33597045 2021-01-01 2021-12-31 33597045 2020-01-01 2020-12-31 33597045 2021-12-31 33597045 2020-12-31 33597045 2021-01-01 2021-12-31 0 33597045 2020-01-01 2020-12-31 1 33597045 2021-01-01 33597045 2020-01-01 33597045 2021-01-01 2021-12-31 0 33597045 2021-01-01 2021-12-31 1 33597045 2021-01-01 2021-12-31 0 33597045 2021-01-01 2021-12-31 1 33597045 2021-01-01 2021-12-31 2 33597045 2021-01-01 2021-12-31 3 33597045 2021-01-01 2021-12-31 4 33597045 2021-01-01 2021-12-31 5 33597045 2021-01-01 2021-12-31 6 33597045 2021-01-01 2021-12-31 7 33597045 2021-01-01 2021-12-31 8 33597045 2021-01-01 2021-12-31 0 33597045 2021-01-01 2021-12-31 1 iso4217:DKK xbrli:pure 2021-01-01 2021-12-31 15173000000 11394000000 3779000000 2006000000 61000000 -55000000 38000000 107000000 1634000000 0 107000000 153000000 1588000000 359000000 1229000000 1219000000 10000000 1000000 9000000 0 0 21000000 -11000000 1218000000 1208000000 10000000 471000000 38000000 -12000000 96000000 151000000 107000000 317000000 1866000000 101000000 87000000 8000000 680000000 81000000 0 200000000 199000000 -622000000 0 187000000 1117000000 1954000000 -1024000000 220000000 0 220000000 28000000 <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">Corporate governance</td></tr><tr><td colspan="1">Falck’s Management consistently monitors corporate governance with a view to ensuring that the Group is managed in a manner compliant with corporate governance principles and recommendations, and that it meets the expectations of its stakeholders and applies high levels of transparency and compliance.</td></tr><tr><td colspan="1">The ultimate authority of Falck lies with the shareholders who exercise their rights at the Annual General Meeting. Here, the shareholders elect members to the Board of Directors and appoint the independent auditors. Falck has a two-tier management system consisting of a Board of Directors (Board) and an Executive Committee. The two bodies do not have overlapping members, nor do members retiring from the Executive Committee join the Board immediately hereafter.</td></tr><tr><td colspan="1">The Board and the Executive Committee strive to ensure transparency and accountability by building trusting relationships with shareholders, customers, suppliers, employees and the local communities in which Falck operates.</td></tr><tr><td colspan="1">The Board of Directors</td></tr><tr><td colspan="1">The Board is responsible for the overall management and strategic directionof the Group and appoints the members of the Executive Committee. The Board guides and supervises Falck’s activities, development, management and organisation. The Board acts in compliance with applicable legislation and meets at least seven times a year or as required by special circumstances.</td></tr><tr><td colspan="1">The Board currently has nine members. Six members are elected by the shareholders and three are elected by the employees in Denmark. Shareholder-elected board members serve for terms of one year and are up for election at the following annual general meeting, whereas employee-elected members are elected for terms of four years.</td></tr><tr><td colspan="1">The most recent election of employee representatives for the Board was held in March 2021. Vagn Flink Møller Pedersen and Henrik Villsen Andersen were re-elected as members and Jacob Bonne Guldberg was elected as member for the 2021-2025 term. Allan Rensgaard stepped down in connection with the election. In May 2021, Henrik Villsen Andersen stepped down and was replaced by elected alternate Stefan Fyhn Gregersen.</td></tr><tr><td colspan="1">Lundbeckfonden is represented on the Board by Peter Schütze (Chairman) and Lene Skole (Deputy Chairman) while KIRKBI is represented by Thomas Lau Schleicher. The other three shareholder-elected members are considered independent whereas none of the employee-elected members are considered independent as defined by the Danish Recommendations on Corporate Governance.</td></tr><tr><td colspan="1">The Board regularly reviews the Group’s corporate governance framework and policies in relation to the Group’s activities, business environment and the Danish Recommendations on Corporate Governance. The 2021 Comply or explain analysis on corporate governance is available at www.falck.com/about-us/corporate-governance/</td></tr><tr><td colspan="1">Board competencies</td></tr><tr><td colspan="1">All members of the Board hold equal rights and obligations. The Board believes that members should be chosen based on their overall competencies and recognises theimportance and beneficial effect of board diversity with respect to experience, cultural and educational backgrounds and gender.</td></tr><tr><td colspan="1">In 2021, the Board identified a range of competencies that are deemed important for ensuring continued progress of Falck. These are</td></tr><tr><td colspan="1">• Global business management and strategic operations and governance</td></tr><tr><td colspan="1">• Healthcare industry and market access</td></tr><tr><td colspan="1">• People leadership and change management</td></tr><tr><td colspan="1">• Technology and digitalisation</td></tr><tr><td colspan="1">• Risk management</td></tr><tr><td colspan="1">• Innovation</td></tr><tr><td colspan="1">Governance structure</td></tr><tr><td colspan="1">Special competencies required from employee-elected members of the Board are</td></tr><tr><td colspan="1">• Experience and broad knowledge of how the Company conducts its business</td></tr><tr><td colspan="1">• The ability to balance Falck Group employee perspective and business perspective</td></tr><tr><td colspan="1">• Strong knowledge of what employees in the Company are occupied with and pay attention to</td></tr><tr><td colspan="1">• The ability to advise on appropriate forms of communication between the Company and the employees.</td></tr><tr><td colspan="1">Board evaluation process</td></tr><tr><td colspan="1">The Board conducted the annual board evaluation, which included a collective assessment and self-assessments of the effectiveness of the Board, the processes supporting its work, individual board members’ contributions, the Chairman’s performance and its interaction with the Executive</td></tr><tr><td colspan="1">Committee. In 2021, the collective and individual competencies of the Board were included in the evaluation.</td></tr><tr><td colspan="1">The assessment was conducted by way of each individual board member and member of the Executive Committee anonymously completing a questionnaire, which was then summarised by an external company.</td></tr><tr><td colspan="1">The overall result of the evaluation was a score of 9.84 on a scale from 1 - 10, up from 9.24 last year. All individual board members saw an increase in the scores related to their individual contribution to the Board’s work.</td></tr><tr><td colspan="1">According to the conclusion of the evaluation, the Board is generally well-organised and well-functioning and the work of the Board is characterised by open and trusting relationships and cooperation both among its members and with the Executive Committee.</td></tr><tr><td colspan="1">The Chairman has provided each board member with feedback.</td></tr><tr><td colspan="1">The two main areas for improvement which were identified in last year’s evaluation have been addressed throughout the year: 1) By implementing a clear process for succession planning and by building a talent mentoring programme, 2) by having deep-dives on strategic priorities and/or Falck’s important markets on the agenda at each board meeting.</td></tr><tr><td colspan="1">The evaluation in 2021 identified three main focus areas for 2022</td></tr><tr><td colspan="1">1) ESG</td></tr><tr><td colspan="1">2) Succession for key positions</td></tr><tr><td colspan="1">3) Continuation of relevant deep-dives according to the strategy and its implementation with special focus on Ambulance US and Direct Healthcare</td></tr><tr><td colspan="1">Board activities</td></tr><tr><td colspan="1">The Board held 13 ordinary or extraordinary board meetings as well as a strategy seminar in 2021. The most significant activities were related to the development of Falck’s strategy, Care for more ‘25, the divestment of Falck’s Roadside Assistance business in Sweden, Norway, Finland, Estonia and Lithuania and the acquisition of Frisk Gruppen. The regular activities of the Board included discussions and approvals of</td></tr><tr><td colspan="1">• Financials: Annual and interim reports, sustainability report, remuneration report, forecast and targets, ESG-linked syndicated refinancing agreement</td></tr><tr><td colspan="1">• Strategic and commercial topics: Acquisitions, divestments, tenders, business updates</td></tr><tr><td colspan="1">• People and Culture: Engagement survey results and actions, succession planning</td></tr><tr><td colspan="1">• Policies: Tax Policy, Insurance Policy, Risk Policy, M&amp;A Policy, Diversity &amp; Inclusion Policy, Remuneration Policy, Communication Policy, Investor Relations Policy, Sustainability Policy, Data Ethics Policy, Treasury Policy, Whistle-blower Policy and Policy on the provision of non-audit services by the independent auditors.</td></tr><tr><td colspan="1">• Other main topics: Recommendations on Corporate Governance, Health &amp; Safety, Risks, Whistleblower and Compliance reporting.</td></tr><tr><td colspan="1">Data Ethics Policy</td></tr><tr><td colspan="1">Falck’s Data Ethics Policy was developed and approved by the Board in 2021. It is based on the basic principles of data ethics set out by the think tank, DataEthics, and covers the following areas</td></tr><tr><td colspan="1">• Purpose and usage: Human interests prevail over commercial interests. The data that we are legally required to store are held for the benefit of the individual</td></tr><tr><td colspan="1">• Individual data control: Individuals should have primary control over the usage of their own data</td></tr><tr><td colspan="1">• Transparency: We strive to be transparent when we communicate purposes and interests of data usage to individuals via privacy notices and policies</td></tr><tr><td colspan="1">• Accountability and governance: Efforts are made to reduce the risks to individuals and to mitigate undesirable social and ethical implications.</td></tr><tr><td colspan="1">A working group with representatives from global functions and business segments has been established as an advisory board to local and global managements on data ethical matters. The policy is available at www.falck.com/data-protection.</td></tr><tr><td colspan="1">Board committees</td></tr><tr><td colspan="1">The Board has established two committees to support the Board in its decision-making: An Audit Committee and a Remuneration and Nomination Committee.</td></tr><tr><td colspan="1">The Audit Committee assists the Board in monitoring Falck’s financial reporting process, accounting policies, statutory audits of annual reports, assessment of quarterly reports, effectiveness of internal control and risk management systems, tax and treasury governance, compliance and whistleblower systems, IT security and the independence of the external auditors. The Audit Committee makes recommendations on these topics to the Board and, on behalf of the Board, follows up on the implementation of initiatives taken by the Executive Committee.</td></tr><tr><td colspan="1">The Board appoints the Audit Committee members from among its members for one-year terms. One member is designated as Committee Chairman. In March 2021, Lene Skole, Lars Frederiksen and Niels Smedegaard were re-appointed to the Audit Committee and Lene Skole was re-appointed Chairman. The Audit Committee meets at least four times a year. The Committee’s work and responsibilities are established in a charter.</td></tr><tr><td colspan="1">The most significant activities of the Audit Committee during 2021 were the recommendation for approval of the Annual Report, the Interim Reports and the Sustainability Report, as well as discussions and recommendations related to audit and compliance, IT and cyber security, enterprise risks, and the refinancing agreement linked to selected sustainability KPIs.</td></tr><tr><td colspan="1">The Remuneration and Nomination Committee assists the Board in overseeing the remuneration of members of the Board, members of board committees and members of the Executive Committee, including the determination of remuneration levels and incentive programmes. In addition, the Remuneration and Nomination Committee is responsible for the Remuneration Report and Remuneration Policy, including the general guidelines governing incentive programmes for members of the Executive Committee.</td></tr><tr><td colspan="1">The Remuneration and Nomination Committee is responsible for assisting the Board in performing its duties in terms of ensuring that the Board and the Executive Committee always have the necessary professional competencies and experience, and that they both have an appropriate number of members, for nominating members to the Board and the Executive Committee, and for regularly reviewing the performance of the Board and the Executive Committee. Remuneration and Nomination Committee members are appointed by the Board from among its members for one-year terms. In March 2021, Dorthe Mikkelsen, Peter Schütze and Lene Skole were re-appointed to the Remuneration and Nomination Committee, and Peter Schütze was re-appointed Chairman. The Remuneration and Nomination Committee meets at least twice a year. The Committee’s work and responsibilities are established in a charter.</td></tr><tr><td colspan="1">The most significant activities of the Remuneration and Nomination Committee during 2021 were the discussions on and recommendation for approval of remuneration of the Executive Committee and the Board, short-term and long-term incentives, succession planning and definition of competence profiles for the Board and Executive Committee.</td></tr><tr><td colspan="1">The Executive Committee and Executive Management team</td></tr><tr><td colspan="1">The Executive Committee is responsible for the day-to-day management and operation of Falck in accordance with the guidelines and recommendations as set out by the Board and with the primary focus on developing and implementing strategies and significant initiatives. Moreover, the Executive Committee is responsible for ensuring that the Board is informed of all material matters and that proposals and recommendations concerning the Group’s overall strategy and objectives are submitted to the Board. The Executive Committee consists of the Group CEO and the Group CFO. In November, Tor Magne Lønnum announced his decision to leave the position as Group CFO as per 30 April 2022 and take up a position outside Falck.</td></tr><tr><td colspan="1">The Executive Committee has established an Executive Management team which is responsible for the day-to-day management of the Group. In addition to the Executive Committee members, the Executive Management team consists of the EVP Assistance, the SVP Healthcare, the SVP Ambulance US, the SVP Ambulance Europe and Fire, the SVP Community Healthcare, the SVP Commercial, the SVP Global People &amp; Culture, and the VP Strategy, Innovation, Communications, Risk &amp; Quality and Executive Office. From 1 November 2021, Gorka Vigara de Otazu was appointed SVP Community Healthcare for Latin America and member of the Executive Management team.</td></tr><tr><td colspan="1">Remuneration</td></tr><tr><td colspan="1">Remuneration of the members of the Board and the Executive Committee is governed by Falck’s Remuneration Policy, which complies with the Danish Recommendations on Corporate Governance. The Remuneration Policy and the annual Remuneration Report are both available at www.falck.com/about-us/corporategovernance/remuneration.</td></tr><tr><td colspan="1">Internal controls</td></tr><tr><td colspan="1">The overall responsibility for Falck’s internal control environment lies with the Board and the Audit Committee, which monitor the effectiveness of internal controls. The Executive Committee is in charge of implementing and monitoring the appropriate internal control environment.</td></tr><tr><td colspan="1">Falck requires that business procedures and internal controls are laid down and complied with by all entities of the Group. Business procedures and internal controls include standardised requirements with respect to the segregation of duties, authorisations, approval procedures and documentation. Internal financial controls have been implemented to ensure the quality of the annual reporting. The financial controls are defined by External Reporting &amp; Consolidation and are designed to ensure that entities comply with the accounting policies and report accurate numbers to the Group.</td></tr><tr><td colspan="1">Global Audit &amp; Compliance audits entities of the Group as well as the global functions to ensure compliance with the requirements set forth in policies and procedures based on a risk-based approach. Reports are submitted to local and Group management. The Audit Committee receives a quarterly update on the audits performed and any special focus areas, as well as a risk-based list of entities and functions where audits are planned during the following period. In 2021, Global Audit &amp; Compliance conducted control audits of eight businesses in five countries, and 10 other audits of e.g. strategic projects or processes.</td></tr><tr><td colspan="1">Local management is in charge of addressing all findings and Global Audit &amp; Compliance performs a formal follow-up in accordance with agreed deadlines. For each quarter, local business finance is required to perform a sign-off on the quality and compliance with global requirements in respect of the financial reporting and the internal control environment.</td></tr><tr><td colspan="1">Compliance</td></tr><tr><td colspan="1">Falck’s Code of Conduct applies to all employees as well as to Falck’s business partners. It informs employees of their rights and responsibilities and how to make the best decisions, covering 13 areas, including antibribery, competition compliance, facilitation payments, gifts &amp; hospitality and conflicts of interest.</td></tr><tr><td colspan="1">In 2021, 227 reports were received through Falck’s whistleblower system, Falck Alert, from Falck’s core business (excl. Frisk Gruppen).</td></tr><tr><td colspan="1">The responsibility for the Code of Conduct is anchored with Quality Management, whose focus is on awareness, training and providing guidance to the organisation.</td></tr><tr><td colspan="1">The responsibility for assessing the level of compliance in the organisation lies with the Global Audit &amp; Compliance function, which provides assurance by conducting audits of the various entities. In 2021, compliance audits were conducted in six business entities in five countries. Global Audit &amp; Compliance reports directly to the Board.</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">Sustainability</td></tr><tr><td colspan="1">Supporting society is our core business. We help people in urgent need and bring peace of mind to the local communities we serve.</td></tr><tr><td colspan="1">We are committed to supporting and contributing to the societies we are a part of. Our commitment extends to acting responsibly and to contributing to socially, environmentally and economically sustainable developments.</td></tr><tr><td colspan="1">We give particular attention to our impact on</td></tr><tr><td colspan="1">1. Health &amp; well-being</td></tr><tr><td colspan="1">2. People</td></tr><tr><td colspan="1">3. Climate &amp; environment</td></tr><tr><td colspan="1">4. Trust</td></tr><tr><td colspan="1">ESG KPIs and targets</td></tr><tr><td colspan="1">During 2021, Falck redefined and set long-term targets for the KPIs used to show progress within sustainability. The KPIs included in the dashboard on the following page have been chosen to reflect Falck’s Environmental, Social and ethical (Governance) impact given the nature of Falck’s business.</td></tr><tr><td colspan="1">In Q3 2021, Falck completed a refinancing of its long-term funding facilities amounting to a total of DKK 3.7 billion (EUR 500 million) with a syndicate of five banks. The terms of the facilities are linked to selected environmental and social sustainability targets, thus underlining the Group’s long-term sustainability commitment.</td></tr><tr><td colspan="1">It is Falck’s intention to commit to the Science Based Targets initiative in 2022, and thereby commit to setting targets for greenhouse gas emissions in line with the Paris Agreement goals.</td></tr><tr><td colspan="1">Governance</td></tr><tr><td colspan="1">Falck’s sustainability efforts form an integral part of its day-to-day business decisions and strategy. Initiatives are managed by relevant business areas and Group functions by their respective management. KPIs and targets are determined by the Executive Management and approved by the Board of Directors. Annual results for each KPI are presented in Falck’s Sustainability Report and in the Annual Report.</td></tr><tr><td colspan="1">Falck’s Sustainability Report 2021 is available at www.falck.com/about-us/sustainability.</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 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 Board of Directors and the Executive Committee have today considered and approved the annual report of Falck A/S 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">The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards which have been adopted by the EU and additional requirements under the Danish Financial Statements Act.</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">The Parent Company’s financial statements have been 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 consolidated financial statements and the Parent Company’s financial statements give a true and fair view of the Group’s and the Parent Company’s assets, liabilities and financial position at 31 December 2021, and of the results of the Group’s operations, and the Parent</td></tr><tr><td colspan="1">Company’s operations and the Group’s cash flows for the financial period 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">Furthermore, in our opinion, the Management’s review includes a fair review of developments in the operations and financial position of the Group and the Parent Company, the financial results for the year and the Group’s and the Parent Company’s financial position, as well as a description of the most significant risks and elements of uncertainty facing the Group and the Parent 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">We recommend that the annual report is approved at the Annual General Meeting.</td></tr></table> Copenhagen 2022-01-28 <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 Falck 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 give a true and fair view of the Group’s financial position at 31 December 2021 and of the results of the Group’s operations and cash flows for the financial year 1 January to 31 December 2021 in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Company’s financial position at 31 December 2021 and of the results of the Parent Company’s operations for the financial year 1 January to 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 Falck A/S for the financial year 1 January to 31 December 2021, which comprise income statement, statement of financial position, 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 statement of comprehensive income and statement of cash flows for the Group (“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 that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act and for the preparation of 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 environment.</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> Hellerup 2022-01-28 Falck A/S Sydhavnsgade 18 2450 Copenhagen SV Denmark 4570333311 www.falck.dk 33597045 2022-01-28 Peter Schütze Årsrapport 30700228 EY Englandsgade 25 5100 Odense C 2020-01-01 2020-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 2 12348000000 9640000000 2708000000 2087000000 54000000 -233000000 48000000 306000000 88000000 0 49000000 195000000 -58000000 120000000 -178000000 -168000000 -10000000 1000000 98000000 0 0 -15000000 114000000 -64000000 -54000000 -10000000 645000000 48000000 542000000 293000000 189000000 49000000 165000000 1311000000 37000000 25000000 29000000 16000000 -5000000 0 -20000000 3000000 96000000 552000000 1664000000 -1211000000 80000000 0 80000000 -40000000 6099000000 874000000 805000000 1199000000 1000000 175000000 16000000 9169000000 70000000 353000000 1258000000 25000000 410000000 1359000000 3475000000 12644000000 136000000 -260000000 5071000000 4947000000 17000000 4964000000 2083000000 747000000 118000000 137000000 20000000 3000000 3108000000 19000000 429000000 1118000000 300000000 242000000 1128000000 1336000000 4572000000 7680000000 12644000000 5813000000 650000000 912000000 1122000000 1000000 111000000 40000000 8649000000 53000000 506000000 1238000000 37000000 437000000 1111000000 3382000000 12031000000 133000000 -248000000 3686000000 3571000000 183000000 3754000000 2590000000 821000000 52000000 71000000 36000000 2000000 3572000000 16000000 289000000 794000000 181000000 195000000 1158000000 2072000000 4705000000 8277000000 12031000000 Impairment of goodwill 0 Impairment of goodwill 0 1111000000 1071000000 Jakob Riis President and CEO Tor Magne Lønnum CFO Peter Schütze Chairman Lene Skole Deputy Chairman Lars Frederiksen Stefan Fyn Gregersen Employee representative Jacob Bonne Guldberg Employee representative Dorthe Mikkelsen Vagn Flink Møller Pedersen Employee representative Thomas Lau Schleicher Niels Smedegaard PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Lars Baungaard State Authorised Public Accountant mne23331 Tue Stensgård Sørensen State Authorised Public Accountant mne32200 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab