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cmn:ConsolidatedMember 6 64113119 2023-01-01 2023-12-31 cmn:ConsolidatedMember 7 64113119 2024-01-01 2024-12-31 cmn:ConsolidatedMember 8 64113119 2023-01-01 2023-12-31 cmn:ConsolidatedMember 9 64113119 2023-01-01 2023-12-31 cmn:ConsolidatedMember 0 64113119 2024-01-01 2024-12-31 cmn:ConsolidatedMember 0 64113119 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 64113119 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 64113119 2023-01-01 2023-12-31 cmn:ConsolidatedMember 3 64113119 2024-01-01 cmn:ConsolidatedMember 64113119 2023-01-01 cmn:ConsolidatedMember 64113119 2024-01-01 2024-12-31 64113119 2023-01-01 2023-12-31 64113119 2024-12-31 64113119 2023-12-31 64113119 2024-01-01 2024-12-31 cmn:ConsolidatedMember 0 64113119 2024-01-01 2024-12-31 cmn:ConsolidatedMember 0 64113119 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 64113119 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 64113119 2024-01-01 2024-12-31 cmn:ConsolidatedMember 3 64113119 2024-01-01 2024-12-31 cmn:ConsolidatedMember 4 64113119 2024-01-01 2024-12-31 cmn:ConsolidatedMember 5 64113119 2024-01-01 2024-12-31 cmn:ConsolidatedMember 0 64113119 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 iso4217:EUR xbrli:pure Regnskabsklasse C, stor virksomhed RMIG A/S 2750 Ballerup, Denmark Industriparken 40 64113119 2025-03-14 2024-01-01 2024-12-31 Mads Bonde Hansen <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial highlights</td></tr></table> 161399000 4722000 3188000 0.054 0.601 605 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">The ratios have been compiled in accordance with Recommendations &amp; Ratios 2025 issued by</td></tr><tr><td colspan="2">The Danish Finance Society and generally accepted calculation formulas.</td></tr><tr><td>EBITDA Ratio</td><td>EBITDA x 100</td></tr><tr><td /><td>Revenue</td></tr><tr><td>EBIT Ratio</td><td>EBIT x 100</td></tr><tr><td /><td>Revenue</td></tr><tr><td>Return on invested capital excl. goodwill (ROIC)</td><td>(EBITDA excl. goodwill write down) x 100</td></tr><tr><td /><td>Average invested capital excl. goodwill</td></tr><tr><td>Return on equity (ROE)</td><td>Net result for the year x 100</td></tr><tr><td /><td>Average equity</td></tr><tr><td>Equity ratio (solvency ratio)</td><td>Equity, end of period x 100</td></tr><tr><td /><td>Equity and liabilities, end of period</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 REVIEW</td></tr><tr><td colspan="1">Financials Financial review 2024</td></tr><tr><td colspan="1">In a year with tough macroeconomic conditions and fluctuating demand across industrial sectors,</td></tr><tr><td colspan="1">RMIG demonstrated resilience and adaptability. While financial performance fell short of last year’s</td></tr><tr><td colspan="1">outlook, our proactive measures ensured stability and laid the groundwork for future growth. This</td></tr><tr><td colspan="1">financial review based on consolidated figures provides a detailed analysis of our key financial</td></tr><tr><td colspan="1">metrics, highlighting the impact of external challenges, the results of our efficiency initiatives, and</td></tr><tr><td colspan="1">the strategic investments that position us for long-term success. By maintaining focus on cost</td></tr><tr><td colspan="1">management and operational excellence, we have preserved our ability to invest in innovation and</td></tr><tr><td colspan="1">sustainability, even in uncertain times.</td></tr><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">The RMIG Group recorded total revenue of € 161.4 million in 2024, a decline from € 174.2 million in</td></tr><tr><td colspan="1">2023 and below the projected € 185 million stated in the Annual Report 2023. This decrease reflects</td></tr><tr><td colspan="1">softer demand in key markets, particularly in the DACH region facing significant challenges this year,</td></tr><tr><td colspan="1">representing the largest decline in revenue compared to 2023. However, other regions partially offset</td></tr><tr><td colspan="1">this decrease. The export market, outside of Europe, performed well, achieving revenue of € 7.7 million</td></tr><tr><td colspan="1">compared to € 8.0 million last year, demonstrating continued strength.</td></tr><tr><td colspan="1">In RMIG Automotive, revenue increased to € 16.8 million from € 15.8 million last year. This</td></tr><tr><td colspan="1">improvement aligns with the longer-term nature of contracts in this business area, which contributes</td></tr><tr><td colspan="1">to a stable and promising order book for the coming years despite very challenging conditions in the</td></tr><tr><td colspan="1">European automotive sector.</td></tr><tr><td colspan="1">RMIG Solutions experienced a revenue decline to € 74.3 million from € 83.6 million in 2023. This</td></tr><tr><td colspan="1">business area faced the greatest challenges, largely due to its significant market position in the DACH</td></tr><tr><td colspan="1">region. Additionally, the market for green energy production faced more difficulties than anticipated</td></tr><tr><td colspan="1">and is expected to remain challenging in the near term.</td></tr><tr><td colspan="1">Revenue for MEVACO reached € 70.3 million, down from € 74.8 million last year. While lower demand in</td></tr><tr><td colspan="1">the DACH region impacted this business area, strong performance in the French market, likely driven</td></tr><tr><td colspan="1">by preparations for the Olympics, provided a positive counterbalance.</td></tr><tr><td colspan="1">Overall, raw material prices remained stable compared to last year. The decline in revenue and gross</td></tr><tr><td colspan="1">profit is primarily attributed to reduced volumes due to the macroeconomic environment rather than</td></tr><tr><td colspan="1">changes in pricing.</td></tr><tr><td colspan="1">Operating expenses</td></tr><tr><td colspan="1">Operating expenses were carefully managed throughout the year, reflecting RMIG’s commitment</td></tr><tr><td colspan="1">to operational efficiency. Sales and distribution costs increased slightly to € 18.2 million (2023: €</td></tr><tr><td colspan="1">17.8 million) despite a softer market. This increase is attributable to salary inflation, as maintaining a</td></tr><tr><td colspan="1">strong and effective commercial team remained a priority to preserve market positions. In contrast,</td></tr><tr><td colspan="1">administrative costs were reduced to € 14.0 million (2023: € 14.4 million), showcasing continued</td></tr><tr><td colspan="1">efforts to streamline operations and enhance cost efficiency while simultaneously investing in</td></tr><tr><td colspan="1">digitalisation across multiple areas of the RMIG Group.</td></tr><tr><td colspan="1">Earnings and profitability</td></tr><tr><td colspan="1">Earnings before interest and tax (EBIT) amounted to € 6.0 million, down from € 10.5 million in 2023,</td></tr><tr><td colspan="1">driven primarily by reduced volume. The net result for the year was € 3.2 million, a decline from € 6.8</td></tr><tr><td colspan="1">million in the previous year and below the expected € 6.0 - 7.0 million for the year. This was further</td></tr><tr><td colspan="1">impacted by a significant increase in financial expenses, largely resulting from exchange rate losses.</td></tr><tr><td colspan="1">Despite these challenges, RMIG maintained a strong financial foundation to support its long-term</td></tr><tr><td colspan="1">strategic goals.</td></tr><tr><td colspan="1">Tax for the year</td></tr><tr><td colspan="1">Current tax for the year amounted to € 1.3 million, down from € 1.9 million in 2023. The effective</td></tr><tr><td colspan="1">tax rate increased to 32.4%, compared to 26.8% in the previous year. This change is primarily due</td></tr><tr><td colspan="1">to varying local tax rates across Europe, with a higher proportion of taxable income generated in</td></tr><tr><td colspan="1">Germany, where tax rates are comparatively higher.</td></tr><tr><td colspan="1">Investments</td></tr><tr><td colspan="1">2024 marked a milestone year for RMIG, characterised by record-breaking capital investments aimed</td></tr><tr><td colspan="1">at strengthening the RMIG Group’s operational capabilities and positioning it for future growth. Total</td></tr><tr><td colspan="1">cash flow from acquisitions of assets reached € 13.3 million, a significant increase from € 7.9 million in</td></tr><tr><td colspan="1">2023, highlighting the scale and ambition of the Group’s investment strategy.</td></tr><tr><td colspan="1">The primary focus of these investments was on upgrading machinery to enhance production</td></tr><tr><td colspan="1">efficiency and product quality, as well as expanding capacity across key facilities to meet growing</td></tr><tr><td colspan="1">demand in targeted markets. Additionally, RMIG continued to prioritise sustainability by implementing</td></tr><tr><td colspan="1">state-of-the-art production technologies designed to reduce energy consumption, optimise resource</td></tr><tr><td colspan="1">usage, and minimise waste.</td></tr><tr><td colspan="1">Notable projects included upgrades to several flagship facilities, which are expected to unlock</td></tr><tr><td colspan="1">significant operational efficiencies and contribute to the Group’s long-term competitiveness. These</td></tr><tr><td colspan="1">investments align with RMIG’s strategic focus on innovation and its commitment to meeting the</td></tr><tr><td colspan="1">evolving needs of our customers.</td></tr><tr><td colspan="1">As most of these projects are ongoing, the impact on depreciation expenses has yet to materialise,</td></tr><tr><td colspan="1">with levels remaining consistent with 2023. Once fully operational, the new assets are anticipated to</td></tr><tr><td colspan="1">contribute significantly to both operational performance and financial results in the coming years,</td></tr><tr><td colspan="1">further reinforcing RMIG’s position as an industry leader.</td></tr><tr><td colspan="1">This year’s investments not only underline the RMIG Group’s dedication to enhancing its operational</td></tr><tr><td colspan="1">backbone but also reflect its commitment to a forward-looking approach, ensuring it remains agile</td></tr><tr><td colspan="1">and competitive in a dynamic market landscape.</td></tr><tr><td colspan="1">Working capital and cash flow</td></tr><tr><td colspan="1">RMIG maintained strong working capital management in 2024, ensuring liquidity and operational</td></tr><tr><td colspan="1">stability despite challenging market conditions. Minor improvements in receivables and inventories</td></tr><tr><td colspan="1">contributed to the RMIG Group’s solid financial position.</td></tr><tr><td colspan="1">Cash flow from operating activities totalled € 9.5 million, down from € 14.3 million in 2023, reflecting</td></tr><tr><td colspan="1">the impact of lower earnings. At year-end, cash and cash equivalents stood at € 8.7 million, compared</td></tr><tr><td colspan="1">to € 13.4 million in 2023, with the decrease primarily attributed to significant investments aimed at</td></tr><tr><td colspan="1">enhancing production capabilities and supporting future growth.</td></tr><tr><td colspan="1">With the cash flow almost doubled from investing activities, the Net Interest-Bearing Debt (NIBD)</td></tr><tr><td colspan="1">increased to € 10.7 million from €7.1 million, reflecting the RMIG Group’s strong financial discipline</td></tr><tr><td colspan="1">in an extraordinary investing year. This corresponds to a financial leverage of 0.9x (NIBD/EBITDA),</td></tr><tr><td colspan="1">underlining RMIG’s robust balance sheet and low debt dependency. Additionally, the equity ratio</td></tr><tr><td colspan="1">improved to 60.1%, up from 58.6% in 2023, reinforcing the RMIG Group’s financial stability and its</td></tr><tr><td colspan="1">ability to support ongoing strategic initiatives.</td></tr><tr><td colspan="1">RMIG’s disciplined approach to working capital, combined with its capacity to fund strategic</td></tr><tr><td colspan="1">investments, highlights the Group’s resilience and forward-thinking financial management. These</td></tr><tr><td colspan="1">efforts ensure that RMIG remains well-positioned to seize future opportunities and deliver long-term</td></tr><tr><td colspan="1">value creation.</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">Financials Outlook for 2025</td></tr><tr><td colspan="1">As RMIG moves into 2025, we anticipate continued challenges stemming from macroeconomic</td></tr><tr><td colspan="1">uncertainty and fluctuating demand across key markets. However, the Group is well-prepared to</td></tr><tr><td colspan="1">navigate these conditions, building on the strategic investments, operational efficiencies, and market</td></tr><tr><td colspan="1">opportunities established in 2024.</td></tr><tr><td colspan="1">Market outlook</td></tr><tr><td colspan="1">In 2024, lower demand was driven by the broader economic environment. As we look ahead, we see</td></tr><tr><td colspan="1">no clear indications of market improvement, and we expect similar conditions to persist throughout</td></tr><tr><td colspan="1">2025, with the exception of the market for green energy where we forecast a significantly lowered</td></tr><tr><td colspan="1">demand compared to 2024.</td></tr><tr><td colspan="1">By maintaining a strong focus on our primary markets and pursuing new business opportunities in</td></tr><tr><td colspan="1">export markets, we aim to stabilise revenue at the same level as in 2024.</td></tr><tr><td colspan="1">Strategic focus</td></tr><tr><td colspan="1">In 2025, RMIG will prioritise the completion of ongoing capital investment projects to fully realise the</td></tr><tr><td colspan="1">benefits of increased capacity, efficiency, and sustainability. These efforts will enhance our ability</td></tr><tr><td colspan="1">to serve customers with high-quality, innovative products while maintaining a strong focus on cost</td></tr><tr><td colspan="1">management and operational excellence.</td></tr><tr><td colspan="1">Our digital transformation initiatives will also remain a key focus, with further investments planned</td></tr><tr><td colspan="1">to improve performance across the value chain. By leveraging advanced software solutions and</td></tr><tr><td colspan="1">data-driven decision-making, we aim to boost productivity and strengthen our competitive edge.</td></tr><tr><td colspan="1">Financial expectations</td></tr><tr><td colspan="1">With limited development expected in the market, we anticipate revenue for 2025 to remain at a</td></tr><tr><td colspan="1">similar level to 2024. However, due to strategic initiatives, ESG compliance and associated costs,</td></tr><tr><td colspan="1">EBITDA is projected to be lower than the 2024 result, at approximately €10 million. Additionally,</td></tr><tr><td colspan="1">because of rising depreciation from recent investments, EBIT is expected to be around € 3.5 million.</td></tr><tr><td colspan="1">The operating cash flow is expected to reach € 8.7 million in 2025, reflecting stable working capital</td></tr><tr><td colspan="1">management despite a lower EBITDA. While cash outflows from investing activities remain significant</td></tr><tr><td colspan="1">at € 6.4 million, this represents a reduction compared to 2024, aligning with the RMIG Group’s phased</td></tr><tr><td colspan="1">investment strategy. With the proposed dividend of € 2 million being paid in 2025, we expect a cash</td></tr><tr><td colspan="1">position of € 7-8 million at year end.</td></tr><tr><td colspan="1">Despite these challenges, our strong financial position, characterised by low financial leverage and an</td></tr><tr><td colspan="1">improved equity ratio, ensures we have the stability and flexibility to sustain strategic investments</td></tr><tr><td colspan="1">while positioning the RMIG Group for long-term success.</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">Events after the balance sheet date</td></tr><tr><td colspan="1">No events that would materially influence the evaluation of this Annual Report have occurred since</td></tr><tr><td colspan="1">the date stated on the balance sheet up to today.</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">Sustainability in RMIG</td></tr><tr><td colspan="6">The importance of Environmental, Social, and Governance (ESG) factors in shaping RMIG practices</td></tr><tr><td colspan="6">and policies is becoming more evident. As a company with a long history and a broad European</td></tr><tr><td colspan="6">footprint, we understand that ESG is not merely a passing trend but a steadfast commitment to</td></tr><tr><td colspan="6">responsible business.</td></tr><tr><td colspan="6">While we have taken significant steps in integrating these principles across the RMIG Group in 2024,</td></tr><tr><td colspan="6">we acknowledge that many challenges and dilemmas still lie ahead of us. This report thus aims to</td></tr><tr><td colspan="6">transparently showcase both our current achievements, budding ambitions, and areas where we</td></tr><tr><td colspan="6">strive for improvement.</td></tr><tr><td colspan="6">General basis for preparation</td></tr><tr><td colspan="6">The sustainability information presented in following sections of the Annual Report is prepared on the</td></tr><tr><td colspan="6">general basis of the European Sustainability Reporting Standards (ESRS). The report consequently</td></tr><tr><td colspan="6">follows the structure and principles of the Standards, but is, however, not intended as a statement</td></tr><tr><td colspan="6">compliant with the Corporate Sustainability Reporting Directive (CSRD) for 2024. Rather than only</td></tr><tr><td colspan="6">reporting on full disclosure requirements at this stage, we have strived to include relevant data and</td></tr><tr><td colspan="6">information available to us across material topics. With this report and the work conducted to prepare</td></tr><tr><td colspan="6">for it, we are thus laying the foundation for a structured group-wide approach to sustainability; from</td></tr><tr><td colspan="6">actions to reporting. At the time of writing, we are closely monitoring the development and potential</td></tr><tr><td colspan="6">updates to the CSRD requirements that have so far mandated the RMIG Group to report on financial</td></tr><tr><td colspan="6">year 2025.</td></tr><tr><td colspan="6">The sustainability reporting sections have been prepared on a consolidated basis with the scope of</td></tr><tr><td colspan="6">consolidation being the same as for the financial statements. Thus, reporting covers all legal entities</td></tr><tr><td colspan="6">of the RMIG Group.</td></tr><tr><td colspan="6">The direct and indirect business relationships in the upstream and downstream value chain of RMIG</td></tr><tr><td colspan="6">have been considered in preparation of this report</td></tr><tr><td colspan="6">• The initial Double Materiality Assessment (DMA) conducted to identify Impacts, Risks, and</td></tr><tr><td colspan="6">Opportunities (IROs) covers both RMIG's own operations, upstream value chain, and downstream</td></tr><tr><td colspan="6">value chain.</td></tr><tr><td colspan="6">• Existing RMIG policies primarily pertain to own operations except for our Supplier Code of Conduct</td></tr><tr><td colspan="6">that encompasses direct upstream business relationships and their affiliates.</td></tr><tr><td colspan="6">• Disclosed metrics cover own operations. It has not been possible to report reliable data for workers</td></tr><tr><td colspan="6">in the value chain.</td></tr><tr><td colspan="6">The role and integration of Board and Management</td></tr><tr><td colspan="6">ESG considerations are newer, yet increasingly prevalent, factors in how RMIG is doing business.</td></tr><tr><td colspan="6">The Board of Directors and Group Management are ultimately the responsible body for managing</td></tr><tr><td colspan="6">sustainability matters in RMIG, with Group Management and Group ESG being the decision making</td></tr><tr><td colspan="6">bodies. The CEO is the owner and overall sponsor of the Group’s ESG efforts.</td></tr><tr><td colspan="6">'Board of Directors</td></tr><tr><td colspan="6">The Board of Directors consists of 4 members, representing diverse business backgrounds</td></tr><tr><td colspan="6">with expertise from related sectors and companies, as well as 2 employee representatives with</td></tr><tr><td colspan="6">longstanding employments in RMIG A/S. Neither our Board of Directors nor the Group Management</td></tr><tr><td colspan="6">currently have incentive schemes or remuneration policies linked to sustainability matters in place.</td></tr><tr><td colspan="6">The Board of Directors is updated on strategic sustainability matters yearly, at a minimum, with the</td></tr><tr><td colspan="6">possibility for including material sustainability discussions as relevant throughout the year. Since</td></tr><tr><td colspan="6">RMIG has onboarded new dedicated ESG and Sustainability resources and has moreover commenced</td></tr><tr><td colspan="6">work to structure and consolidate our sustainability efforts, a higher frequency of information flow</td></tr><tr><td colspan="6">has been executed in 2024 with the expectations of it continuing in 2025.</td></tr><tr><td colspan="6">The Board of Directors has 0% members considered independent due to positions in either the</td></tr><tr><td colspan="6">Board of Trustees or RMIG A/S. The Board of Directors and CEO are considered executive members</td></tr><tr><td colspan="6">based on registration with the Danish Business Authority and signing rights for the Annual Report,</td></tr><tr><td colspan="6">with the remaining Group Management considered non-executive members of RMIG Management.</td></tr><tr><td colspan="6">For more information on the administrative, management, and supervisory bodies of RMIG, including</td></tr><tr><td colspan="6">reporting lines, representation of employees, gender diversity, and relevant experience, see sections</td></tr><tr><td colspan="6">on Corporate Governance, Board of Directors, and Group Management.</td></tr><tr><td colspan="6">Group ESG</td></tr><tr><td colspan="6">Group ESG is anchored in the Finance department with a direct reporting line to the CFO. Thus, the</td></tr><tr><td colspan="6">Head of ESG and CFO are jointly responsible for updating the CEO and the Board of Directors on</td></tr><tr><td colspan="6">sustainability matters as well as on material Impacts, Risks, and Opportunities. With a foundational</td></tr><tr><td colspan="6">Double Materiality Assessment being conducted in 2024, such updates have focused on the process</td></tr><tr><td colspan="6">and outcome of this assessment and on detailing the material matters.</td></tr><tr><td colspan="6">With increased ESG efforts follows a more pronounced need for structure and clear governance.</td></tr><tr><td colspan="6">Given RMIG’s ambitions in this area for the coming years, it is the aim that the governance structure</td></tr><tr><td colspan="6">specifically pertaining to Sustainability and ESG will be further defined in 2025, including reporting</td></tr><tr><td colspan="6">lines, controls and oversight, and responsibilities across business areas.</td></tr><tr><td colspan="6">Sustainability How we create value</td></tr><tr><td colspan="6">The RMIG Group is structured to serve the diverse needs of the perforation market by dividing</td></tr><tr><td colspan="6">its expertise into three focused business areas. This approach allows customers to benefit from</td></tr><tr><td colspan="6">customised solutions, streamlined processes, and the extensive expertise and capabilities of a</td></tr><tr><td colspan="6">global leader. While the products offered across the business areas differ in complexity, size, and</td></tr><tr><td colspan="6">both primary and secondary materials, the overall known value chain can be credibly mapped</td></tr><tr><td colspan="6">at a consolidated level for all our operations. The described value chain scope and underlying</td></tr><tr><td colspan="6">considerations are comparable to the ones applied in our DMA.</td></tr><tr><td colspan="6">Upstream</td></tr><tr><td colspan="6">The key actors in RMIG’s upstream value chain can be grouped in four main industries: iron ore mining</td></tr><tr><td colspan="6">(raw material extraction), steel manufacturing (metal processing), metal service centres, and road</td></tr><tr><td colspan="6">transport.</td></tr><tr><td colspan="6">The metals and mining sector focuses on extracting metals and minerals, refining, and smelting</td></tr><tr><td colspan="6">metals across global operations. Iron and steel are then produced in mills and foundries, including</td></tr><tr><td colspan="6">products such as flat-rolled sheets, coils, and various steel parts, and sold directly to companies</td></tr><tr><td colspan="6">similar to RMIG or to metal service centres that function as intermediaries. When buying raw material,</td></tr><tr><td colspan="6">RMIG adheres to customer specifications and considers the quality of the materials purchased.</td></tr><tr><td colspan="6">While RMIG is inherently dependent on these key industries, we recognise the serious risks and</td></tr><tr><td colspan="6">impacts most of them present pertaining to environmental and social factors, including significant</td></tr><tr><td colspan="6">greenhouse gas emissions, virgin material extraction, pollution, and working conditions.</td></tr><tr><td colspan="6">Other less prevalent supplier categories include packaging materials and other products used in daily</td></tr><tr><td colspan="6">business and office management.</td></tr><tr><td colspan="6">All materials and products are shipped to RMIG facilities primarily using road transport through long</td></tr><tr><td colspan="6">and short-haul freight trucking services.</td></tr><tr><td colspan="6">Sustainability How we create value</td></tr><tr><td colspan="6">Own operations</td></tr><tr><td colspan="6">The RMIG Group’s main market is Europe where our 642</td></tr><tr><td colspan="6">employees serve our customers through local sales offices,</td></tr><tr><td colspan="6">logistic centres, and manufacturing facilities across several</td></tr><tr><td colspan="6">countries.</td></tr><tr><td colspan="6">The manufacturing facilities consist of both traditional</td></tr><tr><td colspan="6">hydraulic presses and modern technology for perforation</td></tr><tr><td colspan="6">and secondary operations. RMIG’s manufacturing processes,</td></tr><tr><td colspan="6">that are driven by electricity, enable us to offer the industry’s</td></tr><tr><td colspan="6">broadest and, in select areas, most specialised product ranges,</td></tr><tr><td colspan="6">backed by fast, reliable service – whether through standard</td></tr><tr><td colspan="6">offerings or bespoke solutions.</td></tr><tr><td colspan="6">Head count, end</td></tr><tr><td>Germany</td><td>365</td></tr><tr><td>Denmark</td><td>144</td></tr><tr><td>Sweden</td><td>45</td></tr><tr><td>United Kingdom</td><td>40</td></tr><tr><td>France</td><td>14</td></tr><tr><td>Poland</td><td>9</td></tr><tr><td>Austria</td><td>6</td></tr><tr><td>Belgium</td><td>4</td></tr><tr><td>Norway</td><td>4</td></tr><tr><td>Switzerland</td><td>4</td></tr><tr><td>Hungary</td><td>2</td></tr><tr><td>Italy</td><td>2</td></tr><tr><td>Spain</td><td>2</td></tr><tr><td>The Netherlands</td><td>1</td></tr><tr><td colspan="6">Our product groups include, but are not limited to</td></tr><tr><td colspan="6">• Custom perforated solutions to meet specific customer</td></tr><tr><td colspan="6">needs, from fine-hole perforations for filtration to large</td></tr><tr><td colspan="6">decorative patterns for building facades</td></tr><tr><td colspan="6">• Expanded metal for lightweight, cost-effective, and versatile solutions for applications such as</td></tr><tr><td colspan="6">walkways, facades, sunscreens, and protective shielding</td></tr><tr><td colspan="6">• Standard products for easy ordering and fast delivery, including perforated sheets, expanded</td></tr><tr><td colspan="6">metals, welded mesh, crimped mesh, and decorative mesh</td></tr><tr><td colspan="6">• Sound solutions tailored for the global automotive market with specialised expertise in perforated,</td></tr><tr><td colspan="6">etched, and formed parts</td></tr><tr><td colspan="6">• Hammer mill screens engineered to optimise milling performance, ensure consistent particle sizes,</td></tr><tr><td colspan="6">and maximise throughput</td></tr><tr><td colspan="6">We continue to improve and optimise RMIG operations to ensure that we stay at the forefront</td></tr><tr><td colspan="6">of the market but also to minimise our impact on the world around us. A key initiative across all</td></tr><tr><td colspan="6">manufacturing sites is to ensure re-use of all burr and scrap (metal “waste”) that is left over from</td></tr><tr><td colspan="6">production, which is then remelted by third parties to produce new iron and steel.</td></tr><tr><td colspan="6">Downstream</td></tr><tr><td colspan="6">RMIG products are primarily shipped to customers by business partners within road transportation.</td></tr><tr><td colspan="6">Shipments are securely packed on wooden pallets using predominantly cardboard and plastic articles</td></tr><tr><td colspan="6">to fasten the products.</td></tr><tr><td colspan="6">RMIG functions as an intermediary supplier to a broad range of sectors. We provide products to two</td></tr><tr><td colspan="6">main groups of customers who either 1) use them as input in their own manufacturing processes in</td></tr><tr><td colspan="6">another intermediary step, or 2) function as end-users of the RMIG product where our solutions meet</td></tr><tr><td colspan="6">the unique functional demands of various applications, from filtration, sorting, and sound solutions to</td></tr><tr><td colspan="6">air flow control and visual design criteria.</td></tr><tr><td colspan="6">The inherent metal qualities and the versatility of our products enable us to support industries</td></tr><tr><td colspan="6">ranging from architecture and agriculture to automotive, filtration, food and beverage, and green</td></tr><tr><td colspan="6">energy.</td></tr><tr><td colspan="6">While metal has a high fundamental potential for reuse, RMIG’s intermediary value chain position</td></tr><tr><td colspan="6">grants us limited visibility into end-of-life processes among end-users of our products. Thus, we</td></tr><tr><td colspan="6">are currently not able to influence the rate of products ending as waste contrary to products being</td></tr><tr><td colspan="6">recycled.</td></tr><tr><td colspan="6">Sustainability How we create value</td></tr><tr><td colspan="6">What we depend on</td></tr><tr><td colspan="6">Our people</td></tr><tr><td colspan="6">Our dedicated people and their technical</td></tr><tr><td colspan="6">knowledge are at the heart of what we do.</td></tr><tr><td colspan="6">Natural resources</td></tr><tr><td colspan="6">Our business inherently relies on natural</td></tr><tr><td colspan="6">resources, such as steel and aluminium,</td></tr><tr><td colspan="6">to manufacture our products.</td></tr><tr><td colspan="6">Suppliers</td></tr><tr><td colspan="6">We are directly affected by our suppliers’</td></tr><tr><td colspan="6">business conduct and management of risks</td></tr><tr><td colspan="6">especially within environmental and social</td></tr><tr><td colspan="6">areas.</td></tr><tr><td colspan="6">Our brand</td></tr><tr><td colspan="6">We have more than 100 years’ worth of</td></tr><tr><td colspan="6">experience and knowledge within metal</td></tr><tr><td colspan="6">processing and servicing our broad range</td></tr><tr><td colspan="6">of customers.</td></tr><tr><td colspan="6">Technology and IT</td></tr><tr><td colspan="6">Technology-driven progress, security, and</td></tr><tr><td colspan="6">insights are key to ensuring that we can operate</td></tr><tr><td colspan="6">smoothly and continue to develop our offerings.</td></tr><tr><td colspan="6">Value we create</td></tr><tr><td colspan="6">Our customers</td></tr><tr><td colspan="6">We offer world-leading perforation technologies</td></tr><tr><td colspan="6">and associated services. This includes</td></tr><tr><td colspan="6">innovative solutions, fast delivery, easy access,</td></tr><tr><td colspan="6">and high quality, as well as bespoke tools and</td></tr><tr><td colspan="6">technical advice to ensure the best-possible</td></tr><tr><td colspan="6">solution.</td></tr><tr><td colspan="6">Our people</td></tr><tr><td colspan="6">Owned by the Rich. Müller Foundation, RMIG</td></tr><tr><td colspan="6">generates returns that support social initiatives,</td></tr><tr><td colspan="6">education, and the well-being of employees</td></tr><tr><td colspan="6">across the RMIG Group, offering an inclusive</td></tr><tr><td colspan="6">workplace for people with diverse backgrounds</td></tr><tr><td colspan="6">and skillsets as well as development</td></tr><tr><td colspan="6">opportunities for all.</td></tr><tr><td colspan="6">The wider society</td></tr><tr><td colspan="6">Our metal components are used in a broad</td></tr><tr><td colspan="6">range of sectors and industries that are key to</td></tr><tr><td colspan="6">upholding everyday living conditions in our</td></tr><tr><td colspan="6">developed society.</td></tr><tr><td colspan="6">Our suppliers</td></tr><tr><td colspan="6">We build long-term partnerships rooted in trust,</td></tr><tr><td colspan="6">reliability, and mutual growth. As a financially</td></tr><tr><td colspan="6">solid partner with strong values, we ensure</td></tr><tr><td colspan="6">stability and collaboration for sustainable</td></tr><tr><td colspan="6">success as well as potential for business growth.</td></tr><tr><td colspan="6">Sustainability How we create value</td></tr><tr><td colspan="6">The RMIG Group is world leading in the field of perforation technologies and associated services.</td></tr><tr><td colspan="6">With 642 head counts and a revenue of M€ 161 achieved in 2024, RMIG delivers standard and simple</td></tr><tr><td colspan="6">tailor-made products with fast delivery through the most user-friendly, automated, and advanced</td></tr><tr><td colspan="6">online-shop, and has the widest and, in selected areas, most extensive product range being supplied</td></tr><tr><td colspan="6">worldwide.</td></tr><tr><td colspan="6">RMIG’s business mission is to be an innovative and sustainable supplier of perforated products. We</td></tr><tr><td colspan="6">want to continue to expand our position and believe that our sustainability-related efforts may</td></tr><tr><td colspan="6">support this in the years to come. With high autonomy across our three business areas, we are</td></tr><tr><td colspan="6">well-positioned to respond to trends and risks both locally and globally.</td></tr><tr><td colspan="6">Each business area operates with its own growth strategy, focusing on select customer segments,</td></tr><tr><td colspan="6">addressing the unique challenges of their specific product and service requirements. These strategies</td></tr><tr><td colspan="6">ensure that every solution is precisely aligned with customer needs, delivering maximum value and</td></tr><tr><td colspan="6">efficiency.</td></tr><tr><td colspan="6">As part of the RMIG Group, each business area benefits from shared expertise, innovation, and</td></tr><tr><td colspan="6">resources. This synergy allows RMIG to provide customers with</td></tr><tr><td colspan="6">• Comprehensive access to advanced perforation technologies and solutions</td></tr><tr><td colspan="6">• Consistent quality standards across all products and services</td></tr><tr><td colspan="6">• A partner with the scale and reliability to support businesses worldwide</td></tr><tr><td colspan="6">By combining the strengths of its business areas, the RMIG Group delivers unique value, helping</td></tr><tr><td colspan="6">customers achieve optimal results with perforated solutions and products aligned with their needs.</td></tr><tr><td colspan="6">RMIG business model</td></tr><tr><td colspan="6">Sustainability Double materiality perspective</td></tr><tr><td colspan="6">Overall approach</td></tr><tr><td colspan="6">In 2024, the RMIG Group conducted our first Double Materiality Assessment (DMA). It was carried out</td></tr><tr><td colspan="6">under guidance of external sustainability consultants to ensure high-quality outcome and a process</td></tr><tr><td colspan="6">in accordance with the requirements of the ESRS, including identification and assessment of Impacts,</td></tr><tr><td colspan="6">Risks, and Opportunities (IROs).</td></tr><tr><td colspan="6">The DMA was aimed at identifying potential material effects of RMIG's operations on the</td></tr><tr><td colspan="6">environment and society, while also considering the environmental, social, and governance topics</td></tr><tr><td colspan="6">that could influence our financial performance or impact our operations and value chain as risks or</td></tr><tr><td colspan="6">opportunities. This dual-perspective assessment helps ensure that our sustainability efforts and</td></tr><tr><td colspan="6">related reporting comprehensively cover both the impact of significant sustainability matters on the</td></tr><tr><td colspan="6">organisation and the impact of the organisation on these sustainability matters.</td></tr><tr><td colspan="6">With this assessment we have combined quantitative data, such as emissions and workforce metrics,</td></tr><tr><td colspan="6">with qualitative insights, such as internal and external stakeholder input and recognised standards, to</td></tr><tr><td colspan="6">align operations and value chain activities with expected reporting requirements. The key steps of the</td></tr><tr><td colspan="6">process are outlined to the right.</td></tr><tr><td colspan="6">While this assessment has been driven by our work to prepare for the anticipated CSRD standards,</td></tr><tr><td colspan="6">the structured approach required throughout the process is also expected to enhance our capacity to</td></tr><tr><td colspan="6">manage sustainability strategically going forward. The comprehensive engagement with stakeholders</td></tr><tr><td colspan="6">and the detailed analysis of RMIG's value chain have laid a solid foundation for ongoing improvements</td></tr><tr><td colspan="6">in sustainability performance and reporting.</td></tr><tr><td colspan="6">Initial outcome</td></tr><tr><td colspan="6">The outcome of our first DMA is presented in the matrix to the right. The axes each represent a</td></tr><tr><td colspan="6">materiality perspective with a clear distinction between material and immaterial topics as well as</td></tr><tr><td colspan="6">those topics that are material in a single aspect and those with double materiality to RMIG. Topics</td></tr><tr><td colspan="6">listed in the same quadrant are not comparably shown but should only be seen as either immaterial,</td></tr><tr><td colspan="6">impact/financial material, or double material.</td></tr><tr><td colspan="6">Of the 10 main ESRS topics within environment, social, and governance, six topical standards have</td></tr><tr><td colspan="6">proved material for RMIG in the first materiality assessment. We have aimed to include data points</td></tr><tr><td colspan="6">pertaining to most topics in the sustainability reporting for 2024, recognising that we still have</td></tr><tr><td colspan="6">significant data gaps to fill, more so for some topics than others. The scope and resources expected</td></tr><tr><td colspan="6">to be allocated for this task will most likely be affected by the Omnibus Package presented by the EU</td></tr><tr><td colspan="6">at the end of February 2025.</td></tr><tr><td colspan="6">RMIG has chosen not to perceive the materiality scoring as a direct prioritisation of topics concerning</td></tr><tr><td colspan="6">dedication of actions and resources, but the scorings will help inform our strategic work planned</td></tr><tr><td colspan="6">for 2025. Our primary principle is to ensure that we commit to a select number of efforts where we</td></tr><tr><td colspan="6">believe we may help drive an actual change of negative impacts rather than spreading resources</td></tr><tr><td colspan="6">too thinly across impact areas. Moreover, some autonomous initiatives are already underway across</td></tr><tr><td colspan="6">manufacturing sites, and it is not the intention to hamper already ongoing efforts even if they do not</td></tr><tr><td colspan="6">align with the initial materiality outcome.</td></tr><tr><td colspan="6">Going forward, we will review the assessment and material topics to align with the evolving</td></tr><tr><td colspan="6">sustainability landscape and business operations. The outcome of the DMA is thus subject to changes</td></tr><tr><td colspan="6">before it may be presented as part of future reporting requirements.</td></tr><tr><td colspan="6">Sustainability Managing risks</td></tr><tr><td colspan="6">Corporate risk management</td></tr><tr><td colspan="6">Proper identification and management of risks are recognised as crucial in order for RMIG to continue</td></tr><tr><td colspan="6">its value creation and stay competitive.</td></tr><tr><td colspan="6">At a corporate level, the RMIG Group operates with different risks, of which some derive from our</td></tr><tr><td colspan="6">business and others from external factors such as environmental, political, or religious events.</td></tr><tr><td colspan="6">Common for risks is that some are more likely to be foreseen and hereby assessed while others can</td></tr><tr><td colspan="6">arise without any notice or warning.</td></tr><tr><td colspan="6">Group Management is responsible for the RMIG Group’s risk management strategy and framework for</td></tr><tr><td colspan="6">identifying and mitigating risks. The Board of Directors and the Group Management regularly assess</td></tr><tr><td colspan="6">material risks and internal controls related to the Group’s financial reporting process. The Group</td></tr><tr><td colspan="6">Management maintains an efficient control environment in connection with financial reporting,</td></tr><tr><td colspan="6">preparing and approving policies, procedures, and controls in significant areas.</td></tr><tr><td colspan="6">At least once a year, the Board of Directors and the Group Management conduct an identification and</td></tr><tr><td colspan="6">assessment of risks, including the risk of fraud. They consider measures to reduce or eliminate such</td></tr><tr><td colspan="6">risks based on the assessment of materiality and probability of errors and omissions. Specific control</td></tr><tr><td colspan="6">activities related to financial reporting risks are defined and implemented for each business segment</td></tr><tr><td colspan="6">to ensure accuracy and reliability. The assessment was carried out as planned in 2024.</td></tr><tr><td colspan="6">Monitoring of risk management and control systems related to financial reporting is conducted</td></tr><tr><td colspan="6">through ongoing assessments and controls at various levels within the RMIG Group. Material</td></tr><tr><td colspan="6">weaknesses, omissions, and violations are reported to the Group Management. The Board of Directors</td></tr><tr><td colspan="6">receive reports from the Group Management on compliance with the guidelines.</td></tr><tr><td colspan="6">An external risk of continued high severity is disruption to IT systems, such as cyberattacks or</td></tr><tr><td colspan="6">infrastructure failure resulting in business disruption or breach of data confidentiality. With the</td></tr><tr><td colspan="6">current geopolitical situation and increasing digitalisation of our business and workplaces, the risk of</td></tr><tr><td colspan="6">targeted cyberattacks is accelerated. The RMIG Group has continued its work to mitigate the risk in</td></tr><tr><td colspan="6">2024, focusing on security awareness training and use of AI, among other things.</td></tr><tr><td colspan="6">As an international group, RMIG bears some risks related to financial and geopolitical issues that can</td></tr><tr><td colspan="6">cause recession or economic slowdown, changing the market conditions. The risk continues to evolve</td></tr><tr><td colspan="6">due to instability and tension between major world economies in 2024 leading to shortage of material</td></tr><tr><td colspan="6">and components. The RMIG Group’s mitigation plans include ensuring agility and flexibility in the</td></tr><tr><td colspan="6">design of our cost structure as well as continued procurement optimisation with focus on strategic,</td></tr><tr><td colspan="6">global sourcing and building relationships with multiple suppliers to protect supply chain and logistics</td></tr><tr><td colspan="6">operations.</td></tr><tr><td colspan="6">A third key risk for the RMIG Group relates to an increasing lack of technical knowledge due to</td></tr><tr><td colspan="6">skilled employees retiring. Maintaining a high level of such technical knowledge is vital to ensure</td></tr><tr><td colspan="6">that the RMIG Group can continue to carry both fast and efficient offers as well as highly complex</td></tr><tr><td colspan="6">solutions for our customers. Our operators are at the heart of what we do and it is our goal to ensure</td></tr><tr><td colspan="6">that RMIG is an attractive workplace across manufacturing sites with concrete opportunities for</td></tr><tr><td colspan="6">personal development, detailed onboarding programmes, documented processes, and an inclusive</td></tr><tr><td colspan="6">environment. The Rich. Müller Foundation provides financial support for initiatives that enhance the</td></tr><tr><td colspan="6">RMIG Group’s attractiveness, including social and sports activities, as well as investments in social</td></tr><tr><td colspan="6">spaces. In 2025, the Rich. Müller Foundation aims to double the number of employees in educational</td></tr><tr><td colspan="6">roles – such as apprentices, part-time students, and trainees – and is launching a training</td></tr><tr><td colspan="6">programme, “RMIG Academy,” to preserve and develop RMIG’s specialised expertise in perforation.</td></tr><tr><td colspan="6">Sustainability-related risks</td></tr><tr><td colspan="6">Throughout the last couple of years, the overall sustainability risk has been evaluated by Group</td></tr><tr><td colspan="6">Management alongside other risk types following the same criteria in the yearly assessment. However,</td></tr><tr><td colspan="6">with the DMA conducted in 2024, our approach to sustainability-related risk identification and</td></tr><tr><td colspan="6">management has been significantly expanded.</td></tr><tr><td colspan="6">Double materiality under ESRS involves assessing sustainability issues from the perspective of</td></tr><tr><td colspan="6">financial stakeholders and economic trends. Considering this perspective, risks were identified by</td></tr><tr><td colspan="6">assessing whether 1) an impact was recognised that could trigger a risk, or 2) a dependency on</td></tr><tr><td colspan="6">natural, social, and human resources exists. Risks were then scored and prioritised in alignment with</td></tr><tr><td colspan="6">ESRS methodology.</td></tr><tr><td colspan="6">With a new detail level for identified sustainability risk thus implemented, it has also become apparent</td></tr><tr><td colspan="6">that RMIG is somewhat dependent on upstream value chain actors in the management of these</td></tr><tr><td colspan="6">risks since triggers can be located in the business and operational processes taking place prior to</td></tr><tr><td colspan="6">RMIG operations. Moreover, due to the nature of RMIG’s business as a processor of metal through</td></tr><tr><td colspan="6">partly manual operations, key risk dependencies also include both natural and social resources. We</td></tr><tr><td colspan="6">recognise that such dependencies must be considered as part of the continued sustainability risk</td></tr><tr><td colspan="6">management efforts.</td></tr><tr><td colspan="6">As part of our work to structure and drive our ESG efforts, we aim to expand our sustainability-related</td></tr><tr><td colspan="6">risk management and internal control processes in 2025 and 2026, aligning closer with the general</td></tr><tr><td colspan="6">risk management set-up. Moreover, as part of the planned sustainability strategy process in the</td></tr><tr><td colspan="6">coming year we will naturally address management and mitigation of key sustainability-related risks</td></tr><tr><td colspan="6">to discuss prioritisation and realistic action plans with mitigating effects.</td></tr><tr><td colspan="6">Sustainability Looking ahead</td></tr><tr><td colspan="6">As we move into 2025, the RMIG Group will increasingly focus on enhancing our sustainability</td></tr><tr><td colspan="6">initiatives while closely following the ongoing developments surrounding the proposed changes to</td></tr><tr><td colspan="6">the CSRD and other directives from the EU. Irrespective of the outcome of this, we prepare to enter</td></tr><tr><td colspan="6">a foundational year where we will work to establish a strong base for our environmental, social, and</td></tr><tr><td colspan="6">governance practices and create an initial link to our long-term strategy.</td></tr><tr><td colspan="6">From a strategic viewpoint, 2025 will be a year of defining and refining our overall sustainability</td></tr><tr><td colspan="6">ambitions and creating a data-driven baseline to ensure any targets set are anchored in real-life</td></tr><tr><td colspan="6">changes. Prioritisation of topics and resources will be a vital task as we aim to address areas where</td></tr><tr><td colspan="6">we hold influence and believe in actual impact realisation rather than tackling too many areas with</td></tr><tr><td colspan="6">too few resources. Our efforts will be driven through a unified group-wide approach to sustainability,</td></tr><tr><td colspan="6">which we aim to establish with acknowledgment and accommodation of the unique challenges and</td></tr><tr><td colspan="6">goals of our diverse business areas.</td></tr><tr><td colspan="6">Robust data gathering processes and improvement of overall data quality are essential levers for</td></tr><tr><td colspan="6">accurate and transparent reporting, but also for informed decision-making to steer our efforts. Such</td></tr><tr><td colspan="6">efforts should also be guided by documented and concrete principles and policies to enable unified</td></tr><tr><td colspan="6">progress across the RMIG Group. Therefore, we expect to concentrate resources on data gathering as</td></tr><tr><td colspan="6">well as updates to the ESG document hierarchy and relating actions and targets within the next few</td></tr><tr><td colspan="6">years. While some ESG areas will take precedence over others due to varying current maturity levels</td></tr><tr><td colspan="6">and topic prioritisations, the aim is to create a comprehensive data and policy foundation for the</td></tr><tr><td colspan="6">RMIG Group to build upon.</td></tr><tr><td colspan="6">A significant new undertaking will be the creation of a comprehensive Greenhouse Gas (GHG)</td></tr><tr><td colspan="6">inventory for the entire RMIG Group. This climate accounting will serve as a critical baseline for</td></tr><tr><td colspan="6">informed decision-making on climate-related and emission reduction initiatives, replacing and</td></tr><tr><td colspan="6">improving on existing internal data.</td></tr><tr><td colspan="6">Lastly, we recognise that achieving our ESG goals requires an informed and engaged workforce. To this</td></tr><tr><td colspan="6">end, we will enhance our focus on internal training to deepen understanding of ESG factors across the</td></tr><tr><td colspan="6">business areas and empower our colleagues to help drive the sustainability agenda forward effectively.</td></tr><tr><td colspan="6">We will initially approach this from a legal point of view to ensure sufficient knowledge surrounding</td></tr><tr><td colspan="6">upcoming compliance requirements relevant to the RMIG Group. In the years to come, we will strive to</td></tr><tr><td colspan="6">build on the internal training, creating a stronger link between the ESG team and relevant departments</td></tr><tr><td colspan="6">across the organisation and embedding a deeper sustainability mindset in what we do and how we</td></tr><tr><td colspan="6">approach our stakeholders.</td></tr><tr><td colspan="6">As such, 2025 will be an essential and challenging year of balancing changing regulatory requirements</td></tr><tr><td colspan="6">with practical sustainability actions while ensuring that a strong foundation is in place. Through these</td></tr><tr><td colspan="6">focused efforts, we not only aim to adhere to new standards but also hope to drive change within our</td></tr><tr><td colspan="6">organisation.</td></tr><tr><td colspan="6">At the time of writing, we are closely monitoring the ongoing regulatory dialogues regarding revisions</td></tr><tr><td colspan="6">to the existing CSRD requirements, the results of which may directly impact our reporting approach</td></tr><tr><td colspan="6">in 2025. We will adapt accordingly to ensure compliance and alignment with the evolving framework</td></tr><tr><td colspan="6">but also to focus efforts and attention on areas where we expect to drive actual progress.</td></tr><tr><td colspan="6">Environmental</td></tr><tr><td colspan="6">Environmental Policies, actions, and targets</td></tr><tr><td colspan="6">Policy on environmental protection</td></tr><tr><td colspan="6">The RMIG Code of Conduct stipulates the current policy on environmental protection, noting that</td></tr><tr><td colspan="6">the Group must comply with all current environmental laws and regulations, develop measures to</td></tr><tr><td colspan="6">minimise environmental pollution, and continuously improve environmental protection. It is expected</td></tr><tr><td colspan="6">that all entities in RMIG establish and implement an appropriate environmental management system.</td></tr><tr><td colspan="6">Furthermore, the Group has an ongoing dialogue with the authorities in the countries in which it</td></tr><tr><td colspan="6">has manufacturing facilities and seeks to contribute to the development of more environmentally</td></tr><tr><td colspan="6">sustainable solutions.</td></tr><tr><td colspan="6">RMIG is aware of the environmental impact that the metal, mining, and transportation industries</td></tr><tr><td colspan="6">have, recognising that our direct value chain carries significant carbon emission impacts. While we</td></tr><tr><td colspan="6">have historically been working to implement initiatives to reduce environmental impact, especially</td></tr><tr><td colspan="6">from RMIG manufacturing facilities, we aim to adopt a more structured approach to such initiatives</td></tr><tr><td colspan="6">going forward as they will be increasingly tied to the RMIG Group sustainability strategy. This will</td></tr><tr><td colspan="6">include, among other things, thorough assessment of the existing environmental policy and the</td></tr><tr><td colspan="6">potential need to develop more targeted and concrete policies to address the impact challenges that</td></tr><tr><td colspan="6">both RMIG and the industry are facing. Policies for climate change, pollution, and circular economy</td></tr><tr><td colspan="6">will naturally be of particular importance due to the topics’ material status for RMIG.</td></tr><tr><td colspan="6">Consequently, the initial steps towards a more structured climate effort will be taken in 2025-2026.</td></tr><tr><td colspan="6">For more details on our planned ESG efforts for 2025, see section Looking ahead, page 27.</td></tr><tr><td colspan="6">Key actions</td></tr><tr><td colspan="6">Continued reduction of energy consumption</td></tr><tr><td colspan="6">Throughout the last few years, several initiatives have been conducted across the RMIG Group to lower</td></tr><tr><td colspan="6">energy consumption especially relating to production. Such efforts have continued in 2024 where focus</td></tr><tr><td colspan="6">for several sites has been on replacing old, energy-intensive equipment and core perforation machinery</td></tr><tr><td colspan="6">with newer and more efficient alternatives, as well as making smaller, incremental improvements to</td></tr><tr><td colspan="6">everyday consumption. One site also conducted thorough measurements of electricity use across core</td></tr><tr><td colspan="6">perforation machinery to improve quality of consumption calculations and enable data-based decision-</td></tr><tr><td colspan="6">making regarding future efforts and use of machinery for production.</td></tr><tr><td colspan="6">Preparation for further ISO 14001 certification</td></tr><tr><td colspan="6">While all four RMIG Solutions manufacturing sites already uphold ISO 14001 certification, the RMIG</td></tr><tr><td colspan="6">Automotive site has commenced preparations in 2024 for certification, including ISO 5001 with focus</td></tr><tr><td colspan="6">on CO2 emission reduction. The work done so far preparing for ISO 14001 has already yielded changes,</td></tr><tr><td colspan="6">one of which is to the register of hazardous substances where a lubricant has been replaced with a</td></tr><tr><td colspan="6">far safer alternative. The plan is to be certified by the beginning of 2025, at which point five out of six</td></tr><tr><td colspan="6">RMIG Group manufacturing sites will be certified.</td></tr><tr><td colspan="6">Mitigation of spillage and pollution</td></tr><tr><td colspan="6">Efforts to prevent future pollution and spillage across sites have continued to be led by Operations</td></tr><tr><td colspan="6">Managers in 2024, including installation of dedicated spillage trays for oils, chemicals etc., and new</td></tr><tr><td colspan="6">and updated oil spill treatment kits for individual areas of the production. There has also been the</td></tr><tr><td colspan="6">installation of equipment focusing on exhaust air, among other things, with variations across sites.</td></tr><tr><td colspan="6">Reduction of raw material volumes used</td></tr><tr><td colspan="6">Focus across sites has also been on reducing the amount of raw material used for production</td></tr><tr><td colspan="6">processes through optimised planning and usage of the available material. Efforts have also been</td></tr><tr><td colspan="6">made to increase re-use of materials by stripping paint from selected items, among other things.</td></tr><tr><td colspan="6">As we rely largely on virgin materials to manufacture our products, efforts to optimise the use of such</td></tr><tr><td colspan="6">materials are vital for both RMIG production and the overall depletion of finite resources.</td></tr><tr><td colspan="6">Manufacturing consumption</td></tr><tr><td colspan="6">The RMIG Group initiatives to reduce environmental impact have historically been carried out</td></tr><tr><td colspan="6">acknowledging that our manufacturing lines are the very core of what we do with an inevitable</td></tr><tr><td colspan="6">consumption related to keeping our inherently power-intensive equipment running. Even so, we are</td></tr><tr><td colspan="6">satisfied to see that our different initiatives across manufacturing sites to lower consumption from</td></tr><tr><td colspan="6">production and supporting activities result in a slowly but steadily declining tendency for both heating</td></tr><tr><td colspan="6">and electricity. At the same time, water consumption continues to be at an overall satisfactory level</td></tr><tr><td colspan="6">relative to our industry despite a smaller increase from 2023, with our production washing equipment</td></tr><tr><td colspan="6">responsible for the majority of the water consumption.</td></tr><tr><td colspan="6">However, such consumption metrics are directly dependent on production hours, among other things,</td></tr><tr><td colspan="6">and are thus sensitive to increase or decrease in production. Consequently, it is our aim to define</td></tr><tr><td colspan="6">accurate and useful KPIs for tracking consumption and management of the related reduction efforts.</td></tr><tr><td colspan="6">The RMIG Group’s own electricity production pertains to the MEVACO manufacturing facility where a</td></tr><tr><td colspan="6">PV system is installed. All electricity produced in 2024 was sold to third parties as is regular procedure</td></tr><tr><td colspan="6">at the site.</td></tr><tr><td colspan="6">We currently do not have data available of the consumption mix on a more aggregated level that</td></tr><tr><td colspan="6">upholds the stipulated requirements. For data accounting policies, see Applied principles on page 33.</td></tr><tr><td colspan="6">With the 2024 DMA, several environmental topics proved material for the RMIG Group, warranting</td></tr><tr><td colspan="6">further efforts to identify, prioritise, and launch initiatives to mitigate our negative impacts on the</td></tr><tr><td colspan="6">environment as well as the related risks to RMIG. A more structured approach to such initiatives</td></tr><tr><td colspan="6">will be adopted in 2025, including an overall governance assessment. Currently, no climate-related</td></tr><tr><td colspan="6">considerations are factored into the remuneration of members of the administrative, management,</td></tr><tr><td colspan="6">and supervisory bodies, and performance is thus not assessed against any GHG emission KPIs.</td></tr><tr><td colspan="6">Environmental Use of resources</td></tr><tr><td colspan="6">As a metal processor, the RMIG Group has a dependency on virgin materials and the processing of</td></tr><tr><td colspan="6">such materials across the value chain, with a high associated environmental impact. Consequently,</td></tr><tr><td colspan="6">we believe efforts to optimise resource use and increase circular efforts to be vital for our continued</td></tr><tr><td colspan="6">operations, and we ongoingly manage initiatives to address these areas from an operational point of</td></tr><tr><td colspan="6">view.</td></tr><tr><td colspan="6">As part of our DMA process, the RMIG Group conducted a thorough assessment of material resource</td></tr><tr><td colspan="6">use and circular economy-related IROs. This assessment covered both own operations and upstream</td></tr><tr><td colspan="6">and downstream value chain, considering resource inflow, resource outflow, and waste. We identified</td></tr><tr><td colspan="6">IROs for all three sub-topics covering both our own operations across manufacturing sites, upstream</td></tr><tr><td colspan="6">value chain, and downstream value chain.</td></tr><tr><td colspan="6">Metal inflow and waste</td></tr><tr><td colspan="6">Metal sheets and coils are critical materials for the RMIG Group. While we offer products made</td></tr><tr><td colspan="6">from a broad range of materials, steel makes up most of our resource inflow across steel types and</td></tr><tr><td colspan="6">treatments. Associated process materials, such as coatings, lubricants, and hydraulics are also part</td></tr><tr><td colspan="6">of the ongoing resource inflow, however with higher use rate at some sites than others. Packaging</td></tr><tr><td colspan="6">materials used both for incoming and outgoing shipments are primarily wood (pallets, crates, pallet</td></tr><tr><td colspan="6">sides, and lids), cardboard (used for separation and corner protection), and plastic (often wrapping</td></tr><tr><td colspan="6">material and crimp tape).</td></tr><tr><td colspan="6">While some metal sheets and coils may be stored temporarily at our facilities, most items are quickly</td></tr><tr><td colspan="6">used in production where several tonnes of metal are processed each year across our six manufacturing</td></tr><tr><td colspan="6">sites. Metal amounts used in production vary across sites according to the specialisation of each</td></tr><tr><td colspan="6">business area, thus with a naturally lower amount processed in RMIG Automotive. For some sites,</td></tr><tr><td colspan="6">customer-sourced material is a common part of business operations due to specific customer demands</td></tr><tr><td colspan="6">and logistics considerations.</td></tr><tr><td /><td>Raw materials used for</td><td>Customer-sourced</td></tr><tr><td>2024</td><td>production (tonnes)</td><td>share</td></tr><tr><td>Steel, cold and hot rolled</td><td>18.150</td><td>7</td></tr><tr><td>Stainless steel</td><td>6.167</td><td>11</td></tr><tr><td>Galvanised steel</td><td>14.663</td><td>10</td></tr><tr><td>Aluminium</td><td>4.857</td><td>6</td></tr><tr><td>Other</td><td>5.740</td><td>93</td></tr><tr><td>Total</td><td>49.577</td><td>18</td></tr><tr><td colspan="6">See Environmental accounting policies 3 and 4</td></tr><tr><td colspan="6">While the amount of raw materials used for production is an important metric, it is also directly</td></tr><tr><td colspan="6">reliant on order intake and thus cannot be used for reliable progress tracking in itself. Rather, it must</td></tr><tr><td colspan="6">be seen as a periodic snapshot. Consequently, it is our aim to define accurate KPIs for tracking the</td></tr><tr><td colspan="6">development of our raw material use and management of the related reduction efforts, including</td></tr><tr><td colspan="6">metal waste.</td></tr><tr><td colspan="6">Re-use of metal waste from production by way of burr (the perforated holes) and scrap (waste from</td></tr><tr><td colspan="6">the production process) is an important initiative across all manufacturing sites. To prepare for</td></tr><tr><td colspan="6">remelting, all metal waste is collected and stored for pick-up according to material and treatment</td></tr><tr><td colspan="6">types. Thus, both metal and general waste is sorted and disposed of with recyclability in mind.</td></tr><tr><td colspan="6">Environmental Use of resources</td></tr><tr><td colspan="6">While more burr and scrap sent for re-use results in less virgin raw materials needed for metal</td></tr><tr><td colspan="6">production, RMIG focuses our efforts on optimising use of inflow materials rather than increasing</td></tr><tr><td colspan="6">metal for re-use. This is done based on the principle that decreasing the initial amount of virgin</td></tr><tr><td colspan="6">material used for production rather than increasing the metal sent for re-use is the best solution for</td></tr><tr><td colspan="6">lowering environmental impact, albeit with recognition for the inherent dilemma. Despite burr waste</td></tr><tr><td colspan="6">constituting the majority of metal waste sent for re-use from our manufacturing sites, RMIG focuses</td></tr><tr><td colspan="6">on reducing scrap waste through planning and technical optimisation due to our direct control of this</td></tr><tr><td colspan="6">in contrary to reducing burr, which is primarily driven by customer requirements.</td></tr><tr><td /><td>Total metal waste</td><td>Total metal</td></tr><tr><td /><td>for re-use (% of</td><td>waste for</td><td>Metal waste -</td><td>Metal waste -</td></tr><tr><td>2024</td><td>raw materials)</td><td>re-use (tonnes)</td><td>burr</td><td>scrap</td></tr><tr><td>Steel, cold and hot rolled</td><td>38%</td><td>6.909</td><td>71%</td><td>29%</td></tr><tr><td>Stainless steel</td><td>31%</td><td>1.920</td><td>86%</td><td>14%</td></tr><tr><td>Galvanised steel</td><td>42%</td><td>6.136</td><td>92%</td><td>8%</td></tr><tr><td>Aluminium</td><td>52%</td><td>2.523</td><td>72%</td><td>28%</td></tr><tr><td>Other</td><td>1%</td><td>60</td><td>61%</td><td>39%</td></tr><tr><td>Total</td><td>35%</td><td>17.548</td><td>80%</td><td>20%</td></tr><tr><td colspan="6">See Environmental accounting policies 3 and 5</td></tr><tr><td colspan="6">Environmental Applied principles</td></tr><tr><td colspan="6">Environmental accounting policies</td></tr><tr><td colspan="6">1. Manufacturing consumption</td></tr><tr><td colspan="6">Accumulated consumption values are presented for three categories in relevant units of measure</td></tr><tr><td colspan="6">water, heating, and electricity. Data is reported for the full year of 2024 by aggregating values</td></tr><tr><td colspan="6">reported internally on a monthly basis.</td></tr><tr><td colspan="6">In order to timely and accurately show the RMIG consumption, only manufacturing and logistics</td></tr><tr><td colspan="6">sites are included. An assumption has been applied of the relative immateriality of the consumption</td></tr><tr><td colspan="6">levels for sales offices relating to water, heating, and electricity compared to the included sites.</td></tr><tr><td colspan="6">Disaggregation by fossil, nuclear, and renewable sources has not been performed due to lacking data</td></tr><tr><td colspan="6">availability and quality at the moment.</td></tr><tr><td colspan="6">Historic data has been extracted from the RMIG Group Annual Report 2023 and is deemed</td></tr><tr><td colspan="6">comparable as similar assumptions and principles have been applied.</td></tr><tr><td colspan="6">2. Electricity production</td></tr><tr><td colspan="6">The production data covers sites where renewable energy is effectively produced through PV systems,</td></tr><tr><td colspan="6">currently only relevant for the MEVACO manufacturing site. Energy production is reported in MWh</td></tr><tr><td colspan="6">and has been extracted for the full year of 2024 at the end of the reporting period. Historic data has</td></tr><tr><td colspan="6">similarly been extracted at the end of a full calendar year based on comparable principles.</td></tr><tr><td colspan="6">3. Metal inflow and waste – general</td></tr><tr><td colspan="6">Metal amounts are presented as a total value including data from all six manufacturing sites. Data is</td></tr><tr><td colspan="6">extracted for the full year of 2024 at the end of the reporting period.</td></tr><tr><td colspan="6">Material amounts relating to inflow and waste are aggregated and categorised for readability to create</td></tr><tr><td colspan="6">an overview of resource use with focus on critical raw materials. A level of assumption has necessarily</td></tr><tr><td colspan="6">been applied in the categorisation of products. To ensure data accuracy and comparability across the</td></tr><tr><td colspan="6">RMIG Group, some of the chosen categories combine more than one type of often-used material with</td></tr><tr><td colspan="6">somewhat different specifications and environmental footprints intra-category.</td></tr><tr><td colspan="6">• Steel: includes both hot rolled steel and cold rolled steel</td></tr><tr><td colspan="6">• Galvanised: includes both electro galvanised steel and hot dip galvanised steel</td></tr><tr><td colspan="6">• Other: includes materials such as brass, copper, nickel, zinc, PVC, painted/coated steel etc.</td></tr><tr><td colspan="6">4. Raw material amounts</td></tr><tr><td colspan="6">Raw material values are compiled based on materials registered for use in production lines throughout</td></tr><tr><td colspan="6">the full year of 2024. This specification has been chosen over values for raw material purchased in the</td></tr><tr><td colspan="6">same period based on an assumption of higher accuracy despite the manual processes for registering</td></tr><tr><td colspan="6">data input in RMIG systems. Total raw material values include customer-sourced material which is</td></tr><tr><td colspan="6">supplied with the product order through the customer.</td></tr><tr><td colspan="6">5. Metal waste amounts</td></tr><tr><td colspan="6">Total values for metal waste include both scrap waste and burr waste collected and sent for re-use</td></tr><tr><td colspan="6">throughout the full year of 2024. Data input is registered manually in RMIG systems during the</td></tr><tr><td colspan="6">reporting period with a subsequent level of data accuracy uncertainty.</td></tr><tr><td colspan="6">Social</td></tr><tr><td colspan="6">Social Policies, actions, and targets</td></tr><tr><td colspan="6">RMIG Code of Conduct</td></tr><tr><td colspan="6">The RMIG Code of Conduct establishes the ethical, social, and legal guidelines and principles for</td></tr><tr><td colspan="6">conducting business within RMIG, focusing on ensuring that all company activities are carried out</td></tr><tr><td colspan="6">with integrity and in compliance with applicable laws. Thus, the RMIG Code of Conduct defines the</td></tr><tr><td colspan="6">general principles and requirements for RMIG employees. Key social and environmental aspects such</td></tr><tr><td colspan="6">as human rights, working conditions, prevention of corruption, and environmental protection are</td></tr><tr><td colspan="6">addressed.</td></tr><tr><td colspan="6">As stated in the Code of Conduct, we respect the personal dignity, privacy, and personal rights of</td></tr><tr><td colspan="6">all individuals and strictly prohibit and prevent all forms of forced labour and child labour. When</td></tr><tr><td colspan="6">working internationally there is a risk of violations of human rights, and RMIG is therefore committed</td></tr><tr><td colspan="6">to showing respect, honesty, and trust towards our employees and along the value chain. The RMIG</td></tr><tr><td colspan="6">Group’s awareness is embodied in the RMIG Code of Conduct which includes actions of equality</td></tr><tr><td colspan="6">and non-discriminating behaviour. It is explicitly addressed that we do not tolerate discrimination</td></tr><tr><td colspan="6">regarding ethnic origin, culture, sex, religion, ideology, disability, age, or sexual identity under any</td></tr><tr><td colspan="6">circumstances.</td></tr><tr><td colspan="6">Furthermore, RMIG’s policy for labour rights is to ensure an attractive working environment so that we</td></tr><tr><td colspan="6">can appeal to, develop, and maintain a qualified and engaged workforce. Through safety committees</td></tr><tr><td colspan="6">and workplace accident management systems, RMIG attributes great priority to ensuring a safe and</td></tr><tr><td colspan="6">ergonomic working environment and we take preventive measures concerning occupational health</td></tr><tr><td colspan="6">and safety.</td></tr><tr><td colspan="6">Adherence to our Code of Conduct and values are addressed through ongoing engagement with</td></tr><tr><td colspan="6">employees in the workforce. For more details on employee engagement, see the section on page 41.</td></tr><tr><td colspan="6">Violations of the RMIG Code of Conduct may lead to disciplinary actions, including termination of</td></tr><tr><td colspan="6">employment.</td></tr><tr><td colspan="6">The RMIG Code of Conduct is available to the public at rmiggroup.com</td></tr><tr><td colspan="6">Key actions</td></tr><tr><td colspan="6">Training</td></tr><tr><td colspan="6">The RMIG Code of conduct is continuously available for all employees who furthermore receive</td></tr><tr><td colspan="6">training in our corporate values. It is an essential goal that all new employees sign the RMIG Code of</td></tr><tr><td colspan="6">Conduct before starting their employment. The corporate values are autonomously implemented in</td></tr><tr><td colspan="6">the three business areas where, as an example, formalised yearly workshops centring on such values</td></tr><tr><td colspan="6">take place in RMIG Solutions, which was also the case in 2024. For more details, see the Corporate</td></tr><tr><td colspan="6">culture section on page 48.</td></tr><tr><td colspan="6">Initiatives to improve overall safety</td></tr><tr><td colspan="6">In 2024, systematic follow-up on safety incidents has taken place to reduce the numbers and severity</td></tr><tr><td colspan="6">of incidents at our manufacturing sites. These initiatives have ultimately been anchored with the</td></tr><tr><td colspan="6">RMIG Group CEO, who has devoted great effort to reducing accidents and increasing overall safety</td></tr><tr><td colspan="6">among employees during the year. For more details, including concrete efforts and overall metrics, see</td></tr><tr><td colspan="6">the section on Health and safety, page 39.</td></tr><tr><td colspan="6">Efforts to mitigate health impacts</td></tr><tr><td colspan="6">Heavy manufacturing work may often end up negatively impacting the health of employees over</td></tr><tr><td colspan="6">longer periods of time. In acknowledgment of this, continuous efforts to mitigate health strains take</td></tr><tr><td colspan="6">place across the RMIG Group, with 2024 having been no exception. During the year, focus has been on</td></tr><tr><td colspan="6">reducing noise levels from production lines and improving hearing aids across several sites. MEVACO</td></tr><tr><td colspan="6">also commenced initiatives with focus on decreasing physical strain for operators in their daily work,</td></tr><tr><td colspan="6">including new lift tables having been implemented and an automatic stacking system being planned</td></tr><tr><td colspan="6">for the beginning of 2025. Finally, several sites have targeted efforts to reduce sickness rates, such as</td></tr><tr><td colspan="6">one-to-one dialogues and increased opportunities for employee feedback. For more details, see the</td></tr><tr><td colspan="6">Health and safety section on page 40.</td></tr><tr><td colspan="6">RMIG Supplier Code of Conduct</td></tr><tr><td colspan="6">RMIG Group has implemented a Supplier Code of Conduct which specifies general principles and</td></tr><tr><td colspan="6">requirements for suppliers and business partners. It encompasses ethical, social, and legal guidelines</td></tr><tr><td colspan="6">aiming for fair competition, ethical behaviour, and lawful conduct, foundational for solid business</td></tr><tr><td colspan="6">collaboration. RMIG expects all suppliers and their affiliates to comply with current laws and adhere to</td></tr><tr><td colspan="6">this code.</td></tr><tr><td colspan="6">The RMIG Supplier Code of Conduct largely holds direct suppliers to the same standard as defined</td></tr><tr><td colspan="6">in the internal RMIG Code of Conduct, including, among other things, adherence to human and</td></tr><tr><td colspan="6">labour rights, supported freedom of association for employees, prohibition of bribery and corruption,</td></tr><tr><td colspan="6">compliance with applicable laws, and prevention of usage of conflict minerals.</td></tr><tr><td colspan="6">Larger suppliers are expected to sign the RMIG Supplier Code of Conduct, or additional regional</td></tr><tr><td colspan="6">documents presented by companies within the RMIG Group, before entering a business relationship.</td></tr><tr><td colspan="6">Failure to comply with the RMIG Supplier Code of Conduct is considered a fundamental breach of</td></tr><tr><td colspan="6">contract and may lead to requirements for corrective actions or ultimately to termination of the</td></tr><tr><td colspan="6">business relationship.</td></tr><tr><td colspan="6">The RMIG Supplier Code of Conduct is available to the public at rmiggroup.com</td></tr><tr><td colspan="6">Key actions</td></tr><tr><td colspan="6">Review and optimisation of supplier evaluation</td></tr><tr><td colspan="6">Purchase and supplier relations are anchored with each manufacturing site across the RMIG Group to</td></tr><tr><td colspan="6">allow for local differences. In 2024, a small pilot project was run where supplier evaluation data was</td></tr><tr><td colspan="6">processed and visualised in new ways using Power BI, creating new insights as a basis for optimisation</td></tr><tr><td colspan="6">of the current supplier evaluation. It is consequently the aim that the evaluation processes and</td></tr><tr><td colspan="6">criteria will be reviewed and updated as necessary for select sites in 2025.</td></tr><tr><td colspan="6">Social Characteristics of our workforce</td></tr><tr><td colspan="6">When conducting the DMA in 2024, the RMIG Group included identification and assessment of IROs</td></tr><tr><td colspan="6">related to our own workforce, with focus on identifying any material negative impacts on our own</td></tr><tr><td colspan="6">workforce as basis for improvement decisions. All people in our workforce who could be materially</td></tr><tr><td colspan="6">impacted by the RMIG Group were included in the scope of our DMA and consequent disclosures</td></tr><tr><td colspan="6">under ESRS 2.</td></tr><tr><td colspan="6">The assessment showed that material negative impacts occur relating to our workforce. These are</td></tr><tr><td colspan="6">systemic in nature within the RMIG Group and thus influence most of our employees which increases</td></tr><tr><td colspan="6">the overall score of each impact and often drives the ultimate material rating. It is also noted that</td></tr><tr><td colspan="6">impacts relating to working conditions, e.g. health and safety and work-life balance, relate more</td></tr><tr><td colspan="6">directly to employees working on our production floors and logistics centres rather than in supporting</td></tr><tr><td colspan="6">functions. As such, the increasing impact and risk with more manual work is not unusual but rather an</td></tr><tr><td colspan="6">expected outcome of physical labour that is already tracked and mitigated through ongoing initiatives</td></tr><tr><td colspan="6">across the Group.</td></tr><tr><td colspan="6">The DMA also identified a positive impact on our employees resulting from secure employment. While</td></tr><tr><td colspan="6">project-based employment is not uncommon in the industry, it is currently not a widespread practice</td></tr><tr><td colspan="6">in the RMIG Group where approx. 92% of employees are on full-time contracts, with part-time</td></tr><tr><td colspan="6">employees generally having requested this flexibility themselves, and where the average employment</td></tr><tr><td colspan="6">seniority (time in company) across the Group is approx. 14 years.</td></tr><tr><td colspan="6">Our dedicated personnel</td></tr><tr><td colspan="6">At the end of 2024, we have a total of 642 employees and nine temp agency workers distributed</td></tr><tr><td colspan="6">across 14 countries in the RMIG Group. See Note 6 on page 64 in the Consolidated financial</td></tr><tr><td colspan="6">statements for the most representative number. Our workforce thus consists primarily of “employees”</td></tr><tr><td colspan="6">as per ESRS definitions with a minority of “non-employees” as per ESRS definitions.</td></tr><tr><td colspan="6">Our employees can be categorised in two overall groupings: those working as part of, or directly</td></tr><tr><td colspan="6">relating to, our primary operations and those working in line and supporting functions. The first group</td></tr><tr><td colspan="6">generally consists of blue collar employees who perform more manual labour, such as operating</td></tr><tr><td colspan="6">equipment, maintaining and repairing machinery, designing and producing tools, assembling products,</td></tr><tr><td colspan="6">and similar. Such employees will be more exposed to negative impacts and risks as a result of their</td></tr><tr><td colspan="6">job function. The latter group generally consists of white-collar employees performing non-manual</td></tr><tr><td colspan="6">labour, such as sales functions, purchase departments, finance, IT, technical design and advisory, ESG,</td></tr><tr><td colspan="6">and management. This group has a smaller inherent exposure to physical risks and negative labour</td></tr><tr><td colspan="6">impacts. While the nature of job tasks vary significantly, collaboration across employees in each group</td></tr><tr><td colspan="6">happens every day at our manufacturing sites.</td></tr><tr><td colspan="6">All 9 non-employees who are part of our workforce are interim workers, meaning that they are</td></tr><tr><td colspan="6">provided by third party undertakings primarily engaged in employment activities. Thus, our workforce</td></tr><tr><td colspan="6">includes 0 self-employed people. See Social accounting policy 1.</td></tr><tr><td colspan="6">Workforce metrics</td></tr><tr><td colspan="6">Employee head count by gender</td></tr><tr><td colspan="6">Working in a historically male-dominated</td></tr><tr><td colspan="6">industry such as manufacturing and with</td></tr><tr><td colspan="6">dependency on equally male-dominated</td></tr><tr><td colspan="6">industries, we recognise the challenges</td></tr><tr><td colspan="6">and cultural impact that gender disparity</td></tr><tr><td colspan="6">may cause. The female representation</td></tr><tr><td colspan="6">has remained steady at around 1/5 of our</td></tr><tr><td colspan="6">employees on average for the last five years</td></tr><tr><td colspan="6">with our blue-collar employee category</td></tr><tr><td colspan="6">expectedly driving the majority of the</td></tr><tr><td colspan="6">gender gap. We have historically seen that</td></tr><tr><td colspan="6">the gender ratio varies significantly across employment types with noticeable differences between</td></tr><tr><td colspan="6">manufacturing sites as well. RMIG is diligent in our principle of always hiring the most suitable</td></tr><tr><td colspan="6">candidate irrespective of gender, and efforts are made to create an inclusive work environment for</td></tr><tr><td colspan="6">all where any gender-related issue is taken seriously and addressed immediately. See further Gender</td></tr><tr><td colspan="6">diversity metrics on page 52.</td></tr><tr><td>Gender</td><td>Number of employees</td></tr><tr><td>Male</td><td>498</td></tr><tr><td>Female</td><td>144</td></tr><tr><td>Other</td><td>0</td></tr><tr><td>Not reported</td><td>0</td></tr><tr><td>Total</td><td>642</td></tr><tr><td colspan="6">See Social accounting policy 2</td></tr><tr><td colspan="6">Social Characteristics of our workforce</td></tr><tr><td colspan="6">Employee head count in countries with at</td></tr><tr><td colspan="6">least 50 employees representing at least</td></tr><tr><td colspan="6">10% of total number of employees</td></tr><tr><td colspan="6">The majority of employees in the RMIG</td></tr><tr><td colspan="6">Group (79%) are located in Denmark or</td></tr><tr><td colspan="6">Germany. To understand the concentration</td></tr><tr><td colspan="6">of employees in the two countries, it must</td></tr><tr><td colspan="6">be noted that a large manufacturing site</td></tr><tr><td colspan="6">is combined with the Group Headquarters in Denmark while there are three separate manufacturing</td></tr><tr><td colspan="6">sites in Germany, representing both RMIG Solutions, RMIG Automotive, and MEVACO. The remaining</td></tr><tr><td colspan="6">21% of our workforce is spread across 12 countries to ensure a personal and local dialogue with</td></tr><tr><td colspan="6">customers.</td></tr><tr><td>Country</td><td>Number of employees</td></tr><tr><td>Germany</td><td>365</td></tr><tr><td>Denmark</td><td>144</td></tr><tr><td colspan="6">See Social accounting policy 3</td></tr><tr><td colspan="6">Employee head count by contract type and gender</td></tr><tr><td colspan="6">99% of our employees are hired on permanent contracts based on either hourly pay or fixed monthly</td></tr><tr><td colspan="6">pay with no significant difference in contract types offered across genders. The four non-permanent</td></tr><tr><td colspan="6">employee contracts are offered at the Danish site and represent practices such as offering student</td></tr><tr><td colspan="6">positions and accommodating flexibility needs. Any other non-permanent workers are hired through</td></tr><tr><td colspan="6">third party agencies (non-employees) and are thus not included in employee head count.</td></tr><tr><td /><td /><td /><td /><td>Not</td></tr><tr><td>2024</td><td>Male</td><td>Female</td><td>Other</td><td>disclosed</td><td>Total</td></tr><tr><td>Permanent employees</td><td>496</td><td>142</td><td>0</td><td>0</td><td>638</td></tr><tr><td>Temporary employees</td><td>1</td><td>0</td><td>0</td><td>0</td><td>1</td></tr><tr><td>Non-guaranteed hours employees</td><td>1</td><td>2</td><td>0</td><td>0</td><td>3</td></tr><tr><td>Total number of employees</td><td>498</td><td>144</td><td>0</td><td>0</td><td>642</td></tr><tr><td colspan="6">See Social accounting policy 4</td></tr><tr><td colspan="6">Employee turnover</td></tr><tr><td colspan="6">With an average employee turnover</td></tr><tr><td colspan="6">rate across the RMIG Group of</td></tr><tr><td colspan="6">11% in 2024, we have had a steady</td></tr><tr><td colspan="6">change of employees sustaining</td></tr><tr><td colspan="6">a balance between renewal</td></tr><tr><td colspan="6">of ideas and people while still</td></tr><tr><td colspan="6">ensuring continuity and knowledge</td></tr><tr><td colspan="6">preservation.</td></tr><tr><td /><td>Number of employees</td></tr><tr><td>Total</td><td>642</td></tr><tr><td>Employees who have left</td><td>70</td></tr><tr><td>Employee turnover</td><td>11</td></tr><tr><td colspan="6">See Social accounting policy 5</td></tr><tr><td colspan="6">Distribution of employees by age</td></tr><tr><td colspan="6">The age distribution of our</td></tr><tr><td colspan="6">employees, where 51% are more</td></tr><tr><td colspan="6">than 50 years old, exemplifies one</td></tr><tr><td colspan="6">of the key risks to the RMIG Group</td></tr><tr><td colspan="6">relating to an increasing loss of</td></tr><tr><td colspan="6">tacit technical knowledge due to</td></tr><tr><td colspan="6">skilled employees retiring. The</td></tr><tr><td colspan="6">distribution shown to the right</td></tr><tr><td colspan="6">indicates that the risk will not</td></tr><tr><td colspan="6">decrease by itself in the coming years and in combination with many</td></tr><tr><td colspan="6">of our employees performing physical labour tasks, it means that work</td></tr><tr><td colspan="6">strain is an important focus area to ensure the continued health of our</td></tr><tr><td colspan="6">employees.</td></tr><tr><td>Age group</td><td>Head count</td><td>Percentage</td></tr><tr><td>Under 30 years old</td><td>62</td><td>10%</td></tr><tr><td>Between 30 and 50 years old</td><td>252</td><td>39%</td></tr><tr><td>Over 50 years old</td><td>328</td><td>51%</td></tr><tr><td>Total</td><td>642</td><td>100%</td></tr><tr><td colspan="6">See Social accounting policy 6</td></tr><tr><td colspan="6">In recognition of the increased strain on some of our employees,</td></tr><tr><td colspan="6">we have among other things introduced additional days of “senior</td></tr><tr><td colspan="6">personal time off” at one of the manufacturing sites with a higher</td></tr><tr><td colspan="6">average age. However, we are also focusing on attracting new</td></tr><tr><td colspan="6">employees through the upcoming training programme “RMIG</td></tr><tr><td colspan="6">Academy”. See further details in the Managing risks section on</td></tr><tr><td colspan="6">page 26.</td></tr><tr><td colspan="6">Social Health and safety</td></tr><tr><td colspan="6">Note from the CEO</td></tr><tr><td colspan="6">The RMIG Group's overall safety performance in 2024 is highly unsatisfactory.</td></tr><tr><td colspan="6">Although there has been a slight reduction compared to the 27 injuries in 2023,</td></tr><tr><td colspan="6">23 lost-time injuries remain far too high. One location stands out negatively,</td></tr><tr><td colspan="6">accounting for more than half of all the Group's injuries in 2024 and showing a</td></tr><tr><td colspan="6">deterioration compared to 2023. At this site, the number of initiatives has been</td></tr><tr><td colspan="6">intensified, but for the entire RMIG Group there is a general focus on reducing the risk of injuries,</td></tr><tr><td colspan="6">supported by the following activities, which will continue in 2025</td></tr><tr><td colspan="6">• Identifying and mitigating the most prevalent injury types</td></tr><tr><td colspan="6">• Improving machine and equipment safety</td></tr><tr><td colspan="6">• Enhancing the safety culture and awareness</td></tr><tr><td colspan="6">The Board of Directors and Group Management are determined to continuously improve the</td></tr><tr><td colspan="6">working environment and safety for our colleagues.</td></tr><tr><td colspan="6">Number of fatalities and accidents 2024</td></tr><tr><td colspan="6">Number of fatalities in own workforce as result of work-related injuries</td></tr><tr><td>and work-related ill health</td><td>0</td></tr><tr><td colspan="6">Number of fatalities as result of work-related injuries and work-related ill health</td></tr><tr><td>of other workers working on undertaking's sites</td><td>0</td></tr><tr><td>Number of recordable work-related accidents for own workforce</td><td>23</td></tr><tr><td>Rate of recordable work-related accidents for own workforce</td><td>24,1</td></tr><tr><td>Number of days lost to work-related injuries and work-related ill health</td><td>221</td></tr><tr><td colspan="6">See Social accounting policies 7-10</td></tr><tr><td colspan="6">Improving health and safety across sites</td></tr><tr><td colspan="6">The dedicated efforts to increase safety across the RMIG Group work environment are ongoing,</td></tr><tr><td colspan="6">focusing on the processes carried out at our manufacturing sites. These efforts were already initiated</td></tr><tr><td colspan="6">prior to the DMA with direct attention from Group Management, but the IRO identification relating to</td></tr><tr><td colspan="6">health and safety only emphasises the importance of our ongoing safety work. Key initiatives in 2024</td></tr><tr><td colspan="6">include the following areas.</td></tr><tr><td colspan="6">Identifying and mitigating the most prevalent injury types</td></tr><tr><td colspan="6">In recent years, there has been a significant predominance of cuts to hands, arms, and legs caused</td></tr><tr><td colspan="6">by contact with sharp metal edges. As a first step in 2024, the use of personal protective equipment</td></tr><tr><td colspan="6">such as cut-resistant gloves, arm guards, etc., has been optimised with potential for individually</td></tr><tr><td colspan="6">configured equipment where necessary, such as protective glasses and hearing protection. Changes</td></tr><tr><td colspan="6">have also been made in handling and processes within the production flow.</td></tr><tr><td colspan="6">Improving machine and equipment safety</td></tr><tr><td colspan="6">Efforts began in 2024 and are expected to continue in the coming years. Over the past two years, only</td></tr><tr><td colspan="6">one recorded workplace accident could have been prevented by a different machine design. However,</td></tr><tr><td colspan="6">it has been concluded that the risk of accidents can be reduced through improved designs of various</td></tr><tr><td colspan="6">machine types. Consequently, improvements across the RMIG Group with the ensuing update of older</td></tr><tr><td colspan="6">machinery and equipment have been initiated at several sites in 2024. Moreover, one manufacturing</td></tr><tr><td colspan="6">site has integrated camera-based pedestrian monitoring on its forklifts to increase safety of both</td></tr><tr><td colspan="6">drivers and pedestrians in the production area.</td></tr><tr><td colspan="6">Enhancing the safety culture and awareness</td></tr><tr><td colspan="6">A stronger focus on safety culture and continuous improvement is essential. This will be achieved</td></tr><tr><td colspan="6">through managerial attention and involvement across the organisation, training, process</td></tr><tr><td colspan="6">improvements, analyses, frequent dialogue, and other measures. In 2024, regular trainings and audits</td></tr><tr><td colspan="6">have been implemented at several manufacturing sites with a “safety dojo” concept currently being</td></tr><tr><td colspan="6">tested at one site to increase awareness and knowledge.</td></tr><tr><td colspan="6">Additionally, employee health is also an important factor across the RMIG Group alongside the</td></tr><tr><td colspan="6">increased safety focus in current years. Consequently, a senior arrangement has been implemented</td></tr><tr><td colspan="6">at one of our manufacturing sites in 2024. This arrangement consists of additional paid days off</td></tr><tr><td colspan="6">offered to each employee from a certain age and seniority, with the number of days increasing</td></tr><tr><td colspan="6">the closer the individual comes to the nationally regulated retirement age. The initiative has been</td></tr><tr><td colspan="6">implemented in recognition and appreciation of the knowledge and experience of our senior</td></tr><tr><td colspan="6">employees, which is crucial to capture and retain. Through this, Group Management aims to not only</td></tr><tr><td colspan="6">encourage but also enable our colleagues to stay.</td></tr><tr><td colspan="6">See Social Policies, actions, and targets on page 35 for more details on mitigation of health impacts in</td></tr><tr><td colspan="6">2024</td></tr><tr><td colspan="6">Social protection</td></tr><tr><td colspan="6">With manufacturing, logistics, and sales sites spread across the EU and the UK, employees of the</td></tr><tr><td colspan="6">RMIG Group are ensured a broad range of social protection through primarily public programmes in</td></tr><tr><td colspan="6">own countries and/or through RMIG benefits. As such, our employees are covered by social protection</td></tr><tr><td colspan="6">against loss of income due to any of the following major life events</td></tr><tr><td colspan="6">• Sickness</td></tr><tr><td colspan="6">• Unemployment starting from when the own worker is working for the undertaking</td></tr><tr><td colspan="6">• Employment injury and acquired disability</td></tr><tr><td colspan="6">• Parental leave</td></tr><tr><td colspan="6">• Retirement</td></tr><tr><td colspan="6">Employees are not guaranteed protection of a level fully equal to their average salary but are</td></tr><tr><td colspan="6">compensated according to national standards and specified internal guidelines, which also dictate</td></tr><tr><td colspan="6">the duration of the protection.</td></tr><tr><td colspan="6">Social Employee engagement</td></tr><tr><td colspan="6">The RMIG Group has formalised structures in place for engaging with our employees and official</td></tr><tr><td colspan="6">employee representatives across sites, departments, and organisational levels. While the autonomy</td></tr><tr><td colspan="6">of RMIG’s governance and varying national legal requirements call for differences in how this is set</td></tr><tr><td colspan="6">up, formalised, and carried out across business areas and sites, engagement efforts and employee</td></tr><tr><td colspan="6">representatives are present across the RMIG Group.</td></tr><tr><td colspan="6">For years, it has been an inherent understanding of Group Management that our employees are</td></tr><tr><td colspan="6">important contributors for identifying the important operational challenges and improvement</td></tr><tr><td colspan="6">potentials. Therefore, initiatives focusing on dialogue, socialisation, and formal input have long been in</td></tr><tr><td colspan="6">place according to, and often beyond, what local regulations require. The initiatives are both reactive</td></tr><tr><td colspan="6">and proactive in nature regarding the impacts that RMIG has on our employees, meaning that both</td></tr><tr><td colspan="6">past events and future risks or opportunities are brought up in different fora.</td></tr><tr><td colspan="6">Group Management, by way of the three Business Area Directors, is ultimately accountable for the</td></tr><tr><td colspan="6">engagement processes, while local site Management has operational responsibility for ensuring that</td></tr><tr><td colspan="6">employee engagement happens according to local principles. It is also local Management who will</td></tr><tr><td colspan="6">ensure that input is incorporated into future processes or procedures.</td></tr><tr><td colspan="6">As mentioned, several types of engagement occur across the RMIG Group, but the most prevalent</td></tr><tr><td colspan="6">are described to the right.</td></tr><tr><td colspan="6">Meetings between employees and Management</td></tr><tr><td colspan="6">The meetings vary significantly in nature, purpose, and frequency, but will include</td></tr><tr><td colspan="6">employee representatives or function as work councils with a focus on different topics</td></tr><tr><td colspan="6">such as cooperation, physical and psychological work environment, education, or company</td></tr><tr><td colspan="6">agreements, salaries, or safety. Furthermore, it is possible for our employees to bring up</td></tr><tr><td colspan="6">improvement suggestions or other ideas at such meetings. The frequency can be anything</td></tr><tr><td colspan="6">from monthly to quarterly or biannually in accordance with collective agreements with</td></tr><tr><td colspan="6">unions where such are present. At two sites, the meetings take a more informal nature and</td></tr><tr><td colspan="6">happen as and when requested by the employee representatives. In essence, the meetings</td></tr><tr><td colspan="6">foster participation and consultation of employees.</td></tr><tr><td colspan="6">Company meetings</td></tr><tr><td colspan="6">These are larger sessions that are official in nature and tend to include most or all</td></tr><tr><td colspan="6">employees of a specific site happening yearly or biannually. Most often, a more formal</td></tr><tr><td colspan="6">agenda is set for each meeting with an informative purpose focusing on topics such as</td></tr><tr><td colspan="6">performance, results, and strategic objectives. One or more representatives of Group</td></tr><tr><td colspan="6">Management will be present, and the CEO and CFO aim to participate in at least one</td></tr><tr><td colspan="6">session at each manufacturing site per year.</td></tr><tr><td colspan="6">Personal Development Reviews</td></tr><tr><td colspan="6">The reviews (PDRs) offer a yearly opportunity for individual dialogue in a more trusted</td></tr><tr><td colspan="6">setting for each employee and their direct Manager. The process is a structured method</td></tr><tr><td colspan="6">of assessing past performance and agreeing actions to improve future performance of</td></tr><tr><td colspan="6">the individual, and therefore offers formal opportunities for each person to influence own</td></tr><tr><td colspan="6">upskilling and competency development, including suggesting relevant external trainings</td></tr><tr><td colspan="6">and classes.</td></tr><tr><td colspan="6">Employee Engagement Survey</td></tr><tr><td colspan="6">Group-wide employee engagement surveys (EES) are conducted every 3-5 years, providing</td></tr><tr><td colspan="6">the employees with an anonymous channel for feedback and objective input. The purpose</td></tr><tr><td colspan="6">of the survey is to assess employee engagement and leadership effectiveness, but also</td></tr><tr><td colspan="6">to support a forward-looking focus on creating a team-based and performance-oriented</td></tr><tr><td colspan="6">corporate culture. Survey results are analysed and presented to Group Management as</td></tr><tr><td colspan="6">well as relevant Managers who are tasked with ensuring follow-up as appropriate. Concrete</td></tr><tr><td colspan="6">initiatives are consequently launched as relevant based on the survey.</td></tr><tr><td colspan="6">Influence through engagement</td></tr><tr><td colspan="6">Employee engagement was ongoing in 2024. Besides the key types of engagement mentioned,</td></tr><tr><td colspan="6">informal dialogues have occurred during everyday business and several social events have taken</td></tr><tr><td colspan="6">place. While the Employee Engagement Survey was not conducted in 2024, it has been planned for no</td></tr><tr><td colspan="6">later than 2026.</td></tr><tr><td colspan="6">An ongoing example of how perspectives of our workforce inform decisions or activities relating</td></tr><tr><td colspan="6">to the employees is the Continuous Improvement Process (CIP) implemented in MEVACO. Through</td></tr><tr><td colspan="6">systematic, sequential steps, all employees have been able to influence the continuous optimisation</td></tr><tr><td colspan="6">of processes and procedures in the various areas of the company for the last couple of years. In 2024,</td></tr><tr><td colspan="6">14 employee proposals were successfully implemented for process and equipment changes at the</td></tr><tr><td colspan="6">MEVACO manufacturing site through the CIP, including introduction of new pneumatic stacking aids</td></tr><tr><td colspan="6">to simplify processing and several incremental changes to reduce physical strain.</td></tr><tr><td colspan="6">Another case of employee influence is seen with the ongoing Insights Discovery training for team</td></tr><tr><td colspan="6">building and individual upskilling. Insights Discovery is a tool based on the psychology of Carl Jung,</td></tr><tr><td colspan="6">developed to help people understand themselves, understand others, and make the most of the</td></tr><tr><td colspan="6">relationships that affect them in the workplace. The collaborative training sessions were launched</td></tr><tr><td colspan="6">in 2023 based on a shared wish from RMIG Solutions Management and a request from employees to</td></tr><tr><td colspan="6">enhance teamwork, foster a better understanding of communication styles, and support personal and</td></tr><tr><td colspan="6">professional development. By the end of 2024, more than 140 employees from the RMIG Group and</td></tr><tr><td colspan="6">RMIG Solutions have attended the Insights Discovery training, gaining valuable tools to improve work</td></tr><tr><td colspan="6">collaboration, relationships, and self-management.</td></tr><tr><td colspan="6">Employee input and ideas will continue to be collected and valued through formal structures with a</td></tr><tr><td colspan="6">potential for involving ESG focus areas in the years to come.</td></tr><tr><td colspan="6">Social Applied principles</td></tr><tr><td colspan="6">Social accounting policies</td></tr><tr><td colspan="6">1. Number of non-employees</td></tr><tr><td colspan="6">Non-employees are reported as head counts at the end of the reporting period (2024). Identification</td></tr><tr><td colspan="6">of non-employees follows the ESRS definition and thus includes both individual contractors supplying</td></tr><tr><td colspan="6">labour to the RMIG Group (“self-employed”) and people provided by undertakings primarily engaged</td></tr><tr><td colspan="6">in “employment activities”. A direct employment relationship with any legal entity within the RMIG</td></tr><tr><td colspan="6">Group is thus decisive in the categorisation of the workforce.</td></tr><tr><td colspan="6">2. Employee head count by gender</td></tr><tr><td colspan="6">The data reported covers all employees who perform work for any of the RMIG Group entities included</td></tr><tr><td colspan="6">in our sustainability reporting. Employees are reported as head counts at the end of the reporting</td></tr><tr><td colspan="6">period (2024); it excludes non-employees. The “other” category is included as some countries where</td></tr><tr><td colspan="6">the RMIG Group has operations legally recognise other gender(s) than traditional male and female.</td></tr><tr><td colspan="6">3. Employee head count by country</td></tr><tr><td colspan="6">The data reported covers all employees who perform work for any of the RMIG Group entities included</td></tr><tr><td colspan="6">in our sustainability reporting. Employees are reported as head counts at the end of the reporting</td></tr><tr><td colspan="6">period (2024); it excludes non-employees.</td></tr><tr><td colspan="6">4. Employee head count by contract type and gender</td></tr><tr><td colspan="6">The data reported covers all employees who perform work for any of the RMIG Group entities included</td></tr><tr><td colspan="6">in our sustainability reporting. Employees are reported as head counts at the end of the reporting</td></tr><tr><td colspan="6">period (2024); it excludes non-employees.</td></tr><tr><td colspan="6">Contract type categories are included as prescribed by the ESRS, using the definitions of national</td></tr><tr><td colspan="6">laws to determine contract types. The country-level data is then added up to calculate total numbers,</td></tr><tr><td colspan="6">disregarding differences in national legal definitions.</td></tr><tr><td colspan="6">Gender categories are included in alignment with Social accounting policy 2.</td></tr><tr><td colspan="6">5. Employee turnover rate</td></tr><tr><td colspan="6">The data reported covers all employees who perform work for any of the RMIG Group entities included</td></tr><tr><td colspan="6">in our sustainability reporting. Non-employees are not included.</td></tr><tr><td colspan="6">The total number of employees to be used as the denominator in the turnover rate calculation is</td></tr><tr><td colspan="6">reported as head counts at the end of the reporting period (2024).</td></tr><tr><td colspan="6">Employees who have left the RMIG Group during the reported period are aggregated as prescribed by</td></tr><tr><td colspan="6">the ESRS and in accordance with guidance from the Danish Finance Society / CFA Society Denmark,</td></tr><tr><td colspan="6">FSR – Danish Auditors, and Nasdaq Copenhagen. It includes both voluntary leavers and employees</td></tr><tr><td colspan="6">who have left due to dismissal, retirement, or death in service.</td></tr><tr><td colspan="6">Employee turnover rates presented in our 2023 Annual Report were calculated based on Full-Time</td></tr><tr><td colspan="6">Employee data rather than head count data. As such, the rate presented in this report is not directly</td></tr><tr><td colspan="6">comparable to previously presented rates.</td></tr><tr><td colspan="6">6. Distribution of employees per age</td></tr><tr><td colspan="6">The data reported covers all employees who perform work for any of the RMIG Group entities included</td></tr><tr><td colspan="6">in our sustainability reporting. Employees are reported as head counts with age counted at the end</td></tr><tr><td colspan="6">of the reporting period (2024); it excludes non-employees. The categories are listed as prescribed</td></tr><tr><td colspan="6">by the ESRS, with employees of the age of 30 years and 50 years, specifically, included in the middle</td></tr><tr><td colspan="6">category (30-50 years).</td></tr><tr><td colspan="6">7. Number of fatalities</td></tr><tr><td colspan="6">The data is collected at the end of the reporting period (2024) and aggregated across sites for a Group</td></tr><tr><td colspan="6">total. The number of fatalities is reported including own employees, non-employees, and other value</td></tr><tr><td colspan="6">chain workers working at the RMIG Group sites.</td></tr><tr><td colspan="6">8. Number of recordable work-related accidents</td></tr><tr><td colspan="6">In compiling the number of recordable work-related accidents, both accidents of own employees and</td></tr><tr><td colspan="6">non-employees are included.</td></tr><tr><td colspan="6">The amount of accidents are reported internally on a monthly basis and aggregated for a Group</td></tr><tr><td colspan="6">overview at the end of the full reporting period (2024). The RMIG Group define “work-related</td></tr><tr><td colspan="6">accidents” as accidents happening to employees or non-employees due to performing work-related</td></tr><tr><td colspan="6">tasks with subsequent absence on the following day of work. If the employee or non-employee is</td></tr><tr><td colspan="6">not absent on the following day, the accident will instead categorise as a “minor injury” in internal</td></tr><tr><td colspan="6">reporting and will not be included in “work-related accidents” in this report.</td></tr><tr><td colspan="6">9. Rate of recordable work-related accidents</td></tr><tr><td colspan="6">The rate of work-related accidents is calculated at the end of the reporting period (2024) by</td></tr><tr><td colspan="6">combining monthly data points. The rate includes accidents of both own employees and non-</td></tr><tr><td colspan="6">employees at RMIG manufacturing sites.</td></tr><tr><td colspan="6">The number of accidents, the number of total hours worked, and the factor of 1,000,000 hours are</td></tr><tr><td colspan="6">input for the rate calculation in accordance with the ESRS, indicating the number of work-related</td></tr><tr><td colspan="6">injuries per 500 full time people in the workforce over a 1-year timeframe.</td></tr><tr><td colspan="6">Total working hours for the RMIG Group are estimated for each manufacturing site based on monthly</td></tr><tr><td colspan="6">standard working hours minus periods of paid leave of absence, such as paid sick leave or paid</td></tr><tr><td colspan="6">vacation. This is then multiplied by the specific monthly FTE-count excluding long-term absentees.</td></tr><tr><td colspan="6">Minor discrepancies for night-time working hours and day-to-day sickness is deemed immaterial to</td></tr><tr><td colspan="6">the calculation and thus not included.</td></tr><tr><td colspan="6">The number of accidents are calculated according to Social accounting policy 8 and do not include</td></tr><tr><td colspan="6">minor injuries. Only accidents relating to RMIG manufacturing sites are included.</td></tr><tr><td colspan="6">The injury ratio included in previous Annual Reports was calculated using a factor of 200,000 hours</td></tr><tr><td colspan="6">and with a set amount of working hours estimated as an average across all months. Consequently, the</td></tr><tr><td colspan="6">rate presented in this report is not directly comparable to rates presented in previous Annual Reports.</td></tr><tr><td colspan="6">10. Number of days lost</td></tr><tr><td colspan="6">Days lost are reported at the end of the reporting period (2024) by combining data reported each</td></tr><tr><td colspan="6">month internally. The value pertains to RMIG employees across all legal entities, excluding non-</td></tr><tr><td colspan="6">employees. It is counted based on calendar days and includes the first full day and last day of</td></tr><tr><td colspan="6">absence; hence days on which the affected individual is not scheduled for work will still count as lost</td></tr><tr><td colspan="6">days, such as weekends and public holidays.</td></tr><tr><td colspan="6">The number of lost days presented in previous Annual Reports was aggregated based on normal</td></tr><tr><td colspan="6">working days, excluding e.g. weekends, public holidays and the like. Consequently, the number</td></tr><tr><td colspan="6">presented in this report is not directly comparable to the numbers presented in previous Annual</td></tr><tr><td colspan="6">Reports and will appear higher than previously.</td></tr><tr><td colspan="6">Governance</td></tr><tr><td colspan="6">Governance Policies, actions, and targets</td></tr><tr><td colspan="6">Whistleblower policy</td></tr><tr><td colspan="6">The RMIG Group has established a whistleblower scheme to enable our employees to report concerns</td></tr><tr><td colspan="6">or reasonable suspicions about actual or potential breaches as well as attempts to conceal such</td></tr><tr><td colspan="6">breaches. To strengthen transparency and integrity, and in accordance with the Danish Whistleblower</td></tr><tr><td colspan="6">Protection Act, the scheme covers serious matters such as criminal offences, competition law</td></tr><tr><td colspan="6">breaches, breaches of environmental regulations, as well as discrimination, physical violence, and</td></tr><tr><td colspan="6">sexual abuse, among others. The policy does not cover minor matters, including HR matters and</td></tr><tr><td colspan="6">minor breaches of RMIG’s internal guidelines.</td></tr><tr><td colspan="6">The scheme is in effect for all RMIG Group locations and in four different languages irrespective of</td></tr><tr><td colspan="6">whether national law poses such requirements or not. It is the intention and hope that employees will</td></tr><tr><td colspan="6">adopt the tool, and all employees are encouraged to report rather than keep silent if a suspicion has</td></tr><tr><td colspan="6">arisen. The scheme is currently not available to upstream or downstream value chain stakeholders of</td></tr><tr><td colspan="6">RMIG.</td></tr><tr><td colspan="6">The CFO and CEO of the RMIG Group are jointly responsible for the whistleblower scheme, including</td></tr><tr><td colspan="6">responsibility for deciding whether investigations of whistleblower reports shall be conducted.</td></tr><tr><td colspan="6">The whistleblower scheme is managed in collaboration with an external third party, providing an</td></tr><tr><td colspan="6">independent channel for whistleblowers to report their concerns.</td></tr><tr><td colspan="6">Key actions</td></tr><tr><td colspan="6">Tracking and evaluation</td></tr><tr><td colspan="6">As the RMIG Group Whistleblower Policy was officially implemented at the end of 2023, tracking and</td></tr><tr><td colspan="6">evaluation efforts have been ongoing in 2024. No reports have been recorded during this first year of</td></tr><tr><td colspan="6">the active whistleblower scheme.</td></tr><tr><td colspan="6">Policy for bribery and corruption</td></tr><tr><td colspan="6">The RMIG Code of Conduct expresses the policy for employees in the RMIG Group and defines</td></tr><tr><td colspan="6">expected behaviour. RMIG employees are obligated to notify Management immediately upon learning</td></tr><tr><td colspan="6">of any known or suspected improper behaviour by suppliers or subcontractors, or by colleagues within</td></tr><tr><td colspan="6">RMIG. Large subcontractors and suppliers are asked to sign the Supplier Code of Conduct and RMIG</td></tr><tr><td colspan="6">employees are asked at their yearly Personal Development Review to confirm that they are aware of</td></tr><tr><td colspan="6">our procedures and act in accordance with the RMIG Code of Conduct. Any instances of bribery and</td></tr><tr><td colspan="6">corruption, or suspicions of such, are furthermore explicitly covered by the internal whistleblower</td></tr><tr><td colspan="6">scheme.</td></tr><tr><td colspan="6">As stated in the policy, RMIG is obligated to comply with all current regulations concerning fair</td></tr><tr><td colspan="6">competition and antitrust laws and must furthermore comply with all relevant legal obligations</td></tr><tr><td colspan="6">concerning money laundering prevention and shall not be involved in money laundering activities.</td></tr><tr><td colspan="6">RMIG business relationships are based on honesty and should not be distorted or influenced by means</td></tr><tr><td colspan="6">of bribery or other measures.</td></tr><tr><td colspan="6">For more information on the RMIG Code of Conduct, please see page 35. For more information on the</td></tr><tr><td colspan="6">RMIG Supplier Code of Conduct, please see page 36.</td></tr><tr><td colspan="6">Key actions</td></tr><tr><td colspan="6">Incident tracking</td></tr><tr><td colspan="6">RMIG has not been informed of any incidents regarding bribery and corruption relating to our business</td></tr><tr><td colspan="6">in 2024. For more information on Anti-corruption and anti-bribery, please see page 49.</td></tr><tr><td colspan="6">Governance Policies, actions, and targets</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 policy</td></tr><tr><td colspan="1">The use of data is constantly increasing, and new technologies are being developed rapidly. RMIG’s</td></tr><tr><td colspan="1">business model and activities use data acquired from external sources to support our market strategy</td></tr><tr><td colspan="1">and trading activities. As a result of this, the RMIG Group has adopted a policy on data ethics, which</td></tr><tr><td colspan="1">applies to all data processing activities carried out by any legal entity within the RMIG Group and is</td></tr><tr><td colspan="1">available for all employees within the RMIG Group with access to data.</td></tr><tr><td colspan="1">The full policy consists of 8 principles</td></tr><tr><td colspan="1">1. Dedication of the executive management</td></tr><tr><td colspan="1">2. Being accountable for data processing</td></tr><tr><td colspan="1">3. Ensuring ethical data processing carried out by third parties</td></tr><tr><td colspan="1">4. Ensuring value, transparency and security</td></tr><tr><td colspan="1">5. Employees are trained and data processing monitored</td></tr><tr><td colspan="1">6. Ethics hotline</td></tr><tr><td colspan="1">7. Use of new data processing technologies</td></tr><tr><td colspan="1">8. Internal control</td></tr><tr><td colspan="1">All data are considered business critical and will as such never be shared with, or in any way made</td></tr><tr><td colspan="1">available to, third parties. Data ethics and security are decided on Group Management level and are</td></tr><tr><td colspan="1">evaluated annually and presented to the Board of Directors.</td></tr><tr><td colspan="1">It is the aim that all relevant employees, volunteers, trainees, consultants, and temporary staff</td></tr><tr><td colspan="1">with access to RMIG’s systems receive mandatory and documented training. This includes security</td></tr><tr><td colspan="1">awareness training 1-2 times per year as well as digitally signing that the RMIG Code of Conduct and</td></tr><tr><td colspan="1">IT Code of Conduct have been read and understood.</td></tr><tr><td colspan="1">Key actions</td></tr><tr><td colspan="1">Test of AI</td></tr><tr><td colspan="1">The RMIG Group does not use AI or any other machine-learning technologies in its development of</td></tr><tr><td colspan="1">primary activity; however, Group Management has in 2024 selected a group of employees to test</td></tr><tr><td colspan="1">the possibilities and limitations of using AI in support functions. The test group has been subject to</td></tr><tr><td colspan="1">training from external consultants, and data ethics have been discussed for the use of AI.</td></tr><tr><td colspan="1">The purpose of the test period was to determine if increased AI usage can be beneficial for support</td></tr><tr><td colspan="1">functions across the Group. Following the test, a survey conducted amongst participants revealed</td></tr><tr><td colspan="1">that the chosen AI tools yielded perceived improvements in efficiency and quality of the work</td></tr><tr><td colspan="1">delivered. Consequently, the goal is now to continue implementation of AI tools as relevant in the</td></tr><tr><td colspan="1">daily work across RMIG.</td></tr><tr><td colspan="1">IT governance update</td></tr><tr><td colspan="1">The RMIG Group has updated its IT Code of Conduct and its Privacy Notice during the year with both</td></tr><tr><td colspan="1">having undergone a complete review assisted by legal third parties.</td></tr><tr><td colspan="1">Employee training</td></tr><tr><td colspan="1">The RMIG Group has strengthened its data awareness through training, testing, and evaluation of</td></tr><tr><td colspan="1">employees. Testing has, among other things, been supported by third parties and included simulated</td></tr><tr><td colspan="1">phishing attacks with subsequent evaluation at employee levels and a significant positive increase</td></tr><tr><td colspan="1">in result from first to last training. The target is to continue the training with additional resources in</td></tr><tr><td colspan="1">2025, building on the test campaign with local managements.</td></tr><tr><td colspan="1">'Governance Corporate culture</td></tr><tr><td colspan="1">The nature of the RMIG Group’s corporate culture will vary across sites, countries, and business</td></tr><tr><td colspan="1">areas due to impact from local customs and practices, but is always driven by a common passion</td></tr><tr><td colspan="1">for delivering high-quality perforated solutions. As a natural extension of the Group structure, the</td></tr><tr><td colspan="1">business areas hold autonomy to attune and define the culture of each area, including the approach</td></tr><tr><td colspan="1">to promoting and evaluating the established cultural principles. As such, development and promotion</td></tr><tr><td colspan="1">of corporate culture is the responsibility of Group Management by way of the Business Area Directors.</td></tr><tr><td colspan="1">Across RMIG Solutions, a distinct “Values &amp; Behaviour” framework has been developed and promoted</td></tr><tr><td colspan="1">in recent years. The framework builds on the five core values</td></tr><tr><td colspan="1">• Move strategy to action</td></tr><tr><td colspan="1">• Listen to customers</td></tr><tr><td colspan="1">• Encourage excellence</td></tr><tr><td colspan="1">• Create collaboration</td></tr><tr><td colspan="1">• Act with integrity</td></tr><tr><td colspan="1">Each year, a single value is consistently promoted across all RMIG Solutions sites through initiatives</td></tr><tr><td colspan="1">such as interactive workshops, posters, merchandise, videos, written communication, and events</td></tr><tr><td colspan="1">to move the value from writing and into the real world. Definitions and behavioural breakdowns are</td></tr><tr><td colspan="1">provided to ensure tangibility, and departments are usually required to report on their concrete</td></tr><tr><td colspan="1">cultural efforts to the RMIG Solutions Management. In 2024, “Encourage excellence” was the</td></tr><tr><td colspan="1">promoted value, focusing on how we aim to do better and providing examples of everyday behaviour</td></tr><tr><td colspan="1">that reflect this value. An interactive workshop was held as planned with “Encourage excellence” in</td></tr><tr><td colspan="1">focus, encouraging employees to reflect on the value and what it means in their everyday work life.</td></tr><tr><td colspan="1">Extension of the work to promote a distinct “Values &amp; Behaviour” framework for RMIG Automotive is</td></tr><tr><td colspan="1">planned to take place within the next few years, as befits existing corporate and local cultures and in</td></tr><tr><td colspan="1">accordance with the requirements of the RMIG Automotive Director.</td></tr><tr><td colspan="1">Our MEVACO sites carry their own distinct values linked to their offerings and supported by defined</td></tr><tr><td colspan="1">management principles and leadership principles. The six core values are</td></tr><tr><td colspan="1">• Customer orientation</td></tr><tr><td colspan="1">• Future orientation</td></tr><tr><td colspan="1">• Goal orientation</td></tr><tr><td colspan="1">• Implementation strength</td></tr><tr><td colspan="1">• Fairness</td></tr><tr><td colspan="1">• Transparency</td></tr><tr><td colspan="1">These values are promoted together with tangible descriptions and details to define what each</td></tr><tr><td colspan="1">value means to the company and employees. Promotion includes elements such as intranet</td></tr><tr><td colspan="1">communication, printed booklets, and opportunities for employees to provide input. In 2024, the</td></tr><tr><td colspan="1">values were also addressed as part of a podcast series where each member of MEVACO Management</td></tr><tr><td colspan="1">provided insight, answered value-based questions, and shared personal principles in turn.</td></tr><tr><td colspan="1">No formal evaluation measures, besides the recurring Employee Engagement Survey, are in place for</td></tr><tr><td colspan="1">our corporate culture across the entities in the RMIG Group at present. However, promotion measures</td></tr><tr><td colspan="1">are adjusted according to informal feedback from employees at an ongoing basis. See section on</td></tr><tr><td colspan="1">Employee engagement on page 41 for further details.</td></tr><tr><td colspan="1">Governance Anti-corruption and anti-bribery</td></tr><tr><td colspan="1">Free and fair competition is the foundation of economic activities, and we consequently do not</td></tr><tr><td colspan="1">tolerate acts of corruption or bribery. As stated in the section on Policies, actions, and targets on page</td></tr><tr><td colspan="1">46, incidents of potential corruption or bribery can be detected and addressed by the RMIG Group</td></tr><tr><td colspan="1">employees either by immediate notification to Management or through the whistleblower scheme. If</td></tr><tr><td colspan="1">an employee learns of any known or suspected improper behaviour by suppliers or subcontractors, or</td></tr><tr><td colspan="1">by colleagues within RMIG, the person is obligated to report on the suspicion.</td></tr><tr><td colspan="1">Reports filed through the whistleblower scheme are regularly monitored by an external legal third</td></tr><tr><td colspan="1">party who will confirm receipt of the report directly to the whistleblower within seven days of</td></tr><tr><td colspan="1">receiving it. Consequently, an independent and anonymous initial investigator is involved and is</td></tr><tr><td colspan="1">moreover responsible for determining that our internal investigators, the CEO and CFO, are impartial</td></tr><tr><td colspan="1">and able to handle the whistleblower report. If this is not the case, the report will be forwarded to the</td></tr><tr><td colspan="1">Chairman of the Board instead. Thus, it is ensured that the investigator is always separate from the</td></tr><tr><td colspan="1">chain of management involved in the matter.</td></tr><tr><td colspan="1">In addition, the CEO and CFO are jointly responsible for annually reporting to the Board of Directors on</td></tr><tr><td colspan="1">the number of reports handled and notifying the Board of Directors if a whistleblower report concerns</td></tr><tr><td colspan="1">serious matters. Such matters include outcomes of cases with suspected instances of corruption and</td></tr><tr><td colspan="1">bribery.</td></tr><tr><td colspan="1">The RMIG Group do not currently offer anti-corruption or anti-bribery training programs to employee</td></tr><tr><td colspan="1">groups as a preventative measure. However, all our employees are made aware of our policy</td></tr><tr><td colspan="1">regarding corruption and bribery when signing the RMIG Code of Conduct prior to employment. The</td></tr><tr><td colspan="1">Whistleblower Policy and reporting scheme is easily available for all employees at the RMIG intranet</td></tr><tr><td colspan="1">where there has also been ongoing communication regarding the scheme since its launch at the end</td></tr><tr><td colspan="1">of 2023. Employees without individual laptops have access to computers in designated areas of our</td></tr><tr><td colspan="1">manufacturing sites.</td></tr><tr><td colspan="1">The Group is aware of 0 convictions for violation of anti-corruption and anti-bribery laws relating to</td></tr><tr><td colspan="1">the Group and all its affiliated companies in 2024 and, consequently, a total amount of € 0 in related</td></tr><tr><td colspan="1">fines.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Governance Corporate governance</td></tr><tr><td colspan="2">The RMIG Group is governed by a unique structure that starts with the trust deed of the late Ernst</td></tr><tr><td colspan="2">Müller and wife, Elida Müller, establishing the framework for the Rich. Müller-Fonden (the Rich. Müller</td></tr><tr><td colspan="2">Foundation). The foundation is governed by a Board of Trustees that exercise their right at the Annual</td></tr><tr><td colspan="2">General Meeting of RMIG A/S in electing the Board of Directors (the "Board") of the RMIG Group,</td></tr><tr><td colspan="2">electing the auditors, and adopting the Group’s Articles of Association as the sole owner.</td></tr><tr><td colspan="2">The Rich. Müller Foundation</td></tr><tr><td colspan="2">The RMIG Group is owned by the Rich. Müller Foundation, which plays a crucial role in the governance</td></tr><tr><td colspan="2">and strategic direction of the company. The foundation's primary purposes include ensuring the</td></tr><tr><td colspan="2">long-term stability and sustainability of the RMIG Group, supporting charitable activities, and</td></tr><tr><td colspan="2">contributing to societal development. The foundation's ownership structure reinforces the RMIG</td></tr><tr><td colspan="2">Group's commitment to ethical business practices, corporate social responsibility, and community</td></tr><tr><td colspan="2">engagement.</td></tr><tr><td colspan="2">The objectives for which the Rich. Müller Foundation is established are</td></tr><tr><td colspan="2">a) through the voting majority in RMIG A/S, to exercise the best possible influence on this company's</td></tr><tr><td colspan="2">continued operations and development to ensure that RMIG A/S at all times maintains a high</td></tr><tr><td colspan="2">technical and financial standard. If warranted by the circumstances, the foundation is also entitled</td></tr><tr><td colspan="2">to participate in other commercial activities related to RMIG A/S as a subsidiary or otherwise.</td></tr><tr><td colspan="2">b) to implement welfare measures in a manner and to such an extent as the Board of Trustees may</td></tr><tr><td colspan="2">direct from time to time for the benefit of current and previous employees, workers and salaried</td></tr><tr><td colspan="2">employees of RMIG A/S as well as their spouses and children. The foundation shall ensure that the</td></tr><tr><td colspan="2">welfare concept is interpreted broadly and that it is allowed to change in nature in concert with</td></tr><tr><td colspan="2">societal development. Need shall not be a condition.</td></tr><tr><td colspan="2">c) to grant financial support for charitable, social and educational purposes, etc. to associations,</td></tr><tr><td colspan="2">societies, organisations and individuals. In this respect, the Founders have in particular wished to</td></tr><tr><td colspan="2">benefit</td></tr><tr><td colspan="2">• apprentices in a particular trade and industry and their further training.</td></tr><tr><td colspan="2">• and/or other projects of a Christian, humanitarian and social nature.</td></tr><tr><td colspan="2">• and/or research and other investigation activities, etc., mainly in the iron industry.</td></tr><tr><td colspan="2">As there are no shareholders of the foundation, the Danish Business Authorities are the ultimate</td></tr><tr><td colspan="2">governing body based on the trust deed.</td></tr><tr><td colspan="2">Board of Trustees</td></tr><tr><td colspan="2">The Rich. Müller Foundation is governed by a Board of Trustees, composed of 4-5 individuals of full</td></tr><tr><td colspan="2">legal capacity, good character, and repute, with a majority holding Danish nationality and residing in</td></tr><tr><td colspan="2">Denmark. The Board of Trustees internally elects a chairman and vice-chairman and independently</td></tr><tr><td colspan="2">establishes its own rules of procedure.</td></tr><tr><td colspan="2">Each Trustee’s term is capped at three years, with eligibility for re-election. Trustees must retire at</td></tr><tr><td colspan="2">the first Board of Trustees meeting following their 70th birthday, coinciding with the adoption of</td></tr><tr><td colspan="2">financial statements. A new Trustee requires a minimum of three affirmative votes from existing</td></tr><tr><td colspan="2">members for election, while re-elections are determined by a simple majority, excluding the vote of</td></tr><tr><td colspan="2">the member up for re-election. In the case of a tie, the chairman holds the casting vote.</td></tr><tr><td colspan="2">The Board of Trustees elect the Board of Directors in the RMIG Group.</td></tr><tr><td colspan="2">'The Board of Directors</td></tr><tr><td colspan="2">The Board is responsible for the overall strategic management, financial oversight, and managerial</td></tr><tr><td colspan="2">supervision of the RMIG Group. Additionally, the Board ensures that the company is managed in an</td></tr><tr><td colspan="2">adequate manner and in accordance with applicable laws and the company’s Articles of Association.</td></tr><tr><td colspan="2">The Board operates under a set of rules of procedure, which are periodically reviewed and updated by</td></tr><tr><td colspan="2">the members.</td></tr><tr><td colspan="2">Composition of the Board</td></tr><tr><td colspan="2">The Board of Directors of the RMIG Group is composed of four members. The members are elected by</td></tr><tr><td colspan="2">the foundation at the Annual General Meeting for a term of 1 year until next Annual General Meeting;</td></tr><tr><td colspan="2">retiring members are eligible for re-election. In addition to the four ordinary members, the employees</td></tr><tr><td colspan="2">in RMIG A/S elect two employee representatives to the Board. The employee representatives have the</td></tr><tr><td colspan="2">same rights as an ordinary member. The Board of Directors elects a chair and a vice chair among its</td></tr><tr><td colspan="2">members.</td></tr><tr><td colspan="2">The composition of the Board of Directors is intended to reflect a diversity of backgrounds,</td></tr><tr><td colspan="2">experiences, and expertise relevant to the RMIG Group, considering the industry and markets it</td></tr><tr><td colspan="2">operates within. This diversity ensures that the Board of Directors can effectively oversee the</td></tr><tr><td colspan="2">company's strategy and development.</td></tr><tr><td colspan="2">There has been no changes to the Board of Directors during the year. For an overview of the specific</td></tr><tr><td colspan="2">competencies identified for each of the Board members, see page 53.</td></tr><tr><td colspan="2">Evaluation of the Board</td></tr><tr><td colspan="2">The Board conducts an annual self-evaluation to assess its performance, composition, and</td></tr><tr><td colspan="2">achievements. This process, led by the Chair, may involve external consultants and includes topics</td></tr><tr><td colspan="2">such as board dynamics, agenda quality, meeting discussions, leadership, and overall competencies</td></tr><tr><td colspan="2">and expertise.</td></tr><tr><td colspan="2">Meeting Attendance</td></tr><tr><td colspan="2">The Board places high importance on regular</td></tr><tr><td colspan="2">attendance and active participation in</td></tr><tr><td colspan="2">meetings. The overall attendance rate for</td></tr><tr><td colspan="2">Board meetings in 2024 was exemplary,</td></tr><tr><td colspan="2">ensuring effective governance and decision-</td></tr><tr><td colspan="2">making. The meeting attendance rate was</td></tr><tr><td colspan="2">92%.</td></tr><tr><td colspan="2">'Board of Directors</td></tr><tr><td>Bjarne Moltke Hansen</td><td>••••</td></tr><tr><td>Jørgen Frost</td><td>••••</td></tr><tr><td>Per Thanning Johansen</td><td>••••</td></tr><tr><td>Anne Christine Beck</td><td>••••</td></tr><tr><td>Kim Borch-Kristensen</td><td>••••</td></tr><tr><td>Kim Jensen</td><td>••••</td></tr><tr><td colspan="2">Group Management</td></tr><tr><td colspan="2">The Corporate Management is appointed by the Board, which also sets the terms of employment and</td></tr><tr><td colspan="2">outlines the framework for the responsibilities. The Corporate Management is tasked with the day-to-</td></tr><tr><td colspan="2">day operations of the RMIG Group, adhering to the guidelines and directions established by the Board.</td></tr><tr><td colspan="2">The responsibilities do not include transactions of an unusual nature or of significant importance to</td></tr><tr><td colspan="2">RMIG Group.</td></tr><tr><td colspan="2">As of 31 December, 2024, the Corporate Management consists of the CEO, registered with the</td></tr><tr><td colspan="2">relevant business authority, with responsibility for the daily management of the company.</td></tr><tr><td colspan="2">Other Group Management consists of the CFO and the three Group Business Directors, one for each</td></tr><tr><td colspan="2">business area. Collectively with the Corporate Management, this is deemed as Group Management.</td></tr><tr><td colspan="2">The overview of Group Management can be found on page 55.</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">Board of Directors and Group Management gender diversity</td></tr><tr><td colspan="6">As of December 31, 2024, the Board comprises of three male members and one female member,</td></tr><tr><td colspan="6">hence the share of the under-represented gender is 25% in 2024, aligning with the commitment to</td></tr><tr><td colspan="6">promoting gender diversity.</td></tr><tr><td colspan="6">Group Management are considered as other management levels in accordance with</td></tr><tr><td colspan="6">Årsregnskabslovens §99b. The share of the under-represented gender is 40% at the end of 2024</td></tr><tr><td colspan="6">consisting of three male members and two female members. Thus, at other management levels,</td></tr><tr><td colspan="6">the gender distribution reflects a balanced representation, supporting the company's dedication to</td></tr><tr><td colspan="6">inclusivity and diversity.</td></tr><tr><td>Gender diversity Head count</td><td>2024</td><td>2023</td><td>2022</td><td>2021</td><td>2020</td></tr><tr><td>Workforce</td><td>642</td><td>650</td><td>646</td><td>661</td><td>628</td></tr><tr><td>Gender diversity, workforce</td><td>22%</td><td>21%</td><td>21%</td><td>20%</td><td>21%</td></tr><tr><td>'Board of Directors</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Gender diversity, Board of Directors</td><td>25%</td><td>25%</td><td>25%</td><td>25%</td><td>25%</td></tr><tr><td>'Group Management</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Gender diversity, Group Management</td><td>40%</td><td>40%</td><td>40%</td><td>40%</td><td>40%</td></tr><tr><td colspan="6">RMIG has both in the Board of Directors and Group Management equal gender representation in</td></tr><tr><td colspan="6">accordance with the guidelines from the Danish Business Authorities, thus no target figures for the</td></tr><tr><td colspan="6">under-represented gender were set.</td></tr><tr><td colspan="6">RMIG intends to have a continued focus on equality, diversity, and inclusion.</td></tr><tr><td>Governance Board of Directors</td><td /><td /><td>Anne Christine Beck</td></tr><tr><td>Bjarne Moltke Hansen</td><td>Jørgen Frost</td><td>Per Thanning Johansen</td><td>Member of the Board</td></tr><tr><td>Chairman of the Board</td><td>Vice Chairman of the Board</td><td>Member of the Board</td></tr><tr><td /><td>Not considered independent due to</td><td /><td>Not considered independent due to</td></tr><tr><td>Not considered independent due to</td><td>position in Rich. Müller-Fonden.</td><td>Not considered independent due to</td><td>position in Rich. Müller-Fonden.</td></tr><tr><td>position in Rich. Müller-Fonden.</td><td /><td>position in Rich. Müller-Fonden.</td></tr><tr><td /><td>• Danish nationality</td><td /><td>• Danish nationality</td></tr><tr><td>• Danish nationality</td><td>• Male, born 1954</td><td>• Danish nationality</td><td>• Female, born 1965</td></tr><tr><td>• Male, born 1961</td><td>• Joined the Board in 2009</td><td>• Male, born 1964</td><td>• Joined the Board in 2020</td></tr><tr><td>• Joined the Board in 2009</td><td /><td>• Joined the Board in 2015</td></tr><tr><td /><td /><td /><td>Other management duties, etc.</td></tr><tr><td>Other management duties, etc.</td><td>Other management duties, etc.</td><td>Other management duties, etc.</td><td>• Rich. Müller-Fonden</td></tr><tr><td>• Rich. Müller-Fonden (Chairman)</td><td>• Rich. Müller-Fonden (Vice Chairman)</td><td>• Rich. Müller-Fonden</td><td>• Rottendorf Pharma (Managing Director)</td></tr><tr><td>• Aalborg Portland Holding A/S (Chairman)</td><td>• EJENDOMSSELSKABET ANJA ADAMSEN ApS (Chairman)</td><td /><td>• BHS Service Center A/S</td></tr><tr><td>• Pindstrup Mosebrug A/S (Chairman)</td><td>• FISCHER HOLDING A/S</td><td>Education</td><td>• Studsgaard Holding A/S</td></tr><tr><td>• Randers Tegl A/S (Chairman)</td><td>• VESTERGAARD COMPANY HOLDING A/S</td><td>• BSc in civil engineering, construction from</td><td>• Beck Capital ApS (Benecifical owner)</td></tr><tr><td>• Aasted ApS (Chairman)</td><td>• Vestergaard Company A/S</td><td>Engineering College, Aarhus.</td></tr><tr><td>• Alexander Foss’ Industrifond (Chairman)</td><td>• Vestergaard Company Finance A/S</td><td>• EBA in engineering Business Administration from</td><td>Education</td></tr><tr><td>• LKAB</td><td>• Focus lightning A/S (Chairman)</td><td>Engineering College, Horsens</td><td>• MSc in mechanical engineering from the Danish</td></tr><tr><td>• PPC Ltd</td><td>• JAK invest ApS</td><td>• MBA, Master of Business Administration from CBS</td><td>Academy of Engineering</td></tr><tr><td>• Danish SGD Investment Fund, Investment Committee</td><td>• Tandlægerne Adamsen Holding ApS (Chairman)</td></tr><tr><td>• BMH Advice ApS (beneficial owner)</td><td>• Blendex A/S</td><td>Qualifications</td><td>Qualifications</td></tr><tr><td /><td>• FROST INVEST A/S (beneficial owner)</td><td>• International management experience</td><td>• International management experience</td></tr><tr><td>Education</td><td>• Kalmar Motor AB</td><td>• Strategy and business dustry</td><td>• Strategy and business development</td></tr><tr><td colspan="6">• BSc in civil engineering, cement and concrete</td></tr><tr><td>technology from the Danish Academy of Engineering</td><td>Education</td></tr><tr><td>• INSEAD, Young Managers Programme</td><td>• MSc in Engineering from the Danish Academy of</td></tr><tr><td /><td>Engineering</td></tr><tr><td>Qualifications</td><td>• Graduate diploma in Business Administration from</td></tr><tr><td>• International management experience</td><td>Copenhagen Business School</td></tr><tr><td colspan="6">• Strategy and business development</td></tr><tr><td>• Acquisitions and divestments</td><td>Qualifications</td></tr><tr><td>• Economics and finance experience</td><td>• International management experience</td></tr><tr><td>• Experience from the manufacturing industry</td><td>• Strategy and business development</td></tr><tr><td>• Communication</td><td>• Experience from metal industry</td></tr><tr><td>Kim Borch-Kristensen</td><td>Kim Jensen</td></tr><tr><td>Employee representative of the Board</td><td>Employee representative of the Board</td></tr><tr><td>Not considered independent due to</td><td>Not considered independent due to</td></tr><tr><td>employment in RMIG A/S.</td><td>employment in RMIG A/S.</td></tr><tr><td>• Danish nationality</td><td>• Danish nationality</td></tr><tr><td>• Male, born 1962</td><td>• Male, born 1979</td></tr><tr><td>• Joined the Board in 1998</td><td>• Joined the Board in 2022</td></tr><tr><td>• Current election period: 2022-2026</td><td>• Current election period: 2022-2026</td></tr><tr><td>• Shipping Manager in RMIG A/S</td><td>• Tool Maker in RMIG A/S</td></tr><tr><td>Other management duties, etc.</td><td>Other management duties, etc.</td></tr><tr><td>• None</td><td>• None</td></tr><tr><td colspan="6">Governance Group Management</td></tr><tr><td>Mads Bonde Hansen</td><td>Jette Lykke Møller</td><td>Claudia Lender</td><td>Jeff Blangstrup Johansen</td><td>Xaver Hake</td></tr><tr><td>Group Chief Executive Officer</td><td>Group Chief Financial Officer</td><td>Business Area Director, RMIG Automotive</td><td>Business Area Director, RMIG Solutions</td><td>• German nationality</td></tr><tr><td /><td /><td /><td /><td>• Male, born 1971</td></tr><tr><td>• Danish nationality</td><td>• Danish nationality</td><td>• Austrian nationality</td><td>• Danish nationality</td><td>• Joined in 2021</td></tr><tr><td>• Male, born 1967</td><td>• Female, born 1971</td><td>• Female, born 1970</td><td>• Male, born 1968</td></tr><tr><td>• Joined in 2023</td><td>• Joined in 2001</td><td>• Joined in 1997</td><td>• Joined in 2016</td><td>Other management duties, etc.</td></tr><tr><td>• Registered with the</td><td /><td /><td /><td>• Managing Director MEVACO entities</td></tr><tr><td>Danish Business</td><td>Other management duties, etc.</td><td>Other management duties, etc.</td><td>Other management duties, etc.</td></tr><tr><td>Authority</td><td>• None</td><td>• Managing Director in RMIG Nold GmbH</td><td>• None</td><td>Education</td></tr><tr><td /><td /><td>• Managing Director in RMIG Lochbleche GmbH</td><td /><td>• MSc in Industrial Engineering from</td></tr><tr><td>Other management duties, etc.</td><td>Education</td><td /><td>Education</td><td>Georgia Institute of Technology</td></tr><tr><td>• FJ Industries A/S (Board of Directors)</td><td>• MSc in Management accounting and control</td><td>Education</td><td>• Bsc in Business administration from</td><td>• Dipl.-Ing. Maschinbau</td></tr><tr><td>• A/S Jydsk Aluminium Industri</td><td>from Copenhagen Business School</td><td>• MSc in International Business</td><td>Henley Management College</td></tr><tr><td>(Board of Directors)</td><td /><td>• Master of Business Administration (MBA)</td></tr><tr><td /><td /><td /><td>Business Area Director, MEVACO</td></tr><tr><td colspan="6">Education</td></tr><tr><td colspan="6">• BSc in Production Engineering</td></tr><tr><td colspan="6">• MBA from Aarhus Business School</td></tr></table> 123527000 18222000 14035000 451000 27000 1232000 2549000 1534000 5593000 1059000 330000 12866000 9472000 10000 13269000 266000 -13013000 -1216000 -4757000 <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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Statement of changes in equity</b></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="27%" ></td><td width="14%" colspan="1" align="right" valign="middle" >Share</td><td width="14%" colspan="1" align="right" valign="middle" >Retained</td><td width="14%" colspan="1" align="right" valign="middle" >Fair value</td><td width="14%" colspan="1" align="right" valign="middle" >Proposed</td><td width="17%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="27%" colspan="1" align="left" valign="middle" >Statement of equity €'000</td><td width="14%" colspan="1" align="right" valign="middle" >capital</td><td width="14%" colspan="1" align="right" valign="middle" >earnings</td><td width="14%" colspan="1" align="right" valign="middle" >reserve</td><td width="14%" colspan="1" align="right" valign="middle" >dividend</td><td width="17%" colspan="1" align="right" valign="middle" >equity</td></tr><tr><td width="27%" colspan="1" align="left" valign="middle" >Balance at 1 January 2024</td><td width="14%" align="right" valign="middle" > 16.985 </td><td width="14%" align="right" valign="middle" > 39.005 </td><td width="14%" align="right" valign="middle" > 1.047 </td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" align="right" valign="middle" > 57.037 </td></tr><tr><td width="27%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" align="right" valign="middle" > 1.188 </td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" align="right" valign="middle" > 2.000 </td><td width="17%" align="right" valign="middle" > 3.188 </td></tr><tr><td width="27%" colspan="1" align="left" valign="middle" >Exchange rate adjustments</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" align="right" valign="middle" > 106 </td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" align="right" valign="middle" > 106 </td></tr><tr><td width="27%" colspan="1" align="left" valign="middle" >Net value adjustments, derivatives</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" align="right" valign="middle" > 22 </td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" align="right" valign="middle" > 22 </td></tr><tr><td width="27%" colspan="1" align="left" valign="middle" >Tax on equity</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" align="right" valign="middle" >- 5 </td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" align="right" valign="middle" >- 5 </td></tr><tr><td width="27%" colspan="1" align="left" valign="middle" >Balance at 31 December 2024</td><td width="14%" align="right" valign="middle" > 16.985 </td><td width="14%" align="right" valign="middle" > 40.193 </td><td width="14%" align="right" valign="middle" > 1.170 </td><td width="14%" align="right" valign="middle" > 2.000 </td><td width="17%" align="right" valign="middle" > 60.348 </td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The share capital is registered in DKK and amounts to DKK 126,600 thousand equal to € 16,985 thousand.</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Changes in the share capital relating to exchange rate adjustment are recognised under fair value reserves.</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The share capital consists of 126,600 shares of DKK 1,000 each. The shares are not classified.</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="27%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Share</td><td width="14%" colspan="1" align="left" valign="middle" >Retained</td><td width="14%" colspan="1" align="left" valign="middle" >Fair value</td><td width="14%" colspan="1" align="left" valign="middle" >Proposed</td><td width="17%" colspan="1" align="left" valign="middle" >Total</td></tr><tr><td width="27%" colspan="1" align="left" valign="middle" >Statement of equity €'000</td><td width="14%" colspan="1" align="left" valign="middle" >capital</td><td width="14%" colspan="1" align="left" valign="middle" >earnings</td><td width="14%" colspan="1" align="left" valign="middle" >reserve</td><td width="14%" colspan="1" align="left" valign="middle" >dividend</td><td width="17%" colspan="1" align="left" valign="middle" >equity</td></tr><tr><td width="27%" colspan="1" align="left" valign="middle" >'Balance at 1 January 2024</td><td width="14%" align="right" valign="middle" >16985</td><td width="14%" align="right" valign="middle" >39005</td><td width="14%" align="right" valign="middle" >1047</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >57037</td></tr><tr><td width="27%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >1188</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >2000</td><td width="17%" align="right" valign="middle" >3188</td></tr><tr><td width="27%" colspan="1" align="left" valign="middle" >Exchange rate adjustments</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >106</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >106</td></tr><tr><td width="27%" colspan="1" align="left" valign="middle" >Net value adjustments, derivatives</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >22</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >22</td></tr><tr><td width="27%" colspan="1" align="left" valign="middle" >Tax on equity</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="14%" align="right" valign="middle" >-5</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="17%" align="right" valign="middle" >-5</td></tr><tr><td width="27%" colspan="1" align="left" valign="middle" >'Balance at 31 December 2024</td><td width="14%" align="right" valign="middle" >16985</td><td width="14%" align="right" valign="middle" >40193</td><td width="14%" align="right" valign="middle" >1170</td><td width="14%" align="right" valign="middle" >2000</td><td width="17%" align="right" valign="middle" >60348</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The share capital is registered in DKK and amounts to DKK 126,600 thousand equal to € 16,985 thousand.</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Changes in the share capital relating to exchange rate adjustment are recognised under fair value reserves.</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The share capital consists of 126,600 shares of DKK 1,000 each. The shares are not classified.</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 /><td>Material accounting policies</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 /><td>Basis of preparation</td></tr><tr><td /><td>The financial statements have been presented in accordance with the provisions of the Danish</td></tr><tr><td /><td>Financial Statements Act governing reporting class C enterprises (large).</td></tr><tr><td /><td>The accounting policies are unchanged from last year, thus no changes to comparative figures.</td></tr><tr><td /><td>The financial statements are presented in euro (€) which is also the Group’s internal reporting</td></tr><tr><td /><td>currency.</td></tr><tr><td /><td>The consolidated financial statements are presented on a historical cost basis, apart from derivative</td></tr><tr><td /><td>financial instruments which are measured at fair value.</td></tr><tr><td /><td>In the narrative sections of the financial statements, comparative figures for last year are shown in</td></tr><tr><td /><td>brackets.</td></tr><tr><td /><td>Applying materiality</td></tr><tr><td /><td>The financial statements are a result of processing large numbers of transactions and aggregating</td></tr><tr><td /><td>those transactions into classes according to their nature or function. The transactions are presented</td></tr><tr><td /><td>in classes of similar items in the financial statements. If a line item is not individually material, it is</td></tr><tr><td /><td>aggregated with other items of a similar nature in the financial statements or in the notes.</td></tr><tr><td /><td>The specific disclosures required by Accounting Standards are provided in the financial statements</td></tr><tr><td /><td>unless the information is considered immaterial to the users of the financial statements.</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 /><td>Accounting policies</td></tr><tr><td /><td>The accounting policies for specific line items are described in the notes to the financial statements.</td></tr><tr><td /><td>Set out below is a description of the accounting policies for the basis of consolidation, foreign</td></tr><tr><td /><td>currency translation and the cash flow 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 /><td>Recognition and measurement</td></tr><tr><td /><td>Assets are recognised in the balance sheet when it is probable that future economic benefits will flow</td></tr><tr><td /><td>to the Group and the value of the assets can be measured reliably.</td></tr><tr><td /><td>Liabilities are recognised in the balance sheet when the Group, as a consequence of a previous event,</td></tr><tr><td /><td>has a legal or actual liability, and it is likely that future financial advantages will be deducted from the</td></tr><tr><td /><td>Group, and the value of the liabilities can be measured reliably.</td></tr><tr><td /><td>On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities</td></tr><tr><td /><td>are measured as described for each financial statement in the respective notes to the financial</td></tr><tr><td /><td>statements.</td></tr><tr><td /><td>Certain financial assets and liabilities are measured at amortised cost which involves the recognition</td></tr><tr><td /><td>of a constant effective interest rate over the maturity period. Amortised cost is calculated as</td></tr><tr><td /><td>original cost less any repayments and with addition/deduction of the cumulative amortisation of any</td></tr><tr><td /><td>difference between cost and the nominal amount.</td></tr><tr><td /><td>Profits, losses and risks that arise before the time of presentation of the annual report and that</td></tr><tr><td /><td>confirm or invalidate affairs and conditions existing at the balance sheet date are considered at</td></tr><tr><td /><td>recognition and measurement.</td></tr><tr><td /><td>Income is recognised in the income statement when earned, including recognition of value</td></tr><tr><td /><td>adjustments of financial assets and liabilities that are measured at fair value or amortised cost.</td></tr><tr><td /><td>Costs incurred to make this year’s earnings, including depreciation, amortisation, impairment losses,</td></tr><tr><td /><td>provisions and reversals due to changed accounting estimates previously recognised in the income</td></tr><tr><td /><td>statement, are furthermore recognised in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Consolidation</td></tr><tr><td /><td>The consolidated financial statements include RMIG A/S (parent) and the group entities (subsidiaries)</td></tr><tr><td /><td>in which the Group holds more than 50% of the voting rights or in any other way exercises controlling</td></tr><tr><td /><td>influence.</td></tr><tr><td /><td>The consolidated financial statements are prepared on the basis of the financial statements of the</td></tr><tr><td /><td>Parent and its subsidiaries whose financial statements have been prepared applying the accounting</td></tr><tr><td /><td>policies of the Group and for the same accounting period. The consolidated financial statements are</td></tr><tr><td /><td>prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-</td></tr><tr><td /><td>group accounts as well as shareholdings are eliminated. Furthermore, unrealised profits and losses on</td></tr><tr><td /><td>transactions between the consolidated enterprises are eliminated.</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 /><td>Foreign currency translation</td></tr><tr><td /><td>On initial recognition, transactions denominated in currencies other than the Group’s functional</td></tr><tr><td /><td>currency are translated at the average exchange rate of the month before the transaction date.</td></tr><tr><td /><td>Receivables, payables and other monetary items denominated in foreign currencies that have not</td></tr><tr><td /><td>been settled at the balance sheet date are translated at the exchange rates at the balance sheet date.</td></tr><tr><td /><td>Exchange differences between the exchange rate at the date of the transaction and the exchange</td></tr><tr><td /><td>rate at the date of payment or the balance sheet date, respectively, are recognised in the income</td></tr><tr><td /><td>statement under financials. Property, plant and equipment and intangible assets, inventories and</td></tr><tr><td /><td>other non-monetary assets acquired in foreign currency and measured based on historical cost are</td></tr><tr><td /><td>translated at the exchange rates at the transaction date.</td></tr><tr><td /><td>On recognition in the financial statements of entities whose financial statements are presented</td></tr><tr><td /><td>in a functional currency other than euro (€), the income statements are translated at the average</td></tr><tr><td /><td>exchange rates of the month prior to the respective months.</td></tr><tr><td /><td>Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange</td></tr><tr><td /><td>differences arising on the translation of foreign subsidiaries’ opening balance sheet items to the</td></tr><tr><td /><td>exchange rates at the balance sheet date are recognised directly on the equity. In addition, the</td></tr><tr><td /><td>translation of the income statements from average exchange rates of the month prior to the</td></tr><tr><td /><td>respective months to exchange rates at the balance sheet date are also recognised directly on the</td></tr><tr><td /><td>equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Cash flow statement</td></tr><tr><td /><td>The cash flow statement is presented using the indirect method split into operating, investing and</td></tr><tr><td /><td>financing activities as well as the Group’s cash and cash equivalents at the beginning and the end of</td></tr><tr><td /><td>the financial year.</td></tr><tr><td /><td>No cash flow statement has been prepared for the parent company as the cash flow of the parent</td></tr><tr><td /><td>company is included in the cash flow of the Group.</td></tr><tr><td /><td>Cash flows in foreign currencies are translated into euro (€) at the exchange rate for the month.</td></tr><tr><td /><td>Cash flows from operating activities are calculated as the operating result adjusted for non-cash</td></tr><tr><td /><td>operating items, working capital changes and net financial items.</td></tr><tr><td /><td>Cash flows from investing activities comprise payments in connection with the purchase and sale of</td></tr><tr><td /><td>property, plant and equipment, as well as fixed asset investments.</td></tr><tr><td /><td>Cash flows from financing activities comprise payments to and investment from shareholders, as well</td></tr><tr><td /><td>as raising and repayment of loans and payments of dividends.</td></tr><tr><td /><td>The cash flow statement cannot be concluded only from the published financial records.</td></tr><tr><td /><td>Cash and cash equivalents comprise of cash funds and any investments recognised as current assets,</td></tr><tr><td /><td>which are highly liquid and readily convertible to cash, deducted by the amount of bank debts which</td></tr><tr><td /><td>consists of overdraft facilities.</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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="11%" align="right" valign="middle" ><b>2</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Revenue</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Income from the sales of goods is recognised in the income statement when delivery has taken</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >place and risk hereby has passed to the buyer before the end of the financial year and where the</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >and is determined exclusive of VAT and other taxes collected on behalf of third parties and less cash</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >discounts.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Split by market area</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Europe</td><td width="24%" align="right" valign="middle" > 155.384 </td><td width="27%" align="right" valign="middle" > 168.432 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Rest of the world</td><td width="24%" align="right" valign="middle" > 6.015 </td><td width="27%" align="right" valign="middle" > 5.778 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" > 161.399 </td><td width="27%" align="right" valign="middle" > 174.210 </td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Split by business area</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >RMIG Automotive</td><td width="24%" align="right" valign="middle" > 16.780 </td><td width="27%" align="right" valign="middle" > 15.834 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >RMIG Solutions</td><td width="24%" align="right" valign="middle" > 74.328 </td><td width="27%" align="right" valign="middle" > 83.583 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >MEVACO</td><td width="24%" align="right" valign="middle" > 70.291 </td><td width="27%" align="right" valign="middle" > 74.793 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" > 161.399 </td><td width="27%" align="right" valign="middle" > 174.210 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="22%" align="right" valign="middle" ><b>3</b></td><td width="78%" colspan="1" align="left" valign="middle" ><b>Production costs</b></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >Production costs comprise costs incurred to achieve revenue for the year. Production costs</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >include direct payroll expenses, raw materials, consumables and indirect production costs,</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >incl. among others costs for freight, which is a deviation from the Danish Companies Act. In</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >addition, research and non-capitalised development costs are included. Depreciation, amortisation</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >and impairment losses on the fixed assets used in the production process, are recognised under</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >production costs.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="22%" align="right" valign="middle" ><b>4</b></td><td width="78%" colspan="1" align="left" valign="middle" ><b>Sales and distribution costs</b></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >Costs for the distribution of goods sold during the year, such as sales campaigns etc. including</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >wages and salaries for sales staff, advertising and exhibition costs etc. and lease of and</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >depreciation, amortisation and impairment losses on the fixed assets used in the distribution and</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >sales activity, are recognised as sales and distributions costs.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="22%" align="right" valign="middle" ><b>5</b></td><td width="78%" colspan="1" align="left" valign="middle" ><b>Administrative costs</b></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >Administrative expenses comprise expenses for the administrative staff and Management</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >including wages and salaries, office premise expenses, auditors fee etc. and lease of and</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >depreciation, amortisation and impairment losses on the fixed assets used for administration.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="11%" align="right" valign="middle" ><b>6</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Staff costs</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="24%" align="right" valign="middle" >- 37.653 </td><td width="27%" align="right" valign="middle" >- 37.140 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Pension contributions</td><td width="24%" align="right" valign="middle" >- 1.542 </td><td width="27%" align="right" valign="middle" >- 1.399 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Social security costs</td><td width="24%" align="right" valign="middle" >- 5.638 </td><td width="27%" align="right" valign="middle" >- 5.426 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" >- 44.833 </td><td width="27%" align="right" valign="middle" >- 43.965 </td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Split by function</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Production costs</td><td width="24%" align="right" valign="middle" >- 25.744 </td><td width="27%" align="right" valign="middle" >- 24.444 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Sales and distribution costs</td><td width="24%" align="right" valign="middle" >- 13.014 </td><td width="27%" align="right" valign="middle" >- 12.867 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Administrative costs</td><td width="24%" align="right" valign="middle" >- 6.075 </td><td width="27%" align="right" valign="middle" >- 6.654 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" >- 44.833 </td><td width="27%" align="right" valign="middle" >- 43.965 </td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Split by body</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Board of Directors</td><td width="24%" align="right" valign="middle" >- 201 </td><td width="27%" align="right" valign="middle" >- 201 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Corporate Management</td><td width="24%" align="right" valign="middle" >- 641 </td><td width="27%" align="right" valign="middle" >- 1.410 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Other Group Management</td><td width="24%" align="right" valign="middle" >- 1.315 </td><td width="27%" align="right" valign="middle" >- 1.133 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Staff</td><td width="24%" align="right" valign="middle" >- 42.676 </td><td width="27%" align="right" valign="middle" >- 41.221 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" >- 44.833 </td><td width="27%" align="right" valign="middle" >- 43.965 </td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Staff costs for Corporate Management includes accrued severance</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >payment to resigned members in the comparison period.</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Average number of full time employees</td><td width="24%" align="right" valign="middle" >605</td><td width="27%" align="right" valign="middle" >615</td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="11%" align="right" valign="middle" ><b>7</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Depreciations and amortisations</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Amortisations</td><td width="24%" align="right" valign="middle" >- 1.298 </td><td width="27%" align="right" valign="middle" >- 1.384 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Depreciations</td><td width="24%" align="right" valign="middle" >- 4.295 </td><td width="27%" align="right" valign="middle" >- 4.055 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" >- 5.593 </td><td width="27%" align="right" valign="middle" >- 5.439 </td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Split by function</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Production costs</td><td width="24%" align="right" valign="middle" >- 4.035 </td><td width="27%" align="right" valign="middle" >- 3.804 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Sales and distribution costs</td><td width="24%" align="right" valign="middle" >- 198 </td><td width="27%" align="right" valign="middle" >- 208 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Administrative costs</td><td width="24%" align="right" valign="middle" >- 1.360 </td><td width="27%" align="right" valign="middle" >- 1.427 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" >- 5.593 </td><td width="27%" align="right" valign="middle" >- 5.439 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="11%" align="right" valign="middle" ><b>8</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Fee to auditor appointed at the Annual General Meeting</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Audit of financial statements</td><td width="24%" align="right" valign="middle" >- 247 </td><td width="27%" align="right" valign="middle" >- 235 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Tax advisory</td><td width="24%" align="right" valign="middle" >- 20 </td><td width="27%" align="right" valign="middle" >- 41 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Other services</td><td width="24%" align="right" valign="middle" >- 107 </td><td width="27%" align="right" valign="middle" >- 82 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" >- 374 </td><td width="27%" align="right" valign="middle" >- 358 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="11%" align="right" valign="middle" ><b>9</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Other operating income</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Other operating income comprises income of a secondary nature to the Group’s primary</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >activities, incl. grants for research and development, rental and commission income as well as</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >payroll refunding etc.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Gain on tangible assets sold</td><td width="24%" align="right" valign="middle" > 172 </td><td width="27%" align="right" valign="middle" > 284 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Other operating income</td><td width="24%" align="right" valign="middle" > 110 </td><td width="27%" align="right" valign="middle" > 159 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Governments grants</td><td width="24%" colspan="1" align="right" valign="middle" >-</td><td width="27%" align="right" valign="middle" > 64 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Other grants</td><td width="24%" align="right" valign="middle" > 169 </td><td width="27%" align="right" valign="middle" > 141 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" > 451 </td><td width="27%" align="right" valign="middle" > 648 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="11%" align="right" valign="middle" ><b>10</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Other operating expenses</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Other operating comprise expenses of a secondary nature to the Group’s primary activities, incl. loss</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >on tangible assets sold.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >€'000</td><td width="24%" align="right" valign="middle" >2024</td><td width="27%" align="right" valign="middle" >2023</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Loss on tangible assets sold</td><td width="24%" align="right" valign="middle" >- 17 </td><td width="27%" align="right" valign="middle" >- 64 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Other operating expenses</td><td width="24%" align="right" valign="middle" >- 10 </td><td width="27%" align="right" valign="middle" >- 32 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" >- 27 </td><td width="27%" align="right" valign="middle" >- 96 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="11%" align="right" valign="middle" ><b>11</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Financial income</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Financial income is recognised in the income statement at the amounts attributable to the</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >financial year. In addition, financial income comprises net positive value adjustments of financial</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >instruments and adjustments of the net present value of provisions. Realised and unrealised</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >transactions in foreign currencies are recognised in the income statement.</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Interest income</td><td width="24%" align="right" valign="middle" > 260 </td><td width="27%" align="right" valign="middle" > 93 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Foreign exchange gains</td><td width="24%" align="right" valign="middle" > 972 </td><td width="27%" align="right" valign="middle" > 207 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" > 1.232 </td><td width="27%" align="right" valign="middle" > 300 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="11%" align="right" valign="middle" ><b>12</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Financial expenses</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Financial expenses are recognised in the income statement at the amounts attributable to</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >the financial year. In addition, financial expenses comprise expenses under finance leases, net</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >negative value adjustments of financial instruments and adjustments of the net present value of</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >provisions. Realised and unrealised transactions in foreign currencies are recognised in the income</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >statement.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Interest expenses</td><td width="24%" align="right" valign="middle" >- 1.250 </td><td width="27%" align="right" valign="middle" >- 1.265 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Foreign exchange losses</td><td width="24%" align="right" valign="middle" >- 1.299 </td><td width="27%" align="right" valign="middle" >- 251 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" >- 2.549 </td><td width="27%" align="right" valign="middle" >- 1.516 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="11%" align="right" valign="middle" ><b>13</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Tax for the year</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Tax for the year includes current tax for the year and changes in deferred tax. Tax for the year relates</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >to both profit/losses from ordinary and extraordinary activities. Tax related to the exchange gains and</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >losses on financial instruments used for hedging the equity of foreign group enterprises are recognised</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >directly on equity.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Current corporate tax liabilities and current tax receivable are recognised in the balance sheet as</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >calculated tax on the year's taxable income adjusted for tax on previous years' taxable income and for taxes</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >paid on account. Supplements and reimbursements under the advance tax scheme are recognised in the</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >income statement under financial items.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Deferred tax is recognised on all temporary differences between the accounting and tax values of assets</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >and liabilities. However, deferred tax is not recognised on temporary differences relating to non-tax-</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >depreciable goodwill and other items, if these – apart from business takeovers – arose at the time of</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >acquisition without having an effect on the accounting result or the taxable income.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Deferred tax is measured on the basis of the tax rules and tax rates that will apply with the balance sheet</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >date's legislation when the deferred tax is expected to be triggered as current tax. In cases where the tax</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >value can be calculated according to alternative taxation rules, deferred tax is measured on the basis of the</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >planned use of the asset or settlement of the liability.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the value at which</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >the asset is expected to be realised, either by equalisation in tax of future earnings or by offset against</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >deferred tax liabilities.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Deferred tax assets and liabilities are presented offsetting within the Group.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Tax on profit for the year</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Current tax</td><td width="24%" align="right" valign="middle" >- 1.254 </td><td width="27%" align="right" valign="middle" >- 1.910 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Change in deferred tax</td><td width="24%" align="right" valign="middle" >- 226 </td><td width="27%" align="right" valign="middle" >- 262 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Adjustment concerning previous years</td><td width="24%" align="right" valign="middle" >- 54 </td><td width="27%" align="right" valign="middle" >- 312 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" >- 1.534 </td><td width="27%" align="right" valign="middle" >- 2.493 </td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Deferred tax</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Tax assets/(liabilities) at 1 January</td><td width="24%" align="right" valign="middle" >- 472 </td><td width="27%" align="right" valign="middle" > 453 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="24%" align="right" valign="middle" >- 11 </td><td width="27%" align="right" valign="middle" >- 7 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Changes during the year, recognised on equity</td><td width="24%" align="right" valign="middle" > 5 </td><td width="27%" align="right" valign="middle" >- 8 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Changes during the year, recognised in income statement</td><td width="24%" align="right" valign="middle" >- 226 </td><td width="27%" align="right" valign="middle" >- 910 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" >- 704 </td><td width="27%" align="right" valign="middle" >- 472 </td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Deferred tax relates to</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Goodwill</td><td width="24%" align="right" valign="middle" >- 239 </td><td width="27%" align="right" valign="middle" > 1.019 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="24%" align="right" valign="middle" >- 830 </td><td width="27%" align="right" valign="middle" >- 1.048 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Tangible assets</td><td width="24%" align="right" valign="middle" >- 1.056 </td><td width="27%" align="right" valign="middle" >- 1.835 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Inventories</td><td width="24%" align="right" valign="middle" >- 127 </td><td width="27%" align="right" valign="middle" >- 128 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Receivables</td><td width="24%" align="right" valign="middle" > 30 </td><td width="27%" align="right" valign="middle" > 26 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Other Receivables</td><td width="24%" align="right" valign="middle" > 210 </td><td width="27%" align="right" valign="middle" > 188 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Prepayments</td><td width="24%" align="right" valign="middle" >- 62 </td><td width="27%" align="right" valign="middle" >- 46 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Provisions</td><td width="24%" align="right" valign="middle" >- 84 </td><td width="27%" align="right" valign="middle" >- 101 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Liabilities other than provisions</td><td width="24%" align="right" valign="middle" > 187 </td><td width="27%" align="right" valign="middle" > 395 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Tax losses carried forward, gross</td><td width="24%" align="right" valign="middle" > 1.710 </td><td width="27%" align="right" valign="middle" > 1.596 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Impairment of tax asset</td><td width="24%" align="right" valign="middle" >- 443 </td><td width="27%" align="right" valign="middle" >- 538 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" >- 704 </td><td width="27%" align="right" valign="middle" >- 472 </td></tr><tr><td colspan="4"></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 /><td>Proposed distribution of net result for the year</td></tr><tr><td /><td>Group</td></tr><tr><td /><td>€'000</td><td>2024</td><td>2023</td></tr></table> 1188000 <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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="7%" align="right" valign="middle" ><b>15</b></td><td width="93%" colspan="5" align="left" valign="middle" ><b>Intangible assets</b></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >When acquiring an enterprise goodwill or negative goodwill, on consolidation this is computed as the</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >difference between purchase price and fair value of the net assets.</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >The useful economic life of goodwill is estimated on basis of the empirical professional knowledge of</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >Management within each segment. The amortisation period is a maximum of 20 years and lasts longest for</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >companies with a strong market position and a long profit profile.</td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >Research expenditure is written off as incurred. Development expenditures are also written off, except</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >where the directors are satisfied as to the technical, commercial and financial viability of individual</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >the period during which the company is expected to benefit. This period is 5-7 years. Provision is made for</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >any impairment.</td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >Other intangible assets are in the year of acquisition measured at acquisition price or cost. The cost of</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >self-constructed assets comprises expenses for direct labour costs and a portion of indirect production</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >costs. Interests are not included in the indirect production costs.</td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >Intangible assets are measured less accumulated amortisation and impairment losses. The carrying</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >amounts of intangible assets are reviewed annually to determine whether or not there are indications of</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >impairment. If such indication exists, the recoverable amount is estimated as the higher of net sales price</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >and utility value. Impairment losses are expensed under amortisation and depreciation.</td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >Straight-line amortisation are made on the basis of the estimated useful lives of the assets.</td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Software, licenses and patents</td><td width="16%" colspan="1" align="right" valign="middle" >up to 5 years</td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="20%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Trademarks</td><td width="16%" colspan="1" align="right" valign="middle" >up to 10 years</td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="20%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Goodwill</td><td width="16%" colspan="1" align="right" valign="middle" >up to 20 years</td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="20%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >R&D and other intangible assets</td><td width="16%" colspan="1" align="right" valign="middle" >up to 7 years</td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="20%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >Assets of a low acquisition price or of a useful short life are expensed right away in the income statement.</td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="25%" ></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Development</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Software and</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b></b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>Other intangible</b></td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >€'000</td><td width="16%" colspan="1" align="right" valign="middle" ><b>projects</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>trademarks</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Goodwill</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>assets</b></td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Cost at 1 January</td><td width="16%" align="right" valign="middle" > 244 </td><td width="16%" align="right" valign="middle" > 11.192 </td><td width="16%" align="right" valign="middle" > 6.654 </td><td width="20%" align="right" valign="middle" > 2.262 </td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="16%" align="right" valign="middle" >- 8 </td><td width="16%" align="right" valign="middle" >- 51 </td><td width="20%" align="right" valign="middle" >- 2 </td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Additions</td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="16%" align="right" valign="middle" > 10 </td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="20%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Disposals</td><td width="16%" align="right" valign="middle" >- 244 </td><td width="16%" align="right" valign="middle" >- 642 </td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="20%" align="right" valign="middle" >- 7 </td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Reclassifications</td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="16%" align="right" valign="middle" > 27 </td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="20%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>Cost at 31 December</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>-</b></td><td width="16%" align="right" valign="middle" ><b> 10.579 </b></td><td width="16%" align="right" valign="middle" ><b> 6.603 </b></td><td width="20%" align="right" valign="middle" ><b> 2.253 </b></td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Amortisation at 1 January</td><td width="16%" align="right" valign="middle" >- 244 </td><td width="16%" align="right" valign="middle" >- 6.574 </td><td width="16%" align="right" valign="middle" >- 3.156 </td><td width="20%" align="right" valign="middle" >- 1.973 </td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="16%" align="right" valign="middle" > 4 </td><td width="16%" align="right" valign="middle" > 51 </td><td width="20%" align="right" valign="middle" > 2 </td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Amortisation for the year</td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="16%" align="right" valign="middle" >- 809 </td><td width="16%" align="right" valign="middle" >- 222 </td><td width="20%" align="right" valign="middle" >- 267 </td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Disposals</td><td width="16%" align="right" valign="middle" > 244 </td><td width="16%" align="right" valign="middle" > 642 </td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="20%" align="right" valign="middle" > 2 </td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Amortisation at 1 January</td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="16%" align="right" valign="middle" >- 6.737 </td><td width="16%" align="right" valign="middle" >- 3.327 </td><td width="20%" align="right" valign="middle" >- 2.236 </td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>Carrying amount at 31 December</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>-</b></td><td width="16%" align="right" valign="middle" ><b> 3.842 </b></td><td width="16%" align="right" valign="middle" ><b> 3.276 </b></td><td width="20%" align="right" valign="middle" ><b> 17 </b></td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Leased assets included above</td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="16%" align="right" valign="middle" > 13 </td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="20%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="7%" align="right" valign="middle" ><b>16</b></td><td width="93%" colspan="5" align="left" valign="middle" ><b>Tangible assets</b></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >Property, plant and equipment are in the year of acquisition measured at acquisition price or cost.</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >The cost of self-constructed assets comprises expenses for materials, direct labour costs and a</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >portion of indirect production costs. Interests are not included in the indirect production costs.</td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >All fixed assets are measured less accumulated depreciation and impairment losses. The carrying amounts</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >of property, plant and equipment are reviewed annually to determine whether or not there are indications</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >of impairment. If such indication exists, the recoverable amount is estimated as the higher of net sales</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >price and utility value. Impairment losses are expensed under amortisation and depreciation.</td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >Straight-line depreciation are made on the basis of the estimated useful lives of the assets.</td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="57%" colspan="3" align="left" valign="middle" >Buildings</td><td width="16%" colspan="1" align="right" valign="middle" >10 to 40 years</td><td width="20%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="7%" ></td><td width="57%" colspan="3" align="left" valign="middle" >Plant and machinery</td><td width="16%" colspan="1" align="right" valign="middle" >5 to 15 years</td><td width="20%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="7%" ></td><td width="57%" colspan="3" align="left" valign="middle" >Fixtures and fittings, tools and equipment</td><td width="16%" colspan="1" align="right" valign="middle" >3 to 10 years</td><td width="20%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >Assets of a low acquisition price or of a short useful life are expensed right away in the income statement.</td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >Assets held under financial leases, are recognised in the balance sheet at the lower of fair value and</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >present value of future lease payments at the time of acquisition. The internal rate of return of the lease</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >or an approximation of this is applied as a discount factor for determining the present value. Assets held</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >under financial leases, are depreciated equal to the Group’s other property, plant and equipment.</td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >The capitalised residual lease commitment is recognised in the balance sheet as a liability, and the interest</td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >portion of the lease payment is recognised in the income statement.</td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >For operating leases, the lease payments are expensed on a straight-line basis over the lease term.</td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="25%" ></td><td width="16%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >Fixtures,</td><td width="20%" colspan="1" align="right" valign="middle" >Tangible</td></tr><tr><td width="7%" ></td><td width="25%" ></td><td width="16%" colspan="1" align="right" valign="middle" >Land and</td><td width="16%" colspan="1" align="right" valign="middle" >Plant and</td><td width="16%" colspan="1" align="right" valign="middle" >fittings, tools,</td><td width="20%" colspan="1" align="right" valign="middle" >assets in</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >€'000</td><td width="16%" colspan="1" align="right" valign="middle" >buildings</td><td width="16%" colspan="1" align="right" valign="middle" >machinery</td><td width="16%" colspan="1" align="right" valign="middle" >equipment</td><td width="20%" colspan="1" align="right" valign="middle" >progress</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Cost at 1 January</td><td width="16%" align="right" valign="middle" >35277</td><td width="16%" align="right" valign="middle" >63641</td><td width="16%" align="right" valign="middle" >7795</td><td width="20%" align="right" valign="middle" >6939</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="16%" align="right" valign="middle" >8</td><td width="16%" align="right" valign="middle" >-194</td><td width="16%" align="right" valign="middle" >-2</td><td width="20%" align="right" valign="middle" >33</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Additions</td><td width="16%" align="right" valign="middle" >566</td><td width="16%" align="right" valign="middle" >2823</td><td width="16%" align="right" valign="middle" >270</td><td width="20%" align="right" valign="middle" >9610</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Disposals</td><td width="16%" align="right" valign="middle" >-226</td><td width="16%" align="right" valign="middle" >-1649</td><td width="16%" align="right" valign="middle" >-643</td><td width="20%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Reclassification</td><td width="16%" align="right" valign="middle" >1267</td><td width="16%" align="right" valign="middle" >7298</td><td width="16%" align="right" valign="middle" >1292</td><td width="20%" align="right" valign="middle" >-9886</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Cost at 31 December</td><td width="16%" align="right" valign="middle" >36892</td><td width="16%" align="right" valign="middle" >71919</td><td width="16%" align="right" valign="middle" >8712</td><td width="20%" align="right" valign="middle" >6696</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Depreciation at 1 January</td><td width="16%" align="right" valign="middle" >-21508</td><td width="16%" align="right" valign="middle" >-45564</td><td width="16%" align="right" valign="middle" >-6257</td><td width="20%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="16%" align="right" valign="middle" >-2</td><td width="16%" align="right" valign="middle" >244</td><td width="16%" align="right" valign="middle" >52</td><td width="20%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Depreciation for the year</td><td width="16%" align="right" valign="middle" >-793</td><td width="16%" align="right" valign="middle" >-3129</td><td width="16%" align="right" valign="middle" >-373</td><td width="20%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Disposals</td><td width="16%" align="right" valign="middle" >203</td><td width="16%" align="right" valign="middle" >1523</td><td width="16%" align="right" valign="middle" >533</td><td width="20%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Reclassification</td><td width="16%" align="right" valign="middle" >83</td><td width="16%" align="right" valign="middle" >190</td><td width="16%" align="right" valign="middle" >-273</td><td width="20%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Depreciation at 31 December</td><td width="16%" align="right" valign="middle" >-22017</td><td width="16%" align="right" valign="middle" >-46736</td><td width="16%" align="right" valign="middle" >-6318</td><td width="20%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December</td><td width="16%" align="right" valign="middle" >14875</td><td width="16%" align="right" valign="middle" >25182</td><td width="16%" align="right" valign="middle" >2394</td><td width="20%" align="right" valign="middle" >6696</td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Leased assets included above</td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="16%" align="right" valign="middle" >40</td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="20%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="11%" align="right" valign="middle" ><b>17</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Financial assets</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Other receivables</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Cost at 1 January</td><td width="24%" align="right" valign="middle" > 12 </td><td width="27%" align="right" valign="middle" > 12 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Cost at 31 December</td><td width="24%" align="right" valign="middle" > 12 </td><td width="27%" align="right" valign="middle" > 12 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="11%" align="right" valign="middle" ><b>18</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Inventories</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >§ Inventories are measured at the lower of acquisition price and cost using the FIFO method. If the</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >acquisition price or cost exceeds the net realisable value, a write-down is made to such lower value.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Work in progress and finished goods are recognised at a manufacturing cost that includes consumption</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >of materials and payroll costs plus indirect production costs. Indirect production costs comprise operating</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >expenses, maintenance and depreciation of production plant as well as administration and factory</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >management.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >In cases where the acquisition price or the manufacturing cost exceeds the estimated sales price less</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >completion costs and distribution costs, a write-down is made to such lower net realisable value.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Raw materials and consumables</td><td width="24%" align="right" valign="middle" > 7.396 </td><td width="27%" align="right" valign="middle" > 6.610 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Work in progress</td><td width="24%" align="right" valign="middle" > 2.572 </td><td width="27%" align="right" valign="middle" > 2.219 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Manufactured goods and goods for resale</td><td width="24%" align="right" valign="middle" > 9.134 </td><td width="27%" align="right" valign="middle" > 9.868 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Advanced payments</td><td width="24%" align="right" valign="middle" > 263 </td><td width="27%" align="right" valign="middle" > 263 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" > 19.365 </td><td width="27%" align="right" valign="middle" > 18.960 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="22%" align="right" valign="middle" ><b>19</b></td><td width="78%" colspan="1" align="left" valign="middle" ><b>Trade receivables</b></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >Trade receivables are measured in the balance sheet at amortised cost or a lower net realisable</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >value, which corresponds to nominal value less impairment losses. Write-downs for losses</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >are calculated on the basis of an individual assessment of the individual receivables, as well as for</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >receivables from sales together with a general write-down based on the company's experience from</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >previous years.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="11%" align="right" valign="middle" ><b>20</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Other receivables</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Other receivables are measured in the balance sheet at amortised cost or a lower net realisable</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >value, which corresponds to nominal value less impairment losses.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >VAT receivable</td><td width="24%" align="right" valign="middle" > 1.492 </td><td width="27%" align="right" valign="middle" > 1.503 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Other receivables</td><td width="24%" align="right" valign="middle" > 588 </td><td width="27%" align="right" valign="middle" > 930 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" > 2.080 </td><td width="27%" align="right" valign="middle" > 2.433 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="22%" align="right" valign="middle" ><b>21</b></td><td width="78%" colspan="1" align="left" valign="middle" ><b>Prepayments</b></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >Prepayments recognised under assets include costs paid in respect of subsequent financial</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >years. Prepayments are listed as assets relating to rent, insurance premiums, subscriptions and</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >interest.</td></tr><tr><td colspan="2"></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >Prepayments are measured at cost.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="11%" align="right" valign="middle" ><b>22</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Provisions</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >The Group has made pension schemes and similar contracts with most of its employees. The</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Group's payments into contributory schemes are recognised in the income statement at the</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >time of maturity and any outstanding payments are recognised in the balance sheet under other</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >payables.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >For benefit schemes, an actuarial calculation is made of the net present value of future benefits to be</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >paid by the Group pursuant to the schemes. The net present value less market value of assets related</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >to the scheme is recognised in the balance sheet under pension obligations. Changes in net present</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >value are recognised in the income statement.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Provisions are recognised when, as a result of an event that occurred at the latest on the balance</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >sheet date, the group has a legal or actual obligation, and it is likely that financial benefits will have</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >to be provided to fulfill the obligation.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Other provisions include warranty obligations for repair work within the warranty period of 1-5 years.</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >The provisions are measured and recognized on the basis of experience with warranty work. Provisions</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >with an expected maturity of more than 1 year from the balance sheet date are discounted using the</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >average bond interest rate.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Pensions and similar provisions</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >€'000</td><td width="24%" align="right" valign="middle" >2024</td><td width="27%" align="right" valign="middle" >2023</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Pension provisions at 1 January</td><td width="24%" align="right" valign="middle" > 627 </td><td width="27%" align="right" valign="middle" > 616 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Spent during the year</td><td width="24%" align="right" valign="middle" >- 45 </td><td width="27%" align="right" valign="middle" >- 43 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Interest income</td><td width="24%" align="right" valign="middle" > 7 </td><td width="27%" align="right" valign="middle" > 7 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Additions</td><td width="24%" align="right" valign="middle" > 18 </td><td width="27%" align="right" valign="middle" > 4 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Change in assumptions</td><td width="24%" align="right" valign="middle" > 27 </td><td width="27%" align="right" valign="middle" > 43 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" > 634 </td><td width="27%" align="right" valign="middle" > 627 </td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Pension and similar provisions relate solely to provisions made in connection with the subsidiaries' pension</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >obligations to present and former employees. Provisions are calculated on basis of actuarial computations</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >according to the Groups' accounting policy.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Other provisions €'000</td><td width="24%" align="right" valign="middle" >2024</td><td width="27%" align="right" valign="middle" >2023</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Other provisions at 1 January</td><td width="24%" align="right" valign="middle" > 399 </td><td width="27%" align="right" valign="middle" > 730 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Spent during the year</td><td width="24%" align="right" valign="middle" >- 278 </td><td width="27%" align="right" valign="middle" >- 611 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Reversed during the year</td><td width="24%" align="right" valign="middle" >- 38 </td><td width="27%" align="right" valign="middle" >- 118 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Provisions made during the year</td><td width="24%" align="right" valign="middle" > 1.375 </td><td width="27%" align="right" valign="middle" > 398 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" > 1.458 </td><td width="27%" align="right" valign="middle" > 399 </td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Other provisions relate primarily to warranty provisions. Provisions are, in all material respects,</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >expected to mature within the coming financial years.</td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="11%" align="right" valign="middle" ><b>23</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Non-current liabilities other than provisions</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Mortgage debt and bank debt are recognised in the balance sheet as the proceeds received</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >deducted any costs of transaction. In subsequent periods, the debts are measured at amortised</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >cost. The difference between proceeds and nominal value is thus recognised in the profit and loss</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >accounts as an interest expense over the duration of the debts.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >The Group uses derivatives to control financial exposure that arises in connection with operating,</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >financing and investing activities.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >On initial recognition, derivatives are measured at cost and subsequently at fair value in the balance</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >sheet. Positive and negative fair values of derivatives are recognised under other receivables or other</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >liabilities.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Changes in the fair value of derivatives, classified as and complying with the requirements for hedging</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >of the fair value of a recognised asset or liability, are recorded in the income statement according to</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >the policy applied for hedged items.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Changes in the fair value of derivatives, classified as and complying with the requirements for hedging</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >future assets or liabilities, are recognised under receivables or liabilities as well as equity. Income</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >and expenses regarding such hedging transactions are transferred from equity at realisation and</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >recognised under the same financial statement item as the hedged amount.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >For derivatives that do not comply with the requirements for being treated as hedging instruments,</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >changes in fair value are recognised currently in the income statement.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Changes in the fair value of derivatives, applied for hedging of net investments in independent foreign</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >subsidiaries or associates, are classified directly on equity.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Part of non-current liabilities due after more</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >than 5 years from the balance sheet date</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Mortgage debt</td><td width="24%" align="right" valign="middle" > 1.316 </td><td width="27%" align="right" valign="middle" > 3.882 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Other liabilities</td><td width="24%" align="right" valign="middle" > 1.196 </td><td width="27%" align="right" valign="middle" > 2.348 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" > 2.512 </td><td width="27%" align="right" valign="middle" > 6.230 </td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Part of non-current liabilities due between</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >1 and 5 years from the balance sheet date</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Mortgage debt</td><td width="24%" align="right" valign="middle" > 13.118 </td><td width="27%" align="right" valign="middle" > 12.698 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Finance lease</td><td width="24%" colspan="1" align="right" valign="middle" >-</td><td width="27%" align="right" valign="middle" > 429 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Other liabilities</td><td width="24%" align="right" valign="middle" > 978 </td><td width="27%" align="right" valign="middle" > 140 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" > 14.096 </td><td width="27%" align="right" valign="middle" > 13.267 </td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Derivatives measured at a fair value of € 150 thousand and recognised under other liabilities are</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >founded to secure a fixed interest rate on the variable mortgage loan. The derivatives of a notional</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >principal amount of DKK 48.2 million equal to M€ 6,447, are securing a fixed interest rate of 4.02%</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >and will expire in 2028. The mortgage loan and derivatives are with the same financial institute.</td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="11%" align="right" valign="middle" ><b>24</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Working capital changes</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Change in inventories</td><td width="24%" align="right" valign="middle" >- 406 </td><td width="27%" align="right" valign="middle" > 3.012 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Change in receivables</td><td width="24%" align="right" valign="middle" > 1.411 </td><td width="27%" align="right" valign="middle" > 511 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Change in payables</td><td width="24%" align="right" valign="middle" > 1.345 </td><td width="27%" align="right" valign="middle" >- 510 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Change in other NWC items</td><td width="24%" align="right" valign="middle" >- 2.020 </td><td width="27%" align="right" valign="middle" >- 170 </td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" > 330 </td><td width="27%" align="right" valign="middle" > 2.843 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="7%" align="right" valign="middle" ><b>25</b></td><td width="93%" colspan="5" align="left" valign="middle" ><b>Assets charged</b></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="7%" ></td><td width="25%" ></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Debt</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Charge</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Debt</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>Charge</b></td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="20%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Shares</td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="16%" align="right" valign="middle" > 14.700 </td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="20%" align="right" valign="middle" > 15.004 </td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Land building and machines</td><td width="16%" align="right" valign="middle" > 16.735 </td><td width="16%" align="right" valign="middle" > 20.602 </td><td width="16%" align="right" valign="middle" > 16.618 </td><td width="20%" align="right" valign="middle" > 20.602 </td></tr><tr><td width="7%" ></td><td width="25%" ></td><td width="16%" align="right" valign="middle" > 16.735 </td><td width="16%" align="right" valign="middle" > 35.302 </td><td width="16%" align="right" valign="middle" > 16.618 </td><td width="20%" align="right" valign="middle" > 35.606 </td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >Debt related to shares of € 0 thousand concerns an overdraft facility of M€ 15.</td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" >Net book value of charged land, buildings and machines is M€ 13.9 at the end of 2024.</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="11%" align="right" valign="middle" ><b>26</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Contingent liabilities</b></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Leasing €'000</td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Due within 1 year</td><td width="24%" align="right" valign="middle" > 700 </td><td width="27%" align="right" valign="middle" > 1.383 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Due within 1 to 5 years</td><td width="24%" align="right" valign="middle" > 1.413 </td><td width="27%" align="right" valign="middle" > 805 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Due above 5 years</td><td width="24%" align="right" valign="middle" > 21 </td><td width="27%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Leasing obligation</td><td width="24%" align="right" valign="middle" > 2.134 </td><td width="27%" align="right" valign="middle" > 2.188 </td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Raw material €'000</td><td width="24%" align="right" valign="middle" > 2.024 </td><td width="27%" align="right" valign="middle" > 2.023 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Due within 1 year</td><td width="24%" align="right" valign="middle" > 5.721 </td><td width="27%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Due within 1 to 5 years</td><td width="24%" colspan="1" align="right" valign="middle" >-</td><td width="27%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Due above 5 years</td><td width="24%" colspan="1" align="right" valign="middle" >-</td><td width="27%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Raw material contracts</td><td width="24%" align="right" valign="middle" > 5.721 </td><td width="27%" align="right" valign="middle" > 7.593 </td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Investment contracts €'000</td><td width="24%" align="right" valign="middle" > 2.024 </td><td width="27%" align="right" valign="middle" > 2.023 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Due within 1 year</td><td width="24%" align="right" valign="middle" > 3.131 </td><td width="27%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Due within 1 to 5 years</td><td width="24%" colspan="1" align="right" valign="middle" >-</td><td width="27%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Due above 5 years</td><td width="24%" colspan="1" align="right" valign="middle" >-</td><td width="27%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Investment contracts</td><td width="24%" align="right" valign="middle" > 3.131 </td><td width="27%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Service agreements €'000</td></tr><tr><td width="11%" ></td><td width="38%" ></td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Due within 1 year</td><td width="24%" align="right" valign="middle" > 93 </td><td width="27%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Due within 1 to 5 years</td><td width="24%" align="right" valign="middle" > 1 </td><td width="27%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Due above 5 years</td><td width="24%" colspan="1" align="right" valign="middle" >-</td><td width="27%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Service agreements</td><td width="24%" align="right" valign="middle" > 94 </td><td width="27%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Software agreements €'000</td><td width="24%" align="right" valign="middle" > 2.024 </td><td width="27%" align="right" valign="middle" > 2.023 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Due within 1 year</td><td width="24%" align="right" valign="middle" > 1.297 </td><td width="27%" align="right" valign="middle" > 1.067 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Due within 1 to 5 years</td><td width="24%" align="right" valign="middle" > 571 </td><td width="27%" align="right" valign="middle" > 1.464 </td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Due above 5 years</td><td width="24%" colspan="1" align="right" valign="middle" >-</td><td width="27%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="11%" ></td><td width="38%" colspan="1" align="left" valign="middle" >Software agreements</td><td width="24%" align="right" valign="middle" > 1.868 </td><td width="27%" align="right" valign="middle" > 2.531 </td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >The parent company has signed suretyships regarding all current and future obligations of a number</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >of subsidiaries towards Nordea Group. At 31 December, 2024, the balance between these subsidiaries</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >and Nordea amounted to zero.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >The RMIG group has through Nordea issued guarantees for received prepayments of € 544 thousand.</td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="22%" align="right" valign="middle" ><b>27</b></td><td width="78%" colspan="1" align="left" valign="middle" ><b>Related parties and Group relations</b></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >Related parties comprise the shareholder, the Board of Directors and Corporate Management as well</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >as subsidiaries of RMIG A/S, see Group chart on page 7.</td></tr><tr><td colspan="2"></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >The distribution agreements and manufacturing agreements between RMIG A/S and it subsidiaries are</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >honoured according to OECD's guidelines for a Limited Risk Distributor and a Contract Manufacturer.</td></tr><tr><td colspan="2"></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >Related parties with a controlling interest</td></tr><tr><td colspan="2"></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >• Rich. Müller-Fonden, Industriparken 40, 2750 Ballerup, Denmark, wholly owns the share capital and</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >the voting rights.</td></tr><tr><td colspan="2"></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >• Rich. Müller-Fonden is the ultimate shareholder of RMIG A/S. The foundation does not prepare any</td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >consolidated financial statement.</td></tr><tr><td colspan="2"></td></tr><tr><td width="22%" ></td><td width="78%" colspan="1" align="left" valign="middle" >All transactions with related parties meet the requirements of arm’s length conditions.</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 by Management on the Annual 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">The Board of Directors and the Corporate Management have today considered and approved the</td></tr><tr><td colspan="1">Annual Report of RMIG A/S for the financial year 1 January - 31 December, 2024.</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 and the parent financial statements are presented in</td></tr><tr><td colspan="1">accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent financial statements give a true</td></tr><tr><td colspan="1">and fair view of the Group’s and the Parent’s financial position as of 31 December, 2024, as well as of</td></tr><tr><td colspan="1">the results of their operations and the Group’s cash flows for the financial year 1 January - 31 December,</td></tr><tr><td colspan="1">2024</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Management’s report contains a fair review of the development of the Group's</td></tr><tr><td colspan="1">and the Parent’s business and financial matters, the results for the year and of the Parent’s financial</td></tr><tr><td colspan="1">position and the financial position as a whole of the entities included in the consolidated financial</td></tr><tr><td colspan="1">statements, together with a description of the principal risks and uncertainties that the Group and</td></tr><tr><td colspan="1">the Parent face.</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 the Annual Report for adoption at the Annual General Meeting.</td></tr></table> Ballerup 2025-03-14 <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 Reports</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 Shareholder of RMIG A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements</td></tr><tr><td colspan="1">give a true and fair view of the financial position of the Group and the parent company at 31</td></tr><tr><td colspan="1">December 2024, and of the results of the Group’s and the parent company’s operations as well as the</td></tr><tr><td colspan="1">consolidated cash flows for the financial year 1 January - 31 December, 2024, in accordance with the</td></tr><tr><td colspan="1">Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial Statements</td></tr><tr><td colspan="1">of RMIG A/S for the financial year 1 January - 31 December, 2024, which comprise income statement,</td></tr><tr><td colspan="1">balance sheet, statement of changes in equity and notes, including a summary of significant</td></tr><tr><td colspan="1">accounting policies, for both the Group and the parent company, as well as consolidated statement of</td></tr><tr><td colspan="1">cash flows (“financial statements”).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the</td></tr><tr><td colspan="1">additional requirements applicable in Denmark. Our responsibilities under those standards and</td></tr><tr><td colspan="1">requirements are further described in the Auditor’s responsibilities for the audit of the financial</td></tr><tr><td colspan="1">statements section of our report. We are independent of the Group in accordance with the</td></tr><tr><td colspan="1">International Ethics Standards Board for Accountants’ International Code of Ethics for Professional</td></tr><tr><td colspan="1">Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we</td></tr><tr><td colspan="1">have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA</td></tr><tr><td colspan="1">Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a</td></tr><tr><td colspan="1">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 report</td></tr><tr><td colspan="1">Management is responsible for Management’s report.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover Management’s report, and we do not express</td></tr><tr><td colspan="1">any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read Management’s</td></tr><tr><td colspan="1">report and, in doing so, consider whether Management’s report is materially inconsistent with</td></tr><tr><td colspan="1">the financial statements or our knowledge obtained during the audit, or otherwise appears to be</td></tr><tr><td colspan="1">materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management’s report provides the information</td></tr><tr><td colspan="1">required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management’s report is in accordance with</td></tr><tr><td colspan="1">the consolidated financial statements and the parent company financial statements and has been</td></tr><tr><td colspan="1">prepared in accordance with the requirements of the Danish Financial Statements Act. We did not</td></tr><tr><td colspan="1">identify any material misstatement in Management’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">Management’s responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent</td></tr><tr><td colspan="1">company financial statements that give a true and fair view in accordance with the Danish Financial</td></tr><tr><td colspan="1">Statements Act, and for such internal control as Management determines is necessary to enable the</td></tr><tr><td colspan="1">preparation of financial statements that are free from material misstatement, whether due to fraud</td></tr><tr><td colspan="1">or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group’s and the</td></tr><tr><td colspan="1">Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related</td></tr><tr><td colspan="1">to the going concern and using the going concern basis of accounting in preparing the financial</td></tr><tr><td colspan="1">statements unless Management either intends to liquidate the Group or the Parent Company or to</td></tr><tr><td colspan="1">cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole</td></tr><tr><td colspan="1">are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report</td></tr><tr><td colspan="1">that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee</td></tr><tr><td colspan="1">that an audit conducted in accordance with ISAs and the additional requirements applicable in</td></tr><tr><td colspan="1">Denmark will always detect a material misstatement when it exists. Misstatements can arise from</td></tr><tr><td colspan="1">fraud or error and are considered material if, individually or in the aggregate, they could reasonably</td></tr><tr><td colspan="1">be expected to influence the economic decisions of users taken on the basis of these financial</td></tr><tr><td colspan="1">statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in</td></tr><tr><td colspan="1">Denmark, we exercise professional judgement and maintain professional scepticism throughout the</td></tr><tr><td colspan="1">audit. We also</td></tr><tr><td colspan="1">• Identify and assess the risks of material misstatement of the financial statements, whether</td></tr><tr><td colspan="1">due to fraud or error, design and perform audit procedures responsive to those risks, and obtain</td></tr><tr><td colspan="1">audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not</td></tr><tr><td colspan="1">detecting a material misstatement resulting from fraud is higher than for one resulting from error</td></tr><tr><td colspan="1">as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of</td></tr><tr><td colspan="1">internal control.</td></tr><tr><td colspan="1">• Obtain an understanding of internal control relevant to the audit in order to design audit procedures</td></tr><tr><td colspan="1">that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the</td></tr><tr><td colspan="1">effectiveness of the Group’s and the parent company’s internal control.</td></tr><tr><td colspan="1">• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting</td></tr><tr><td colspan="1">estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">• Conclude on the appropriateness of Management’s use of the going concern basis of accounting</td></tr><tr><td colspan="1">in preparing the financial statements and, based on the audit evidence obtained, whether a</td></tr><tr><td colspan="1">material uncertainty exists related to events or conditions that may cast significant doubt on the</td></tr><tr><td colspan="1">Group’s and the parent company’s ability to continue as a going concern. If we conclude that a</td></tr><tr><td colspan="1">material uncertainty exists, we are required to draw attention in our auditor’s report to the related</td></tr><tr><td colspan="1">disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.</td></tr><tr><td colspan="1">Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.</td></tr><tr><td colspan="1">However, future events or conditions may cause the Group and the parent company to cease to</td></tr><tr><td colspan="1">continue as a going concern.</td></tr><tr><td colspan="1">• Evaluate the overall presentation, structure and contents of the financial statements, including the</td></tr><tr><td colspan="1">disclosures, and whether the financial statements represent the underlying transactions and events</td></tr><tr><td colspan="1">in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">• Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the</td></tr><tr><td colspan="1">financial information of the entities or business units within the Group as a basis for forming an</td></tr><tr><td colspan="1">opinion on the consolidated financial statements and the parent company financial statements. We</td></tr><tr><td colspan="1">are responsible for the direction, supervision and report of the audit work performed for purposes of</td></tr><tr><td colspan="1">the Group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned</td></tr><tr><td colspan="1">scope and timing of the audit and significant audit findings, including any significant deficiencies in</td></tr><tr><td colspan="1">internal control that we identify during our audit.</td></tr></table> Hellerup 2025-03-14 Årsrapport 64113119 RM Rich. Müller A/s Industriparken 40 2750 Ballerup xWizard version 1.1.1340.0, by EasyX Aps. www.easyx.eu 2023-01-01 2023-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 174210000 9317000 6824000 0.121 0.586 615 131955000 17848000 14426000 648000 96000 300000 1516000 2493000 5439000 -320000 2843000 18274000 14308000 7876000 485000 -7388000 6000000 -7230000 -310000 6824000 209248000 21962000 16752000 0.332 0.562 613 177804000 16758000 12986000 0.344 0.474 612 143346000 4027000 2735000 0.092 0.32 636 Production costs -123527000 Production costs -131955000 Production costs -153584000 Production costs -129367000 Production costs -110872000 Sales and distribution costs -18222000 Sales and distribution costs -17848000 Sales and distribution costs -17909000 Sales and distribution costs -17219000 Sales and distribution costs -15882000 Administratve costs -14035000 Administratve costs -14426000 Administratve costs -14601000 Administratve costs -13559000 Administratve costs -11766000 Earnings before interest and tax (EBIT) 6039000 Earnings before interest and tax (EBIT) 10533000 Earnings before interest and tax (EBIT) 23482000 Earnings before interest and tax (EBIT) 18114000 Earnings before interest and tax (EBIT) 5786000 Financial items, net -1317000 Financial items, net -1216000 Financial items, net -1520000 Financial items, net -1356000 Financial items, net -1759000 56294000 44110000 100404000 60348000 2796000 16608000 20652000 3859000 3276000 7135000 14875000 25182000 2394000 6696000 49147000 12000 12000 19365000 11526000 1397000 2080000 1064000 16067000 8678000 16985000 40193000 1170000 2000000 704000 634000 1458000 14434000 2174000 359000 1950000 7302000 2152000 8889000 37260000 100404000 8678000 48740000 48622000 97363000 57037000 1498000 19497000 19331000 4907000 3498000 8405000 13770000 18077000 1538000 6939000 40324000 12000 12000 18960000 12221000 643000 2433000 929000 16226000 13436000 16985000 39005000 1047000 472000 627000 399000 16580000 429000 2488000 208000 1294000 5948000 1007000 10874000 38828000 97363000 13435000 46573000 53250000 99823000 56111000 1346000 20760000 21606000 49139000 45228000 94367000 44700000 4246000 22364000 23056000 50237000 46960000 97197000 31138000 3528000 42705000 19826000 Cash and cash equivalents, net 8678000 Cash and cash equivalents, net 13435000 Cash and cash equivalents, net 13747000 Cash and cash equivalents, net 11107000 Cash and cash equivalents, net 15807000 Cash flow from operating activities 9472000 Cash flow from operating activities 14308000 Cash flow from operating activities 16345000 Cash flow from operating activities 18184000 Cash flow from operating activities 11692000 Cash flow from investment activities -13013000 Cash flow from investment activities -7388000 Cash flow from investment activities -6121000 Cash flow from investment activities -4416000 Cash flow from investment activities -2501000 Cash flow from financing activities -1216000 Cash flow from financing activities -7230000 Cash flow from financing activities -7584000 Cash flow from financing activities -18468000 Cash flow from financing activities -4134000 EBITDA 11632000 EBITDA 15972000 EBITDA 29196000 EBITDA 24061000 EBITDA 11709000 Net interest bearing debt 10680000 Net interest bearing debt 7140000 Net interest bearing debt 8107000 Net interest bearing debt 12300000 Net interest bearing debt 26525000 EBITDA ratio 0.072 EBITDA ratio 0.092 EBITDA ratio 0.14 EBITDA ratio 0.136 EBITDA ratio 0.082 EBIT ratio 0.037 EBIT ratio 0.06 EBIT ratio 0.112 EBIT ratio 0.102 EBIT ratio 0.04 NIBD/EBITDA ratio 920 NIBD/EBITDA ratio 450 NIBD/EBITDA ratio 280 NIBD/EBITDA ratio 510 NIBD/EBITDA ratio 2270 Return on invested capital, excl. goodwill 0.172 Return on invested capital, excl. goodwill 0.155 Return on invested capital, excl. goodwill 0.445 Return on invested capital, excl. goodwill 0.363 Return on invested capital, excl. goodwill 0.142 Earnings before interest and tax (EBIT) 6039000 Earnings before interest and tax (EBIT) 10533000 Earnings before interest and tax (EBIT) 23481000 Earnings before interest and tax (EBIT) 18114000 Earnings before interest and tax (EBIT) 5786000 Depreciation and amortisation (note 7) -5593000 Depreciation and amortisation (note 7) -5439000 Depreciation and amortisation (note 7) -5715000 Depreciation and amortisation (note 7) -5947000 Depreciation and amortisation (note 7) -5923000 EBITDA 11632000 EBITDA 15972000 EBITDA 29196000 EBITDA 24061000 EBITDA 11709000 Earnings before interest and tax 6039000 Earnings before interest and tax 10533000 Adjustment of profits and losses from the sale of PPE -155000 Adjustment of profits and losses from the sale of PPE -221000 Adjusted earnings before interest and tax 11477000 Adjusted earnings before interest and tax 15751000 Net financial items -1332000 Net financial items -1226000 Income taxes and withholding taxes paid -2062000 Income taxes and withholding taxes paid -2740000 Acquisition of subsidiaries 3000 Change in interest-bearing debt -1059000 Change in interest-bearing debt -968000 Cash flow change in exchange rates -158000 Cash flow change in exchange rates -262000 13435000 13745000 47544000 36173000 4243000 8877000 2575000 3136000 1365000 2007000 3320000 132000 3188000 <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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >Notes</td></tr><tr><td width="8%" align="right" valign="middle" ><b>1</b></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Revenue</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >See Consolidated financial statements note 2</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >€'000</td><td width="30%" align="right" valign="middle" >2024</td><td width="31%" align="right" valign="middle" >2023</td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >Split by market area</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Europe</td><td width="30%" align="right" valign="middle" >44356</td><td width="31%" align="right" valign="middle" >52555</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Rest of the world</td><td width="30%" align="right" valign="middle" >3188</td><td width="31%" align="right" valign="middle" >3315</td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" >47544</td><td width="31%" align="right" valign="middle" >55870</td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >Split by business area</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >RMIG Automotive</td><td width="30%" align="right" valign="middle" >1209</td><td width="31%" align="right" valign="middle" >2436</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >RMIG Solutions</td><td width="30%" align="right" valign="middle" >38049</td><td width="31%" align="right" valign="middle" >44632</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >MEVACO</td><td width="30%" align="right" valign="middle" >8286</td><td width="31%" align="right" valign="middle" >8802</td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" >47544</td><td width="31%" align="right" valign="middle" >55870</td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="20%" align="right" valign="middle" ><b>2</b></td><td width="80%" colspan="1" align="left" valign="middle" ><b>Production costs</b></td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >See Consolidated financial statements note 3</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="20%" align="right" valign="middle" ><b>3</b></td><td width="80%" colspan="1" align="left" valign="middle" ><b>Sales and distribution costs</b></td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >See Consolidated financial statements note 4</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="20%" align="right" valign="middle" ><b>4</b></td><td width="80%" colspan="1" align="left" valign="middle" ><b>Administrative costs</b></td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >See Consolidated financial statements note 5</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="8%" align="right" valign="middle" ><b>5</b></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Staff costs</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="30%" align="right" valign="middle" ><b>2024</b></td><td width="31%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="30%" align="right" valign="middle" >- 12.352 </td><td width="31%" align="right" valign="middle" >- 12.491 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Pension contributions</td><td width="30%" align="right" valign="middle" >- 1.150 </td><td width="31%" align="right" valign="middle" >- 1.027 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Social security costs</td><td width="30%" align="right" valign="middle" >- 205 </td><td width="31%" align="right" valign="middle" >- 169 </td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" >- 13.707 </td><td width="31%" align="right" valign="middle" >- 13.687 </td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >Split by function</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Production costs</td><td width="30%" align="right" valign="middle" >- 8.287 </td><td width="31%" align="right" valign="middle" >- 7.547 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Sales and distribution costs</td><td width="30%" align="right" valign="middle" >- 2.500 </td><td width="31%" align="right" valign="middle" >- 2.550 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Administrative costs</td><td width="30%" align="right" valign="middle" >- 2.920 </td><td width="31%" align="right" valign="middle" >- 3.590 </td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" >- 13.707 </td><td width="31%" align="right" valign="middle" >- 13.687 </td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >Split by body</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Board of Directors</td><td width="30%" align="right" valign="middle" >- 201 </td><td width="31%" align="right" valign="middle" >- 201 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Corporate Management</td><td width="30%" align="right" valign="middle" >- 641 </td><td width="31%" align="right" valign="middle" >- 1.410 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Other Group Management</td><td width="30%" align="right" valign="middle" >- 1.315 </td><td width="31%" align="right" valign="middle" >- 1.133 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Staff</td><td width="30%" align="right" valign="middle" >- 11.550 </td><td width="31%" align="right" valign="middle" >- 10.943 </td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" >- 13.707 </td><td width="31%" align="right" valign="middle" >- 13.687 </td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >Staff costs for Corporate Management includes accrued severance</td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >payment to resigned members in the comparison period.</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Average number of full time employees</td><td width="30%" align="right" valign="middle" >133</td><td width="31%" align="right" valign="middle" >130</td></tr><tr><td colspan="4"></td></tr></table> 133 <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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="8%" align="right" valign="middle" ><b>6</b></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Depreciations and amortisations</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="30%" align="right" valign="middle" ><b>2024</b></td><td width="31%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Amortisations</td><td width="30%" align="right" valign="middle" >- 1.036 </td><td width="31%" align="right" valign="middle" >- 1.100 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Depreciations</td><td width="30%" align="right" valign="middle" >- 1.153 </td><td width="31%" align="right" valign="middle" >- 1.045 </td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" >- 2.189 </td><td width="31%" align="right" valign="middle" >- 2.145 </td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >Split by function</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Production costs</td><td width="30%" align="right" valign="middle" >- 1.138 </td><td width="31%" align="right" valign="middle" >- 1.045 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Administrative costs</td><td width="30%" align="right" valign="middle" >- 1.051 </td><td width="31%" align="right" valign="middle" >- 1.100 </td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" >- 2.189 </td><td width="31%" align="right" valign="middle" >- 2.145 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="8%" align="right" valign="middle" ><b>7</b></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Fees to auditor appointed at the Annual General Meeting</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="30%" align="right" valign="middle" ><b>2024</b></td><td width="31%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Audit of financial statements</td><td width="30%" align="right" valign="middle" >- 89 </td><td width="31%" align="right" valign="middle" >- 87 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Tax advisory</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" align="right" valign="middle" >- 22 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Other services</td><td width="30%" align="right" valign="middle" >- 104 </td><td width="31%" align="right" valign="middle" >- 77 </td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" >- 193 </td><td width="31%" align="right" valign="middle" >- 186 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="8%" align="right" valign="middle" ><b>8</b></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Other operating income</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >See Consolidated financial statements note 9</td></tr><tr><td colspan="4"></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="30%" align="right" valign="middle" ><b>2024</b></td><td width="31%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Other operating income</td><td width="30%" align="right" valign="middle" > 2.406 </td><td width="31%" align="right" valign="middle" > 2.143 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Other grants</td><td width="30%" align="right" valign="middle" > 169 </td><td width="31%" align="right" valign="middle" > 141 </td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" > 2.575 </td><td width="31%" align="right" valign="middle" > 2.284 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="8%" align="right" valign="middle" ><b>9</b></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Other operating expenses</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >See Consolidated financial statements note 10</td></tr><tr><td colspan="4"></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="30%" align="right" valign="middle" ><b>2024</b></td><td width="31%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Loss on tangible assets sold</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" align="right" valign="middle" >- 45 </td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" align="right" valign="middle" >- 45 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="8%" align="right" valign="middle" ><b>10</b></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Financial income</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >See Consolidated financial statements note 11</td></tr><tr><td colspan="4"></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="30%" align="right" valign="middle" ><b>2024</b></td><td width="31%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Interest income and other financial income</td><td width="30%" align="right" valign="middle" > 229 </td><td width="31%" align="right" valign="middle" > 68 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Interest income from group enterprises</td><td width="30%" align="right" valign="middle" > 263 </td><td width="31%" align="right" valign="middle" > 217 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Foreign exchange gains</td><td width="30%" align="right" valign="middle" > 873 </td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" > 1.365 </td><td width="31%" align="right" valign="middle" > 285 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="8%" align="right" valign="middle" ><b>11</b></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Financial expences</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >See Consolidated financial statements note 12</td></tr><tr><td colspan="4"></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="30%" align="right" valign="middle" ><b>2024</b></td><td width="31%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Interest income and other financial expenses</td><td width="30%" align="right" valign="middle" >- 264 </td><td width="31%" align="right" valign="middle" >- 324 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Interest expenses from group enterprises</td><td width="30%" align="right" valign="middle" >- 729 </td><td width="31%" align="right" valign="middle" >- 650 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Foreign exchange gains</td><td width="30%" align="right" valign="middle" >- 1.014 </td><td width="31%" align="right" valign="middle" >- 37 </td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" >- 2.007 </td><td width="31%" align="right" valign="middle" >- 1.011 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="8%" align="right" valign="middle" ><b>12</b></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Tax for the year</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >See Consolidated financial statements note 13</td></tr><tr><td colspan="4"></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="30%" align="right" valign="middle" ><b>2024</b></td><td width="31%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Current tax</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" align="right" valign="middle" >- 725 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Change in deferred tax</td><td width="30%" align="right" valign="middle" > 17 </td><td width="31%" align="right" valign="middle" >- 287 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Adjustment concerning previous years</td><td width="30%" align="right" valign="middle" >- 149 </td><td width="31%" align="right" valign="middle" >- 328 </td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" >- 132 </td><td width="31%" align="right" valign="middle" >- 1.340 </td></tr><tr><td colspan="4"></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Deferred €'000</td><td width="30%" align="right" valign="middle" > 2.024 </td><td width="31%" align="right" valign="middle" > 2.023 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Tax assets/(liabilities) at 1 January</td><td width="30%" align="right" valign="middle" >- 455 </td><td width="31%" align="right" valign="middle" > 535 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" align="right" valign="middle" >- 1 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Changes during the year, recognised on equity</td><td width="30%" align="right" valign="middle" >- 5 </td><td width="31%" align="right" valign="middle" >- 8 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Changes during the year, recognised in income statement</td><td width="30%" align="right" valign="middle" > 17 </td><td width="31%" align="right" valign="middle" >- 981 </td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" >- 443 </td><td width="31%" align="right" valign="middle" >- 455 </td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >Deferred tax relates to</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Goodwill</td><td width="30%" align="right" valign="middle" > 678 </td><td width="31%" align="right" valign="middle" > 1.019 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="30%" align="right" valign="middle" >- 839 </td><td width="31%" align="right" valign="middle" >- 1.067 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Tangible assets</td><td width="30%" align="right" valign="middle" >- 700 </td><td width="31%" align="right" valign="middle" >- 404 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Inventories</td><td width="30%" align="right" valign="middle" >- 131 </td><td width="31%" align="right" valign="middle" >- 131 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Receivables</td><td width="30%" align="right" valign="middle" > 25 </td><td width="31%" align="right" valign="middle" > 17 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Prepayments</td><td width="30%" align="right" valign="middle" >- 62 </td><td width="31%" align="right" valign="middle" >- 46 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Provisions</td><td width="30%" align="right" valign="middle" > 23 </td><td width="31%" align="right" valign="middle" > 14 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Liabilities other than provisions</td><td width="30%" align="right" valign="middle" > 170 </td><td width="31%" align="right" valign="middle" > 143 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Tax losses carry forward, gross</td><td width="30%" align="right" valign="middle" > 393 </td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Impairment of tax asset</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" >- 443 </td><td width="31%" align="right" valign="middle" >- 455 </td></tr><tr><td colspan="4"></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 /><td>Proposed distribution of net result for the year</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Parent company</td></tr><tr><td /><td>€'000</td><td>2024</td><td>2023</td></tr></table> 1188000 <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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="5%" align="right" valign="middle" ><b>14</b></td><td width="95%" colspan="5" align="left" valign="middle" ><b>Intangible assets</b></td></tr><tr><td width="5%" ></td><td width="95%" colspan="5" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="5%" ></td><td width="95%" colspan="5" align="left" valign="middle" >See Consolidated financial statements note 15</td></tr><tr><td width="5%" ></td><td width="19%" ></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Development</b></td><td width="36%" colspan="2" align="left" valign="middle" ><b>Software and</b></td><td width="22%" colspan="1" align="left" valign="middle" ><b>Other intangible</b></td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>projects</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>trademarks</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Goodwill</b></td><td width="22%" colspan="1" align="left" valign="middle" ><b>assets</b></td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Cost at 1 January</td><td width="18%" align="right" valign="middle" > 174 </td><td width="18%" align="right" valign="middle" > 9.218 </td><td width="18%" align="right" valign="middle" > 1.112 </td><td width="22%" align="right" valign="middle" > 2.504 </td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="18%" align="right" valign="middle" >- 9 </td><td width="18%" align="right" valign="middle" >- 1 </td><td width="22%" align="right" valign="middle" >- 2 </td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Reclassifications</td><td width="18%" align="right" valign="middle" >- 174 </td><td width="18%" align="right" valign="middle" > 174 </td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="22%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Cost at 31 December</td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="18%" align="right" valign="middle" > 9.383 </td><td width="18%" align="right" valign="middle" > 1.111 </td><td width="22%" align="right" valign="middle" > 2.502 </td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Amortisation at 1 January</td><td width="18%" align="right" valign="middle" >- 174 </td><td width="18%" align="right" valign="middle" >- 4.601 </td><td width="18%" align="right" valign="middle" >- 1.112 </td><td width="22%" align="right" valign="middle" >- 2.269 </td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="18%" align="right" valign="middle" > 5 </td><td width="18%" align="right" valign="middle" > 1 </td><td width="22%" align="right" valign="middle" > 2 </td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Amortisation for the year</td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="18%" align="right" valign="middle" >- 801 </td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="22%" align="right" valign="middle" >- 235 </td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Reclassifications</td><td width="18%" align="right" valign="middle" > 174 </td><td width="18%" align="right" valign="middle" >- 174 </td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="22%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Amortisation at 31 December</td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="18%" align="right" valign="middle" >- 5.571 </td><td width="18%" align="right" valign="middle" >- 1.111 </td><td width="22%" align="right" valign="middle" >- 2.502 </td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December</td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="18%" align="right" valign="middle" > 3.812 </td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="22%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Leased assets included above</td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="22%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="5%" align="right" valign="middle" ><b>15</b></td><td width="95%" colspan="5" align="left" valign="middle" ><b>Tangible assets</b></td></tr><tr><td width="5%" ></td><td width="95%" colspan="5" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="5%" ></td><td width="95%" colspan="5" align="left" valign="middle" >See Consolidated financial statements note 16</td></tr><tr><td width="5%" ></td><td width="19%" ></td><td width="18%" ></td><td width="18%" ></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Fixtures,</b></td><td width="22%" colspan="1" align="left" valign="middle" ><b>Tangible</b></td></tr><tr><td width="5%" ></td><td width="19%" ></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Land and</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Plant and</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>fittings, tools</b></td><td width="22%" colspan="1" align="left" valign="middle" ><b>assets</b></td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>buildings</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>machinery</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>equipment</b></td><td width="22%" colspan="1" align="left" valign="middle" ><b>in progress</b></td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Cost at 1 January</td><td width="18%" align="right" valign="middle" > 6.694 </td><td width="18%" align="right" valign="middle" > 18.850 </td><td width="18%" align="right" valign="middle" > 1.301 </td><td width="22%" align="right" valign="middle" > 2.299 </td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="18%" align="right" valign="middle" >- 6 </td><td width="18%" align="right" valign="middle" >- 19 </td><td width="18%" align="right" valign="middle" >- 1 </td><td width="22%" align="right" valign="middle" >- 2 </td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Additions</td><td width="18%" align="right" valign="middle" > - </td><td width="18%" align="right" valign="middle" > 9 </td><td width="18%" align="right" valign="middle" > 147 </td><td width="22%" align="right" valign="middle" > 3.373 </td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Disposals</td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="18%" align="right" valign="middle" >- 80 </td><td width="18%" align="right" valign="middle" >- 375 </td><td width="22%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Reclassification</td><td width="18%" align="right" valign="middle" > 229 </td><td width="18%" align="right" valign="middle" > 3.140 </td><td width="18%" align="right" valign="middle" > 950 </td><td width="22%" align="right" valign="middle" >- 4.320 </td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Cost at 31 December</td><td width="18%" align="right" valign="middle" > 6.917 </td><td width="18%" align="right" valign="middle" > 21.900 </td><td width="18%" align="right" valign="middle" > 2.022 </td><td width="22%" align="right" valign="middle" > 1.351 </td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Depreciation at 1 January</td><td width="18%" align="right" valign="middle" >- 5.006 </td><td width="18%" align="right" valign="middle" >- 14.427 </td><td width="18%" align="right" valign="middle" >- 917 </td><td width="22%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="18%" align="right" valign="middle" > 5 </td><td width="18%" align="right" valign="middle" > 14 </td><td width="18%" align="right" valign="middle" > 1 </td><td width="22%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Depreciation for the year</td><td width="18%" align="right" valign="middle" >- 203 </td><td width="18%" align="right" valign="middle" >- 818 </td><td width="18%" align="right" valign="middle" >- 133 </td><td width="22%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Disposals</td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="18%" align="right" valign="middle" > 80 </td><td width="18%" align="right" valign="middle" > 375 </td><td width="22%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Reclassification</td><td width="18%" align="right" valign="middle" > 83 </td><td width="18%" align="right" valign="middle" > 46 </td><td width="18%" align="right" valign="middle" >- 129 </td><td width="22%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Depreciation at 31 December</td><td width="18%" align="right" valign="middle" >- 5.121 </td><td width="18%" align="right" valign="middle" >- 15.105 </td><td width="18%" align="right" valign="middle" >- 803 </td><td width="22%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December</td><td width="18%" align="right" valign="middle" > 1.796 </td><td width="18%" align="right" valign="middle" > 6.795 </td><td width="18%" align="right" valign="middle" > 1.219 </td><td width="22%" align="right" valign="middle" > 1.350 </td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Leased assets included above</td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="22%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="6%" align="right" valign="middle" ><b>16</b></td><td width="94%" colspan="4" align="left" valign="middle" ><b>Financial assets</b></td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" >Investments in subsidiaries are measured under the equity method. The share of the</td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" >subsidiaries’ equity is adjusted for unrealised intra-group profits and losses and goodwill/negative</td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" >goodwill on consolidation.</td></tr><tr><td colspan="5"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" >Investments in subsidiaries with a negative equity are measured at zero value and to the extend</td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" >any receivable from these companies is irrecoverable it is written down by the share of the negative</td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" >equity. When the share of the negative equity exceeds the receivable, the remaining amount is</td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" >recognised under provisions to the extent that there is a legal or actual liability to pay them.</td></tr><tr><td colspan="5"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" >Newly acquired companies are recognized in the consolidated financial statement from the date of</td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" >acquisition. In the acquisition of new entities over which the Group obtains control, the acquisition</td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" >method is used, meaning that the acquired entities’ identifiable assets, liabilities and contingent</td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" >liabilities are measured at fair value at the date of acquisition. Intangible assets identified are</td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" >recognized if they can be separated or if they originate from contractual terms. The tax effect of the</td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" >revaluation is taken into account.</td></tr><tr><td width="6%" ></td><td width="24%" ></td><td width="23%" ></td><td width="23%" colspan="1" align="left" valign="middle" ><b>Share</b></td><td width="24%" colspan="1" align="left" valign="middle" ><b>Votes and</b></td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" ><b>Name</b></td><td width="23%" colspan="1" align="left" valign="middle" ><b>Place of business</b></td><td width="23%" colspan="1" align="left" valign="middle" ><b>Capital</b></td><td width="24%" colspan="1" align="left" valign="middle" ><b>ownership</b></td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >RMIG Nold GmbH</td><td width="23%" colspan="1" align="left" valign="middle" >Stockstadt, Germany</td><td width="23%" colspan="1" align="left" valign="middle" >€ 1,023 thousand</td><td width="24%" align="right" valign="middle" >100%</td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >RMIG Sweden AB</td><td width="23%" colspan="1" align="left" valign="middle" >Mariestad, Sweden</td><td width="23%" colspan="1" align="left" valign="middle" >SEK 4 thousand</td><td width="24%" align="right" valign="middle" >100%</td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >RMIG AS</td><td width="23%" colspan="1" align="left" valign="middle" >Stokke, Norway</td><td width="23%" colspan="1" align="left" valign="middle" >NOK 1 thousand</td><td width="24%" align="right" valign="middle" >100%</td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >RMIG Ltd</td><td width="23%" colspan="1" align="left" valign="middle" >Warrington, Great Britain</td><td width="23%" colspan="1" align="left" valign="middle" >£ 500 thousand</td><td width="24%" align="right" valign="middle" >100%</td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >RMIG GmbH</td><td width="23%" colspan="1" align="left" valign="middle" >Raguhn, Germany</td><td width="23%" colspan="1" align="left" valign="middle" >€ 2,557 thousand</td><td width="24%" align="right" valign="middle" >100%</td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >RMIG Lochbleche GmbH</td><td width="23%" colspan="1" align="left" valign="middle" >Leobersdorf, Austria</td><td width="23%" colspan="1" align="left" valign="middle" >€ 400 thousand</td><td width="24%" align="right" valign="middle" >100%</td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >RMIG Solutions S.L.</td><td width="23%" colspan="1" align="left" valign="middle" >Bilbao, Spain</td><td width="23%" colspan="1" align="left" valign="middle" >€ 3 thousand</td><td width="24%" align="right" valign="middle" >100%</td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >RMIG B.V.</td><td width="23%" colspan="1" align="left" valign="middle" >Dordrecht, The Netherlands</td><td width="23%" colspan="1" align="left" valign="middle" >€ 193 thousand</td><td width="24%" align="right" valign="middle" >100%</td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >RMIG N.V./S.A.</td><td width="23%" colspan="1" align="left" valign="middle" >Aalst, Belgium</td><td width="23%" colspan="1" align="left" valign="middle" >€ 217 thousand</td><td width="24%" align="right" valign="middle" >100%</td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >RMIG Sp. Z.o.o.</td><td width="23%" colspan="1" align="left" valign="middle" >Poznan, Poland</td><td width="23%" colspan="1" align="left" valign="middle" >PLN 500 thousand</td><td width="24%" align="right" valign="middle" >100%</td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >RMIG S.A.S.</td><td width="23%" colspan="1" align="left" valign="middle" >Lyon, France</td><td width="23%" colspan="1" align="left" valign="middle" >€ 200 thousand</td><td width="24%" align="right" valign="middle" >100%</td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >MEVACO GmbH</td><td width="23%" colspan="1" align="left" valign="middle" >Schlierbach, Germany</td><td width="23%" colspan="1" align="left" valign="middle" >€ 1,600 thousand</td><td width="24%" align="right" valign="middle" >100%</td></tr><tr><td colspan="5"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" >Investments in subsidiaries €'000</td></tr><tr><td width="6%" ></td><td width="24%" ></td><td width="23%" align="right" valign="middle" ><b>2024</b></td><td width="23%" align="right" valign="middle" ><b>2023</b></td><td width="24%" ></td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >Cost at 1 January</td><td width="23%" align="right" valign="middle" > 63.682 </td><td width="23%" align="right" valign="middle" > 69.363 </td><td width="24%" ></td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >Additions</td><td width="23%" colspan="1" align="left" valign="middle" >-</td><td width="23%" align="right" valign="middle" > 3 </td><td width="24%" ></td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >Disposals from divested subsidiary</td><td width="23%" colspan="1" align="left" valign="middle" >-</td><td width="23%" align="right" valign="middle" >- 5.684 </td><td width="24%" ></td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >Cost at 31 December</td><td width="23%" align="right" valign="middle" > 63.682 </td><td width="23%" align="right" valign="middle" > 63.682 </td><td width="24%" ></td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >Net revaluation as of 1 January</td><td width="23%" align="right" valign="middle" >- 11.409 </td><td width="23%" align="right" valign="middle" >- 18.165 </td><td width="24%" ></td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="23%" align="right" valign="middle" > 106 </td><td width="23%" align="right" valign="middle" >- 549 </td><td width="24%" ></td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >Disposals from divested subsidiary</td><td width="23%" colspan="1" align="left" valign="middle" >-</td><td width="23%" align="right" valign="middle" > 5.684 </td><td width="24%" ></td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >Amortisation of goodwill</td><td width="23%" align="right" valign="middle" >- 624 </td><td width="23%" align="right" valign="middle" >- 653 </td><td width="24%" ></td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >Share of profit/(loss) for the year</td><td width="23%" align="right" valign="middle" > 3.760 </td><td width="23%" align="right" valign="middle" > 4.072 </td><td width="24%" ></td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >Dividends from subsidiaries</td><td width="23%" align="right" valign="middle" >- 2.043 </td><td width="23%" align="right" valign="middle" >- 1.798 </td><td width="24%" ></td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >Net revaluation as of 31 December</td><td width="23%" align="right" valign="middle" >- 10.210 </td><td width="23%" align="right" valign="middle" >- 11.409 </td><td width="24%" ></td></tr><tr><td width="6%" ></td><td width="24%" colspan="1" align="left" valign="middle" >Carrying amount as of 31 December</td><td width="23%" align="right" valign="middle" > 53.472 </td><td width="23%" align="right" valign="middle" > 52.273 </td><td width="24%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="6%" align="right" valign="middle" ><b>17</b></td><td width="94%" colspan="4" align="left" valign="middle" ><b>Inventories</b></td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="6%" ></td><td width="94%" colspan="4" align="left" valign="middle" >See Consolidated financial statements note 18</td></tr><tr><td width="6%" ></td><td width="47%" colspan="2" align="left" valign="middle" ><b>€'000</b></td><td width="23%" align="right" valign="middle" ><b>2024</b></td><td width="24%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="6%" ></td><td width="47%" colspan="2" align="left" valign="middle" >Raw materials and consumables</td><td width="23%" align="right" valign="middle" > 2.255 </td><td width="24%" align="right" valign="middle" > 2.240 </td></tr><tr><td width="6%" ></td><td width="47%" colspan="2" align="left" valign="middle" >Work in progress</td><td width="23%" align="right" valign="middle" > 636 </td><td width="24%" align="right" valign="middle" > 477 </td></tr><tr><td width="6%" ></td><td width="47%" colspan="2" align="left" valign="middle" >Manufactured goods and goods for resale</td><td width="23%" align="right" valign="middle" > 1.856 </td><td width="24%" align="right" valign="middle" > 1.981 </td></tr><tr><td width="6%" ></td><td width="47%" colspan="2" align="left" valign="middle" >Advanced payments</td><td width="23%" align="right" valign="middle" > 39 </td><td width="24%" align="right" valign="middle" > 12 </td></tr><tr><td width="6%" ></td><td width="24%" ></td><td width="23%" ></td><td width="23%" align="right" valign="middle" > 4.786 </td><td width="24%" align="right" valign="middle" > 4.710 </td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="20%" align="right" valign="middle" ><b>18</b></td><td width="80%" colspan="1" align="left" valign="middle" ><b>Trade receivables</b></td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >See Consolidated financial statements note 19</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="8%" align="right" valign="middle" ><b>19</b></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Other receivables</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >See Consolidated financial statements note 20</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="30%" align="right" valign="middle" ><b>2024</b></td><td width="31%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >VAT receivable</td><td width="30%" align="right" valign="middle" > 1.019 </td><td width="31%" align="right" valign="middle" > 1.218 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Other receiables</td><td width="30%" align="right" valign="middle" > 122 </td><td width="31%" align="right" valign="middle" > 157 </td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" > 1.141 </td><td width="31%" align="right" valign="middle" > 1.375 </td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="8%" align="right" valign="middle" ><b>20</b></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Other provisions</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >See Consolidated financial statements note 22</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="30%" align="right" valign="middle" ><b>2024</b></td><td width="31%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Other provisions at 1 January</td><td width="30%" align="right" valign="middle" > 65 </td><td width="31%" align="right" valign="middle" > 56 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Spent during the year</td><td width="30%" align="right" valign="middle" >- 141 </td><td width="31%" align="right" valign="middle" >- 155 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Reversed during the year</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" align="right" valign="middle" >- 5 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Provisions made during the year</td><td width="30%" align="right" valign="middle" > 182 </td><td width="31%" align="right" valign="middle" > 169 </td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" > 106 </td><td width="31%" align="right" valign="middle" > 65 </td></tr><tr><td colspan="4"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >Other provisions primarily relate to warranty provisions. Provisions are, in all material respects,</td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >expected to mature within the coming financial years.</td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="8%" align="right" valign="middle" ><b>21</b></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Non-current liabilities other than provisions</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >See Consolidated financial statements note 23</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="30%" align="right" valign="middle" ><b>2024</b></td><td width="31%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >Part of non-current liabilities due after more</td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >than 5 years from the balance sheet date</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Mortgage debt</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Finance lease</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Other liabilities</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >Part of non-current liabilities due between</td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >1 and 5 years from the balance sheet date</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Mortgage debt</td><td width="30%" align="right" valign="middle" > 3.383 </td><td width="31%" align="right" valign="middle" > 4.448 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Payables to group enterprises</td><td width="30%" align="right" valign="middle" > 12.174 </td><td width="31%" align="right" valign="middle" > 12.174 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Other liabilities</td><td width="30%" align="right" valign="middle" > 114 </td><td width="31%" align="right" valign="middle" > 140 </td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" > 15.671 </td><td width="31%" align="right" valign="middle" > 16.762 </td></tr><tr><td colspan="4"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >Derivatives measured at a fair value of € 150 thousand and recognised under other liabilities are</td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >founded to secure a fixed interest rate on the variable mortgage loan. The derivatives of a notional</td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >principal amount of DKK 48.2 million equal to M€ 6,447, are securing a fixed interest rate of 4.02%</td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >and will expire in 2028. The mortgage loan and derivatives are with the same financial institute.</td></tr><tr><td colspan="4"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="5%" align="right" valign="middle" ><b>22</b></td><td width="95%" colspan="5" align="left" valign="middle" ><b>Assets charged</b></td></tr><tr><td width="5%" ></td><td width="95%" colspan="5" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="5%" ></td><td width="19%" ></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Debt</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Charge</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Debt</b></td><td width="22%" colspan="1" align="left" valign="middle" ><b>Charge</b></td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" ><b>€'000</b></td><td width="18%" align="right" valign="middle" ><b>2024</b></td><td width="18%" align="right" valign="middle" ><b>2024</b></td><td width="18%" align="right" valign="middle" ><b>2023</b></td><td width="22%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Shares</td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="18%" align="right" valign="middle" > 14.700 </td><td width="18%" colspan="1" align="left" valign="middle" >-</td><td width="22%" align="right" valign="middle" > 15.004 </td></tr><tr><td width="5%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Land building and machines</td><td width="18%" align="right" valign="middle" > 4.596 </td><td width="18%" align="right" valign="middle" > 12.497 </td><td width="18%" align="right" valign="middle" > 16.618 </td><td width="22%" align="right" valign="middle" > 20.602 </td></tr><tr><td width="5%" ></td><td width="19%" ></td><td width="18%" align="right" valign="middle" > 4.596 </td><td width="18%" align="right" valign="middle" > 27.197 </td><td width="18%" align="right" valign="middle" > 16.618 </td><td width="22%" align="right" valign="middle" > 35.606 </td></tr><tr><td colspan="6"></td></tr><tr><td width="5%" ></td><td width="95%" colspan="5" align="left" valign="middle" >Debt related to shares of € 0 thousand concerns an overdraft facility of M€ 15.</td></tr><tr><td colspan="6"></td></tr><tr><td width="5%" ></td><td width="95%" colspan="5" align="left" valign="middle" >Net book value of charged land, buildings and machines is M€ 9.8 at the end of 2024.</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="8%" align="right" valign="middle" ><b>23</b></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Contingent liablilities</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" ><b>Leasing €'000</b></td><td width="30%" align="right" valign="middle" ><b>2024</b></td><td width="31%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Due within 1 year</td><td width="30%" align="right" valign="middle" > 152 </td><td width="31%" align="right" valign="middle" > 219 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Due within 1 to 5 years</td><td width="30%" align="right" valign="middle" > 129 </td><td width="31%" align="right" valign="middle" > 216 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Due above 5 years</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Leasing obligation</td><td width="30%" align="right" valign="middle" > 281 </td><td width="31%" align="right" valign="middle" > 435 </td></tr><tr><td colspan="4"></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Raw material €'000</td><td width="30%" align="right" valign="middle" > 2.024 </td><td width="31%" align="right" valign="middle" > 2.023 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Due within 1 year</td><td width="30%" align="right" valign="middle" > 1.100 </td><td width="31%" align="right" valign="middle" > 618 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Due within 1 to 5 years</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" align="right" valign="middle" > 28 </td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Due above 5 years</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Raw material contracts</td><td width="30%" align="right" valign="middle" > 1.100 </td><td width="31%" align="right" valign="middle" > 646 </td></tr><tr><td colspan="4"></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Investment contracts €'000</td><td width="30%" align="right" valign="middle" >2024</td><td width="31%" align="right" valign="middle" >2023</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Due within 1 year</td><td width="30%" align="right" valign="middle" > 234 </td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Due within 1 to 5 years</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Due above 5 years</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Investment contracts</td><td width="30%" align="right" valign="middle" > 234 </td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="4"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >Service agreements €'000</td></tr><tr><td width="8%" ></td><td width="31%" ></td><td width="30%" align="right" valign="middle" >2024</td><td width="31%" align="right" valign="middle" >2023</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Due within 1 year</td><td width="30%" align="right" valign="middle" > 93 </td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Due within 1 to 5 years</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Due above 5 years</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Service agreements</td><td width="30%" align="right" valign="middle" > 93 </td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="4"></td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Software agreements €'000</td><td width="30%" align="right" valign="middle" >2024</td><td width="31%" align="right" valign="middle" >2023</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Due within 1 year</td><td width="30%" align="right" valign="middle" > 454 </td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Due within 1 to 5 years</td><td width="30%" align="right" valign="middle" > 522 </td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Due above 5 years</td><td width="30%" colspan="1" align="left" valign="middle" >-</td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="31%" colspan="1" align="left" valign="middle" >Software agreements</td><td width="30%" align="right" valign="middle" > 976 </td><td width="31%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="4"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >The parent company has signed suretyships regarding all current and future obligations of a number</td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >of subsidiaries towards Nordea Group. At 31 December, 2024, the balance between these subsidiaries</td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >and Nordea amounted to zero.</td></tr><tr><td colspan="4"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="3" align="left" valign="middle" >The RMIG Group has through Nordea issued guarantees for received prepayments of € 302 thousand.</td></tr></table> 55870000 39154000 3902000 9582000 2284000 45000 3419000 285000 1011000 8164000 1340000 6824000 130 6824000 3812000 3812000 1796000 6795000 1219000 1350000 11160000 53472000 53472000 68444000 4786000 2603000 13700000 968000 1141000 284000 18696000 5060000 28542000 96986000 16985000 40193000 1170000 2000000 60348000 443000 106000 549000 3383000 12174000 114000 15671000 518000 1701000 1099000 13634000 3466000 20418000 36089000 96986000 4852000 4852000 1688000 4423000 384000 2299000 8794000 52273000 52273000 65919000 4710000 2474000 9073000 733000 1375000 211000 13866000 8001000 26577000 92496000 16985000 39005000 1047000 57037000 455000 65000 520000 4448000 12174000 140000 16762000 1692000 1007000 11401000 4077000 18177000 34939000 92496000 Mads Bonde Hansen Chief Executive Officer Bjarne Moltke Hansen Chairman Jørgen Frost Vice Chairman Per Thanning Johansen Anne Christine Beck Kim Borch-Kristensen Employee Representative Kim Jensen Employee Representative PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Jacob F Christiansen State Authorised Public Accountant mne18628 Jakob Thisted Binder State Authorised Public Accountant mne42816 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab