a secondary nature in relation to the company's activi- ties, including the profit and loss on the sale of intangible assets and property, plant and equipment. Financial income and expenses Financial income and expenses include interest, gains and losses concerning debt and transactions in foreign currency, amortisation of financial assets and liabilities, and surcharges, deductions and reimbursements concerning the on-account tax scheme etc. Realised and unrealised gains and losses con- cerning derivative financial instruments that are not classified as hedging agreements are also included. Dividends from equity investments in subsidiaries are recog- nised in the parent company's income statement in the financial year in which the dividends are adopted. Financial expenses re- lating to the construction of non-current assets are recognised as part of the cost. Tax on the profit for the year Ege Carpets A/S is subject to the Danish rules for compulsory joint taxation of Ege Carpets A/S' Danish subsidiaries. Subsi- diaries are included in the joint taxation as from the date on which they are included in the consolidation in the consolidated financial statements and until the date from which they are no longer included in the consolidation. MEDF Holding, CVR no. 36 93 76 61, is the administration com- pany for the joint taxation and, as a consequence, settles all pay- ment of income tax to the tax authorities. The current Danish income tax is distributed by settlement of joint taxation contributions between the jointly taxed companies in proportion to their taxable income. In this connection, compa- nies with taxable losses receive joint taxation contributions from companies that can offset this loss to reduce their own taxable income. The tax for the year, which consists of the current income tax for the year, the joint taxation contributions for the year and the change in deferred tax – including as a consequence of a change in the tax rate – is recognised in the income statement. Balance sheet Intangible assets Goodwill is recognised at cost on initial recognition in the ba- lance sheet, as described under "Business combinations". Sub- sequently, goodwill is amortised over 5-10 years. Goodwill is amortised over the assessed economic lifetime, which is deter- mined on the basis of the management's experience within the individual business areas. The carrying amount of goodwill is al- located to the Group's cash generating units on the acquisition date. Agency rights include costs of the acquisition of sales rights. Development costs include costs, salaries and amortisation that can be directly and indirectly attributed to the company's deve- lopment activities. Development projects that are clearly defined and identifiable and for which the technical utilisation rate, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where the intention is to produce, market or use the project, are recognised as intangible assets if the cost can be determined reliably and there is suffi- cient assurance that the future economic benefit can cover pro- duction, selling and development costs as well as administra- tive expenses. Other development costs are recognised in the income statement as the costs are incurred. Capitalised development costs are measured at the lower of cost less accumulated amortisation or the recoverable amount. After the completion of the development work, development costs are amortised on a linear basis over the estimated eco- nomic life. The amortisation period is usually 5-7 years. Development costs are impaired to the lower of recoverable amount and carrying amount. The carrying amount of develop- ment projects in progress is tested for impairment at least once a year and is impaired to the recoverable amount via the income statement if the carrying amount exceeds the present value of the expected future net cash flows from the development pro- ject. Profits or losses on the disposal of development projects, patents and licences are calculated as the difference between the selling price minus the selling costs and the carrying amount at the time of sale. The profit or loss is recognised in the income statement under other operating income or other operating ex- penses. Depreciation takes place on a linear basis over the expected use- ful life of the assets, as follows: Completed development costs 3-7 years Customer relations 5 years Agency rights 2-5 years Goodwill5-10 yearsProperty, plant and equipment Land and buildings, technical plant and machinery and other plant, fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment. Cost includes the acquisition price and costs directly associated with the acquisition until the time when the asset is ready for use. Interest accrued during a new asset's construction period is recognised in the cost. Subsequent costs, such as for the replacement of components of a tangible asset, are recognised in the carrying amount of the asset in question. The carrying amount of replaced components is expensed in the income statement. All other ordinary repair and maintenance costs are recognised in the income statement as incurred. Depreciation takes place on a linear basis over the expected use- ful life of the assets, as follows: Buildings and building components 15-25 years Technical plant and machinery5-10 years Operating equipment and fixtures and fittings 3-10 years Individual assets are depreciated over a shorter period on the basis of specific assessment. The depreciation basis is determined with due consideration of the scrap value of the asset and is reduced by any impairment. The scrap value is determined at the acquisition date and re- viewed annually. If the scrap value exceeds the carrying amount of the asset, the depreciation will end. Property, plant and equipment are impaired to the lower of re- coverable amount and carrying amount. The carrying amount of property, plant and equipment is assessed annually to deter- mine whether there is any indication of impairment. When such indication is present, the recoverable amount of the asset will be calculated. The profit or loss on the disposal of property, plant and equip- ment is calculated as the difference between the selling price less the selling costs and the carrying amount at the time of sale. The profit or loss is recognised in the income statement under other operating income or other operating expenses. Investments in joint ventures Investments in joint ventures are measured according to the equity method whereby the investments are measured in the balance sheet at the proportional share of the companies' equity determined in accordance with the Group's accounting policies, with the addition of additional value on acquisition, including goodwill and adjustment of the proportional share of unrealised intra-group gains and losses. Inventories Inventories are measured at cost calculated according to the FIFO principle. If the net realisation value is lower than the cost, it is written down to this lower value. The cost of commercial goods, raw materials and consumables includes the purchase price plus the costs of transport and de- livery. The cost of goods in progress and manufactured finished goods includes the cost of raw materials, consumables, direct wages and production overheads. Production overheads include in- direct materials and wages, maintenance and depreciation of production properties and facilities, and administration and management of factories. Interest and other loan costs are not included in the cost. Receivables The company uses IAS 39 in relation to write downs of financial receivables. Receivables are measured at amortised cost less write-downs to counter expected losses. The company accures for losses on specific debtors, as and when there is reasonable doubt that the ourstanding amount can be collected. Prepayments Prepayments, recognised under current assets, include incurred costs relating to subsequent financial years. Equity Dividend Proposed dividend is recognised as a liability as at the date of adoption by the annual general meeting (declaration date). Until the dividend is adopted, the dividend expected to be distributed for the year is stated as proposed dividend under equity. Dividend on account is recognised as a liability as at the date of adoption, when the general meeting has authorized this. Reserve for foreign currency translation adjustment The reserve for foreign currency translation adjustment in the consolidated financial statements comprises exchange rate differences arising on the translation of financial statements of foreign companies from their functional currencies to the ege Group's presentation currency (Danish kroner). On the full or partial realisation of the net investment, the foreign currency translation adjustments are recognised in the income statement. Financial liabilities The company uses IAS 39 to assess the value of financial liabili- ties. Debt to mortgage credit institutions and credit institutions, as well as debt to minority interests, are recognised when the loan is raised at the loan proceeds received after deduction of transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, equivalent to the capitalised value on applying the effective interest rate, so that the difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Trade payables and payables to group enterprises are measured at amortised cost. Other payables are measured at net realisa- tion value. Income tax and deferred tax Current tax liabilities and current tax receivable are recognised in the balance sheet as the tax calculated on the taxable income for the year, adjusted by the tax on previous years' taxable in- come and tax paid on account. Joint taxation contributions payable and receivable are recog- nised in the balance sheet as income tax. Deferred tax is measured according to the balance-sheet lia- bility method on all temporary differences between the carry- ing amount and tax base of assets and liabilities. No deferred tax is recognised, however, for temporary differences in respect of goodwill and office properties which are non-amortisable for tax purposes, as well as other items for which temporary differences – apart from business combinations – have arisen as at the ac- quisition date, without affecting the net profit or taxable income. In cases where the tax base can be determined according to dif- ferent taxation rules, deferred tax is measured on the basis of the management's planned use of the asset, or the settlement of the liability, respectively. Deferred tax assets, including the tax base of tax losses carried forward, are recognised at the value at which they are expected to be applied, either by equalizing the tax on future earnings or by offsetting deferred tax liabilities within the same legal tax en- tity and jurisdiction. Adjustment is made to deferred tax concerning the elimination of unrealised intra-group gains and losses. Deferred tax is measured on the basis of the tax rules and tax rates in the respective countries that, according to the legisla- tion applicable on the balance sheet date, will apply when the deferred tax is expected to be settled as current tax. Cash flow statement The cash flow statement states cash flows for the year, as well as cash and cash equivalents at the beginning and the end of that year. Cash flows from operating activities Cash flows from operating activities are presented indirectly and are calculated as revenue less operating expenses, and adjusted for non-cash operating items, change in working capital, net fi- nancials paid and income tax paid. Dividend from a joint venture is recognised as cash flows from operating activities. Cash flows from investing activities Cash flows from investing activities comprise payments relating to the purchase and sale of non-current assets. Cash flows from financing activities Cash flows from financing activities comprise changes in the size or composition of the share capital, as well as the raising/ provision of loans, repayment of interest bearing debt, purchase and sale of treasury shares and the distribution of dividend to shareholders. Cash and cash equivalents Cash and cash equivalents comprise cash and short-term secu- rities with a maturity of less than three months, which can be converted to cash directly and for which there is only a negligible risk of fluctuations in value. Segment information Information is provided concerning activities and geographical markets. Financial ratios The financial ratios presented in the Annual Report are calculated as follows: Profit before net financials and tax Profit margin (EBIT-margin) Revenue Return on invested capital (RoIC) EBIT minus tax Average invested capital Return on equity after tax Net profit for the year excluding minority interests Average equity excluding minority interests Solvency ratio Equity excluding minority interests * 100 Total assets Ratio of net working capital to revenue Inventories + receivables + prepayments - supplier debt and other debt * 100 Revenue 1206251000 1163438000 9345000 5338000 534813000 513770000 234577000 227501000 446207000 427505000 6209000 2125000 317166000 303417000 64117000 65798000 1319000 3406000 69814000 57009000 -1285000 -617000 2094000 184000 8737000 6232000 61886000 50344000 18618000 12699000 43268000 37645000 21264000 29009000 312000 2181000 837000 794000 30106000 43088000 0 248000 52519000 75320000 214514000 199143000 100519000 102604000 21007000 16311000 34058000 37548000 370099000 355606000 21602000 22887000 21602000 22887000 444220000 453813000 110944000 118870000 59925000 64788000 128299000 114090000 299167000 297748000 155320000 144078000 17386000 8648000 15594000 18014000 188300000 170740000 37005000 37671000 524472000 506159000 968693000 959972000 23852000 23852000 435510000 416442000 20000000 15000000 479362000 455294000 34460000 34878000 147969000 176128000 17608000 17059000 200037000 228065000 56632000 45255000 111823000 107158000 0 1307000 2952000 23623000 15204000 634000 92420000 85995000 10263000 12641000 289294000 276613000 489330000 504678000 968693000 959972000 23852000 396860000 10000000 430712000 0 0 10000000 10000000 0 22645000 15000000 0 3063000 0 3063000 23852000 416442000 15000000 15000000 15000000 23268000 20000000 4200000 4200000 23852000 435510000 20000000 Revenue and other operating income Revenue and other operating income Revenue and other operating income Revenue and other operating income 1210940000 1167355000 Operatingexpenses Operatingexpenses Operatingexpenses Operating expenses -1146846000 -1111617000 64117000 65798000 -11025000 -26438000 117186000 95098000 1869000 345000 8737000 6232000 110318000 89211000 4466000 12366000 105852000 76845000 29000 3672000 56270000 30612000 2009000 2394000 -54290000 -31890000 0 24000000 57233000 42477000 Change in operating credit facilities Change in operating credit facilities Change in operating credit facilities Change in operating credit facilities 19780000 -4816000 15000000 10000000 -52453000 -33293000 -891000 11662000 26170000 225000 -161000 Note tDKK / /  Segment information Growth markets UKFRDACH   Other primary markets DKNOSE   Other markets   Total   Carpets and looring related products   Note tDKK / /  Segment information Growth markets UKFRDACH   Other primary markets DKNOSE   Other markets   Total   Carpets and looring related products    Fees to the auditors elected by the annual general meeting Total fee to EY   Statutory audit fees   Assurance engagements   Tax advice   Other services   Total fee to EY    Fees to the auditors elected by the annual general meeting Total fee to EY   Speciied as follows: Auditor   Other assurance engagements   Tax and VAT advice   Other services   Total fee EY    Other operating income Proit from sale of operating equipment   Proit from sale of land and buildings   Rental income   Other operating income   Other operating income    Other operating income Proit on sale of operating items   Proit on sale of building   Rental income   Other operating income   Other operating income    Financial income Foreign exchange gain   Interest income etc,   Financial income    Financial income Exchange rate income   Interest income etc,   Financial income   Note tDKK / /  Financial expenses Foreign exchange loss   Interest expenses to shareholders   Other interest expenses   Financial expenses    Financial expenses Exchange rate expenses   Interest expenses for subsidiaries   Interest expenses to shareholder   Other interest expenses   Financial expenses    Tax Current income tax for the year   Adjustment of deferred tax for the year - - In total for the year   Adjustment concerning previous years: Income tax - - Deferred tax   Total tax    Tax Current income tax for the year   Adjustment of deferred tax for the year - - Total for the year   Adjustment concerning previous years: Income tax  - Deferred tax -  Total tax   Note tDKK Completed Customer Agency Goodwill Develop- Total develop- relations rights ment costs ment costs in progress  Intangible assets  April  Cost,  May        Additions       Retained  -   -  Disposals       Cost,  April        Amortisation and impairment,  May        Disposals       Retained -      Amortisation       Amortisation,  April        Carrying amount  April        Amortised over - years  years - years  years - - Completed development costs primarily consist of the M ERP platform, which went live in November  and are still being used. Note tDKK Completed Customer Goodwill Develop- Total develop- relations ment costs ment costs in progress  Intangible assets  April  Cost,  May       Translation adjustments      Additions      Retained    -  Disposals      Cost,  April       Depreciation at  May       Disposals for the year      Amortisation for the year      Amortisation,  April       Carrying amount  April       Amortised over - years - years  years - - Completed development costs primarily consist of the M ERP platform, which went live in November  and are still being used. Note tDKK Land and Technical Operating Property Total buildings plant and equipment plant and machinery and ixtures equipment in progress  Cost,  May       Foreign currency translation adjustments      Additions      Retained    -  Disposals - - -  - Cost,  April       Depreciation at  May       Foreign currency translation adjustments      Depreciation      Retained -     Disposals - - -  - Amortisation,  April       Carrying amount  April       Property, plant and equipment include assets held under inance leases for a carrying amount totalling      Depreciated over - years - years - years - - Note tDKK Land and Technical Operating Property Total buildings plant and equipment plant and machinery and ixtures equipment in progress  Property, plant and equipment  April  Cost,  May       Additions      Retained    -  Disposals - - -  - Cost,  April       Amortisation and impairment,  May       Depreciation      Disposals - - -  - Amortisation,  April       Carrying amount  April       Property, plant and equipment includes assets held under inance leases for a carrying amount totalling      Depreciated over - years - years - years - -  Investments in joint venture Cost,  May Cost,  April   Value adjustments at  May - - Distributed dividend   Net proit for the year - - Value adjustments at  April - - Carrying amount,  April   Foamtex ApS, Ikast, Danmark. Ownership interest .The company has no obligations towards the joint venture or liabilities other than the invested capital. No additional capital com-mitments have been made towards the joint venture. Note tDKK / /    Investments in subsidiaries Cost,  May   Additions   Cost at  April   Value adjustments at  May - - Impairments for the year  - Value adjustments at  April - - Carrying amount at  April    PrepaymentsPrepayments under receivables of DKK  thousand /: DKK  thousand consist of insurance premiums, royalty, architectural folders, mortgage credit costs and licences etc.  PrepaymentsPrepayments under receivables DKK  thousand /: DKK  thousand consist of insurance premiums, royalty, architectural folders, mortgage credit costs and licences etc.  Share capitalThe share capital consists of: class A shares of DKK  class B shares of DKK Each class A share carries  votes, while each class B share carries  vote.In / the share capital was reduced by  class B shares.The company does not hold any own shares at the balance sheet date. There has also been no purchase and sale of own shares during the inancial year.  Share capital The share capital consists of:  class A shares of DKK   class B shares of DKK  Each class A share carries  votes, while each class B share carries  vote In / the share capital was reduced by  class B shares The company does not hold any own shares at the balance sheet date There has also been no purchase and sale of own shares during the inancial year Note tDKK / /    Deferred tax Deferred tax at  May   Adjustment of deferred tax for the year -  Deferred tax at  April   Deferred tax relates to: Intangible assets   Property, plant and equipment   Current assets   Deferred tax   / /    Deferred tax Deferred tax at  May   Adjustment of deferred tax for the year -  Deferred tax   Deferred tax relates to: Intangible assets   Property, plant and equipment   Current assets   Deferred tax    Credit institutions Mortgage debt   Overdraft facilities   Bank debt   Leasing   Credit institutions   The fair value of the debt is equivalent to the recognised Maturity analysis:  -  year    -  years    years      Credit institutions Mortgage debt   Bank debt   Leasing   Credit institutions   The fair value of the debt is equivalent to the recognised debt, Maturity analysis:  -  year    -  years    years      Other non-current liabilities Provision for holiday pay   Maturity analysis:  -  year    -  years    years   Other non-current liabilities    Other non-current liabilities Provision for holiday pay   Maturity analysis:  -  year    -  years    years   Other non-current liabilities   Note tDKK / /  Sta costs Wages and salaries   Pensions   Other social security costs      Sta costs Direct production wages   Salaries and commission   Pension schemes   Other social security costs   Sta costs   605 578 Sta costs include salaries and pensions of the parent company's Management of DKK  thousand /: DKK  thousand and Board of Directors of DKK  thousand /: DKK  thousand, Sta costs include salaries and pensions of the parent company's Management of DKK  thousand /: DKK  thousand and Board of Directors of DKK  thousand /: DKK  thousand  Contractual obligations and contingent liabilities etc. Rent The Group has entered into a number of leases primarily concerning subsidiaries, The leases have various dierent maturities, with a maximum of  years, Future rental obligations  -  year    -  years    years   Total   Operating leases, passenger vehicles Future lease commitments:  -  year    -  years    years   Operating leases, passenger vehicles   Lease payments recognised in the income statement   Note tDKK / /  Contractual obligations and contingent liabilities etc. Contingent liabilities Security pledged for subsidiaries' bank debt and trade payables   The company is taxed jointly with other Danish consolidated enterprises. As a Group company, the company holds unlimited joint and several liability with other Group companies for Danish income tax and withholding taxes on dividends, interest and royalties within the joint-taxation group. The jointly taxed companies' total known net liability to the Danish tax authorities is stated in the inancial statements of the administration company, MEDF Holding A/S, CVR no. .Any subsequent adjustments to the jointly taxed income and withholding taxes etc. might result in the company being liable for a larger amount. Operating leases, passenger vehicles Future lease commitments:  -  year    -  years     years   Operating leases, passenger vehicles   Lease payments recognised in the income statement    Pledges and guarantees The following assets have been pledged as security for debt to credit institutions: Land and buildings for a carrying amount of   Debt to credit institutions for which security has been pledged - -  Pledges and guarantees The following assets have been pledged as security for credit institutions: Land and buildings for a carrying amount of   Debt to credit institutions for which security has been pledged - -  The parent company's trade with Group enterprises Sale of manufactured inished goods to Group enterprises   Purchase of commercial goods and services from Group enterprises   Commission to Group enterprises   Interest to Group enterprises   Interest to shareholders   Dividend to shareholders   Dividend from subsidiaries   Receivables from subsidiaries   Payables to subsidiaries   Payables to shareholders    Foreign exchange and interest rate risks and use of derivative inancial instrumentsAs an element of hedging recognised and non-recognised transactions, the Group uses hedging instruments, such as forward foreign exchange transactions and interest rate swaps, to the extent that this is appropriate. Hedge accounting based on derivative inancial instruments has not been used to a signiicant extent during the inancial year.Currency riskThe Group's costs are predominantly incurred in Danish kroner, which entails a currency risk on the company's sales and receivables in foreign currency. The Group's currency exposure on the balance sheet date is presented in the table below.Hedging of expected future transactionsThe Group hedges expected currency risks within the irst year, to the extent that this is considered to be appropriate. The Group has not used derivative inancial instruments during the inancial year. Currency risk at  April  tDKK Currency Net Probable Eect on position change in the net exchange proit for Expiry rate the year Below  year: SEK/DKK    NOK/DKK    GBP/DKK    EUR/DKK    CHF/DKK    USD/DKK -  - Øvrige/DKK    Above  year: EUR/DKK -  - Interest rate riskNet interest-bearing debt holdings of negotiable securities, receivables from Group companies and cash and cash equivalents, less mortgage debt, debt to Group companies and bank debt was reduced by DKK m to DKK m during the year.The majourity of the Group's debt has a ixed interest rate.All other things being equal, an increase in the level of interest rates of  p.a. from the actual interest rate level for the year would have had a negative impact on the proit and equity of DKK m /: DKK m. Note tDKK / /  Financial liabilities included in inancing activities in the cash low statement Beginning of year   Borrowing   Repayment - - Change in overdraft facilities  - End of year   The inancing activity includes credit institutions, payables to shareholders, and liabilities concerning the acquisition of minority interests,  Changes in working capital Change in inventories - - Change in receivables - - Change in trade payables and other payables  - Changes in working capital - -  Related partiesMEDF Holding A/S owns and controls the company's class A shares, and thereby has the majority of the voting rights.The related parties of the ege Group include the joint venture referred to in Note , the companies' boards of directors, manage-ment boards and senior executives, as well as the related family members of these persons. Related parties also include companies in which the aforementioned persons have signiicant interests.Apart from normal management remuneration, no signiicant transactions have taken place with the Board of Directors, Group Management, senior executives, signiicant shareholders or other related parties. / / Purchase of commercial goods and services from joint venture and Egebjerggaard   Debt to joint venture   Interest to shareholders   Debt to shareholders   Dividends received   940859000 932978000 1296000 11799000 531624000 535930000 141052000 131514000 269480000 277333000 3385000 1177000 201885000 192698000 46830000 46042000 245000 2966000 23904000 36804000 30598000 68407000 826000 2916000 16685000 12932000 38644000 95195000 3318000 6092000 35326000 89103000 21263000 29061000 312000 1571000 17706000 24570000 0 248000 39281000 55450000 178303000 160681000 74374000 79960000 14026000 14281000 31505000 27668000 298209000 282590000 293110000 293110000 293110000 293110000 630600000 631150000 68536000 79240000 55592000 62731000 121343000 112908000 245471000 254879000 80621000 51732000 13189000 7905000 6294000 2734000 11669000 15378000 111772000 77749000 14200000 15518000 371444000 348146000 1002044000 979296000 23852000 23852000 16585000 23025000 367419000 345653000 20000000 15000000 427856000 407530000 32096000 33600000 147969000 176128000 16183000 15714000 196248000 225442000 49959000 42917000 85979000 85267000 163513000 136858000 2952000 23622000 8587000 5902000 56750000 47366000 10201000 4392000 377941000 346324000 574189000 571766000 1002044000 979296000 23852000 26391000 268184000 10000000 328427000 0 0 0 10000000 10000000 0 -3366000 77469000 15000000 0 0 0 0 0 23852000 23025000 345653000 15000000 15000000 15000000 -6440000 21766000 20000000 0 23852000 16585000 367419000 20000000 943088000 934346000 -920340000 -897351000 46830000 46042000 18413000 -78499000 87992000 4538000 708000 2962000 16685000 12932000 -30598000 -74198000 102614000 68766000 -2136000 -2374000 100478000 66392000 46891000 25802000 1793000 1944000 29000 4777000 -45126000 -28635000 0 24000000 57233000 42477000 15446000 -1708000 15000000 10000000 -56787000 -30185000 -1436000 7572000 7992000 118000 -46000 Name Domicile Ownership / Ege Carpets UK UK  Ege Carpets Norway AS Norway  Ege Carpets Sweden AB Sweden  Ege Carpets GmBH Germany  Ege Carpets France France  UAB Litspin Lithuania  Ege Carpets Asia Pte Ltd. Singapore  Ege Carpets Americas Inc. USA  Bentzon Carpets ApS Denmark  Hammer Tæpper A/S Denmark  Carpet Concept Teppichfabrik GmbH & Co. KG Germany  Carpet Concept Immobilien GmbH & Co. KG Germany  306 329 15326000 74103000 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-05-01 2024-04-30 2022-05-01 2023-04-30 2024-07-03 Jørgen Kjær Jacobsen Regnskabsklasse C, stor virksomhed www.egecarpets.com info@egecarpets.com 2024-07-03 38454218 Ege Carpets A/S Industrivej Nord 25 7400 Herning Opinion Basis for Opinion 2024-07-03 State Authorised Public Accountant, EY Godkendt Revisionspartnerselskab State Authorised Public Accountant, 30700228 EY Godkendt Revisionspartnerselskab DAHL, Herning