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37754013 2021-01-01 2021-12-31 cmn:ConsolidatedMember 6 37754013 2020-01-01 2020-12-31 cmn:ConsolidatedMember 7 37754013 2021-01-01 2021-12-31 cmn:ConsolidatedMember 8 37754013 2020-01-01 2020-12-31 cmn:ConsolidatedMember 9 37754013 2021-01-01 2021-12-31 cmn:ConsolidatedMember 10 37754013 2020-01-01 2020-12-31 cmn:ConsolidatedMember 11 37754013 2021-01-01 2021-12-31 cmn:ConsolidatedMember 12 37754013 2020-01-01 2020-12-31 cmn:ConsolidatedMember 13 37754013 2021-01-01 2021-12-31 cmn:ConsolidatedMember 14 37754013 2020-01-01 2020-12-31 cmn:ConsolidatedMember 15 37754013 2021-01-01 2021-12-31 cmn:ConsolidatedMember 0 37754013 2020-01-01 2020-12-31 cmn:ConsolidatedMember 1 37754013 2021-01-01 2021-12-31 cmn:ConsolidatedMember 0 37754013 2020-01-01 2020-12-31 cmn:ConsolidatedMember 1 37754013 2021-01-01 2021-12-31 cmn:ConsolidatedMember 2 37754013 2020-01-01 2020-12-31 cmn:ConsolidatedMember 3 37754013 2021-01-01 2021-12-31 cmn:ConsolidatedMember 4 37754013 2020-01-01 2020-12-31 cmn:ConsolidatedMember 5 37754013 2021-01-01 cmn:ConsolidatedMember 37754013 2020-01-01 cmn:ConsolidatedMember 37754013 2021-01-01 2021-12-31 cmn:ConsolidatedMember 0 37754013 2021-01-01 2021-12-31 cmn:ConsolidatedMember 1 iso4217:DKK xbrli:pure Regnskabsklasse C, stor virksomhed 2021-01-01 2021-12-31 Plus Pack A/S Energivej 40 5260 Odense S +45 6550 6000 www.pluspack.com 37754013 1963-12-13 Odense Jens Albert Harsaae 2022-04-25 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">MANAGEMENT’S STATEMENT</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Executive Board and the Board of Directors have today considered and adopted the Annual Report of Plus Pack A/S for the financial year 1 January - 31 December 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report is prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2021 of the Company and the Group and of the results of the Company and Group operations and of the consolidated cash flows for 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Management’s Review includes a true and fair account of the matters addressed in the Review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General Meeting.</td></tr></table> Odense 2022-04-25 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">INDEPENDENT AUDITOR’S REPORT</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Plus Pack A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">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 31 December 2021, and of the results of the Group’s and the Parent Company’s operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Plus Pack A/S for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (“Financial Statements”).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management’s Review</td></tr><tr><td colspan="1">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financials Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement in Management’s Review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of Consolidated Financial Statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the Financial Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also</td></tr><tr><td colspan="1">·         Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</td></tr><tr><td colspan="1">·         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.</td></tr><tr><td colspan="1">·         Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">·         Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">·         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.</td></tr><tr><td colspan="1">·         Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">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.</td></tr></table> Odense 2022-04-25 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">MANAGEMENT’S REVIEW</td></tr><tr><td colspan="3">PLUS PACK GROUP COMPANIES</td></tr><tr><td>Plus Pack A/S</td><td>Plus Pack NV</td><td>Plus Pack Verpackungsmittel GmbH</td></tr><tr><td>Energivej 40</td><td>Henry Fordlaan 60</td><td>Wilhelm-Theodor-Römheld-Strasse 14</td></tr><tr><td>DK-5260 Odense S</td><td>Poort Genk 5160</td><td>DE-55130 Mainz</td></tr><tr><td /><td>BE-3600 Genk</td></tr><tr><td>Telephone: +45 6550 6000</td><td>Telephone: +32 8932 99 10</td><td>Telephone: +49 0180 1758 77225</td></tr><tr><td>CEO</td><td>CEO</td><td>CEO</td></tr><tr><td>Anders Top Haustrup</td><td>Anders Top Haustrup</td><td>Anders Top Haustrup</td></tr><tr><td>Plus Pack SAS</td><td>Plus Pack AS</td><td>RSC Sp. Z o.o.</td></tr><tr><td>17Bis rue Thiers</td><td>Slemmestadveien 416 A</td><td>ul. SW Michala 100</td></tr><tr><td>F-78100 St. Germain-en-Laye</td><td>NO-1390 Vollen</td><td>PL-61015 Poznan</td></tr><tr><td>Telephone: +33(0) 30611020</td><td>Telephone: +45 6550 6000</td><td>Telephone: +48 61652 9053</td></tr><tr><td>CEO</td><td>CEO</td><td>Sales Manager</td></tr><tr><td>Anders Top Haustrup</td><td>Anders Top Haustrup</td><td>Jaroslaw Czerwinski</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">CORE ACTIVITIES</td></tr><tr><td colspan="1">In Plus Pack, we promise to make food stand out. Plus Pack designs, develops, manufactures and sells packaging solutions for food with a special focus on fresh convenience food and meals.</td></tr><tr><td colspan="1">We work with customers, suppliers, end-users and relevant stakeholders to identify improved, circular packaging solutions or processes, which can help reduce the environmental impact. Focus is on minimizing footprint, preventing waste and increasing resource productivity while reducing overall carbon emissions and growing a product assortment, which is easy to recycle in accordance with the guiding principles for material recycling within a circular economy.</td></tr><tr><td colspan="1">The key business areas are customised and sustainable aluminium and plastic packaging solutions for ready-to-eat, ready-to-heat and ready-to-cook applications like hot and cold ready meals, snacks, take-away and food service.</td></tr><tr><td colspan="1">Plus Pack has considerable insight into regional food markets and trends through local sales organizations in Europe and representatives globally.</td></tr><tr><td colspan="1">THE YEAR 2021</td></tr><tr><td colspan="1">Plus Pack remains committed to its leading position as a provider of customized, innovative and sustainable packaging solutions.</td></tr><tr><td colspan="1">The Group’s net revenue for the 2021 financial year was t.DKK 633.290 compared to t.DKK 559.968 in 2020. Profit before tax amounted to t.DKK 55.670, compared with a profit before tax of t.DKK 27.008 the year before. Group profit for the year was t.DKK 42.822 in 2021, compared with t.DKK 20.688 in 2020.</td></tr><tr><td colspan="1">The result for 2021 was better than expected and overall satisfactory. Plus Pack was positively impacted from increased demand of take away solutions due to corona restrictions, which led to a higher than expected sales volume. On the other hand, the company was challenged by raw material shortage and increasing raw material costs, which led the company to increase sales prices during the year, offsetting the higher costs. As in 2020, the company did not make use of any cost-supporting Covid-19 financial packages.</td></tr><tr><td colspan="1">Equity improved to t.DKK 166.097 at 31 December 2021, compared with t.DKK 133.130 at the beginning of the year.</td></tr><tr><td colspan="1">In 2021, the operating activities showed a positive cash flow of t.DKK 68.108. The Group’s total investments with cash flow impact during the 2021 financial year amounted to t.DKK 37.439 compared with t.DKK 15.939 in 2020. The number of employees within the Plus Pack group averaged 190 in 2021, compared to 197 in 2020.</td></tr><tr><td colspan="1">Plus Pack received Erhvervsklub Fyn Prisen 2021 as a recognition of our efforts to continuously improve performance within automation, digitalization and sustainability.</td></tr><tr><td colspan="1">EVENTS SINCE THE END OF THE FISCAL YEAR</td></tr><tr><td colspan="1">From the reporting date until today, no events have taken place to change the assessments made in the annual report.</td></tr><tr><td colspan="1">THE FUTURE</td></tr><tr><td colspan="1">In 2022, Plus Pack will start the implementation of a new strategy plan, Circular 2024, aimed at further transforming food packaging to circularity. Food packaging has become a symbol of single-use consumption, where products are only used once, and materials are wasted after use. This needs to change to ensure a more sustainable consumption and production aligned with the UN Sustainable Development Goals.</td></tr><tr><td colspan="1">This transformation will require improved recycling of food packaging after use, increased use of recycled material in food packaging and reduction of waste in all activities. Plus Pack’s ambition is to deliver circular food packaging that both protect food, is fit for purpose, and can be reused where possible and recycled after use being fit for future. Additionally, it is the company’s goal to reduce CO2 emissions in scope 1 and 2 to net zero, and collaborate with customers and suppliers to reduce scope 3 emissions, focusing on real impact in the value chain of food packaging.</td></tr><tr><td colspan="1">To deliver on the implementation of Circular 2024, Plus Pack will in 2022 increase investments in new circular products and services as well as in renewable energy sources. As a result, the total level of investments is expected to be higher in 2022 than 2021. The activity level is expected to decrease compared to 2021 as market normalizes after covid-19, however net revenue is expected to increase due to increased raw material costs impacting our sales prices. Profit after tax is expected to decrease due to the lower volume and higher cost level. Net revenue is expected to be in the range of MDKK 700-750. Profit after tax is expected to be in the range of MDKK 23-27.</td></tr><tr><td colspan="1">FINANCIAL RISKS</td></tr><tr><td colspan="1">Plus Pack continually seeks to reduce the Group’s risks in relation to commodity purchases and currency transactions through hedging within a specified timeframe. Interest rate risks relating to the Group’s loan financing are hedged as far as this is deemed profitable.</td></tr><tr><td colspan="1">Plus Pack does not pursue a policy of participating in speculative financial transactions, and hedging relating to commodities, interest and currencies is always founded on underlying business transactions.</td></tr><tr><td colspan="1">Plus Pack is working proactively in partnership with existing financing partners to exercise diligence in relation to Plus Pack’s financial risks and in such a way that the company maintains its competitive engagement at all times.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5">STATEMENT ON CSR IN ACCORDANCE WITH SECTION 99A</td></tr><tr><td colspan="5">For a description of our business model, please refer to page 9 of the Management’s Review.</td></tr><tr><td colspan="5">This is Plus Pack’s first annual report, where relevant Group sustainability data is integrated into the management’s review. The company will continuously work on improving sustainability data and reporting and to further integrate it into business operations and processes. Plus Pack has set ambitious targets on sustainability efforts, which are central in the new strategy plan, Circular 2024. Larger investments are planned to grow sales of circular products from 85% in 2021 to 95% in 2024 and reduce CO2 emissions across own operations (scope 1 and 2) to become net zero in 2024.</td></tr><tr><td /><td>2021</td><td>2020</td><td>2019</td><td>2018</td></tr><tr><td colspan="5">KPI</td></tr><tr><td>CO2 emissions, tons, scope 1</td><td>251</td><td>231</td><td>306</td><td>308</td></tr><tr><td>CO2 emissions, tons, scope 2</td><td>2.092</td><td>1.919</td><td>1.918</td><td>2.116</td></tr><tr><td>Energy consumption, KWh</td><td>6.839</td><td>6.323</td><td>6.208</td><td>6.500</td></tr><tr><td>Materials, easy-to-recycle, %</td><td>90</td><td>89</td><td>89</td><td>91</td></tr><tr><td>Circular Sales, %</td><td>85</td><td>86</td><td>86</td><td>86</td></tr><tr><td>Gender diversity, in company, %</td><td>36</td><td>37</td><td>37</td><td>37</td></tr><tr><td>Gender diversity, leadership, %</td><td>25</td><td>22</td><td>24</td><td>25</td></tr><tr><td>Gender diversity, BoD, %</td><td>33</td><td>33</td><td>33</td><td>17</td></tr><tr><td>Sick leave, %</td><td>7,3</td><td>6,7</td><td>6,3</td><td>8,2</td></tr><tr><td>Accidents, no.</td><td>7</td><td>5</td><td>11</td><td>7</td></tr><tr><td>Employee well-being score</td><td>6,7</td><td>6,8</td><td>6,8</td><td>n.a</td></tr><tr><td>Response rate, %</td><td>86</td><td>91</td><td>88</td><td>n.a</td></tr><tr><td colspan="5">Ratios</td></tr><tr><td>CO2/kg material converted</td><td>0,1458</td><td>0,1523</td><td>0,1634</td><td>0,1638</td></tr><tr><td>KWh/kg material converted</td><td>0,561</td><td>0,588</td><td>0,608</td><td>0,589</td></tr><tr><td>Accidents/million working hours</td><td>24,9</td><td>17,6</td><td>34,6</td><td>21,6</td></tr><tr><td colspan="5">The ratios are calculated as follows.</td></tr><tr><td>CO2/kg raw material converted</td><td>= CO2 emissions, tons, scope 1 and 2/1000 kg material converted</td></tr><tr><td>KWh/kg raw material converted</td><td>= Energy consumption in KWh/1000 kg material converted</td></tr><tr><td>Accidents/million working hours</td><td>= Number of accidents/Number of realized working hours x 1.000.000</td></tr><tr><td colspan="5">Climate and environment</td></tr><tr><td colspan="5">The environmental impact from food packaging is an important buying criteria in the food industry.</td></tr><tr><td colspan="5">It is Plus Pack’s policy to</td></tr><tr><td colspan="5">·         ensure a sustainable development through targeted and balanced initiatives</td></tr><tr><td colspan="5">·         comply with all relevant regulatory requirements in the environmental field</td></tr><tr><td colspan="5">·         minimise use of resources through reduction of waste, optimization of raw materials and energy use</td></tr><tr><td colspan="5">·         develop new circular packaging solutions, products and services</td></tr><tr><td colspan="5">Plus Pack’s commitment is demonstrated by the implementation of the environmental management system ISO 14.001, which is being audited accordingly.</td></tr><tr><td colspan="5">Increasing reuse of packaging and recycling of packaging materials is a guiding principle in Plus Pack’s efforts to design, develop, produce and sell circular packaging solutions. Production scrap and discarded raw materials are collected, separated and sold to authorized partners in the market, who recycle the materials.</td></tr><tr><td colspan="5">Plus Pack has particular focus on UN Sustainable Development Goal no. 12 (Responsible Consumption and Production) and four sub targets, which give strategic direction to our long-term sustainability efforts: 12.2 (We minimize footprint); 12.3 (We fight food waste); 12.5 (We think circular) and 12.8 (We engage and inspire). Plus Pack has decided to participate actively in both local, national and international collaborations, partnerships and projects, which aim at improving reuse of food packaging and recycling of food packaging materials from existing waste streams.</td></tr><tr><td colspan="5">In 2021 Plus Pack participated in the semi-industrial test in Denmark of a new digital watermarking technology, which aims to improve sorting- and recycling rates of packaging materials from household waste. Also, Plus Pack led an international working group as part of the European Plastics Pact to address unnecessary and problematic plastics in order to accelerate the transition towards a European circular plastics economy and was appointed co-chair of a new Retail Sector Cooperation on Plastic Packaging under the Danish Ministry of Environment. Furthermore, Plus Pack continued to chair the Danish Government’s Climate Partnership on Waste, Water and Circular Economy and participate in the Green Business Forum. In 2022 Plus Pack will continue to initiate and participate actively in partnerships and projects, which aim at substantially reduce waste generation through prevention, reduction, reuse and recycling.</td></tr><tr><td colspan="5">Conversion of aluminium and plastic material into packaging solutions does not cause significant CO2 emissions in itself. In 2021 Plus Pack’s CO2 emissions in scope 1 and 2 amounted to 2.343 tons, 3,3% lower than the 2018 baseline. The total emissions increased with 9% in 2021 vs. 2020 due to an increased activity level in production leading to 7% increase in energy consumption in 2021 vs. 2020. However, the CO2 emissions per kilo material used in production was reduced with 5% in 2021 vs. 2020 and with more than 10% compared to the baseline year 2018. In 2022 the absolute CO2 emissions in scope 1 and 2 are expected to decrease significantly as solar panels are being installed in Odense and focus on continuous improvements and energy efficiency gains in production is increasing. In 2022, Plus Pack will calculate a 2018 baseline for relevant CO2 emissions in scope 3 in accordance with the GHG protocol and reduction initiatives and -targets will be identified.</td></tr><tr><td colspan="5">In 2021 Plus Pack grew its share of easy-to-recycle raw materials used in production to 90% vs. 89% in 2020. However, Circular Sales decreased to 85% in 2021 vs. 86% in 2020 due to challenges in plastics supply. In 2022 Plus Pack will double investments in new circular products and services compared to 2021 in order to grow the assortment of circular products and services to the market.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">STATEMENT ON THE UNDERREPRESENTED GENDER IN ACCORDANCE WITH SECTION 99B</td></tr><tr><td colspan="1">Social responsibility</td></tr><tr><td colspan="1">Plus Pack has established policies within social responsibility covering equality, working environment, human rights, suppliers and use of energy and resources.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Objectives and policies for the underrepresented gender</td></tr><tr><td colspan="1">The aim of Plus Pack’s equality policy is equal opportunities for men and women at Plus Pack’s workplaces, covering all managerial levels.</td></tr><tr><td colspan="1">It is Plus Pack’s policy to</td></tr><tr><td colspan="1">·         ensure equal career opportunities</td></tr><tr><td colspan="1">·         ensure equal access to skills development</td></tr><tr><td colspan="1">·         ensure equal pay for equal work</td></tr><tr><td colspan="1">·         strive to qualify and recruit employees of both sexes for committees, working groups, managerial positions, etc.</td></tr><tr><td colspan="1">Equality is not about making men and women the same, but about benefitting from the different competencies and resources of men and women working alongside each other. Certain functions within Plus Pack’s organization are traditionally male- or female-dominated. It is therefore vital that specific initiatives are targeted at specific areas.</td></tr><tr><td colspan="1">Plus Pack works towards the goal of achieving equality between men and women on the Board of Directors. In 2021, two female members were elected on the board out of 6 members, which is in accordance with the plan, and thus Plus Pack have reached equal gender distribution. Plus Pack continue to promote that whenever possible both male and female candidates are processed in internal and external recruitments. In 2021, 24 new employees were hired in the company, of which 13 are female. In total there were 212 employees or head counts in Plus Pack, of which 76 are female. There were 19 leaders in Plus Pack, of which 5 are female.</td></tr><tr><td colspan="1">Health &amp; safety</td></tr><tr><td colspan="1">A strong health and safety record is essential to ensure a good and attractive working environment for our employees.</td></tr><tr><td colspan="1">It is Plus Pack’s policy to ensure full compliance with relevant regulations in all areas and to limit any risks to harmful physical and psychological effects from the working environment, for example work related stress or injuries, by way of systematic preventive measures. Internal workplace assessments are carried out on a regular basis, and improvements to the working environment are made continually by setting and following up on clear goals.</td></tr><tr><td colspan="1">In addition to its defined working environment policy Plus Pack has other policies that directly affect the working environment, including alcohol, ethics, racial issues, pregnancy, hygiene, bullying, stress and safety at work.</td></tr><tr><td colspan="1">Plus Pack reported 7 accidents during 2021 compared to 5 accidents in 2020. The result was not satisfactory and above the long term target of 0 accidents and the yearly target of maximum 3 accidents in 2021. The company’s activity level was higher in 2021 than 2020, which led to an accident frequency rate of 24,9 in 2021 vs. 17,6 in 2020. The safety performance was strong in the first half of 2021, which led to more than 200 days without accidents, proving that the company can be completely safe for a longer period of time. However a poor second half of 2021 resulted in 7 accidents across the company. Our long term focus is to build a strong safety culture across all departments in the company and in 2022 Plus Pack is continuing a safety campaign, launched at the end of 2021, to increase awareness on safety and reporting’s on near misses in order to prevent accidents. The ambition for 2022 is to reduce accidents to below 4 and increase the number of recorded near misses.</td></tr><tr><td colspan="1">In 2021 Plus Pack completed trainings in prioritized areas: Leadership Development, Customer Oriented Culture, Project Management, Digitization and Sustainability. In 2022 Plus Pack will continue the Leadership Development training to ensure direction, alignment and commitment. During the year, we will furthermore focus on Commercial Sales Training in the commercial organization and Digitization across most departments. Additionally, we will develop the already established Plus Pack Packaging School to ensure knowledge and understanding of sustainability and circularity in all departments and production shifts.</td></tr><tr><td colspan="1">In 2021 Plus Pack performed two employee well-being surveys and received a score in the high end of the normal range. We believe that our activities in 2021 have contributed to maintaining a good working environment and well-being in Plus Pack. In 2022 Plus Pack will implement a new well-being survey platform, improving anonymous communication between employees, managers and HR to ensure more dedicated follow up actions and to further improve the well-being score. We will initiate workshops with SU, the cooperation committee in Plus Pack, and other key employees with the focus on building an even more attractive and healthy workplace post covid-19.</td></tr><tr><td colspan="1">In 2021 Plus Pack increased its focus on sick leave, which ended at 7,3%, an acceptable result given the challenging period with covid-19. This focus was based on daily reports to reduce the risk of infection across departments and production shifts. Furthermore, new follow-up procedures have been implemented to increase attendance. In 2022 Plus Pack will continue to have an increased focus on sick leave. Reporting and new follow-up procedures will be adapted and further developed to ensure that the sick leave does not increase.</td></tr><tr><td colspan="1">Human rights and suppliers</td></tr><tr><td colspan="1">Working with national as well as global standards for human rights and trade is central to us as well as our customers and suppliers.</td></tr><tr><td colspan="1">It is Plus Pack’s policy to focus on potential risks related to human rights such as discrimination of employees. These standards contain policies, targets and norms in relation to</td></tr><tr><td colspan="1">·         employee issues (child labor, discrimination, health and safety, working hours, etc.)</td></tr><tr><td colspan="1">·         corruption, gifts and kickbacks</td></tr><tr><td colspan="1">·         confidentiality, communication, anti-trust and competition issues</td></tr><tr><td colspan="1">·         environmental issues</td></tr><tr><td colspan="1">·         compliance with relevant legislation</td></tr><tr><td colspan="1">Global standards for suppliers are an invariable part of the cooperation with all large suppliers and form part of Plus Pack’s on-going supplier audit program. The program is based on specific measurements as well as on supply performance evaluation.</td></tr><tr><td colspan="1">In 2021 Plus Pack continued to roll out its supplier excellence program to selected suppliers, where focus is on developing suppliers towards partnership with Plus Pack. The roll out plan has been challenged by restrictions due to the global pandemic situation. Due to the pandemic situation focus has shifted to supply chain resilience to secure supplies of raw materials.</td></tr><tr><td colspan="1">In 2022 the supplier excellence program will continue together with focus on supply chain resilience.</td></tr><tr><td colspan="1">Corruption and bribery</td></tr><tr><td colspan="1">Plus Pack is aware of and focused on any potential risks in relation to corruption and bribery. For example, if we were perceived to use illegal means to obtain an advantage. Currently, we do not have a specific policy on corruption and bribery due to working on low-risk markets.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">STATEMENT ON DATA ETHICS IN ACCORDANCE WITH SECTION 99D</td></tr><tr><td colspan="1">Plus Pack has not had any policy on data ethics in 2021, as the company has assessed that their policy regarding GDPR has been comprehensive for this.</td></tr></table> 633290000 192454000 62282000 -6612000 42822000 35647000 68108000 -37439000 -16682000 190 0.304 0.155 0.381 0.286 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">The ratios are calculated as follows</td></tr><tr><td>Gross profit margin</td><td>= Gross profit/net revenue x 100</td></tr><tr><td>Net profit ratio.</td><td>= Profit before financial items/net revenue x 100</td></tr><tr><td>Return on investment</td><td>= Profit before financial items/average balance sheet x 100</td></tr><tr><td>Equity ratio</td><td>= Equity as of 31 December/Assets as of 31 December x 100</td></tr><tr><td>Return on equity</td><td>= Profit for the year after tax/average equity x 100</td></tr><tr><td colspan="2">*) In 2020, Plus Pack entered into a financial lease agreement on the building in Odense, which impacts 2020 and 2021 figures positively on Profit before financial items and financial items negatively compared to 2016-2019. Further, total assets and leasing debt have been increased which impacts the ratios as well.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The financial statements of Plus Pack A/S are presented in accordance with the regulations relating to Class C, large companies, of the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report for 2021 is compiled in DKK thousand.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">GENERAL INFORMATION ON INCLUSION ON CALCULATIONS AND MEASUREMENT</td></tr><tr><td colspan="1">The accounts have been prepared based on the historical cost price principle.</td></tr><tr><td colspan="1">Income is included in the income statement as it is earned. Adjustments in the value of financial assets and liabilities measured at fair value or amortised cost price are also included. The income statement also includes all the costs that have been paid to achieve the annual income, including amortisation and depreciation, write-downs and provisions as well as reversals as a result of the changed accounting estimates of amounts which were previously included in the income statement.</td></tr><tr><td colspan="1">Assets are included in the balance sheet where it is likely that the Company will benefit from future economic advantages and the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are included in the balance sheet where it is likely that the Company will lose future economic advantages and the value of the liability can be measured reliably.</td></tr><tr><td colspan="1">When first included, assets and liabilities are measured at cost price. Assets and liabilities are subsequently measured as described for each individual account item below.</td></tr><tr><td colspan="1">Certain financial assets and liabilities are measured at amortised cost price where a constant effective interest over the maturity period is included. The amortised cost price is calculated as the original cost price less principal payments plus/minus the cumulative amortisation of the difference between the cost price and the nominal amount. In this way capital losses and gains are amortised over the maturity period.</td></tr><tr><td colspan="1">When including and measuring, consideration is given to the foreseeable losses and risks that occur prior to the presentation of the financial statements and that confirm or invalidate circumstances on the balance sheet date.</td></tr><tr><td colspan="1">DKK will be used as the measurement currency. All other currencies will be regarded as foreign currency.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">LEASING</td></tr><tr><td colspan="1">Leases where the Company bears all the significant risks and advantages associated with ownership (financial leasing) are included in the balance sheet at the fair value of the asset or the current value of lease payments, whichever is the lowest, calculated using the lease’s internal interest rate or an approximate value thereof as a discount factor. Financially leased assets are amortised and written down using the same method laid down for the Company’s other fixed assets.</td></tr><tr><td colspan="1">The capitalised residual lease obligation is included in the balance sheet as a liability and the lease payment’s interest rate component is charged on an on-going basis in the income statement.</td></tr><tr><td colspan="1">All other leases are considered to be operating leases. Lease payments for operating leases are included directly in the income statement over the lease term.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">CONSOLIDATION</td></tr><tr><td colspan="1">The consolidated financial statements include Plus Pack A/S (the Parent Company) and the companies (subsidiaries) in which the Parent Company directly or indirectly holds more than 50% of the voting rights or in some other way has a controlling influence. Companies in which the Group owns between 20% and 50% of the voting rights and has a significant, but not controlling, influence are regarded as associated companies. An overview of the Group is shown earlier in the annual report.</td></tr><tr><td colspan="1">The consolidated financial statements are prepared as an amalgamation of the audited financial statements of the Parent Company and the individual subsidiaries, which are all prepared in accordance with the Group’s accounting principles. Intragroup income and expenditure, shareholdings, balances and dividends are eliminated, as are unrealised internal gains and losses.</td></tr><tr><td colspan="1">In the case of the acquisition of new companies the acquisition method is used, whereby the assets and liabilities of the newly acquired company are converted to market values at the time of acquisition. If the cost price exceeds the net asset value for accounting purposes calculated after revaluation, the remaining positive difference is capitalised as goodwill in the year of acquisition and is amortised systematically in the profit and loss account in accordance with an individual assessment of the economic lifetime of the asset, which shall not exceed 20 years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">TRANSLATION OF FOREIGN CURRENCIES</td></tr><tr><td colspan="1">Transactions in foreign currencies are translated during the year at the exchange rate on the transaction date.</td></tr><tr><td colspan="1">Unrealised and realised gains and losses on forward exchange contracts, which are hedging transactions, are included in the profit and loss account at the same time and under the same item as the exchange rate adjustment of the hedged transactions.</td></tr><tr><td colspan="1">Receivables, debt and other items in foreign currency not settled on the balance sheet date are translated at the exchange rate on the balance sheet date.</td></tr><tr><td colspan="1">To the extent that the value of receivables, debt and other items in foreign currency are hedged through forward exchange contracts, the items are translated at the hedged rates without accrual of premiums and discounts.</td></tr><tr><td colspan="1">Other realised and unrealised exchange rate adjustments are included in the profit and loss account under financial items.</td></tr><tr><td colspan="1">The balance sheet items of foreign subsidiaries are translated at the exchange rate on the balance sheet date. The profit and loss accounts are translated at the average exchange rates for the year. Exchange rate adjustments on investments in subsidiaries and associated companies are taken directly to equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">DERIVATIVE FINANCIAL INSTRUMENTS</td></tr><tr><td colspan="1">Derivative financial instruments are initially recognised in the balance sheet at cost price and are subsequently remeasured at their fair value. Positive and negative market values of derivative financial instruments are classified as “other receivables” and “other payables”, respectively.</td></tr><tr><td colspan="1">Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting, see below.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">HEDGE ACCOUNTING</td></tr><tr><td colspan="1">Changes in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or hedged liability related to the hedged risk.</td></tr><tr><td colspan="1">Changes in the fair value of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in “reserve for fair value of hedging instr.” under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">SEGMENT INFORMATION</td></tr><tr><td colspan="1">Information is given on product categories. Segment information follows the Group's accounting policies, risks and internal financial management.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">NET REVENUE</td></tr><tr><td colspan="1">Income from sale of packing solutions is recognized in revenue when most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received.</td></tr><tr><td colspan="1">Net revenue is measured at fair value of the agreed consideration exclusive VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognized in revenue.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">PRODUCTION COSTS</td></tr><tr><td colspan="1">Production costs comprises materials consumed and expenses incurred, including depreciation and wages, in order to achieve the net revenue for the year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">SALES AND DISTRIBUTION COSTS</td></tr><tr><td colspan="1">Sales and distribution costs comprises expenses relating to shipping, sales staff, warehouse staff, advertising and exhibitions etc. and depreciation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">ADMINISTRATION COSTS</td></tr><tr><td colspan="1">Administration costs comprises expenses relating to administrative staff, management, office premises and office expenses etc. and depreciation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">OTHER OPERATION INCOME/EXPENSES</td></tr><tr><td colspan="1">Other operating income and other operating expenses cover accounting items of a secondary nature in relation to the Company’s and Group’s core activity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">PROFIT/LOSS FROM INVESTMENTS IN SUBSIDIARIES</td></tr><tr><td colspan="1">The proportionate share of the profit/loss after tax of the individual subsidiaries is recognized in the income statement of the parent company after full elimination of intra-group profits/losses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">FINANCIAL INCOME AND EXPENSES</td></tr><tr><td colspan="1">These items comprise interest income and expenses, the interest portion of finance lease payments, realised and unrealised capital gains and losses on securities, payables and transactions in foreign currencies, amortisation premium or allowance on mortgage debt etc</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">TAX</td></tr><tr><td colspan="1">Tax on profits for the year comprises current year tax and deferred tax for the year and is included in the income statement to the extent that it can be attributed to the profit for the year, and is taken directly to equity to the extent that it can be attributed to items taken directly to equity.</td></tr><tr><td colspan="1">Any changes in deferred tax as a result of amendments to tax rates are included in the income statement.</td></tr><tr><td colspan="1">The Group is jointly taxed with the Group’s Danish and foreign subsidiaries (international joint taxation). The Group’s subsidiaries are included in the joint taxation from the date on which they are recognised in the consolidated financial statements and until the date on which they cease to be recognised in such statements.</td></tr><tr><td colspan="1">The relevant Danish corporation tax is distributed fully between the jointly taxed Danish subsidiaries according to their taxable income (full distribution).</td></tr><tr><td colspan="1">C&amp;A Invest A/S, the ultimate parent company, acts as a management company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Current tax liabilities are included on the balance sheet under short-term debt to the extent that they have not been paid.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Deferred tax liabilities are included on the balance sheet as a provision. The deferred tax liability is included as tax on temporary differences with the exception of goodwill which does not qualify for a depreciation allowance. The deferred tax liability is calculated at 22%.</td></tr><tr><td colspan="1">A provision for deferred tax is made at the tax rate expected in the country concerned. Changes in deferred tax as a result of changes in tax rates are included in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">INTANGIBLE ASSETS</td></tr><tr><td colspan="2">Intangible assets are valued at their cost price less accumulated amortisation/depreciation and impairment losses. Amortisation and depreciation are applied on a straight-line basis over the expected lifetime of the asset, which is</td></tr><tr><td>Goodwill</td><td>up to 20 years</td></tr><tr><td>Know-How</td><td>up to 20 years</td></tr><tr><td>Development projects</td><td>5 years</td></tr><tr><td colspan="2">Assets with a short lifetime and low-value assets are charged to expenses in the year of acquisition.</td></tr><tr><td colspan="2">The amortisation period of up to 20 years for goodwill and know-how is determined on the basis of the Management’s experience in the Group’s areas of business and, in the Management’s opinion, reflects the best estimate of the acquired company’s economic lifetime.</td></tr><tr><td colspan="2">Costs of development projects comprise expenses directly and indirectly attributable to the Company’s development activities.</td></tr><tr><td colspan="2">Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intension manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.</td></tr><tr><td colspan="2">Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.</td></tr><tr><td colspan="2">Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item “Reserve for development projects”. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve id reduced by amortisation of and impairment losses on the development projects on a continuing basis.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">PROPERTY, PLANT AND EQUIPMENT (PPE)</td></tr><tr><td colspan="2">Property, plant and equipment (PPE) is assessed at its cost price less accumulated depreciation and impairment losses.</td></tr><tr><td colspan="2">The cost price includes the cost of materials, components, services of external suppliers, direct wage costs and indirect production costs. Interest and other borrowing costs are not included in the cost price.</td></tr><tr><td colspan="2">Property, plant and equipment (PPE) is depreciated on a straight-line basis over the expected</td></tr><tr><td colspan="2">lifetime of the asset to the expected residual value. The lifetime of major assets is determined on an individual basis, but the lifetime of other assets is determined for groups of assets of the same type.</td></tr><tr><td colspan="2">The expected lifetimes of the latter assets is</td></tr><tr><td>Land and buildings</td><td>10 - 20 years</td></tr><tr><td>Plant and machinery, aluminium prod.</td><td>10 - 20 years</td></tr><tr><td>Plant and machinery, plastic prod.</td><td>5 - 10 years</td></tr><tr><td>Tools for aluminium production</td><td>10 years</td></tr><tr><td>Tools for plastic production</td><td>5 years</td></tr><tr><td>Other plant, equipment and fixtures and fittings</td><td>3 - 8 years</td></tr><tr><td colspan="2">The costs of repair and maintenance of property, plant and equipment (PPE) is included in production costs in the profit and loss account.</td></tr><tr><td colspan="2">Gains or losses on the disposal or scrapping of property, plant and equipment (PPE) are calculated as the difference between the sales price (less dismantling, sales and reinstatement costs) and the book value and are included in the profit and loss account as other operating income or other operating costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">INVESTMENTS IN SUBSIDIARIES</td></tr><tr><td colspan="1">Investments in subsidiaries are recognised and assessed in the Parent Company’s financial statements in accordance with the net equity method.</td></tr><tr><td colspan="1">The financial statements of the Parent Company include a pro rata share of the subsidiaries’ profit after tax for the year less amortisation of goodwill under the item “Income from investments in subsidiaries”.</td></tr><tr><td colspan="1">A pro rata share of the companies’ net asset values, calculated in accordance with the accounting principles of the Parent Company and adjusted for the share of unrealised intragroup profits or losses and for positive or negative goodwill, is recognised on the balance sheet under the item “Investments in subsidiaries”.</td></tr><tr><td colspan="1">Subsidiaries with negative net asset values are valued at DKK 0, and any receivables from these companies are written down by the Parent Company’s share of the negative net asset value. If the negative net asset value for accounting purposes exceeds the value of receivables, the residual amount is recorded under “Negative investments in subsidiaries”.</td></tr><tr><td colspan="1">Net revaluations of investments in subsidiaries in excess of the dividend received from the company are taken to equity as “Reserve for net revaluation in accordance with the net equity method” under shareholders’ equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">OTHER SECURITIES AND HOLDINGS</td></tr><tr><td colspan="1">Other securities and holdings are assessed at their market value. Unlisted securities are assessed at their estimated sales value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">DEPRECIATION OF FIXED ASSETS</td></tr><tr><td colspan="1">The accounting values of intangible assets and property, plant and equipment (PPE) are reviewed annually to determine whether there is any indication of a reduction in value over and above that expressed by regular depreciation. Where this is the case, the asset is written down to its lowest recovery value. The recovery value of the asset is calculated as the greater of the net sales price and the capital value. If it is not possible to determine the recovery value of a particular asset, an assessment is made of the impairment losses requirement for the smallest group of assets for which it is possible to calculate the recovery value. Goodwill and other assets for which it is not possible to assess any capital value because the assets do not in themselves generate future cash flows are assessed for the purpose of their impairment loss requirements together with the group of assets to which they can be attributed.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">INVENTORIES</td></tr><tr><td colspan="1">Inventories are assessed at their cost price in accordance with the FIFO method or at the net realisable value (the expected sales price less any finishing costs and costs of sales) if this is lower.</td></tr><tr><td colspan="1">The cost price of goods for resale, raw materials and ancillary materials includes the invoice price plus delivery costs.</td></tr><tr><td colspan="1">The cost price of manufactured, finished goods and of work in progress includes the purchase price of the materials used and direct wage costs plus indirect production costs. Indirect production costs include indirect materials and wage costs, the maintenance and depreciation of machinery, factory buildings and equipment used in the production process, and factory administration and management costs. Any borrowing costs during the manufacturing period are not included.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">RECEIVABLES</td></tr><tr><td colspan="1">Receivable are assessed at their nominal value less impairment loss on the basis of individual assessments.</td></tr><tr><td colspan="1">An impairment loss is recognized if there is evidence that at receivable or a group of receivables is impaired. If there is evidence that an individual receivable bad been impaired, an impairment loss is recognized on an individual basis.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">PREPAYMENTS</td></tr><tr><td colspan="1">Prepayments comprises expenses incurred concerning subsequent financial years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">EQUITY</td></tr><tr><td colspan="1">Dividends</td></tr><tr><td colspan="1">Dividends proposed for the year is recognized as a liability at the date when it is adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the year is disclosed as a separate item in the equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">PROVISIONS</td></tr><tr><td colspan="1">Provisions are included where the Company or Group has a legal or actual liability as a result of an event which occurred before or on the balance sheet date and it is likely that financial assets will have to be surrendered in order to meet the liability.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">FINANCIAL LIABILITIES</td></tr><tr><td colspan="1">Fixed-interest loans such as mortgage loans and bank loans which are expected to be held to maturity are recorded at the raising of the loan as the funds received less transaction costs incurred. In subsequent periods the loans are assessed at their amortised cost price, which corresponds to the capitalised value on the basis of the effective interest rate, such that the difference between the funds received and the nominal value (the capital loss) is included in the profit and loss account over the term of the loan.</td></tr><tr><td colspan="1">Other liabilities are assessed at their amortised cost price, which largely corresponds to the nominal value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">CASH FLOW STATEMENT</td></tr><tr><td colspan="1">The cash flow statement shows the consolidated cash flow for the year and the Group’s liquid assets at the beginning and end of the year.</td></tr><tr><td colspan="1">CASH FLOW FROM OPERATING ACTIVITIES</td></tr><tr><td colspan="1">The cash flow from operations is presented indirectly and is calculated as the profit for the year adjusted for non-liquid operating items, changes in working capital, financial and extraordinary items paid and corporate tax paid.</td></tr><tr><td colspan="1">CASH FLOW FROM INVESTMENTS</td></tr><tr><td colspan="1">The cash flow from investment activities includes payments in connection with the purchase and sale of fixed assets and payments in connection with the purchase and sale of companies.</td></tr><tr><td colspan="1">CASH FLOW FROM FINANCING</td></tr><tr><td colspan="1">The cash flow from financing activities includes payments to and from shareholders and the raising and repayment of secured debts and other long-term debt.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">LIQUIDITY</td></tr><tr><td colspan="1">Liquidity includes liquid funds and realisable securities with insignificant risk of value adjustments.</td></tr></table> 440836000 192454000 89916000 40284000 333000 305000 0 1123000 7735000 55670000 12848000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="9" align="left" valign="middle" >STATEMENT OF EQUITY</td></tr><tr><td colspan="9"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="6%" colspan="1" align="right" valign="middle" >SHARE-CAPITAL</td><td width="6%" colspan="1" align="right" valign="middle" >RESERVE FOR FAIR VALUE OF HEDGING INSTR.</td><td width="6%" colspan="1" align="right" valign="middle" >RESERVE FOR EXCHANGE RATE ADJ.</td><td width="6%" colspan="1" align="right" valign="middle" >RETAINED EARNINGS</td><td width="6%" colspan="1" align="right" valign="middle" >PROPOSED DIVIDEND</td><td width="6%" colspan="1" align="right" valign="middle" >TOTAL</td><td width="6%" colspan="1" align="right" valign="middle" >MINORITY INTEREST</td><td width="12%" colspan="1" align="right" valign="middle" >TOTAL EQUITY</td></tr><tr><td colspan="9"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >EQUITY AT 1.1 2020</td><td width="6%" align="right" valign="middle" >46.800</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >73.069</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >119.869</td><td width="6%" align="right" valign="middle" >144</td><td width="12%" align="right" valign="middle" >120.013</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Adjustments to value 1 January 2020</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-3</td><td width="12%" align="right" valign="middle" >-3</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Transfer through appropriation of profit</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >8.655</td><td width="6%" align="right" valign="middle" >12.000</td><td width="6%" align="right" valign="middle" >20.655</td><td width="6%" align="right" valign="middle" >33</td><td width="12%" align="right" valign="middle" >20.688</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Payment of extraordinary dividend</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-10.000</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-10.000</td><td width="6%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >-10.000</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Exchange rate adj. in subsidiaries</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-296</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-296</td><td width="6%" align="right" valign="middle" >-10</td><td width="12%" align="right" valign="middle" >-306</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Fair value adjustment of hedging instruments beginning of year</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >2.270</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >2.270</td><td width="6%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >2.270</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Fair value adjustment of hedging instruments end of year</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >1.240</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >1.240</td><td width="6%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >1.240</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Tax on equity transactions</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-273</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-499</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-772</td><td width="6%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >-772</td></tr><tr><td colspan="9"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >EQUITY AT 31.12.2020</td><td width="6%" align="right" valign="middle" >46.800</td><td width="6%" align="right" valign="middle" >967</td><td width="6%" align="right" valign="middle" >-296</td><td width="6%" align="right" valign="middle" >73.495</td><td width="6%" align="right" valign="middle" >12.000</td><td width="6%" align="right" valign="middle" >132.966</td><td width="6%" align="right" valign="middle" >164</td><td width="12%" align="right" valign="middle" >133.130</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Transfer through appropriation of profit</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >21.646</td><td width="6%" align="right" valign="middle" >21.000</td><td width="6%" align="right" valign="middle" >42.646</td><td width="6%" align="right" valign="middle" >176</td><td width="12%" align="right" valign="middle" >42.822</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Payment of dividend</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-12.000</td><td width="6%" align="right" valign="middle" >-12.000</td><td width="6%" align="right" valign="middle" >-136</td><td width="12%" align="right" valign="middle" >-12.136</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Exchange rate adj. in subsidiaries</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >201</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >201</td><td width="6%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >201</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Fair value adjustment of hedging instruments beginning of year</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-967</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-967</td><td width="6%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >-967</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Fair value adjustment of hedging instruments end of year</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >3.906</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >3.906</td><td width="6%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >3.906</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Tax on equity transactions</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-859</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-859</td><td width="6%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >-859</td></tr><tr><td colspan="9"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >EQUITY AT 31.12.2021</td><td width="6%" align="right" valign="middle" >46.800</td><td width="6%" align="right" valign="middle" >3.047</td><td width="6%" align="right" valign="middle" >-95</td><td width="6%" align="right" valign="middle" >95.141</td><td width="6%" align="right" valign="middle" >21.000</td><td width="6%" align="right" valign="middle" >165.893</td><td width="6%" align="right" valign="middle" >204</td><td width="12%" align="right" valign="middle" >166.097</td></tr><tr><td colspan="9"></td></tr></table> -45291000 90156000 -1123000 15609000 1792000 35647000 12000000 6502000 13987000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >SEGMENT INFORMATION</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Aluminium</td><td width="12%" align="right" valign="middle" >391.082</td><td width="12%" align="right" valign="middle" >354.082</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Plastic</td><td width="12%" align="right" valign="middle" >242.208</td><td width="12%" align="right" valign="middle" >205.886</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >633.290</td><td width="12%" align="right" valign="middle" >559.968</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >DEPRECIATIONS</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Depreciation of intangible and tangible fixed assets for the year are included in the income statement as follows</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Production costs</td><td width="12%" align="right" valign="middle" >16.210</td><td width="12%" align="right" valign="middle" >17.078</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Administration costs</td><td width="12%" align="right" valign="middle" >8.340</td><td width="12%" align="right" valign="middle" >7.771</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >24.550</td><td width="12%" align="right" valign="middle" >24.849</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >STAFF</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Total costs in respect of wages and salaries are specified as follows</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="12%" align="right" valign="middle" >101.879</td><td width="12%" align="right" valign="middle" >97.287</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Pensions</td><td width="12%" align="right" valign="middle" >7.830</td><td width="12%" align="right" valign="middle" >7.285</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Other social costs</td><td width="12%" align="right" valign="middle" >7.231</td><td width="12%" align="right" valign="middle" >7.486</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >116.940</td><td width="12%" align="right" valign="middle" >112.058</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Average number of full-time employees</td><td width="12%" align="right" valign="middle" >190</td><td width="12%" align="right" valign="middle" >197</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Remuneration to board of directors and executive board specified as follows</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Board of directors</td><td width="12%" align="right" valign="middle" >1.295</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Executive Board</td><td width="12%" align="right" valign="middle" >3.585</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Board of directors and Executive Board</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >4.265</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >4.880</td><td width="12%" align="right" valign="middle" >4.265</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >During the financial year 2021 Camilla Haustrup Hermansen was elected as member of the executive board.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >OTHER OPERATING INCOME AND EXPENSES</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Gain/loss from disposals of fixed assets</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >-14</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Other operating income</td><td width="12%" align="right" valign="middle" >333</td><td width="12%" align="right" valign="middle" >530</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Other operating expenses</td><td width="12%" align="right" valign="middle" >-305</td><td width="12%" align="right" valign="middle" >-271</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >28</td><td width="12%" align="right" valign="middle" >245</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Other operating income</td><td width="12%" align="right" valign="middle" >333</td><td width="12%" align="right" valign="middle" >530</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Other operating expenses</td><td width="12%" align="right" valign="middle" >-305</td><td width="12%" align="right" valign="middle" >-285</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >28</td><td width="12%" align="right" valign="middle" >245</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >FINANCIEL INCOME/EXPENSES</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Interest from intercompany receivables</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Other financial income</td><td width="12%" align="right" valign="middle" >1.123</td><td width="12%" align="right" valign="middle" >647</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >1.123</td><td width="12%" align="right" valign="middle" >647</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Interest to intercompany payables</td><td width="12%" align="right" valign="middle" >34</td><td width="12%" align="right" valign="middle" >29</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="12%" align="right" valign="middle" >7.701</td><td width="12%" align="right" valign="middle" >8.492</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >7.735</td><td width="12%" align="right" valign="middle" >8.521</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >TAX FOR THE YEAR</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Current tax charges for the year</td><td width="12%" align="right" valign="middle" >11.889</td><td width="12%" align="right" valign="middle" >5.670</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Deferred tax adjustments in the year</td><td width="12%" align="right" valign="middle" >1.546</td><td width="12%" align="right" valign="middle" >1.416</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Tax adjustments, prior years</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >6</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >13.435</td><td width="12%" align="right" valign="middle" >7.092</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Tax for the year comprises the following</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Tax on profit of the year</td><td width="12%" align="right" valign="middle" >12.848</td><td width="12%" align="right" valign="middle" >6.320</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Tax on changes on the equity</td><td width="12%" align="right" valign="middle" >587</td><td width="12%" align="right" valign="middle" >772</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >13.435</td><td width="12%" align="right" valign="middle" >7.092</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" >INTANGIBLE ASSETS</td></tr><tr><td colspan="6"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="11%" colspan="1" align="right" valign="middle" >Goodwill</td><td width="11%" colspan="1" align="right" valign="middle" >Completed development projects</td><td width="11%" colspan="1" align="right" valign="middle" >Intangible assets in progress</td><td width="11%" colspan="1" align="right" valign="middle" ></td><td width="14%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Cost at 1 January 2021</td><td width="11%" align="right" valign="middle" >37.576</td><td width="11%" align="right" valign="middle" >29.644</td><td width="11%" align="right" valign="middle" >549</td><td width="11%" ></td><td width="14%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="11%" align="right" valign="middle" >-17</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="14%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Additions in the year</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >1.851</td><td width="11%" align="right" valign="middle" >1.792</td><td width="11%" ></td><td width="14%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Disposals in the year</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >-1.851</td><td width="11%" ></td><td width="14%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Cost at 31 December 2021</td><td width="11%" align="right" valign="middle" >37.559</td><td width="11%" align="right" valign="middle" >31.495</td><td width="11%" align="right" valign="middle" >490</td><td width="11%" ></td><td width="14%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Impairment losses at 1 January 2021</td><td width="11%" align="right" valign="middle" >2.287</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="14%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Impairment losses at 31 December 2021</td><td width="11%" align="right" valign="middle" >2.287</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="14%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Amortisation at 1 January 2021</td><td width="11%" align="right" valign="middle" >32.163</td><td width="11%" align="right" valign="middle" >22.044</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="14%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="11%" align="right" valign="middle" >-21</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="14%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Amortisation/depreciation in the year</td><td width="11%" align="right" valign="middle" >1.280</td><td width="11%" align="right" valign="middle" >3.465</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="14%" ></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Amortisation on disposals in the year</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="14%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Amortisation at 31 December 2021</td><td width="11%" align="right" valign="middle" >33.422</td><td width="11%" align="right" valign="middle" >25.509</td><td width="11%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="14%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="42%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2021</td><td width="11%" align="right" valign="middle" >1.850</td><td width="11%" align="right" valign="middle" >5.986</td><td width="11%" align="right" valign="middle" >490</td><td width="11%" ></td><td width="14%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The amortisation period of 20 years for goodwill is determined on the basis of the Management’s experience in the Group’s areas of business and, in the Management’s opinion, reflects the best estimate of the acquired company’s economic lifetime.</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Development projects comprises primarily of costs for developing the Company’s ERP system, as well as other internal reporting systems (software). Costs comprises solely of external costs. The development projects are depreciated, when completed, over 5 years, which reflects the best estimate of the economic lifetime of the systems. Management has not found any indications of a need for impairment of the carrying amount.</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >PROPERTY, PLANT AND EQUIPMENT</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" colspan="1" align="right" valign="middle" >Land and buildings</td><td width="12%" colspan="1" align="right" valign="middle" >Tools and machinery</td><td width="12%" colspan="1" align="right" valign="middle" >Process materials and fixtures and fittings</td><td width="16%" colspan="1" align="right" valign="middle" >Fixed assets in process of cons-truction</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Cost at 1 January 2021</td><td width="12%" align="right" valign="middle" >101.896</td><td width="12%" align="right" valign="middle" >352.424</td><td width="12%" align="right" valign="middle" >55.689</td><td width="16%" align="right" valign="middle" >4.701</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Adjustment to primo</td><td width="12%" align="right" valign="middle" >301</td><td width="12%" align="right" valign="middle" >14.569</td><td width="12%" align="right" valign="middle" >-6.194</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="12%" align="right" valign="middle" >-16</td><td width="12%" align="right" valign="middle" >-13</td><td width="12%" align="right" valign="middle" >-4</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Additions in the year</td><td width="12%" align="right" valign="middle" >1.809</td><td width="12%" align="right" valign="middle" >9.433</td><td width="12%" align="right" valign="middle" >956</td><td width="16%" align="right" valign="middle" >35.647</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Disposals in the year</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >12</td><td width="12%" align="right" valign="middle" >-300</td><td width="16%" align="right" valign="middle" >-12.198</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Cost at 31 December 2021</td><td width="12%" align="right" valign="middle" >103.990</td><td width="12%" align="right" valign="middle" >376.425</td><td width="12%" align="right" valign="middle" >50.147</td><td width="16%" align="right" valign="middle" >28.150</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Depreciations at 1 January 2021</td><td width="12%" align="right" valign="middle" >6.421</td><td width="12%" align="right" valign="middle" >274.970</td><td width="12%" align="right" valign="middle" >48.008</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Adjustment to primo</td><td width="12%" align="right" valign="middle" >301</td><td width="12%" align="right" valign="middle" >14.569</td><td width="12%" align="right" valign="middle" >-6.194</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="12%" align="right" valign="middle" >-14</td><td width="12%" align="right" valign="middle" >12</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Depreciation in the year</td><td width="12%" align="right" valign="middle" >2.847</td><td width="12%" align="right" valign="middle" >14.240</td><td width="12%" align="right" valign="middle" >2.721</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Depreciations on disposals in the year</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >-12</td><td width="12%" align="right" valign="middle" >-300</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Depreciations at 31 December 2021</td><td width="12%" align="right" valign="middle" >9.555</td><td width="12%" align="right" valign="middle" >303.779</td><td width="12%" align="right" valign="middle" >44.235</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2021</td><td width="12%" align="right" valign="middle" >94.435</td><td width="12%" align="right" valign="middle" >72.646</td><td width="12%" align="right" valign="middle" >5.912</td><td width="16%" align="right" valign="middle" >28.150</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Assets held under financial lease</td><td width="12%" align="right" valign="middle" >88.165</td><td width="12%" align="right" valign="middle" >32.697</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >OTHER FINANCIAL ASSETS</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="17%" colspan="1" align="right" valign="middle" >Deposits</td><td width="18%" colspan="1" align="right" valign="middle" >Other securities and holdings</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Cost at 1 January 2021</td><td width="17%" align="right" valign="middle" >8.156</td><td width="18%" align="right" valign="middle" >420</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Cost at 31 December 2021</td><td width="17%" align="right" valign="middle" >8.156</td><td width="18%" align="right" valign="middle" >420</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Adjustments at 1 January 2021</td><td width="17%" align="right" valign="middle" >-14</td><td width="18%" align="right" valign="middle" >-420</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="17%" align="right" valign="middle" >-3</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Adjustments at 31 December 2021</td><td width="17%" align="right" valign="middle" >-17</td><td width="18%" align="right" valign="middle" >-420</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2021</td><td width="17%" align="right" valign="middle" >8.139</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >DEFERRED TAX</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax is made up of the following items</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="12%" align="right" valign="middle" >-1.425</td><td width="12%" align="right" valign="middle" >-1.793</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Property, plant and equipment</td><td width="12%" align="right" valign="middle" >-4.643</td><td width="12%" align="right" valign="middle" >-4.398</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Inventories</td><td width="12%" align="right" valign="middle" >148</td><td width="12%" align="right" valign="middle" >292</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Other debt</td><td width="12%" align="right" valign="middle" >-859</td><td width="12%" align="right" valign="middle" >-413</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Losses to be carried forward</td><td width="12%" align="right" valign="middle" >3.515</td><td width="12%" align="right" valign="middle" >4.594</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >-3.264</td><td width="12%" align="right" valign="middle" >-1.718</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Carrying amount of deferred taxes are presented in the balance sheet as follows</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Deferred tax asset</td><td width="12%" align="right" valign="middle" >2.974</td><td width="12%" align="right" valign="middle" >3.884</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Deferred tax liability</td><td width="12%" align="right" valign="middle" >-6.238</td><td width="12%" align="right" valign="middle" >-5.602</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >-3.264</td><td width="12%" align="right" valign="middle" >-1.718</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Movements for the year are specified as follows</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Deferred tax at 1 January</td><td width="12%" align="right" valign="middle" >-1.718</td><td width="12%" align="right" valign="middle" >-302</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Deferred tax on the equity</td><td width="12%" align="right" valign="middle" >-438</td><td width="12%" align="right" valign="middle" >-476</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Adjustments for the year</td><td width="12%" align="right" valign="middle" >-1.108</td><td width="12%" align="right" valign="middle" >-940</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >-3.264</td><td width="12%" align="right" valign="middle" >-1.718</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Deferred tax assets not reported in the balance sheet</td><td width="12%" align="right" valign="middle" >15.007</td><td width="12%" align="right" valign="middle" >15.146</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Plus Pack A/S is part of an international joint taxation. At 31 December 2021, the group has recognized a deferred tax asset totaling 4.515 t.DKK regarding losses to be carried forward in Plus Pack NV and Plus Pack Verpackungsmittel GmbH. Based on budgets, Management considers it likely that there will be future taxable income against which non-utilized tax losses can be offset.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >PREPAYMENTS</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Accrued costs comprises prepayment for rent of office, IT, insurance, subscription, etc.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >SHARE CAPITAL</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Share capital comprises the following</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >A-shares – nominal DKK 100 per share</td><td width="12%" align="right" valign="middle" >23.400</td><td width="12%" align="right" valign="middle" >23.400</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >B-shared – nominal DKK 100 per share</td><td width="12%" align="right" valign="middle" >23.400</td><td width="12%" align="right" valign="middle" >23.400</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >46.800</td><td width="12%" align="right" valign="middle" >46.800</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Each A-share is assigned 10 votes and each B-share is assigned 1 vote. Shareholders are assigned right of first refusal in respect of share issues of the same class of shares. In raising capital, priority subscription rights exist in respect of both A- and B-shares. Holders of B-shares are entitled to a non-cumulative preference dividend of up to 8 %. In all other respects, holders of shares of both classes have the same rights.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >OTHER PROVISIONS</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Other provisions at 1 January</td><td width="12%" align="right" valign="middle" >4.813</td><td width="12%" align="right" valign="middle" >4.848</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Adjustments for the year</td><td width="12%" align="right" valign="middle" >13</td><td width="12%" align="right" valign="middle" >-35</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Other provisions at 31 December</td><td width="12%" align="right" valign="middle" >4.826</td><td width="12%" align="right" valign="middle" >4.813</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other provision comprises provisions for pensions to employees.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >NON-CURRENT LIABILITIS</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" colspan="1" align="right" valign="middle" >< 1 year</td><td width="12%" colspan="1" align="right" valign="middle" >1 <> 5 years</td><td width="12%" colspan="1" align="right" valign="middle" >> 5 years</td><td width="16%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Lease contract</td><td width="12%" align="right" valign="middle" >6.175</td><td width="12%" align="right" valign="middle" >21.241</td><td width="12%" align="right" valign="middle" >73.144</td><td width="16%" align="right" valign="middle" >100.560</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Other payables</td><td width="12%" align="right" valign="middle" >168</td><td width="12%" align="right" valign="middle" >1.093</td><td width="12%" align="right" valign="middle" >6.439</td><td width="16%" align="right" valign="middle" >7.700</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >6.343</td><td width="12%" align="right" valign="middle" >22.334</td><td width="12%" align="right" valign="middle" >79.583</td><td width="16%" align="right" valign="middle" >108.260</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >PROVISION OF COLLATERAL</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As security for the Company’s debt to banks and other credit institutions the Company has provided security or other collateral in its assets for a total amount of 100.000 t.DKK. The securities comprises of a business mortgage at 75.000 t.DKK and a chattel mortgage at 25.000 t.DKK. The carrying amount of the assets totals 233.814 t.DKK. Furthermore, the banks and other credit institutions are secured for their engagement by certain fixed and current assets as further pledges cannot be made without the banks approval.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >A factoring agreement has been made with Fortis Factoring of 700 t.EUR for trade receivables in Plus Pack NV. The carrying amount at 31 December 2021 of the receivables totals 1.269 t.EUR. A factoring agreement has been made with Fortis Factoring of 1.800 t.EUR for trade receivables in Plus Pack SAS. The carrying amount at 31 December 2021 of the receivables totals 3.352 t.EUR.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group has granted an absolute guarantee for credits and bank loans at a total amount of t.DKK 3.346.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >CONTINGENT LIABILITIES</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Annual leasing payment under operational leasing contracts</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Leasing contracts expiring in 2021</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >2.435</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Leasing contracts expiring in 2022</td><td width="12%" align="right" valign="middle" >2.689</td><td width="12%" align="right" valign="middle" >1.650</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Leasing contracts expiring in 2023</td><td width="12%" align="right" valign="middle" >2.046</td><td width="12%" align="right" valign="middle" >1.241</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Leasing contracts expiring in 2024</td><td width="12%" align="right" valign="middle" >1.362</td><td width="12%" align="right" valign="middle" >437</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Leasing contracts expiring in 2025</td><td width="12%" align="right" valign="middle" >953</td><td width="12%" align="right" valign="middle" >68</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Leasing contracts expiring in 2026</td><td width="12%" align="right" valign="middle" >82</td><td width="12%" align="right" valign="middle" >3</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >7.132</td><td width="12%" align="right" valign="middle" >5.834</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Group has entered into two leasing contracts for the lease of the Group’s premises in Belgium. The total amortized leasing liability at 31 December 2021 amounts to a total of 15.398 t.DKK. The lease agreement runs until 31 December 2027.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Besides the lease liability for the Group’s premises, a total rent liabilities currently amounts to 58 t.DKK</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Group is jointly taxed with Danish Companies, with C&A Invest A/S as the administration company. The Group is therefore held liable under the Corporation Tax Act rules accordingly for any obligations to withholding tax, tax on interests, royalties and dividends for the jointly taxed companies.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >FEE FOR AUDITORS ELECTED BY THE ANNUAL GENERAL MEETING</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" colspan="1" align="right" valign="middle" >PwC</td><td width="12%" colspan="1" align="right" valign="middle" ></td><td width="12%" colspan="1" align="right" valign="middle" >Deloitte</td><td width="16%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Audit</td><td width="12%" align="right" valign="middle" >470</td><td width="12%" align="right" valign="middle" >431</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >-70</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Tax consultancy services</td><td width="12%" align="right" valign="middle" >82</td><td width="12%" align="right" valign="middle" >78</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >108</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Other fees</td><td width="12%" align="right" valign="middle" >40</td><td width="12%" align="right" valign="middle" >130</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >20</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >592</td><td width="12%" align="right" valign="middle" >639</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >58</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >EXCHANGE RATE RISK AND FINANCIAL INSTRUMENTS</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As part of the hedge of recognized transactions, the Group uses hedging instruments in form of forward exchange contracts and hedge of LME. The group has secured sales of 1.950 t.PLN against DKK, 15.000 t.NOK against DKK and approx. 70% of next years unsecured LME. Hedge of recognized transactions comprise receivables and payables.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >At 31 December 2021 unrealized net gains in derivative financial instruments for currency hedging, commodity futures and interest rate swaps totals to 3.906 t.DKK. The amount is recognized in the balance sheet under other debt and other receivables.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >APPROPRIATION OF PROFIT AND LOSS</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Proposed dividend</td><td width="12%" align="right" valign="middle" >21.000</td><td width="12%" align="right" valign="middle" >12.000</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Retained earnings</td><td width="12%" align="right" valign="middle" >21.646</td><td width="12%" align="right" valign="middle" >8.655</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Minority interest</td><td width="12%" align="right" valign="middle" >176</td><td width="12%" align="right" valign="middle" >33</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >42.822</td><td width="12%" align="right" valign="middle" >20.688</td><td width="12%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >EVENTS SINCE THE END OF THE FISCAL YEAR</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >From the reporting date until today, no events have taken place to change the assessments made in the annual report</td></tr><tr><td colspan="1"></td></tr></table> Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup xWizard version 1.1.1121.0, by EasyX Aps. www.easyx.eu 2020-01-01 2020-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Anders Top Haustrup CEO Camilla Haustrup Hermansen Deputy CEO Jens Albert Harsaae Chairman Steen Haustrup Carsten Bo Pedersen Gitte Haar Kristian Knak Hede Camilla Haustrup Hermansen Pia Lyneborg Andersen Employee Representative Torben Käehne Rasmussen Employee Representative John Helmuth Madsen Employee Representative 559968000 157405000 34882000 -7874000 20688000 103402000 67571000 -106113000 36129000 197 0.281 0.103 0.363 0.163 570818000 157536000 25070000 -4773000 15885000 12531000 53161000 -13091000 -35088000 226 0.276 0.079 0.389 0.136 593785000 159168000 29125000 -5749000 19103000 38979000 45631000 -38708000 -15986000 227 0.268 0.092 0.351 0.173 583627000 168703000 34045000 -5905000 21793000 11936000 10708000 -23417000 -41773000 221 0.289 0.116 0.348 0.215 435815000 166097000 1850000 5986000 490000 8326000 94435000 72646000 5912000 28150000 201143000 0 8139000 0 8139000 217608000 42882000 48021000 90903000 82257000 0 2974000 12595000 5093000 102919000 24385000 218207000 46800000 3047000 -95000 0 95141000 21000000 204000 6238000 0 4826000 11064000 94385000 7532000 101917000 6343000 11620000 87854000 3054000 896000 46970000 156737000 435815000 24385000 365555000 133130000 307256000 120013000 324665000 113945000 307367000 107096000 Subordinate loan capital 0 Subordinate loan capital 0 Subordinate loan capital 0 Subordinate loan capital 0 Subordinate loan capital 10059000 Change in net cash funds 13987000 Change in net cash funds -2413000 Change in net cash funds 4982000 Change in net cash funds 5541000 Change in net cash funds 1572000 Net revenue index 109000 Net revenue index 96000 Net revenue index 98000 Net revenue index 102000 Net revenue index 100000 Net profit ratio 0.098 Net profit ratio 0.062 Net profit ratio 0.044 Net profit ratio 0.049 Net profit ratio 0.058 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">SUSTAINABILITY DATA REPORTING PRINCIPLES</td></tr><tr><td colspan="1">CO2 EMISSION REPORTING</td></tr><tr><td colspan="1">Plus Pack uses the international standard, the Greenhouse Gas (GHG) Protocol, to classify and calculate its direct climate emissions, scope 1, and indirect climate emissions, scope 2, which are linked to the company’s own and controlled activities. Data considerations are based on relevance (data sources and criteria are evaluated fit for purpose), completeness (calculations are based on accessible and valid data), consistency (data sources and criteria make continuous reporting possible), transparency (progress is reported on a monthly basis) and accuracy (uncertainties are continually evaluated, addressed and reduced as much as possible). 2018 is Plus Pack’s baseline year.</td></tr><tr><td colspan="1">In general, CO2 emissions in scope 1 and 2 make up a minor part of a production company’s overall carbon footprint. Material input is estimated to make up the majority of Plus Pack’s total climate emissions i.e. Plus Pack’s products represent the largest share of the company’s overall climate emissions. These are classified as scope 3 emissions and are related to more thorough life cycle analyses, according to the GHG Protocol. Plus Pack’s sustainability reporting for 2021 focus on scope 1 and 2 where relevant data sources are accessible and valid. The baseline data and data from 2019 and 2020 has been calculated compared to the emission factors in the Danish Climate Compass (Klimakompasset) launched ultimo 2021 by The Danish Business Authority. The result showed marginal variances and thusno need to adjust the existing baseline nor data.</td></tr><tr><td colspan="1">CO2 EMISSIONS, SCOPE 1 AND 2</td></tr><tr><td colspan="1">Company cars</td></tr><tr><td colspan="1">The emissions are based on fuel consumption related to leased company cars. The emissions per driven km are based on a weighted average carbon consumption per km (actual CO2 emissions year-to-date (calculated per car)/actual driven km year-to-date). This model has been used from 2020. During 2018-2019 driven km were not reported. The driven km per month during 2018-2019 are calculated as an average of the max km allowed according to the leasing contracts. Consumption by electric and/or hybrid cars is not included in this model as the actual consumption split between fuel and KWh/per car is currently not accessible and/or evaluated too difficult to measure. The model will be revisited in 2022 as the share of leased electric and/or hybrid cars is growing.</td></tr><tr><td colspan="1">Heating oil</td></tr><tr><td colspan="1">The emissions are based on actual consumption of heating oil in Genk, Belgium. Consumption of heating oil is measured in liters and calculated into CO2 emissions with DEFRA’s relevant emission factor (2018).</td></tr><tr><td colspan="1">Electricity</td></tr><tr><td colspan="1">The emissions are based on actual consumption of electricity in Odense, Denmark, and Genk, Belgium, and of district heating in Odense, Denmark. Consumption of electricity in Denmark is reported in KWh and calculated into CO2 emissions with EnergiNet’s relevant emission factor (2018). Consumption in Genk is reported in KWh and calculated into CO2 emissions with DEFRA’s relevant emission factor (2018). During 2019 Plus Pack bought green electricity certificates from its supplier in Odense. However, the positive impact has not been taken into account as the documentation lacked proof of additionality and Plus Pack stopped buying green electricity in Odense from 2020. Plus Pack has been buying green electricity in Genk since 2018, however the estimated emission reductions informed by the supplier is not included in the reporting as the documentation on the needed additionality is being evaluated and verified.</td></tr><tr><td colspan="1">District Heating</td></tr><tr><td colspan="1">Consumption of district heating is calculated in GJ and converted into KWh and multiplied with Energy Fyn’s general emission factor (2018) for district heating in Odense.</td></tr><tr><td colspan="1">ENERGY CONSUMPTION</td></tr><tr><td colspan="1">The data is based on actual energy consumption of electricity in Odense, Denmark and Genk, Belgium, district heating in Odense, Denmark and oil used for heating in Genk, Belgium. The consumption oil for heating is measured in liters, then calculated in KWh based on the estimated heating value by Smartoil (2021).</td></tr><tr><td colspan="1">RAW MATERIALS, EASY-TO-RECYCLE</td></tr><tr><td colspan="1">The data is based on purchased raw materials used in own production, also called material conversion, and calculated as share of easy-to-recycle materials relative to total amount of raw materials. Plus Pack defines its easy-to-recycle packaging materials as materials like aluminium, PP and PET, which fulfill common requirements set by existing design guidelines for reuse and recycling of packaging materials in compliance with European standards ref. Design for Recycling Guidelines by Recyclass, Recyclability of Plastic Packaging by COTREP and the design guide by The Danish Plastics Federation “Reuse and recycling of plastic packaging for private consumers”. Actual recycling defined as the action or process of converting food packaging from household waste into reusable material depends on the regional context and is not taken into account here.</td></tr><tr><td colspan="1">CIRCULAR SALES</td></tr><tr><td colspan="1">The data is based on realized sales of circular products in the market and calculated as share of sales of circular products relative to total sales of all products. Circular products are products that support a circular economy by being manufactured from easy-to-recycle packaging materials. The easy-to-recycle materials need to fulfill common requirements set by existing design guidelines for reuse and recycling of packaging materials in compliance to European standards ref. Design for Recycling Guidelines by Recyclass, Recyclability of Plastic Packaging by COTREP and the design guide by The Danish Plastics Federation “Reuse and recycling of plastic packaging for private consumers”. Aluminium, clear/NIR detectable PP and PET are examples of materials used to convert the circular products in Plus Pack’s product assortment. When more products (trays and lids) are sold in combinations as sets, the material of the main component is given priority (i.e. the tray).</td></tr><tr><td colspan="1">GENDER DIVERSITY</td></tr><tr><td colspan="1">In company</td></tr><tr><td colspan="1">The number is the actual number of female employees in Plus Pack organisation calculated in % relative to the total number of head counts.</td></tr><tr><td colspan="1">Leadership</td></tr><tr><td colspan="1">The number is the actual number of female employees in Plus Pack Leadership Team calculated in % relative to the total number of members in the leadership team.</td></tr><tr><td colspan="1">In BoD</td></tr><tr><td colspan="1">The number is based on the actual number of female board members elected on the yearly general assembly calculated in % relative to the total number of members in the Board of Directors elected on the yearly general assembly.</td></tr><tr><td colspan="1">SICK LEAVE</td></tr><tr><td colspan="1">The data is based on sick leave calculated for Plus Pack’s two biggest sites, which is Denmark and Belgium. Data for France, Norway, Germany and Poland is not included in this 2022 report, but planned to be included in future reporting.</td></tr><tr><td colspan="1">Odense</td></tr><tr><td colspan="1">Sick leave is calculated based on total absence including short-term absence and long-term absence. Short-term absence is defined as absence less than 9 weeks for blue-collars and less than 31 days for white-collars. Plus Pack includes child’s first day of illness. The calculation method and reporting is aligned with guidelines from Danish Industry in collaboration with The Danish Employers’ Association and has been used since 2019. In 2017-2018 the calculation method and reporting was less structured as it has been since 2019. This caused some uncertainties, which was addressed and it led to the calculation method and reporting of today.</td></tr><tr><td colspan="1">Genk</td></tr><tr><td colspan="1">Sick leave is calculated based on total absence including short-term absence and long-term absence. Short-term absence is defined as absence up to 4 weeks for both blue-collars and white-collars and long-term absence is more than 1 month and less than 1 year. The calculation method and reporting is aligned with Certimed, who is the market leader in medical monitoring. Certimed is calculating sick leave for Belgian companies.</td></tr><tr><td colspan="1">ACCIDENTS</td></tr><tr><td colspan="1">Number of accidents, accidents without absence and accidents with absence, and near-misses are reported on a daily-, weekly-, monthly- and yearly basis. The frequency of accidents, also called the H-value (H-værdi) is calculated by dividing the realized number of accidents with the number of hours worked by all employees multiplied with 1 million. The number of hours is defined as the number of hours worked by all employees with absence being deducted from the time that the employees could have worked. Working hours includes Belgium and Denmark, and not France, Norway, Germany and Poland in this 2022 report, but planned to be included in future reporting.</td></tr><tr><td colspan="1">EMPLOYEE WELL-BEING SCORE</td></tr><tr><td colspan="1">The employee well-being survey is done in collaboration with an external partner. The survey is anonymous. Reports can only be made with a minimum of 5 respondents in a given department, team or production shift. The survey takes form as an online questionnaire and the score is based on a rating between 1-10, where the score 5,8 to 7,2 is regarded normal. In comparison the score 0 to 4,4 is regarded very low whereas the score 4,4 to 5,7 is regarded low. The score 7,3 to 8,7 is regarded high and the score 8,8 to 10 is regarded very high. Respondents are all employees in Plus Pack, both blue-collars and white-collars.</td></tr><tr><td colspan="1">Response rate</td></tr><tr><td colspan="1">The response rate is calculated as the share of actual respondents relative to the total number of available respondents equal to total number of head counts in Plus Pack.</td></tr></table> 559968000 402563000 157405000 84975000 37793000 530000 285000 34882000 0 647000 8521000 27008000 6320000 20688000 5934000 78964000 -647000 3148000 67571000 2711000 103402000 -106113000 10000000 7844000 36129000 -2413000 569229000 444306000 124923000 43099000 30323000 163000 0 51664000 6123000 842000 5753000 52876000 10230000 42646000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="9" align="left" valign="middle" >STATEMENT OF EQUITY</td></tr><tr><td colspan="9"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="6%" colspan="1" align="right" valign="middle" >SHARE-CAPITAL</td><td width="6%" colspan="1" align="right" valign="middle" >RESERVE FOR FAIR VALUE OF HEDGING INSTR.</td><td width="6%" colspan="1" align="right" valign="middle" >RESERVE FOR EXCHANGE RATE ADJ.</td><td width="6%" colspan="1" align="right" valign="middle" >RESERVE FOR DEVELOP-MENT PROJECTS</td><td width="6%" colspan="1" align="right" valign="middle" >RETAINED EARNINGS</td><td width="6%" colspan="1" align="right" valign="middle" >PROPOSED DIVIDEND</td><td width="6%" colspan="1" align="right" valign="middle" >TOTAL EQUITY</td><td width="12%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >EQUITY AT 1.1 2020</td><td width="6%" align="right" valign="middle" >46.800</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >6.431</td><td width="6%" align="right" valign="middle" >66.638</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >119.869</td><td width="12%" ></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Transfer through appropriation of profit</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >8.655</td><td width="6%" align="right" valign="middle" >12.000</td><td width="6%" align="right" valign="middle" >20.655</td><td width="12%" ></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Development costs for the year</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >2.114</td><td width="6%" align="right" valign="middle" >-2.114</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="12%" ></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Depreciation, amortisation and impairment for the year</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-2.189</td><td width="6%" align="right" valign="middle" >2.189</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="12%" ></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Payment of extraordinary dividend</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-10.000</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-10.000</td><td width="12%" ></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Exchange rate adj. in subsidiaries</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-296</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-296</td><td width="12%" ></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Fair value adjustment of hedging instruments beginning of year</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >2.270</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >2.270</td><td width="12%" ></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Fair value adjustment of hedging instruments end of year</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >1.240</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >1.240</td><td width="12%" ></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Tax on equity transactions</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-273</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-499</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-772</td><td width="12%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >EQUITY AT 31.12 2020</td><td width="6%" align="right" valign="middle" >46.800</td><td width="6%" align="right" valign="middle" >967</td><td width="6%" align="right" valign="middle" >-296</td><td width="6%" align="right" valign="middle" >6.356</td><td width="6%" align="right" valign="middle" >67.139</td><td width="6%" align="right" valign="middle" >12.000</td><td width="6%" align="right" valign="middle" >132.966</td><td width="12%" ></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Transfer through appropriation of profit</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >21.646</td><td width="6%" align="right" valign="middle" >21.000</td><td width="6%" align="right" valign="middle" >42.646</td><td width="12%" ></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Development costs for the year</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >1.397</td><td width="6%" align="right" valign="middle" >-1.397</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="12%" ></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Depreciation, amortisation and impairment for the year</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-2.703</td><td width="6%" align="right" valign="middle" >2.703</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="12%" ></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Payment of dividend</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-12.000</td><td width="6%" align="right" valign="middle" >-12.000</td><td width="12%" ></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Exchange rate adj. in subsidiaries</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >201</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >201</td><td width="12%" ></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Fair value adjustment of hedging instruments beginning of year</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-967</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-967</td><td width="12%" ></td></tr><tr><td width="52%" colspan="2" align="left" valign="middle" >Fair value adjustment of hedging instruments end of year</td><td width="6%" align="right" valign="middle" >3.906</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >3.906</td><td width="12%" ></td></tr><tr><td width="52%" colspan="2" align="left" valign="middle" >Tax on equity transactions</td><td width="6%" align="right" valign="middle" >-859</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-859</td><td width="12%" ></td></tr><tr><td colspan="9"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >EQUITY AT 31.12.2021</td><td width="6%" align="right" valign="middle" >46.800</td><td width="6%" align="right" valign="middle" >3.047</td><td width="6%" align="right" valign="middle" >-95</td><td width="6%" align="right" valign="middle" >5.050</td><td width="6%" align="right" valign="middle" >90.091</td><td width="6%" align="right" valign="middle" >21.000</td><td width="6%" align="right" valign="middle" >165.893</td><td width="12%" ></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >SEGMENT INFORMATION</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Aluminium</td><td width="12%" align="right" valign="middle" >349.572</td><td width="16%" align="right" valign="middle" >316.350</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Plastic</td><td width="12%" align="right" valign="middle" >219.657</td><td width="16%" align="right" valign="middle" >189.048</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >569.229</td><td width="16%" align="right" valign="middle" >505.398</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >DEPRECIATIONS</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Depreciation of intangible and tangible fixed assets for the year are included in the income statement as follows</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Production costs</td><td width="12%" align="right" valign="middle" >15.499</td><td width="16%" align="right" valign="middle" >18.426</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Administration costs</td><td width="12%" align="right" valign="middle" >6.082</td><td width="16%" align="right" valign="middle" >5.292</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >21.581</td><td width="16%" align="right" valign="middle" >23.718</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >STAFF</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Total costs in respect of wages and salaries are specified as follows</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Wages and salaries</td><td width="12%" align="right" valign="middle" >74.267</td><td width="16%" align="right" valign="middle" >72.065</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Pensions</td><td width="12%" align="right" valign="middle" >5.966</td><td width="16%" align="right" valign="middle" >5.870</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Other social costs</td><td width="12%" align="right" valign="middle" >1.249</td><td width="16%" align="right" valign="middle" >1.151</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >81.482</td><td width="16%" align="right" valign="middle" >79.086</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Average number of full-time employees</td><td width="12%" align="right" valign="middle" >128</td><td width="16%" align="right" valign="middle" >133</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Remuneration to board of directors and executive board specified as follows</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Board of directors</td><td width="12%" align="right" valign="middle" >1.295</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Executive Board</td><td width="12%" align="right" valign="middle" >3.585</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Board of directors and Executive Board</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >4.265</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >4.880</td><td width="16%" align="right" valign="middle" >4.265</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >During the financial year 2021 Camilla Haustrup Hermansen was elected as member of the executive board.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >OTHER OPERATING INCOME AND EXPENSES</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Gain/loss from disposals of fixed assets</td><td width="12%" align="right" valign="middle" >163</td><td width="16%" align="right" valign="middle" >-14</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Other operating income</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Other operating expenses</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >163</td><td width="16%" align="right" valign="middle" >-14</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Other operating income</td><td width="12%" align="right" valign="middle" >163</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Other operating expenses</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >-14</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >163</td><td width="16%" align="right" valign="middle" >-14</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >FINANCIEL INCOME/EXPENSES</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Interest from intercompany receivables</td><td width="12%" align="right" valign="middle" >94</td><td width="16%" align="right" valign="middle" >142</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Other financial income</td><td width="12%" align="right" valign="middle" >748</td><td width="16%" align="right" valign="middle" >458</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >842</td><td width="16%" align="right" valign="middle" >600</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Interest to intercompany payables</td><td width="12%" align="right" valign="middle" >703</td><td width="16%" align="right" valign="middle" >783</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Other financial expenses</td><td width="12%" align="right" valign="middle" >5.050</td><td width="16%" align="right" valign="middle" >6.346</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >5.753</td><td width="16%" align="right" valign="middle" >7.129</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >TAX FOR THE YEAR</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Current tax charges for the year</td><td width="12%" align="right" valign="middle" >10.217</td><td width="16%" align="right" valign="middle" >4.285</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Deferred tax adjustments in the year</td><td width="12%" align="right" valign="middle" >600</td><td width="16%" align="right" valign="middle" >74</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Tax adjustments, prior years</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >10.817</td><td width="16%" align="right" valign="middle" >4.359</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Tax for the year comprises the following</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Tax on profit of the year</td><td width="12%" align="right" valign="middle" >10.230</td><td width="16%" align="right" valign="middle" >3.587</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Tax on changes on the equity</td><td width="12%" align="right" valign="middle" >587</td><td width="16%" align="right" valign="middle" >772</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >10.817</td><td width="16%" align="right" valign="middle" >4.359</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" >INTANGIBLE ASSETS</td></tr><tr><td colspan="6"></td></tr><tr><td width="75%" colspan="4" align="left" valign="middle" >t.DKK</td><td width="11%" colspan="1" align="right" valign="middle" >Completed development projects</td><td width="14%" colspan="1" align="right" valign="middle" >Development projects in progress</td></tr><tr><td colspan="6"></td></tr><tr><td width="75%" colspan="4" align="left" valign="middle" >Cost at 1 January 2021</td><td width="11%" align="right" valign="middle" >29.644</td><td width="14%" align="right" valign="middle" >549</td></tr><tr><td width="75%" colspan="4" align="left" valign="middle" >Exchange rate adjustment</td><td width="11%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >0</td></tr><tr><td width="75%" colspan="4" align="left" valign="middle" >Additions in the year</td><td width="11%" align="right" valign="middle" >1.851</td><td width="14%" align="right" valign="middle" >1.792</td></tr><tr><td width="75%" colspan="4" align="left" valign="middle" >Disposals in the year</td><td width="11%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >-1.851</td></tr><tr><td colspan="6"></td></tr><tr><td width="75%" colspan="4" align="left" valign="middle" >Cost at 31 December 2021</td><td width="11%" align="right" valign="middle" >31.495</td><td width="14%" align="right" valign="middle" >490</td></tr><tr><td colspan="6"></td></tr><tr><td width="75%" colspan="4" align="left" valign="middle" >Impairment losses at 1 January 2021</td><td width="11%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="75%" colspan="4" align="left" valign="middle" >Impairment losses at 31 December 2021</td><td width="11%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="75%" colspan="4" align="left" valign="middle" >Amortisation at 1 January 2021</td><td width="11%" align="right" valign="middle" >22.044</td><td width="14%" align="right" valign="middle" >0</td></tr><tr><td width="75%" colspan="4" align="left" valign="middle" >Exchange rate adjustment</td><td width="11%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >0</td></tr><tr><td width="75%" colspan="4" align="left" valign="middle" >Amortisation/depreciation in the year</td><td width="11%" align="right" valign="middle" >3.465</td><td width="14%" align="right" valign="middle" >0</td></tr><tr><td width="75%" colspan="4" align="left" valign="middle" >Amortisation on disposals in the year</td><td width="11%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="75%" colspan="4" align="left" valign="middle" >Amortisation at 31 December 2021</td><td width="11%" align="right" valign="middle" >25.509</td><td width="14%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="75%" colspan="4" align="left" valign="middle" >Carrying amount at 31 December 2021</td><td width="11%" align="right" valign="middle" >5.986</td><td width="14%" align="right" valign="middle" >490</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The amortisation period of 20 years for goodwill is determined on the basis of the Management’s experience in the Group’s areas of business and, in the Management’s opinion, reflects the best estimate of the acquired company’s economic lifetime.</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Development projects comprises primarily of costs for developing the Company’s ERP system, as well as other internal reporting systems (software). Costs comprises solely of external costs. The development projects are depreciated, when completed, over 5 years, which reflects the best estimate of the economic lifetime of the systems. Management has not found any indications of a need for impairment of the carrying amount.</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >PROPERTY, PLANT AND EQUIPMENT</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" colspan="1" align="right" valign="middle" >Land and buildings</td><td width="12%" colspan="1" align="right" valign="middle" >Tools and machinery</td><td width="12%" colspan="1" align="right" valign="middle" >Process materials and fixtures and fittings</td><td width="16%" colspan="1" align="right" valign="middle" >Fixed assets in process of construc-tion</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Cost at 1 January 2021</td><td width="12%" align="right" valign="middle" >92.831</td><td width="12%" align="right" valign="middle" >332.997</td><td width="12%" align="right" valign="middle" >38.729</td><td width="16%" align="right" valign="middle" >4.648</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Additions in the year</td><td width="12%" align="right" valign="middle" >763</td><td width="12%" align="right" valign="middle" >7.152</td><td width="12%" align="right" valign="middle" >956</td><td width="16%" align="right" valign="middle" >31.507</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Disposals in the year</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >-5.157</td><td width="12%" align="right" valign="middle" >-310</td><td width="16%" align="right" valign="middle" >-8.871</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Cost at 31 December 2021</td><td width="12%" align="right" valign="middle" >93.594</td><td width="12%" align="right" valign="middle" >334.992</td><td width="12%" align="right" valign="middle" >39.375</td><td width="16%" align="right" valign="middle" >27.284</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Depreciations at 1 January 2021</td><td width="12%" align="right" valign="middle" >3.020</td><td width="12%" align="right" valign="middle" >257.416</td><td width="12%" align="right" valign="middle" >32.025</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Depreciation in the year</td><td width="12%" align="right" valign="middle" >2.212</td><td width="12%" align="right" valign="middle" >13.524</td><td width="12%" align="right" valign="middle" >2.380</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Depreciations on disposals in the year</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >-4.988</td><td width="12%" align="right" valign="middle" >-310</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Depreciations at 31 December 2021</td><td width="12%" align="right" valign="middle" >5.232</td><td width="12%" align="right" valign="middle" >265.952</td><td width="12%" align="right" valign="middle" >34.095</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2021</td><td width="12%" align="right" valign="middle" >88.362</td><td width="12%" align="right" valign="middle" >69.040</td><td width="12%" align="right" valign="middle" >5.280</td><td width="16%" align="right" valign="middle" >27.284</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Assets held under financial lease</td><td width="12%" align="right" valign="middle" >86.157</td><td width="12%" align="right" valign="middle" >28.589</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >INVESTMENTS IN SUBSIDIARIES</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="17%" align="right" valign="middle" >2021</td><td width="18%" align="right" valign="middle" >2020</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Cost at 1 January 2021</td><td width="17%" align="right" valign="middle" >129.590</td><td width="18%" align="right" valign="middle" >129.590</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Cost at 31 December 2021</td><td width="17%" align="right" valign="middle" >129.590</td><td width="18%" align="right" valign="middle" >129.590</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Adjustments at 1 January 2021</td><td width="17%" align="right" valign="middle" >-85.631</td><td width="18%" align="right" valign="middle" >-90.827</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Adjustments to 1 January</td><td width="17%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >-15</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="17%" align="right" valign="middle" >201</td><td width="18%" align="right" valign="middle" >-296</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="17%" align="right" valign="middle" >6.123</td><td width="18%" align="right" valign="middle" >8.068</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Dividends</td><td width="17%" align="right" valign="middle" >-2.619</td><td width="18%" align="right" valign="middle" >-2.561</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Adjustments at 31 December 2021</td><td width="17%" align="right" valign="middle" >-81.926</td><td width="18%" align="right" valign="middle" >-85.631</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2021</td><td width="17%" align="right" valign="middle" >47.664</td><td width="18%" align="right" valign="middle" >43.959</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Carrying amount of investments in subsidiaries is presented in the balance sheet as follows</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Fixed financial assets</td><td width="17%" align="right" valign="middle" >55.758</td><td width="18%" align="right" valign="middle" >52.350</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Write-downs on receivables</td><td width="17%" align="right" valign="middle" >-7.483</td><td width="18%" align="right" valign="middle" >-8.391</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Negative investments in subsidiaries</td><td width="17%" align="right" valign="middle" >-611</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" ></td><td width="17%" align="right" valign="middle" >47.664</td><td width="18%" align="right" valign="middle" >43.959</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Investments in subsidiaries are specified as follows</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="17%" colspan="1" align="right" valign="middle" >Ownership</td><td width="18%" colspan="1" align="right" valign="middle" >Nominal value</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Plus Pack NV, Belgium</td><td width="17%" align="right" valign="middle" >100%</td><td width="18%" colspan="1" align="right" valign="middle" >5.419 t.eur</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Plus Pack SAS, France</td><td width="17%" align="right" valign="middle" >100%</td><td width="18%" colspan="1" align="right" valign="middle" >210 t.eur</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Plus Pack AS, Norway</td><td width="17%" align="right" valign="middle" >100%</td><td width="18%" colspan="1" align="right" valign="middle" >400 t.nok</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Plus Pack Verpackungsmittel GmbH, Germany</td><td width="17%" align="right" valign="middle" >100%</td><td width="18%" colspan="1" align="right" valign="middle" >26 t.eur</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >RSC Sp. Z o.o., Poland</td><td width="17%" align="right" valign="middle" >70%</td><td width="18%" colspan="1" align="right" valign="middle" >60 t.pln</td></tr><tr><td colspan="3"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >OTHER FINANCIAL ASSETS</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="17%" colspan="1" align="right" valign="middle" >Deposits</td><td width="18%" colspan="1" align="right" valign="middle" >Other securities and holdings</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Cost at 1 January 2021</td><td width="17%" align="right" valign="middle" >8.000</td><td width="18%" align="right" valign="middle" >420</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Cost at 31 December 2021</td><td width="17%" align="right" valign="middle" >8.000</td><td width="18%" align="right" valign="middle" >420</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Adjustments at 1 January 2021</td><td width="17%" align="right" valign="middle" >-15</td><td width="18%" align="right" valign="middle" >-420</td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="17%" align="right" valign="middle" >-3</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Adjustments at 31 December 2021</td><td width="17%" align="right" valign="middle" >-18</td><td width="18%" align="right" valign="middle" >-420</td></tr><tr><td colspan="3"></td></tr><tr><td width="65%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 20201</td><td width="17%" align="right" valign="middle" >7.982</td><td width="18%" align="right" valign="middle" >0</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >DEFERRED TAX</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax is made up of the following items</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Intangible assets</td><td width="12%" align="right" valign="middle" >-1.425</td><td width="16%" align="right" valign="middle" >-1.793</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Property, plant and equipment</td><td width="12%" align="right" valign="middle" >-4.429</td><td width="16%" align="right" valign="middle" >-4.043</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Inventories</td><td width="12%" align="right" valign="middle" >148</td><td width="16%" align="right" valign="middle" >292</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Other debt</td><td width="12%" align="right" valign="middle" >-859</td><td width="16%" align="right" valign="middle" >-421</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Losses to be carried forward</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >-6.565</td><td width="16%" align="right" valign="middle" >-5.965</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Carrying amount of deferred taxes are presented in the balance sheet as follows</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Deferred tax asset</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Deferred tax liability</td><td width="12%" align="right" valign="middle" >-6.295</td><td width="16%" align="right" valign="middle" >-5.965</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >-6.295</td><td width="16%" align="right" valign="middle" >-5.965</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Movements for the year are specified as follows</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Deferred tax at 1 January</td><td width="12%" align="right" valign="middle" >-5.965</td><td width="16%" align="right" valign="middle" >-5.891</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Deferred tax on the equity</td><td width="12%" align="right" valign="middle" >-438</td><td width="16%" align="right" valign="middle" >-476</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Adjustments for the year</td><td width="12%" align="right" valign="middle" >-162</td><td width="16%" align="right" valign="middle" >402</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >-6.565</td><td width="16%" align="right" valign="middle" >-5.965</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Deferred tax assets not reported in the balance sheet</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Plus Pack A/S is part of an international joint taxation. At 31 December 2021, the group has recognized a deferred tax asset totaling 4.515 t.DKK regarding losses to be carried forward in Plus Pack NV and Plus Pack Verpackungsmittel GmbH. Based on budgets, Management considers it likely that there will be future taxable income against which non-utilized tax losses can be offset.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >PREPAYMENTS</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Accrued costs comprises prepayment for rent of office, IT, insurance, subscription, etc.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >SHARE CAPITAL</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Share capital comprises the following</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >A-shares – nominal DKK 100 per share</td><td width="12%" align="right" valign="middle" >23.400</td><td width="16%" align="right" valign="middle" >23.400</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >B-shared – nominal DKK 100 per share</td><td width="12%" align="right" valign="middle" >23.400</td><td width="16%" align="right" valign="middle" >23.400</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >46.800</td><td width="16%" align="right" valign="middle" >46.800</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Each A-share is assigned 10 votes and each B-share is assigned 1 vote. Shareholders are assigned right of first refusal in respect of share issues of the same class of shares. In raising capital, priority subscription rights exist in respect of both A- and B-shares. Holders of B-shares are entitled to a non-cumulative preference dividend of up to 8 %. In all other respects, holders of shares of both classes have the same rights.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >OTHER PROVISIONS</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Other provisions at 1 January</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Adjustments for the year</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Other provisions at 31 December</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other provision comprises provisions for pensions to employees.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >NON-CURRENT LIABILITIS</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" colspan="1" align="right" valign="middle" >< 1 year</td><td width="12%" colspan="1" align="right" valign="middle" >1 <> 5 years</td><td width="12%" colspan="1" align="right" valign="middle" >> 5 years</td><td width="16%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Lease contract</td><td width="12%" align="right" valign="middle" >6.094</td><td width="12%" align="right" valign="middle" >20.972</td><td width="12%" align="right" valign="middle" >73.144</td><td width="16%" align="right" valign="middle" >100.210</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Other payables</td><td width="12%" align="right" valign="middle" >168</td><td width="12%" align="right" valign="middle" >1.093</td><td width="12%" align="right" valign="middle" >6.439</td><td width="16%" align="right" valign="middle" >7.700</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >6.262</td><td width="12%" align="right" valign="middle" >22.065</td><td width="12%" align="right" valign="middle" >79.583</td><td width="16%" align="right" valign="middle" >107.910</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >PROVISION OF COLLATERAL</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As security for the Company’s debt to banks and other credit institutions the Company has provided security or other collateral in its assets for a total amount of 100.000 t.DKK. The securities comprises of a business mortgage at 75.000 t.DKK and a chattel mortgage at 25.000 t.DKK. The carrying amount of the assets totals 233.814 t.DKK. Furthermore, the banks and other credit institutions are secured for their engagement by certain fixed and current assets as further pledges cannot be made without the banks approval.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has granted an absolute guarantee for its subsidiaries‘ credits and bank loans at a total amount of t.DKK 63.346.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >CONTINGENT LIABILITIES</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Annual leasing payment under operational leasing contracts</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Leasing contracts expiring in 2021</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >1.547</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Leasing contracts expiring in 2022</td><td width="12%" align="right" valign="middle" >1.890</td><td width="16%" align="right" valign="middle" >1.051</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Leasing contracts expiring in 2023</td><td width="12%" align="right" valign="middle" >1.524</td><td width="16%" align="right" valign="middle" >708</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Leasing contracts expiring in 2024</td><td width="12%" align="right" valign="middle" >1.100</td><td width="16%" align="right" valign="middle" >179</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Leasing contracts expiring in 2025</td><td width="12%" align="right" valign="middle" >880</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Leasing contracts expiring in 2026</td><td width="12%" align="right" valign="middle" >79</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >5.473</td><td width="16%" align="right" valign="middle" >3.485</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Company is jointly taxed with Danish Companies, with C&A Invest A/S as the administration company. The Company is therefore held liable under the Corporation Tax Act rules accordingly for any obligations to withholding tax, tax on interests, royalties and dividends for the jointly taxed companies.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >FEE FOR AUDITORS ELECTED BY THE ANNUAL GENERAL MEETING</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" colspan="1" align="right" valign="middle" >PwC</td><td width="12%" colspan="1" align="right" valign="middle" ></td><td width="12%" colspan="1" align="right" valign="middle" >Deloitte</td><td width="16%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="12%" align="right" valign="middle" >2020</td><td width="12%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Audit</td><td width="12%" align="right" valign="middle" >270</td><td width="12%" align="right" valign="middle" >225</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >-33</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Tax consultancy services</td><td width="12%" align="right" valign="middle" >52</td><td width="12%" align="right" valign="middle" >50</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >111</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Other fees</td><td width="12%" align="right" valign="middle" >25</td><td width="12%" align="right" valign="middle" >55</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >20</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" align="right" valign="middle" >347</td><td width="12%" align="right" valign="middle" >330</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >98</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >EXCHANGE RATE RISK AND FINANCIAL INSTRUMENTS</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As part of the hedge of recognized transactions, the Group uses hedging instruments in form of forward exchange contracts and hedge of LME. The group has secured sales of 1.950 t.PLN against DKK, 15.000 t.NOK against DKK and approx. 70% of next years unsecured LME. Hedge of recognized transactions comprise receivables and payables.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >At 31 December 2021 unrealized net gains in derivative financial instruments for currency hedging, commodity futures and interest rate swaps totals to 3.906 t.DKK. The amount is recognized in the balance sheet under other debt and other receivables.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="2" align="left" valign="middle" >RELATED PARTIES AND CONTROLLING INTEREST</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >HAUSTRUP HOLDING A/S</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Energivej 40</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >DK-5260 Odense S</td></tr><tr><td colspan="2"></td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >C&A INVEST A/S</td><td width="22%" colspan="1" align="left" valign="middle" >Ultimate Parent Company</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Energivej 40</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >DK-5260 Odense S</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >CONSOLIDATED FINANCIAL STATEMENT</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The Company’s overall parent company, which prepares the consolidated accounts in which the company is included as a subsidiary is C&A Invest A/S, Energivej 40, DK-5260 Odense S, CVR-no. 37 27 37 83.</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >TRANSACTIONS WITH RELATED PARTIES</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Section 98c(7) of the Danish Financial Statement Act is applied regarding related parties transactions. It is the assessment of the Management, that all transactions have been carried out at market terms.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >APPROPRIATION OF PROFIT AND LOSS</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >t.DKK</td><td width="12%" align="right" valign="middle" >2021</td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Proposed dividend</td><td width="12%" align="right" valign="middle" >21.000</td><td width="16%" align="right" valign="middle" >12.000</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Retained earnings</td><td width="12%" align="right" valign="middle" >21.646</td><td width="16%" align="right" valign="middle" >8.655</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Minority interest</td><td width="12%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" align="right" valign="middle" >42.646</td><td width="16%" align="right" valign="middle" >20.655</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >EVENTS SINCE THE END OF THE FISCAL YEAR</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >From the reporting date until today, no events have taken place to change the assessments made in the annual report</td></tr></table> 505398000 412401000 92997000 42409000 27856000 0 14000 22718000 8053000 600000 7129000 24242000 3587000 20655000 42646000 20655000 42646000 20655000 176000 33000 0 0 3128000 7600000 549000 11277000 95475000 77454000 7681000 4701000 185311000 0 8142000 0 8142000 204730000 32807000 28102000 60909000 74316000 0 3884000 7065000 4253000 89518000 10398000 160825000 365555000 46800000 967000 -296000 0 73495000 12000000 164000 133130000 5602000 0 4813000 10415000 100242000 7806000 108048000 6846000 9666000 56223000 3382000 4619000 33226000 113962000 365555000 10398000 0 5986000 490000 6476000 88362000 69040000 5280000 27284000 189966000 55758000 7982000 0 63740000 260182000 42309000 46751000 89060000 38608000 25647000 0 10666000 4331000 79252000 4486000 172798000 432980000 46800000 3047000 -95000 5050000 90091000 21000000 0 165893000 6565000 611000 0 7176000 94116000 7532000 101648000 6262000 11620000 81506000 27897000 217000 30761000 158263000 432980000 0 7600000 549000 8149000 89811000 75581000 6704000 4648000 176744000 52350000 7985000 0 60335000 245228000 32227000 27467000 59694000 31998000 15662000 0 5151000 3003000 55814000 424000 115932000 361160000 46800000 967000 -296000 6356000 67139000 12000000 0 132966000 5965000 0 0 5965000 100242000 7448000 107690000 6764000 1036000 50837000 32243000 4285000 19374000 114539000 361160000 Profit before financing 62282000 Profit before financing 34882000 Depreciations incl. gain/loss on disposals of fixed assets 24550000 Depreciations incl. gain/loss on disposals of fixed assets 24863000 Provisions and other adjustments 0 Provisions and other adjustments -1000 CASH FLOW BEFORE CHANGES IN WORKING CAPITAL 86832000 CASH FLOW BEFORE CHANGES IN WORKING CAPITAL 59744000 Changes in inventories and receivables -44305000 Changes in inventories and receivables 19698000 Changes in intercompany receivables and payables -328000 Changes in intercompany receivables and payables 1946000 Changes in market value on financial instruments 2666000 Changes in market value on financial instruments 3510000 Financial expenses, paid -7562000 Financial expenses, paid -8892000 Disposals of fixed assets 0 Disposals of fixed assets 0 Payment of dividend to minority interests -134000 Payment of dividend to minority interests 0 Established new loan/leasing agreements 0 Established new loan/leasing agreements 90198000 Changes in utilisation of short term bank loans 1954000 Changes in utilisation of short term bank loans -36225000 10398000 12811000 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Munkebjergvænget 1, 3 og 4. sal 5230 Odense M 33771231 Line Hedam State Authorized Public Accountant mne27768 Claus Damhave State Authorized Public Accountant mne34166 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab