55112819 2022-01-01 2022-12-31 55112819 2022-01-01 2022-12-31 0 55112819 2022-01-01 2022-12-31 0 55112819 2022-01-01 2022-12-31 1 55112819 2022-01-01 2022-12-31 2 55112819 2021-01-01 2021-12-31 55112819 2020-01-01 2020-12-31 55112819 2019-01-01 2019-12-31 55112819 2018-01-01 2018-12-31 55112819 2022-12-31 55112819 2021-12-31 55112819 2020-12-31 55112819 2019-12-31 55112819 2018-12-31 55112819 2022-01-01 2022-12-31 0 55112819 2021-01-01 2021-12-31 1 55112819 2020-01-01 2020-12-31 2 55112819 2019-01-01 2019-12-31 3 55112819 2018-01-01 2018-12-31 4 55112819 2022-01-01 2022-12-31 5 55112819 2021-01-01 2021-12-31 6 55112819 2020-01-01 2020-12-31 7 55112819 2019-01-01 2019-12-31 8 55112819 2018-01-01 2018-12-31 9 55112819 2022-01-01 2022-12-31 0 iso4217:DKK xbrli:pure 2022-01-01 2022-12-31 55112819 2023-06-13 Thore Henjum Pedersen <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Board of Directors and the Executive Board</td></tr><tr><td colspan="1">Today, the Board of Directors and the Executive Board have discussed and approved the annualreport</td></tr><tr><td colspan="1">of Robert Bosch A/S for the financial year 1 January - 31 December 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report is prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the</td></tr><tr><td colspan="1">Company at 31 December 2022 and of the results of the Company's operations for the financial year</td></tr><tr><td colspan="1">1 January - 31 December 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management's review gives a fair review of the development in the Company's</td></tr><tr><td colspan="1">operations and financial matters and the results of the Company's operations and financial position.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Ballerup 2023-06-13 <table xmlns="http://www.w3.org/1999/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 Robert Bosch 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 financial statements of Robert Bosch A/S for the financial year 1 January - 31</td></tr><tr><td colspan="1">December 2022, which comprise income statement, balance sheet, statement of changes in equity</td></tr><tr><td colspan="1">and notes, including accounting policies. The financial statements are prepared in accordance with the</td></tr><tr><td colspan="1">Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the</td></tr><tr><td colspan="1">Company at 31 December 2022 and of the results of the Company's operations for the financial year</td></tr><tr><td colspan="1">1 January - 31 December 2022 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the</td></tr><tr><td colspan="1">additional requirements applicable in Denmark. Our responsibilities under those standards and</td></tr><tr><td colspan="1">requirements are further described in the "Auditor'sresponsibilities for the audit of the financial</td></tr><tr><td colspan="1">statements" section of our report. We believe that the audit evidence we have obtained is sufficient</td></tr><tr><td colspan="1">and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Company in accordance with the International Ethics Standards Board for</td></tr><tr><td colspan="1">Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical</td></tr><tr><td colspan="1">requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in</td></tr><tr><td colspan="1">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 financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of financial statements that give a true and fair view in</td></tr><tr><td colspan="1">accordance with the Danish Financial Statements Act and for such internal control as Management</td></tr><tr><td colspan="1">determines is necessary to enable the preparation of financial statements that are free from material</td></tr><tr><td colspan="1">misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Company's ability</td></tr><tr><td colspan="1">to continue as a going concern, disclosing, as applicable, matters related to going concern and using</td></tr><tr><td colspan="1">the going concern basis of accounting in preparing the financial statements unless Management either</td></tr><tr><td colspan="1">intends to liquidate 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="2">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="2">Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole</td></tr><tr><td colspan="2">are free from material misstatement, whether due to fraud or error and to issue an auditor's report</td></tr><tr><td colspan="2">that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee</td></tr><tr><td colspan="2">that an audit conducted in accordance with ISAs and the additional requirements applicable in</td></tr><tr><td colspan="2">Denmark will always detect a material misstatement when it exists. Misstatements can arise from</td></tr><tr><td colspan="2">fraud or error and are considered material if, individually or in the aggregate, they could reasonably</td></tr><tr><td colspan="2">be expected to influence the economic decisions of users taken on the basis of the financial</td></tr><tr><td colspan="2">statements.</td></tr><tr><td colspan="2">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in</td></tr><tr><td colspan="2">Denmark, we exercise professional judgement and maintain professional scepticism throughout the</td></tr><tr><td colspan="2">audit. We also</td></tr><tr><td colspan="2"> Identify and assess the risks of material misstatement of the financial statements, whether due to</td></tr><tr><td colspan="2">fraud or error, design and perform audit proceduresresponsive to those risks and obtain audit</td></tr><tr><td colspan="2">evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not</td></tr><tr><td colspan="2">detecting a material misstatement resulting from fraud is higher than for one resulting from error</td></tr><tr><td colspan="2">as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override</td></tr><tr><td colspan="2">of internal control.</td></tr><tr><td></td><td>Obtain an understanding of internal control relevant to the audit in order to design audit</td></tr><tr><td /><td>procedures that are appropriate in the circumstances, but not for the purpose of expressing an</td></tr><tr><td /><td>opinion on the effectiveness of the Company's internal control.</td></tr><tr><td></td><td>Evaluate the appropriateness of accounting policiesused and the reasonableness of accounting</td></tr><tr><td /><td>estimates and related disclosures made by Management.</td></tr><tr><td></td><td>Conclude on the appropriateness of Management's use of the going concern basis of accounting</td></tr><tr><td /><td>in preparing the financial statements and, based on the audit evidence obtained, whether a</td></tr><tr><td /><td>material uncertainty exists related to events or conditions that may cast significant doubt on the</td></tr><tr><td></td><td>Company's ability to continue as a going concern. If we conclude that a material uncertainty</td></tr><tr><td /><td>exists, we are required to draw attention in our auditor's report to the related disclosures in the</td></tr><tr><td /><td>financial statements or, if such disclosures are inadequate, to modify our opinion. Our</td></tr><tr><td /><td>conclusions are based on the audit evidence obtained up to the date of our auditor's report.</td></tr><tr><td></td><td>However, future events or conditions may cause the Company to cease to continue as a going</td></tr><tr><td /><td>concern.</td></tr><tr><td></td><td>Evaluate the overall presentation, structure and contents of the financial statements, including</td></tr><tr><td /><td>the note disclosures, and whether the financial statements represent the underlying transactions</td></tr><tr><td /><td>and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="2">We communicate with those charged with governance regarding, among other matters, the planned</td></tr><tr><td colspan="2">scope and timing of the audit and significant audit findings, including any significant deficiencies in</td></tr><tr><td colspan="2">internal 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 the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not</td></tr><tr><td colspan="1">express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the</td></tr><tr><td colspan="1">Management's review and, in doing so, consider whether the Management's review is materially</td></tr><tr><td colspan="1">inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise</td></tr><tr><td colspan="1">appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the</td></tr><tr><td colspan="1">information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the Management's review is in accordance</td></tr><tr><td colspan="1">with the financial statements and has been prepared in accordance with the requirements of the</td></tr><tr><td colspan="1">Danish Financial Statement Act. We did not identify any material misstatement of the Management's</td></tr><tr><td colspan="1">review.</td></tr></table> Esbjerg 2023-06-13 Robert Bosch A/S 2750 Ballerup Telegrafvej 1 1947-08-29 Ballerup www.bosch.dk post@dk.bosch.com 4544898989 4544898668 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's review</td></tr></table><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">Financial review</td></tr><tr><td colspan="1">The income statement for 2022 shows a gain of DKK 758 thousand against a loss of DKK 2,287</td></tr><tr><td colspan="1">thousand last year, and the balance sheet at 31 December 2022 shows equity of DKK 61,512</td></tr><tr><td colspan="1">thousand.</td></tr><tr><td colspan="1">The new building expected to be completed in the last quarter of 2025.</td></tr><tr><td colspan="1">Profit on ordinary activities amounted to DKK 19,477 thousand compared to DKK -2,688 thousand in</td></tr><tr><td colspan="1">2021</td></tr><tr><td colspan="1">The development in revenue increased slightly as expected and announced in the 2021 annual report. The</td></tr><tr><td colspan="1">expected profit before tax was as expected in the level of DKK 14-16 million. The company was selected</td></tr><tr><td colspan="1">by the tax authorities to be included in Transfer Pricing turnus of audits as one of the big 500 companies</td></tr><tr><td colspan="1">in Denmark. We have an ongoing Transfer Pricing audit for the years 2017-2020, open 2021 and 2022</td></tr><tr><td colspan="1">expect to be audited in fall 2023. We have in the result estimated extra tax payment plus interest of DKK</td></tr><tr><td colspan="1">12.5 million.</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="1">Key figures</td></tr></table> 987009000 19477000 -4000000 758000 <table xmlns="http://www.w3.org/1999/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 ratios</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">For terms and definitions, please see the accounting policies.</td></tr></table> 0.172 0.194 0.012 198 <table xmlns="http://www.w3.org/1999/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">Business review</td></tr><tr><td colspan="1">Robert Bosch A/S is a subsidiary of Robert Bosch GmbH, the world's largest supplier to the automobile</td></tr><tr><td colspan="1">industry which is the core segment of the group. The group also operates within the segments</td></tr><tr><td colspan="1">Automotive Aftermarket, Power Tools and Thermotechnology which are marketed and sold in</td></tr><tr><td colspan="1">Denmark by Robert Bosch 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">Recognition and measurement uncertainties</td></tr><tr><td colspan="1">Recognition and measurement in the Annual Report have not been subject to any uncertainty.</td></tr><tr><td colspan="1">Unusual matters having affected the financial statements</td></tr><tr><td colspan="1">The financial position at 31 December 2022 of the Company and the results of the activities of the</td></tr><tr><td colspan="1">Company for the financial year for 2022 have not been affected by any unusual events.</td></tr><tr><td colspan="1">Revenue was not affected in 2022 by the Covid-19 situation or the war in Ukraine. We had normal</td></tr><tr><td colspan="1">balance with working from home and in office.</td></tr><tr><td colspan="1">We don’t have negative effects on our assets and inventory because of Covid-19/Ukraine, and we also</td></tr><tr><td colspan="1">didn't experience significant increase in bad customer debt.</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">Knowledge resources</td></tr><tr><td colspan="1">In developing new products and opening new areas of business, it is essential for our future market</td></tr><tr><td colspan="1">position that Bosch has first-class specialists on board and that we encourage them to use their potential</td></tr><tr><td colspan="1">to the full. We do that by building on the motivation and competence of our managers and associates.</td></tr><tr><td colspan="1">We systematically offer associates further training and keep them at the company long term. We are</td></tr><tr><td colspan="1">encouraging diversity, demographic complexity, and young talents.</td></tr><tr><td colspan="1">In 2022 Robert Bosch A/S had 3 apprentices and 10 trainees and students on an average.</td></tr><tr><td colspan="1">Impact on the external environment</td></tr><tr><td colspan="1">The Bosch group is aware that their actions must be in harmony with economic and ecological needs</td></tr><tr><td colspan="1">and also reflect our responsibility for the community as a whole – especially with a view to future</td></tr><tr><td colspan="1">generations. Paying attention to human health and safety, economical use of resources, and keeping</td></tr><tr><td colspan="1">the environment clean are therefore key corporate principles at the Bosch group. The products of the</td></tr><tr><td colspan="1">Bosch group combine energy efficiency and resource conservation with cost savings for the benefit of our</td></tr><tr><td colspan="1">customers and the environment.</td></tr></table> https://assets.bosch.com/media/global/sustainability/reporting_and_data/2022/bosch-sustainability-report- <table xmlns="http://www.w3.org/1999/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">Statutory CSR report</td></tr><tr><td colspan="1">In the Bosch Principles of Social Responsibility, management and associate representatives profess to</td></tr><tr><td colspan="1">respect human rights, equal opportunities, and fair working conditions, and to uphold global standards in</td></tr><tr><td colspan="1">occupational health and safety. Bosch ensures the latter with a health and safety management system</td></tr><tr><td colspan="1">that is based on the internationally recognized OHSAS 18001 standard, which has been rolled out at</td></tr><tr><td colspan="1">all locations. Around 126 locations have been certified by an independent certification organization.</td></tr><tr><td colspan="1">Robert Bosch A/S does not have its own independent policies for Corporate Social Responsibility and</td></tr><tr><td colspan="1">consequently, does not prepare an independent statement on the topic. The statement issued by the Parent</td></tr><tr><td colspan="1">Company, Robert Bosch GmbH, constitutes Robert Bosch A/S’ statutory reporting cf. §99a.</td></tr><tr><td colspan="1">For a statement regarding Corporate Social Responsibility at group level and actions and results</td></tr><tr><td colspan="1">during 2022, we refer to the policies laid down by our owner Robert Bosch GmbH, and could be find</td></tr><tr><td colspan="1">following</td></tr><tr><td colspan="1">https://assets.bosch.com/media/global/sustainability/reporting_and_data/2022/bosch-sustainability-report-</td></tr><tr><td colspan="1">2022.pdf</td></tr><tr><td colspan="1">The Bosch Group has joined the UN Global Compact.</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">Account of the gender composition of Management, cf. §99b</td></tr><tr><td colspan="2">We consider our diverse workforce the key factor to financial success as unique ideas arise</td></tr><tr><td colspan="2">irrespective of where people with different competences and experience work together. Diversity and</td></tr><tr><td colspan="2">equal opportunities also have a positive effect on the work environment and bring people outside and</td></tr><tr><td colspan="2">inside our Company closer together. Besides giving men and women equal opportunities for executive</td></tr><tr><td colspan="2">positions, it is, in our opinion, also important that employees from a mix of generations, nationalities and</td></tr><tr><td colspan="2">working cultures work together and appreciate what each member of the team offers.</td></tr><tr><td colspan="2">One woman and two men hold seats on the Board of Directors of Robert Bosch A/S thus providing a</td></tr><tr><td colspan="2">balanced gender representation.</td></tr><tr><td colspan="2">The Bosch Group’s target at other executive levels is to have at least 20% women in executive</td></tr><tr><td colspan="2">positions.</td></tr><tr><td colspan="2">Diversity is one of the 9 values at Bosch.</td></tr><tr><td colspan="2">As we operate in an industry with an overweight of men, we are constantly working on increasing the</td></tr><tr><td colspan="2">representation of women among our employees. This means that for all open positions we try to include</td></tr><tr><td colspan="2">both genders among the final candidates interviewed. In respect of our graduate program under which</td></tr><tr><td colspan="2">we employ candidates that we consider potential leaders, we always aim for a 50/50 representation in</td></tr><tr><td colspan="2">the assessment centre where the final candidate is selected.</td></tr><tr><td colspan="2">Every year, we moreover perform appraisal interviews with all our employees and offer executive</td></tr><tr><td colspan="2">development training in our Global Talent Pool Program.</td></tr><tr><td colspan="2">The gender distribution in the management team of Robert Bosch A/S in 2022 was 38,3% women and</td></tr><tr><td colspan="2">61,7% men. Other management levels are department heads with employee responsibility and report</td></tr><tr><td colspan="2">directly to the board of directors. The distribution of other management is counted by headcount.</td></tr><tr><td>Our efforts to reach a better gender representation at management level have resulted in an</td><td>increased</td></tr><tr><td colspan="2">number of female executives, and we have already now exceeded our target of 20% female executives</td></tr><tr><td colspan="2">in Bosch Global. We have set a local target for 2023 on 35% women.</td></tr><tr><td colspan="2">In 2022 we have continued our effort; we had again an awareness week with focus on Diversity, training</td></tr><tr><td colspan="2">in Biased thinking and still making sure to include both genders in application shortlists.</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">Robert Bosch A/S observes the corporate policies that apply within the Bosch Group. These policies</td></tr><tr><td colspan="1">include data ethics, data protection and information security.</td></tr><tr><td colspan="1">The Bosch Group company values require us to act prudently and responsibly for the benefit of</td></tr><tr><td colspan="1">society and to respect and observe the law in all our business transactions. Consequently, the</td></tr><tr><td colspan="1">protection of privacy throughout the course of processing personal data as well as the security of all</td></tr><tr><td colspan="1">business data are important concerns to Bosch.</td></tr><tr><td colspan="1">The Bosch Code of Business Conduct requires us to ensure that privacy is safeguarded, personal data</td></tr><tr><td colspan="1">is protected, and all business information is kept secure. Technically and organizationally, and especially</td></tr><tr><td colspan="1">about protection against unauthorized access and loss, we apply an appropriate standard that reflects the</td></tr><tr><td colspan="1">state of the art and takes account of the associated risks. When developing Bosch products and new</td></tr><tr><td colspan="1">business models, we ensure that the legal requirements governing data protection and information</td></tr><tr><td colspan="1">security are considered at an early stage. The primary contact for questions regarding how to handle</td></tr><tr><td colspan="1">data properly is the data security officer.</td></tr><tr><td colspan="1">The Bosch IoT (Internet of Things) Principles enshrine our commitment to high ethical standards</td></tr><tr><td colspan="1">where our customers’ data is concerned. Data sovereignty is a key tool for fulfilling this obligation while</td></tr><tr><td colspan="1">offering cutting-edge, data-driven solutions that are competitive in a connected world.</td></tr><tr><td colspan="1">The internal directives of the Bosch Group align us closely with the principles of the ISO/IEC 27001</td></tr><tr><td colspan="1">international standard regarding Information Security Management Systems. Our work with information</td></tr><tr><td colspan="1">security and privacy is deeply rooted throughout all organizational levels of the Bosch Group, from the</td></tr><tr><td colspan="1">central group DPO (Data Protection Officer - C/ISP) function, to the regional Data Protection and</td></tr><tr><td colspan="1">Information Security Officers and local Data Protection &amp; Information Security Partners. Finally, our</td></tr><tr><td colspan="1">adherence to a Plan-Do-Check-Act cycle ensures continuous focus on and improvement of information</td></tr><tr><td colspan="1">security as well as regular, internal audits of business units.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the balance sheet date</td></tr><tr><td colspan="1">After the balance sheet date the Company has entered into a Transfer Pricing audit, where the estimated</td></tr><tr><td colspan="1">outcome has been incorporated in the annual report for 2022.</td></tr><tr><td colspan="1">No further events materially affecting the Company's financial position have occurred subsequent to the</td></tr><tr><td colspan="1">financial year-end.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Outlook</td></tr><tr><td colspan="1">The company’s expectations for the future are not currently affected negatively by consequences of</td></tr><tr><td colspan="1">Covid-19 outbreak and the war in Ukraine. We continue the number of measures to monitor and</td></tr><tr><td colspan="1">prevent the effects of the COVID-19 virus such safety and health measures for our people. New</td></tr><tr><td colspan="1">concept for Smart Working has been implemented in the Bosch Group. We don’t have customers or</td></tr><tr><td colspan="1">assets that are in either Russia or Ukraine.</td></tr><tr><td colspan="1">In 2021 we started to build a new location on the existing premises. It's expected to be finished in</td></tr><tr><td colspan="1">2025</td></tr><tr><td colspan="1">The turnover in January to April 2023 is +5,7 % to prior year (2022 was +7 % to prior year). We</td></tr><tr><td colspan="1">currently expect a turnover of DKK 1,150 million for the year 2023, which is an increase of +17%,</td></tr><tr><td colspan="1">and a profit after tax around DKK 40 million. We have not experienced significant delivery problems</td></tr><tr><td colspan="1">in 2023.</td></tr></table> 131214000 786873000 161185000 170165000 142607000 8081000 0 1228000 5113000 15592000 14834000 <table xmlns="http://www.w3.org/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" ><b>Statement of changes in equity</b></td></tr><tr><td width="11%" ></td><td width="36%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" ><b>Retained</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="47%" colspan="2" align="left" valign="middle" ><b>DKK'000</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>Share</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>earnings</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>capital</b></td></tr><tr><td width="11%" ></td><td width="36%" colspan="1" align="left" valign="middle" ><b>Equity at 1 January 2022</b></td><td width="17%" align="right" valign="middle" > 50.000 </td><td width="17%" align="right" valign="middle" > 10.753 </td><td width="19%" align="right" valign="middle" > 60.753 </td></tr><tr><td width="11%" align="right" valign="middle" ><b>22</b></td><td width="89%" colspan="4" align="left" valign="middle" >Transfer, see "Appropriation of</td></tr><tr><td width="11%" ></td><td width="36%" colspan="1" align="left" valign="middle" >profit/loss"</td><td width="17%" align="right" valign="middle" > - </td><td width="17%" align="right" valign="middle" > 758 </td><td width="19%" align="right" valign="middle" > 758 </td></tr><tr><td width="11%" ></td><td width="36%" colspan="1" align="left" valign="middle" ><b>Equity at 31 December 2022</b></td><td width="17%" align="right" valign="middle" > 50.000 </td><td width="17%" align="right" valign="middle" > 11.512 </td><td width="19%" align="right" valign="middle" > 61.512 </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" ><b>Notes</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Events after the balance sheet date</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date as the</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >ongoing TP-audit are included in the result of 2022.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Special items</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="18%" align="right" valign="middle" ><b>2022</b></td><td width="19%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Expenses</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Write down buildings and reassessed usefull life</td><td width="18%" align="right" valign="middle" > - </td><td width="19%" align="right" valign="middle" > 15.137 </td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" > - </td><td width="19%" align="right" valign="middle" > 15.137 </td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Special items are recognised in the below items of the financial</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>statements</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Other external expenses</td><td width="18%" align="right" valign="middle" > - </td><td width="19%" align="right" valign="middle" > 15.137 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" ><b>Net profit on special items</b></td><td width="18%" align="right" valign="middle" > - </td><td width="19%" align="right" valign="middle" > 15.137 </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="3" align="left" valign="middle" ><b>Segment information</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="18%" align="right" valign="middle" ><b>2022</b></td><td width="19%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Breakdown of revenue by business segment</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Automotive technology</td><td width="18%" align="right" valign="middle" > 330.233 </td><td width="19%" align="right" valign="middle" > 308.003 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Consumables</td><td width="18%" align="right" valign="middle" > 355.514 </td><td width="19%" align="right" valign="middle" > 419.759 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Energy and building technology</td><td width="18%" align="right" valign="middle" > 301.256 </td><td width="19%" align="right" valign="middle" > 239.379 </td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" > 987.009 </td><td width="19%" align="right" valign="middle" > 967.141 </td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Breakdown of revenue by geographical segment</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Revenue, Denmark</td><td width="18%" align="right" valign="middle" > 957.985 </td><td width="19%" align="right" valign="middle" > 937.087 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Revenue, exports</td><td width="18%" align="right" valign="middle" > 29.024 </td><td width="19%" align="right" valign="middle" > 30.054 </td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" > 987.009 </td><td width="19%" align="right" valign="middle" > 967.141 </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" ><b>Other operating income</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="18%" align="right" valign="middle" ><b>2022</b></td><td width="19%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Services to other entities, including management fees to group</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >companies</td><td width="18%" align="right" valign="middle" > 130.985 </td><td width="19%" align="right" valign="middle" > 108.891 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Gain on disposal of fixed assets</td><td width="18%" align="right" valign="middle" > 229 </td><td width="19%" align="right" valign="middle" > 14 </td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" > 131.214 </td><td width="19%" align="right" valign="middle" > 108.905 </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="3" align="left" valign="middle" ><b>Staff costs</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="18%" align="right" valign="middle" ><b>2022</b></td><td width="19%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Wages/salaries</td><td width="18%" align="right" valign="middle" > 127.647 </td><td width="19%" align="right" valign="middle" > 128.503 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Pensions</td><td width="18%" align="right" valign="middle" > 11.700 </td><td width="19%" align="right" valign="middle" > 10.842 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Other social security costs</td><td width="18%" align="right" valign="middle" > 3.260 </td><td width="19%" align="right" valign="middle" > 3.619 </td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" > 142.607 </td><td width="19%" align="right" valign="middle" > 142.964 </td></tr><tr><td colspan="3"></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Average number of full-time employees</td><td width="18%" align="right" valign="middle" > 198 </td><td width="19%" align="right" valign="middle" > 193 </td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >the Danish Financial Statements Act.</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" ><b>Other operating expenses</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Other operating expenses in 2021 included adjustment to received salary compensation amounting to</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >1,837 t.kr. based on the Danish COVID-19 governmental support grants.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Financial statements 1 January - 31 December</b></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" ><b>Financial expenses</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="18%" align="right" valign="middle" ><b>2022</b></td><td width="19%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Interest expenses, group entities</td><td width="18%" align="right" valign="middle" > 705 </td><td width="19%" align="right" valign="middle" > 365 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Other interest expenses</td><td width="18%" align="right" valign="middle" > 4 </td><td width="19%" align="right" valign="middle" > 16 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Exchange losses</td><td width="18%" align="right" valign="middle" > 2.649 </td><td width="19%" align="right" valign="middle" > 665 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="18%" align="right" valign="middle" > 54 </td><td width="19%" align="right" valign="middle" > 80 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Interest expenses tax authority, prior years (Transfer Pricing Audit</td><td width="18%" align="right" valign="middle" > 1.700 </td><td width="19%" align="right" valign="middle" > - </td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >2017-2022)</td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" > 5.113 </td><td width="19%" align="right" valign="middle" > 1.126 </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="3" align="left" valign="middle" ><b>Tax for the year</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="18%" align="right" valign="middle" ><b>2022</b></td><td width="19%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Estimated tax charge for the year</td><td width="18%" align="right" valign="middle" > 4.605 </td><td width="19%" align="right" valign="middle" > 2.393 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Deferred tax adjustments in the year</td><td width="18%" align="right" valign="middle" >- 571 </td><td width="19%" align="right" valign="middle" >- 2.685 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Tax adjustments, prior years (Transfer Pricing Audit 2017-2022)</td><td width="18%" align="right" valign="middle" > 10.800 </td><td width="19%" align="right" valign="middle" > - </td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" > 14.834 </td><td width="19%" align="right" valign="middle" >- 292 </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="3" align="left" valign="middle" ><b>Intangible assets</b></td></tr><tr><td width="81%" colspan="2" align="left" valign="middle" ><b>DKK'000</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b>Goodwill</b></td></tr><tr><td width="81%" colspan="2" align="left" valign="middle" >Cost at 1 January 2022</td><td width="19%" align="right" valign="middle" > 10.372 </td></tr><tr><td width="81%" colspan="2" align="left" valign="middle" >Cost at 31 December 2022</td><td width="19%" align="right" valign="middle" > 10.372 </td></tr><tr><td width="81%" colspan="2" align="left" valign="middle" >Impairment losses and amortisation at 1 January 2022</td><td width="19%" align="right" valign="middle" > 5.003 </td></tr><tr><td width="81%" colspan="2" align="left" valign="middle" >Amortisation for the year</td><td width="19%" align="right" valign="middle" > 2.059 </td></tr><tr><td width="81%" colspan="2" align="left" valign="middle" >Impairment losses and amortisation at 31 December 2022</td><td width="19%" align="right" valign="middle" > 7.062 </td></tr><tr><td width="81%" colspan="2" align="left" valign="middle" ><b>Carrying amount at 31 December 2022</b></td><td width="19%" align="right" valign="middle" > 3.310 </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="5" align="left" valign="middle" ><b>Property, plant and equipment</b></td></tr><tr><td width="46%" ></td><td width="13%" ></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Fixtures and</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Property, plant</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="46%" ></td><td width="13%" ></td><td width="13%" colspan="1" align="right" valign="middle" ><b>fittings, other</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>and equipment</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="46%" ></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Land and</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>plant and</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>under</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>buildings</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>equipment</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>construction</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Cost at 1 January 2022</td><td width="13%" align="right" valign="middle" > 29.504 </td><td width="13%" align="right" valign="middle" > 18.490 </td><td width="13%" align="right" valign="middle" > 47.374 </td><td width="15%" align="right" valign="middle" > 95.368 </td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Additions</td><td width="13%" align="right" valign="middle" > - </td><td width="13%" align="right" valign="middle" > 2.582 </td><td width="13%" align="right" valign="middle" > 10.926 </td><td width="15%" align="right" valign="middle" > 13.508 </td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Disposals</td><td width="13%" align="right" valign="middle" > - </td><td width="13%" align="right" valign="middle" >- 3.195 </td><td width="13%" align="right" valign="middle" > - </td><td width="15%" align="right" valign="middle" >- 3.195 </td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Cost at 31 December 2022</td><td width="13%" align="right" valign="middle" > 29.504 </td><td width="13%" align="right" valign="middle" > 17.877 </td><td width="13%" align="right" valign="middle" > 58.300 </td><td width="15%" align="right" valign="middle" > 105.681 </td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Impairment losses and</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >depreciation at</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >1 January 2022</td><td width="13%" align="right" valign="middle" > 20.225 </td><td width="13%" align="right" valign="middle" > 13.614 </td><td width="13%" align="right" valign="middle" > - </td><td width="15%" align="right" valign="middle" > 33.839 </td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Depreciation</td><td width="13%" align="right" valign="middle" > 3.306 </td><td width="13%" align="right" valign="middle" > 2.716 </td><td width="13%" align="right" valign="middle" > - </td><td width="15%" align="right" valign="middle" > 6.022 </td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Reversal of accumulated</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >depreciation and impairment</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >of assets disposed</td><td width="13%" align="right" valign="middle" > - </td><td width="13%" align="right" valign="middle" >- 3.128 </td><td width="13%" align="right" valign="middle" > - </td><td width="15%" align="right" valign="middle" >- 3.128 </td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Impairment losses and</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >depreciation at</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >31 December 2022</td><td width="13%" align="right" valign="middle" > 23.531 </td><td width="13%" align="right" valign="middle" > 13.202 </td><td width="13%" align="right" valign="middle" > - </td><td width="15%" align="right" valign="middle" > 36.733 </td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Carrying amount at</b></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" ><b>31 December 2022</b></td><td width="13%" align="right" valign="middle" > 5.973 </td><td width="13%" align="right" valign="middle" > 4.675 </td><td width="13%" align="right" valign="middle" > 58.300 </td><td width="15%" align="right" valign="middle" > 68.948 </td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Deferred tax assets</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As of December 31, 2022, the Company has recognized deferred tax assets totaling to DKK 2,422</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >thousand. Deferred tax asset relates to temporary differences in intangible assets, fixed assets,</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >receivables, inventories and other provisions. Management deems it likely that future taxable profit will</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >be available in which unused tax credits can be utilized.</td></tr><tr><td colspan="1"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Deferred tax</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="18%" align="right" valign="middle" ><b>2022</b></td><td width="19%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Deferred tax at 1 January</td><td width="18%" align="right" valign="middle" >- 1.857 </td><td width="19%" align="right" valign="middle" > 831 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Amounts recognised in the income statement for the year</td><td width="18%" align="right" valign="middle" >- 565 </td><td width="19%" align="right" valign="middle" >- 2.688 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" ><b>Deferred tax at 31 December</b></td><td width="18%" align="right" valign="middle" >- 2.422 </td><td width="19%" align="right" valign="middle" >- 1.857 </td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax relates to</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="18%" align="right" valign="middle" >- 340 </td><td width="19%" align="right" valign="middle" >- 213 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Property, plant and equipment</td><td width="18%" align="right" valign="middle" >- 496 </td><td width="19%" align="right" valign="middle" > 203 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Inventories</td><td width="18%" align="right" valign="middle" >- 390 </td><td width="19%" align="right" valign="middle" >- 384 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Receivables</td><td width="18%" align="right" valign="middle" >- 147 </td><td width="19%" align="right" valign="middle" >- 96 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Provisions</td><td width="18%" align="right" valign="middle" >- 1.049 </td><td width="19%" align="right" valign="middle" >- 1.367 </td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" >- 2.422 </td><td width="19%" align="right" valign="middle" >- 1.857 </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" ><b>Prepayments</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions, etc.</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" ><b>Share capital</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The share capital consists of 100 shares of a nominal value of DKK 500,000 thousand. No shares</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >carry any special rights.</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" ><b>Other provisions</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The provisions are expected to be payable in</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="18%" align="right" valign="middle" ><b>2022</b></td><td width="19%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >0-1 year</td><td width="18%" align="right" valign="middle" > 13.330 </td><td width="19%" align="right" valign="middle" > 15.134 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >1-5 year</td><td width="18%" align="right" valign="middle" > 509 </td><td width="19%" align="right" valign="middle" > 494 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >> 5 year</td><td width="18%" align="right" valign="middle" > 1.198 </td><td width="19%" align="right" valign="middle" > 1.027 </td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" > 15.037 </td><td width="19%" align="right" valign="middle" > 16.655 </td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other provisions consist of warranty obligations of DKK 13,330 thousand (2021: DKK 15,134</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >thousand) and provision for redundancy payment and anniversary bonus of DKK 1,707 thousand</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >(2021: DKK 1,521 thousand).</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" ><b>Contractual obligations and contingencies, etc.</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Other contingent liabilities</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As management company, the Company is jointly taxed with other Danish group entities and is jointly and</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >severally with other jointly taxed group entities for payment of income taxes as well as withholding</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >taxes on interest, royalties and dividends.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Other financial obligations</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has liabilities under operating leases for cars and office equipment, totaling to DKK</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >16,032 thousand (2021: DKK 16,440 thousand), of which DKK 7,779 thousand (2021: DKK 6,754</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >thousand) is due within a year. Operating lease for office space are short term. For 2023 we</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >obligation of DKK 571 thousand and 2024-2025 DKK 215 thousand.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Furthermore, the Company has established work- and deliverable guarantees amounting to DKK 4,426</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >thousand towards clients.</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" ><b>Collateral</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has not provided any security or other collateral in assets at 31 December 2022.</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" ><b>Related parties</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Robert Bosch A/S' related parties comprise the following</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Parties exercising control</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" ><b>Related party</b></td><td width="18%" colspan="1" align="left" valign="middle" ><b>Domicile</b></td><td width="19%" colspan="1" align="left" valign="middle" ><b>Basis for control</b></td></tr><tr><td width="81%" colspan="2" align="left" valign="middle" >Robert Bosch Investment Nederland B.V. The Netherlands</td><td width="19%" colspan="1" align="left" valign="middle" >Kruisbroeksestraat 1</td></tr><tr><td width="63%" ></td><td width="18%" ></td><td width="19%" colspan="1" align="left" valign="middle" >5281 RV Boxtel</td></tr><tr><td width="63%" ></td><td width="18%" ></td><td width="19%" colspan="1" align="left" valign="middle" >Netherlands</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Information about consolidated financial statements</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" ><b>Parent</b></td><td width="37%" colspan="2" align="left" valign="middle" ><b>Domicile</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Robert Bosch GmbH</td><td width="37%" colspan="2" align="left" valign="middle" >Postfach 10 60 50</td></tr><tr><td width="63%" ></td><td width="37%" colspan="2" align="left" valign="middle" >70049 Stuttgart</td></tr><tr><td width="63%" ></td><td width="37%" colspan="2" align="left" valign="middle" >Germany</td></tr><tr><td width="63%" ></td><td width="37%" colspan="2" align="left" valign="middle" >www.bosch.com</td></tr><tr><td colspan="3"></td></tr><tr><td width="63%" ></td><td width="18%" ></td><td width="19%" colspan="1" align="left" valign="middle" ><b>Requisitioning of the parent</b></td></tr><tr><td width="63%" ></td><td width="18%" ></td><td width="19%" colspan="1" align="left" valign="middle" ><b>company's consolidated</b></td></tr><tr><td width="63%" ></td><td width="18%" ></td><td width="19%" colspan="1" align="left" valign="middle" ><b>financial statements</b></td></tr><tr><td width="63%" ></td><td width="18%" ></td><td width="19%" colspan="1" align="left" valign="middle" >The Group's consolidated</td></tr><tr><td width="63%" ></td><td width="18%" ></td><td width="19%" colspan="1" align="left" valign="middle" >financial statements can be</td></tr><tr><td width="63%" ></td><td width="18%" ></td><td width="19%" colspan="1" align="left" valign="middle" >requisited at the website</td></tr><tr><td width="63%" ></td><td width="18%" ></td><td width="19%" colspan="1" align="left" valign="middle" >https://assets.bosch.com/med</td></tr><tr><td width="63%" ></td><td width="18%" ></td><td width="19%" colspan="1" align="left" valign="middle" >ia/global/bosch_group/our_fig</td></tr><tr><td width="63%" ></td><td width="18%" ></td><td width="19%" colspan="1" align="left" valign="middle" >ures/pdf/bosch-annual-report-</td></tr><tr><td width="63%" ></td><td width="18%" ></td><td width="19%" colspan="1" align="left" valign="middle" >2022.pdf</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Related party transactions</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Robert Bosch A/S was engaged in the below related party transactions</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="18%" align="right" valign="middle" ><b>2022</b></td><td width="19%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Sales of goods to group entities</td><td width="18%" align="right" valign="middle" > 189 </td><td width="19%" align="right" valign="middle" > 315 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Sales of service to group entities</td><td width="18%" align="right" valign="middle" > 119.598 </td><td width="19%" align="right" valign="middle" > 97.493 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Purchase of goods from group entities</td><td width="18%" align="right" valign="middle" >- 728.247 </td><td width="19%" align="right" valign="middle" >- 718.482 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Purchase of service from group entities</td><td width="18%" align="right" valign="middle" >- 35.767 </td><td width="19%" align="right" valign="middle" >- 31.408 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Interest expense to group entities</td><td width="18%" align="right" valign="middle" >- 705 </td><td width="19%" align="right" valign="middle" >- 365 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Receivables from group entities</td><td width="18%" align="right" valign="middle" > 36.105 </td><td width="19%" align="right" valign="middle" > 29.971 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Payables to group entities</td><td width="18%" align="right" valign="middle" >- 77.241 </td><td width="19%" align="right" valign="middle" >- 41.277 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Cashpool balance</td><td width="18%" align="right" valign="middle" >- 76.469 </td><td width="19%" align="right" valign="middle" >- 85.325 </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="3" align="left" valign="middle" ><b>Fee to the auditors appointed by the Company in general meeting</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Total fees to EY</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="18%" align="right" valign="middle" ><b>2022</b></td><td width="19%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Statutory audit</td><td width="18%" align="right" valign="middle" > 262 </td><td width="19%" align="right" valign="middle" > 262 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Assurance engagements</td><td width="18%" align="right" valign="middle" > - </td><td width="19%" align="right" valign="middle" > - </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Tax assistance</td><td width="18%" align="right" valign="middle" > - </td><td width="19%" align="right" valign="middle" > - </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Other assistance</td><td width="18%" align="right" valign="middle" > 47 </td><td width="19%" align="right" valign="middle" > 32 </td></tr><tr><td width="63%" ></td><td width="18%" align="right" valign="middle" > 309 </td><td width="19%" align="right" valign="middle" > 294 </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 /><td>Appropriation of profit/loss</td></tr></table> 758000 Regnskabsklasse C, stor virksomhed <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Accounting policies</td></tr><tr><td /><td>The annual report of Robert Bosch A/S for 2022 has been prepared in accordance with the provisions</td></tr><tr><td /><td>in the Danish Financial Statements Act applying to large reporting class C entities.</td></tr><tr><td /><td>The accounting policies used in the preparation of the financial statements are consistent with those of</td></tr><tr><td /><td>last year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Omission of a cash flow statement</td></tr><tr><td /><td>With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement is</td></tr><tr><td /><td>prepared for the company, as its cash flows are included in the consolidated financial statements of Robert</td></tr><tr><td /><td>Bosch GmbH.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Basis of recognition and measurement</td></tr><tr><td /><td>The Financial Statements have been prepared under the historical cost method.</td></tr><tr><td /><td>Revenues are recognised in the income statement as earned. Furthermore, value adjustments of</td></tr><tr><td /><td>financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all</td></tr><tr><td /><td>expenses incurred to achieve the earnings for the year are recognised in the income statement, including</td></tr><tr><td /><td>depreciation, amortisation, impairment losses and provisions as well as reversals due to changed</td></tr><tr><td /><td>accounting estimates of amounts that have previously been recognised in the income statement.</td></tr><tr><td /><td>Assets are recognised in the balance sheet when it is probable that future economic benefits</td></tr><tr><td /><td>attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.</td></tr><tr><td /><td>Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow</td></tr><tr><td /><td>out of the Company, and the value of the liability can be measured reliably.</td></tr><tr><td /><td>Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as</td></tr><tr><td /><td>described for each item below.</td></tr><tr><td /><td>Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of</td></tr><tr><td /><td>a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost</td></tr><tr><td /><td>less any repayments and with addition/deduction of the cumulative amortisation of any difference</td></tr><tr><td /><td>between cost and the nominal amount. In this way, capital losses and gains are allocated over the</td></tr><tr><td /><td>maturity period.</td></tr><tr><td /><td>Recognition and measurement take into account predictable losses and risks occurring before the</td></tr><tr><td /><td>presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance</td></tr><tr><td /><td>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 /><td>Reporting currency</td></tr><tr><td /><td>The financial statements are presented in Danish kroner (DKK'000).</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Foreign currency translation</td></tr><tr><td /><td>On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate</td></tr><tr><td /><td>at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction</td></tr><tr><td /><td>date and the date of payment are recognised in the income statement as financial income or financial</td></tr><tr><td /><td>expenses.</td></tr><tr><td /><td>Receivables and payables and other monetary items denominated in foreign currencies are translated</td></tr><tr><td /><td>at the exchange rate at the balance sheet date. The difference between the exchange rates at the</td></tr><tr><td /><td>balance sheet date and the date at which the receivable or payable arose or was recognised in the</td></tr><tr><td /><td>most recent financial statements is recognised in the income statement as financial income or</td><td>financial</td></tr><tr><td /><td>expenses.</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>Public grants</td></tr><tr><td /><td>Public grants to cover expenses are recognised in the income statement when it is deemed likely that all</td></tr><tr><td /><td>grant criteria have been met. Grants which must be repaid under certain circumstances are recognised</td></tr><tr><td /><td>only where they are not expected to be repaid.</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>Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Revenue</td></tr><tr><td /><td>The Company has chosen IAS 18 as interpretation for revenue recognition.</td></tr><tr><td /><td>Information on business segments and geographical segments based on the Companys risks and</td></tr><tr><td /><td>returns and its internal financial reporting system. Business segments are regarded as the primary</td></tr><tr><td /><td>segments.</td></tr><tr><td /><td>Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold</td></tr><tr><td /><td>have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the</td></tr><tr><td /><td>economic benefits relating to the sale will flow to the Company.</td></tr><tr><td /><td>Revenue is measured at the consideration received and is recognised exclusive of VAT and net of</td></tr><tr><td /><td>discounts relating to sales.</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>Other operating income and operating expenses</td></tr><tr><td /><td>Other operating income and operating expenses comprise items of a secondary nature relative to the</td></tr><tr><td /><td>Company's core activities, including gains and losses on the sale of fixed assets.</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>Raw materials and consumables, etc.</td></tr><tr><td /><td>Raw materials and consumables include expenses relating to raw materials and consumables used in</td></tr><tr><td /><td>generating the year's revenue.</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>Other external expenses</td></tr><tr><td /><td>Other external expenses include the year's expenses relating to the Company's core activities, including</td></tr><tr><td /><td>expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under</td></tr><tr><td /><td>operating leases, 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 /><td>Staff costs</td></tr><tr><td /><td>Staff costs include wages and salaries, including compensated absence and pension to the Company's</td></tr><tr><td /><td>employees, as well as other social security contributions, etc. The item is net of refunds from public</td></tr><tr><td /><td>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 /><td>Amortisation/depreciation</td></tr><tr><td /><td>The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.</td></tr><tr><td /><td>The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight</td></tr><tr><td /><td>line basis over the expected useful life. The expected useful lives of the assets are as follows</td></tr><tr><td /><td /><td>3-12 years</td></tr><tr><td /><td>Fixtures and fittings, other plant and equipment</td></tr><tr><td /><td>Buildings</td><td>3-33 years</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial income and expenses</td></tr><tr><td /><td>Financial income and expenses are recognised in the income statements at the amounts that concern</td></tr><tr><td /><td>the financial year. Net financials include interest income and expenses as well as allowances and</td></tr><tr><td /><td>surcharges under the advance-payment-of-tax scheme, 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 /><td>Tax</td></tr><tr><td /><td>Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax</td></tr><tr><td /><td>adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in</td></tr><tr><td /><td>the income statement, whereas the portion that relates to transactions taken to equity is recognised in</td></tr><tr><td /><td>equity.</td></tr><tr><td /><td>The Company and its Danish group entities are jointly taxed. The total Danish income tax charge is</td></tr><tr><td /><td>allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).</td></tr><tr><td /><td>Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the</td></tr><tr><td /><td>rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a</td></tr><tr><td /><td>surcharge according to the rates applicable to interest surcharges to the management company.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Income taxes</td></tr><tr><td /><td>Current tax payables and receivables are recognised in the balance sheet as the estimated income tax</td></tr><tr><td /><td>charge for the year, adjusted for prior-year taxes and tax paid on account.</td></tr><tr><td /><td>Deferred tax is measured according to the liability method on all temporary differences between the</td></tr><tr><td /><td>carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on</td></tr><tr><td /><td>temporary differences relating to goodwill which is not deductible for tax purposes and on office premises</td></tr><tr><td /><td>and other items where temporary differences, apart from business combinations, arise at the date of</td></tr><tr><td /><td>acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules</td></tr><tr><td /><td>can be applied to determine the tax base, deferred tax is measured based on Management's intended use</td></tr><tr><td /><td>of the asset or settlement of the liability, respectively.</td></tr><tr><td /><td>Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet</td></tr><tr><td /><td>date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised</td></tr><tr><td /><td>at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off</td></tr><tr><td /><td>against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the</td></tr><tr><td /><td>tax rate are recognised in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Intangible assets</td></tr><tr><td /><td>Goodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a</td></tr><tr><td /><td>straight-line basis over its useful life, which is assessed at 5 years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Property, plant and equipment</td></tr><tr><td /><td>Items of property, plant and equipment are measured at cost less accumulated depreciation and</td></tr><tr><td /><td>impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until</td></tr><tr><td /><td>the time at which the asset is ready for use.</td></tr><tr><td /><td>The cost of self constructed assets includes the cost of direct materials and labour, etc. directly used in</td></tr><tr><td /><td>the production process and a portion of the relating production overheads.</td></tr><tr><td /><td>Gains or losses are calculated as the difference between the selling price less selling costs and the</td></tr><tr><td /><td>carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and</td></tr><tr><td /><td>equipment are recognised in the income statement as other operating income or other operating</td></tr><tr><td /><td>expenses.</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>Leases</td></tr><tr><td /><td>The Company has chosen IAS 17 as interpretation for classification and recognition of leases.</td></tr><tr><td /><td>Leases that do not transfer substantially all the risks and rewards incident to the ownership to the</td></tr><tr><td /><td>Company are classified as operating leases. Payments relating to operating leases and any other rent</td></tr><tr><td /><td>agreements are recognised in the income statement over the term of the lease. The Company's</td></tr><tr><td /><td>aggregate liabilities relating to operating leases and other rent agreements are disclosed under</td></tr><tr><td /><td>"Contingent liabilities".</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Impairment of fixed assets</td></tr><tr><td /><td>The carrying amount of intangible assets, property, plant and equipment and investments in subsidiaries</td></tr><tr><td /><td>and associates is assessed for impairment on an annual basis.</td></tr><tr><td /><td>Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The</td></tr><tr><td /><td>carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use</td></tr><tr><td /><td>(recoverable amount).</td></tr><tr><td /><td>The recoverable amount is the higher of the net selling price of an asset and its value in use. The value</td></tr><tr><td /><td>in use is calculated as the present value of the expected net cash flows from the use of the asset or</td></tr><tr><td /><td>the group of assets and the expected net cash flows from the disposal of the asset or the group of</td></tr><tr><td /><td>assets after the end of the useful life.</td></tr><tr><td /><td>Previously recognised impairment losses are reversed when the reason for recognition no longer</td></tr><tr><td /><td>exists. Impairment 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 /><td>Inventories</td></tr><tr><td /><td>Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value</td><td>is</td></tr><tr><td /><td>lower than cost, inventories are written down to this lower value. The net realisable value of inventories is</td></tr><tr><td /><td>calculated as the sales amount less costs of completion and expenses required to effect the sale and is</td></tr><tr><td /><td>determined taking into account marketability, obsolescence and development in the expected selling</td></tr><tr><td /><td>price.</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>Receivables</td></tr><tr><td /><td>Receivables are measured at amortised cost.</td></tr><tr><td /><td>The Company has chosen IAS 39 as interpretation for impairment of financial receivables.</td></tr><tr><td /><td>An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables</td></tr><tr><td /><td>is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment</td></tr><tr><td /><td>loss is recognised on an individual basis.</td></tr><tr><td /><td>Receivables in respect of which there is no objective evidence of individual impairment are tested for</td></tr><tr><td /><td>objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors'</td></tr><tr><td /><td>domicile and credit ratings in line with the Company's risk management policy. The objective evidence</td></tr><tr><td /><td>applied to portfolios is determined based on historical loss experience.</td></tr><tr><td /><td>Impairment losses are calculated as the difference between the carrying amount of the receivables</td><td>and</td></tr><tr><td /><td>the present value of the expected cash flows, including the realisable value of any collateral received.</td></tr><tr><td /><td>The effective interest rate for the individual receivable or portfolio is used as discount rate.</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>Prepayments</td></tr><tr><td /><td>Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial</td></tr><tr><td /><td>reporting years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Provisions</td></tr><tr><td /><td>Provisions comprise anticipated expenses relating to warranty commitments, onerous contracts,</td></tr><tr><td /><td>restructurings, etc. Provisions are recognised when the Company has a legal or constructive obligation</td></tr><tr><td /><td>at the balance sheet date as a result of a past event and it is probable that an outflow of resources</td></tr><tr><td /><td>embodying economic benefits will be required to settle the obligation.</td></tr><tr><td /><td>Provisions are measured at net realisable value or at fair value if the obligation is expected to be</td></tr><tr><td /><td>settled far into the future.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Liabilities</td></tr><tr><td /><td>The Company has chosen IAS 39 as interpretation for recognition and measurement of liabilities.</td></tr><tr><td /><td>Liabilities are measured at net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Segment information</td></tr><tr><td /><td>The allocation of revenue to activities and geographical markets is disclosed where these activities and markets differ</td></tr><tr><td /><td>significantly in the organization of sales of goods and services.</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>Financial ratios</td></tr><tr><td /><td>The financial ratios stated under "Financial highlights" have been calculated as follows</td></tr><tr><td /><td>'Gross margin</td><td /><td>Gross profit/loss x 100 / Revenue</td></tr><tr><td /><td>'EBITDA-margin</td><td /><td>Earnings before interest, taxes and amortisations (EBITDA) x 100 / Revenue</td></tr><tr><td /><td>'Equity ratio</td><td /><td>Equity, year-end x 100 / Total equity and liabilities, year-end</td></tr><tr><td /><td>'Return on equity</td><td /><td>Profit/loss after tax x 100 / Average equity</td></tr></table> Årsrapport 55112819 Robert Bosch A/S Telegrafvej 1 2750 Ballerup xWizard version 1.1.1211.0, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Thore Henjum Pedersen Karl Frederik Nilner Chair Annette Kunkel Jensen Thore Henjum Pedersen 967141000 -2690000 0 -2287000 0.156 0.214 -0.032 193 108905000 759567000 165471000 151008000 142964000 8897000 1837000 1237000 1126000 -2579000 -292000 -2287 885000000 19000000 -2000000 13000000 0.168 0.265 0.21 187 815000000 16000000 -1000000 11000000 0.178 0.271 0.179 189 766000000 19000000 -3000000 12000000 0.189 0.283 0.189 186 316351000 61512000 3310000 3310000 5973000 4675000 58300000 68948000 72258000 5542000 5542000 197166000 36105000 2422000 1726000 1132000 238551000 244093000 50000000 11512000 15037000 15037000 24191000 153710000 11105000 50797000 239803000 239803000 316351000 284016000 60753000 5369000 5369000 9279000 4877000 47374000 61530000 66899000 6357000 6357000 175206000 29971000 1857000 1638000 2088000 210760000 217117000 50000000 10753000 16655000 16655000 30725000 126602000 1720000 47561000 206608000 206608000 284016000 238000000 63000000 225000000 61000000 219000000 62000000 equipment 3000000 equipment 0 equipment 21000000 equipment 4000000 equipment 3000000 EBITDA-margin 0.028 EBITDA-margin 0.006 EBITDA-margin 0.027 EBITDA-margin 0.026 EBITDA-margin 0.031 EY Godkendt Revisionspartnerselskab 30700228 Dan Mose Andersen mne35406 6700 Esbjerg, Denmark Bavnehøjvej 5