34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 34883793 2021-08-01 2022-07-31 cmn:ConsolidatedMember 34883793 2022-08-01 2023-07-31 34883793 2021-08-01 2022-07-31 34883793 2023-07-31 cmn:ConsolidatedMember 34883793 2022-07-31 cmn:ConsolidatedMember 34883793 2023-07-31 34883793 2022-07-31 34883793 2022-08-01 fsa:ContributedCapitalMember cmn:ConsolidatedMember 34883793 2022-08-01 fsa:OtherStatutoryReservesMember cmn:ConsolidatedMember 34883793 2022-08-01 fsa:RetainedEarningsMember cmn:ConsolidatedMember 34883793 2022-08-01 fsa:ProposedDividendRecognisedInEquityMember cmn:ConsolidatedMember 34883793 2022-08-01 cmn:ConsolidatedMember 34883793 2022-08-01 2023-07-31 fsa:ContributedCapitalMember cmn:ConsolidatedMember 34883793 2022-08-01 2023-07-31 fsa:OtherStatutoryReservesMember cmn:ConsolidatedMember 34883793 2022-08-01 2023-07-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 34883793 2022-08-01 2023-07-31 fsa:ProposedDividendRecognisedInEquityMember cmn:ConsolidatedMember 34883793 2023-07-31 fsa:ContributedCapitalMember cmn:ConsolidatedMember 34883793 2023-07-31 fsa:OtherStatutoryReservesMember cmn:ConsolidatedMember 34883793 2023-07-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 34883793 2023-07-31 fsa:ProposedDividendRecognisedInEquityMember cmn:ConsolidatedMember 34883793 2022-08-01 fsa:ContributedCapitalMember 34883793 2022-08-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 34883793 2022-08-01 fsa:RetainedEarningsMember 34883793 2022-08-01 fsa:ProposedDividendRecognisedInEquityMember 34883793 2022-08-01 34883793 2022-08-01 2023-07-31 fsa:ContributedCapitalMember 34883793 2022-08-01 2023-07-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 34883793 2022-08-01 2023-07-31 fsa:RetainedEarningsMember 34883793 2022-08-01 2023-07-31 fsa:ProposedDividendRecognisedInEquityMember 34883793 2023-07-31 fsa:ContributedCapitalMember 34883793 2023-07-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 34883793 2023-07-31 fsa:RetainedEarningsMember 34883793 2023-07-31 fsa:ProposedDividendRecognisedInEquityMember 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 0 34883793 2021-08-01 2022-07-31 cmn:ConsolidatedMember 1 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 0 34883793 2021-08-01 2022-07-31 cmn:ConsolidatedMember 1 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 2 34883793 2021-08-01 2022-07-31 cmn:ConsolidatedMember 3 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 0 34883793 2021-08-01 2022-07-31 cmn:ConsolidatedMember 1 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 2 34883793 2021-08-01 2022-07-31 cmn:ConsolidatedMember 3 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 4 34883793 2021-08-01 2022-07-31 cmn:ConsolidatedMember 5 34883793 2021-08-01 cmn:ConsolidatedMember 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 0 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 1 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 0 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 1 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 2 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 3 34883793 2022-08-01 2023-07-31 cmn:PreviousYearMember cmn:ConsolidatedMember 34883793 2022-08-01 2023-07-31 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 34883793 2022-08-01 2023-07-31 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 34883793 2022-08-01 2023-07-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 0 34883793 2022-08-01 2023-07-31 cmn:PreviousYearMember cmn:ConsolidatedMember 1 34883793 2022-08-01 2023-07-31 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 2 34883793 2022-08-01 2023-07-31 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 3 34883793 2022-08-01 2023-07-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 4 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 5 34883793 2022-08-01 2023-07-31 cmn:PreviousYearMember cmn:ConsolidatedMember 6 34883793 2022-08-01 2023-07-31 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 7 34883793 2022-08-01 2023-07-31 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 8 34883793 2022-08-01 2023-07-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 9 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 10 34883793 2022-08-01 2023-07-31 cmn:PreviousYearMember cmn:ConsolidatedMember 11 34883793 2022-08-01 2023-07-31 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 12 34883793 2022-08-01 2023-07-31 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 13 34883793 2022-08-01 2023-07-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 14 34883793 2023-07-31 cmn:PreviousYearMember cmn:ConsolidatedMember 34883793 2023-07-31 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 34883793 2023-07-31 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 34883793 2023-07-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 15 34883793 2022-08-01 2023-07-31 cmn:PreviousYearMember cmn:ConsolidatedMember 16 34883793 2022-08-01 2023-07-31 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 17 34883793 2022-08-01 2023-07-31 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 18 34883793 2022-08-01 2023-07-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 19 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 20 34883793 2022-08-01 2023-07-31 cmn:PreviousYearMember cmn:ConsolidatedMember 21 34883793 2022-08-01 2023-07-31 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 22 34883793 2022-08-01 2023-07-31 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 23 34883793 2022-08-01 2023-07-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 24 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 25 34883793 2022-08-01 2023-07-31 cmn:PreviousYearMember cmn:ConsolidatedMember 26 34883793 2022-08-01 2023-07-31 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 27 34883793 2022-08-01 2023-07-31 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 28 34883793 2022-08-01 2023-07-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 29 34883793 2022-08-01 2023-07-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 34883793 2021-08-01 2022-07-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 34883793 2022-08-01 2023-07-31 fsa:RetainedEarningsMember 34883793 2021-08-01 2022-07-31 fsa:RetainedEarningsMember 34883793 2022-08-01 2023-07-31 fsa:ProposedDividendRecognisedInEquityMember 34883793 2021-08-01 2022-07-31 fsa:ProposedDividendRecognisedInEquityMember 34883793 2022-08-01 fsa:FixturesFittingsToolsAndEquipmentMember 34883793 2022-08-01 fsa:LeaseholdImprovementsMember 34883793 2022-08-01 fsa:PropertyPlantAndEquipmentInProgressMember 34883793 2022-08-01 2023-07-31 fsa:FixturesFittingsToolsAndEquipmentMember 34883793 2022-08-01 2023-07-31 fsa:LeaseholdImprovementsMember 34883793 2022-08-01 2023-07-31 fsa:PropertyPlantAndEquipmentInProgressMember 34883793 2023-07-31 fsa:FixturesFittingsToolsAndEquipmentMember 34883793 2023-07-31 fsa:LeaseholdImprovementsMember 34883793 2023-07-31 fsa:PropertyPlantAndEquipmentInProgressMember 34883793 2022-08-01 2023-07-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 34883793 2021-08-01 2022-07-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 34883793 2022-08-01 2023-07-31 fsa:ProposedDividendRecognisedInEquityMember cmn:ConsolidatedMember 34883793 2021-08-01 2022-07-31 fsa:ProposedDividendRecognisedInEquityMember cmn:ConsolidatedMember 34883793 2022-08-01 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 34883793 2022-08-01 fsa:LeaseholdImprovementsMember cmn:ConsolidatedMember 34883793 2022-08-01 fsa:PropertyPlantAndEquipmentInProgressMember cmn:ConsolidatedMember 34883793 2022-08-01 2023-07-31 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 34883793 2022-08-01 2023-07-31 fsa:LeaseholdImprovementsMember cmn:ConsolidatedMember 34883793 2022-08-01 2023-07-31 fsa:PropertyPlantAndEquipmentInProgressMember cmn:ConsolidatedMember 34883793 2023-07-31 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 34883793 2023-07-31 fsa:LeaseholdImprovementsMember cmn:ConsolidatedMember 34883793 2023-07-31 fsa:PropertyPlantAndEquipmentInProgressMember cmn:ConsolidatedMember 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 0 34883793 2022-08-01 2023-07-31 cmn:ConsolidatedMember 1 iso4217:DKK xbrli:pure Regnskabsklasse C, stor virksomhed 2022-08-01 2023-07-31 8641840000 5003757000 1228849000 2409234000 1426696000 220705000 761834000 6528000 6986000 761375000 163968000 597407000 -29580000 0 371098000 -87132000 126004000 755369000 50786000 646487000 -718356000 25657000 62670000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditor’s Report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of NORMAL 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">We have audited the consolidated financial statements and the parent company financial statements of Normal A/S</td></tr><tr><td colspan="1">for the financial year 1 August 2022 - 31 July 2023, which comprise income statement, balance sheet, statement of</td></tr><tr><td colspan="1">changes in equity and notes, including accounting policies for both the group and the parent company, and a</td></tr><tr><td colspan="1">consolidated cash flow statement. The consolidated financial statements and the parent company financial</td></tr><tr><td colspan="1">statements are prepared under the Danish Financial Statements Act. In our opinion, the consolidated financial</td></tr><tr><td colspan="1">statements and the parent company financial statements give a true and fair view of the group and the parent</td></tr><tr><td colspan="1">company’s financial position as at 31 July 2023 and of the results of the group and the parent company’s operations</td></tr><tr><td colspan="1">as well as the consolidated cash flows for the financial year 1 August 2022 - 31 July 2023 in accordance with the</td></tr><tr><td colspan="1">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">BASIS FOR OPINION</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional</td></tr><tr><td colspan="1">requirements applicable in Denmark. Our responsibilities under those standards and requirements are further</td></tr><tr><td colspan="1">described in the “Auditor’s responsibilities for the audit of the consolidated financial statements and the parent</td></tr><tr><td colspan="1">company financial statements” (hereinafter collectively referred to as ”the financial statements”) section of our</td></tr><tr><td colspan="1">report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our</td></tr><tr><td colspan="1">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">INDEPENDENCE</td></tr><tr><td colspan="1">We are independent of the group in accordance with the International Ethics Standards Board for Accountants’ Code</td></tr><tr><td colspan="1">of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we</td></tr><tr><td colspan="1">have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.</td></tr></table> <table xmlns="http://www.w3.org/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 CONSOLIDATED FINANCIAL STATEMENTS AND 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</td></tr><tr><td colspan="1">internal control as management determines is necessary to enable the preparation of the consolidated financial</td></tr><tr><td colspan="1">statements and the parent company financial statements that are free from material misstatement, whether due to</td></tr><tr><td colspan="1">fraud or error.</td></tr><tr><td colspan="1">In preparing the consolidated financial statements and parent company financial statements, management is</td></tr><tr><td colspan="1">responsible for assessing the group’s and the parent company’s ability to continue as a going concern, disclosing, as</td></tr><tr><td colspan="1">applicable, matters related to going concern and using the going concern basis of accounting in preparing the</td></tr><tr><td colspan="1">consolidated financial statements and parent company financial statements unless management either intends to</td></tr><tr><td colspan="1">liquidate the group or the company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND PARENT COMPANY FINANCIAL STATEMENTS</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and parent</td></tr><tr><td colspan="1">company financial statements as a whole are free from material misstatement, whether due to fraud or error, and to</td></tr><tr><td colspan="1">issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a</td></tr><tr><td colspan="1">guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark</td></tr><tr><td colspan="1">will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are</td></tr><tr><td colspan="1">considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic</td></tr><tr><td colspan="1">decisions of users taken on the basis of these consolidated financial statements and parent company financial</td></tr><tr><td colspan="1">statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we</td></tr><tr><td colspan="1">exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">— Identify and assess the risks of material misstatement of the consolidated financial statements and parent</td></tr><tr><td colspan="1">company financial statements, whether due to fraud or error, design and perform audit procedures responsive to</td></tr><tr><td colspan="1">those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of</td></tr><tr><td colspan="1">not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may</td></tr><tr><td colspan="1">involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</td></tr><tr><td colspan="1">— Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are</td></tr><tr><td colspan="1">appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the</td></tr><tr><td colspan="1">group’s and the parent company’s internal control.</td></tr><tr><td colspan="1">— Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and</td></tr><tr><td colspan="1">related disclosures made by management.</td></tr><tr><td colspan="1">— Conclude on the appropriateness of management’s use of the going concern basis of accounting in preparing the</td></tr><tr><td colspan="1">consolidated financial statements and parent company financial statements and, based on the audit evidence</td></tr><tr><td colspan="1">obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on</td></tr><tr><td colspan="1">the group’s and the parent company’s ability to continue as a going concern. If we conclude that a material</td></tr><tr><td colspan="1">uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the</td></tr><tr><td colspan="1">consolidated financial statements and parent company financial statements or, if such disclosures are inadequate,</td></tr><tr><td colspan="1">to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s</td></tr><tr><td colspan="1">report. However, future events or conditions may cause the group and the company to cease to continue as a going</td></tr><tr><td colspan="1">concern.</td></tr><tr><td colspan="1">— Evaluate the overall presentation, structure and contents of the consolidated financial statements and parent</td></tr><tr><td colspan="1">company financial statements, including the disclosures, and whether the consolidated financial statements and</td></tr><tr><td colspan="1">parent company financial statements represent the underlying transactions and events in a manner that gives a</td></tr><tr><td colspan="1">true and fair view.</td></tr><tr><td colspan="1">— Obtain sufficient and appropriate audit evidence regarding the financial information for the group’s entities or</td></tr><tr><td colspan="1">business activities to express an opinion on the consolidated financial statements.</td></tr><tr><td colspan="1">— We are responsible for directing, supervising and conducting the audit of the group. We alone are responsible for</td></tr><tr><td colspan="1">our audit opinion. We communicate with those charged with governance regarding, among other matters, the</td></tr><tr><td colspan="1">planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal</td></tr><tr><td colspan="1">control that we identify during our audit.</td></tr></table> <table xmlns="http://www.w3.org/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 consolidated financial statements and parent company financial statements does not cover</td></tr><tr><td colspan="1">management’s review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the consolidated financial statements and parent company financial statements, our</td></tr><tr><td colspan="1">responsibility is to read management’s review and, in doing so, consider whether management’s review is materially</td></tr><tr><td colspan="1">inconsistent with the consolidated financial statements and parent company financial statements or our knowledge</td></tr><tr><td colspan="1">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 Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that management’s review is in accordance with the</td></tr><tr><td colspan="1">consolidated financial statements and parent company financial statements and has been prepared in accordance</td></tr><tr><td colspan="1">with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of</td></tr><tr><td colspan="1">management’s review.</td></tr></table> Aarhus 2023-11-20 NORMAL A/S Godthåbsvej 41 8660 Skanderborg 34883793 1 Skanderborg Jan Lehrmann 2023-11-24 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Today, the board of directors and executive board</td></tr><tr><td colspan="1">have discussed and approved the annual report of</td></tr><tr><td colspan="1">NORMAL A/S for the financial year 1 August 2022 –</td></tr><tr><td colspan="1">31 July 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report is prepared in accordance with</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">statements and parent financial statements give a</td></tr><tr><td colspan="1">true and fair view of the company and the group</td></tr><tr><td colspan="1">financial position as at 31 July 2023 and of the</td></tr><tr><td colspan="1">results of the group and the company operations</td></tr><tr><td colspan="1">and consolidated cash flows for the financial year</td></tr><tr><td colspan="1">1 August 2022 - 31 July 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the management’s review includes a</td></tr><tr><td colspan="1">fair review of the matters dealt with in the</td></tr><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="1">The management recommends that the annual</td></tr><tr><td colspan="1">report be approved by the company at the general</td></tr><tr><td colspan="1">meeting.</td></tr></table> Skanderborg, <table xmlns="http://www.w3.org/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 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">NORMAL’s business activities comprise retail trade, primarily within personal care and</td></tr><tr><td colspan="1">cosmetics, and are pursued through more than 550 stores across seven markets</td></tr><tr><td colspan="1">Denmark, Norway, Sweden, the Netherlands, France, Finland and Portugal. NORMAL</td></tr><tr><td colspan="1">also operates a central warehouse located in Jutland, Denmark.</td></tr><tr><td colspan="1">Our mission is to make it inexpensive and adventurous to shop branded everyday</td></tr><tr><td colspan="1">products and to give our customers a unique shopping experience at everyday low</td></tr><tr><td colspan="1">prices every time they visit and shop in our stores.</td></tr><tr><td colspan="1">The Normal concept</td></tr><tr><td colspan="1">“At Normal, we sell normal</td></tr><tr><td colspan="1">products at abnormal prices”</td></tr><tr><td colspan="1">NORMAL’s product range comprises well-known brands within categories such as skin</td></tr><tr><td colspan="1">care, oral care, shampoo, makeup and cleaning agents, all of which we sell at fixed low</td></tr><tr><td colspan="1">prices. But NORMAL is much more than fixed low prices and branded goods.</td></tr><tr><td colspan="1">Constant focus is kept on providing unique and exciting shopping experiences to the</td></tr><tr><td colspan="1">customers. The stated goal is that it should always be a new and unique shopping</td></tr><tr><td colspan="1">experience to visit one of the stores, and therefore the permanent assortment of well-</td></tr><tr><td colspan="1">known branded goods is continuously supplemented by new and exciting items, and</td></tr><tr><td colspan="1">also new and not yet known brands. The maze-like store set-up invites customers to</td></tr><tr><td colspan="1">go treasure hunting and allows the stores to work creatively with all the new products.</td></tr><tr><td colspan="1">Employees at NORMAL are met by an informal tone of communication and a wide</td></tr><tr><td colspan="1">range of personal responsibility. We meet our colleagues on equal terms, are</td></tr><tr><td colspan="1">ambitious and celebrate initiative. Even the initiatives that may not be successful at</td></tr><tr><td colspan="1">first.</td></tr><tr><td colspan="1">At NORMAL, we believe that tasks and projects are most likely to succeed when solved</td></tr><tr><td colspan="1">jointly by committed and devoted parties, each taking ownership of her/his area and</td></tr><tr><td colspan="1">being equally responsible for our business.</td></tr><tr><td colspan="1">During this financial year NORMAL celebrated its 10th birthday, opened store</td></tr><tr><td colspan="1">number 500 and now have more than 10,000 enthusiastic colleagues. Together, we</td></tr><tr><td colspan="1">have achieved good results this year, and this is proof of the hard work and efforts</td></tr><tr><td colspan="1">contributed by everyone at NORMAL. Despite challenging market conditions, we</td></tr><tr><td colspan="1">have worked to limit the impacts of inflation and turbulence on our business and</td></tr><tr><td colspan="1">particularly our customers, who have responded with great loyalty and fantastic</td></tr><tr><td colspan="1">engagement across all our markets.</td></tr><tr><td colspan="1">After 10 years, we are thrilled that our customers continue to value our concept, and</td></tr><tr><td colspan="1">our customers’ support has made it possible for NORMAL to be where we are today.</td></tr><tr><td colspan="1">We remain curious and work to continuously introduce our concept into new</td></tr><tr><td colspan="1">markets, while also developing existing markets that still hold much potential for</td></tr><tr><td colspan="1">further expansion. During this financial year we opened 141 new stores, and in the</td></tr><tr><td colspan="1">coming year our plan is to open even more.</td></tr><tr><td colspan="1">An increasing number of new stores means an equally increasing number of new</td></tr><tr><td colspan="1">colleagues. Keeping a constant focus on employee engagement and development</td></tr><tr><td colspan="1">therefore remains a crucial point for us, alongside our culture and corporate values</td></tr><tr><td colspan="1">that we must protect and preserve as the organization grows.</td></tr><tr><td colspan="1">In addition to the general market conditions, logistics has been a challenge for us this</td></tr><tr><td colspan="1">year, as we await the commissioning of our new logistics center in Hedensted,</td></tr><tr><td colspan="1">Denmark. We are delighted with our new and improved premises that will enable us</td></tr><tr><td colspan="1">to offer improved facilities for our colleagues at the warehouse, and to provide</td></tr><tr><td colspan="1">better service to our colleagues in the stores.</td></tr><tr><td colspan="1">Sustainability is an important topic for us, and we are proud of the initiatives that we</td></tr><tr><td colspan="1">have taken, as well as the plans we have going forward. At NORMAL, our approach</td></tr><tr><td colspan="1">to sustainability is to do things that work, make a real difference and can be shared</td></tr><tr><td colspan="1">across our organization. We are ready to take our share of the responsibility, be</td></tr><tr><td colspan="1">part of the solution and are prepared to take the necessary steps towards</td></tr><tr><td colspan="1">becoming a more sustainable business.</td></tr><tr><td colspan="1">We are satisfied with this year’s financial results, and we have all our fantastic</td></tr><tr><td colspan="1">colleagues and customers to thank for that. Looking ahead to next year, we expect</td></tr><tr><td colspan="1">to still be facing challenging market conditions, but we also expect to see a</td></tr><tr><td colspan="1">significant growth in our revenue, leading to a result in line with this year</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">SUSTAINABILITY</td></tr><tr><td colspan="1">FY2022/23 marked an important step in our journey towards a more sustainable</td></tr><tr><td colspan="1">future. We worked together to find new exciting solutions and have gained an even</td></tr><tr><td colspan="1">better understanding of how to incorporate sustainability across NORMAL. The next</td></tr><tr><td colspan="1">year will be spent launching a range of initiatives that will help us engage the entire</td></tr><tr><td colspan="1">organization even further. At NORMAL, our approach to sustainability remains to do</td></tr><tr><td colspan="1">things that work, make a real difference and can be shared across our organization.</td></tr><tr><td colspan="1">Being an international company with more than 10,000 employees across seven</td></tr><tr><td colspan="1">markets, NORMAL’s main social responsibility remains the safety and well-being of</td></tr><tr><td colspan="1">our employees as well as the sourcing and distribution of products. In short, NORMAL</td></tr><tr><td colspan="1">strives to operate a responsible business across the organization and value chain,</td></tr><tr><td colspan="1">supporting our workforce as well as the communities and people that we impact.</td></tr><tr><td colspan="1">NORMAL has the ambition to continuously increase our focus on all aspects of ESG</td></tr><tr><td colspan="1">(Environment, Social &amp; Governance) in line with our company concept described in</td></tr><tr><td colspan="1">page 4. At NORMAL, we encourage all parts of the organization to think sustainably in</td></tr><tr><td colspan="1">their daily work, and we have seen positive results through exciting initiatives, both</td></tr><tr><td colspan="1">small and large, giving us a useful indication of the type of actions that can be taken</td></tr><tr><td colspan="1">to incorporate sustainability even more into the daily operation of our business.</td></tr><tr><td colspan="1">In FY2023/24, we look forward to expanding our sustainability approach through a</td></tr><tr><td colspan="1">more comprehensive sustainability strategy that will be anchored in our corporate</td></tr><tr><td colspan="1">strategy. We will introduce our new sustainability strategy during FY2023/24, with</td></tr><tr><td colspan="1">the purpose of creating even better alignment, engagement and compliance across</td></tr><tr><td colspan="1">all our markets, now and in the future.</td></tr><tr><td colspan="1">To make the best possible strategy, NORMAL plans to further engage both external</td></tr><tr><td colspan="1">and internal stakeholders to identify additional relevant and material areas for</td></tr><tr><td colspan="1">NORMAL as a business. As we gain a deeper understanding of these areas, we will</td></tr><tr><td colspan="1">lay the foundation for our sustainability reporting going forward, and it will become</td></tr><tr><td colspan="1">an integral part of our overall sustainability strategy.</td></tr><tr><td colspan="1">Within sustainability, we work with three main areas: Environment, Social and</td></tr><tr><td colspan="1">Governance, and we do our best to ensure that all initiatives are anchored</td></tr><tr><td colspan="1">throughout our organization and everyday activities. In the coming sections, we will</td></tr><tr><td colspan="1">share our policies, plans and initiatives for each topic.</td></tr><tr><td colspan="1">Environment</td></tr><tr><td colspan="1">Within the areas of climate and environment, NORMAL operates with an external</td></tr><tr><td colspan="1">and an internal perspective</td></tr><tr><td colspan="1">The external perspective covers the assortment of products offered to customers in</td></tr><tr><td colspan="1">the stores. The core principle within NORMAL is to offer its customers a broad</td></tr><tr><td colspan="1">assortment which allows them to make sustainable choices. NORMAL follows market</td></tr><tr><td colspan="1">trends and customer demands and continues to increase its range of sustainable</td></tr><tr><td colspan="1">goods across all products.</td></tr><tr><td colspan="1">The internal perspective comprises the operation and maintenance of our more than</td></tr><tr><td colspan="1">550 stores. Here, NORMAL continuously strive to reduce energy and resource</td></tr><tr><td colspan="1">consumption in our daily operations, and to introduce new sustainable approaches in</td></tr><tr><td colspan="1">its routines, wherever possible. Based on these insights, NORMAL will continue to</td></tr><tr><td colspan="1">review the policy and sustainability strategy and introduce more ambitious goals.</td></tr><tr><td colspan="1">Climate baseline</td></tr><tr><td colspan="1">One of our major goals for the coming financial year is to gain a better understanding</td></tr><tr><td colspan="1">of our climate baseline. We continuously work to reduce our impact through various</td></tr><tr><td colspan="1">initiatives, and a more detailed baseline will further enable NORMAL to gain a deeper</td></tr><tr><td colspan="1">understanding of its footprint and give us the opportunity to share more detailed</td></tr><tr><td colspan="1">data and goals going forward.</td></tr><tr><td colspan="1">Products and sustainability</td></tr><tr><td colspan="1">The main risk associated with climate and environment remains the use of materials</td></tr><tr><td colspan="1">and ingredients for the products marketed and sold in NORMAL’s stores. NORMAL</td></tr><tr><td colspan="1">continues to work on ensuring correct handling of all materials and offering eco-</td></tr><tr><td colspan="1">friendly alternatives with special attention to such alternatives also from a marketing</td></tr><tr><td colspan="1">perspective.</td></tr><tr><td colspan="1">As mentioned in the previous section, NORMAL has the ambition to gain an even</td></tr><tr><td colspan="1">better understanding of its footprint, and, naturally, the products sold in NORMAL</td></tr><tr><td colspan="1">stores constitute a significant part of the footprint. NORMAL has plans to better</td></tr><tr><td colspan="1">understand the impact of our assortment, however, as our product assortment</td></tr><tr><td colspan="1">evolves and the number of sustainable products increases, we maintain the approach</td></tr><tr><td colspan="1">of listening to our customers in terms of what products are in demand.</td></tr><tr><td colspan="1">NORMAL has launched an initiative where we – together with our suppliers – identify</td></tr><tr><td colspan="1">the optimal packaging materials and solutions for a range of products to make sure</td></tr><tr><td colspan="1">that we minimize waste and have the most optimal solutions for our stores. We</td></tr><tr><td colspan="1">started out with a limited part of our assortment but will continue to work closely</td></tr><tr><td colspan="1">with our suppliers to continuously find the best solutions going forward.</td></tr><tr><td colspan="1">Operation and maintenance</td></tr><tr><td colspan="1">In addition to our products, our daily operation and maintenance of the store</td></tr><tr><td colspan="1">network also have an environmental impact – from logistical setup to the expansion</td></tr><tr><td colspan="1">and maintenance of NORMAL’s stores. We continue to implement new initiatives to</td></tr><tr><td colspan="1">reduce the impact and expenses.</td></tr><tr><td colspan="1">One such initiative is a platform that allows us to track and review the electricity</td></tr><tr><td colspan="1">consumption for our stores in real time. This has already enabled us to act on</td></tr><tr><td colspan="1">irregularities and thus leads to savings both in terms of climate and money. It will be a</td></tr><tr><td colspan="1">valuable tool, not only in reporting on the total impact, but also in identifying ways to</td></tr><tr><td colspan="1">further reductions it in the future.</td></tr><tr><td colspan="1">The daily operations of our stores and the handling of goods at our warehouse</td></tr><tr><td colspan="1">naturally results in a large amount of waste, mainly various types of plastics and</td></tr><tr><td colspan="1">cardboard. In FY22/23 we separated more waste for recycling than ever before, and</td></tr><tr><td colspan="1">in the coming year we plan to implement a new standard for waste separation across</td></tr><tr><td colspan="1">all our locations, one that will enable us to not only optimize our waste management</td></tr><tr><td colspan="1">but also comply with present and future regulations.</td></tr><tr><td colspan="1">We also plan to engage further with our suppliers to minimize the amount of waste</td></tr><tr><td colspan="1">we generate in the shipping and handling of goods – to optimize the flow across our</td></tr><tr><td colspan="1">warehouse and stores, but primarily to reduce NORMAL’s waste impact.</td></tr><tr><td colspan="1">Social</td></tr><tr><td colspan="1">NORMAL aims to be an attractive workplace with a high level of job satisfaction.</td></tr><tr><td colspan="1">High priority is given to the continuous training of managers, onboarding routines</td></tr><tr><td colspan="1">and ensuring a healthy and safe working environment for all employees.</td></tr><tr><td colspan="1">Furthermore, NORMAL endeavours to reflect its surrounding environment as</td></tr><tr><td colspan="1">closely as possible, also in terms of workforce diversity. This relates to both</td></tr><tr><td colspan="1">gender, age, race as well as physical and/or mental disabilities.</td></tr><tr><td colspan="1">Cultural fit tool</td></tr><tr><td colspan="1">Plans have been launched to introduce a cultural fit tool across NORMAL’s people</td></tr><tr><td colspan="1">organization, encompassing both recruitment processes, onboarding flows, and</td></tr><tr><td colspan="1">employee retention initiatives, to ensure that NORMAL will be able to</td></tr><tr><td colspan="1">continuously succeed in attracting and retaining human resources that represent</td></tr><tr><td colspan="1">a perfect match for the company, also in terms of culture and shared values.</td></tr><tr><td colspan="1">Our most material risk regarding social and employee relations is the ability to</td></tr><tr><td colspan="1">attract and retain key talent, and therefore we are constantly striving to be and</td></tr><tr><td colspan="1">remain a workplace characterized by a strong sense of community, common</td></tr><tr><td colspan="1">culture and shared values.</td></tr><tr><td colspan="1">Land of NORMAL Opportunities</td></tr><tr><td colspan="1">In FY2022/23, NORMAL has continued to invest in people, focusing on the training</td></tr><tr><td colspan="1">and development of human resources under the conceptual framework “Land of</td></tr><tr><td colspan="1">NORMAL Opportunities”.</td></tr><tr><td colspan="1">“Land of NORMAL Opportunities” maps NORMAL’s organization, emphasising the</td></tr><tr><td colspan="1">options and possibilities offered in terms of professional and personal development,</td></tr><tr><td colspan="1">knowledge-building and training across the organization.</td></tr><tr><td colspan="1">One example of such “NORMAL Opportunity” is the store manager training concept</td></tr><tr><td colspan="1">launched in earlier years. In FY2022/23, the concept has been pursued in Denmark</td></tr><tr><td colspan="1">with much success and positive response, and recent roll-outs include Sweden and</td></tr><tr><td colspan="1">Finland. More countries will be added to the store manager training portfolio next</td></tr><tr><td colspan="1">year.</td></tr><tr><td colspan="1">Similar role-specific training concepts are being developed and rolled out for assistant</td></tr><tr><td colspan="1">store managers and mid-level managers at Warehouse. Plans for the coming year</td></tr><tr><td colspan="1">includes the launch of leadership training courses targeted at Danish HQ employees.</td></tr><tr><td colspan="1">In addition, a store trainee programme was launched in Denmark.</td></tr><tr><td colspan="1">In addition to the leadership programmes pursued across NORMAL's organisation,</td></tr><tr><td colspan="1">strong focus is maintained on retaining and continuously developing internal</td></tr><tr><td colspan="1">competencies and human resources through the principle of “life-long learning”.</td></tr><tr><td colspan="1">The setting up of a well-functioning and efficient internal pipeline across the</td></tr><tr><td colspan="1">organization and on all levels of employment is an important part of this work,</td></tr><tr><td colspan="1">making NORMAL’s organization even more robust and allowing even more colleagues</td></tr><tr><td colspan="1">to move and develop across the map of NORMAL Opportunities.</td></tr><tr><td colspan="1">Two days for charity in Denmark</td></tr><tr><td colspan="1">NORMAL continues to pursue a strategy of dedicating two days every year where</td></tr><tr><td colspan="1">colleagues at the Danish headquarters work together to support charitable</td></tr><tr><td colspan="1">organisations. One of such organisations is LykkeLiga, a Danish network of handball</td></tr><tr><td colspan="1">teams for handicapped children and young people working for securing equal</td></tr><tr><td colspan="1">opportunities for children with special needs to engage in local sports clubs and</td></tr><tr><td colspan="1">communities. NORMAL intends to further develop the cooperation with LykkeLiga in</td></tr><tr><td colspan="1">the coming year, potentially also abroad.</td></tr><tr><td colspan="1">The second day of charitable work for the Danish headquarters includes project</td></tr><tr><td colspan="1">“Santa’s Workshop”, an all-day event where all colleagues make Christmas presents</td></tr><tr><td colspan="1">for shelters, group homes, drop-in centres, hospital wards, and various public and</td></tr><tr><td colspan="1">private charitable initiatives. Donations come from NORMAL’s own warehouse and</td></tr><tr><td colspan="1">from our suppliers.</td></tr><tr><td colspan="1">Charitable initiatives in other markets</td></tr><tr><td colspan="1">During FY2022/23, NORMAL has also launched various charitable initiatives initiated</td></tr><tr><td colspan="1">by the local headquarters of NORMAL’s markets: In Sweden, NORMAL produced and</td></tr><tr><td colspan="1">sold soft toys shaped like the Unique Man in the stores for the benefit of the suicide</td></tr><tr><td colspan="1">prevention work pursued by a dedicated Swedish organization. In France, NORMAL</td></tr><tr><td colspan="1">colleagues from stores and HQ participated in a charity run to the benefit of a team of</td></tr><tr><td colspan="1">hospital clowns which made it possible for them to continue their work of spreading</td></tr><tr><td colspan="1">joy and smiles at hospitals across France for the rest of 2023. And in Finland, NORMAL</td></tr><tr><td colspan="1">packed and delivered 1,200 kits for children in hospitals, containing not only toiletries</td></tr><tr><td colspan="1">but also toys and other fun items to brighten up their hospital stay.</td></tr><tr><td colspan="1">The work on further developing such local projects and entering into new charitable</td></tr><tr><td colspan="1">cooperations on all markets will be pursued in the coming year.</td></tr><tr><td colspan="1">Governance</td></tr><tr><td colspan="1">NORMAL recognizes and respects all internationally acknowledged human rights and</td></tr><tr><td colspan="1">labour market conventions. All suppliers and business partners are expected to act</td></tr><tr><td colspan="1">accordingly.</td></tr><tr><td colspan="1">Furthermore, trust and ethics are the cornerstones of NORMAL’s relations with and</td></tr><tr><td colspan="1">attitude to its employees, business partners, suppliers and customers. NORMAL has</td></tr><tr><td colspan="1">implemented a zero-tolerance policy towards corruption and bribery.</td></tr><tr><td colspan="1">NORMAL’s goal for FY2023/24, is to continuously increase its focus on human rights</td></tr><tr><td colspan="1">across our value chain. NORMAL will continue to review the policy and strategy and</td></tr><tr><td colspan="1">introduce more and ambitious goals.</td></tr><tr><td colspan="1">Code of Conduct</td></tr><tr><td colspan="1">The main risk associated with the violation of human rights relates to the</td></tr><tr><td colspan="1">collaboration with external suppliers. To accommodate such risks, NORMAL has</td></tr><tr><td colspan="1">enacted a Code of Conduct stipulating the human rights policies, and this Code of</td></tr><tr><td colspan="1">Conduct is being enforced on a continuous basis. In FY 2022/23, all new suppliers</td></tr><tr><td colspan="1">have either signed the NORMAL Code of Conduct or signed their own Code of</td></tr><tr><td colspan="1">Conduct on terms that meet or exceed the requirements set out in the NORMAL</td></tr><tr><td colspan="1">Code of Conduct. In FY2022/23, no violations of the NORMAL Code of Conduct have</td></tr><tr><td colspan="1">been detected.</td></tr><tr><td colspan="1">The principal risk of corruption is associated with the interaction with NORMAL’s</td></tr><tr><td colspan="1">suppliers. NORMAL’s risk, however, remains limited due to its range of suppliers</td></tr><tr><td colspan="1">being located within the EU and based on the multinational brand reputation of</td></tr><tr><td colspan="1">most suppliers. NORMAL’s ambition remains that all suppliers must either sign our</td></tr><tr><td colspan="1">Code of Conduct or have their own in place that meet our requirements. We will</td></tr><tr><td colspan="1">update our Code of Conduct regularly as new regulatory requirements come into</td></tr><tr><td colspan="1">force.</td></tr><tr><td colspan="1">Code of Ethics</td></tr><tr><td colspan="1">NORMAL has implemented a Code of Ethics setting out ethical guidelines and anti-</td></tr><tr><td colspan="1">corruption policies to be complied with by all employees of NORMAL. All new</td></tr><tr><td colspan="1">employees of NORMAL are requested to make themselves acquainted with the</td></tr><tr><td colspan="1">Code of Ethics and sign the document. In FY2022/23, all new employees signed the</td></tr><tr><td colspan="1">Code of Ethics. We continuously update our Code of Ethics to reflect new</td></tr><tr><td colspan="1">regulatory requirements.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Data Ethics</td></tr><tr><td colspan="1">We respect and protect the personal rights of our customers, colleagues and</td></tr><tr><td colspan="1">business partners. We safeguard the personal data that we process and have</td></tr><tr><td colspan="1">implemented data protection and IT security policies and guidelines. We are aware</td></tr><tr><td colspan="1">that digitalization and the use of new technology are evolving fast, and therefore,</td></tr><tr><td colspan="1">we consider data protection to be of key importance. Our use of data is responsible</td></tr><tr><td colspan="1">and appropriate, meaning that we only collect data from reliable sources and only</td></tr><tr><td colspan="1">process it for relevant business purposes.</td></tr><tr><td colspan="1">NORMAL strives to be transparent, and we want ensure that information about our</td></tr><tr><td colspan="1">use of data is honest, genuine and easily accessible to our customers, colleagues, and</td></tr><tr><td colspan="1">business partners.</td></tr><tr><td colspan="1">Our customers will always have the possibility of receiving customer service and</td></tr><tr><td colspan="1">complaints handling by a physical human being.</td></tr><tr><td colspan="1">We only share data with third parties for lawful purposes. We do not sell personal</td></tr><tr><td colspan="1">data.</td></tr><tr><td colspan="1">The scope and understanding of data ethics are in constant motion, and therefore our</td></tr><tr><td colspan="1">policy on Data Ethics is not static but is to be developed along with the societal norms</td></tr><tr><td colspan="1">and our business activities.</td></tr></table> <table xmlns="http://www.w3.org/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">Account of the gender composition of management</td></tr><tr><td colspan="1">In the opinion of NORMAL, qualifications and experience - and not the gender of a</td></tr><tr><td colspan="1">person - are the main decisive factors when determining whether an individual is</td></tr><tr><td colspan="1">suitable for a job or not. NORMAL believes that diversity among its employees,</td></tr><tr><td colspan="1">including an even distribution by gender, contributes positively to the working</td></tr><tr><td colspan="1">environment and strengthens NORMAL’s performance and competitiveness.</td></tr><tr><td colspan="1">In order to comply with applicable law, a target figure has been laid down for the even</td></tr><tr><td colspan="1">representation of both genders on the board of directors of NORMAL. Consequently, a</td></tr><tr><td colspan="1">minimum of 25 % of the members of the board of directors appointed by the general</td></tr><tr><td colspan="1">meeting must be female. Today, the board of directors has four members, one of</td></tr><tr><td colspan="1">whom is female. The target has thus been reached.</td></tr><tr><td colspan="1">The gender distribution at NORMAL is not equal: At department and store</td></tr><tr><td colspan="1">management level, NORMAL has a current over-representation of female employees</td></tr><tr><td colspan="1">who account for a total of 79 % of all employees. This is solely attributable to the</td></tr><tr><td colspan="1">current recruitment situation in retail.</td></tr><tr><td colspan="1">Consequently, NORMAL has a current under-representative of male employees in</td></tr><tr><td colspan="1">executive positions other than the executive board. The management team of</td></tr><tr><td colspan="1">NORMAL comprises 674 persons, including the executive board, department managers</td></tr><tr><td colspan="1">of various functions, and store managers.</td></tr><tr><td colspan="1">Persons of both genders are encouraged to apply for managerial positions at NORMAL.</td></tr><tr><td colspan="1">Male executives on this management level account for 21 %. Male employees account</td></tr><tr><td colspan="1">for a total of 18 % of all employees at NORMAL.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial highlights</td></tr></table><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="2">definitions of financial ratios</td></tr><tr><td>.Gross profit ratio</td><td>gross profit * 100 / revenue</td></tr><tr><td>.EBIT ratio</td><td>EBIT * 100 / Revenue</td></tr><tr><td>.Solvency ratio</td><td>Equity (at year end) * 100 / total assets</td></tr></table> -458000 646487000 0.426 <table xmlns="http://www.w3.org/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="10"></td></tr><tr><td width="100%" colspan="10" align="left" valign="middle" ><b>NOTE</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="9%" ></td><td width="91%" colspan="9" align="left" valign="middle" ><b>REVENUE</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="9%" ></td><td width="63%" colspan="7" align="left" valign="middle" ><b>(tDKK)</b></td><td width="13%" colspan="1" align="center" valign="middle" ><b>2022/23</b></td><td width="15%" colspan="1" align="center" valign="middle" ><b>2021/22</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="9%" ></td><td width="63%" colspan="7" align="left" valign="middle" >Denmark</td><td width="13%" align="right" valign="middle" >2.415.793</td><td width="15%" align="right" valign="middle" >1.880.480</td></tr><tr><td width="9%" ></td><td width="63%" colspan="7" align="left" valign="middle" >Rest of Europe</td><td width="13%" align="right" valign="middle" >6.226.047</td><td width="15%" align="right" valign="middle" >3.957.750</td></tr><tr><td width="9%" ></td><td width="63%" colspan="7" align="left" valign="middle" ><b>Total revenue</b></td><td width="13%" align="right" valign="middle" ><b>8.641.840</b></td><td width="15%" align="right" valign="middle" ><b>5.838.230</b></td></tr></table> 1236761000 58904000 74011000 57020000 4658 <table xmlns="http://www.w3.org/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>Executive Board received remuneration of DKK 7.305 tDKK (2021/22: 6.208 tDKK)</td></tr><tr><td /><td>According to section 98 B(1) of the Danish Financial Staments Act, renumeration for the Executive Board and</td></tr><tr><td /><td>Board of Directors has been disclosed combined as only one member of the Board of Directors receive renumeration</td></tr></table> 6528000 6986000 161864000 3069000 -965000 <table xmlns="http://www.w3.org/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="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" ><b>NOTE</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="10" align="left" valign="middle" ><b>INTANGIBLE ASSETS</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="7%" ></td><td width="42%" colspan="6" align="left" valign="middle" ><b>(tDKK)</b></td><td width="10%" colspan="1" align="center" valign="middle" ><b>Software</b></td><td width="10%" colspan="1" align="center" valign="middle" ><b></b></td><td width="14%" colspan="1" align="right" valign="middle" ><b>Key money Leasehold rights Trademark rights</b></td><td width="17%" colspan="1" align="left" valign="middle" ><b>Deveopment projects in progress</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="7%" ></td><td width="42%" colspan="6" align="left" valign="middle" ><b>iCost at 1 August 2022</b></td><td width="10%" align="right" valign="middle" ><b>90.576</b></td><td width="10%" ></td><td width="14%" align="right" valign="middle" ><b>45.838</b></td><td width="17%" align="right" valign="middle" ><b>0</b></td></tr><tr><td width="7%" ></td><td width="42%" colspan="6" align="left" valign="middle" >iExchange adjustment</td><td width="10%" align="right" valign="middle" >-570</td><td width="10%" ></td><td width="14%" align="right" valign="middle" >-626</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="7%" ></td><td width="42%" colspan="6" align="left" valign="middle" >iAdditions for the year</td><td width="10%" align="right" valign="middle" >5.247</td><td width="10%" ></td><td width="14%" align="right" valign="middle" >15.899</td><td width="17%" align="right" valign="middle" >29.639</td></tr><tr><td width="7%" ></td><td width="42%" colspan="6" align="left" valign="middle" >iDisposals for the year</td><td width="10%" align="right" valign="middle" >-1.114</td><td width="10%" ></td><td width="14%" align="right" valign="middle" >-2.500</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="7%" ></td><td width="42%" colspan="6" align="left" valign="middle" ><b>iCost at 31 July 2023</b></td><td width="10%" align="right" valign="middle" ><b>94.139</b></td><td width="10%" ></td><td width="14%" align="right" valign="middle" ><b>58.612</b></td><td width="17%" align="right" valign="middle" ><b>29.639</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="7%" ></td><td width="42%" colspan="6" align="left" valign="middle" ><b>iImpairment losses and amortisation at 1 August 2022</b></td><td width="10%" align="right" valign="middle" ><b>51.289</b></td><td width="10%" ></td><td width="14%" align="right" valign="middle" ><b>17.664</b></td><td width="17%" align="right" valign="middle" ><b>0</b></td></tr><tr><td width="7%" ></td><td width="42%" colspan="6" align="left" valign="middle" >.iExchange adjustment</td><td width="10%" align="right" valign="middle" >-354</td><td width="10%" ></td><td width="14%" align="right" valign="middle" >-246</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="7%" ></td><td width="42%" colspan="6" align="left" valign="middle" >iAmortisation for the year</td><td width="10%" align="right" valign="middle" >12.320</td><td width="10%" ></td><td width="14%" align="right" valign="middle" >7.946</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="7%" ></td><td width="42%" colspan="6" align="left" valign="middle" >iReversal of amortisation of sold assets</td><td width="10%" align="right" valign="middle" >-1.114</td><td width="10%" ></td><td width="14%" align="right" valign="middle" >-2.500</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="7%" ></td><td width="42%" colspan="6" align="left" valign="middle" ><b>iImpairment losses and amortisation at 31 July 2023</b></td><td width="10%" align="right" valign="middle" ><b>62.141</b></td><td width="10%" ></td><td width="14%" align="right" valign="middle" ><b>22.864</b></td><td width="17%" align="right" valign="middle" ><b>0</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="7%" ></td><td width="42%" colspan="6" align="left" valign="middle" ><b>iCarrying amount at 31 July 2023</b></td><td width="10%" align="right" valign="middle" ><b>31.998</b></td><td width="10%" ></td><td width="14%" align="right" valign="middle" ><b>35.748</b></td><td width="17%" align="right" valign="middle" ><b>29.639</b></td></tr><tr><td colspan="11"></td></tr></table> <table xmlns="http://www.w3.org/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="10"></td></tr><tr><td width="100%" colspan="10" align="left" valign="middle" ><b>NOTE</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="9" align="left" valign="middle" ><b>NON-CURRENT INVESTMENTS</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="71%" colspan="8" align="left" valign="middle" ><b>(tDKK)</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>Deposits</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="71%" colspan="8" align="left" valign="middle" ><b>Cost at 1 August 2022</b></td><td width="21%" align="right" valign="middle" ><b>59.154</b></td></tr><tr><td width="8%" ></td><td width="71%" colspan="8" align="left" valign="middle" >Exchange adjustment</td><td width="21%" align="right" valign="middle" >71</td></tr><tr><td width="8%" ></td><td width="71%" colspan="8" align="left" valign="middle" >Additions for the year</td><td width="21%" align="right" valign="middle" >25.494</td></tr><tr><td width="8%" ></td><td width="71%" colspan="8" align="left" valign="middle" >Disposals for the year</td><td width="21%" align="right" valign="middle" >-2.267</td></tr><tr><td width="8%" ></td><td width="71%" colspan="8" align="left" valign="middle" ><b>Cost at 31 July 2023</b></td><td width="21%" align="right" valign="middle" ><b>82.452</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="71%" colspan="8" align="left" valign="middle" ><b>Revaluations at 1 August 2022</b></td><td width="21%" align="right" valign="middle" ><b>0</b></td></tr><tr><td width="8%" ></td><td width="71%" colspan="8" align="left" valign="middle" >Revaluations for the year</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="8%" ></td><td width="71%" colspan="8" align="left" valign="middle" ><b>Revaluation at 31 July 2023</b></td><td width="21%" align="right" valign="middle" ><b>0</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="71%" colspan="8" align="left" valign="middle" ><b>Carrying amount at 31 July 2023</b></td><td width="21%" align="right" valign="middle" ><b>82.452</b></td></tr><tr><td colspan="10"></td></tr></table> <table xmlns="http://www.w3.org/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"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>NOTE</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" ><b>PREPAYMENTS</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Prepayments comprise prepaid costs regarding rent, insurance premiums, subscriptions and interest.</td></tr></table> <table xmlns="http://www.w3.org/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="10"></td></tr><tr><td width="100%" colspan="10" align="left" valign="middle" ><b>NOTE</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="9" align="left" valign="middle" ><b>DEFERRED TAX</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" ><b>(tDKK)</b></td><td width="12%" align="center" valign="middle" ><b>2023</b></td><td width="21%" align="center" valign="middle" ><b>2022</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" ><b>Deferred tax at 1 August 2022</b></td><td width="12%" align="right" valign="middle" ><b>1.684</b></td><td width="21%" align="right" valign="middle" ><b>-689</b></td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Exchange adjustment</td><td width="12%" align="right" valign="middle" >162</td><td width="21%" align="right" valign="middle" >1</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Adjustment of deferred tax for the year</td><td width="12%" align="right" valign="middle" >-3.069</td><td width="21%" align="right" valign="middle" >2.372</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Other movements on deferred tax</td><td width="12%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" ><b>Deferred tax at 31 July 2023</b></td><td width="12%" align="right" valign="middle" ><b>-1.223</b></td><td width="21%" align="right" valign="middle" ><b>1.684</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="9" align="left" valign="middle" ><b>Deferred tax is recognised in the balance sheet as follows</b></td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Deferred tax assets</td><td width="12%" align="right" valign="middle" >6.300</td><td width="21%" align="right" valign="middle" >12.514</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Deferred tax liabilities</td><td width="12%" align="right" valign="middle" >-7.523</td><td width="21%" align="right" valign="middle" >-10.830</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" ><b>deferred tax total</b></td><td width="12%" align="right" valign="middle" ><b>-1.223</b></td><td width="21%" align="right" valign="middle" ><b>1.684</b></td></tr></table> <table xmlns="http://www.w3.org/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="10"></td></tr><tr><td width="100%" colspan="10" align="left" valign="middle" ><b>NOTE</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="9" align="left" valign="middle" ><b>..OTHER PROVISIONS</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" ><b>(tDKK)</b></td><td width="12%" align="center" valign="middle" ><b>2023</b></td><td width="21%" align="center" valign="middle" ><b>2022</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Balance at beginning of year</td><td width="12%" align="right" valign="middle" >2.073</td><td width="21%" align="right" valign="middle" >2.073</td></tr><tr><td width="8%" ></td><td width="8%" ></td><td width="8%" ></td><td width="8%" ></td><td width="8%" ></td><td width="8%" ></td><td width="8%" ></td><td width="11%" ></td><td width="12%" align="right" valign="middle" ><b>2.073</b></td><td width="21%" align="right" valign="middle" ><b>2.073</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="9" align="left" valign="middle" ><b>The expected due dates of other provisions are</b></td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Within one year</td><td width="12%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Between 1 and 5 years</td><td width="12%" align="right" valign="middle" >2.073</td><td width="21%" align="right" valign="middle" >2.073</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Over 5 years</td><td width="12%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" ><b>other provisions total</b></td><td width="12%" align="right" valign="middle" ><b>2.073</b></td><td width="21%" align="right" valign="middle" ><b>2.073</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="9" align="left" valign="middle" >Other provisions primarily compromise pending disputes, onerous lease contracts and other liabilities, 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="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>NOTE</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" ><b>.DEFERRED INCOME</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Deferred income consists of rent reductions accrued over the interminable lease period.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Noter</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" ><b>.EVENTS AFTER BALANCE SHEET DATE</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >No events materially affecting the financial position have occurred after the balance sheet date.</td></tr></table> <table xmlns="http://www.w3.org/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="10"></td></tr><tr><td width="100%" colspan="10" align="left" valign="middle" ><b>Noter</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="9" align="left" valign="middle" ><b>RENT & LEASE LIABILITIES</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" ><b>(tDKK)</b></td><td width="12%" align="center" valign="middle" ><b>2023</b></td><td width="21%" align="center" valign="middle" ><b>2022</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Within 1 year</td><td width="12%" align="right" valign="middle" >755.351</td><td width="21%" align="right" valign="middle" >482.172</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Between 1 and 5 years</td><td width="12%" align="right" valign="middle" >1.968.458</td><td width="21%" align="right" valign="middle" >1.026.821</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Over 5 years</td><td width="12%" align="right" valign="middle" >273.448</td><td width="21%" align="right" valign="middle" >135.009</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >rent & lease liabilities total</td><td width="12%" align="right" valign="middle" ><b>2.997.257</b></td><td width="21%" align="right" valign="middle" ><b>1.644.002</b></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="10"></td></tr><tr><td width="100%" colspan="10" align="left" valign="middle" ><b>Noter</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="9" align="left" valign="middle" ><b>CASH FLOW STATEMENT — ADJUSTMENTS</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" ><b>(tDKK)</b></td><td width="12%" align="center" valign="middle" ><b>2023</b></td><td width="21%" align="center" valign="middle" ><b>2022</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Depreciation, amortisation and impairment losses</td><td width="12%" align="right" valign="middle" >220.705</td><td width="21%" align="right" valign="middle" >165.406</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Tax on profit for the year</td><td width="12%" align="right" valign="middle" >163.968</td><td width="21%" align="right" valign="middle" >128.530</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Other adjustments</td><td width="12%" align="right" valign="middle" >-13.379</td><td width="21%" align="right" valign="middle" >15.698</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >cash flow statement - adjustments total</td><td width="12%" align="right" valign="middle" ><b>371.293</b></td><td width="21%" align="right" valign="middle" ><b>309.634</b></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="10"></td></tr><tr><td width="100%" colspan="10" align="left" valign="middle" ><b>Noter</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="9" align="left" valign="middle" ><b>CASH FLOW STATEMENT — CHANGE IN WORKING CAPITAL</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" ><b>(tDKK)</b></td><td width="12%" align="center" valign="middle" ><b>2023</b></td><td width="21%" align="center" valign="middle" ><b>2022</b></td></tr><tr><td colspan="10"></td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Change in inventories</td><td width="12%" align="right" valign="middle" >-559.484</td><td width="21%" align="right" valign="middle" >-561.053</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Change in receivables</td><td width="12%" align="right" valign="middle" >-109.139</td><td width="21%" align="right" valign="middle" >-95.530</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >Change in trade payables, etc.</td><td width="12%" align="right" valign="middle" >563.490</td><td width="21%" align="right" valign="middle" >463.455</td></tr><tr><td width="8%" ></td><td width="59%" colspan="7" align="left" valign="middle" >cash flow statement - change in working capital total</td><td width="12%" align="right" valign="middle" ><b>-105.133</b></td><td width="21%" align="right" valign="middle" ><b>-193.128</b></td></tr></table> <table xmlns="http://www.w3.org/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"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Noter</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" ><b>CONTINGENT LIABILITIES</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" ><b>GUARANTEE COMMITMENTS</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >The group has issued guarantee commitments for 207.557 tDKK</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" ><b>OTHER CONTINGENT LIABILITIES</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >As security for the Company´s debt to credit institutions, the Company has provided collateral to</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >the bank in the form of a floating change of 22.250 tDKK secured on trade receivables, inventories,</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >fixtures and fittings, tools and equipment, as well as goodwill and acquired intangible assets.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>NOTE</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" ><b>RELATED PARTIES AND OWNERSHIP STRUCTURE</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Parties exercising control</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Aktieselskabet af 1.12.2016 (Parent company and shareholder), Store Torv 1, 3, 8000 Aarhus C</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Transactions</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Purchase of goods from other related parties – 5.3 mDKK</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Interest income from other related parties – 1.0 mDKK</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Receivables from other related parties – 26.8 mDKK</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Payables to other related parties – 0.1 mDKK</td></tr><tr><td colspan="2"></td></tr></table> 1323000 112000 474000 1909000 <table xmlns="http://www.w3.org/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 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="1">Dividends</td></tr><tr><td colspan="1">Proposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when</td></tr><tr><td colspan="1">declared by the annual general meeting of shareholders.</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">Dividends</td></tr><tr><td colspan="1">Proposed dividends are disclosed as a separate item under</td></tr><tr><td colspan="1">equity. Dividends are recognised as a liability when</td></tr><tr><td colspan="1">declared by the annual general meeting of shareholders.</td></tr><tr><td colspan="1">For a summary of the general accounting policies please refer to page 23 in the notes to the consolidated 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">Cash flow statement</td></tr><tr><td colspan="1">The cash flow statement shows the cash flows for the year, broken down under cash flows from operating,</td></tr><tr><td colspan="1">investing and financing activities, the year's changes in cash and cash equivalents and the cash and cash</td></tr><tr><td colspan="1">equivalents at the beginning and at the end of the year.</td></tr><tr><td colspan="1">Cash flows from operating activities</td></tr><tr><td colspan="1">Cash flows from operating activities comprise cash flows presented according to the indirect method</td></tr><tr><td colspan="1">and are calculated as the share of the profit for the year adjusted for changes in the working capital, paid</td></tr><tr><td colspan="1">corporate taxes and non-cash income statement items such as depreciation, amortisation and impairment losses</td></tr><tr><td colspan="1">and provisions made. The working capital comprises current assets less current liabilities – exclusive of the</td></tr><tr><td colspan="1">financial statement items included in cash and cash equivalents.</td></tr><tr><td colspan="1">Cash flows from investing activities</td></tr><tr><td colspan="1">Cash flows from investing activities comprise cash flows from payments associated with the purchase and</td></tr><tr><td colspan="1">sale of companies, activities and financial non-current assets as well as purchase, development, improvement and</td></tr><tr><td colspan="1">sale etc. of intangible assets and property, plant and equipment.</td></tr><tr><td colspan="1">Cash flows from financing activities</td></tr><tr><td colspan="1">Cash flows from financing activities comprise changes in the size or composition of the Group's and the Parent</td></tr><tr><td colspan="1">company's share capital and related costs, as well as the raising of loans, repayment of interest-bearing debt and</td></tr><tr><td colspan="1">payment of dividends to shareholders.</td></tr></table> <table xmlns="http://www.w3.org/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 and cash equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents comprise cash at hand and in bank</td></tr><tr><td colspan="1">The annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act</td></tr><tr><td colspan="1">applying to large enterprises of reporting class C.</td></tr><tr><td colspan="1">The accounting policies applied are consistent with those of last year.</td></tr><tr><td colspan="1">The annual report for 2022/23 is presented in tDKK.</td></tr></table> <table xmlns="http://www.w3.org/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 OF RECOGNITION AND MEASUREMENT</td></tr><tr><td colspan="1">Income is recognised in the income statement as earned, including value adjustments of financial assets and</td></tr><tr><td colspan="1">liabilities. All costs, including amortisation, depreciation and impairment losses, are also recognised in the</td></tr><tr><td colspan="1">income statement.</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</td></tr><tr><td colspan="1">Group and the Parent company, and the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from</td></tr><tr><td colspan="1">the Group and the Parent company, and the value of the liability can be measured reliably.</td></tr><tr><td colspan="1">On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities</td></tr><tr><td colspan="1">are measured as described below for each individual accounting item.</td></tr><tr><td colspan="1">Certain financial assets and liabilities are measured at amortised cost using the effective interest method.</td></tr><tr><td colspan="1">Amortised cost is calculated as the historic cost less any instalments and plus/less the accumulated amortisation</td></tr><tr><td colspan="1">of the difference between the cost and the nominal amount.</td></tr><tr><td colspan="1">On recognition and measurement, allowance is made for predictable losses and risks which occur before the</td></tr><tr><td colspan="1">annual report is presented and which confirm or invalidate matters existing at the balance sheet date.</td></tr><tr><td colspan="1">RECOGNITION AND MEASUREMENT OF BUSINESS COMBINATIONS</td></tr><tr><td colspan="1">Newly acquired or newly established subsidiaries are recognised in the consolidated financial statement from the</td></tr><tr><td colspan="1">date of acquisition or the date of establishment respectively. When subsidiaries are sold or liquidated, they cease</td></tr><tr><td colspan="1">to be recognised in the consolidated financial statement at the time of transfer or time of liquidation, and</td></tr><tr><td colspan="1">earnings or losses at the time of sale or liquidation are recognised in the profit and loss account. The comparative</td></tr><tr><td colspan="1">figures are not adjusted for acquisitions or disposals.</td></tr><tr><td colspan="1">Gains and losses on the disposal of subsidiaries are calculated as the difference between the sales amount and</td></tr><tr><td colspan="1">the carrying amount of net assets at the date of disposal including any non-amortised goodwill and anticipated</td></tr><tr><td colspan="1">disposal costs.</td></tr><tr><td colspan="1">Acquisitions of enterprises are accounted for using the purchase method according to which the identifiable</td></tr><tr><td colspan="1">assets and liabilities acquired are measured at their fair value at the date of acquisition.</td></tr><tr><td colspan="1">Costs for restructuring recognised in the acquired entity before the date of acquisition and not an agreed part of the</td></tr><tr><td colspan="1">acquisition is part of the acquisition balance sheet and hence the calculation of goodwill.</td></tr><tr><td colspan="1">Costs relating to restructuring decided by the acquiring entity must be recognised in the income statement. The tax</td></tr><tr><td colspan="1">effect of the restatement of assets and liabilities is considered.</td></tr><tr><td colspan="1">Any excess of the cost over the fair value of the identifiable assets and liabilities acquired (goodwill) is recognised as</td></tr><tr><td colspan="1">intangible assets and amortised on a systematic basis in the income statement based on an individual assessment of</td></tr><tr><td colspan="1">the useful life of the asset. Any excess of the fair values of the identifiable assets and liabilities acquired over the cost</td></tr><tr><td colspan="1">of the acquisition (badwill), representing an anticipated adverse development in the acquired enterprises is</td></tr><tr><td colspan="1">recognised in the income statement at the date of acquisition when the general revenue recognition criteria are met.</td></tr><tr><td colspan="1">If, at the date of acquisition, the identification or measurement of acquired assets, liabilities and/or contingent</td></tr><tr><td colspan="1">liabilities or the size of the purchase consideration are associated with uncertainty, initial recognition will be based</td></tr><tr><td colspan="1">on preliminary calculated amounts. If it subsequently turns out that the identification or measurement of the</td></tr><tr><td colspan="1">purchase consideration, acquired assets, liabilities and/or contingent liabilities was not correct on initial recognition,</td></tr><tr><td colspan="1">the calculation will be adjusted with retrospective effect, including goodwill, until 12 months after the acquisition,</td></tr><tr><td colspan="1">and comparative figures will be restated. Subsequently, any adjustments made will be recognised as errors.</td></tr><tr><td colspan="1">The purchase consideration for an entity consists of the fair value of the agreed consideration in the form of assets</td></tr><tr><td colspan="1">transferred, liabilities assumed, and equity instruments issued. If part of the purchase consideration is contingent on</td></tr><tr><td colspan="1">future events or compliance with agreed terms, such part of the purchase consideration is recognised in the income</td></tr><tr><td colspan="1">statement.</td></tr><tr><td colspan="1">Costs incurred to acquire entities are recognised in the income statement in the year in which they are incurred.</td></tr></table> <table xmlns="http://www.w3.org/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">CONSOLIDATED FINANCIAL STATEMENTS</td></tr><tr><td colspan="1">The consolidated financial statements comprise the Parent company Normal A/S and subsidiaries in which the Parent</td></tr><tr><td colspan="1">company, directly or indirectly, holds more than 50% of the voting rights or otherwise has a controlling interest.</td></tr><tr><td colspan="1">The consolidated annual accounts are prepared as a consolidation of the accounts of the Parent company and the</td></tr><tr><td colspan="1">individual subsidiaries. Adjustments are made for intercompany turnover and expenditure, shareholdings,</td></tr><tr><td colspan="1">intra-group balances and dividends, as well as unrealised internal income and loss. The accounts used for the</td></tr><tr><td colspan="1">consolidation are prepared in accordance with the Group’s accounting policies.</td></tr><tr><td colspan="1">Investments in subsidiaries are set off against the proportionate share of the subsidiaries’ fair value of net</td></tr><tr><td colspan="1">assets and liabilities at the acquisition date.</td></tr><tr><td colspan="1">Entities acquired or formed during the year are recognised in the consolidated financial statements</td></tr><tr><td colspan="1">from the date at which control is obtained. Entities sold during the year are recognised in the consolidated</td></tr><tr><td colspan="1">income statement until the date of disposal. Comparative figures are not restated for acquisitions</td></tr><tr><td colspan="1">or disposals.</td></tr><tr><td colspan="1">Acquisitions and disposals of non-controlling interests that are still controlled are recognised directly in equity as a</td></tr><tr><td colspan="1">transaction between shareholders.</td></tr></table> <table xmlns="http://www.w3.org/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">FOREIGN CURRENCY TRANSLATION</td></tr><tr><td colspan="1">On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction</td></tr><tr><td colspan="1">date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of</td></tr><tr><td colspan="1">payment are recognised in the income statement as financial income or financial costs. If foreign currency</td></tr><tr><td colspan="1">transactions are considered cash flow hedges, the value adjustments are taken directly to equity.</td></tr><tr><td colspan="1">Receivables and payables and other monetary items denominated in foreign currencies are translated at the</td></tr><tr><td colspan="1">exchange rates at the balance sheet date.</td></tr><tr><td colspan="1">The difference between the exchange rates at the balance sheet date and the date at which the receivable or</td></tr><tr><td colspan="1">payable arose or was recognised in the latest financial statements is recognised in the income statement as financial</td></tr><tr><td colspan="1">income or financial costs. Non-current assets acquired in foreign currencies are measured at the exchange rate at the</td></tr><tr><td colspan="1">transaction date.</td></tr><tr><td colspan="1">The income statements are translated at the average exchange rates for the year, and the balance sheet items are</td></tr><tr><td colspan="1">translated at the exchange rates at the balance sheet date. Foreign exchange differences arising on translation of</td></tr><tr><td colspan="1">such entities opening equity at closing rate and on translation of the income statements from the average exchange</td></tr><tr><td colspan="1">rates to closing rate are taken directly to the equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">COST OF SALES</td></tr><tr><td colspan="1">Cost of sales comprises costs incurred in generating the revenue for the year. Cost of sales includes provisions for</td></tr><tr><td colspan="1">loss on returned goods.</td></tr></table> <table xmlns="http://www.w3.org/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 EXTERNAL COSTS</td></tr><tr><td colspan="1">Other external costs comprise costs for distribution, marketing and administration, including office costs, 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">AMORTISATION, DEPRECIATION AND IMPAIRMENT LOSSES</td></tr><tr><td colspan="1">Amortisation, depreciation and impairment losses comprise the year’s amortisation, depreciation and impairment of</td></tr><tr><td colspan="1">intangible assets and property, plant and equipment.</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">IMPAIRMENT OF NON-CURRENT ASSETS</td></tr><tr><td colspan="1">The carrying amount of intangible assets and property, plant and equipment is reviewed in general to determine</td></tr><tr><td colspan="1">whether there is any indication of impairment in addition to that expressed by amortisation or depreciation. The</td></tr><tr><td colspan="1">impairment test is performed for each individual asset or group of assets. The recoverable amount of the asset is</td></tr><tr><td colspan="1">calculated as the value in use or the fair value less disposal costs, whichever is higher. Where there is indications of</td></tr><tr><td colspan="1">impairment, an impairment test is performed for each individual asset or group of assets, respectively. If it is not</td></tr><tr><td colspan="1">possible to determine the recoverable amount for individual assets, the assets are reviewed jointly in the smallest</td></tr><tr><td colspan="1">identifiable group of assets to determine a reliable recoverable amount.</td></tr><tr><td colspan="1">The recoverable amount is the higher of the net selling price and the value in use. The value in use is determined as</td></tr><tr><td colspan="1">the present value of the anticipated net cash flows from the use of the asset or group of assets and the anticipated</td></tr><tr><td colspan="1">net cash flows from the disposal of the asset or group of assets after the end of their useful life.</td></tr><tr><td colspan="1">Assets, for which it is not possible to calculate an individual capital value as the asset does not generate future cash</td></tr><tr><td colspan="1">flows, are subject to a test for indication of impairment together with the group of assets, to which they may be</td></tr><tr><td colspan="1">attributed.</td></tr><tr><td colspan="1">Previously recognised impairment losses are reversed when the reason for recognition no longer exist. Impairment</td></tr><tr><td colspan="1">losses on goodwill are not reversed.</td></tr></table> <table xmlns="http://www.w3.org/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 cost using the FIFO method. Where the net realisable value is lower than the cost,</td></tr><tr><td colspan="1">inventories are recognised at this lower value. The cost of inventories comprises the purchase price plus delivery</td></tr><tr><td colspan="1">costs.</td></tr><tr><td colspan="1">The net realisable value of inventories is calculated as the selling price less costs of completion and costs incurred to</td></tr><tr><td colspan="1">affect the sale. The net realisable value is determined taking into account marketability, obsolescence and expected</td></tr><tr><td colspan="1">selling price movements.</td></tr></table> <table xmlns="http://www.w3.org/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. An impairment loss is recognised if there is objective evidence that a</td></tr><tr><td colspan="1">receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is</td></tr><tr><td colspan="1">impaired, an impairment loss for that individual asset is recognised.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">PREPAYMENTS</td></tr><tr><td colspan="1">Prepayments comprise prepaid expenses regarding rent, insurance premiums, subscriptions and interest.</td></tr></table> <table xmlns="http://www.w3.org/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">LIABILITIES OTHER THAN PROVISIONS</td></tr><tr><td colspan="1">Other liabilities, which include trade payables, payables to group entities and other payables, are measured at</td></tr><tr><td colspan="1">amortised cost, which is usually equivalent to nominal value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">DEFERRED INCOME</td></tr><tr><td colspan="1">Deferred income consists of payments received in respect of income in subsequent financial years, e.g. rent income,</td></tr><tr><td colspan="1">tenant allowance and other deferred income.</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">DEFERRED TAX</td></tr><tr><td colspan="1">Deferred tax is measured according to the liability method in respect of temporary differences between the carrying</td></tr><tr><td colspan="1">amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and</td></tr><tr><td colspan="1">settlement of the liability, respectively. Deferred tax is measured at net realisable value. Adjustment is made to</td></tr><tr><td colspan="1">deferred tax resulting from elimination of unrealised intra-group profits and losses.</td></tr><tr><td colspan="1">Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the</td></tr><tr><td colspan="1">balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments</td></tr><tr><td colspan="1">resulting from changes in tax rates are recognised in the income statement, with the exception of items taken</td></tr><tr><td colspan="1">directly to equity. Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at</td></tr><tr><td colspan="1">the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off</td></tr><tr><td colspan="1">against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net</td></tr><tr><td colspan="1">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">Revenue</td></tr><tr><td colspan="1">Revenue from the sale of goods and services is recognized according to IAS11/18 in the income statement when</td></tr><tr><td colspan="1">delivery is made, and risk has passed to the buyer and that the income can be reliably measured and is expected to</td></tr><tr><td colspan="1">be received.</td></tr><tr><td colspan="1">Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue</td></tr><tr><td colspan="1">is net of all types of discounts granted and estimated returns.</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">REVENUE</td></tr><tr><td colspan="1">Revenue from the sale of goods and services is recognised according to IAS11/18 in the income statement when</td></tr><tr><td colspan="1">delivery is made, and risk has passed to the buyer and that the income can be reliably measured and is expected to</td></tr><tr><td colspan="1">be received.</td></tr><tr><td colspan="1">Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue</td></tr><tr><td colspan="1">is net of all types of discounts granted and estimated returns.</td></tr></table> <table xmlns="http://www.w3.org/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">STAFF COSTS</td></tr><tr><td colspan="1">Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security</td></tr><tr><td colspan="1">contributions, etc., made to the employees. The item is net of refunds made by public authorities.</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">STAFF COSTS</td></tr><tr><td colspan="1">Staff costs include wages and salaries, including compensated absence and pensions, as well as other social</td></tr><tr><td colspan="1">security contributions, etc., made to the employees. The item is net of refunds made by public authorities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">FINANCIAL INCOME</td></tr><tr><td colspan="1">Financial income and costs comprise interest income and costs, realised and unrealised gains and losses on</td></tr><tr><td colspan="1">securities, payables and transactions denominated in foreign currencies, dividends received on other investments,</td></tr><tr><td colspan="1">amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">TAX ON PROFIT FOR THE YEAR</td></tr><tr><td colspan="1">The Parent company is subject to the Danish rules on compulsory joint taxation of the Group’s Danish subsidiaries.</td></tr><tr><td colspan="1">Subsidiaries participate in the joint taxation arrangement from the time when they are included in the consolidated</td></tr><tr><td colspan="1">financial statements and until the time when they withdraw from the consolidation.</td></tr><tr><td colspan="1">On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed</td></tr><tr><td colspan="1">entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from</td></tr><tr><td colspan="1">entities that have been able to use tax losses to reduce their own taxable profits. Tax for the year, which comprises</td></tr><tr><td colspan="1">the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as</td></tr><tr><td colspan="1">regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that</td></tr><tr><td colspan="1">relates to entries directly in 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">INTANGIBLE ASSETS</td></tr><tr><td colspan="1">Intangible assets are measured at cost less accumulated depreciation and impairment losses. Cost</td></tr><tr><td colspan="1">comprises the purchase price and any costs directly attributable to the acquisition until the date when</td></tr><tr><td colspan="1">the asset is available for use. Interests are not included in the cost. Where individual components of an</td></tr><tr><td colspan="1">item of intangible assets have different useful lives, they are accounted for as separate items, which are</td></tr><tr><td colspan="1">depreciated separately. Non-current assets are depreciated on a straight-line basis, based on cost and</td></tr><tr><td colspan="1">on the following continually estimated useful lives</td></tr><tr><td colspan="1">Software is amortized according to the straight-line method over the expected useful life of 3-5 years.</td></tr><tr><td colspan="1">Leasehold rights/key money/trademark rights is amortized according to the straight-line method of the</td></tr><tr><td colspan="1">non-terminable lease term. In case such term does not exist, the leasehold right/key money/trademark</td></tr><tr><td colspan="1">rights is amortized over 5 years.</td></tr><tr><td colspan="1">Gains and losses on the disposal of intangible assets are determined as the difference between the</td></tr><tr><td colspan="1">selling price less selling costs and the carrying amount at the date of disposal. Gains or losses are</td></tr><tr><td colspan="1">recognised in the income statement as other operating income or other operating costs.</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">INTANGIBLE ASSETS</td></tr><tr><td colspan="1">Intangible assets are measured at cost less accumulated depreciation and impairment</td></tr><tr><td colspan="1">losses. Cost comprises the purchase price and any costs directly attributable to the</td></tr><tr><td colspan="1">acquisition until the date when the asset is available for use. Interests are not included in</td></tr><tr><td colspan="1">the cost. Where individual components of an item of intangible assets have different</td></tr><tr><td colspan="1">useful lives, they are accounted for as separate items, which are depreciated separately.</td></tr><tr><td colspan="1">Non-current assets are depreciated on a straight-line basis, based on cost and on the</td></tr><tr><td colspan="1">following continually estimated useful lives</td></tr><tr><td colspan="1">Software is amortized according to the straight-line method over the expected useful life</td></tr><tr><td colspan="1">of 3-5 years.</td></tr><tr><td colspan="1">Leasehold rights/key money/trademark rights is amortized according to the straight-line</td></tr><tr><td colspan="1">method of the non-terminable lease term. In case such term does not exist, the leasehold</td></tr><tr><td colspan="1">right/key money/trademark rights is amortized over 5 years.</td></tr><tr><td colspan="1">Gains and losses on the disposal of intangible assets are determined as the difference</td></tr><tr><td colspan="1">between the selling price less selling costs and the carrying amount at the date of</td></tr><tr><td colspan="1">disposal. Gains or losses are recognised in the income statement as other operating</td></tr><tr><td colspan="1">income or other operating costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">PROPERTY, PLANT AND EQUIPMENT</td></tr><tr><td colspan="1">Property, plant and equipment are measured at cost less accumulated depreciation and</td></tr><tr><td colspan="1">impairment losses. Cost comprises the purchase price and any costs directly attributable to the</td></tr><tr><td colspan="1">acquisition until the date when the asset is available for use. Interests are not included in the</td></tr><tr><td colspan="1">cost.</td></tr><tr><td colspan="1">Where individual components of an item of property, plant and equipment have different</td></tr><tr><td colspan="1">useful lives, and the individual component is a significant part of the total cost, the cost is</td></tr><tr><td colspan="1">divided into separate components, which are depreciated separately.</td></tr><tr><td colspan="1">Non-current assets are depreciated on a straight-line basis, based on cost and on the following</td></tr><tr><td colspan="1">continually estimated useful lives</td></tr><tr><td colspan="1">Other fixtures and fittings, tools and equipment: 3-7 years</td></tr><tr><td colspan="1">Leasehold improvements: 3-7 years</td></tr><tr><td colspan="1">The basis of depreciation is based on the residual value of the asset at the end of its useful life.</td></tr><tr><td colspan="1">The depreciation period and the residual value are determined at the time of acquisition and</td></tr><tr><td colspan="1">are reassessed every year. Where the residual value exceeds the carrying amount of the asset,</td></tr><tr><td colspan="1">no further depreciation charges are recognised.</td></tr><tr><td colspan="1">In case of changes in the depreciation period or the residual value, the effect on the</td></tr><tr><td colspan="1">depreciation charges is recognised prospectively as a change in accounting estimates.</td></tr><tr><td colspan="1">Property, plant and equipment are written down to its recoverable amount if this is lower than</td></tr><tr><td colspan="1">the carrying amount.</td></tr><tr><td colspan="1">Gains or losses from the disposal of property, plant and equipment are recognized in the</td></tr><tr><td colspan="1">income statement as other operating income or other operating expenses, respectively.</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">PROPERTY, PLANT AND EQUIPMENT</td></tr><tr><td colspan="1">Property, plant and equipment are measured at cost less accumulated depreciation and</td></tr><tr><td colspan="1">impairment losses. Cost comprises the purchase price and any costs directly attributable</td></tr><tr><td colspan="1">to the acquisition until the date when the asset is available for use. Interests are not</td></tr><tr><td colspan="1">included in the cost.</td></tr><tr><td colspan="1">Where individual components of an item of property, plant and equipment have</td></tr><tr><td colspan="1">different useful lives, and the individual component is a significant part of the total cost,</td></tr><tr><td colspan="1">the cost is divided into separate components, which are depreciated separately.</td></tr><tr><td colspan="1">Non-current assets are depreciated on a straight-line basis, based on cost and on the</td></tr><tr><td colspan="1">following continually estimated useful lives</td></tr><tr><td colspan="1">Other fixtures and fittings tools and equipment: 3-7 years</td></tr><tr><td colspan="1">Leasehold improvements: 3-7 years</td></tr><tr><td colspan="1">The basis of depreciation is based on the residual value of the asset at the end of its</td></tr><tr><td colspan="1">useful life. The depreciation period and the residual value are determined at the time of</td></tr><tr><td colspan="1">acquisition and are reassessed every year. Where the residual value exceeds the carrying</td></tr><tr><td colspan="1">amount of the asset, no further depreciation charges are recognised.</td></tr><tr><td colspan="1">In case of changes in the depreciation period or the residual value, the effect on the</td></tr><tr><td colspan="1">depreciation charges is recognised prospectively as a change in accounting estimates.</td></tr><tr><td colspan="1">Property, plant and equipment are written down to its recoverable amount if this is lower</td></tr><tr><td colspan="1">than the carrying amount.</td></tr><tr><td colspan="1">Gains or losses from the disposal of property, plant and equipment are recognized in the</td></tr><tr><td colspan="1">income statement as other operating income or other operating expenses, respectively.</td></tr></table> <table xmlns="http://www.w3.org/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">Provisions are measured at net realisable value or fair value. If the obligation is expected to be settled far into the</td></tr><tr><td colspan="1">future, the obligation is measured at fair value. Provisions comprise anticipated costs for losses on returned</td></tr><tr><td colspan="1">goods, obligations concerning leases and other contractual liabilities. Provisions are recognised when the Group</td></tr><tr><td colspan="1">has a legal or constructive obligation at the balance sheet date, and there is a probability of an outflow of</td></tr><tr><td colspan="1">resources required to settle the 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">Reserve for net revaluation according to the equity method</td></tr><tr><td colspan="1">The reserve for net revaluation according to the equity</td></tr><tr><td colspan="1">method in the Parent company’s financial statements</td></tr><tr><td colspan="1">comprises net revaluation of investments in subsidiaries</td></tr><tr><td colspan="1">relative to the cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">INVESTMENTS IN SUBSIDIARIES</td></tr><tr><td colspan="1">Investments in subsidiaries are measured at the proportionate share of the net asset value of the entities, calculated</td></tr><tr><td colspan="1">on the basis of the Group’s accounting policies, plus or less unrealised intra-group gains or losses and plus or less</td></tr><tr><td colspan="1">any remaining value of positive or negative goodwill stated according to the purchase method.</td></tr><tr><td colspan="1">Investments in subsidiaries with a negative net asset value are measured at DKK 0, and the carrying amount of any</td></tr><tr><td colspan="1">receivables from these entities is reduced to the extent that they are considered irrecoverable. If the parent</td></tr><tr><td colspan="1">company has a legal or constructive obligation to cover a deficit that exceeds the receivable, the balance is</td></tr><tr><td colspan="1">recognised under provisions.</td></tr><tr><td colspan="1">Net revaluations of investments in subsidiaries are taken to the net revaluation reserve according to the equity</td></tr><tr><td colspan="1">method in so far as that the carrying amount exceeds the cost.</td></tr><tr><td colspan="1">Income from investments in subsidiaries</td></tr><tr><td colspan="1">The proportionate share of the profit/loss for the year after tax of subsidiaries is recognised in the Parent company’s</td></tr><tr><td colspan="1">income statement after full elimination of intra-group profits/losses and amortisation of goodwill. In situations of</td></tr><tr><td colspan="1">sales of subsidiaries gains/losses are recognised in the income statement</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1165.0, by EasyX Aps. www.easyx.eu 2021-08-01 2022-07-31 Revisionspåtegning Grundlag for konklusion Konklusion 5838230000 3255271000 849584000 1733375000 968342000 165406000 599627000 1660000 9520000 591767000 128530000 463237000 309634000 -193128000 95404000 484340000 35439000 371572000 -431470000 -64961000 -12091000 849803000 35234000 47387000 35918000 3053 1660000 9520000 126158000 2372000 0 765000 105000 372000 1242000 6744156000 5390645000 290523000 1062988000 647356000 52920000 362712000 305836000 17243000 6940000 678851000 81444000 597407000 -29580000 0 <table xmlns="http://www.w3.org/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="4" align="left" valign="middle" >Noter</td></tr><tr><td width="25%" ></td><td width="75%" colspan="3" align="left" valign="middle" >revenue</td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" >(tDKK)</td><td width="25%" colspan="1" align="left" valign="middle" >2022/23</td><td width="25%" colspan="1" align="left" valign="middle" >2021/22</td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Denmark</td><td width="25%" align="right" valign="middle" >2415793</td><td width="25%" align="right" valign="middle" >1880480</td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Rest of the world</td><td width="25%" align="right" valign="middle" >4328363</td><td width="25%" align="right" valign="middle" >2573547</td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Total revenue</td><td width="25%" align="right" valign="middle" >6744156</td><td width="25%" align="right" valign="middle" >4454027</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff cost</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>STAFF COSTS</td></tr></table> 578741000 32939000 9145000 26531000 1471 <table xmlns="http://www.w3.org/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>financial income</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>FINANCIAL INCOME</td></tr></table> 10385000 6858000 <table xmlns="http://www.w3.org/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>financial costs</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>FINANCIAL COSTS</td></tr></table> 254000 6686000 <table xmlns="http://www.w3.org/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>TAX ON PROFIT FOR THE YEAR</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>TAX ON PROFIT FOR THE YEAR</td></tr></table> 75893000 5551000 <table xmlns="http://www.w3.org/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>Distribution of proft</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>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 width="100%" colspan="5" align="left" valign="middle" >INTANGIBLE ASSETS</td></tr><tr><td colspan="5"></td></tr><tr><td width="40%" colspan="2" align="left" valign="middle" >(tDKK)</td><td width="20%" colspan="1" align="left" valign="middle" >Software</td><td width="20%" colspan="1" align="left" valign="middle" >Key money Leasehold rights Trademark rights</td><td width="20%" colspan="1" align="left" valign="middle" >Deveopment projects in progress</td></tr><tr><td colspan="5"></td></tr><tr><td width="40%" colspan="2" align="left" valign="middle" >iCost at 1 August 2022</td><td width="20%" align="right" valign="middle" >83837</td><td width="20%" align="right" valign="middle" >9416</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="40%" colspan="2" align="left" valign="middle" >iAdditions for the year</td><td width="20%" align="right" valign="middle" >2236</td><td width="20%" align="right" valign="middle" >2968</td><td width="20%" align="right" valign="middle" >29639</td></tr><tr><td width="40%" colspan="2" align="left" valign="middle" >iDisposals for the year</td><td width="20%" align="right" valign="middle" >-1114</td><td width="20%" align="right" valign="middle" >-2500</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="40%" colspan="2" align="left" valign="middle" >iCost at 31 July 2023</td><td width="20%" align="right" valign="middle" >84959</td><td width="20%" align="right" valign="middle" >9884</td><td width="20%" align="right" valign="middle" >29639</td></tr><tr><td colspan="5"></td></tr><tr><td width="40%" colspan="2" align="left" valign="middle" >iImpairment losses and amortisation at 1 August 2022</td><td width="20%" align="right" valign="middle" >48118</td><td width="20%" align="right" valign="middle" >8266</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="40%" colspan="2" align="left" valign="middle" >iAmortisation for the year</td><td width="20%" align="right" valign="middle" >11137</td><td width="20%" align="right" valign="middle" >425</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="40%" colspan="2" align="left" valign="middle" >iReversal of amortisation of sold assets</td><td width="20%" align="right" valign="middle" >-1114</td><td width="20%" align="right" valign="middle" >-2500</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="40%" colspan="2" align="left" valign="middle" >iImpairment losses and amortisation at 31 July 2023</td><td width="20%" align="right" valign="middle" >58141</td><td width="20%" align="right" valign="middle" >6191</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="40%" colspan="2" align="left" valign="middle" >iCarrying amount at 31 July 2023</td><td width="20%" align="right" valign="middle" >26818</td><td width="20%" align="right" valign="middle" >3693</td><td width="20%" align="right" valign="middle" >29639</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 /><td>PROPERTY, PLANT AND EQUIPMENT</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>PROPERTY, PLANT AND EQUIPMENT</td></tr></table> <table xmlns="http://www.w3.org/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="4" align="left" valign="middle" >Investments in subsidaries</td></tr><tr><td colspan="4"></td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >(tDKK)</td><td width="25%" colspan="1" align="left" valign="middle" >2022/23</td><td width="25%" colspan="1" align="left" valign="middle" >2021/22</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Cost at 1 August 2022</td><td width="25%" align="right" valign="middle" >543799</td><td width="25%" align="right" valign="middle" >461968</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Additions for the year</td><td width="25%" align="right" valign="middle" >171251</td><td width="25%" align="right" valign="middle" >81831</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Cost at 31 July 2023</td><td width="25%" align="right" valign="middle" >715050</td><td width="25%" align="right" valign="middle" >543799</td></tr><tr><td colspan="4"></td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >Revaluations as at 1 August</td><td width="25%" align="right" valign="middle" >108703</td><td width="25%" align="right" valign="middle" >64092</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >exchange adjustment</td><td width="25%" align="right" valign="middle" >-29580</td><td width="25%" align="right" valign="middle" >13384</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >resultat for the year</td><td width="25%" align="right" valign="middle" >305836</td><td width="25%" align="right" valign="middle" >237682</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >dividend distributed</td><td width="25%" align="right" valign="middle" >-180000</td><td width="25%" align="right" valign="middle" >-206455</td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >revaluations as at 31 july</td><td width="25%" align="right" valign="middle" >204959</td><td width="25%" align="right" valign="middle" >108703</td></tr><tr><td colspan="4"></td></tr><tr><td width="50%" colspan="2" align="left" valign="middle" >carrying amount as at 31 july</td><td width="25%" align="right" valign="middle" >920009</td><td width="25%" align="right" valign="middle" >652502</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Group entities</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Company</td><td width="25%" colspan="1" align="left" valign="middle" >Location</td><td width="50%" colspan="2" align="left" valign="middle" >Ownership%</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Normal Norway AS</td><td width="25%" colspan="1" align="left" valign="middle" >Kristiansand, Norway</td><td width="25%" align="right" valign="middle" >100%</td><td width="25%" ></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Normal Sweden AB</td><td width="25%" colspan="1" align="left" valign="middle" >Stockholm, Sweden</td><td width="25%" align="right" valign="middle" >100%</td><td width="25%" ></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Normal Finland Oy</td><td width="25%" colspan="1" align="left" valign="middle" >Helsinki, Finland</td><td width="25%" align="right" valign="middle" >100%</td><td width="25%" ></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Normal France S.A.S</td><td width="25%" colspan="1" align="left" valign="middle" >Paris, France</td><td width="25%" align="right" valign="middle" >100%</td><td width="25%" ></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Normal Netherlands B.V.</td><td width="25%" colspan="1" align="left" valign="middle" >Utrecht, The Netherlands</td><td width="25%" align="right" valign="middle" >100%</td><td width="25%" ></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Normalas Portugal LDA</td><td width="25%" colspan="1" align="left" valign="middle" >Lisbon, Portugal</td><td width="25%" align="right" valign="middle" >100%</td><td width="25%" ></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Normal Retail Spain, S.L</td><td width="25%" colspan="1" align="left" valign="middle" >Malaga, Spain</td><td width="25%" align="right" valign="middle" >100%</td><td width="25%" ></td></tr><tr><td colspan="4"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial fixed assets</td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="left" valign="middle" >receivables from group entities</td><td width="34%" colspan="1" align="left" valign="middle" >deposits</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >(tDKK)</td><td width="33%" colspan="1" align="left" valign="middle" >2022/23</td><td width="34%" colspan="1" align="left" valign="middle" >2021/22</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Cost at 1 August 2022</td><td width="33%" align="right" valign="middle" >28933</td><td width="34%" align="right" valign="middle" >29756</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="33%" align="right" valign="middle" >0</td><td width="34%" align="right" valign="middle" >2562</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Disposals for the year</td><td width="33%" align="right" valign="middle" >-2144</td><td width="34%" align="right" valign="middle" >-2201</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Cost at 31 July 2023</td><td width="33%" align="right" valign="middle" >26789</td><td width="34%" align="right" valign="middle" >30117</td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >carrying amount as at 31 july</td><td width="33%" align="right" valign="middle" >26789</td><td width="34%" align="right" valign="middle" >30117</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >PREPAYMENTS</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments comprise prepaid costs regarding rent, insurance premiums, subscriptions and interest.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax</td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >(tDKK)</td><td width="33%" colspan="1" align="left" valign="middle" >2022/23</td><td width="34%" colspan="1" align="left" valign="middle" >2021/22</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Deferred tax at 1 August 2022</td><td width="33%" align="right" valign="middle" >-14853</td><td width="34%" align="right" valign="middle" >-18413</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax for the year</td><td width="33%" align="right" valign="middle" >-5551</td><td width="34%" align="right" valign="middle" >3560</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Deferred tax at 31 July 2023</td><td width="33%" align="right" valign="middle" >-20404</td><td width="34%" align="right" valign="middle" >-14853</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax is recognised in the balance sheet as follows</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Deferred tax liabilities</td><td width="33%" align="right" valign="middle" >-20404</td><td width="34%" align="right" valign="middle" >-14853</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >deferred tax total</td><td width="33%" align="right" valign="middle" >-20404</td><td width="34%" align="right" valign="middle" >-14853</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >DEFERRED INCOME</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Deferred income consists of rent reductions accrued over the interminable lease period.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >EVENTS AFTER THE BALANCE SHEET DATE</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No events materially affecting the financial position have occurred after the balance sheet date.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="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 is jointly taxed with its ultimate parent, Heartland A/S, which acts as management company, and</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >is jointly and severally liable with other jointly taxed group entities for payment of income taxes for the income year</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >2017 onwards as well as withholding taxes on interest, royalties and dividends falling due for payment.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >OTHER CONTINGENT LIABILITIES</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No collateral has been given as at 31 July 2023.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As security for the subsidiary's rent liability, the Parent company has provided a joint and several guarantee for a</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >maximum amount of tDKK 104.877.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >RELATED PARTIES AND OWNERSHIP STRUCTURE</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Parties exercising control</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Aktieselskabet af 1.12.2016 (Parent company and shareholder), Store Torv 1, 3, 8000 Aarhus C</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Transactions</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Purchase of goods from other related parties – 5.3 mDKK</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Interest income from other related parties – 1.0 mDKK</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Receivables from other related parties – 26.8 mDKK</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Payables to other related parties – 0.1 mDKK</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >FEE TO THE AUDITORS APPOINTED AT THE GENERAL MEETING</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Audit fees are not disclosed with reference to section 96(3) of the Danish Financial Statements Act.</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>FEE TO AUDITORS APPOINTED AT THE GENERAL MEETING</td></tr></table> Ledelsespåtegning 4454027000 3419105000 239393000 795529000 454621000 47604000 293304000 237466000 2353000 6746000 526377000 63140000 463237000 407033000 22973000 7357000 17258000 1270 519000 1834000 4927000 1819000 66700000 -3560000 31998000 35748000 29639000 97385000 620231000 381667000 170053000 1171951000 26789000 82452000 109241000 1378577000 1868229000 231465000 6300000 117637000 337402000 110314000 2315945000 3694522000 533000 0 1163026000 410000000 1573559000 7523000 2073000 9596000 268716000 1246141000 165217000 3791000 417425000 10077000 2111367000 2111367000 3694522000 110314000 39287000 28174000 0 67461000 397140000 292236000 61365000 750741000 28933000 59154000 88087000 906290000 1308745000 151471000 12514000 88492000 252478000 49027000 1610249000 2516538000 533000 0 1005199000 0 1005732000 10830000 2073000 12903000 243059000 807322000 140900000 427000 299342000 6852000 1497903000 1497903000 2516538000 49027000 26818000 3693000 29639000 60150000 141116000 55755000 99356000 296227000 920009000 26789000 30117000 976915000 1333292000 1075772000 442671000 182542000 37582000 662795000 9542000 1748109000 3081401000 533000 204959000 958067000 410000000 1573559000 20404000 2073000 22477000 272118000 1025822000 20299000 66859000 93530000 6737000 1485365000 1485365000 3081401000 35719000 1150000 0 36869000 76433000 41125000 24430000 141988000 652502000 28933000 29756000 711191000 890048000 821861000 256996000 110234000 31525000 398755000 7815000 1228431000 2118479000 533000 108703000 896496000 0 1005732000 14853000 2073000 16926000 243067000 670898000 51724000 61431000 65213000 3488000 1095821000 1095821000 2118479000 533000 0 1005199000 0 1005732000 49027000 0 0 0 0 0 0 -29580000 187407000 0 0 410000000 0 533000 0 1163026000 410000000 533000 108703000 896496000 0 1005732000 0 0 0 -29580000 305836000 -180000000 0 -118429000 180000000 0 410000000 0 533000 204959000 958067000 410000000 Net profit for the year 597407000 Net profit for the year 463236000 Change in non-current investments 2144000 Change in non-current investments -28933000 Change in Deposits -23227000 Change in Deposits 4473000 Repayment/raising of loans 0 Repayment/raising of loans -158000000 Repayment/raising of loans from credit institutions 25657000 Repayment/raising of loans from credit institutions 145639000 Dividend paid 0 Dividend paid -52600000 60683000 Torben Mouritsen CEO Steen O. Hansen CFO Jan Lehrmann Chairman Lise Kaae Paul Brian McGreevy Torben Mouritsen 5838230000 -7860000 463237000 262173000 0.4 3741922000 5749000 274930000 264175000 0.362 2883944000 -10522000 165197000 104822000 0.265 2243092000 -11824000 55294000 196116000 0.199 .gross profit 2409234000 .gross profit 1733375000 .gross profit 1059898000 .gross profit 778981000 .gross profit 559848000 profit before net financials (EBIT) 761833000 profit before net financials (EBIT) 599627000 profit before net financials (EBIT) 345569000 profit before net financials (EBIT) 222432000 profit before net financials (EBIT) 83440000 profit before tax 761375000 profit before tax 591767000 profit before tax 351318000 profit before tax 211909000 profit before tax 71616000 2516538000 1005732000 1607321000 581711000 1144045000 303669000 967570000 192086000 gross profit ratio 0.279 gross profit ratio 0.297 gross profit ratio 0.283 gross profit ratio 0.27 gross profit ratio 0.25 EBIT ratio 0.088 EBIT ratio 0.103 EBIT ratio 0.092 EBIT ratio 0.077 EBIT ratio 0.037 number of stores 552000 number of stores 411000 number of stores 306000 number of stores 235000 number of stores 208000 305836000 44611000 -118429000 418627000 410000000 0 184820000 108387000 95812000 54687000 24430000 0 93298000 6326000 28595000 6306000 27392000 839000 12762000 839000 74926000 0 0 0 271792000 130676000 141116000 122365000 66610000 55755000 99356000 0 99356000 187407000 463237000 410000000 0 682022000 284883000 442570000 150334000 61365000 0 -33345000 366880000 14068000 -17373000 127777000 14029000 -15784000 170964000 2125000 -6912000 72661000 2125000 45000 108643000 0 0 0 0 1001489000 381258000 620231000 595625000 213958000 381667000 170053000 0 170053000 EY GODKENDT REVISIONSPARTNERSELSKAB 30700228 Morten Friis State Authorised Public Accountant mne32732 Jan Mortensen State Authorised Public Accountant mne40030 30700228 EY GODKENDT REVISIONSPARTNERSELSKAB