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Müller A/S Industriparken 40 DK-2750 Ballerup 64113119 Ballerup +45 44 20 88 00 +45 44 20 89 61 2023-03-10 Chairman of the General Meeting <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">Today we have presented the annual report of RM Rich. Müller A/S for the financial year 1 January - 31 December</td></tr><tr><td colspan="1">2022</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report is presented in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of</td></tr><tr><td colspan="1">the Group’s and the Parent’s financial position and results as well as the consolidated cash flow. Also, we believe that</td></tr><tr><td colspan="1">the management commentary contains a fair review of the affairs and conditions referred to therein.</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 2023-03-10 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholder of RM Rich. Müller A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and</td></tr><tr><td colspan="1">fair view of the financial position of the Group and the Parent Company at 31 December 2022, and of the results of the</td></tr><tr><td colspan="1">Group’s and the Parent Company’s operations as well as the consolidated cash flows for the financial year 1 January</td></tr><tr><td colspan="1">- 31 December 2022 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of RM Rich.</td></tr><tr><td colspan="1">Müller A/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet,</td></tr><tr><td colspan="1">statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group</td></tr><tr><td colspan="1">and the Parent Company, as well as consolidated statement of cash flows (“financial statements”).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements</td></tr><tr><td colspan="1">applicable in Denmark. Our responsibilities under those standards and requirements are further described in the</td></tr><tr><td colspan="1">Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the</td></tr><tr><td colspan="1">Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for</td></tr><tr><td colspan="1">Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have</td></tr><tr><td colspan="1">fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that</td></tr><tr><td colspan="1">the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management’s Review</td></tr><tr><td colspan="1">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of</td></tr><tr><td colspan="1">assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in</td></tr><tr><td colspan="1">doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our</td></tr><tr><td colspan="1">knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management’s Review provides the information required under</td></tr><tr><td colspan="1">the Danish Financials Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated</td></tr><tr><td colspan="1">Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the</td></tr><tr><td colspan="1">requirements of the Danish Financial Statement Act. We did not identify any material misstatement in Management’s</td></tr><tr><td colspan="1">Review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of Consolidated Financial Statements and Parent Company Financial</td></tr><tr><td colspan="1">Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal</td></tr><tr><td colspan="1">control as Management determines is necessary to enable the preparation of financial statements that are free from</td></tr><tr><td colspan="1">material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent Company’s</td></tr><tr><td colspan="1">ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going</td></tr><tr><td colspan="1">concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the</td></tr><tr><td colspan="1">Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="2">Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from</td></tr><tr><td colspan="2">material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.</td></tr><tr><td colspan="2">Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with</td></tr><tr><td colspan="2">ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists.</td></tr><tr><td colspan="2">Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could</td></tr><tr><td colspan="2">reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.</td></tr><tr><td colspan="2">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we</td></tr><tr><td colspan="2">exercise professional judgment and maintain professional skepticism throughout the audit. We also</td></tr><tr><td></td><td>Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,</td></tr><tr><td /><td>design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and</td></tr><tr><td /><td>appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from</td></tr><tr><td /><td>fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions,</td></tr><tr><td /><td>misrepresentations, or the override of internal control.</td></tr><tr><td></td><td>Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are</td></tr><tr><td /><td>appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the</td></tr><tr><td /><td>Group’s and the Parent Company’s internal control.</td></tr><tr><td></td><td>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and</td></tr><tr><td /><td>related disclosures made by Management.</td></tr><tr><td></td><td>Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the</td></tr><tr><td /><td>financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to</td></tr><tr><td /><td>events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue</td></tr><tr><td /><td>as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our</td></tr><tr><td /><td>auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to</td></tr><tr><td /><td>modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s</td></tr><tr><td /><td>report. However, future events or conditions may cause the Group and the Parent Company to cease to continue</td></tr><tr><td /><td>as a going concern.</td></tr><tr><td></td><td>Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures,</td></tr><tr><td /><td>and whether the financial statements represent the underlying transactions and events in a manner that gives a</td></tr><tr><td /><td>true and fair view.</td></tr><tr><td></td><td>Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities</td></tr><tr><td /><td>within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the</td></tr><tr><td /><td>direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="2">We communicate with those charged with governance regarding, among other matters, the planned scope and timing</td></tr><tr><td colspan="2">of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during</td></tr><tr><td colspan="2">our audit.</td></tr></table> Hellerup 2023-03-10 <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></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">Group financial highlights</td></tr><tr><td /><td>2022</td><td>2021</td><td>2020</td><td>2019</td><td>2018</td></tr><tr><td /><td>€’000</td><td>€’000</td><td>€’000</td><td>€’000</td></tr></table> 209248000 6683000 0.537 <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 Group's primary activity</td></tr><tr><td colspan="1">RM Rich. Müller A/S (RMIG) and its subsidiaries are internationally known under the names RMIG and MEVACO.</td></tr><tr><td colspan="1">RMIG’s main market is Europe where the Group serves its customers through local sales offices in 13 European</td></tr><tr><td colspan="1">countries and by having manufacturing facilities in 4 European countries. RMIG also sells its perforated products to</td></tr><tr><td colspan="1">customers outside Europe either as export or through cooperations with sales representatives, agents or distributors.</td></tr><tr><td colspan="1">RMIG perceives Europe as its home market and countries outside Europe as export markets.</td></tr><tr><td colspan="1">The business structure of the RMIG Group is organised in three business areas: RMIG Solutions, RMIG Automotive</td></tr><tr><td colspan="1">and MEVACO. Common for the three business areas is that they sell perforated products of high quality to their key</td></tr><tr><td colspan="1">customer segments. The three business areas have different business models each with focus on offering the best</td></tr><tr><td colspan="1">value for their customers.</td></tr><tr><td colspan="1">RMIG Solutions is focusing on supplying tailor-made solutions for selected customer segments in specific industries.</td></tr><tr><td colspan="1">In most deliveries, the products are based on perforated metal with additional services including secondary operations,</td></tr><tr><td colspan="1">logistic and project management. The customers are typically larger companies that demand technical advice.</td></tr><tr><td colspan="1">RMIG Automotive is focusing on supplying interior and exterior grills to the automotive industry. In most cases, the</td></tr><tr><td colspan="1">grills are based on perforated metal or expanded metal, formed, surface treated and mounted on a plastic carrier. The</td></tr><tr><td colspan="1">customers are typically Tier 1 or Tier 2 suppliers to the automotive OEMs (Original Equipment Manufacturers).</td></tr><tr><td colspan="1">MEVACO focusses on selling standard sheets or simple tailor-made products in an efficient and digitalised setup within</td></tr><tr><td colspan="1">an automated production flow with delivery times between 24 hours and 4 days. The customers are typically smaller</td></tr><tr><td colspan="1">metalworkers or resellers/distributors.</td></tr><tr><td colspan="1">All together the RMIG Group is servicing the overall market for perforation.</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">Development within the financial year</td></tr><tr><td colspan="1">2022 was a landmark year for RMIG. For the first time, the Group's turnover reached € 200 million and RMIG achieved</td></tr><tr><td colspan="1">the best result ever. RMIG Solutions and MEVACO showed great progress in both revenue and earnings, whereas</td></tr><tr><td colspan="1">RMIG Automotive continued to face challenges with lower demand for automotive products due to continued supply</td></tr><tr><td colspan="1">chain challenges in the automotive industry. The rising raw material prices during the spring led to extraordinarily good</td></tr><tr><td colspan="1">earnings in certain product areas. In contrast, RMIG experienced falling activity after the summer, which, together with</td></tr><tr><td colspan="1">falling prices, meant a slightly lower level of earnings in the second half of the year. The Group’s Business Area strategy</td></tr><tr><td colspan="1">with focus on creating best possible value for the various types of customers helps to explain the good performance.</td></tr><tr><td colspan="1">It is RMIG’s experience that close relations with key accounts have improved further as a result of the focused strategy.</td></tr><tr><td colspan="1">Revenue increased by € 31.4 million to € 209.2 million in 2022, an increase of 18%. The increase can primarily be</td></tr><tr><td colspan="1">attributed to the rising raw material prices.</td></tr><tr><td colspan="1">EBITDA increased by € 5.1 million to € 29.2 million. The increasing raw material prices and strong focus on creating</td></tr><tr><td colspan="1">high value for the customers through dedicated product portfolio, solutions and delivery service are the primary reasons</td></tr><tr><td colspan="1">for the improved earnings. EBITDA ratio increased to 14.0% from 13.6% last year; this is the strongest EBITDA ratio</td></tr><tr><td colspan="1">ever achieved.</td></tr><tr><td colspan="1">In 2022, RMIG went live with a new online shop and expanded the possibilities for customers to design their own</td></tr><tr><td colspan="1">perforated products directly on our platform and have them delivered within a few days. The Group’s capacity and</td></tr><tr><td colspan="1">technical know-how have been expanded through investments in new machines and equipment, to the benefit of the</td></tr><tr><td colspan="1">customers. The Business Areas’ special focus on their key accounts has expanded the capabilities and increased the</td></tr><tr><td colspan="1">ability to create unique solutions together with the customers.</td></tr><tr><td colspan="1">Earnings for the year increased to € 16.8 million from € 13.0 million in 2021. Management finds the result very</td></tr><tr><td colspan="1">satisfactory.</td></tr><tr><td colspan="1">Cash flow statement</td></tr><tr><td colspan="1">Cash flow was positively affected by the high earnings. Cash flow from operating activities was € 15.5 million, € 2.8</td></tr><tr><td colspan="1">million below last year of € 18.3 million. The lower cash flow was due to higher working capital.</td></tr><tr><td colspan="1">The cash spending on investments in assets were € 6.1 million, € 1.7 million higher than in 2021.</td></tr><tr><td colspan="1">Cash flows from financing amounted to € -6.7 million as a result of dividend payment of € 6.0 million and repayment of</td></tr><tr><td colspan="1">loan.</td></tr><tr><td colspan="1">Net Interest Bearing Debt (NIBD) was reduced to € 8.1 million and the financial leverage was reduced to 0.3x (Net</td></tr><tr><td colspan="1">interest bearing debt/EBITDA). Equity ratio increased to 53.7% from 47.4% in 2021.</td></tr><tr><td colspan="1">Ownership</td></tr><tr><td colspan="1">The Rich. Müller-Foundation, Ballerup, is the sole owner of RM Rich. Müller A/S.</td></tr><tr><td colspan="1">Dividend</td></tr><tr><td colspan="1">The board of directors proposes a dividend of 6.0 MEUR to be paid to the Rich. Müller-Foundation in March 2023. The</td></tr><tr><td colspan="1">dividend corresponds to a payout ratio of 36%.</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">Outlook</td></tr><tr><td colspan="1">RMIG expects a turnover in 2023 of about € 210 million and net profit in the interval of € 10-13 million. The lower</td></tr><tr><td colspan="1">demand experienced in some areas in second half of 2022 is expected to continue, however this will be compensated</td></tr><tr><td colspan="1">in other areas</td></tr><tr><td colspan="1">The outlook for 2023 is based on the assumptions that the European macroeconomic and geopolitical situation will not</td></tr><tr><td colspan="1">significantly change the business conditions for RMIG during 2023, including that energy and supply chains will not be</td></tr><tr><td colspan="1">affected by disruptions.</td></tr><tr><td colspan="1">The Group will continue its strong investment programme in 2023. The investment plan in new machinery and</td></tr><tr><td colspan="1">equipment and buildings amounts to € 13 million.</td></tr></table> www.RMIG.com. <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">Statutory statement about Corporate Social Responsibility cf. § 99a, § 99b</td></tr><tr><td colspan="3">and § 99d</td></tr><tr><td>1</td><td>Business model</td></tr><tr><td colspan="3">The RMIG Group (RMIG) is a world leading group in the field of perforation technologies and associated services.</td></tr><tr><td colspan="3">RMIG delivers standard and simple tailor-made products with fast delivery through the most user-friendly, automated</td></tr><tr><td colspan="3">and advanced online-shop, and has the widest and, in selected areas, deepest product range being supplied</td></tr><tr><td colspan="3">worldwide. RMIG wants to continue to expand its position. RMIG’s business mission is to be an innovative and</td></tr><tr><td colspan="3">sustainable supplier of perforated products.</td></tr><tr><td colspan="3">RMIG wishes to succeed by fair competition as well as by ethically correct behaviour and lawful conduct. A solid</td></tr><tr><td colspan="3">business collaboration to the benefit of all can only exist on the basis of fair competition and the strict compliance with</td></tr><tr><td colspan="3">legal systems. At RMIG, all interaction and cooperation between colleagues as well as towards our external partners</td></tr><tr><td colspan="3">are characterised by trust, reliability and honesty. In order to keep winning the trust and confidence of RMIG’s</td></tr><tr><td colspan="3">customers, employees and the public, it is essential to respect justice and law.</td></tr><tr><td colspan="3">RMIG is aware of its responsibilities towards its customers, employees, suppliers and other stakeholders, and RMIG</td></tr><tr><td colspan="3">defines ethical, social and legal guidelines and principles for a successful business collaboration all gathered in the</td></tr><tr><td colspan="3">RMIG Code of Conduct www.RMIG.com. The RMIG Code of Conduct defines the general principles and requirements</td></tr><tr><td colspan="3">for RMIG employees and suppliers.</td></tr><tr><td colspan="3">Social and ecological aspects such as human rights, working conditions, prevention of corruption and environmental</td></tr><tr><td colspan="3">protection are particularly important to RMIG.</td></tr><tr><td colspan="3">The focus of RMIG is on the overall ESG (Environment, Social and Governance) footprint by improving its performance</td></tr><tr><td colspan="3">on selected areas within each of the 3 ESG areas.</td></tr><tr><td colspan="3">In 2022, RMIG carried out an assessment of CO2 emissions of the parent company RMIG A/S. The assessment was</td></tr><tr><td colspan="3">made for 2018 and 2021 with the purpose of measuring the total emission of CO2 in both years and to measure the</td></tr><tr><td colspan="3">improvement from 2018 to 2021. The CO2 emission calculation is based on the Greenhouse Gas Protocol framework</td></tr><tr><td colspan="3">(GHGP)</td></tr><tr><td colspan="3">The GHG protocol divides all emissions into three scopes</td></tr><tr><td /><td>1</td><td>Scope 1 is direct emissions associated with activities from energy and transport purposes internal in the</td></tr><tr><td /><td /><td>company (from sources that are owned or controlled by RMIG). For RMIG reduction of electricity consumption</td></tr><tr><td /><td /><td>is the most important issue.</td></tr><tr><td /><td>2</td><td>Scope 2 is indirect emissions associated with energy consumption (from purchased or acquired electrivity</td></tr><tr><td /><td /><td>and district heating). Again for RMIG a reduction of electricity consumption is the most important issue.</td></tr><tr><td /><td>3</td><td>Scope 3 is indirect emissions associated with the purchase of products, materials, transport, services and</td></tr><tr><td /><td /><td>waste. For RMIG, the most important issue is the raw materials and transportation. In the coming years, RMIG</td></tr><tr><td /><td /><td>will gradually improve information on emissions from raw materials and transport. This information will create</td></tr><tr><td /><td /><td>background for decision to reduce CO2 emission by RMIG and customers.</td></tr><tr><td colspan="3">The total discharge will be the sum of scope 1, 2 and 3. Within the next 1 to 2 years, RMIG will improve data for CO2</td></tr><tr><td colspan="3">emission related to the different scopes. In the following drawing GHG Protocol related to RMIG is shown.</td></tr><tr><td colspan="3">The calculation for 2021 of the total CO2 emission related to RMIG A/S (parent company) activities shows that 99% of</td></tr><tr><td colspan="3">the CO2 emission relate to scope 3. Scope 1 accounts for 0.2% and scope 2 for 0.8%. The CO2 emission of scope 1</td></tr><tr><td colspan="3">relates to transport by own cars (94%) and trucks (6%), where the CO2 emission of scope 2 is from electricity (71%)</td></tr><tr><td colspan="3">and district heating (29%). The CO2 emission of scope 3 is primarily from procurement of raw materials (steel) and a</td></tr><tr><td colspan="3">smaller part from ship transport, procurement of machines and wood. The analysis shows that RMIG A/S has reduced</td></tr><tr><td colspan="3">the total CO2 emission from 2018 to 2021 in all scopes (1, 2 and 3) by 34%. For scope 1 and 2 in total, the reduction</td></tr><tr><td colspan="3">has been 60%. The reduction relates to implementation of different initiatives to reduce the environmental impact such</td></tr><tr><td colspan="3">as changing to district heating, LED lights, insolation of buildings and new windows.</td></tr><tr><td colspan="3">The targets for RMIG are to continue reducing the CO2 emission related to Scope 1+2, improving documentation for</td></tr><tr><td colspan="3">CO2 emission related to scope 3 and striving to offer customers a solution with less CO2 emission.</td></tr><tr><td colspan="3">In 2022, RMIG continued the journey towards protecting the environment and increasing the awareness on how to use</td></tr><tr><td colspan="3">its resources for the benefit of the climate and RMIG’s stakeholders. RMIG cares about human rights and ensures a</td></tr><tr><td colspan="3">diverse organisation with equal opportunities and promote safe and secure working environment. RMIG aims for a</td></tr><tr><td colspan="3">responsible production, which includes reduction of waste and less use of electricity and oil for heating, by increasing</td></tr><tr><td colspan="3">the share of renewable energy.</td></tr><tr><td>2</td><td>Policy for Corporate Social Responsibility</td></tr><tr><td colspan="3">2.1 Policy for respecting human rights</td></tr><tr><td colspan="3">RMIG respects the personal dignity, privacy and personal rights of all individuals. In accordance with its corporate</td></tr><tr><td colspan="3">values, RMIG is committed to showing respect, honesty and trust towards its employees and external partners.</td></tr><tr><td colspan="3">Interacting with one another, RMIG values a fair, friendly and constructive behaviour. The Group’s awareness is</td></tr><tr><td colspan="3">materialised in the RMIG Code of Conduct which includes actions of equality and non-discriminating behaviour.</td></tr><tr><td colspan="3">Consequently, RMIG applies its policy on human rights to gender equality, diversity and inclusion primarily.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">2.2 Policy for labour rights</td></tr><tr><td colspan="1">RMIG’s policy for labour rights is to secure an attractive working environment so that RMIG can attract, develop and</td></tr><tr><td colspan="1">maintain a qualified and engaged workforce. Through safety committees, RMIG focusses on ensuring a safe and</td></tr><tr><td colspan="1">ergonomic working environment and RMIG takes preventive measures concerning occupational health and safety.</td></tr><tr><td colspan="1">Systematic follow-up on health and safety incidents are taking place to reduce the numbers and severity of the</td></tr><tr><td colspan="1">incidents.</td></tr><tr><td colspan="1">2.2.1 Results for the year and targets for next year</td></tr><tr><td colspan="1">There has been made big efforts and awareness to avoid injuries in the productions sites during 2022. RMIG has</td></tr><tr><td colspan="1">focused on preventive actions by adding various support and safety equipment and by securing safety training and</td></tr><tr><td colspan="1">awareness.</td></tr><tr><td colspan="1">In 2022, RMIG registered a total incidents of 22 compared to last year’s 24. The number have decreased compared to</td></tr><tr><td colspan="1">last year.</td></tr><tr><td colspan="1">The target for 2023 is to improve the safety behaviour to change the trend in a positive direction.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">2.4 Policy for bribery and corruption</td></tr><tr><td colspan="1">In accordance with this policy, RMIG commits to work against bribery and corruption as expressed in the Supplier</td></tr><tr><td colspan="1">Code of Conduct. Free and fair competition is the foundation of RMIG’s economic activities. Corruption, disloyalty and</td></tr><tr><td colspan="1">betrayal distort this competition. RMIG is obligated to comply with all current regulations concerning fair competition</td></tr><tr><td colspan="1">and antitrust laws. RMIG shall not violate those antitrust laws by agreements concerning, for example, price collusion,</td></tr><tr><td colspan="1">allocation of markets and customers, market agreements or bid rigging, and shall not abusively take advantage of an</td></tr><tr><td colspan="1">existing market-dominating position. RMIG must comply with all relevant legal obligations concerning money</td></tr><tr><td colspan="1">laundering prevention and shall not be involved in money laundering activities. Our business relationships are based</td></tr><tr><td colspan="1">on honesty and should not be distorted or influenced by means of bribery or other measures.</td></tr><tr><td colspan="1">The RMIG Code of Conduct expresses the policy for employees in the Group and defines expected behaviour. RMIG</td></tr><tr><td colspan="1">employees are obligated to notify Management immediately upon learning of any known or suspected improper</td></tr><tr><td colspan="1">behaviour by suppliers or subcontractors, or by colleagues within RMIG. All subcontractors and suppliers are asked to</td></tr><tr><td colspan="1">sign the Supplier Code of Conduct and RMIG employees are asked in the yearly Personal Development Review to</td></tr><tr><td colspan="1">confirm that he/she/they is/are aware of our procedures and act in accordance with RMIG Code of Conduct. RMIG has</td></tr><tr><td colspan="1">not experienced any incidents regarding bribery and corruption and expects to continue the effort and high focus on</td></tr><tr><td colspan="1">avoiding bribery and corruption in the years to come.</td></tr><tr><td colspan="1">2.4.1 Result for the year and targets for next year</td></tr><tr><td colspan="1">RMIG is not aware that any bribery or corruption cases have been dealt with during 2022.</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">2.1.1 Results for the year and targets for next year</td></tr><tr><td colspan="1">This section serves as the RMIG statement in accordance with section 99b of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">The board of RMIG is following the policy of gender diversity in management positions.</td></tr><tr><td colspan="1">Targets for the under-represented gender in the board: The board of RMIG consist of three male members and one</td></tr><tr><td colspan="1">female member, hence the share of the under-represented gender was 25% in 2022, which was unchanged from 2021.</td></tr><tr><td colspan="1">The target of RMIG is to maintain a share of the under-represented gender of at least 25%.</td></tr><tr><td colspan="1">Targets for the under-represented gender on other management levels: Other management levels at RMIG consist of</td></tr><tr><td colspan="1">Executive Management and Business Area Directors. For Executive Management the gender distribution is 50/50</td></tr><tr><td colspan="1">(unchanged from 2021). For the Business Area Directors the under-represented gender is 33% (unchanged from</td></tr><tr><td colspan="1">2021). So at management level, the share of the under-represented gender is 40% at the end of 2022, which is the</td></tr><tr><td colspan="1">target for next year. Going forward, RMIG intends to continue its work on diversity and inclusion with the same high</td></tr><tr><td colspan="1">ambitions as for 2022 when bringing the human rights policy to life.</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">2.3 Policy for environment and climate impact</td></tr><tr><td colspan="1">RMIG complies with any current environmental laws and regulations, and develops measures in order to minimise</td></tr><tr><td colspan="1">environmental pollution, continuously to improve environmental protection and implements initiatives in order to</td></tr><tr><td colspan="1">reduce the environmental impact. RMIG expects to experience increased interest from its stakeholders in regard to</td></tr><tr><td colspan="1">climate changes and RMIG strives to give the best answer to potential questions arising related to climate changes.</td></tr><tr><td colspan="1">2.3.1 Result for the year and targets for next year</td></tr><tr><td colspan="1">The objective of Management is that the Group’s products and production processes are not harmful to the</td></tr><tr><td colspan="1">environment. The Group companies have an ongoing dialogue with the authorities in the countries in which the Group</td></tr><tr><td colspan="1">has manufacturing facilities, and seek to contribute to an environmentally sustainable development.</td></tr><tr><td colspan="1">During 2022, RMIG worked on various projects to reduce its climate impact. In the manufacturing facilities in Denmark</td></tr><tr><td colspan="1">and Germany, the Group changed to more energy-effective windows and made various insulation solutions on the</td></tr><tr><td colspan="1">buildings. The Group is gradually starting to offer more environment-friendly produced raw materials to its customers</td></tr><tr><td colspan="1">and expects to see this trend developing in the years to come.</td></tr><tr><td colspan="1">In 2022, RMIG continued to do systematic measurement of electricity, heating etc. in the major manufacturing facilities</td></tr><tr><td colspan="1">working towards a full reporting on the planned KPIs as from 2023. Simultaneously, RMIG increased the number of</td></tr><tr><td colspan="1">manufacturing facilities achieving the ISO 14001 standard.</td></tr><tr><td colspan="1">RMIG works with responsible use of raw materials and is collecting all cut-off from the perforation process and</td></tr><tr><td colspan="1">recirculating it to metal dealers.</td></tr><tr><td colspan="1">Business trips and the use of flights stayed at a lower level than before covid-19 due to more meetings via Teams. The</td></tr><tr><td colspan="1">practice of using of virtual meetings instead of travelling is expected to continue.</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">2.5 Policy for data ethics</td></tr><tr><td colspan="1">This section serves as the RMIG statement in accordance with section 99d of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Given RMIG’s business model and activities, data are acquired from external sources in support of our market strategy</td></tr><tr><td colspan="1">and trading activities. All data are considered business critical and will as such never be shared with or in any way</td></tr><tr><td colspan="1">made available to third parties. Management sees no immediate need for adopting a policy on data ethics. RMIG will</td></tr><tr><td colspan="1">continue to monitor the topic closely for the purpose of potentially adopting such a policy in the future.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Risk management</td></tr><tr><td colspan="1">In order for RMIG to become a sustainable business, management of risks is key in order to create and protect value</td></tr><tr><td colspan="1">on a short, medium or long term.</td></tr><tr><td colspan="1">It is part of RMIG’s business to take risks. The Group operates with different risks, of which some derive from external</td></tr><tr><td colspan="1">events and others are related to the business RMIG operates in. Common for risks is that some are more likely to be</td></tr><tr><td colspan="1">foreseen and hereby assessed while others can arise without any notice or warning. The latter is mainly risks related</td></tr><tr><td colspan="1">to some kind of catastrophe or disaster which can be related to environmental, political or religious reasons. These</td></tr><tr><td colspan="1">risks are often unpredictable and therefore in general very difficult to mitigate.</td></tr><tr><td colspan="1">An external risk of high severity is disruption to IT systems, such as cyberattacks or infrastructure failure resulting in</td></tr><tr><td colspan="1">business disruption or breach of data confidentiality. In 2022, the Group continued its focus on reducing the risk against</td></tr><tr><td colspan="1">cyber and IT interuptions and implemented further mitigation actions to protect our IT environment.</td></tr><tr><td colspan="1">Another and increasing risk area is the lack of technical knowledge which is increasing as skilled operators retire. It</td></tr><tr><td colspan="1">is extremely important for RMIG to be able to maintain technical knowledge at a high level; RMIG's goal is therefore to</td></tr><tr><td colspan="1">ensure that RMIG is an attractive workplace. Furthermore, mitigation is done i.a. through working with education,</td></tr><tr><td colspan="1">training and technical documentation.</td></tr><tr><td colspan="1">As an international group, RMIG bears some risks related to fluctuations in currency and raw material prices. RMIG</td></tr><tr><td colspan="1">is an international group with activities in a number of countries and consequently, RMIG has a number of ordinary</td></tr><tr><td colspan="1">currency-related positions in DKK, SEK, NOK, GBP etc. It is the Group’s policy continuously to evaluate if these net</td></tr><tr><td colspan="1">positions are to be hedged. The Group’s net position consists of investments in subsidiaries, receivables and liabilities</td></tr><tr><td colspan="1">other than provisions. The Group is working with clear rules for hedging: solely commercial transactions and maximum</td></tr><tr><td colspan="1">12 months’ future cash flow. Historically, the currency risk has been considered low. With regard to the price risk on</td></tr><tr><td colspan="1">raw material, it is the Group’s practice to secure raw material purchases back to back in relation to concluded sales</td></tr><tr><td colspan="1">agreements and to procure the common and frequently sold raw materials on contracts. Close monitoring of price</td></tr><tr><td colspan="1">developments ensures a high level of awareness when making decisions to secure raw material procurement.</td></tr><tr><td colspan="1">The risks related to tax and VAT have increased over the past couple of years. RMIG wants to act in compliances with</td></tr><tr><td colspan="1">local and international tax and VAT laws and is following OECD guidelines.</td></tr><tr><td colspan="1">Scenario and risk-thinking exercises were carried out in 2022 and will be enlarged further in 2023 as part of the Group’s</td></tr><tr><td colspan="1">future strategic planning processes.</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 after the balance sheet</td></tr><tr><td colspan="1">date to this date.</td></tr></table> 153584000 17909000 14600000 351000 23000 23481000 265000 1787000 21962000 5210000 16752000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="7" align="left" valign="middle" >Statement of changes in equity</td></tr><tr><td colspan="7"></td></tr><tr><td width="37%" ></td><td width="10%" colspan="1" align="right" valign="middle" >Share</td><td width="10%" colspan="1" align="right" valign="middle" >Retained</td><td width="10%" colspan="1" align="right" valign="middle" >Fair value</td><td width="10%" colspan="1" align="right" valign="middle" >Proposed</td><td width="10%" colspan="1" align="right" valign="middle" >Sharehold.</td><td width="13%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="37%" ></td><td width="10%" colspan="1" align="right" valign="middle" >capital</td><td width="10%" colspan="1" align="right" valign="middle" >earnings</td><td width="10%" colspan="1" align="right" valign="middle" >reserve</td><td width="10%" colspan="1" align="right" valign="middle" >Dividend</td><td width="10%" colspan="1" align="right" valign="middle" >equity</td><td width="13%" colspan="1" align="right" valign="middle" >Equity</td></tr><tr><td width="37%" ></td><td width="10%" colspan="1" align="right" valign="middle" >€’000</td><td width="10%" colspan="1" align="right" valign="middle" >€’000</td><td width="10%" colspan="1" align="right" valign="middle" >€’000</td><td width="10%" colspan="1" align="right" valign="middle" >€’000</td><td width="10%" colspan="1" align="right" valign="middle" >€’000</td><td width="13%" colspan="1" align="right" valign="middle" >€’000</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Balance at 1 January 2021</td><td width="10%" align="right" valign="middle" >16.985</td><td width="10%" align="right" valign="middle" >14.154</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >31.138</td><td width="13%" align="right" valign="middle" >34.499</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >12.986</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >12.986</td><td width="13%" align="right" valign="middle" >12.986</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Capital contribution RM Foundation</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >67</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >67</td><td width="13%" align="right" valign="middle" >67</td></tr><tr><td colspan="7"></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Exchange rate adjustments relating to</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >subsidiaries, hedging etc.</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >154</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >154</td><td width="13%" align="right" valign="middle" >154</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Net value adjustments, derivates</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >353</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >353</td><td width="13%" align="right" valign="middle" >353</td></tr><tr><td colspan="7"></td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Proposted dividend</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >-6.000</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >6.000</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="13%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Repayment of subordinated loan</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="13%" align="right" valign="middle" >-3.361</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Balance at 31 December 2021</td><td width="10%" align="right" valign="middle" >16.985</td><td width="10%" align="right" valign="middle" >21.206</td><td width="10%" align="right" valign="middle" >507</td><td width="10%" align="right" valign="middle" >6.000</td><td width="10%" align="right" valign="middle" >44.700</td><td width="13%" align="right" valign="middle" >44.700</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >16.752</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >16.752</td><td width="13%" align="right" valign="middle" >16.752</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Capital contribution RM Foundation</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >223</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >223</td><td width="13%" align="right" valign="middle" >223</td></tr><tr><td colspan="7"></td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Paid dividend</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >-6.000</td><td width="10%" align="right" valign="middle" >-6.000</td><td width="13%" align="right" valign="middle" >-6.000</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Exchange rate adjustments relating to</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >subsidiaries, hedging, etc</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >-250</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >-250</td><td width="13%" align="right" valign="middle" >-250</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Net value adjustments, derivates</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >688</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >688</td><td width="13%" align="right" valign="middle" >688</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Proposed dividend</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >-6.000</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >6.000</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="13%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="7"></td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Balance at 31 December 2022</td><td width="10%" align="right" valign="middle" >16.985</td><td width="10%" align="right" valign="middle" >32.181</td><td width="10%" align="right" valign="middle" >944</td><td width="10%" align="right" valign="middle" >6.000</td><td width="10%" align="right" valign="middle" >56.111</td><td width="13%" align="right" valign="middle" >56.111</td></tr><tr><td colspan="7"></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >The share capital is registered in DKK and amounts to DKK 126.6 million equal to € 16,985 thousand. Changes in the</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >share capital relating to exchange rate adjustments are recognised under other reserves. The share capital consists</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >of 126,600 shares of DKK 1,000 each. The shares are not classified.</td></tr><tr><td colspan="7"></td></tr></table> 5715000 -2875000 16344000 6327000 -8000 173000 -6121000 6000000 -7584000 2638000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Notes</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Segment information</td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Turnover by geographical market</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Europe</td><td width="14%" align="right" valign="middle" >203.015</td><td width="14%" align="right" valign="middle" >172.568</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Rest of the world</td><td width="14%" align="right" valign="middle" >6.233</td><td width="14%" align="right" valign="middle" >5.236</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >209.248</td><td width="14%" align="right" valign="middle" >177.804</td><td width="14%" ></td><td width="17%" ></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Staff costs</td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="14%" align="right" valign="middle" >36.920</td><td width="14%" align="right" valign="middle" >34.482</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Pension contributions and other social security costs</td><td width="14%" align="right" valign="middle" >6.468</td><td width="14%" align="right" valign="middle" >6.332</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >43.388</td><td width="14%" align="right" valign="middle" >40.813</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Remuneration for the Parent’s and Group's</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Management is included by € 1.527 thousand (2021</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >€ 1.103 thousand) and Board of Directors is included</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >by € 202 thousand (2021: € 176 thousand). Staff</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >costs are included under other production costs,</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >sales and marketing costs and administrative costs.</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Average number of employees</td><td width="14%" align="right" valign="middle" >613</td><td width="14%" align="right" valign="middle" >612</td><td width="14%" ></td><td width="17%" ></td></tr></table> 613 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Audit fee</td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Fee to auditor appointed at the Annual General</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Meeting</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Legal audit, annual accounts</td><td width="14%" align="right" valign="middle" >233</td><td width="14%" align="right" valign="middle" >192</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Tax counselling</td><td width="14%" align="right" valign="middle" >20</td><td width="14%" align="right" valign="middle" >48</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Non-audit services</td><td width="14%" align="right" valign="middle" >45</td><td width="14%" align="right" valign="middle" >4</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >298</td><td width="14%" align="right" valign="middle" >244</td><td width="14%" ></td><td width="17%" ></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other operating Income</td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Received salary compensation COVID-19</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" align="right" valign="middle" >62</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Other operating income</td><td width="14%" align="right" valign="middle" >351</td><td width="14%" align="right" valign="middle" >441</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >351</td><td width="14%" align="right" valign="middle" >503</td><td width="14%" ></td><td width="17%" ></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other operating Expenses</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Other operating expenses</td><td width="14%" align="right" valign="middle" >-23</td><td width="14%" align="right" valign="middle" >-48</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >-23</td><td width="14%" align="right" valign="middle" >-48</td><td width="14%" ></td><td width="17%" ></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Depreciations, amortisations and impairment losses on tangible assets</td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Amortisations</td><td width="14%" align="right" valign="middle" >1.471</td><td width="14%" align="right" valign="middle" >1.872</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Depreciations</td><td width="14%" align="right" valign="middle" >4.244</td><td width="14%" align="right" valign="middle" >4.075</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >5.715</td><td width="14%" align="right" valign="middle" >5.947</td><td width="14%" ></td><td width="17%" ></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Tax on profit for the year</td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Current tax</td><td width="14%" align="right" valign="middle" >4.422</td><td width="14%" align="right" valign="middle" >4.336</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Change in deferred tax</td><td width="14%" align="right" valign="middle" >765</td><td width="14%" align="right" valign="middle" >-618</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Adjustment in deferred tax due to changes in tax rates</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" align="right" valign="middle" >-4</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Adjustment concerning previous years</td><td width="14%" align="right" valign="middle" >22</td><td width="14%" align="right" valign="middle" >59</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >5.210</td><td width="14%" align="right" valign="middle" >3.773</td><td width="14%" ></td><td width="17%" ></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="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Intangible assets</td></tr><tr><td width="49%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >Software licenses,</td><td width="19%" colspan="1" align="right" valign="middle" >Goodwill,</td></tr><tr><td width="49%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >patents and trademarks</td><td width="19%" colspan="1" align="right" valign="middle" >oth. intang. assets</td></tr><tr><td width="49%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >€’000</td><td width="19%" colspan="1" align="right" valign="middle" >€’000</td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Cost at 1 January 2022</td><td width="16%" align="right" valign="middle" >11.259</td><td width="19%" align="right" valign="middle" >9.290</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Exchange rate adjustment</td><td width="16%" align="right" valign="middle" >-49</td><td width="19%" align="right" valign="middle" >-126</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Cost at 31 December 2022</td><td width="16%" align="right" valign="middle" >11.210</td><td width="19%" align="right" valign="middle" >9.164</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Amortisation at 1 January 2022</td><td width="16%" align="right" valign="middle" >-5.018</td><td width="19%" align="right" valign="middle" >-4.248</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Exchange rate adjustment</td><td width="16%" align="right" valign="middle" >50</td><td width="19%" align="right" valign="middle" >117</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Amortisation for the year</td><td width="16%" align="right" valign="middle" >-811</td><td width="19%" align="right" valign="middle" >-660</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Balance at 31 December 2022</td><td width="16%" align="right" valign="middle" >-5.779</td><td width="19%" align="right" valign="middle" >-4.791</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Carrying amount at 31 December 2022</td><td width="16%" align="right" valign="middle" >5.430</td><td width="19%" align="right" valign="middle" >4.373</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Leased assets included above</td><td width="16%" align="right" valign="middle" >117</td><td width="19%" colspan="1" align="right" valign="middle" >-</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="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Tangible assets</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >Fixtures</td><td width="17%" colspan="1" align="right" valign="middle" >Tangible</td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >Land and</td><td width="14%" colspan="1" align="right" valign="middle" >Plant and</td><td width="14%" colspan="1" align="right" valign="middle" >fittings, tools</td><td width="17%" colspan="1" align="right" valign="middle" >assets</td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >buildings</td><td width="14%" colspan="1" align="right" valign="middle" >machinery</td><td width="14%" colspan="1" align="right" valign="middle" >and equipment</td><td width="17%" colspan="1" align="right" valign="middle" >in progress</td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€’000</td><td width="14%" colspan="1" align="right" valign="middle" >€’000</td><td width="14%" colspan="1" align="right" valign="middle" >€’000</td><td width="17%" colspan="1" align="right" valign="middle" >€’000</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Cost at 1 January 2022</td><td width="14%" align="right" valign="middle" >29.479</td><td width="14%" align="right" valign="middle" >57.759</td><td width="14%" align="right" valign="middle" >6.440</td><td width="17%" align="right" valign="middle" >2.158</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="14%" align="right" valign="middle" >-191</td><td width="14%" align="right" valign="middle" >-888</td><td width="14%" align="right" valign="middle" >-61</td><td width="17%" align="right" valign="middle" >-54</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Additions</td><td width="14%" align="right" valign="middle" >124</td><td width="14%" align="right" valign="middle" >3.677</td><td width="14%" align="right" valign="middle" >322</td><td width="17%" align="right" valign="middle" >4.514</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Disposals from assets sold</td><td width="14%" align="right" valign="middle" >-125</td><td width="14%" align="right" valign="middle" >-2.415</td><td width="14%" align="right" valign="middle" >-144</td><td width="17%" align="right" valign="middle" >-1.953</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Reclassification</td><td width="14%" align="right" valign="middle" >779</td><td width="14%" align="right" valign="middle" >39</td><td width="14%" align="right" valign="middle" >166</td><td width="17%" align="right" valign="middle" >-984</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Cost at 31 December 2022</td><td width="14%" align="right" valign="middle" >30.067</td><td width="14%" align="right" valign="middle" >58.171</td><td width="14%" align="right" valign="middle" >6.723</td><td width="17%" align="right" valign="middle" >3.681</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Depreciation at 1 January 2022</td><td width="14%" align="right" valign="middle" >-15.374</td><td width="14%" align="right" valign="middle" >-40.540</td><td width="14%" align="right" valign="middle" >-4.899</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="14%" align="right" valign="middle" >130</td><td width="14%" align="right" valign="middle" >801</td><td width="14%" align="right" valign="middle" >35</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Depreciation for the year</td><td width="14%" align="right" valign="middle" >-685</td><td width="14%" align="right" valign="middle" >-3.225</td><td width="14%" align="right" valign="middle" >-334</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Impairment for the year</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" align="right" valign="middle" >-43</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Depreciations regarding sold assets</td><td width="14%" align="right" valign="middle" >52</td><td width="14%" align="right" valign="middle" >2.057</td><td width="14%" align="right" valign="middle" >144</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Balance at 31 December 2022</td><td width="14%" align="right" valign="middle" >-15.878</td><td width="14%" align="right" valign="middle" >-40.950</td><td width="14%" align="right" valign="middle" >-5.054</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2022</td><td width="14%" align="right" valign="middle" >14.189</td><td width="14%" align="right" valign="middle" >17.221</td><td width="14%" align="right" valign="middle" >1.669</td><td width="17%" align="right" valign="middle" >3.681</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Leased assets included above</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" align="right" valign="middle" >709</td><td width="14%" align="right" valign="middle" >92</td><td width="17%" colspan="1" align="right" valign="middle" >-</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="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Financial assets</td></tr><tr><td width="49%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >Other</td><td width="19%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="49%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >securities</td><td width="19%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="49%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >€’000</td><td width="19%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Cost at 1 January 2022</td><td width="16%" align="right" valign="middle" >37</td><td width="19%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Disposals in the year</td><td width="16%" align="right" valign="middle" >-25</td><td width="19%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Cost at 31 December 2022</td><td width="16%" align="right" valign="middle" >13</td><td width="19%" ></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Adjustments at 1 January 2022</td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="19%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Balance at 31 December 2022</td><td width="16%" colspan="1" align="right" valign="middle" >-</td><td width="19%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Carrying amount at 31 December 2022</td><td width="16%" align="right" valign="middle" >13</td><td width="19%" ></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="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Inventories</td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Raw materials and consumables</td><td width="14%" align="right" valign="middle" >7.992</td><td width="14%" align="right" valign="middle" >6.822</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Work in progress</td><td width="14%" align="right" valign="middle" >1.958</td><td width="14%" align="right" valign="middle" >2.243</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Manufactured goods and goods for resale</td><td width="14%" align="right" valign="middle" >11.715</td><td width="14%" align="right" valign="middle" >10.876</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Advanced payments</td><td width="14%" align="right" valign="middle" >333</td><td width="14%" align="right" valign="middle" >123</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >21.998</td><td width="14%" align="right" valign="middle" >20.063</td><td width="14%" ></td><td width="17%" ></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax</td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Tax asset/liabilities at 1 January</td><td width="14%" align="right" valign="middle" >882</td><td width="14%" align="right" valign="middle" >843</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="14%" align="right" valign="middle" >16</td><td width="14%" align="right" valign="middle" >-8</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Changes during the year, recognised on equity</td><td width="14%" align="right" valign="middle" >-99</td><td width="14%" align="right" valign="middle" >-99</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Changes during the year, recognised in profit and</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >loss account</td><td width="14%" align="right" valign="middle" >-347</td><td width="14%" align="right" valign="middle" >146</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >453</td><td width="14%" align="right" valign="middle" >882</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred taxes relate to the following items</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="14%" align="right" valign="middle" >135</td><td width="14%" align="right" valign="middle" >173</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Tangible assets</td><td width="14%" align="right" valign="middle" >-875</td><td width="14%" align="right" valign="middle" >97</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Current assets</td><td width="14%" align="right" valign="middle" >-138</td><td width="14%" align="right" valign="middle" >25</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Provisions</td><td width="14%" align="right" valign="middle" >64</td><td width="14%" align="right" valign="middle" >95</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Liabilities other than provisions</td><td width="14%" align="right" valign="middle" >352</td><td width="14%" align="right" valign="middle" >228</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Tax losses carry forward, gross</td><td width="14%" align="right" valign="middle" >1.658</td><td width="14%" align="right" valign="middle" >1.796</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Impairment of tax asset</td><td width="14%" align="right" valign="middle" >-742</td><td width="14%" align="right" valign="middle" >-1.531</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Total deferred tax</td><td width="14%" align="right" valign="middle" >453</td><td width="14%" align="right" valign="middle" >882</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Consisting of</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Deferred tax asset</td><td width="14%" align="right" valign="middle" >1.809</td><td width="14%" align="right" valign="middle" >2.795</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Provision for deferred tax liabilities</td><td width="14%" align="right" valign="middle" >1.356</td><td width="14%" align="right" valign="middle" >1.912</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Tax losses carried forward are recognised as the value of current accounting policy, in which only the portion of tax</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >losses expected to be used within a five-year period is capitalised.</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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments include accrued income, such as insurance premium or subscriptions.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Pension and similar liabilities</td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Liability at 1 January</td><td width="14%" align="right" valign="middle" >750</td><td width="14%" align="right" valign="middle" >791</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Spent during the year</td><td width="14%" align="right" valign="middle" >-36</td><td width="14%" align="right" valign="middle" >-30</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Interest income</td><td width="14%" align="right" valign="middle" >5</td><td width="14%" align="right" valign="middle" >6</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Change in assumptions</td><td width="14%" align="right" valign="middle" >-103</td><td width="14%" align="right" valign="middle" >-18</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >616</td><td width="14%" align="right" valign="middle" >750</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Pension and similar liabilities solely relate to provisions made in connection with the subsidiaries' pension obligations</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >to present and former employees. Provisions are calculated on the basis of actuarial computations according to the</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Company’s accounting policy.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other provisions</td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Other provisions at 1 January</td><td width="14%" align="right" valign="middle" >1.584</td><td width="14%" align="right" valign="middle" >1.115</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Spent during the year</td><td width="14%" align="right" valign="middle" >-1.429</td><td width="14%" align="right" valign="middle" >-692</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Reversed during the year</td><td width="14%" align="right" valign="middle" >-56</td><td width="14%" align="right" valign="middle" >-74</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Provisions made during the year</td><td width="14%" align="right" valign="middle" >630</td><td width="14%" align="right" valign="middle" >1.236</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >730</td><td width="14%" align="right" valign="middle" >1.584</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other provisions essentially relate to provisions made in connection with the Group’s restructuring activities.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Provisions are, in all material respects, expected to mature within the coming financial years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Long-term liabilities other than provisions</td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Part of long-term liabilities due after more than 5 years</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >from the balance sheet date amounts to</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Mortgage debt</td><td width="14%" align="right" valign="middle" >9.355</td><td width="14%" align="right" valign="middle" >14.320</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Derivates</td><td width="14%" align="right" valign="middle" >23</td><td width="14%" align="right" valign="middle" >170</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Other long-term debt</td><td width="14%" align="right" valign="middle" >2.365</td><td width="14%" align="right" valign="middle" >2.046</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Finance lease</td><td width="14%" align="right" valign="middle" >710</td><td width="14%" align="right" valign="middle" >918</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >12.452</td><td width="14%" align="right" valign="middle" >17.453</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Mortgage debt over 1 year less than 5 years</td><td width="14%" align="right" valign="middle" >4.221</td><td width="14%" align="right" valign="middle" >4.232</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Derivates over 1 year less than 5 years</td><td width="14%" align="right" valign="middle" >92</td><td width="14%" align="right" valign="middle" >679</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >16.764</td><td width="14%" align="right" valign="middle" >22.364</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other long-term debt are provision Time value account in MEVACO GmbH and Finance lease debt in MEVACO</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >GmbH.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Mortgage debt etc.</td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Part of mortage debt due after more than 5 years</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >from the balance sheet date amounts to</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Mortgage debt</td><td width="14%" align="right" valign="middle" >13.349</td><td width="14%" align="right" valign="middle" >14.320</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Derivates</td><td width="14%" align="right" valign="middle" >23</td><td width="14%" align="right" valign="middle" >170</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Part of mortage debt due over 1 year less than 5 years from</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >the balance sheet date amounts to</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Mortgage debt over 1 year less than 5 years</td><td width="14%" align="right" valign="middle" >4.221</td><td width="14%" align="right" valign="middle" >4.232</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Derivates over 1 year less than 5 years</td><td width="14%" align="right" valign="middle" >92</td><td width="14%" align="right" valign="middle" >679</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Part of mortage debt due less than 1 year</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >from the balance sheet date amounts to</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Short term Mortage debt</td><td width="14%" align="right" valign="middle" >1.001</td><td width="14%" align="right" valign="middle" >1.073</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Short term Deviates</td><td width="14%" align="right" valign="middle" >23</td><td width="14%" align="right" valign="middle" >170</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >18.709</td><td width="14%" align="right" valign="middle" >20.644</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Derivates of DKK 1.0 million equals to € 137 thousand is founded to secure a fixed interest rate on the variable</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >mortgage loan. The derivates of notional principal amount DKK 48.2 million equals to € 6.447 million, are securing a</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >fixed interest rate of 4.02% and will expire in 2028. Mortgage loan and derivates are with the same counterpart.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Working capital changes</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="17%" align="right" valign="middle" >2021</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="17%" colspan="1" align="right" valign="middle" >€'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Change in inventories</td><td width="14%" align="right" valign="middle" >-2.125</td><td width="17%" align="right" valign="middle" >-5.550</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Change in receivables</td><td width="14%" align="right" valign="middle" >-2.113</td><td width="17%" align="right" valign="middle" >1.498</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Change in trade payables, etc</td><td width="14%" align="right" valign="middle" >-200</td><td width="17%" align="right" valign="middle" >551</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Change in other NWC items</td><td width="14%" align="right" valign="middle" >1.563</td><td width="17%" align="right" valign="middle" >-380</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >-2.875</td><td width="17%" align="right" valign="middle" >-3.881</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Assets charged</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >Net book</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="14%" colspan="1" align="right" valign="middle" >Net book</td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >value of</td><td width="14%" colspan="1" align="right" valign="middle" >Charge</td><td width="14%" colspan="1" align="right" valign="middle" >value of</td><td width="17%" colspan="1" align="right" valign="middle" >Charge</td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >assets charged</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="14%" colspan="1" align="right" valign="middle" >assets charged</td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2021</td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€’000</td><td width="14%" colspan="1" align="right" valign="middle" >€’000</td><td width="14%" colspan="1" align="right" valign="middle" >€’000</td><td width="17%" colspan="1" align="right" valign="middle" >€’000</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Shares</td><td width="14%" align="right" valign="middle" >11.405</td><td width="14%" align="right" valign="middle" >20.000</td><td width="14%" align="right" valign="middle" >9.457</td><td width="17%" align="right" valign="middle" >20.000</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Land, buildings and machineries</td><td width="14%" align="right" valign="middle" >28.504</td><td width="14%" align="right" valign="middle" >23.881</td><td width="14%" align="right" valign="middle" >26.956</td><td width="17%" align="right" valign="middle" >28.470</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >39.909</td><td width="14%" align="right" valign="middle" >43.881</td><td width="14%" align="right" valign="middle" >36.413</td><td width="17%" align="right" valign="middle" >48.470</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="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Operational lease and other obligations</td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2021</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Operational lease obligations</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Due within 1 year</td><td width="14%" align="right" valign="middle" >1.039</td><td width="14%" align="right" valign="middle" >1.390</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Due within 1 to 5 years</td><td width="14%" align="right" valign="middle" >950</td><td width="14%" align="right" valign="middle" >1.411</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other obligations</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Due within 1 year</td><td width="14%" align="right" valign="middle" >704</td><td width="14%" align="right" valign="middle" >688</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Due within 1 to 5 years</td><td width="14%" align="right" valign="middle" >1.669</td><td width="14%" align="right" valign="middle" >1.100</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Due above 5 years</td><td width="14%" align="right" valign="middle" >333</td><td width="14%" align="right" valign="middle" >508</td><td width="14%" ></td><td width="17%" ></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >4.695</td><td width="14%" align="right" valign="middle" >5.096</td><td width="14%" ></td><td width="17%" ></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">Accounting policies</td></tr><tr><td colspan="1">Change in accounting policy</td></tr><tr><td colspan="1">The company has received donations from the parent company, Rich. Müller-Foundation, cf. § 3a of the articles of</td></tr><tr><td colspan="1">association of, Rich. Müller-Foundation. Such donations have until now been recognised in the income statement as</td></tr><tr><td colspan="1">Other operating income.</td></tr><tr><td colspan="1">This practice has been changed since it has been assessed that the donations in its substance are grants from a parent</td></tr><tr><td colspan="1">company and therefore shall be recognised, as such, directly in the equity as capital contribution.</td></tr><tr><td colspan="1">For the purpose of ensuring comparability in the Annual report, the comparative figures of 2021 have been adjusted in</td></tr><tr><td colspan="1">accordance with the new practice. This results in donations from the , Rich. Müller-Foundation now being recognised</td></tr><tr><td colspan="1">directly in the equity statement instead of the income statement. The result after tax in 2021 has been reduced with €</td></tr><tr><td colspan="1">67 thousand. In 2022 the result after tax is negatively impacted with € 223 thousand compared to the prior practice.</td></tr><tr><td colspan="1">The equity remains unchanged.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">Basis of accounting</td></tr><tr><td colspan="3">The annual report has been presented in accordance with the provisions of the Danish Financial Statements Act</td></tr><tr><td colspan="3">governing reporting class C enterprises (large). The accounting policies are unchanged from last year, except from</td></tr><tr><td colspan="3">above.</td></tr><tr><td colspan="3">Reporting currency</td></tr><tr><td colspan="3">The financial statements are presented in euro which is also the Group’s internal reporting currency. Translation of</td></tr><tr><td colspan="3">amounts in DKK is based on the following exchange rates</td></tr><tr><td>DKK/€</td><td>2022</td><td>2021</td></tr><tr><td>Income statement items</td><td>743,65</td><td>743,65</td></tr><tr><td>Balance sheet items</td><td>743,65</td><td>743,65</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">Recognition and measurement</td></tr><tr><td colspan="1">Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the Group and</td></tr><tr><td colspan="1">the value of the assets can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognised in the balance when the Group, as a consequence of a previous event, has a legal or actual</td></tr><tr><td colspan="1">liability, and it is likely that future financial advantages will be deducted from the Group, and the value of the liabilities</td></tr><tr><td colspan="1">can be measured reliably.</td></tr><tr><td colspan="1">On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as</td></tr><tr><td colspan="1">described for each financial statement item below.</td></tr><tr><td colspan="1">Certain financial assets and liabilities are measured at amortised cost which involves the recognition of a constant</td></tr><tr><td colspan="1">effective interest rate over the maturity period. Amortised cost is calculated as original cost less any repayments and</td></tr><tr><td colspan="1">with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount.</td></tr><tr><td colspan="1">Profits, losses and risks that arise before the time of presentation of the annual report and that confirm or invalidate</td></tr><tr><td colspan="1">affairs and conditions existing at the balance sheet date are considered at recognition and measurement.</td></tr><tr><td colspan="1">Income is recognised in the income statement when earned, including recognition of value adjustments of financial</td></tr><tr><td colspan="1">assets and liabilities that are measured at fair value or amortised cost. Costs incurred to make this year’s earnings,</td></tr><tr><td colspan="1">including depreciation, amortisation, impairment losses, provisions and reversals due to changed accounting estimates</td></tr><tr><td colspan="1">previously recognised in the income 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 colspan="1">Consolidation</td></tr><tr><td colspan="1">The consolidated financial statements include RM Rich. Müller A/S (Parent) and the group enterprises (subsidiaries)</td></tr><tr><td colspan="1">in which the Group holds more than 50% of the voting rights or in any other way exercises controlling influence.</td></tr><tr><td colspan="1">The consolidated financial statements are prepared on the basis of the financial statements of the Parent and its</td></tr><tr><td colspan="1">subsidiaries whose financial statements have been prepared applying the accounting policies of the Group. The</td></tr><tr><td colspan="1">consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and</td></tr><tr><td colspan="1">expenses, intra-group accounts as well as shareholdings are eliminated. Furthermore, unrealised profits and losses</td></tr><tr><td colspan="1">on 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 colspan="2">Foreign currency translation</td></tr><tr><td colspan="2">Foreign currency transactions are translated applying standard exchange rates that roughly reflect the exchange rate</td></tr><tr><td colspan="2">at the transaction date. Assets and liabilities in foreign currencies are translated using the exchange rate at the balance</td></tr><tr><td colspan="2">sheet date and hedged amounts are translated at the agreed exchange rates. Exchange differences deriving from this</td></tr><tr><td colspan="2">are recognised in the income statement under financial income and expenses.</td></tr><tr><td colspan="2">When recognising foreign subsidiaries and associates that are independent entities, the income statements are</td></tr><tr><td colspan="2">translated at average exchange rates for the year and the balance sheet items are translated at the exchange rates at</td></tr><tr><td>the balance sheet date.</td><td>Exchange differences arising out of the translation of foreign subsidiaries’ and associates’</td></tr><tr><td colspan="2">equity at the beginning of the year at the balance sheet date exchange rates as well as out of the translation of income</td></tr><tr><td colspan="2">statements from average rates to the exchange rates at the balance sheet date are recognised directly on equity.</td></tr><tr><td colspan="2">Currency exposure related to foreign enterprises’ equity is as a main assumption not hedge, as investments in foreign</td></tr><tr><td colspan="2">enterprises are seen as long-term investments. Exchange gains and losses – if any - on hedging are recognised</td></tr><tr><td colspan="2">directly on equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Derivatives</td></tr><tr><td colspan="1">The Group uses derivatives to control financial exposure that arises in connection with operating, financing and</td></tr><tr><td colspan="1">investing activities.</td></tr><tr><td colspan="1">On initial recognition, derivatives are measured at cost and subsequently at fair value in the balance sheet. Positive</td></tr><tr><td colspan="1">and negative fair values of derivatives are recognised under other receivables or other payables.</td></tr><tr><td colspan="1">Changes in the fair value of derivatives, classified as and complying with the requirements for hedging of the fair value</td></tr><tr><td colspan="1">of a recognised asset or liability, are recorded in the income statement according to the policy applied for hedged</td></tr><tr><td colspan="1">items.</td></tr><tr><td colspan="1">Changes in the fair value of derivatives, classified as and complying with the requirements for hedging future assets</td></tr><tr><td colspan="1">or liabilities, are recognised under receivables or payables as well as equity. Income and expenses regarding such</td></tr><tr><td colspan="1">hedging transactions are transferred from equity at realisation and recognised under the same financial statement item</td></tr><tr><td colspan="1">as the hedged amount.</td></tr><tr><td colspan="1">For derivatives that do not comply with the requirements for being treated as hedging instruments, changes in fair</td></tr><tr><td colspan="1">value are recognised currently in the income statement.</td></tr><tr><td colspan="1">Changes in the fair value of derivatives, applied for hedging of net investments in independent foreign subsidiaries or</td></tr><tr><td colspan="1">associates, are classified directly on equity.</td></tr><tr><td colspan="1">Pension obligations</td></tr><tr><td colspan="1">The Group has made pension schemes and similar contracts with most of its employees.</td></tr><tr><td colspan="1">The Company’s payments into contributory schemes are recognised in the income statement at the time of maturity</td></tr><tr><td colspan="1">and any outstanding payments are recognised in the balance sheet under other payables.</td></tr><tr><td colspan="1">For benefit schemes, an actuarial calculation is made of the net present value of future benefits to be paid by the</td></tr><tr><td colspan="1">Company pursuant to the schemes. The net present value less market value of assets related to the scheme is</td></tr><tr><td colspan="1">recognised in the balance sheet under pension obligations. Changes in net present value are recognised in the income</td></tr><tr><td colspan="1">statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Government grants</td></tr><tr><td colspan="1">Government grants, related to the acquisition of assets, are recognised concurrently with expenditure and depreciation</td></tr><tr><td colspan="1">on the assets concerned. Government grants, received to cover costs, are recognised when incurred.</td></tr><tr><td colspan="1">Repayment obligations that are made topical in case of conditions for receiving the grants are not fulfilled are disclosed</td></tr><tr><td colspan="1">in the notes under contingent liabilities.</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">Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Turnover</td></tr><tr><td colspan="1">Income from the sales of goods is recognised in the income statement when delivery has taken place and risk hereby</td></tr><tr><td colspan="1">has passed to the buyer before the end of the financial year and where the selling price can be determined reliably</td></tr><tr><td colspan="1">and is expected to be paid. Turnover is measured at fair value and is determined exclusive of VAT and other taxes</td></tr><tr><td colspan="1">collected on behalf of third parties and less cash discounts</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">Costs of sales</td></tr><tr><td colspan="1">Costs of sales (variable costs and other production costs) comprise costs incurred to achieve turnover for the year.</td></tr><tr><td colspan="1">Costs of sales include direct payroll expenses, raw materials, consumables and indirect production costs, incl. among</td></tr><tr><td colspan="1">others costs for freight, which is a deviation from the Danish Companies Act. In addition, research and non-capitalised</td></tr><tr><td colspan="1">development costs are included. Depreciation, amortisation and impairment losses on the fixed assets used in the</td></tr><tr><td colspan="1">production process, are recognised under production costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Sales and marketing costs</td></tr><tr><td colspan="1">Costs for the distribution of goods sold during the year, such as sales campaigns etc. including wages and salaries for</td></tr><tr><td colspan="1">sales staff, advertising and exhibition costs etc. and lease of and depreciation, amortisation and impairment losses on</td></tr><tr><td colspan="1">the fixed assets used in the distribution and sales activity, are recognised as sale and distributions costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Administrative expenses</td></tr><tr><td colspan="1">Administrative expenses comprise expenses for the administrative staff and Management include wages and salaries,</td></tr><tr><td colspan="1">office premise expenses etc. and lease of and depreciation, amortisation and impairment losses on the fixed assets</td></tr><tr><td colspan="1">used for administration.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other operating income and expenses</td></tr><tr><td colspan="1">Other operating income and expenses comprise income and expenses of a secondary nature to the Group’s primary</td></tr><tr><td colspan="1">activities, incl. grants for research and development, rental and commission income as well as payroll refunding etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income from investments in group enterprises</td></tr><tr><td colspan="1">For equity investments in subsidiaries, measured using the equity method, the share of the enterprises’ profit or loss</td></tr><tr><td colspan="1">is recognised in the income statement after elimination of unrealised intercompany profits and losses and less any</td></tr><tr><td colspan="1">goodwill amortisation and impairment losses. Income from equity investments in subsidiaries also comprises gains</td></tr><tr><td colspan="1">and losses on the sale of equity investments.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Interest income and interest expenses are recognised in the income statement at the amounts attributable to the</td></tr><tr><td colspan="1">financial year. In addition, financial income and expenses comprise income and expenses under finance leases.</td></tr><tr><td colspan="1">Furthermore, realised and unrealised value adjustments on financial instruments, securities and transactions in foreign</td></tr><tr><td colspan="1">currencies are 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 colspan="1">Income taxes</td></tr><tr><td colspan="1">Tax for the year includes current tax for the year and changes in deferred tax. Tax for the year relates to both</td></tr><tr><td colspan="1">profit/losses from ordinary and extraordinary activities.</td></tr><tr><td colspan="1">The current tax payable or receivable is recognised in the balance sheet, stated as tax calculated on this year’s</td></tr><tr><td colspan="1">expected taxable income adjusted for tax payable from prior years. Tax related to the exchange gains and losses on</td></tr><tr><td colspan="1">financial instruments used for hedging the equity of foreign group enterprises are recognised directly on equity.</td></tr><tr><td colspan="1">Deferred tax is calculated based on the current tax rates for the financial year on all temporary differences between</td></tr><tr><td colspan="1">the carrying amount and tax-based value of assets and liabilities. The effect of any changes in the tax rates is</td></tr><tr><td colspan="1">recognised in the accounts similar to the original transaction. Provisions for deferred tax liabilities are not made as</td></tr><tr><td colspan="1">regards investments in subsidiaries, as the temporary differences are not expected for realisation in the near future.</td></tr><tr><td colspan="1">Tax losses carry forward that with adequate certainty are expected to be set off against future taxable income within a</td></tr><tr><td colspan="1">five-year period are capitalised and set off against the deferred tax liability within the same legal entity and jurisdiction.</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">Balance sheet</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">Fixed assets</td></tr><tr><td colspan="2">When acquiring an enterprise goodwill or negative goodwill on consolidation is computed as the difference between</td></tr><tr><td colspan="2">purchase price and fair value of the net assets.</td></tr><tr><td colspan="2">The economic useful life on goodwill is estimated on basis of the empirical professional knowledge of Management</td></tr><tr><td colspan="2">within each segment. The amotisation period is maximum 20 years and lasts longest for companies with a strong</td></tr><tr><td colspan="2">market position and a long profit profile.</td></tr><tr><td colspan="2">Research expenditure is written off as incurred. Development expenditures is also written off, except where the</td></tr><tr><td colspan="2">directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the</td></tr><tr><td colspan="2">identifiable expenditure is capitalized as an intangible asset and amortised over the period during which the company</td></tr><tr><td colspan="2">is expected to benefit. This period is 5-7 years. Provision is made for any impairment.</td></tr><tr><td colspan="2">Property, plant and equipment, and other intangible assets are in the year of acquisition measured at acquisition price</td></tr><tr><td colspan="2">or cost. The cost of self-constructed assets comprises expenses for materials, direct labour costs and a portion of</td></tr><tr><td colspan="2">indirect production costs. Interests are not included in the indirect production costs.</td></tr><tr><td colspan="2">All fixed assets are measured less accumulated depreciation and impairment losses. The carrying amounts of</td></tr><tr><td colspan="2">intangible assets and property, plant and equipment are reviewed annually to determine whether or not there are</td></tr><tr><td colspan="2">indications of impairment. If such indication exists, the recoverable amount is estimated as the higher of net sales price</td></tr><tr><td colspan="2">and utility value. Impairment losses are expensed under amortisation and depreciation.</td></tr><tr><td colspan="2">Straight-line depreciation and amortisation are made on the basis of the estimated useful lives of the assets</td></tr><tr><td>Software, licenses and patents</td><td>up to 5 years</td></tr><tr><td>Trademarks</td><td>up to 10 years</td></tr><tr><td>Goodwill</td><td>up to 20 years</td></tr><tr><td>R&amp;D and other intangible assets</td><td>up to 7 years</td></tr><tr><td>Buildings</td><td>20 to 40 years</td></tr><tr><td>Plant and machinery</td><td>5 to 15 years</td></tr><tr><td>Fixtures and fittings, tools and equipment</td><td>3 to 10 years</td></tr><tr><td>Other plant and machinery, fixtures and fittings, tools and equipment</td><td>3 to 10 years</td></tr><tr><td colspan="2">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="2">Assets, held under financial leases, are recognised in the balance sheet at the lower of fair value and present value of</td></tr><tr><td colspan="2">future lease payments at the time of acquisition. The internal rate of return of the lease or an approximation of this is</td></tr><tr><td colspan="2">applied as a discount factor for determining the present value. Assets, held under financial leases, are depreciated</td></tr><tr><td colspan="2">equal to the Group’s other property, plant and equipment.</td></tr><tr><td colspan="2">The capitalised residual lease commitment is recognised in the balance sheet as a liability, and the interest portion of</td></tr><tr><td colspan="2">the lease payment is recognised in the income statement.</td></tr><tr><td colspan="2">For operating lease the lease payments are expensed on a straight-line basis over the lease term.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Fixed asset investments</td></tr><tr><td colspan="1">Investments in subsidiaries are measured under the equity method. The share of the subsidiaries’ equity is adjusted</td></tr><tr><td colspan="1">for unrealised intra-group profits and losses and goodwill/negative goodwill on consolidation.</td></tr><tr><td colspan="1">Investments in subsidiaries with a negative equity are measured at zero value and to the extend any receiveable from</td></tr><tr><td colspan="1">these companies is irrecoverable it is written down by the share of the negative equity. When the share of the negative</td></tr><tr><td colspan="1">equity exceeds the receiveable, the remaining amount is recognised under provisions to the extend that there is a legal</td></tr><tr><td colspan="1">or actual liability to pay them.</td></tr><tr><td colspan="1">Newly acquired companies are recognized in the consolidated financial statement from the date of acquisition. In the</td></tr><tr><td colspan="1">acquisition of new entities over which the Group obtains control, the acquisition method is used, meaning that the</td></tr><tr><td colspan="1">acquired entities’ identifiable assets, liabilities and contingent liabilities are measured at fair value at the date of</td></tr><tr><td colspan="1">acquisition. Intangible assets indentified are recognized if they can be separated or if they originate from contractual</td></tr><tr><td colspan="1">terms. The tax effect of the revaluation is taken into account.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Inventories</td></tr><tr><td colspan="1">Inventories are measured at the lower of acquisition price and cost using the FIFO method. If the acquisition price or</td></tr><tr><td colspan="1">cost exceeds the net realisable value, a write-down is made to such lower value.</td></tr><tr><td colspan="1">Work in progress and finished goods are recognised at manufacturing cost that includes consumption of materials and</td></tr><tr><td colspan="1">payroll costs plus indirect production costs. Indirect production costs comprise operating expenses, maintenance and</td></tr><tr><td colspan="1">depreciation of production plant as well as administration and factory management.</td></tr><tr><td colspan="1">In cases where the acquisition price or the manufacturing cost exceeds the estimated sales price less completion costs</td></tr><tr><td colspan="1">and distribution costs, a write-down is made to such lower net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost. Provision is made for bad debts.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash</td></tr><tr><td colspan="1">Cash includes deposits in bank accounts as well as operating cash.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Equity</td></tr><tr><td colspan="1">The net revaluation of equity investments in subsidiaries is recognised in the net revaluation reserve in equity according</td></tr><tr><td colspan="1">to the equity method to the extent that the carrying amount exceeds the cost. The dividend distribution proposed by</td></tr><tr><td colspan="1">Management for the year is disclosed as a separate equity item.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other provisions</td></tr><tr><td colspan="1">Other provisions comprise restructuring provisions which are recognised when the Group has a legal or constructive</td></tr><tr><td colspan="1">obligation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial liabilities</td></tr><tr><td colspan="1">Mortgage debt and bank debt are recognised in the balance sheet at the proceeds received deducted any costs of</td></tr><tr><td colspan="1">transaction. In subsequent periods, the debts are measured at amortised cost. The difference between proceeds and</td></tr><tr><td colspan="1">nominal value is thus recognised in the profit and loss accounts as an interest expense over the duration of the debts.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flow statement</td></tr><tr><td colspan="1">The cash flow statement is presented using the indirect method split into operating, investing and financing activities</td></tr><tr><td colspan="1">as well as the Group’s cash and cash equivalents at the beginning and the end of the financial year.</td></tr><tr><td colspan="1">No cash flow statement has been prepared for the parent company as the cash flow of the parent company is included</td></tr><tr><td colspan="1">in the cash flow of the Group.</td></tr><tr><td colspan="1">Cash flows from operating activities are calculated as the operating result adjusted for non-cash operating items,</td></tr><tr><td colspan="1">working capital changes and net financial items.</td></tr><tr><td colspan="1">Cash flows from investing activities comprise payments in connection with purchase and sale of property, plant and</td></tr><tr><td colspan="1">equipment as well as fixed asset investments.</td></tr><tr><td colspan="1">Cash flows from financing activities comprise payments to and investment from shareholders as well as raising and</td></tr><tr><td colspan="1">repayment of loans and payments of dividends.</td></tr><tr><td colspan="1">The cash flow statement cannot be concluded only from the published financial records.</td></tr><tr><td colspan="1">Cash and cash equivalents comprise of cash funds and any investments recognised as current assets, which are</td></tr><tr><td colspan="1">highly liquid and readily convertible to cash, deducted by the amount of bank debts which 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="1">Segment information</td></tr><tr><td colspan="1">As the primary and the secondary segments are identical, disclosures are solely provided on geographic markets. The</td></tr><tr><td colspan="1">segmental disclosures comply with the Group’s accounting policies, risks and internal financial control.</td></tr></table> Årsrapport 64113119 RM Rich. Müller A/s Industriparken 40 2750 Ballerup xWizard version 1.1.1184.0, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Bjarne Moltke Hansen Chairman Jørgen Frost Vice-chairman Per Thanning Johansen Anne Christine Beck Kim Borch-Kristensen member elected by the employees Kim Jensen member elected by the employees Mads Bonde Hansen Chief Executive Officer Lene Hall Chief Financial Officer 177804000 4682000 0.474 143346000 2926000 0.32 130093000 8770000 0.286 118353000 4021000 0.454 EBITDA 29196000 EBITDA 24129000 EBITDA 11709000 EBITDA 4730000 EBITDA 7306000 EBIT 23481000 EBIT 18181000 EBIT 5786000 EBIT 1174000 EBIT 3087000 Net financials -1521000 Net financials -1356000 Net financials -1759000 Net financials -892000 Net financials -842000 Earnings for the year 16752000 Earnings for the year 12986000 Earnings for the year 2735000 Earnings for the year 415000 Earnings for the year 2004000 104560000 56111000 5429000 4373000 9803000 14189000 17221000 1669000 3681000 36759000 13000 13000 46575000 21998000 13609000 1809000 3382000 2732000 21533000 14454000 57985000 16985000 33126000 6000000 1356000 616000 730000 2702000 17684000 3074000 20758000 708000 8642000 1024000 3951000 10664000 24989000 45747000 104560000 13745000 94367000 44700000 97197000 31138000 99328000 28404000 61203000 27782000 EBITDA ratio 0.14 EBITDA ratio 0.136 EBITDA ratio 0.082 EBITDA ratio 0.036 EBITDA ratio 0.062 EBIT ratio 0.112 EBIT ratio 0.102 EBIT ratio 0.04 EBIT ratio 0.009 EBIT ratio 0.026 Return on invested capital excl. goodwill (ROIC) 0.445 Return on invested capital excl. goodwill (ROIC) 0.363 Return on invested capital excl. goodwill (ROIC) 0.142 Return on invested capital excl. goodwill (ROIC) 0.043 Return on invested capital excl. goodwill (ROIC) 0.116 Return on equity (ROE) 0.332 Return on equity (ROE) 0.344 Return on equity (ROE) 0.092 Return on equity (ROE) 0.015 Return on equity (ROE) 0.076 Cash flow from operating activities 16344000 Cash flow from operating activities 18251000 Cash flow from operating activities 11692000 Cash flow from operating activities 7915000 Cash flow from operating activities 3585 69501000 45009000 3564000 7994000 1359000 14293000 2579000 217000 1135000 15953000 2968000 12986000 133 70249000 44327000 3527000 9245000 2647000 15796000 5251000 185000 1122000 20110000 3358000 16752000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="7" align="left" valign="middle" >Statement of changes in equity</td></tr><tr><td colspan="7"></td></tr><tr><td width="37%" ></td><td width="10%" colspan="1" align="right" valign="middle" >Share</td><td width="10%" colspan="1" align="right" valign="middle" >Retained</td><td width="10%" colspan="1" align="right" valign="middle" >Fair value</td><td width="10%" colspan="1" align="right" valign="middle" >Proposed</td><td width="10%" colspan="1" align="right" valign="middle" >Sharehold.</td><td width="13%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="37%" ></td><td width="10%" colspan="1" align="right" valign="middle" >capital</td><td width="10%" colspan="1" align="right" valign="middle" >earnings</td><td width="10%" colspan="1" align="right" valign="middle" >reserve</td><td width="10%" colspan="1" align="right" valign="middle" >Dividend</td><td width="10%" colspan="1" align="right" valign="middle" >equity</td><td width="13%" colspan="1" align="right" valign="middle" >Equity</td></tr><tr><td width="37%" ></td><td width="10%" colspan="1" align="right" valign="middle" >€’000</td><td width="10%" colspan="1" align="right" valign="middle" >€’000</td><td width="10%" colspan="1" align="right" valign="middle" >€’000</td><td width="10%" colspan="1" align="right" valign="middle" >€’000</td><td width="10%" colspan="1" align="right" valign="middle" >€’000</td><td width="13%" colspan="1" align="right" valign="middle" >€’000</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Balance at 1 January 2021</td><td width="10%" align="right" valign="middle" >16.985</td><td width="10%" align="right" valign="middle" >14.153</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >31.138</td><td width="13%" align="right" valign="middle" >34.499</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >12.986</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >12.986</td><td width="13%" align="right" valign="middle" >12.986</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Capital contribution RM Foundation</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >67</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >67</td><td width="13%" align="right" valign="middle" >67</td></tr><tr><td colspan="7"></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Exchange rate adjustments relating to</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >subsidiaries, hedging etc.</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >154</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >154</td><td width="13%" align="right" valign="middle" >154</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Net value adjustments, derivates</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >353</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >353</td><td width="13%" align="right" valign="middle" >353</td></tr><tr><td colspan="7"></td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Proposed dividend</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >-6.000</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >6.000</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="13%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Repayment of subordinated loan</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="13%" align="right" valign="middle" >-3.361</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Balance at 31 December 2021</td><td width="10%" align="right" valign="middle" >16.985</td><td width="10%" align="right" valign="middle" >21.206</td><td width="10%" align="right" valign="middle" >507</td><td width="10%" align="right" valign="middle" >6.000</td><td width="10%" align="right" valign="middle" >44.700</td><td width="13%" align="right" valign="middle" >44.700</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >16.752</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >16.752</td><td width="13%" align="right" valign="middle" >16.752</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Capital contribution RM Foundation</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >223</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >223</td><td width="13%" align="right" valign="middle" >223</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Paid dividend</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >-6.000</td><td width="10%" align="right" valign="middle" >-6.000</td><td width="13%" align="right" valign="middle" >-6.000</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Exchange rate adjustments relating to</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >subsidiaries, hedging, etc</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >-252</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >-252</td><td width="13%" align="right" valign="middle" >-252</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Net value adjustments, derivates</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >688</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >688</td><td width="13%" align="right" valign="middle" >688</td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Proposed dividend</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >-6.000</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >6.000</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="13%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="7"></td></tr><tr><td width="37%" colspan="1" align="left" valign="middle" >Balance at 31 December 2022</td><td width="10%" align="right" valign="middle" >16.985</td><td width="10%" align="right" valign="middle" >32.181</td><td width="10%" align="right" valign="middle" >943</td><td width="10%" align="right" valign="middle" >6.000</td><td width="10%" align="right" valign="middle" >56.111</td><td width="13%" align="right" valign="middle" >56.111</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Notes</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Segment information</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2022</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="17%" colspan="1" align="right" valign="middle" >€'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Turnover by geographical market</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Europe</td><td width="14%" align="right" valign="middle" >65.838</td><td width="17%" align="right" valign="middle" >66.044</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Rest of the world</td><td width="14%" align="right" valign="middle" >3.663</td><td width="17%" align="right" valign="middle" >4.205</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >69.501</td><td width="17%" align="right" valign="middle" >70.249</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Staff costs</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2022</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="17%" colspan="1" align="right" valign="middle" >€'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Wages and salaries</td><td width="14%" align="right" valign="middle" >10.396</td><td width="17%" align="right" valign="middle" >11.872</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Pension contributions and other social security costs</td><td width="14%" align="right" valign="middle" >912</td><td width="17%" align="right" valign="middle" >953</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >11.308</td><td width="17%" align="right" valign="middle" >12.826</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Remuneration for the Parent’s and Group's</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Management is included by € 1.527 thousand (2021</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >€ 1.103 thousand) and Board of Directors is included</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >by € 202 thousand (2021: € 176 thousand). Staff</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >costs are included under other production costs,</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >sales and marketing costs and administrative costs.</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Average number of employees</td><td width="14%" align="right" valign="middle" >133</td><td width="17%" align="right" valign="middle" >134</td></tr></table> 134 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Audit fee</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2022</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="17%" colspan="1" align="right" valign="middle" >€'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Fee to auditor appointed at the Annual General</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Meeting</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Legal audit, annual accounts</td><td width="14%" align="right" valign="middle" >71</td><td width="17%" align="right" valign="middle" >78</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Tax counselling</td><td width="14%" align="right" valign="middle" >19</td><td width="17%" align="right" valign="middle" >7</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Non-audit services</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" align="right" valign="middle" >40</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >90</td><td width="17%" align="right" valign="middle" >125</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other operating Income</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2022</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="17%" colspan="1" align="right" valign="middle" >€'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Received salary compensation COVID-19</td><td width="14%" align="right" valign="middle" >39</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Other operating income</td><td width="14%" align="right" valign="middle" >1.320</td><td width="17%" align="right" valign="middle" >2.647</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >1.359</td><td width="17%" align="right" valign="middle" >2.647</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other operating Expenses</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2022</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="17%" colspan="1" align="right" valign="middle" >€'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Other operating expenses</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Depreciations, amortisations and impairment losses on tangible assets</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2022</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="17%" colspan="1" align="right" valign="middle" >€'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Amortisations</td><td width="14%" align="right" valign="middle" >1.543</td><td width="17%" align="right" valign="middle" >1.166</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Depreciations</td><td width="14%" align="right" valign="middle" >994</td><td width="17%" align="right" valign="middle" >1.171</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2.537</td><td width="17%" align="right" valign="middle" >2.337</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Tax on profit for the year</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2022</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="17%" colspan="1" align="right" valign="middle" >€'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Current tax</td><td width="14%" align="right" valign="middle" >2.963</td><td width="17%" align="right" valign="middle" >3.323</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Change in deferred tax</td><td width="14%" align="right" valign="middle" >5</td><td width="17%" align="right" valign="middle" >35</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Adjustment in deferred tax due to changes in tax rates</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Adjustment concerning previous years</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2.968</td><td width="17%" align="right" valign="middle" >3.358</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 profit</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="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Intangible assets</td></tr><tr><td colspan="4"></td></tr><tr><td width="49%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >Software licenses,</td><td width="19%" colspan="1" align="right" valign="middle" >Goodwill,</td></tr><tr><td width="49%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >patents and trademarks</td><td width="19%" colspan="1" align="right" valign="middle" >oth. intang. assets</td></tr><tr><td width="49%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >€’000</td><td width="19%" colspan="1" align="right" valign="middle" >€’000</td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Cost at 1 January 2022</td><td width="16%" align="right" valign="middle" >9.239</td><td width="19%" align="right" valign="middle" >3.799</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Reclassifications</td><td width="16%" align="right" valign="middle" >175</td><td width="19%" align="right" valign="middle" >-175</td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Cost at 31 December 2022</td><td width="16%" align="right" valign="middle" >9.414</td><td width="19%" align="right" valign="middle" >3.624</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Amortisation at 1 January 2022</td><td width="16%" align="right" valign="middle" >-3.010</td><td width="19%" align="right" valign="middle" >-2.897</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Amortisation for the year</td><td width="16%" align="right" valign="middle" >-800</td><td width="19%" align="right" valign="middle" >-366</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Reclassifications</td><td width="16%" align="right" valign="middle" >-175</td><td width="19%" align="right" valign="middle" >175</td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Balance at 31 December 2022</td><td width="16%" align="right" valign="middle" >-3.985</td><td width="19%" align="right" valign="middle" >-3.088</td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Carrying amount at 31 December 2022</td><td width="16%" align="right" valign="middle" >5.429</td><td width="19%" align="right" valign="middle" >536</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Tangible assets</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >Fixtures</td><td width="17%" colspan="1" align="right" valign="middle" >Tangible</td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >Land and</td><td width="14%" colspan="1" align="right" valign="middle" >Plant and</td><td width="14%" colspan="1" align="right" valign="middle" >fittings, tools</td><td width="17%" colspan="1" align="right" valign="middle" >assets</td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >buildings</td><td width="14%" colspan="1" align="right" valign="middle" >machinery</td><td width="14%" colspan="1" align="right" valign="middle" >and equipment</td><td width="17%" colspan="1" align="right" valign="middle" >in progress</td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€’000</td><td width="14%" colspan="1" align="right" valign="middle" >€’000</td><td width="14%" colspan="1" align="right" valign="middle" >€’000</td><td width="17%" colspan="1" align="right" valign="middle" >€’000</td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Cost at 1 January 2022</td><td width="14%" align="right" valign="middle" >5.951</td><td width="14%" align="right" valign="middle" >20.293</td><td width="14%" align="right" valign="middle" >1.153</td><td width="17%" align="right" valign="middle" >326</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" align="right" valign="middle" >-1</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" align="right" valign="middle" >-2</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Additions</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" align="right" valign="middle" >2.006</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Disposals</td><td width="14%" align="right" valign="middle" >-43</td><td width="14%" align="right" valign="middle" >-1.742</td><td width="14%" align="right" valign="middle" >-50</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Reclassification</td><td width="14%" align="right" valign="middle" >781</td><td width="14%" align="right" valign="middle" >39</td><td width="14%" align="right" valign="middle" >164</td><td width="17%" align="right" valign="middle" >-984</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Cost at 31 December 2022</td><td width="14%" align="right" valign="middle" >6.689</td><td width="14%" align="right" valign="middle" >18.589</td><td width="14%" align="right" valign="middle" >1.267</td><td width="17%" align="right" valign="middle" >1.346</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Depreciation at 1 January 2022</td><td width="14%" align="right" valign="middle" >-4.731</td><td width="14%" align="right" valign="middle" >-15.140</td><td width="14%" align="right" valign="middle" >-804</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" align="right" valign="middle" >1</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Depreciation for the year</td><td width="14%" align="right" valign="middle" >-150</td><td width="14%" align="right" valign="middle" >-895</td><td width="14%" align="right" valign="middle" >-83</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Impairment for the year</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="14%" align="right" valign="middle" >-43</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Depreciations regarding sold assets</td><td width="14%" align="right" valign="middle" >43</td><td width="14%" align="right" valign="middle" >1.742</td><td width="14%" align="right" valign="middle" >50</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Balance at 31 December 2022</td><td width="14%" align="right" valign="middle" >-4.838</td><td width="14%" align="right" valign="middle" >-14.335</td><td width="14%" align="right" valign="middle" >-837</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2022</td><td width="14%" align="right" valign="middle" >1.851</td><td width="14%" align="right" valign="middle" >4.254</td><td width="14%" align="right" valign="middle" >430</td><td width="17%" align="right" valign="middle" >1.346</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Financial assets</td></tr><tr><td colspan="4"></td></tr><tr><td width="49%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >Investments in</td><td width="19%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="49%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >subsidaries</td><td width="19%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="49%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" >€’000</td><td width="19%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Cost at 1 January 2022</td><td width="16%" align="right" valign="middle" >69.363</td><td width="19%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Cost at 31 December 2022</td><td width="16%" align="right" valign="middle" >69.363</td><td width="19%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Adjustments at 1 January 2022</td><td width="16%" align="right" valign="middle" >-21.183</td><td width="19%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Exchange rate adjustment</td><td width="16%" align="right" valign="middle" >-262</td><td width="19%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Share of profit/(loss) for the year in subsidiaries</td><td width="16%" align="right" valign="middle" >5.251</td><td width="19%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Dividends from subsidiaries</td><td width="16%" align="right" valign="middle" >-1.971</td><td width="19%" ></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Balance at 31 December 2022</td><td width="16%" align="right" valign="middle" >-18.165</td><td width="19%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="65%" colspan="2" align="left" valign="middle" >Carrying amount at 31 December 2022</td><td width="16%" align="right" valign="middle" >51.198</td><td width="19%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Shares in subsidiaries</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Name</td><td width="16%" colspan="1" align="left" valign="middle" >Place of business</td><td width="16%" colspan="1" align="left" valign="middle" >Share Capital</td><td width="19%" colspan="1" align="right" valign="middle" >Votes and ownership</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >RMIG Sweden AB</td><td width="16%" colspan="1" align="left" valign="middle" >Mariestad, Sweden</td><td width="16%" colspan="1" align="left" valign="middle" >SEK 4 thousand</td><td width="19%" colspan="1" align="right" valign="middle" >100%</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >RMIG AS</td><td width="16%" colspan="1" align="left" valign="middle" >Stokke, Norway</td><td width="16%" colspan="1" align="left" valign="middle" >NOK 1 thousand</td><td width="19%" colspan="1" align="right" valign="middle" >100%</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >RMIG Ltd.</td><td width="16%" colspan="1" align="left" valign="middle" >Warrington,Great Britain</td><td width="16%" colspan="1" align="left" valign="middle" >£ 500 thousand</td><td width="19%" colspan="1" align="right" valign="middle" >100%</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >RMIG GmbH</td><td width="16%" colspan="1" align="left" valign="middle" >Raguhn, Germany</td><td width="16%" colspan="1" align="left" valign="middle" >€ 2,557 thousand</td><td width="19%" colspan="1" align="right" valign="middle" >100%</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >RMIG Nold GmbH</td><td width="16%" colspan="1" align="left" valign="middle" >Stockstadt, Germany</td><td width="16%" colspan="1" align="left" valign="middle" >€ 1,023 thousand</td><td width="19%" colspan="1" align="right" valign="middle" >100%</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >RMIG Lochbleche GmbH</td><td width="16%" colspan="1" align="left" valign="middle" >Leobersdorf, Austria</td><td width="16%" colspan="1" align="left" valign="middle" >€ 400 thousand</td><td width="19%" colspan="1" align="right" valign="middle" >100%</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >RMIG AG</td><td width="16%" colspan="1" align="left" valign="middle" >Olten, Switzerland</td><td width="16%" colspan="1" align="left" valign="middle" >CHF 100 thousand</td><td width="19%" colspan="1" align="right" valign="middle" >100%</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >RMIG B.V.</td><td width="16%" colspan="1" align="left" valign="middle" >Dordrecht, The Netherlands</td><td width="16%" colspan="1" align="left" valign="middle" >€ 193 thousand</td><td width="19%" colspan="1" align="right" valign="middle" >100%</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >RMIG N.V./S.A.</td><td width="16%" colspan="1" align="left" valign="middle" >Aalst, Belgium</td><td width="16%" colspan="1" align="left" valign="middle" >€ 217 thousand</td><td width="19%" colspan="1" align="right" valign="middle" >100%</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >RMIG Sp. Z.o.o.</td><td width="16%" colspan="1" align="left" valign="middle" >Poznan, Poland</td><td width="16%" colspan="1" align="left" valign="middle" >PLN 500 thousand</td><td width="19%" colspan="1" align="right" valign="middle" >100%</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >RMIG S.A.S.</td><td width="16%" colspan="1" align="left" valign="middle" >Lyon, France</td><td width="16%" colspan="1" align="left" valign="middle" >€ 200 thousand</td><td width="19%" colspan="1" align="right" valign="middle" >100%</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >MEVACO GmbH</td><td width="16%" colspan="1" align="left" valign="middle" >Schlierbach, Germany</td><td width="16%" colspan="1" align="left" valign="middle" >€ 1,600 thousand</td><td width="19%" colspan="1" align="right" valign="middle" >100%</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Inventories</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2022</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="17%" colspan="1" align="right" valign="middle" >€'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Raw materials and consumables</td><td width="14%" align="right" valign="middle" >1.389</td><td width="17%" align="right" valign="middle" >2.062</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Work in progress</td><td width="14%" align="right" valign="middle" >308</td><td width="17%" align="right" valign="middle" >588</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Manufactured goods and goods for resale</td><td width="14%" align="right" valign="middle" >2.122</td><td width="17%" align="right" valign="middle" >1.949</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Advanced payments</td><td width="14%" align="right" valign="middle" >71</td><td width="17%" align="right" valign="middle" >96</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >3.890</td><td width="17%" align="right" valign="middle" >4.696</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2022</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="17%" colspan="1" align="right" valign="middle" >€'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Tax asset/liabilities at 1 January</td><td width="14%" align="right" valign="middle" >867</td><td width="17%" align="right" valign="middle" >764</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Exchange rate adjustment</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Changes during the year, recognised on equity</td><td width="14%" align="right" valign="middle" >-99</td><td width="17%" align="right" valign="middle" >-99</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Changes during the year, recognised in profit and</td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >loss account</td><td width="14%" align="right" valign="middle" >-5</td><td width="17%" align="right" valign="middle" >-130</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >764</td><td width="17%" align="right" valign="middle" >535</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred taxes relate to the following items</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Intangible assets</td><td width="14%" align="right" valign="middle" >173</td><td width="17%" align="right" valign="middle" >130</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Tangible assets</td><td width="14%" align="right" valign="middle" >530</td><td width="17%" align="right" valign="middle" >398</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Current assets</td><td width="14%" align="right" valign="middle" >32</td><td width="17%" align="right" valign="middle" >-83</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Provisions</td><td width="14%" align="right" valign="middle" >13</td><td width="17%" align="right" valign="middle" >12</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Liabilities other than provisions</td><td width="14%" align="right" valign="middle" >16</td><td width="17%" align="right" valign="middle" >50</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Tax losses carry forward, gross</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Impairment of tax asset</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" align="right" valign="middle" >28</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Total deferred tax</td><td width="14%" align="right" valign="middle" >764</td><td width="17%" align="right" valign="middle" >535</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Consisting of</td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Deferred tax asset</td><td width="14%" align="right" valign="middle" >764</td><td width="17%" align="right" valign="middle" >535</td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Provision for deferred tax liabilities</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Tax losses carried forward are recognised as the value of current accounting policy, in which only the portion of tax</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >losses expected to be used within a five-year period is capitalised.</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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments include accrued income, such as insurance premium or subscriptions.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Pension and similar liabilities</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2022</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="17%" colspan="1" align="right" valign="middle" >€'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Liability at 1 January</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Spent during the year</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Interest income</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Change in assumptions</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Pension and similar liabilities solely relate to provisions made in connection with the subsidiaries' pension obligations</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >to present and former employees. Provisions are calculated on the basis of actuarial computations according to the</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Company’s accounting policy.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other provisions</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2022</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="17%" colspan="1" align="right" valign="middle" >€'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Other provisions at 1 January</td><td width="14%" align="right" valign="middle" >252</td><td width="17%" align="right" valign="middle" >60</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Spent during the year</td><td width="14%" align="right" valign="middle" >-237</td><td width="17%" align="right" valign="middle" >-9</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Reversed during the year</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Provisions made during the year</td><td width="14%" align="right" valign="middle" >46</td><td width="17%" align="right" valign="middle" >5</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >60</td><td width="17%" align="right" valign="middle" >56</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other provisions essentially relate to provisions made in connection with the Group’s restructuring activities.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Provisions are, in all material respects, expected to mature within the coming financial years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Long-term liabilities other than provisions</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2022</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="17%" colspan="1" align="right" valign="middle" >€'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Part of long-term liabilities due after more than 5 years</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >from the balance sheet date amounts to</td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Mortgage debt</td><td width="14%" align="right" valign="middle" >2.128</td><td width="17%" align="right" valign="middle" >1.152</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Derivates</td><td width="14%" align="right" valign="middle" >170</td><td width="17%" align="right" valign="middle" >23</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Other long-term debt</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Finance lease</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2.298</td><td width="17%" align="right" valign="middle" >1.174</td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Mortgage debt over 1 year less than 5 years</td><td width="14%" align="right" valign="middle" >4.305</td><td width="17%" align="right" valign="middle" >4.294</td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Derivates over 1 year less than 5 years</td><td width="14%" align="right" valign="middle" >679</td><td width="17%" align="right" valign="middle" >92</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >7.282</td><td width="17%" align="right" valign="middle" >5.560</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other long-term debt are provision Time value account in MEVACO GmbH and Finance lease debt in MEVACO</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >GmbH.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Mortgage debt etc.</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2022</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="17%" colspan="1" align="right" valign="middle" >€'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Part of mortage debt due after more than 5 years</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >from the balance sheet date amounts to</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Mortgage debt</td><td width="14%" align="right" valign="middle" >2.128</td><td width="17%" align="right" valign="middle" >1.152</td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Derivates</td><td width="14%" align="right" valign="middle" >170</td><td width="17%" align="right" valign="middle" >23</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Part of mortage debt due over 1 year less than 5 years from</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >the balance sheet date amounts to</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Mortgage debt over 1 year less than 5 years</td><td width="14%" align="right" valign="middle" >4.305</td><td width="17%" align="right" valign="middle" >4.294</td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Derivates over 1 year less than 5 years</td><td width="14%" align="right" valign="middle" >679</td><td width="17%" align="right" valign="middle" >92</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Part of mortage debt due less than 1 year</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >from the balance sheet date amounts to</td></tr><tr><td colspan="5"></td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Short term Mortage debt</td><td width="14%" align="right" valign="middle" >1.073</td><td width="17%" align="right" valign="middle" >1.001</td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Short term Deviates</td><td width="14%" align="right" valign="middle" >170</td><td width="17%" align="right" valign="middle" >23</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >8.525</td><td width="17%" align="right" valign="middle" >6.584</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Derivates of DKK 1.0 million equals to € 137 thousand is founded to secure a fixed interest rate on the variable</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >mortgage loan. The derivates of notional principal amount DKK 48.2 million equals to € 6.447 million, are securing a</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >fixed interest rate of 4.02% and will expire in 2028. Mortgage loan and derivates are with the same counterpart.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Assets charged</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >Net book</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="14%" colspan="1" align="right" valign="middle" >Net book</td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >value of</td><td width="14%" colspan="1" align="right" valign="middle" >Charge</td><td width="14%" colspan="1" align="right" valign="middle" >value of</td><td width="17%" colspan="1" align="right" valign="middle" >Charge</td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >assets charged</td><td width="14%" colspan="1" align="right" valign="middle" ></td><td width="14%" colspan="1" align="right" valign="middle" >assets charged</td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2022</td><td width="14%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2021</td></tr><tr><td width="41%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€’000</td><td width="14%" colspan="1" align="right" valign="middle" >€’000</td><td width="14%" colspan="1" align="right" valign="middle" >€’000</td><td width="17%" colspan="1" align="right" valign="middle" >€’000</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Shares</td><td width="14%" align="right" valign="middle" >11.405</td><td width="14%" align="right" valign="middle" >20.000</td><td width="14%" align="right" valign="middle" >9.457</td><td width="17%" align="right" valign="middle" >20.000</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Land, buildings and machineries</td><td width="14%" align="right" valign="middle" >7.881</td><td width="14%" align="right" valign="middle" >9.392</td><td width="14%" align="right" valign="middle" >7.048</td><td width="17%" align="right" valign="middle" >12.536</td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="14%" align="right" valign="middle" >19.286</td><td width="14%" align="right" valign="middle" >29.392</td><td width="14%" align="right" valign="middle" >16.505</td><td width="17%" align="right" valign="middle" >32.536</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Debt related to shares of € 708 thousand concerns a committed overdraft facility</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >of € 15 million with expiry in September 2025.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Debt related to land, buildings and machinery is € 12,124 thousand end of 2022.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Hereof is € 2,365 thousand related to Time Value account in MEVACO GmbH.</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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Related parties and group relations</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Related party comprise the shareholder, the Board of Directors and Management as well as enterprises of the RM</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Rich. Müller A/S Group, see group chart on page 5 and company details on page 1 in the annual report. Please also</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >refer to the accounting policies.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Related parties with a controlling interest</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Rich. Müller-Foundation, Industriparken 40, 2750 Ballerup, Denmark wholly owns the share capital and</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >the voting rights.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Rich. Müller-Foundation is the ultimate shareholder of RM Rich. Müller A/S. The Foundation does not prepare any</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >consolidated financial statement.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >All transactions with related parties, meet the requirememts 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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Contingent liabilities</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The parent company has signed suretyships regarding all current and future obligations of a number of subsidiaries</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >towards Nordea Group. At 31 December 2022 the balance between these subsidiaries and Nordea amounted to</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >zero.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Operational lease and other obligations</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >2021</td><td width="17%" align="right" valign="middle" >2022</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >€'000</td><td width="17%" colspan="1" align="right" valign="middle" >€'000</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Operational lease obligations</td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Due within 1 year</td><td width="14%" align="right" valign="middle" >98</td><td width="17%" align="right" valign="middle" >111</td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Due within 1 to 5 years</td><td width="14%" align="right" valign="middle" >182</td><td width="17%" align="right" valign="middle" >157</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other obligations</td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Due within 1 year</td><td width="14%" align="right" valign="middle" >285</td><td width="17%" align="right" valign="middle" >259</td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Due within 1 to 5 years</td><td width="14%" align="right" valign="middle" >57</td><td width="17%" align="right" valign="middle" >285</td></tr><tr><td width="69%" colspan="3" align="left" valign="middle" >Due above 5 years</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="17%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="41%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >622</td><td width="17%" align="right" valign="middle" >812</td></tr></table> 177804000 129367000 17219000 13559000 503000 49000 18114000 289000 1644000 16758000 3773000 12986000 5947000 -3881000 18184000 4678000 -9000 260000 -4416000 -18468000 -4700000 612 6229000 902000 7131000 1220000 5153000 349000 326000 7048000 48180000 48180000 62360000 3890000 2263000 7091000 764000 1000 199000 10316000 7483000 21690000 84049000 16985000 21715000 6000000 44700000 60000 60000 7282000 7282000 1563000 2028000 1243000 21364000 3090000 2718000 32006000 39289000 84049000 5429000 536000 5965000 1851000 4254000 430000 1346000 7881000 51198000 51198000 65043000 4696000 3520000 10339000 535000 3361000 846000 18601000 8636000 31933000 96976000 16985000 33126000 6000000 56111000 56000 56000 5560000 5560000 708000 1986000 1024000 25072000 3220000 3238000 35249000 40809000 96976000 6241000 5042000 11283000 14105000 17220000 1541000 2158000 35024000 37000 37000 46344000 20063000 10600000 2795000 54000 2020000 15469000 12490000 48023000 94367000 16985000 21715000 6000000 44700000 1912000 750000 1584000 4246000 19401000 2963000 22364000 1384000 7792000 1243000 3275000 9362000 23056000 45420000 94367000 11107000 plant and equipment -164000 plant and equipment -33000 Adjusted earnings before interest and tax 29032000 Adjusted earnings before interest and tax 24028000 Change in provisions -891000 Change in provisions 440000 Cash flows from operating activities before net financials and tax 25266000 Cash flows from operating activities before net financials and tax 20587000 Net financial items -1516000 Net financial items -1791000 Income taxes and withholding taxes paid -7406000 Income taxes and withholding taxes paid -612000 Acquisition and sale of other securities, investments, etc 25000 Acquisition and sale of other securities, investments, etc -7000 Captial contribution RM Foundation 223000 Captial contribution RM Foundation 67000 Other equity changes -255000 Other equity changes 402000 Change in interest-bearing debt -1553000 Change in interest-bearing debt -18937000 11107000 15807000 6000000 6000000 6000000 6000000 10752000 6986000 6986000 10752000 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Jacob Fromm Christiansen State Authorised Public Accountant mne18628 Kim Danstrup State Authorised Public Accountant mne32201 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab