33597045 2023-01-01 2023-12-31 33597045 2022-01-01 2022-12-31 33597045 2023-01-01 2023-12-31 0 33597045 2022-01-01 2022-12-31 1 33597045 2023-01-01 33597045 2022-01-01 33597045 2023-12-31 33597045 2022-12-31 33597045 2023-01-01 2023-12-31 0 33597045 2023-01-01 2023-12-31 1 33597045 2023-01-01 2023-12-31 0 33597045 2023-01-01 2023-12-31 1 33597045 2023-01-01 2023-12-31 2 33597045 2023-01-01 2023-12-31 3 33597045 2023-01-01 2023-12-31 4 33597045 2023-01-01 2023-12-31 5 33597045 2023-01-01 2023-12-31 6 33597045 2023-01-01 2023-12-31 7 33597045 2023-01-01 2023-12-31 8 33597045 2023-01-01 2023-12-31 0 33597045 2023-01-01 2023-12-31 1 iso4217:DKK xbrli:pure Regnskabsklasse C, mellemstor virksomhed 2023-01-01 2023-12-31 11913000000 9253000000 2660000000 2230000000 56000000 -51000000 47000000 0 -2000000 386000000 24000000 205000000 205000000 -129000000 334000000 334000000 0 51000000 2000000 5000000 48000000 382000000 382000000 0 Falck A/S Sydhavnsgade 18 2450 Copenhagen SV Denmark 4570333311 www.falck.dk 33597045 2024-02-22 Miguel Buxó 481000000 47000000 -40000000 -9000000 203000000 24000000 132000000 554000000 200000000 121000000 4000000 101000000 0 -184000000 254000000 0 -11000000 0 1484000000 1625000000 -384000000 -14000000 18000000 <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">Ledelsesberetning</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="6">Sustainability</td></tr><tr><td colspan="6">Services delivered</td></tr><tr><td /><td>2023</td><td>2022</td><td>2021</td></tr><tr><td>Total</td><td>9.436.000</td><td>9.590.000</td><td>8.497.000</td></tr><tr><td>Healthcare</td><td>6.003.000</td><td>6.087.000</td><td>5.224.000</td></tr><tr><td colspan="6">Community Health services</td></tr><tr><td>Virtual consultations</td><td>948.000</td><td>1.118.000</td><td>828.000</td></tr><tr><td>Physical consultations</td><td>1.919.000</td><td>1.860.000</td><td>1.557.000</td></tr><tr><td>Other services</td><td>215.000</td><td>252.000</td><td>173.000</td></tr><tr><td colspan="6">Consumer and Technical services</td></tr><tr><td>Patient transport trips</td><td>461.000</td><td>430.000</td><td>436.000</td></tr><tr><td>Roadside assistance trips</td><td>260.000</td><td>286.000</td><td>316.000</td></tr><tr><td>Emergency travel assistance cases</td><td>124.000</td><td>96.000</td><td>47.000</td></tr><tr><td>Preventive services and training</td><td>624.000</td><td>619.000</td><td>595.000</td></tr><tr><td colspan="6">Employee and Labour Market services</td></tr><tr><td>Physical treatments</td><td>491.000</td><td>446.000</td><td>498.000</td></tr><tr><td>Psychological treatments</td><td>253.000</td><td>239.000</td><td>235.000</td></tr><tr><td>Occupational health services</td><td>708.000</td><td>741.000</td><td>539.000</td></tr><tr><td>Emergency Health and Safety</td><td>3.433.000</td><td>3.503.000</td><td>3.273.000</td></tr><tr><td colspan="6">Ambulance services</td></tr><tr><td>Ambulance trips</td><td>3.410.000</td><td>3.481.000</td><td>3.254.000</td></tr><tr><td colspan="6">Fire services</td></tr><tr><td>Interventions/ call-outs</td><td>23.000</td><td>22.000</td><td>19.000</td></tr><tr><td colspan="6">Gender composition, management, Falck Group</td></tr><tr><td /><td>Female</td><td>Male</td></tr><tr><td>Board of Directors (6 members)1</td><td>50%</td><td>50%</td></tr><tr><td>Executive Management</td><td>40%</td><td>60%</td></tr><tr><td>Senior Management</td><td>38%</td><td>62%</td></tr><tr><td>Falck other managers</td><td>33%</td><td>67%</td></tr><tr><td>Falck total employees</td><td>32%</td><td>68%</td></tr><tr><td>1. In 2023, three of the six members of the Board of Directors are w and 2022) two out of six members were women which is also equal</td><td>women, which is equal representation. Previous years (2021 al representation in accordance with the guidelines of the</td></tr><tr><td>Danish Business Authority. Only members elected by the General</td><td>Assembly are included.</td></tr><tr><td colspan="6">Gender composition, Falck A/S</td></tr><tr><td /><td>Male</td></tr><tr><td>Management (2 members)</td><td>100%</td></tr><tr><td colspan="6">2. Falck A/S is required to report in line with section 99b of the Danish Financial Statement Act. The Board of Directors for Falck</td></tr><tr><td colspan="6">A/S is the same as for the Falck Group, where there is equal representation. Since Falck has only two employees, it falls below the employee threshold specified in section 99b, and therefore no additional reporting is required.</td></tr><tr><td colspan="6">Gender composition per busines unit</td></tr><tr><td /><td>Female</td><td>Male</td></tr><tr><td>Ambulance services</td><td>28%</td><td>72%</td></tr><tr><td>Fire services</td><td>6%</td><td>94%</td></tr><tr><td>Employee and Labour Market services</td><td>79%</td><td>21%</td></tr><tr><td>Consumer and Technical services</td><td>32%</td><td>68%</td></tr><tr><td>Community Health services</td><td>45%</td><td>55%</td></tr><tr><td>Global functions</td><td>41%</td><td>59%</td></tr><tr><td>Falck total</td><td>32%</td><td>68%</td></tr><tr><td colspan="6">Gender composition per main market</td></tr><tr><td /><td>Female</td><td>Male</td></tr><tr><td>Europe (67% of total employees)</td><td>29%</td><td>71%</td></tr><tr><td>Latin America (21% of total employees)</td><td>44%</td><td>56%</td></tr><tr><td>USA (12% of total employees)</td><td>28%</td><td>72%</td></tr><tr><td>Rest of World (0.2% of total employees)</td><td>34%</td><td>66%</td></tr><tr><td colspan="6">Composition per age group</td></tr><tr><td /><td>&lt;30 years</td><td>30-50 years</td><td>&gt;50 years</td></tr><tr><td>Composition per age group</td><td>25%</td><td>49%</td><td>26%</td></tr><tr><td colspan="6">ESG Key figures</td></tr><tr><td /><td>Unit</td><td>Target</td><td>2023</td><td>2022</td><td>2021</td></tr><tr><td colspan="6">Environment</td></tr><tr><td>CO2 emissions, total (scope 1)</td><td>Total tonnes</td><td>50% reduction in 2030 (Baseline: 2021) 1.88 in 2030 (10% reduction y-o-y)</td><td>50.788</td><td>53.544</td><td>54.504</td></tr><tr><td>CO2 emissions, relative (scope 1)</td><td>Tonnes / revenue (DKK million)</td><td>1.88 in 2030 (10% reduction y-o-y)</td><td>4,26</td><td>4,53</td><td>4,86</td></tr><tr><td colspan="6">Social</td></tr><tr><td>Number of services delivered</td><td>Number of services</td><td /><td>9.436.000</td><td>9.590.000</td><td>8.497.000</td></tr><tr><td>Employee engagement</td><td>Number (0-100 scale)</td><td>75 in 2025</td><td>74</td><td>72</td><td>72</td></tr><tr><td>Gender diversity, Executive Management</td><td>Underrepresented gender / total, %</td><td>40%</td><td>40%</td><td>40%</td><td>40%</td></tr><tr><td>Gender diversity, Senior Management</td><td>Underrepresented gender / total, %</td><td>40% by 2025</td><td>38%</td><td>33%</td><td>N/A</td></tr><tr><td>Lost Time Injury Rate (LTIR)</td><td>LTIs per 1 million working hours</td><td>&lt;8.8 in 2027 (10% reduction y-o-y)</td><td>14,2</td><td>14,3</td><td>16,5</td></tr><tr><td>Fatalities</td><td>Number</td><td>Zero</td><td>0</td><td>0</td><td>1</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="3">Sustainability</td></tr><tr><td colspan="3">Advancing sustainable healthcare</td></tr><tr><td colspan="3">As healthcare systems around the world are facing increasing pressure, there is a growing need to implement and scale sustainable healthcare solutions.</td></tr><tr><td colspan="3">Our sustainability strategy seeks to advance healthcare while simultaneously reducing climate impact.</td></tr><tr><td colspan="3">People's health is the foundation for a healthy and prosperous society, and the World Health Organi- sation (WHO) Constitution (1946) envisaged</td></tr><tr><td colspan="3">almost a century ago that “… the highest attain- able standard of health as a fundamental right of every human being”. In addition, the WHO acknow- ledges a legal obligation on states to ensure access to timely, acceptable and affordable healthcare. This topic is as relevant today as ever before.</td></tr><tr><td colspan="3">Globally, healthcare systems are facing pressure from challenges such as increased multi-chronic patients, ageing populations and an ever-growing consumerisation of health. For example, chronic diseases kick in at a younger age1 and the propor- tion of elderly (60+) in the global population is expected to increase to 17% by 2030 and 22% by 2050 (WHO2). At the same time, the healthcare sector currently accounts for 4-5% of global CO2 emissions.</td></tr><tr><td colspan="3">As we look towards the future, innovation is crucial for maintaining and improving the quality of services delivered to patients. Every day, our +25,000 highly skilled professionals at Falck take action to improve people’s health across 26 countries. We are both a partner and a supple- ment to the established healthcare systems, continuously aspiring to</td></tr><tr><td colspan="3">Alleviate the distress and negative impact of critical healthcare moments</td></tr><tr><td colspan="3">Enable equal access to deliver accessible care to diverse populations</td></tr><tr><td colspan="3">Build resilient communities to ensure adaptable and sustainable healthcare for individuals and society</td></tr><tr><td colspan="3">We are committed to helping resolve both current and emerging public health challenges while addressing climate issues. This is reflected in our business model, business strategy and sustainability strategy.</td></tr><tr><td colspan="3">Delivering on our sustainability strategy</td></tr><tr><td colspan="3">With our sustainability strategy, we are respond- ing within areas with the greatest societal impact, and back that up with targets and KPIs across our business. We commit to</td></tr><tr><td colspan="3">Enhance healthcare access</td></tr><tr><td colspan="3">Reduce climate impact</td></tr><tr><td colspan="3">Secure diverse and safe workplace</td></tr><tr><td colspan="3">Build trust</td></tr><tr><td colspan="3">In 2023, we contributed to society by delivering 9.4 million services, achieving a slight reduction in emissions from our fleet (scope 1), progressing on our baselines for submitting Science Based Targets, increasing the engagement significantly across Falck, and continuing to have a satisfying whistle-blower reporting ratio.</td></tr><tr><td colspan="3">In 2024, we will</td></tr><tr><td colspan="3">Continue to optimise operations, reinvent services and transform systems</td></tr><tr><td colspan="3">Submit Science Based Targets for all</td></tr><tr><td colspan="3">scopes, and thereby extend our commitment to the end-to-end value chain</td></tr><tr><td colspan="3">Continue to implement CO2 reduction initiatives for our operations and value</td></tr><tr><td colspan="3">chain</td></tr><tr><td colspan="3">Continue to take good care of ourselves and work with Diversity &amp; Inclusion and safety initiatives</td></tr><tr><td colspan="3">Increase data maturity, continue with limited assurance of selected ESG targets and implement more automated reporting processes</td></tr><tr><td colspan="3">Finalise a Double Materiality Assessment and prepare for the implementation of Corporate Sustainability Reporting Directive (CSRD)</td></tr><tr><td colspan="3">Getting ready for CSRD</td></tr><tr><td colspan="3">Throughout 2023, we worked towards preparing Falck for the Corporate Sustain- ability Reporting Directive (CSRD), in particu- lar the sustainability reporting standards as approved by the EU Commission in 2023. The CSRD will apply to Falck from 2025</td></tr><tr><td colspan="3">An ESG data and reporting programme to ensure CSRD readiness has been established securing governance and strategic direction. In addition, a gap analysis has been prepared highlighting areas where we might need to improve reporting to comply with the CSRD. This has been followed up by a structured plan for ‘gap-closing’.</td></tr><tr><td colspan="3">We also started preparing an extended Double Materiality Assessment and will finalise it in 2024. With this, we will have the</td></tr><tr><td colspan="3">overall direction for the most important and material sustainability topics within the CSRD, as we thoroughly are assessing both our impact materiality (positive and negative) and financial materiality (risks and opportunities) in line with the reporting standards.</td></tr><tr><td colspan="3">To ensure data quality and efficiency, we are also strengthening the ESG data foundation by establishing an ESG data warehouse with data collection from both internal and</td></tr><tr><td colspan="3">external sources. Furthermore, the reporting production process will be automated to a larger extent.</td></tr><tr><td colspan="3">Materiality assessment</td></tr><tr><td colspan="3">Our sustainability strategy is based on an assessment of what is most material to our business and stakeholders.</td></tr><tr><td colspan="3">We have initially identified and assessed our most material ESG ereas through desk-based research, internal discussions and on-going dialogue with stakeholders in the societies where we operate. Our stakeholders cover a broad range: customers (B2G, B2I, B2C and B2B), employees, politicians, institutions, media and society at large</td></tr><tr><td colspan="3">Sustainability risks are wide-ranging and can emerge in various aspects. Risks associated with human rights, labour rights, environment and corruption are addressed through the application of a risk assessment methodology on an individual basis.</td></tr><tr><td colspan="3">We are in the process of preparing an extended Double Materiality Assessment (impact and financial materiality) in compliance with the new Corporate Sustainability Reporting Directive (CSRD). This will guide us further in prioritising our sustainability efforts and reporting. The CSRD will apply to Falck from 2025.</td></tr><tr><td colspan="3">Our strategy mainly impacts four SDGs</td></tr><tr><td colspan="3">Our sustainability efforts are mostly supporting and contributing to four of the UN Sustainable Development Goals (SDG), namely</td></tr><tr><td colspan="3">SDG 3 Good health and well-being.</td></tr><tr><td colspan="3">Our services contribute to the health and well-being of people and societies. We save and improve lives every day, and we want to innovate and enhance access to healthcare.</td></tr><tr><td colspan="3">SDG 13 Climate action. We want to reduce the climate impact of our fleet and extend our commitments to our value chain. We will align our targets with what science says is necessary to reach the goals of the Paris Agreement.</td></tr><tr><td colspan="3">SDG 8 Decent work and economic growth.</td></tr><tr><td colspan="3">Our employees are our most important asset, and we want to secure a diverse and safe workplace where employees can thrive personally and professionally.</td></tr><tr><td colspan="3">SDG 16 Peace, justice and strong institutions.</td></tr><tr><td colspan="3">We want to conduct business in a way that never breaches the trust of our employees, partners or customers.</td></tr><tr><td colspan="3">Delivering healthcare services for people and society</td></tr><tr><td colspan="3">Our commitment</td></tr><tr><td colspan="3">Every day, we go to work to improve and save lives, and we want to innovate and enhance access to healthcare.</td></tr><tr><td colspan="3">What we did in 2023</td></tr><tr><td colspan="3">Delivered around 26,000 services on a daily basis, saving and improving lives</td></tr><tr><td colspan="3">Innovated to optimize, reinvent and transform our healthcare services</td></tr><tr><td colspan="3">Launched the first health barometer on mental health in Denmark based on a population survey</td></tr><tr><td colspan="3">Iniated a mobile health project in the US to serve more through virtual consultations</td></tr><tr><td colspan="3">Engaged in innovative partnership on monitoring in Denmark</td></tr><tr><td colspan="3">Started a project supporting bystanders in emergency situations</td></tr><tr><td colspan="3">We create value in society by delivering services that help to ease critical moments, enable access and build resilient communities. The number of services is a key part of our sustain- ability strategy. Every time we prevent an accident, complete a trip, give a treatment or provide one of our rehabilitation services, we usually improve the life of at least one person – in some cases with profound effect.</td></tr><tr><td colspan="3">Our highly skilled staff delivered 9.4 million healthcare services in 2023, which was a minor decrease compared with last year. However, the number of services delivered remains consistent- ly high and stable.</td></tr><tr><td colspan="3">9.4 million services delivered in 2023</td></tr><tr><td colspan="3">Preventive, acute and rehabilitative care</td></tr><tr><td colspan="3">Our services can broadly be categorised in three main areas, all playing a crucial role for improving health</td></tr><tr><td colspan="3">Preventive care aims to prevent illnesses, injuries or accidents before they occur (i.e. health education programmes, occupational health and first-aid/safety training).</td></tr><tr><td colspan="3">Acute care aims to relieve people suffering from an illness, condition or accident (i.e. ambulance services, physical and mental health treatments).</td></tr><tr><td colspan="3">Rehabilitative care aims to help people recover and regain their abilities after suffering from an illness, injury or accident (i.e. physical therapy to help regain strength and mobility, occupational therapy to help people regain the skills needed for daily living and working and follow-up mental health services to help people recover from mental health conditions).</td></tr><tr><td colspan="3">Across our organisation, we delivered the majority of our services within acute care, thereby supporting many people in their time of most need. This includes e.g. ambulance services and virtual consultations. Our preventive services account for another large part of our services, which is important in helping people to avoid critical health situations. Although our rehabili- tative care services are not as prevalent, they are equally important as they help individuals</td></tr><tr><td colspan="3">recover and regain their independence, often through physical or occupational therapy.</td></tr><tr><td colspan="3">Delivered around 26,000 services on a daily basis, saving and improving lives</td></tr><tr><td colspan="3">Innovated to optimise, reinvent and transform our healthcare services</td></tr><tr><td colspan="3">Launched the first health barometer on mental health in Denmark based on a</td></tr><tr><td colspan="3">Making a difference every day</td></tr><tr><td colspan="3">When looking into where Falck has changed the volume of healthcare services provided in 2023, it is clear that</td></tr><tr><td colspan="3">The highest increase is seen within Emergency travel assistance, due to increased travel activity in 2023.</td></tr><tr><td colspan="3">Within Community Health services, the number of consultations provided has slightly de- creased. Virtual consultations have dropped by 15%, while the number of physical consultations has risen by 3%. This is a consequence of COVID-19 restrictions in 2022, which shifted many physical consultations to virtual. This trend was reversed in 2023 as COVID-19 restrictions were lifted, but it also resulted in a lower number of services provided in total.</td></tr><tr><td colspan="3">• Within Ambulance services, the number of trips has decreased by 71,000 partly due to natural fluctuations in demand, but also due to a loss of some ambulance contracts</td></tr><tr><td colspan="3">We truly believe in optimising, reinventing and transforming the services we deliver across the globe, and therefore we expect to see move- ments in numbers across the different services we provide. One way of reinventing services is to deliver virtual consultations instead of providing them physically. In many cases this is faster, more efficient and also less CO2 intensive. A way to transform systems is for example to monitor chronical patients at home to avoid a critical acute situation from occurring, and thereby minimise the need for sending an ambulance.</td></tr><tr><td colspan="3">Note: For more information see the ESG Accounting Policies.</td></tr><tr><td colspan="3">population survey</td></tr><tr><td colspan="3">Initiated a mobile health project in the US to serve more through virtual consultations</td></tr><tr><td colspan="3">Engaged in innovative partnership on monitoring in Denmark</td></tr><tr><td colspan="3">Started a project supporting bystanders in emergency situations</td></tr><tr><td colspan="3">Innovative partnership preventing hospitalisations</td></tr><tr><td colspan="3">A new public/private partnership was launched in 2023 with FIERS – Life Science Innovation Denmark, Roche Diagnostics Denmark and the hospital in Nykøbing Falster, Denmark. The overall purpose of the partnership is to reduce hospitalisa- tions and move treatments into people’s own home. In Denmark, and in many other countries, one of the major challenges within healthcare is that more people are diagnosed with one or more chronic diseases that require continuous monitor- ing and treatment.</td></tr><tr><td colspan="3">This new partnership will establish a model that can ensure that vulnerable patient groups with, for example, heart or lung diseases will get help faster, to avoid deterioration and hospitalisation. In this</td></tr><tr><td colspan="3">and other partnerships we use technologies to transform systems to benefit the quality of life of our patients whilst reducing our</td></tr><tr><td colspan="3">use of resources, for example by limiting the number of ambulance trips and healthcare personnel involved in situations that</td></tr><tr><td colspan="3">become critical if not reacted on in due time.</td></tr><tr><td colspan="3">Mobile healthcare and virtual consultations to care for more people in the US</td></tr><tr><td colspan="3">In 2023, we continued developing our new mobile health service in California, the US. Based on insights gained from mapping the patient experi- ence from our 911 ambulance services in 2022, we identified a significant number of low-acuity medical calls. This led us to develop a new, innovative acute care model which allows us to provide urgent but lower acuity healthcare services directly to patients in their own home – bringing care closer to the patient and</td></tr><tr><td colspan="3">reducing logistical barriers to care access. Through 2023, the mobile health service was further developed to prepare for launch in early 2024. A lot of focus was placed on defining the clinical care of the service and the clinical capability needs to achieve patient care at home and therefore diverting cases away from the emergency department.</td></tr><tr><td colspan="3">In addition to our mobile health service, we launched a partnership with MD Ally (a company that enables digital health ecosystems) in the US. This collaboration allowed us to integrate virtual consultations into our 911 services, specifi- cally in Alameda County. Through virtual care, patients calling 911 can access a range of services, including prescription refills and delivery, scheduling doctor's appointments, arranging treatment at urgent care centres, accessing social services, mental health services and assistance with transportation. By redirect- ing eligible patients to virtual care, we can better allocate our resources to emergencies that require immediate attention, ensuring that our response is swift and effective. This not only meets the diverse needs of our patients by providing them with the right healthcare options, but also enhances the quality of care we deliver, resulting in an overall more efficient emergency response system.</td></tr><tr><td colspan="3">Helping bystanders in critical situations</td></tr><tr><td colspan="3">In 2023, we launched a new healthcare initiative designed to alleviate the psychological effects experienced by bystanders at emergency scenes. This was launched together with Region Zealand, a large public-sector customer. In Denmark alone, more than 200,000 acute illness or injury cases require an ambulance response each year, and these incidents can affect all people present at the scene, not just the patients. This is not only the case for Denmark but is mirrored in many other countries as well.</td></tr><tr><td colspan="3">Bystanders such as relatives, friends, acquaintances and strangers play a crucial role during an emergency: they call for help, provide first aid and take care of the patient until the ambulance arrives. During an emergency, we are naturally focused on the patient. However, a study conducted by Falck shows that 24% of bystanders experience difficult psychological symptoms and proper early psychological intervention may prevent severe and prolonged illnesses. Therefore, Falck's psychologists and paramedics have developed a new initiative that gives bystanders access to help when they have been part of an emergency. Our ambulance staff from stations across Region Zealand, Denmark, tested and distributed cards with advice and guidance on how to best take care of oneself after an emergency. The card also offers bystanders a follow-up phone call with one of Falck's psychologists. It was tested over a period of 10 weeks and was assessed to help those who participated.</td></tr><tr><td colspan="3">During an emergency, we are naturally focused on the patient. However, a study conducted by Falck shows that 24% of bystanders experience difficult psychological symptoms</td></tr><tr><td colspan="3">Reduce climate impact</td></tr><tr><td colspan="3">Still reducing our CO2 emissions</td></tr><tr><td colspan="3">Our commitment</td></tr><tr><td colspan="3">We want to reduce adverse impacts from our fleet, and submit Science Based Targets covering our value chain.</td></tr><tr><td colspan="3">Our targets and progress</td></tr><tr><td colspan="3">Reduce CO2</td></tr><tr><td colspan="3">Reduction of CO2e (scope 1)</td></tr><tr><td colspan="3">50% in 2030</td></tr><tr><td colspan="3">(Baseline 2021)</td></tr><tr><td colspan="3">Reduce CO2 relative</td></tr><tr><td colspan="3">CO2e tonnes/revenue (DKK million)</td></tr><tr><td colspan="3">1.88 in 2030</td></tr><tr><td colspan="3">10% y-o-y reduction (Baseline 2021)</td></tr><tr><td colspan="3">What we did in 2023</td></tr><tr><td colspan="3">Moved closer to full baselines for scope 1, 2 and 3. Current scope 1 baseline extended to scope 2 and 3 (entire value chain)</td></tr><tr><td colspan="3">Launched the first electric ambulances in Denmark and in Spain</td></tr><tr><td colspan="3">Launched a green and safe driving behaviour programme in Denmark based on vehicle telematics (automated driving behaviour data)</td></tr><tr><td colspan="3">Continued the electrification of our passenger car fleet</td></tr><tr><td colspan="3">Established an Environmental Board and team to drive CO2 reductions initiatives</td></tr><tr><td colspan="3">Disclosed climate data to CDP, the world’s largest transparency platform for environmental data</td></tr><tr><td colspan="3">Health and climate are highly interlinked, and the science-based conclusions from the Intergovern- mental Panel on Climate Change (IPCC), a United Nations body, are unambiguous: to avert catastrophic health impacts and prevent millions of climate change-related deaths, the world must limit temperature rise to 1.5°C.</td></tr><tr><td colspan="3">We are committed to doing our part to reduce climate impact alongside advancing healthcare. For several years, we have worked to reduce CO2 emissions from our fleet, our single biggest direct source of emissions (scope 1). We also have an impact on scope 2 (through the usage</td></tr><tr><td colspan="3">of heating and electricity) and scope 3 emissions (through our value chain), which is why we committed to Science Based Targets initiative and for which we will set targets no later than in 2024.</td></tr><tr><td colspan="3">Looking specifically at our direct emissions, our major challenge is that about 75% of our scope 1 carbon emissions originate from Ambulance Europe, Ambulance US and ambulances within Community Health services, where electrification and a green transition are especially challenging due to the high operational requirements of ambulance vehicles.</td></tr><tr><td colspan="3">CO2 emissions from fleet decreased</td></tr><tr><td colspan="3">Although the green transition of the ambulance business is impeded by the lack of feasible technological solutions, we have set an ambi- tious target for reducing our direct emissions (scope 1) by 50% in 2030 with 2021 as the baseline.</td></tr><tr><td colspan="3">In 2023, we managed to reduce our CO2 emis- sions in scope 1 slightly from 53,544 tonnes in 2022 to 50,788 tonnes in 2023, indicating a 5.1% decrease. Since the baseline year 2021, we have lowered our CO2 emissions by a total of 6.8%. These reductions are a consequence of changing operational requirements, the electrification of small vehicles, and minor reduction initiatives.</td></tr><tr><td colspan="3">To support this trajectory, we aim to make our fleet for seated patient transportation 100% electric by 2027. We are also piloting the electrification of ambulances, although this is subject to significant innovation in battery technology. In 2023, we began operating one electrical ambulance in Denmark and one in Spain.</td></tr><tr><td colspan="3">In addition, to strengthen our efforts on CO2 reductions, we have established the Environmen- tal Sustainability Board, which consists of four Executive Management members. Also, a new team has been established to support CO2 reduction initiatives.</td></tr><tr><td colspan="3">Relative CO2 emissions decreased</td></tr><tr><td colspan="3">As a supplement to the absolute CO2 reduction target, we have also set a relative target to measure our ability to reduce the climate impact of our individual services. We aim to lower the ratio of our total scope 1 CO2 emissions to total revenue per year to 1.88 tonnes CO2 per DKK million by 2030 (equal to a 10% reduction year-on-year).</td></tr><tr><td colspan="3">The ratio recorded for 2023 shows that we are still on track for this target as the relative number decreased by 5.9% from 4.53 in 2022 to 4.26. We will continue to explore ways to make progress, optimising our operations, and reinventing services and transforming systems as we firmly believe we can continue delivering high quality healthcare services whilst reducing CO2 emissions.</td></tr><tr><td colspan="3">Further progress on the Science Based Targets baseline</td></tr><tr><td colspan="3">In 2023, we made further progress on the Science Based Targets initiative based on our 2022 commitment. We have progressed on our baselines for scopes 1, 2 and 3, and are now ready to define CO2 reduction pathways in line with the Paris Agreement and to align as necessary according to climate science to limit the global temperature rise to 1.5°C.</td></tr><tr><td colspan="3">The baseline work has made it even clearer that we have a major CO2 footprint in our value chain. We consume energy in buildings, we use equipment in our ambulances, we buy goods and services, and our employees commute and go on business travel, all of which is included in the scopes 1-3 guidelines of the Greenhouse Gas Protocol Accounting and Reporting Standard.</td></tr><tr><td colspan="3">As part of getting these baselines in place, we are establishing processes for categories as diverse as the waste generated by our opera- tions, how our employees commute to work, and emissions when our products are used by customers. Our most significant category is Purchased Goods &amp; Services, including varied products such as medical consumables, IT equipment and the production of our vehicles.</td></tr><tr><td colspan="3">Estimated split of CO2 emissions per scope</td></tr><tr><td>CO2 emissions</td><td /><td>Estimated split</td></tr><tr><td>Scope 1 emissions</td><td /><td>25,00%</td></tr><tr><td>Scope 2 emissions</td><td /><td>5,00%</td></tr><tr><td>Scope 3 emissions</td><td /><td>70,00%</td></tr><tr><td colspan="3">ISO 14001 environmental recertification</td></tr><tr><td colspan="3">In 2023, we received a recertification of our ISO 14001 environmental manage- ment multi-site certification. This certification is now applicable for the next three years until 2026. ISO 14001 sets out the requirements for an environmental management system and helps Falck to improve its environ- mental performance through more efficient use of resources and by reducing waste, in turn gaining a competitive advantage and the trust of stakeholders.</td></tr><tr><td colspan="3">We hold an ISO 14001 Environmental Management certification for our ambulance services in Sweden and Spain, for our fire services in Portugal, Romania, Spain, the Netherlands and the UK, and for our headquarters in Copenhagen, Denmark.</td></tr><tr><td colspan="3">Testing electric ambulances in Denmark and Spain</td></tr><tr><td colspan="3">A major milestone was achieved in the beginning of 2023, when we launched Denmark's first electric ambulance. The weight and available space have been optimised for an operational and scalable electric ambulance, capable of responding to all types of emergency calls. In Spain, we have developed an electric patient transport vehicle, and with the two vehicles we are now gaining experience, which is supporting our goal to convert more ambulances to run on electricity. The experiences from the electric ambulance will help to shape and mature the technology so that knowledge is obtained about how electric ambulances may become part of ambulance operations in the future.</td></tr><tr><td colspan="3">We want to promote the green conversion of ambulances and have a long- term strategy of converting ambulances to run on electricity and other renewable energy sources in line with the maturity of the technology.</td></tr><tr><td colspan="3">Green and safe driving behaviour</td></tr><tr><td colspan="3">Some of our vehicles are difficult to electrify due to their operational requirements, for example our roadside assistance vehicles. These large trucks need to drive long distances with heavy loads which currently is a challenge for battery- electric vehicles. To optimise the way these vehicles run, Falck is running a pilot with 120 vehicles of intelligent telematics. These telematics provide feedback to the driver on how efficiently and safely they are driving, encourag- ing improvements. These potential efficiencies are applicable to our entire fleet and the pilot is currently on track to find a 5% reduction in CO2e.</td></tr><tr><td colspan="3">Secure diverse and safe workplace</td></tr><tr><td colspan="3">Improve safety performance</td></tr><tr><td colspan="3">Engagement increased across our entire company</td></tr><tr><td colspan="3">Our commitment</td></tr><tr><td colspan="3">To take good care of others, we need to take good care of ourselves.</td></tr><tr><td colspan="3">Our targets and progress</td></tr><tr><td colspan="3">Promote employee engagement</td></tr><tr><td colspan="3">Engagement score (eSat)</td></tr><tr><td colspan="3">75 in 2025</td></tr><tr><td colspan="3">Ensure gender diversity and inclusion</td></tr><tr><td colspan="3">Board of Directors1</td></tr><tr><td colspan="3">underrepresented gender/total</td></tr><tr><td colspan="3">40,00%</td></tr><tr><td colspan="3">Executive Management</td></tr><tr><td colspan="3">underrepresented gender/total</td></tr><tr><td colspan="3">40,00%</td></tr><tr><td colspan="3">Senior management2</td></tr><tr><td colspan="3">underrepresented gender/total</td></tr><tr><td colspan="3">40% in 2025</td></tr><tr><td colspan="3">Improve safety performance</td></tr><tr><td colspan="3">Lost Time Injury Rate</td></tr><tr><td colspan="3">&lt;8.8 in 2027</td></tr><tr><td colspan="3">10% y-o-y reduction (Baseline 2021)</td></tr><tr><td colspan="3">Fatalities</td></tr><tr><td colspan="3">0</td></tr><tr><td colspan="3">We are committed to care, and to care for others, we need to care for ourselves. That is why we continuously work with engagement, health, safety, and inclusion among our employees. We want Falck to be a great and healthy workplace where everyone can thrive and develop. Across not only countries and cultures, but also gender, age, and diversity of thoughts. In 2023, focus was on involvement and getting local plans and activities in place to increase engagement, diversity, and safety. Through different forums and channels, we asked our employees and leaders to engage and involve. Because we truly believe that together we create even more value.</td></tr><tr><td colspan="3">Increased levels of employee engagement</td></tr><tr><td colspan="3">Each year, we conduct a global employee engagement survey and this year we saw an increase in the engagement score. The target is to increase the employee engagement score (eSat) to 75 by 2025. In 2023, our engagement score was 74, an increase from 72 in 2022. This score was based entirely on employee responses to the question: "How happy are you with working at Falck?". In particular, we saw a strong increase in the score for Ambulance US and within our Fire businesses. Consumer and Technical services and Community Health services remained on an equally high level as last year – significantly above the benchmark. Employee and Labour Market services remained at the same level and on benchmark.</td></tr><tr><td colspan="3">Apart from the increased eSat score, we have seen other very positive developments, as illustrated in the accompanying Employee engagement survey 2023 table.</td></tr><tr><td colspan="3">Some countries have significantly improved their results during 2023, after being identified as areas requiring special attention in 2022. The specific focus on teams with low scores on selected questions has yielded particularly strong outcomes.</td></tr><tr><td colspan="3">Purpose still at high level</td></tr><tr><td colspan="3">The score on purpose was again very high, at 86, compared to the benchmark (79). The score has increased from 2022 (+2) and indicates that</td></tr><tr><td colspan="3">Falck provides a purpose-driven and meaningful workplace, where employees contribute to saving and improving lives every day.</td></tr><tr><td colspan="3">We will continue working with employee engagement, knowing the importance of our main asset – our employees. This year’s result strongly indicates we are in a good place at Falck</td></tr><tr><td colspan="3">1. In 2023, three of the six members of the Board of Directors are women, which is equal representation. In previous years (2021 and 2022), two out of six members were women which is also equal representation in accordance with the guidelines of the Danish Business Authority. Only members elected by the General Assembly are included. 2. In 2022, this number included Executive Management as well.</td></tr><tr><td colspan="3">Employee engagement survey 2023</td></tr><tr><td colspan="3">21,512 invited (+297)</td></tr><tr><td colspan="3">• 26 questions (-1)</td></tr><tr><td colspan="3">• 24 scores improved</td></tr><tr><td colspan="3">• 0 scores deteriorated</td></tr><tr><td colspan="3">• 72% response rate</td></tr><tr><td colspan="3">(+9 percentage points)</td></tr><tr><td colspan="3">• 26,289 comments</td></tr><tr><td colspan="3">(+2 percentage points)</td></tr><tr><td colspan="3">• 25 countries included (+5)</td></tr><tr><td colspan="3">Purpose</td></tr><tr><td colspan="3">86</td></tr><tr><td colspan="3">Related question: “The work I do at Falck is meaningful to me.”</td></tr><tr><td colspan="3">Recommend Manager</td></tr><tr><td colspan="3">78</td></tr><tr><td colspan="3">Related question: “I would recommend my manager to others”</td></tr><tr><td colspan="3">Promote employee engagement</td></tr><tr><td colspan="3">What we did in 2023</td></tr><tr><td colspan="3">Made 146 local action plans to improve safety, increasing the safety score significantly for the teams working with it</td></tr><tr><td colspan="3">Worked closely with markets and business units with lower scores (eSat has increased in three quarters of those countries and business units)</td></tr><tr><td colspan="3">Continued cultural turnaround in the US, resulting in higher engagement scores</td></tr><tr><td colspan="3">Launched onboarding and exit surveys in Colombia, Spain and the US</td></tr><tr><td colspan="3">Enhanced even further on data insights to ensure more targeted approach and action plans</td></tr><tr><td colspan="3">New lifecycle surveys</td></tr><tr><td colspan="3">Falck employees are invited to impact and engage in the development of their workplace. In parallel, Falck gets a more accurate and nuanced understanding of our workforce which is used to address potential concerns and proactively mitigate issues. This also helps to foster ideas and fuel actions within Falck.</td></tr><tr><td colspan="3">We have therefore launched two new lifecycle surveys to engage in dialogue with employees joining or leaving Falck, helping us to improve the</td></tr><tr><td colspan="3">workplace and our ability to attract and retain employees.</td></tr><tr><td colspan="3">Together with insights from our people data, engagement survey, Falck Alert and other sources, the two new surveys will be used to improve employee engagement, retention and productivity, leading to better business out- comes.</td></tr><tr><td colspan="3">Turnover rate</td></tr><tr><td colspan="3">The turnover rate remains high in certain areas, even though it decreased slightly to 28.2% in 2023 from 28.8% in 2022. A high turnover rate is still seen in Community Health services (43%) and in Employee and Labour Market services (31%) despite the presence of improvements. Hence, attraction and retention of staff continues to represent a risk and a focus area. See pages 59-60.</td></tr><tr><td colspan="3">Diversity and inclusion as part of the solution</td></tr><tr><td colspan="3">We strive to secure a workplace with a diverse workforce and an inclusive culture where employees are treated with respect and provided with the resources and opportunities they need to thrive personally and professionally, regard- less of their individual differences. This includes elimination of all forms of discrimination related to racial and ethnic origin, colour, sex, sexual orientation, gender identity, disability, age, religion, political opinion, national extraction or social origin, and all other forms of discrimina- tion covered by global standards and national laws.</td></tr><tr><td colspan="3">Working deliberately with diversity and inclusion increases our employees’ engagement and well-being. Moreover, it improves decision- making, our ability to be innovative, revenue growth and our ability to attract and retain employees.</td></tr><tr><td colspan="3">Our global policies on e.g. Diversity &amp; Inclusion, Human Rights, and Health &amp; Safety serve as the foundation of our commitment to creating a great and healthy workplace. Adherence to these policies is monitored locally and through touch points with our global teams, such as procure- ment and legal.</td></tr><tr><td colspan="3">Our commitment to providing remedies for human rights impacts is reflected in our procedures and reporting mechanisms.</td></tr><tr><td colspan="3">Employees are encouraged to report concerns through our whistle-blower policy and Falck Alert. See pages 46-47.</td></tr><tr><td colspan="3">Diversity and inclusion should not be seen as a problem, but as a great opportunity and investment for Falck</td></tr><tr><td colspan="3">This statement and inherent mind-set opened the global Gender Diversity &amp; Inclusion master classes across business units and countries. Here,</td></tr><tr><td colspan="3">top-100 leaders joined forces and worked with their own biases, deep dived into gender diversity facts and statistics for their own business units and more importantly acted on how to improve and develop. Diversity and inclusion are indeed a prerequisite and an essential enabler for the success of Falck.</td></tr><tr><td colspan="3">Diversity &amp; Inclusion Policy</td></tr><tr><td colspan="3">Falck’s Global Diversity and Inclusion Policy serves as the framework for our approach to diversity and inclusion. The Policy applies to everyone at Falck, including leaders at all levels, all employee categories (full-time, part-time, temporary, students, etc.) and contractors working for Falck. As with all Falck policies, the policy can be accessed at Falck’s Quality Managements System (GEMS), In addition it can be found at our global Leadership Portal and at www.falck.com. Moreover, the policy has been uploaded to relevant local sites to ensure that all employ- ees can access the policy across countries, jobs and business units. All employees are trained in the Falck approach to Diversity &amp; Inclusion as part of the Code of Conduct. The training is mandatory when joining Falck and repeated every two years of employment. Specific actions are put in place locally to meet the requirements stated.</td></tr><tr><td colspan="3">→ Read our Diversity &amp; Inclusion Policy here</td></tr><tr><td colspan="3">Safeguarding human rights and labour rights for our employees</td></tr><tr><td colspan="3">We safeguard human rights and labour rights across our business and do not tolerate any illegal or unethical behaviour as explained by the Falck Code of Conduct for employees and other related (internal) policies. Falck adheres to all applicable laws and regulations aimed at the protection of recognised human rights as well as the principles set forth by international initiatives such as the UN Global Compact.</td></tr><tr><td colspan="3">Our policy on Human Rights, which we updated in 2022, sets out clear expectations and minimum requirements. This includes – among other things – human rights protection, labour conditions, work hours, wages, and compensation.</td></tr><tr><td colspan="3">In line with our Human Rights Policy, we explicitly prohibit the use of child labor and any form of forced or bonded labor, including human trafficking and modern slavery. We are committed to upholding these standards throughout our operations.</td></tr><tr><td colspan="3">The policy applies to everyone at or with Falck, and covers internationally and locally protected human rights intended to ensure that Falck employees and any other persons in or outside of the Group are protected from any human rights violations. All employees are trained in the Falck Human Rights as part of the Code of Conduct. The training is mandatory when joining Falck and repeated every two years of employment. Specific actions are put in place locally to live up to the requirements stated.</td></tr><tr><td colspan="3">→ Read our Human Rights Policy here Gender split at top management levels</td></tr><tr><td colspan="3">To promote gender diversity at management levels and generate a cascading effect, we have set targets for equal representation at three levels of the Falck organisation: The Board of Directors, the Executive Management and Senior Management (managers reporting to Executive Management).</td></tr><tr><td colspan="3">In 2023, we increased gender representation on the Board of Directors to a 50/50 split and maintained equal representation in Executive Management (40/60%). For Senior Manage- ment, we strive towards a representation of at least 40% of the underrepresented gender by 2025, and are closer to this target as the current representation is 38%. Equal representation is defined as a 40/60 gender composition in line with guidelines issued by the Danish Business Authority.</td></tr><tr><td colspan="3">Workforce composition across</td></tr><tr><td colspan="3">We strive for diversity and inclusion in many aspects. When looking at the gender split across Falck, 68% of our total employees are male. Particularly within Ambulance and Fire businesses the predominant gender by far is men, whereas the proportion of women in Employee and Labour Market services is high. We are working to change this balance. For instance, we saw an increase in the number of women choosing a career path in the Ambulance business in Denmark during 2023.</td></tr><tr><td colspan="3">The gender composition is more equally balanced in the operations in Latin America compared to the US. When analysing the age distribution of</td></tr><tr><td colspan="3">our employees, we found that approximately 50% of our workforce falls within the 30-50 age range.</td></tr><tr><td colspan="3">Additionally, around 25% of our employees are under 30 years old, while the remaining 25% are over 50 years old. We view this as a diverse age composition.</td></tr><tr><td colspan="3">Ensure gender diversity and inclusion</td></tr><tr><td colspan="3">What we did in 2023</td></tr><tr><td colspan="3">Confirmed target of 40/60% gender distribution for Senior Management by 2025</td></tr><tr><td colspan="3">Rolled out gender diversity and inclusion master classes to leadership groups (top 100 management) with focus on own biases, GD&amp;I insights, and how to work with and improve gender balance split within own business unit</td></tr><tr><td colspan="3">Invited all employees to share their experiences and viewpoints and to impact Falck’s Diversity &amp; Inclusion strategy and future activities in a Roundtable discussion</td></tr><tr><td colspan="3">Engaged in the UN global Compact Target Gender Equality Programme</td></tr><tr><td colspan="3">Priority to improve safety</td></tr><tr><td colspan="3">To safeguard our employees, we promote a culture where safety is embedded in our ways of working to ensure that everyone returns home safely. While incidents still occur across our business, we are determined to reduce the number to a minimum. We strive to achieve a 10% reduction year-on-year with 2021 as our baseline year, and our target is to reduce the Lost Time Injury Rate (LTIR) to below 8.8 by 2027.</td></tr><tr><td colspan="3">In 2023, 586 (563 in 2022) Lost Time Injuries were recorded, which resulted in a Lost Time Injury Rate (LTIR) of 14.2 (14.3 in 2022). We are dedicated to further reducing the rate, and it is evident that we are still far from reaching the set target.</td></tr><tr><td colspan="3">The incidents reported in 2023 mainly occurred during routine activities such as exercise, maintenance, training and other non-emergency activities (around 42%) and handling patients (around 11%). Incidents that occur during emergency activities are typically influenced by external factors. These accounted for 25% of all incidents. This understanding allows us to prioritise safety procedures, global processes and awareness efforts to mitigate such incidents even further.</td></tr><tr><td colspan="3">Safety action plans across</td></tr><tr><td colspan="3">To mitigate incidents, we have approved a new safety strategy highly embedded in our market to</td></tr><tr><td colspan="3">Develop, across all business units, a common approach to safety characterised by strong safety values and by safety behaviour, which employees, leaders and communities can integrate into their day-to-day activities.</td></tr><tr><td colspan="3">Implement a structured and unified incident registration and investigation methodology supported by a culture that encourages the sharing of learnings in safety communities representing all business units.</td></tr><tr><td colspan="3">Learn across markets based on good practices and at the same time develop initiatives targeted to specific market to proactively and effectively prevent incidents from happening in the future.</td></tr><tr><td colspan="3">Each business unit has created specific action plans and mitigation strategies, grounded in data pertinent to their respective areas. This ensures that our overarching safety strategy is not only supported by concrete actions but also subject to continuous refinement and improvement. The entire organisation has actively participated in</td></tr><tr><td colspan="3">the strategy development process. An important component of the implementation phase involves conducting comprehensive training designed to effectively implement, anchor, and foster ownership of the safety strategy.</td></tr><tr><td colspan="3">Furthermore, we are committed to empowering our employees, particularly those in safety roles, with the necessary tools to address their challenges and foster the right action-oriented community. To facilitate this, we hold regular safety community meetings where best practices and learnings are shared across the business. This collaborative approach ensures a unified, effective strategy that is both responsive and adaptive to our evolving business needs.</td></tr><tr><td colspan="3">Last, but not least, we continued throughout the year to do root-cause analysis, as this allows us to investigate the root causes of incidents, tailor safety initiatives and develop documented processes where needed. This has further elevated the conditions for conducting deep-dive analytics and on that basis commence initiatives to either keep up or improve standards.</td></tr><tr><td colspan="3">Zero fatalities</td></tr><tr><td colspan="3">Every life is precious, and each fatality serves as a heartbreaking reminder that prioritising safety is paramount. Our goal is to achieve zero fatalities, and we successfully reached this milestone in 2023 with no reported fatalities.</td></tr><tr><td colspan="3">Improve safety performance</td></tr><tr><td colspan="3">Developed a locally anchored safety strategy across business units and backed it up with actions plans</td></tr><tr><td colspan="3">Improved safety governance by establishing, documenting, and training employees in standardised processes for incident investigation, reporting and communication</td></tr><tr><td colspan="3">Partially anchored safety governance in newly established global safety and investigation communities</td></tr><tr><td colspan="3">Improved local businesses’ capacity to maintain their safety responsibility by provoding targeted support and training</td></tr><tr><td colspan="3">Conducted incident investigations</td></tr><tr><td colspan="3">Build trust</td></tr><tr><td colspan="3">We build trust</td></tr><tr><td colspan="3">Our commitment</td></tr><tr><td colspan="3">We want to conduct business in a way that will never breach the trust of our employees, partners or customers.</td></tr><tr><td colspan="3">Our targets and progress</td></tr><tr><td colspan="3">Ensure code of conduct training</td></tr><tr><td colspan="3">Full-time employees trained every two years</td></tr><tr><td colspan="3">100,00%</td></tr><tr><td colspan="3">Secure whistle-blower reporting ratio</td></tr><tr><td colspan="3">Whistle-blower reporting ratio per 100 employees</td></tr><tr><td colspan="3">&gt;1</td></tr><tr><td colspan="3">What we did in 2023</td></tr><tr><td colspan="3">Subject-specific training in Code of Conduct areas</td></tr><tr><td colspan="3">Targeted awareness campaigns in Anti-Bribery and Anti-Corruption and Gifts &amp; Hospitality</td></tr><tr><td colspan="3">Further ingrained our whistle-blower governance</td></tr><tr><td colspan="3">Increased the number of audits of suppliers and developed the processes further</td></tr><tr><td colspan="3">Developed standardised and global processes for procurement</td></tr><tr><td colspan="3">People and societies rely on us every day, which requires us to be a trusted business partner. Trust is vital to our license to operate, and it is essential that we conduct business in a way that never breaches the trust of our employees, partners, customers or the communities in which we operate. Unfair competition and unethical behaviour lead to higher costs and the erosion of trust.</td></tr><tr><td colspan="3">Our business is conducted with integrity and high ethical standards in compliance with applicable laws, regulations and in-house</td></tr><tr><td colspan="3">policies. We seek to be transparent in the way we operate, as we commit to competing for business on fair terms and solely on the merits of our services. We carry out our activities accord- ing to principles of good corporate governance and proactively seek to identify and mitigate compliance risks.</td></tr><tr><td colspan="3">In addition, Falck has a zero-tolerance approach towards any form of direct or indirect, passive or active bribery or corruption, and we use the</td></tr><tr><td colspan="3">Falck Alert whistle-blower system in conjunction with employee training to monitor and assess this area. It is a key system in which concerns about the Group’s conduct e.g. related to human rights, labour rights, the environment, anti-cor- ruption and the like can be raised. Falck has zero-tolerance practise towards any form of bribery or corruption, whether committed by employees, agents or any other business partners.</td></tr><tr><td colspan="3">Employee Code of Conduct topics</td></tr><tr><td colspan="3">Respecting people (human rights, labour rights etc.)</td></tr><tr><td colspan="3">Health and safety</td></tr><tr><td colspan="3">Anti-bribery and anti-corruption</td></tr><tr><td colspan="3">Conflicts of interest</td></tr><tr><td colspan="3">Gifts and hospitality</td></tr><tr><td colspan="3">Communication</td></tr><tr><td colspan="3">Safeguarding information</td></tr><tr><td colspan="3">Our responsibility to the environment</td></tr><tr><td colspan="3">Speak up</td></tr><tr><td colspan="3">Read our Code of Conduct for employees here</td></tr><tr><td colspan="3">Through targetted training and awareness campaigns, Falck continues to promote a culture of integrity. Falck remains committed to combatting corruption, and will continue making these issues a focus throughout 2024.</td></tr><tr><td colspan="3">→ Read our Anti-Corruption Statement here</td></tr><tr><td colspan="3">Code of Conduct for employees</td></tr><tr><td colspan="3">Our global Employee Code of Conduct sets out the minimum standards and ethical principles which all Falck employees must abide by. It provides our employees with a common understanding of the way we conduct business and promotes high ethical standards for everyone at Falck.</td></tr><tr><td colspan="3">It is important to embed the Employee Code of Conduct in the way we work via training, communication and awareness campaigns. We are committed to ensuring that all full-time employees are trained in our Employee Code of Conduct every two years either online or in person in order to foster a culture of integrity and trust.</td></tr><tr><td colspan="3">While 2023 was not a year in which we ran global Employee Code of Conduct training, Falck nevertheless recognises the importance of promoting the principles of the Employee Code of Conduct in our everyday work. This is why we conducted e.g. training and targeted awareness campaigns in several of the Code of Conduct’s key areas during the year</td></tr><tr><td colspan="3">Targeted awareness campaigns in anti-bribery and anti-corruption and gifts &amp; hospitality</td></tr><tr><td colspan="3">GDPR and data privacy training for employees</td></tr><tr><td colspan="3">Competition law refresher training for senior managers and those with commercial responsi- bility</td></tr><tr><td colspan="3">Campaigns during the year to raise awareness</td></tr><tr><td colspan="3">Gifts and hospitality campaign</td></tr><tr><td colspan="3">A holiday awareness campaign around Falck’s Gifts &amp; Hospitality Policy &amp; Procedure was run to ensure employees are mindful of the rules surrounding acceptable gift giving and receiving to and from external parties, and that gifts follow the approved registration processes.</td></tr><tr><td colspan="3">Anti-Bribery and Anti-Corruption campaign</td></tr><tr><td colspan="3">To combat corruption and mitigate compliance risks in this area, we conduct- ed targeted anti-bribery and anti-corrup- tion awareness campaigns, reminding employees of some of the common ways bribery can be encountered and providing resources for what to do if faced with a situation involving corruption. This also gave Falck the opportunity to introduce the improved Social Investments Proce- dure, which sets forth approval and due diligence measures to consider when making a social contribution.</td></tr><tr><td colspan="3">Additionally, we took steps to improve the Employee Code of Conduct training process by</td></tr><tr><td colspan="3">Conducting training of Global Travel Assistance employees</td></tr><tr><td colspan="3">Providing refresher training of Fire employees</td></tr><tr><td colspan="3">Working to improve the employee onboarding process</td></tr><tr><td colspan="3">Whistle-blower reporting ratio at stable level</td></tr><tr><td colspan="3">We actively promote a global speak-up culture. Our whistle-blower system, Falck Alert, is available 24/7 to all employees, business partners and third parties. We continuously encourage employees to report concerns about irregularities or improper actions that fail to comply with applicable laws and regulations, the Code of Conduct or in-house policies. Various types of unethical behaviour are reported through the system, and these are all investigated and concluded.</td></tr><tr><td colspan="3">To emphasise the priority and importance, we have set a ratio target for our whistle-blower reporting system to be above 1 report per 100 employees. Such level would be a strong indication of employees trusting the system and knowing they can use it without fear of retaliation.</td></tr><tr><td colspan="3">The reporting ratio for 2023 was 1.70 (1.62 in 2022), which indicates that it is an established, accessible and trusted whistle-blower system.</td></tr><tr><td colspan="3">In 2023, we received 322 reports (296 in 2022), of which 59% were anonymous (58% in 2022). This is in line with a weighted average for organisa- tions within the NAVEX Global database. Individuals who file a report are guaranteed protection from retaliation and all cases are treated confidentially. The cases reported via Falck Alert fall within the following top-five categories</td></tr><tr><td colspan="3">Discrimination and harassment (26%)</td></tr><tr><td /><td>Reports related to sexual harassment, discriminatory treatment and bullying</td></tr><tr><td colspan="3">Misconduct or inappropriate behaviour (16%)</td></tr><tr><td /><td>The reports related to a range of inappropriate behaviour that makes people uncomfortable or create a hostile working environment</td></tr><tr><td colspan="3">Working conditions (12%)</td></tr><tr><td /><td>Most reports related to staff shortages</td></tr><tr><td colspan="3">Compliance with laws and standards (11%)</td></tr><tr><td /><td>The reports related to non-compliance, for example with our standards for uniforms or similar</td></tr><tr><td colspan="3">Leadership (10%): Reports related to various managerial issues, e.g. leadership style, communication and fair distribution of work</td></tr><tr><td colspan="3">Out of 322 cases reported, 22 led to termination of employment, 10 to written warnings and 38 to additional instructions or guidance. This is 26 more cases than last year, where there were 296 cases reported, leading to 29 terminations.</td></tr><tr><td colspan="3">Strengthened governance and activities</td></tr><tr><td colspan="3">Governance and processes were strengthened further during 2023. The Falck Alert Procedure was fully rolled out to local management across Falck’s entities which enables a global overview and standardisation of Alert cases. In addition, new investigators were onboarded to bolster local governance and increase operational efficiencies in investigations – all reporting to Falck's global Head of Investigation.</td></tr><tr><td colspan="3">Our Advisory Board and Community Forum enhancing whistle-blower governance have been even further ingrained in our organisation. In addition, there have been a variety of focus</td></tr><tr><td colspan="3">areas and initiatives, for example quarterly awareness campaigns, regular presentations across Falck’s business units to inform employ- ees of the Falck Alert whistle-blower processes</td></tr><tr><td colspan="3">as well as the types of cases that can be expected to fall within the scope of investigation. Overall, Falck Alert has become a more da- ta-driven operation through aiding different areas of the organisation in improving work culture and mitigating risks.</td></tr><tr><td colspan="3">Code of Conduct for suppliers</td></tr><tr><td colspan="3">We rely heavily on goods and services delivered by suppliers to perform our services. Therefore, ethical and correct conduct by everyone in our supply chain is imperative to us. Falck’s Supplier Code of Conduct sets out expectations and minimum requirements applicable to all parties in Falck’s supply chain, including all suppliers, agents, and their direct and indirect sub-suppli- ers. That clearly sets out the requirement that Falck’s suppliers and sub-suppliers must both protect and promote human rights and reduce their environmental impact. Our Supplier Code of Conduct is mandatory for suppliers doing business with Falck and is a formalised part of our contracts.</td></tr><tr><td colspan="3">In 2023, we built up solid, global processes within procurement, focusing in particular on stan- dardised sourcing processes to unify our ways of working and secure a strong focus on gover- nance and compliance when contracting with suppliers. The Supplier Code of Conduct and due diligence are key elements in this.</td></tr><tr><td colspan="3">Further, we have a Third Party Due Diligence Compliance Policy and Procedure which is supported by an external platform and uses a set of risk-based criteria to screen suppliers to confirm that third parties have not been found to have committed modern slavery or human trafficking violations. The platform also screens vendors for information relating to sanctions, adverse media, and items of enforcement.</td></tr><tr><td colspan="3">→ Read our Supplier Code of Conduct here</td></tr><tr><td colspan="3">Increased audits of suppliers</td></tr><tr><td colspan="3">The Supplier Code of Conduct is part of the audit criteria when critical suppliers are being audited. In cases where due diligence screenings reveal a particular severe risk, Falck seeks to consider and carry out additional reviews and/or audits. In 2023, we conducted an increased number (4) of supplier audits on global critical suppliers compared to 2022 (2). In 2024, we expect to increase the number of supplier audits to 7-8, and to set further requirements to ensure we have auditing rights in respect of all our suppliers. Further, we expect to increase the number of supplier audits by also auditing suppliers within IT and IT security.</td></tr><tr><td colspan="3">Risks and issues related to Environmental, Social and Governance are to be further ingrained in the way we engage with key suppliers through quarterly business reviews. The aim is to strengthen compliance and foster innovation after contract signing.</td></tr><tr><td colspan="3">Promoting human rights in our supply chains</td></tr><tr><td colspan="3">In Falck’s annual Global Statement on Modern Slavery and Human Rights, we outline the ongoing work we do to help promote human rights and prevent modern slavery risks in our supply chain. This year, the statement also took into account requirements under the Norwegian Transparency Statement. In 2023, Falck received one external request regarding a sub-supplier under the Norwegian statute. Our risk-based criteria and subsequent review did not find substantiated human rights violations.</td></tr><tr><td colspan="3">→ Read our Global Statement on</td></tr><tr><td colspan="3">Modern Slavery and Human Rights</td></tr><tr><td colspan="3">Remediation</td></tr><tr><td colspan="3">Falck has not identified, caused, or contributed to any material adverse impact within human rights, labour rights, environment or anti-corrup- tion. Albeit a smaller amount of individual cases may have led to individual remedy being provided.</td></tr><tr><td colspan="3">Governance and the way we monitor progress</td></tr><tr><td colspan="3">Our sustainability efforts are integrated in the daily business decisions and strategy, and our commitment is firmly embedded in ways of working, the Employee Code of Conduct and our Winning Behaviours. Initiatives are managed by the management teams of relevant business units and Group functions. KPIs and targets are agreed by the Executive Management. The Audit Committee is responsible for monitoring ESG data and processes, and the Board of Directors sets the direction and approves the strategy and</td></tr><tr><td colspan="3">targets. Annual results for each KPI are approved by the Board of Directors and presented in Falck’s Annual Report. To strengthen our governance, we have established a new programme for ESG data and reporting and a new Environmental Sustainability Board.</td></tr><tr><td colspan="3">Progress is monitored through an ESG dashboard and reported on an annual basis. Selected ESG targets (CO2 reduction scope 1, LTIR and employee engagement) are part of our ESG- linked long-term credit facility.</td></tr><tr><td colspan="3">Policies clearly setting out expectations and minimum requirements are key to delivering on our sustainability strategy and conducting business, such as policies on Sustainability, Human Rights, Diversity &amp; Inclusion and several other key policies.</td></tr><tr><td colspan="3">→ Read more here www.falck.com/policies</td></tr><tr><td colspan="3">ESG accounting policies</td></tr><tr><td colspan="3">The Sustainability Report and accounting policies cover the period 1 January 2023 - 31 December 2023.</td></tr><tr><td colspan="3">The scope for this reporting is the core business that makes up Falck’s strategic focus area. The core business covers Emergency Health and</td></tr><tr><td colspan="3">Safety (which includes Ambulance Europe &amp; rest of world, Ambulance US and Fire services) and Healthcare (which includes Employee and</td></tr><tr><td colspan="3">Labour Market services, Consumer and Technical services and Community Health services).</td></tr><tr><td colspan="3">At the end of 2022, Falck decided to re-categorise Falck Global Assistance to become part of the core business. Thus, effective at 1 January 2023 the business unit was transferred to Consumer and Technical services. Furthermore, ambulance entities in Australia and Poland are now part of the core business. Comparable figures have been restated accordingly. Falck’s UK ambulance operations were divested at the end of 2022, and therefore ESG figures from these operations are not included in the compar- ative figures for 2021 and 2022 set out in this report. The impact of the restatements are mentioned below in connection with the detailed description of the accounting policies for each KPI.</td></tr><tr><td colspan="3">CO2 emissions, total</td></tr><tr><td colspan="3">This indicator is defined as the total scope 1 CO2e emissions (CO2 equivalent) measured in tonnes. Scope 1 emissions refer to direct burning of fossil fuels by either mobile (vehicles) or stationary (generators, heating systems, etc.) combustion. Excluded from Falck’s definition of scope 1 are fugitive emissions from air condition- ing or fire suppression systems.</td></tr><tr><td colspan="3">The indicator is calculated in accordance with Greenhouse Gas Protocol standards based on an operational control model. The number of litres (separated by fuel type, type of combustion, and type of vehicle) is multiplied by the relevant EPA (U.S. Environmental Protection Agency) emis- sions factors. It is not possible at certain locations to get exact fuel data from our suppliers or internal systems. Where this is the case, emissions are calculated in one of three ways: kilometre data multiplied by the relevant EPA emissions factors; estimated from a comparable business entity; or estimated from historic fuel data.</td></tr><tr><td colspan="3">Restatement</td></tr><tr><td colspan="3">CO2 emissions, total for 2021 and 2022 reported in the Annual Report 2022 have been changed due to the re-categorisation of business areas included under core business as mentioned above. Thus, CO2 emission total has been restated for 2021 from 53,194 to 54,504 and for 2022 from 52,325 to 53,544.</td></tr><tr><td colspan="3">CO2 emissions, relative</td></tr><tr><td colspan="3">The CO2 emissions, relative, is defined as the indicator CO2 emissions, total tonnes, scope 1 divided by revenue from the current group structure (i.e. excluding portfolio segment entities that were sold in 2021 and 2022), excluding antigen testing activities, in millions of DKK according to Falck segment note from the consolidated financial statement.</td></tr><tr><td colspan="3">Restatement</td></tr><tr><td colspan="3">CO2 emissions, relative for 2021 and 2022 reported in the Annual Report 2022 have been changed due to the changes in CO2 emission figures mentioned above. Thus, CO2 emissions relative, has been restated for 2021 from 5.31 to 4.86 and for 2022 from 4.66 to 4.53.</td></tr><tr><td colspan="3">Number of services</td></tr><tr><td colspan="3">Number of services is defined as the sum of the services provided by Falck within Emergency Health and Safety and Healthcare. The numbers are rounded to the nearest thousand. All services have equal weight, given the definition specific</td></tr><tr><td colspan="3">to the type of service.</td></tr><tr><td colspan="3">Emergency Health and Safety contributes with the number of ambulance trips and callouts/ interventions from the Fire services business. A trip and a callout/intervention are defined as a response to a specific incident (scene) by a specific vehicle and team, which accepted the call for help at that incident. A specific incident might contain several responses. Responses which are subsequently cancelled are included in the number of services. Falck considers a service still delivered even if it does not involve the provision of medical care or transportation to patients, if the team was dispatched. Prevention services from the Fire services business and healthcare at home services are currently not included due to lack of data.</td></tr><tr><td colspan="3">Healthcare contributes the number of various types of treatments, consultations, cases, trips, or other services</td></tr><tr><td colspan="3">Community Health services contributes with the number of virtual consultations and physical consultations, which are defined as: unique consultations, treatments, trainings, and services, including billable cancellations. If a consultation/treatment/training/service includes several patients/clients, the session is multiplied by the number of participants.</td></tr><tr><td colspan="3">Customer and Technical services contributes with the number of patient transport services or roadside assistance trips, global assistance cases, first aid trainings, etc. The definitions are the following</td></tr><tr><td colspan="3">Patient transport services (PTS): unique trips, including billable cancelled trips. If a single trip includes several patients, the number of patients is counted.</td></tr><tr><td colspan="3">Roadside assistance (RSA): unique trips, including billable cancelled trips.</td></tr><tr><td colspan="3">Global assistance (FGA): unique assistance cases, excluding cancelled cases.</td></tr><tr><td colspan="3">Courses/Other: unique training sessions and services, including billable cancellations. If a training session or service includes several clients, the session is multiplied by the number of participants.</td></tr><tr><td colspan="3">Employee and Labour Market services contributes with the number of physical treatments, psychological treatments and other consulta- tions. The definitions are the following</td></tr><tr><td colspan="3">Health services: unique consultations, treatments, trainings and services, including billable cancellations. If a consultation/ treatment/training/service includes several patients/clients, the session is multiplied by the number of participants.</td></tr><tr><td colspan="3">Labour market services: unique trainings and services, including billable cancellations. If a training/service includes several clients, the session is multiplied by the number of participants.</td></tr><tr><td colspan="3">For all business areas within Healthcare, billable cancelled services, including no-shows or very late cancellations, are included in the number of services. Falck considers a service still delivered even if it does not involve the provision of the service, if the provider’s time was blocked.</td></tr><tr><td colspan="3">The number of services is specified further to provide additional detail and transparency</td></tr><tr><td colspan="3">Treatment types with the following definitions</td></tr><tr><td colspan="3">Preventive: services provided to prevent an accident, injury or illness.</td></tr><tr><td colspan="3">Acute care: services that provide treatment of an acute condition.</td></tr><tr><td colspan="3">Rehabilitative: services that provide rehabilitation after an acute condition.</td></tr><tr><td colspan="3">Treatment location</td></tr><tr><td colspan="3">Onsite: in person treatment/service provided in a physical location, such as a clinic or healthcare facility, allowing for direct interaction between the patient and the healthcare professional, enabling physical examinations, hands-on procedures and face-to-face communication.</td></tr><tr><td colspan="3">Virtual: virtual treatments provided remotely, typically via video calls, phone or online platforms.</td></tr><tr><td colspan="3">Restatement</td></tr><tr><td colspan="3">Number of services for 2021 and 2022 reported in the Annual Report 2022 have been changed due to the following</td></tr><tr><td colspan="3">Several improvements to the data foundation have been achieved in 2023. Firstly, additional data sources containing the number of services have been set up to give a more comprehensive picture of Falck’s services.</td></tr><tr><td colspan="3">Definitions of a service provided have been further aligned so that the data is comparable across regions.</td></tr><tr><td colspan="3">The figures for the entities divested in 2021 and 2022 have been excluded, while figures for entities reintegrated into Falck’s core business are now included.</td></tr><tr><td colspan="3">These definitional alignments and additional data collections within Healthcare have resulted in a restatement of the number of services reported for 2021 from 4,343,000 to 5,224,000 and for 2022 from 5,329,000 to 6,087,000. Within Emergency Health and Safety, the effect of definitional alignments and the exclusion of divested entities have resulted in a restatement for 2021 from 3,721,000 to 3,273,000 and for 2022 from 3,595,000 to 3,503,000.</td></tr><tr><td colspan="3">Employee engagement</td></tr><tr><td colspan="3">Employee engagement is defined as the average employee satisfaction score (eSat) to the question “How happy are you working at Falck?” in the annual employee satisfaction survey for the relevant financial year. It is measured on a scale of 0-100. The survey was conducted by the external consultancy firm Glint in Autumn 2023.</td></tr><tr><td colspan="3">In general, all Falck employees are included in the survey. Included are employees who have a permanent or fixed term contract of employ- ment with Falck, as well as selected freelancers (contractors) due to the nature of their activi- ties. Employees starting after 21 August 2023 and employees registered as leaving Falck on or before 9 October 2023 were excluded.</td></tr><tr><td colspan="3">Underrepresented gender, Executive Management</td></tr><tr><td colspan="3">This indicator measures the percentage of individuals from the underrepresented gender in the Executive Management team. Executive Management is responsible for the day-to-day management and operations of Falck.</td></tr><tr><td colspan="3">Underrepresented gender, Senior management</td></tr><tr><td colspan="3">This indicator measures the percentage of individuals from the underrepresented gender in the Senior Management team. The Senior Management team consists of managers who report to an Executive Management member and have at least one employee reporting to them.</td></tr><tr><td colspan="3">Lost Time Injury Rate</td></tr><tr><td colspan="3">The Lost Time Injury Rate (LTIR) is calculated by determining the number of lost time injuries per million working hours. A lost time injury (LTI) refers to a physical injury that occurs at work and results in at least one day of absence, in addition to the day of the injury. Working hours include both normal working hours and overtime hours, but exclude hours registered as leave. The scope of reporting includes employees who have a permanent or fixed-term contract of</td></tr><tr><td colspan="3">employment with Falck, as well as selected freelancers (contractors) based on the nature of their activities and payment structure.</td></tr><tr><td colspan="3">Reporting on LTIs is conducted on a monthly basis using a Microsoft Excel template. Addition- ally, monthly review meetings are held to assess local injury registrations and reclassify LTIs. The reporting encompasses injuries that occurred within the reporting year and were reported before mid-January of the following reporting year. Working hours are reported monthly to Global People and Culture, where they are consolidated and validated.</td></tr><tr><td colspan="3">Fatalities</td></tr><tr><td colspan="3">This indicator encompasses any fatalities that occur at work, regardless of the time elapsed between the injury and the subsequent death. The scope of this indicator includes employees, subcontractors, and third parties.</td></tr><tr><td colspan="3">Code of Conduct training</td></tr><tr><td colspan="3">Code of Conduct training measures the comple- tion rate of the Code of Conduct training, using the percentage of Falck's full-time employees who have been trained every two years.</td></tr><tr><td colspan="3">Whistle-blower reporting ratio</td></tr><tr><td colspan="3">The whistle-blower reporting ratio is calculated by dividing the number of cases reported during the year by the average FTEs for the same year, multiplied by 100. FTEs are calculated from the number of full-time hours worked by both full-time and part-time employees. An FTE is different from country to country, ranging from 150-200 hours per month for one FTE. The average FTE is 170 hours per month.</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">Tax Governance</td></tr><tr><td colspan="1">Falck's tax governance model aims to ensure compliance with tax regulations and effectively manage tax risks. This includes establishing clear roles and responsibilities within the organisation, providing regular training on tax matters, and engaging with external tax advisers when necessary.</td></tr><tr><td colspan="1">Falck has made the decision not to appoint a specific board member responsible for tax affairs. Instead, the company takes the position that the entire Board of Directors is responsible for Falck’s tax affairs. This approach ensures that tax matters are overseen collectively by the Board, demonstrating the company's commitment to responsible tax practices and compliance.</td></tr><tr><td colspan="1">The Head of Group Tax provides regular updates to the Audit Committee and to the Board of Directors.</td></tr><tr><td colspan="1">Global minimum tax rules</td></tr><tr><td colspan="1">The Falck Group is not expected to be materially impacted by the OECD's/EU's Pillar Two Model Rules and local implementation hereof, see note 2.6</td></tr><tr><td colspan="1">Tax planning and use of tax incentives</td></tr><tr><td colspan="1">Falck does not engage in setting up artificial tax and legal structures in jurisdictions with zero-tax rates or in non-cooperative jurisdictions. However, Falck may have a presence in low or zero-rate jurisdictions if there is a substantive and commercial reason for operating there. As stated in Falck’s Tax Policy, Falck has one holding company and an operating entity in Panama. Falck has decided to wind up the holding company, and the discontinuation process is currently underway.</td></tr><tr><td colspan="1">To maintain competitiveness, Falck makes use of incentives and tax relief measures implemented by governments in jurisdictions where the Group has a substantial commercial presence and the activities are the intended beneficiaries of such incentives and reliefs.</td></tr><tr><td colspan="1">In 2023, Falck has been granted the Colombian Holding Company regime by the Colombian Tax Authorities to eliminate double taxation. Apart from this benefit, no other specific tax incentives have been applied.</td></tr><tr><td colspan="1">Tax inquiries, audits and litigation</td></tr><tr><td colspan="1">Occasionally, Falck undergoes tax audits pertain- ing to various tax matters such as VAT/GST, corporate income tax and transfer pricing. Currently, Falck is actively engaged in tax inquiries and audits in three countries, covering corporate income taxes, VAT/GST and transfer pricing.</td></tr><tr><td colspan="1">These audits are progressing as expected, with constructive communication established with the local tax authorities.</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="6">Governance</td></tr><tr><td>Code of conduct training</td><td>% of employees trained in a given year</td><td>All full-time employees trained two years</td><td>N/A</td><td>81%</td><td>55%</td></tr><tr><td>Whistle-blower reporting ratio</td><td>Number of reports per 100 employees</td><td>&gt;1</td><td>1,70</td><td>1,62</td><td>1,32</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="8">Governance</td></tr><tr><td colspan="8">Overview of taxes collected and borne by Falck during 2023</td></tr><tr><td /><td>Taxes on incoma and profits</td><td>Taxes on employees</td><td>Taxes on property</td><td>Taxes on goods and services</td><td>Taxes on the environment</td><td>Total</td></tr><tr><td colspan="8">DKK million</td></tr><tr><td>Taxes collected</td><td /><td>1.690</td><td /><td>444</td><td /><td>2.135</td></tr><tr><td>Taxes borne</td><td>121</td><td>741</td><td>14</td><td>317</td><td>34</td><td>1.228</td></tr><tr><td>Total</td><td>121</td><td>2.432</td><td>14</td><td>762</td><td>34</td><td>3.364</td></tr><tr><td colspan="8">Contry-by country overview of income taxes borne by Falck in 2023</td></tr><tr><td /><td>Main activity</td><td>Revenue</td><td>Profit before tax</td><td>Corporate income tax paid</td><td>Corporate income tax for the year</td><td>Accumulated earnings</td><td>FTE number</td></tr><tr><td /><td>Head office IP</td></tr><tr><td colspan="8">DKK million</td></tr><tr><td>Denmark</td><td>ownership, sales, services</td><td>3.985</td><td>-55</td><td>-70</td><td>14</td><td>4.577</td><td>4.391</td></tr><tr><td>United States</td><td>Sales, services</td><td>2.736</td><td>185</td><td>-</td><td>166</td><td>-116</td><td>2.890</td></tr><tr><td>Sweden</td><td>Sales, services</td><td>1.315</td><td>-</td><td>9</td><td>-3</td><td>650</td><td>1.508</td></tr><tr><td>Germany</td><td>Sales, services</td><td>885</td><td>6</td><td>-4</td><td>-8</td><td>258</td><td>1.552</td></tr><tr><td>Spain</td><td>Sales, services</td><td>706</td><td>-20</td><td>-2</td><td>-3</td><td>1.011</td><td>1.732</td></tr><tr><td>Norway</td><td>Sales, services</td><td>597</td><td>-59</td><td>-</td><td>15</td><td>522</td><td>702</td></tr><tr><td>Colombia</td><td>Sales, services</td><td>582</td><td>73</td><td>-51</td><td>-31</td><td>757</td><td>2.968</td></tr><tr><td>EMEA other jurisdictions</td><td>Sales, services</td><td>803</td><td>44</td><td>-8</td><td>-10</td><td>134</td><td>2.231</td></tr><tr><td>North and Latin Am. total</td><td>Sales, services</td><td>307</td><td>27</td><td>-5</td><td>-8</td><td>605</td><td>787</td></tr><tr><td>APAC total</td><td>Sales, services</td><td>80</td><td>4</td><td>-1</td><td>-3</td><td>-35</td><td>192</td></tr><tr><td>Total</td><td /><td>11.996</td><td>205</td><td>-132</td><td>129</td><td>8.363</td><td>18.953</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">Governance</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">Corporate governance</td></tr><tr><td colspan="1">Falck is aligned with the corporate governance recommendations issued by the Danish Committee</td></tr><tr><td colspan="1">on Corporate Governance.</td></tr><tr><td colspan="1">At Falck, it remains a high priority to conduct business in accordance with strong corporate governance principles.</td></tr><tr><td colspan="1">Hence, the Board of Directors regularly reviews the Group’s corporate governance framework and policies in relation to the Group’s activities, business environment and the Danish Recommen- dations on Corporate Governance (in the following referred to as the “Recommendations”).</td></tr><tr><td colspan="1">Falck’s corporate governance compliance is reported annually in accordance with the “comply or explain” principle set out in the Recommenda- tions. The report is available on the corporate website (www.falck.com/about-us/corporategov- ernance).</td></tr><tr><td colspan="1">The compliance report from 2023 found that Falck adhered to all but one of the Recommen- dations.</td></tr><tr><td colspan="1">The Audit Committee has an equal distribution of independent and dependent members and therefore it is not deemed independent under the Recommendations. Falck is aware and continu- ously assesses what is the right composition of the board committees taking into consideration, among others, the Recommendations.</td></tr><tr><td colspan="1">Governance structure, board composition and responsibilities</td></tr><tr><td colspan="1">Falck operates a two-tier management system comprising the Board of Directors and the Executive Committee. This practice follows</td></tr><tr><td colspan="1">Danish legislation. There are no overlapping memberships between the two bodies. Moreover, retiring members of the Executive Committee are not permitted to join the Board of Directors immediately following tenure.</td></tr><tr><td colspan="1">The shareholders have the ultimate decision-mak- ing power of Falck and hold the opportunity to pass resolutions at the Annual General Meeting and Extraordinary General Meetings.</td></tr><tr><td colspan="1">At the Annual General Meeting, members are elected to the Board of Directors, and an independent auditor is appointed. The Board of Directors guides and supervises Falck’s activities, development, management and organisation. The Board of Directors 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 of Directors 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 one-year terms and employee-elected members for four-year terms. The most recent election of employee representatives for the Board of</td></tr><tr><td colspan="1">Directors was held in March 2021 for the 2021- 2025 term. The current employee representatives are Vagn Flink Møller Pedersen, Stefan Fyhn Gregersen and Christian Jesper Engvad Madsen.</td></tr><tr><td colspan="1">Lundbeckfonden is represented on the Board of Directors by Lene Skole (Deputy Chair) and Peter Schütze, while KIRKBI is represented by Thomas Lau Schleicher. The other three shareholder-elect- ed members are considered independent. Ingrid Bojner joined the board in 2023 as an independent member. None of the employee-elected members are deemed independent as defined by the Recommendations.</td></tr><tr><td colspan="1">The Executive Committee and</td></tr><tr><td colspan="1">Executive Management team</td></tr><tr><td colspan="1">The Executive Committee is responsible for the day-to-day management and operation of Falck, which is conducted in accordance with the guidelines and recommendations issued by the Board of Directors and with the focus on developing and implementing strategies and significant initiatives.</td></tr><tr><td colspan="1">The Executive Committee is responsible for ensuring that the Board of Directors is informed of all material matters and that proposals and recommendations concerning the Group’s overall strategy and objectives are submitted to the Board of Directors. The Executive Committee consists of the Group CEO and the Group CFO. The Executive Committee has established an Executive Management team to undertake leadership of the day-to-day management. In addition to the Executive Committee members, the Executive Management team consists of the EVP Consumer and Technical services, the SVP Employ- ee and Labour Market services, the SVP Falck USA, SVP Eastern Europe, the SVP LATAM, the SVP Ambulance Western Europe and Commercial, the VP CIO and the SVP Chief of Staff.</td></tr><tr><td colspan="1">Evaluation of the Board of Directors</td></tr><tr><td colspan="1">The Board of Directors has conducted an annual evaluation of the effectiveness of the Board of Directors, the processes supporting its work, individual board members’ contributions, the Chair’s performance and its interaction with the Executive Committee.</td></tr><tr><td colspan="1">The assessment was carried out by an external company as a standard procedure to assure anonymity, thereby following the recommenda- tions. The quantitative board evaluations are two-fold with a collective and an individual on-line self-assessment.</td></tr><tr><td colspan="1">Each Board member and member of the Executive Committee have responded to an online question- naire. This year’s evaluation of the Board of Directors also included a qualitative assessment, based on individual interviews conducted by the external company. This is done every third year in line with the Recommendations.</td></tr><tr><td colspan="1">Moreover, last year’s evaluation on individual competencies of the Board members were verified, and only the new member of the Board of Directors conducted that particular evaluation this year. As has been general practise for several years, the board evaluation was presented to and discussed collectively on the Board of Directors, and the Chair provided each Board member with feedback.</td></tr><tr><td colspan="1">The board evaluation for 2023 resulted in a total score of 9.92 on a scale from 1 – 10 (9.85 in 2022). This is a very high score, given the average of</td></tr><tr><td colspan="1">close to 8 in an external industry benchmark. The board evaluation reveals that there is a high level of trust among the Board members in the performance of and the collaboration with the Executive Management. The evaluation also shows that the work on the two board commit- tees functions very well. In this regard, there was</td></tr><tr><td colspan="1">a strong overall assessment that the Board of Directors works with a strong commitment to sustainability and that the work should continue and be further developed going forward. The board evaluation also revealed certain areas for improvement. One is to put more efforts into understanding the political landscape and engaging in public affairs in the countries in which Falck operates and into monitoring the trends in the healthcare sector more systematically. There</td></tr><tr><td colspan="1">is also a need to further strengthen attention towards risk areas such as safety in the business.</td></tr><tr><td colspan="1">Based on the board discussions of the evaluation in 2023, it has been decided to focus on the below key areas in 2024</td></tr><tr><td colspan="1">Execution of new strategy</td></tr><tr><td colspan="1">Bring the approach to sustainability to the next level</td></tr><tr><td colspan="1">Political dialogue and stakeholder management</td></tr><tr><td colspan="1">Board competencies and diversity</td></tr><tr><td colspan="1">The members of the Board of Directors must jointly possess the breadth and depth of compe- tencies required to inspire, progress and oversee the development of Falck. The Board of Directors believes that members should be chosen based on their overall competencies and recognises the importance and beneficial effect of the board diversity with respect to experience, cultural and educational backgrounds, and gender. In 2023, the Board of Directors surpassed the 40/60% gender distribution target through a 50/50% distribution.</td></tr><tr><td colspan="1">All members of the Board of Directors hold equal rights and obligations.</td></tr><tr><td colspan="1">In 2022, the Board of Directors identified the following important competencies for the board</td></tr><tr><td colspan="1">C-level experience</td></tr><tr><td colspan="1">Strategic planning</td></tr><tr><td colspan="1">ESG and Corporate Governance</td></tr><tr><td colspan="1">Customer relation management</td></tr><tr><td colspan="1">M&amp;A</td></tr><tr><td colspan="1">Industry-relevant experience</td></tr><tr><td colspan="1">Subscription-based business models</td></tr><tr><td colspan="1">Core market insights</td></tr><tr><td colspan="1">Organisational development</td></tr><tr><td colspan="1">Digitalisation</td></tr><tr><td colspan="1">Technology innovation</td></tr><tr><td colspan="1">.Risk management</td></tr><tr><td colspan="1">Special competencies required from employee- elected members of the Board of Directors are</td></tr><tr><td colspan="1">Knowledge of the Company</td></tr><tr><td colspan="1">Balancing employee and business perspectives</td></tr><tr><td colspan="1">Employee engagement</td></tr><tr><td colspan="1">Internal communication</td></tr><tr><td colspan="1">Board activities</td></tr><tr><td colspan="1">The Board of Directors held seven ordinary or extraordinary board meetings as well as a strategy seminar in 2023. The most significant activities were related to</td></tr><tr><td colspan="1">Approval of Falck’s strategy, Care for More ’27</td></tr><tr><td colspan="1">• Strategy on the implementation of the Corporate Sustainability Reporting Directive</td></tr><tr><td colspan="1">(CSRD)</td></tr><tr><td colspan="1">Strategy and business review of the US ambulance operation</td></tr><tr><td colspan="1">The regular activities of the Board of Directors included discussions and approvals of</td></tr><tr><td colspan="1">• Annual and interim reports, including sustainability reporting, remuneration reporting, forecast and targets</td></tr><tr><td colspan="1">Acquisitions, divestments, tenders and business updates</td></tr><tr><td colspan="1">Reponses to engagement surveys and succession planning</td></tr><tr><td colspan="1">Policies for various subject areas</td></tr><tr><td colspan="1">All members of the Board of Directors had an attendance rate of 100%.</td></tr><tr><td colspan="1">Internal controls</td></tr><tr><td colspan="1">The Board of Directors and the Audit Committee assume overall responsibility for overseeing the internal control environment and the effective- ness of internal controls. The Executive Commit- tee leads the implementation and monitoring of an appropriate internal control environment. The internal control environment has been upheld by Internal Financial Controls, Quality Assurance and ISO Audit.</td></tr><tr><td colspan="1">Remuneration</td></tr><tr><td colspan="1">Remuneration of the members of the Board</td></tr><tr><td colspan="1">of Directors and the Executive Committee is governed by Falck’s Remuneration Policy, which complies with the recommendations. The Remuneration Policy and the annual Remunera- tion Report are available at www.falck.com/ aboutus/corporategovernance/remuneration.</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">Data Ethics</td></tr><tr><td colspan="1">Falck’s Data Ethics Policy is based on the basic principles of data ethics set out by the think tank, DataEthics. It 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 implica- tions.</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.</td></tr><tr><td colspan="1">The global Data Ethics Policy for 2022, cf. section 99d, is available at www.falck.com/data-protec- tion.</td></tr><tr><td colspan="1">Board committees</td></tr><tr><td colspan="1">The Board of Directors has established two committees to support its decision-making: An Audit Committee and a Remuneration and Nomination Committee.</td></tr><tr><td colspan="1">The Audit Committee</td></tr><tr><td colspan="1">In April 2023, the Board of Directors reappointed Peter Schütze as Chair of the Audit Committee. Further, Lene Skole and Dorthe Mikkelsen were reappointed, while Ingrid Bojner, who was elected for the Board in 2023, was appointed as new member of the Audit Committee, thereby replacing Lars Frederiksen. The Audit Committee meets at least four times a year. Altogether, the Audit Committee held six meetings during 2023 with a high overall attendance rate.</td></tr><tr><td colspan="1">Most significant activities during 2023</td></tr><tr><td colspan="1">The recommendation to approve the Annual Report 2022 as an integrated financial and sustainability report and the interim reports</td></tr><tr><td colspan="1">Discussion of future and likely requirements in terms of control and assurance of sustainability reporting (e.g. CSRD)</td></tr><tr><td colspan="1">Committee recommendations related to audit and compliance, IT and cybersecurity, enterprise risks and the refinancing agreement linked to selected sustainability KPIs</td></tr><tr><td colspan="1">Supervision of scoping and implementation progress of the finance system consolidation initiative, called Moneta.</td></tr><tr><td colspan="1">You can read more about the Audit Committee and its terms of reference in the Charter, available here.</td></tr><tr><td colspan="1">The Remuneration and Nomination Committee</td></tr><tr><td colspan="1">In April 2023, Niels Smedegaard was reappointed as Chair of the Remuneration and Nomination Committee. Dorthe Mikkelsen and Lene Skole were reappointed as members. The Remuneration and Nomination Committee meets at least twice a year. The committee held three meetings during 2023 with an attendance rate of 100%.</td></tr><tr><td colspan="1">Most significant activities during 2023</td></tr><tr><td colspan="1">• A share-based options remuneration programme for members of the Executive Management</td></tr><tr><td colspan="1">You can read more about the Remuneration and Nomination Committee and its terms of reference in the Charter, available here.</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">Risk management</td></tr><tr><td colspan="1">Mitigating risks to safeguard our business</td></tr><tr><td colspan="1">Risk management is an integral part of good management practice, and at Falck we are committed to promote a strong risk culture across the organisation and ensuring that effective risk management is integrated in all activities and business processes.</td></tr><tr><td colspan="1">Falck has implemented a risk management framework outlining a consistent approach in the identification, assessment, treatment and monitoring of key risks.</td></tr><tr><td colspan="1">The risk management process is focused on supporting Falck’s strategy and plays an instru- mental role in the decision-making of the Executive Management. The risk management framework enables Falck to protect and improve its value by addressing uncertainty in strategic planning. Overall, it aims to ensure a for- ward-looking risk management approach that provides a holistic view of all risks across the organisation.</td></tr><tr><td colspan="1">Falck continuously focuses on strengthening its risk culture to support the execution of its strategy and obtain business objectives. The established risk management process enables Falck to ensure that changes in both external and internal factors are adequately captured and reflected in the strategic and operational planning. The regular evaluation of the Group’s risk performance and the delivery on its objectives serve as an indicator of an efficient risk manage- ment process.</td></tr><tr><td colspan="1">In 2023, Falck focused on strengthening the risk awareness and integration of risk management. The overall risk picture and progress on mitigating actions to the top-six risks for 2023 were monitored by the Executive Management, the Audit Committee and the Board of Directors</td></tr><tr><td colspan="1">on a regular basis. The top risks for 2023 were selected through a holistic approach evaluating macroeconomic risks, sector trends as well as strategic and emerging risks for Falck on Group level. The risk following constraints on passing on higher costs to customers has been taken out as</td></tr><tr><td colspan="1">a top risk.</td></tr><tr><td colspan="1">In 2024, Falck will continue to conduct risk training and workshops to further raise aware- ness and enable timely identification of both existing and emerging risks.</td></tr><tr><td colspan="1">Actions taken to mitigate the top-six enterprise risks in 2023</td></tr><tr><td colspan="1">The top-six risks were monitored throughout the year with each top-six risks having clear owner- ship and a strong mitigation plan.</td></tr><tr><td colspan="1">Mitigating actions taken during 2023 to address the top-six risks and their status is presented below.</td></tr><tr><td colspan="1">A. Compliance breach</td></tr><tr><td colspan="1">Falck further enhanced compliance via document- ing key compliance areas, identifying owners and having visibility and transparency of controls. Training in Competition Law and GDPR continued and new employees of Falck are required to complete a mandatory training programme. This risk continues to be a top risk for Falck given the dynamic regulatory environment and highly regulated sector globally.</td></tr><tr><td colspan="1">B. Workforce shortage</td></tr><tr><td colspan="1">In 2023, key initiatives were taken and implement- ed to improve the process of retention and attraction of healthcare professionals. Falck is better prepared to respond to internal factors that could elevate this risk, considering the challenging macroenvironment and labour shortages in the healthcare sector. The risk remains high and has the attention of our Executive Management as part of its efforts to continue the mitigation plan during 2024.</td></tr><tr><td colspan="1">C. Cyber-attack risk</td></tr><tr><td colspan="1">Recovery plans for the most critical systems were developed and prioritised activities are included in the Care for More ´27 strategy. Close monitoring of the implementation and regular reporting to the Audit Committee were performed throughout 2023. Falck will continue to execute its cybersecu- rity programmes to enhance resilience. The risk remains high considering vulnerable external factors, global operations and further digitalisa- tion.</td></tr><tr><td colspan="1">D. Constraints on passing on higher costs to customers</td></tr><tr><td colspan="1">Several projects aimed to improve the overall efficiencies of most business areas were started</td></tr><tr><td colspan="1">in 2023 and will continue to be monitored over the next year. High importance is now given to the automation of processes which is scheduled to be completed during 2024 and to lead to a signifi- cant reduction in manual work. Starting in 2023, a new proactive, forward-looking forecast process has run at Falck to address the mitigation and implementation of corrective actions. Considering the strong actions taken during 2023, the risk will not be monitored as a top risk by the Executive Management, but regular reporting will continue in order to monitor the status.</td></tr><tr><td colspan="1">E. Digital disruption</td></tr><tr><td colspan="1">A Digital Potential board was established to govern and approve prioritised initiatives that are included in the roadmap for Falck. A transparent overview of initiatives and progress is maintained via a dedicated project management office. Falck continuously oversees the external factors and</td></tr><tr><td colspan="1">the speed of digitalisation globally that may influence the risk to the Group. The risk will remain high and will be monitored during 2024 as well.</td></tr><tr><td colspan="1">F. Changes in government and regulatory policy</td></tr><tr><td colspan="1">A continuous monitoring of Falck’s long term contracts and retention pipeline was set-up to ensure visibility of customers at risk. At the same time, new innovation projects are being launched to enforce customer loyalty and to position Falck as an industry leader. The risk will remain high and will be monitored during 2024 as well.</td></tr><tr><td colspan="1">Top risks to be monitored in 2024</td></tr><tr><td colspan="1">In 2024, Falck will monitor and prioritise its efforts on the following six main risks with the same approach as in previous years.</td></tr><tr><td colspan="1">Tax reporting</td></tr><tr><td colspan="1">Commitment to being a responsible taxpayer</td></tr><tr><td colspan="1">Falck is dedicated to being a responsible taxpayer and actively supports initiatives to prevent aggressive tax planning and tax avoidance. The total tax footprint in 2023 in the eight main jurisdictions was equivalent to 31% of the revenue.</td></tr><tr><td colspan="1">Falck’s approach and commitment to pursue ethical tax practises are emphasised in Falck’s Tax Policy, available on Falck.com. Falck engages in constructive dialogues with governments, business groups and civil society to develop effective tax systems. AS a part of Falck’s commitment to transparency, Falck shares the Group’s tax footprint to provide insights into the taxes paid and collected in the eight main jurisdictions, which account for 90% of total Group revenue.</td></tr><tr><td colspan="1">Tax footprint amounted to DKK 3,364 million</td></tr><tr><td colspan="1">In 2023, Falck's tax footprint amounted to DKK 3,364 million representing 31% of total revenue. Out ouf this total, 63% was taxes collected, while 37% was taxes borne.</td></tr><tr><td colspan="1">When it comes to taxes borne, Falck incurs the highest amount in taxes on employees. This accounts for 60% of the taxes borne. Taxes on goods and services, primarily due to non-deduct- ible VAT, Goods and Services Tax (GST) and sales tax, and taxes on profits are the second and third largest amounts, corresponding to 26% and 10%, respectively, followed by taxes on the environment and taxes on properties.</td></tr><tr><td colspan="1">Taxes collected mainly consist of taxes on employ- ees, with the remaining amount corresponding to net VAT collected.</td></tr><tr><td colspan="1">Country-by-country reporting</td></tr><tr><td colspan="1">Falck's country-by-country reporting for the financial year 2023 adheres to the principles outlined in the EU directive on disclosures of income tax information. Falck is committed to being a responsible taxpayer and complying with relevant tax laws. The varying tax legislation and rates in the countries where Falck operates impact the amount of taxes 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">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 2023.</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><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 state- ments 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 2023, and of the results of the Group’s and the Parent Company’s operations, and the Group’s cash flows for the financial period 1 January - 31 December 2023.</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 2024-01-24 <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 State- ments give a true and fair view of the Group’s financial position at 31 December 2023 and of the results of the Group’s operations and cash flows for the financial year 1 January to 31 December 2023 in accordance with IFRS Accounting 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 2023 and of the results of the Parent Company’s operations for the financial year 1 January to 31 December 2023 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 2023 which comprise income statement, statement of financial position, statement of changes in equity and notes, including material accounting policy information for both the Group and the Parent Company, as well as statement of comprehensive income and statement of cash flows for the Group (“financial state- ments”).</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 require- ments are further described in the Auditor’s Respon- sibilities 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 Manage- ment’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 Manage- ment’s Review.</td></tr><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 IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements</td></tr><tr><td colspan="1">Act and for the preparation of Parent Company Financial Statements that give a true and fair view</td></tr><tr><td colspan="1">in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation</td></tr><tr><td colspan="1">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 opera- tions, 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 mis- statement 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 circum- stances, 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 account- ing estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">Conclude on the appropriateness of Manage- ment’s use of the going concern basis of account- ing 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</td></tr><tr><td colspan="1">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 gover- nance 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 2024-01-24 Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1264.0, by EasyX Aps. www.easyx.eu 2022-01-01 2022-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 18953 12647000000 10025000000 2622000000 1974000000 69000000 -21000000 90000000 174000000 689000000 1121000000 44000000 118000000 1047000000 126000000 921000000 920000000 1000000 -103000000 0 10000000 -113000000 808000000 807000000 1000000 498000000 90000000 -1057000000 -697000000 118000000 44000000 168000000 -113000000 190000000 88000000 11000000 3000000 998000000 882000000 1750000000 46000000 0 57000000 403000000 472000000 -1922000000 -1153000000 -20000000 Impairment of goodwill 0 Impairment of goodwill 174000000 186000000 1359000000 190000000 5704000000 710000000 907000000 1052000000 289000000 54000000 8716000000 36000000 408000000 1222000000 2000000 223000000 190000000 2081000000 10797000000 136000000 -325000000 4234000000 4045000000 0 4045000000 2635000000 717000000 185000000 81000000 0 19000000 3637000000 13000000 344000000 714000000 52000000 251000000 669000000 1072000000 3115000000 6752000000 10797000000 186000000 5603000000 746000000 864000000 1005000000 120000000 60000000 8398000000 41000000 322000000 1181000000 25000000 352000000 186000000 2107000000 10505000000 136000000 -373000000 4156000000 3919000000 0 3919000000 2286000000 659000000 184000000 119000000 2000000 0 3250000000 169000000 280000000 879000000 142000000 163000000 728000000 975000000 3336000000 6586000000 10505000000 Jakob Riis President and CEO Christian Baltzer CFO Niels Smedegaard Chair Lene Skole Deputy Chair Dorthe Mikkelsen Vagn Flink Møller Pedersen Employee representative Ingrid Bojner Thomas Lau Schleicher Stefan Fyhn Gregersen Employee representative Christian Jesper Engvad Madsen Employee representative Peter Schütze PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Lars Baungaard State Authorised Public Accountant mne23331 Tue Stensgård Sørensen State Authorised Public Accountant mne32200 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab