13255377 2022-01-01 2022-12-31 cmn:ConsolidatedMember 13255377 2022-01-01 2022-12-31 cmn:ConsolidatedMember 1 13255377 2022-01-01 2022-12-31 cmn:ConsolidatedMember 2 13255377 2022-01-01 2022-12-31 cmn:ConsolidatedMember 3 13255377 2022-01-01 2022-12-31 cmn:ConsolidatedMember 4 13255377 2022-01-01 2022-12-31 cmn:ConsolidatedMember 1 13255377 2021-01-01 2021-12-31 cmn:ConsolidatedMember 13255377 2020-01-01 2020-12-31 cmn:ConsolidatedMember 13255377 2019-01-01 2019-12-31 cmn:ConsolidatedMember 13255377 2018-01-01 2018-12-31 cmn:ConsolidatedMember 13255377 2022-12-31 cmn:ConsolidatedMember 13255377 2021-12-31 cmn:ConsolidatedMember 13255377 2020-12-31 cmn:ConsolidatedMember 13255377 2019-12-31 cmn:ConsolidatedMember 13255377 2018-12-31 cmn:ConsolidatedMember 13255377 2018-01-01 2018-12-31 cmn:ConsolidatedMember 1 13255377 2019-01-01 2019-12-31 cmn:ConsolidatedMember 1 13255377 2020-01-01 2020-12-31 cmn:ConsolidatedMember 1 13255377 2021-01-01 2021-12-31 cmn:ConsolidatedMember 1 13255377 2022-01-01 2022-12-31 cmn:ConsolidatedMember 1 13255377 2018-01-01 2018-12-31 cmn:ConsolidatedMember 2 13255377 2019-01-01 2019-12-31 cmn:ConsolidatedMember 2 13255377 2020-01-01 2020-12-31 cmn:ConsolidatedMember 2 13255377 2021-01-01 2021-12-31 cmn:ConsolidatedMember 2 13255377 2022-01-01 2022-12-31 cmn:ConsolidatedMember 2 13255377 2018-01-01 2018-12-31 cmn:ConsolidatedMember 3 13255377 2019-01-01 2019-12-31 cmn:ConsolidatedMember 3 13255377 2020-01-01 2020-12-31 cmn:ConsolidatedMember 3 13255377 2021-01-01 2021-12-31 cmn:ConsolidatedMember 3 13255377 2022-01-01 2022-12-31 cmn:ConsolidatedMember 3 13255377 2021-01-01 2021-12-31 13255377 2022-01-01 2022-12-31 13255377 2021-12-31 13255377 2022-12-31 13255377 2021-12-31 fsa:ContributedCapitalMember 13255377 2021-12-31 fsa:RevaluationReserveMember 13255377 2021-12-31 fsa:SharePremiumMember 13255377 2021-12-31 fsa:RetainedEarningsMember 13255377 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 13255377 2022-01-01 2022-12-31 fsa:RevaluationReserveMember 13255377 2022-01-01 2022-12-31 fsa:SharePremiumMember 13255377 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 13255377 2022-12-31 fsa:ContributedCapitalMember 13255377 2022-12-31 fsa:RevaluationReserveMember 13255377 2022-12-31 fsa:SharePremiumMember 13255377 2022-12-31 fsa:RetainedEarningsMember 13255377 2021-12-31 fsa:ContributedCapitalMember cmn:ConsolidatedMember 13255377 2021-12-31 fsa:RevaluationReserveMember cmn:ConsolidatedMember 13255377 2021-12-31 fsa:SharePremiumMember cmn:ConsolidatedMember 13255377 2021-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 13255377 2022-01-01 2022-12-31 fsa:ContributedCapitalMember cmn:ConsolidatedMember 13255377 2022-01-01 2022-12-31 fsa:RevaluationReserveMember cmn:ConsolidatedMember 13255377 2022-01-01 2022-12-31 fsa:SharePremiumMember cmn:ConsolidatedMember 13255377 2022-01-01 2022-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 13255377 2022-12-31 fsa:ContributedCapitalMember cmn:ConsolidatedMember 13255377 2022-12-31 fsa:RevaluationReserveMember cmn:ConsolidatedMember 13255377 2022-12-31 fsa:SharePremiumMember cmn:ConsolidatedMember 13255377 2022-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 13255377 2021-01-01 2021-12-31 cmn:ConsolidatedMember 1 13255377 2022-01-01 2022-12-31 cmn:ConsolidatedMember 1 13255377 2021-01-01 2021-12-31 cmn:ConsolidatedMember 2 13255377 2022-01-01 2022-12-31 cmn:ConsolidatedMember 2 13255377 2021-01-01 2021-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 13255377 2022-01-01 2022-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 13255377 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 13255377 2022-01-01 2022-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Today, the Executive Management and Board of Directors have discussed and adopted the Annual Report for 2022 of Mesco Denmark A/S. The Annual Report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the Group’s and Company’s assets, liabilities and financial position at 31 December 2022, as well as of the results of the Group’s and the Company’s operations and the Group’s consolidated cash flows for the financial year ended 31 December 2022. In addition, it is our opinion, that the Management Report gives a true and fair view of the development in the Group’s and the Company’s operations and economic conditions, the year’s result and of the Group’s and the Company’s financial position. It is recommended that the Annual Report be approved at the Annual General Meeting. Allerød Artur Bugsgang Managing Director Toshihiko Uchida Michael Hedegaard Lyng Artur Bugsgang (Chairman) To the Shareholder of Mesco Denmark A/S We have audited <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the consolida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted Financial S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tatements and th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Parent Company F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements of Mesco Denmark A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>/S for the financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ial year 1 January <span xmlns="http://www.w3.org/1999/xhtml" class="ff3">–<span class="_ _1"/><span class="ff2"> 31 Decembe<span class="_ _1"/>r 2022 comprising <span class="_ _1"/>income statement, </span></span>balance sheet, s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tatement of change<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s in equity and n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>otes, includ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ing accounting po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>licies, for th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Group as well as for the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>arent Company an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d a cash flow <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>statement for t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Group. The co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nsolidated Finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cial Statements and Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent Company Financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ial statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts are prepared in a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ccordance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with the Danish Fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ancial Statements Act.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> In our opinion, th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e consolidated F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial State<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ments and the Parent Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial State<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ments give a true and fair view o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the Group'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s and the Parent Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany's assets, liabilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ies and financial po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sition at 31 December 2022 and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the resu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lts of the Group's a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nd the Parent Comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>any's operation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s and consolida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted cash flows for th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e financial year 1 Jan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>uary <span xmlns="http://www.w3.org/1999/xhtml" class="ff3">–</span> 31 Decem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ber 2022 in accord<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ance with the Da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nish Financial Statements Act.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> We conducted our a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>udit in acco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rdance with Inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rnational Standa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rds on Aud<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iting (ISAs) and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the additional requirements app<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>licable in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Denmark. Our re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sponsibilities unde<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r those standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ds and require<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ments are further described in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the "Auditor'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s responsibili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ties for the audit of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the consolida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted Financial S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tatements and the Parent Com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>pany Financial S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tatements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>" section of our re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>port. We are <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>independent of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Group in accordance with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Interna<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tional Ethics S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tandards Board for Account<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ants' Code of Ethics f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or Professiona<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l Accountants (IESB<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>A Code)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and the additional <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>requiremen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts applicable in De<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nmark, and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> we have fulfilled<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our other ethical <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>responsibi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lities in accordance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> with these rul<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es and require<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ments. We believe <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that the audit evidence we have<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> obtained is suff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>icient and app<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ropriate to prov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ide a basis for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our opinion. Management is re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sponsible for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the preparation of cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>olidated Financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ial Statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts and Parent C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ompany Financial Statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents that give a t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rue and fair v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iew in accordance w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ith the Danish F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements Act and for such interna<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l control th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>at Managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t determines is ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cessary to enab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>le the prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tion of consolidated Fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ancial Statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts and Parent Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany Financial S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tatements tha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t are free fro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>m material misstatement, wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ether due to f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>raud or error. In preparing th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e consolidated Fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ancial State<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ments and the P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>arent Company Fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nancial Statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents, Management is re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sponsible for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>assessing the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oup's and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent Company's a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>bility to continu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e as a going concern, dis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>closing, as app<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>licable, ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tters related to go<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ing concern and us<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ing the goin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>g concern basis of accounting in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>preparing the con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>solidated Finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cial statements and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Parent Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany Financial Statements unles<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s Management eith<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er intends to liq<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>uidate the Group o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r the Com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>pany or to cease operations, or has no <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>realistic altern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ative but to do <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>so. Our objectives a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>re to obtain<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> reasonable assu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rance as to whethe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r the consolidate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d Financial Sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tements and the Parent Company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Financial Sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tements as a who<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>le are free fro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>m material mis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>statement, whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ther due to fraud or error, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to issue an aud<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>itor's report that in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cludes our opinion. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>easonab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>le assurance is a h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>igh level of assurance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>but is not a gua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rantee that an <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>audit conduct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed in accordanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e with ISA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s and the additional requirements in De<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nmark will alwa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ys detect a m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aterial missta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tement when i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t exists. Misstatements may arise from fraud<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> or error an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d are considered ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>terial if, ind<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ividually or in th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e aggregate, th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ey could reasonably be expe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cted to influence<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the economic d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecisions of F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial Sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tement users mad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e on the basis of these consol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>idated Financial Stateme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nts and Parent <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Company Financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ial Statements. As part of an audi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t conducted in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>accordance w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ith ISAs and the ad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ditional requ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>irements appl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>icable in Denmark, we exe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rcise professiona<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l judgement and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> maintain profess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ional scepticis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>m throughout th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e audit. We also —<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_"> </span><span class="ff2">identify an<span class="_ _1"/>d assess the r<span class="_ _1"/>isks of mater<span class="_ _1"/>ial misstatement of th<span class="_ _1"/>e consolidated F<span class="_ _1"/>inancial Statement<span class="_ _1"/>s and the </span></span>Parent Company F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial Statement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s, whether due <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to fraud or error, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>design and p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erform audit procedures respo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nsive to those risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s, and obtain aud<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>it evidence <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that is sufficient <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and appropria<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>te to provide a basis <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>for our opinion. The<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> risk of not de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tecting a mate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rial misstate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ment resulting fro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>m fraud is higher than for one <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>resulting fro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>m error as fraud <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>may involve co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>llusion, forgery, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>intentional <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>omissions, misrepresentation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s or the o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>verride of internal contro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l. —<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_"> </span><span class="ff2">obtain an unde<span class="_ _1"/>rstanding o<span class="_ _1"/>f internal cont<span class="_ _1"/>rol relevant to <span class="_ _1"/>the audit in o<span class="_ _1"/>rder to design a<span class="_ _1"/>udit procedu<span class="_ _1"/>res that </span></span>are appropriate i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n the circumstanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es, but not for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the purpose of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>expressing an op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inion on the effectiveness of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Group's and th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Parent Company's <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>internal control.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> —<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_"> </span><span class="ff2">evaluate th<span class="_ _1"/>e appropri<span class="_ _1"/>ateness of account<span class="_ _1"/>ing policies use<span class="_ _1"/>d and the reas<span class="_ _1"/>onableness of<span class="_ _1"/> accounting estim<span class="_ _1"/>ates </span></span>and related disclo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sures made by M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>anagement. —<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_"> </span><span class="ff2">conclude o<span class="_ _1"/>n the approp<span class="_ _1"/>riateness of Manag<span class="_ _1"/>ement's use <span class="_ _1"/>of the going conce<span class="_ _1"/>rn basis of accounting in </span></span>preparing the co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nsolidated <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Financial Statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents and the Parent Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany Financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ial Statements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and, based on the audi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t evidence obta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ined, whether a m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aterial uncer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tainty exists r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elated to ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents or conditions that m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ay cast sig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nificant doubt on the Grou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>p's and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent Company'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s ability to co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ntinue as a going concern. I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f we conclud<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e that a mater<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ial uncertainty exis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts, we are required <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to draw attent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion in our auditor's r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eport to the relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed disclosures <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in the consol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>idated Financial S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tatements and the Parent Company Financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ial Statements or, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>if such disclo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sures are inad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>equate, to mod<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ify our opinion. Our conclusions are bas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed on the aud<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>it evidence obt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ained up to the d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ate of our auditor'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s report. How<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ever, future events o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r conditions may <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cause the Group and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Company to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ease to continue a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s a going concern. 4 —<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_"> </span><span class="ff2">evaluate th<span class="_ _1"/>e overall pre<span class="_ _1"/>sentation, s<span class="_ _1"/>tructure and co<span class="_ _1"/>ntents of the conso<span class="_ _1"/>lidated Finan<span class="_ _1"/>cial Statements and </span></span>the Parent Company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Financial Sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tements, includ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ing the disclo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sures, and whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ther the consolidated Financial Statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents and the Par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent Company Financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ial Statements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>represent the u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nderlying transactions and ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents in a mann<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er that gives a t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rue and fair v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iew. —<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_"> </span><span class="ff2">obtain suff<span class="_ _1"/>icient approp<span class="_ _1"/>riate audit evid<span class="_ _1"/>ence regarding <span class="_ _1"/>the financial info<span class="_ _1"/>rmation of <span class="_ _1"/>the entities or </span></span>business activit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ies within the Group <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to express a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n opinion on the co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nsolidated Fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ancial Statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents. We are responsible<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> for the dire<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ction, supervisio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n and perfo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rmance of the gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>up audit. We <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>remain solely responsible for ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r audit op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inion. We communica<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>te with those charged w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ith governan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce regarding, a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mong other ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tters, the plann<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed scope and timing of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>audit and sign<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ificant audit f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>indings, including <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>any significan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t deficien<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cies in interna<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l control that we <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>identify during ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r audit. Management is re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sponsible for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t's review. Our opinion on the co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nsolidated Fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ancial Statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts and the Paren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t Company Fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nancial Statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts does not cover the Man<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>agement's review, a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nd we do not ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>press any fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rm of assurance conclus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion thereon. In connection wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h our audit of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the consolida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted Financial Sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tements and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Parent Company F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial Statements, our r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esponsibility is to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>read the Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement's re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>view and, in do<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ing so, conside<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r whether the Management's rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iew is materially <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inconsistent w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ith the consolida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted Financial S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tatements or <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Parent Company Financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ial Statements or ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r knowledge ob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tained du<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ring the audit, or o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>therwise app<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ears to be materially missta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted. Moreover, it is ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r responsibility to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>consider whe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ther the Management's r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eview provides the i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nformation required under <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Danish Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>atements Act. Based on the work we <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>have performed, w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e conclude th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>at the Managem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent's review<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> is in accordance w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ith the consolidated Fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nancial Stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements and th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Parent Company Fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ancial Statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents and has been p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>repared in accordance wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>th the requiremen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts of the Danis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h Financial St<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>atement Act. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>We did not identify any material misstate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ment of th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Management's r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eview. Copenhagen KPMG Statsautoriseret Revisionspartnerselskab 25578198 Kåre Kansonen Valtersdorf State Authorised Public Accountant Mesco Denmark A/S Oslo Plads 2100 Copenhagen Ø Denmark 13255377 Artur Bugsgang 1033000 1245000 1814000 1609000 2158000 167000000 305000000 131000000 99000000 105000000 -5000000 2000000 -14000000 2000000 -18000000 62000000 92000000 -232000000 -86000000 -173000000 5000000 6000000 32000000 16000000 33000000 1345000 1305000 1528000 1770000 1928000 Cash Cash Cash Cash Cash 286000000 365000000 413000000 504000000 529000000 796000000 714000000 629000000 680000000 464000000 Interest-bearing debts Interest-bearing debts Interest-bearing debts Interest-bearing debts Interest-bearing debts 207000000 106000000 109000000 213000000 216000000 0.0016 0.0024 0.0007 0.0006 0.0005 Profit ratio Profit ratio Profit ratio Profit ratio Profit ratio 60000 100000 -140000 -60000 -90000 0.0059 0.0055 0.0041 0.0038 0.0024 0.0008 0.0014 -0.0036 -0.0015 -0.0031 Mesco Denmark A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>/S (the C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ompany) is a holding <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>company with no reve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nue in the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>parent company. Main Activities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The group has t<span xmlns="http://www.w3.org/1999/xhtml" class="ls5">wo</span> main a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ctivities: •<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">O&amp;M </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Ser<span class="_ _0"/>vice </span></span>Further descript<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion of the activi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ty in the subgroup is av<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ailable in the 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>annual repor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t of Burmeister <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>&amp; Wain Scandinavi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>an Contractor A/S (her<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls8">in</span>after BWS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>C), which is acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>essible on t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he homepage o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f BWSC (<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">www.bwsc.com</span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9">).<span class="_ _1"/><span class="ls0"> </span></span>Development in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>activities and finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ces The Group’s fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ancial state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ments and<span xmlns="http://www.w3.org/1999/xhtml" class="ff2"> the financial <span class="_ _1"/>statements of <span class="_ _1"/>the Parent Comp<span class="_ _1"/>any show a result for the </span>year of DKKm 62 (20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>21: DKKm 92<span xmlns="http://www.w3.org/1999/xhtml" class="ls9">) <span class="_ _1"/><span class="ls0">and equity at 31 <span class="_ _1"/>December 2022 o<span class="_ _1"/>f DKKm 796 (2021: DK<span class="_ _1"/>Km 715). <span class="_ _1"/> </span></span>The financial resu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lt exceeds the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>expectations stated in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Annual Repor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t for 2021. Events after <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the balance sheet da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>te No significant even<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts subsequent to 3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>1 December 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, which could mate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rially impact the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>financial position, have oc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>curred. Knowledge sharin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>g The group is know<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ledge-based<span xmlns="http://www.w3.org/1999/xhtml" class="ff3">. People and <span class="_ _1"/>internal pro<span class="_ _1"/>cesses are key resou<span class="_ _1"/>rces to solve<span class="_ _1"/> customers’ </span>challenges in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the best and most e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>fficient way po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ssible. Furthermore, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the group continuously f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ocuses on maintaining and de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>veloping<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> its employees. Knowledge key <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>figures of the group:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> •<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">608 employees </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Emphasis on further education an<span class="_ _1"/>d training of the <span class="_ _1"/>employees </span></span>Order intake an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d backlog The order intake <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>for 2022 amoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted to DKKm 819 co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpared to DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>m 899 in 2021. Aft<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er the restructuring in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>itiated in 2020 no fu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rther turnkey<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> power plant orde<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rs have been <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>entered into. The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>order intake in O&amp;M a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mounted to DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Km 548 compared to D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>KKm 494 in 2021 and i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n Service DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>m 267 compared to DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>m 397 in 2021. The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>order backlog a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t the end of 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>amounted to DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Km 6,659 (2021<span xmlns="http://www.w3.org/1999/xhtml" class="ls8">: </span>DKKm 6,325. The O&amp;<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>M order in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>take have met <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the expectation w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hen taking in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to account tha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t there will be revenue almos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t immediately fro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>m the projects won <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>as these <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>are for already op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erating power pla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nts. However Service o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rder intake was <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lower than expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed. The service o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rders are typ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ically carried out<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> over a time period of up <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to 18 months and O&amp;<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>M orders <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>typically run ove<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r a longer time <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>period of up to 20 y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ears. The financial perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ormance has be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>en above expec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tations, which has <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>resulted in a pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ofit before inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rest and tax (operating re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sult or EBIT) of DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Km 25 for 2022. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>This shall be co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpared to a prof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>it of DKKm 118 in 2021, which to large<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> extend was i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpacted by one-time <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gains from ie. the sa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>le of in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vestments in power plants. Excluding <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the result fro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>m the turnkey pow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er plant act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ivity that is und<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er closure, EBIT a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mounted to 67 mDKK Uncertainties<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> In 2014, work on two e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ngine-based p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rojects in the M<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iddle East wa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s suspended due<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to the client <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>not paying the milestone pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ments on ti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>me. These outstandin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>g milestone pay<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ments were p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aid at the end of 2014, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and the suspension was <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lifted at the b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eginning of 2015. B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>WSC has clai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>med the customer fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r direct costs, overhead and prof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>it. A part of th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e costs rela<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted to the clai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ms have been inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>luded in the projec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t accounts/ work in progre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ss over the years. A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t the end of 2016, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the taking-over-certifica<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tes (TOC<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>) were signed by the customer. Since<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> 2017, focus has been o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n reaching <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>an agreement on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the claims wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h the Client and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the Client’s represen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tative. Sin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce it has not been pos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sible to rea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ch an agreemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t, BWSC decided <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in 2018 to file for arbitration th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rough ICC,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> France. After a stay per<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iod, where the arb<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>itration case <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>was on hold, due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o settlement nego<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tiations with the C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lient and the C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lient’s Represen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tative, the a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rbitration cas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e at ICC re<span xmlns="http://www.w3.org/1999/xhtml" class="ff2">-</span>started in January <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>2021 sinc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e no amicable a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>greement ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d been reached th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rough negotiation, and BWSC submitted the State<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ment of C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>laim to ICC in the sp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ring of 2021.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> A material p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>art of the amount B<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>WSC is claiming has not b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>een recognised as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>income due <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to the claim nego<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tiations not bein<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>g finalised. I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t is the assessment that <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>a finalisation of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he case, either via a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>settlement or <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>via the ICC cas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e will result in a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n outcome for BWSC<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> amounting to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>at least the am<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ount recognised<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> as income Investments Financial assets c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>omprise of inves<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tments in equity <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>interests, ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inly power plant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s in which BWSC has <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>a substantial but no<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t controlling sha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>reholding. Finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cial assets amo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>unted to DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>m 135 at the end o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f 2022 compared to DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>m 112 at the end of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> 2021. The incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ease mainly relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es to improv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed performance of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the investments. Risk Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Risk managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t is a fundamenta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l part of the G<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>roup’s business.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The groups’ bu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>siness include<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s large construction and se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rvice projec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts in various jur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>isdictions and re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lated contracts with sub-supp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>liers and consortium pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rtners, which <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>expose the group t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o a number of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>isks. The group holds c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>omprehensive exp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erience wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>thin engineering, p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rocurement, co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nstruction and serv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>icing, which has been a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ccumulate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d during construction o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f 184 power plants <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in more than 54 coun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tries and a l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>arge number of serv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ice projects. The exp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erience con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tributes to reduc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ing potential risks. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Risk will alwa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ys be a significant fac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tor in large const<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ruction and servic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e projects, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>each project <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is carefully evalua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>the planning and execu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion phases. Beside the opera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tional risks, the g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>roup is also exp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>osed to currenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y, interest, count<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erpart, invest<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ment and credit risks which <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>are mitigated <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and considered <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>less materia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l. For additional <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>information pl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ease see the Annual Report fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r the subsi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>diary Burmeister &amp; <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Wain Scandi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>navian Contrac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tor A/S on the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ir homepage 10 (www.bwsc.co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>m). 2023 Outlook<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Revenue in 2023 i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s expected to be<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> at a level co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mparable to 2022. R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>evenue from <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the remaining t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>urn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>-key EPC projects, whi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ch is expected to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>be closed e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>arly 2023, is expe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cted to be limited.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The profit before tax <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>for 2023 is expected <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to be in the range o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f DKKm 40-60. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>his is at level wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>th 2022, how<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ever noting that th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e 2022 results to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>some degree<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> have been impac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted by one-time gains. Forward looking <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>statements like <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the 2023 outlook are <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>uncertain and dep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>end on a number o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f factors. Furthermore, MESCO D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>enmark disclaims<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> any liability<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to update or adju<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>st statements mad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e in the Annua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l Report 2022 abou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t future or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> possible reasons fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r differences b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>etween actual a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nd anticipat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed results except<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> where required by <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>law. Corporate socia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l responsibility The Company is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mainly a holding co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany and con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sequently the Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany has n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ot itself implement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed any policies for corpora<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>te social respons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ibility. This includ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es all 6 main focus ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eas of CSR: •<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Envir<span class="_ _0"/>onment <span class="_ _1"/>and climate </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Human &amp; labour rights </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Business integrity </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Soci<span class="_ _0"/>al and s<span class="_ _1"/>taff matters </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Community engagement an<span class="_ _1"/>d social impact </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Data ethics (§99d) </span></span>The Company’s Sub<span xmlns="http://www.w3.org/1999/xhtml" class="ff2">-<span class="_ _1"/>Group has a sepa<span class="_ _1"/>rate CSR sta<span class="_ _1"/>tement wh<span class="_ _1"/>ich is incorporated i<span class="_ _1"/>n their fin<span class="_ _1"/>ancial statem<span class="_ _1"/>ent </span>and available on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>their homepage <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>(<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">www.bwsc.com/sus<span class="_ _1"/>tainability<span class="fc0">). Equa<span class="_ _1"/>l opportunities fo<span class="_ _1"/>r all employ<span class="_ _1"/>ees is </span></span>important to the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>group and accordin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gly we do not diffe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rentiate based on ge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nder, ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce or religion wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>en people are emp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>loyed, or when trai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ning programs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>are offered to e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mployees or when<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> employees a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>re promoted. The Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany has imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lemented a policy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> regarding gende<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r parity. Mesco Den<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mark A/S has set the target that on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e general assembl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y elected membe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r of the Board of Di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rectors mus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t be a woman by 2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>026. The policy reflect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s the fact <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that the Company <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is a holding co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany with only one <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>employee and a BoD of three members wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>th an expected lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ng term of servi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce and anticipated little <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rotation. It has been a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> firm decision that the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>chairman of the BWSC<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> A/S BoD is a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lso an ordinary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>member of the BoD of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Mesco Denmark A/S. A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>fter the chair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>man of seized h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is position in 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>22 the deputy <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>chairman was e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lected as chairman of the BoD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of BWSC A/S also b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecame an ordin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ary member o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f BoD for Mes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>co Denmark A/S. The search for a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>female membe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r of the BoD by 2026<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> are still <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ongoing. Corporate socia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l responsibility The Company is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mainly a holding co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany and con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sequently the Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany has n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ot itself implement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed any policies for corpora<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>te social respons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ibility. This includ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es all 6 main focus ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eas of CSR: •<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Envir<span class="_ _0"/>onment <span class="_ _1"/>and climate </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Human &amp; labour rights </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Business integrity </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Soci<span class="_ _0"/>al and s<span class="_ _1"/>taff matters </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Community engagement an<span class="_ _1"/>d social impact </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Data ethics (§99d) </span></span>The Company’s Sub<span xmlns="http://www.w3.org/1999/xhtml" class="ff2">-<span class="_ _1"/>Group has a sepa<span class="_ _1"/>rate CSR sta<span class="_ _1"/>tement wh<span class="_ _1"/>ich is incorporated i<span class="_ _1"/>n their fin<span class="_ _1"/>ancial statem<span class="_ _1"/>ent </span>and available on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>their homepage <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>(<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">www.bwsc.com/sus<span class="_ _1"/>tainability<span class="fc0">). Equa<span class="_ _1"/>l opportunities fo<span class="_ _1"/>r all employ<span class="_ _1"/>ees is </span></span>important to the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>group and accordin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gly we do not diffe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rentiate based on ge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nder, ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce or religion wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>en people are emp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>loyed, or when trai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ning programs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>are offered to e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mployees or when<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> employees a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>re promoted. The Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany has imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lemented a policy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> regarding gende<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r parity. Mesco Den<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mark A/S has set the target that on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e general assembl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y elected membe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r of the Board of Di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rectors mus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t be a woman by 2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>026. The policy reflect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s the fact <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that the Company <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is a holding co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany with only one <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>employee and a BoD of three members wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>th an expected lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ng term of servi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce and anticipated little <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rotation. It has been a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> firm decision that the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>chairman of the BWSC<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> A/S BoD is a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lso an ordinary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>member of the BoD of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Mesco Denmark A/S. A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>fter the chair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>man of seized h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is position in 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>22 the deputy <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>chairman was e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lected as chairman of the BoD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of BWSC A/S also b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecame an ordin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ary member o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f BoD for Mes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>co Denmark A/S. The search for a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>female membe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r of the BoD by 2026<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> are still <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ongoing. Corporate socia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l responsibility The Company is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mainly a holding co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany and con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sequently the Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany has n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ot itself implement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed any policies for corpora<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>te social respons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ibility. This includ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es all 6 main focus ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eas of CSR: •<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Envir<span class="_ _0"/>onment <span class="_ _1"/>and climate </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Human &amp; labour rights </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Business integrity </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Soci<span class="_ _0"/>al and s<span class="_ _1"/>taff matters </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Community engagement an<span class="_ _1"/>d social impact </span></span>•<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="_ _f"> </span><span class="ff2">Data ethics (§99d) </span></span>The Company’s Sub<span xmlns="http://www.w3.org/1999/xhtml" class="ff2">-<span class="_ _1"/>Group has a sepa<span class="_ _1"/>rate CSR sta<span class="_ _1"/>tement wh<span class="_ _1"/>ich is incorporated i<span class="_ _1"/>n their fin<span class="_ _1"/>ancial statem<span class="_ _1"/>ent </span>and available on <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>their homepage <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>(<span xmlns="http://www.w3.org/1999/xhtml" class="fc2">www.bwsc.com/sus<span class="_ _1"/>tainability<span class="fc0">). Equa<span class="_ _1"/>l opportunities fo<span class="_ _1"/>r all employ<span class="_ _1"/>ees is </span></span>important to the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>group and accordin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gly we do not diffe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rentiate based on ge<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nder, ra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce or religion wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>en people are emp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>loyed, or when trai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ning programs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>are offered to e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mployees or when<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> employees a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>re promoted. The Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany has imp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lemented a policy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> regarding gende<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r parity. Mesco Den<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mark A/S has set the target that on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e general assembl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y elected membe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r of the Board of Di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rectors mus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t be a woman by 2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>026. The policy reflect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s the fact <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>that the Company <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is a holding co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany with only one <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>employee and a BoD of three members wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>th an expected lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ng term of servi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce and anticipated little <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rotation. It has been a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> firm decision that the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>chairman of the BWSC<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> A/S BoD is a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lso an ordinary <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>member of the BoD of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Mesco Denmark A/S. A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>fter the chair<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>man of seized h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is position in 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>22 the deputy <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>chairman was e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lected as chairman of the BoD<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of BWSC A/S also b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecame an ordin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ary member o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f BoD for Mes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>co Denmark A/S. The search for a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>female membe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r of the BoD by 2026<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> are still <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ongoing. 0 0 1033280000 1244978000 0 0 -866280000 -939970000 0 0 167000000 305008000 0 0 15253000 15937000 1148000 998000 142776000 177155000 0 0 16493000 8876000 0 0 0 3268000 -1148000 -998000 25464000 117524000 93259000 62884000 0 0 0 0 42543000 18969000 0 0 2000000 -11330000 0 0 14351000 18544000 72000 62000 18999000 16191000 92039000 61824000 65359000 127516000 -268000 268000 3044000 36104000 92307000 61556000 62315000 91412000 -759000 895000 61556000 92307000 0 0 3902000 6375000 0 0 0 0 0 0 3902000 6375000 0 0 0 35006000 0 0 5288000 7316000 0 0 5288000 42322000 701468000 783356000 0 0 0 0 134644000 112133000 701468000 783356000 134644000 112133000 701468000 783356000 143834000 160830000 0 0 660000 1623000 0 0 660000 1623000 0 0 78792000 106428000 0 0 716320000 560072000 0 0 0 1556000 5789000 0 1747000 7405000 0 0 44659000 44281000 0 0 70458000 52220000 0 0 3332000 5402000 5789000 0 915308000 777364000 8845000 14291000 285560000 365157000 14634000 14291000 1201528000 1144144000 716102000 797647000 1345362000 1304974000 62000000 62000000 62000000 62000000 531468000 613356000 29064000 6553000 0 0 -340000 -17978000 608000000 608000000 0 0 -494345000 -495673000 696959000 656548000 707123000 787683000 787683000 707123000 0 0 8802000 7579000 707123000 787683000 796485000 714702000 0 0 380000 358000 0 0 31039000 54822000 0 0 45127000 85605000 0 0 76546000 140785000 0 0 0 3125000 0 0 107666000 0 0 0 23569000 28149000 0 0 131235000 31274000 0 0 0 3117000 0 0 100000000 100000000 0 0 59092000 101325000 0 0 73439000 73425000 3283000 9866000 15473000 9004000 0 0 7486000 7284000 5521000 0 0 0 175000 98000 85606000 124058000 8979000 9964000 341096000 418213000 8979000 9964000 472331000 449487000 716102000 797647000 1345362000 1304974000 62000000 531468000 608000000 -494345000 707123000 0 62884000 0 -1328000 61556000 0 2738000 0 0 2738000 0 22611000 0 0 22611000 0 4973000 0 0 4973000 0 1372000 0 0 1372000 62000000 613356000 608000000 -495673000 787683000 62000000 6553000 -17978000 656548000 707123000 0 21145000 0 40411000 61556000 0 2738000 0 0 2738000 0 0 22611000 0 22611000 0 0 4973000 0 4973000 0 1372000 0 0 1372000 62000000 29064000 -340000 696959000 787683000 8802000 8802000 62000000 29064000 -340000 705761000 796485000 25464000 117524000 -44909000 -181431000 -209083000 -111782000 -228528000 -175689000 1153000 1003000 -2604000 -4283000 -229979000 -178969000 84000 -11520000 -229895000 -190489000 1818000 3259000 3484000 2527000 26137000 10193000 Sale of land and buildings Sale of land and buildings 35010000 0 5275000 18982000 Disposals of equity investments in associates Disposals of equity investments in associates 0 123719000 61120000 147108000 100000000 0 6242000 3123000 4580000 1139000 89178000 -4262000 365157000 412800000 -79597000 -47643000 285560000 365157000 true true Accounting estimates and Judgements In preparing the financial statements, MESCO Denmark A/S has made a number of estimates and judgements that form the basis for recognition and measurement of assets, liabilities and items in the income statement. The most significant accounting estimates and judgements are stated below. Determining the carrying amount of certain assets and liabilities requires judgements, estimates and assumptions relating to future events and is therefore by nature subject to uncertainty. Particular risks referred to in the Risk management section of the Management review may have a substantial influence on the accounting risks. In the financial statements, attention is particularly drawn to the following assumptions and uncertainties as these substantially influence the assets and liabilities recognised in the statements and may be adjusted in subsequent accounting years if the assumed course of events is not realised as anticipated: • Construction contracts are measured at contract work performed, less prepayments received from the customers and anticipated losses. The percentage of completion is determined from an assessment. The contract value is measured based on the total expected income of the individual contracts – claim income is further mentioned below. The total expected expenses are partly based on estimates and contingency are included for unforeseen cost deviations to plan cost due to project risks, disputes etc. • The Group has a material claim related to engine-based projects in the Middle East. Currently, the claim negotiations have not been finalised, and a material part of claim income cannot be recognised as income. The settlement is uncertain and could have a materially positive impact on the result when the claim has been final settled. It is considered less likely that the settlement would have a negative impact on the result • Provisions are based on the best estimate of the amount at which the obligation is expected to be discharged. Provisions consist mainly of warranty provisions and other provisions. • Equity investments in associates are recognised at the proportionate share of the net assets of the Companies (the equity method). An impairment test is performed when an indicator of impairment exists. The impairment test is based on cash flow estimates of future income and cost. Uncertainty about the future development in the power sales price and fuel cost are the key uncertainties in the impairment test. The impairment loss relates to investments in equity interests in the UK operating a number of power plants. The impairment is caused by underlying lower than expected earnings of the companies as well as lower than expected long term outlook for the companies. The impairment is based on a discounted cash flow model calculation and budgets for the power plants throughout the expected life of the plants. Accounting judgements In applying the accounting policies, the company makes judgements concerning recognition principles to use. Especially related to when income and expenditure relating to third-party contracts must be treated in accordance with the percentage of completion method (construction contracts) compared to sale of goods. BWSC has for each group of transactions assessed, whether projects contain a sufficiently high degree of individual adjustment to qualify for recognition as a construction contract under the percentage of completion method. If this is not the case, the projects are recognised as revenue on sale of finished projects. Defining materiality The Annual Report is based on the concept of materiality to ensure that the content is material and relevant to the reader. This objective is pursued, amongst other things, by providing relevant rather than generic descriptions. The consolidated financial statements consist of a large number of transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the financial statements and in the notes as required by the Danish Financial Statements Act. If items are individually immaterial, they are aggregated with other items of similar nature in the statements or in the notes. Going concern The company is required to decide whether the financial statements can be presented on a “going concern” basis. Based on budgets, forecast and expectations of future cash flow etc., the company is of the opinion that there are no factors giving reason to doubt whether the company can continue operating for at least 12 months from the balance sheet date. Recognition and measurement in general Assets are recognised in the balance sheet when it is probable that future economic benefits associated with the assets will flow to the Group, and the cost of the assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits associated with the liabilities will flow from the Group, and the cost of the liabilities can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Assets and liabilities are afterwards measured as described below for each balance sheet item. Consolidation The consolidated financial statements are prepared on the basis of financial statements of the Parent Company and each subsidiary by aggregating items of a similar nature and by eliminating intra-group transactions. The project financial statements of international contracting activities are translated into DKK as follows: The items in the income statement and the balance sheet are translated according to weighted project rates, corresponding to the exchange rates according to forward exchange contracts entered into. As the exchange rates applied are the same during the entire project period, generally no exchange rate adjustments arise on large projects. The financial statements of foreign subsidiaries that operate as independent entities are translated into DKK as follows: The items in the income statement are translated at average rates that do not differ materially from the exchange rates at the date of transaction. Balance sheet items are translated at closing exchange rates. Exchange rate adjustments are recognised directly in equity. The financial statements of international subsidiaries that operate as integrated entities are translated into DKK as follows: The items in the income statement are translated at average rates that do not differ materially from the exchange rates at the date of transaction. Current assets and liabilities are translated at closing exchange rates, whereas fixed assets and long-term liabilities are translated at historical rates. Exchange rate adjustments are recognised in the income statement. The items from the subsidiaries are consolidated into the consolidated financial statements 100% line by line. The minority interests’ proportional share of the net result and equity of the subsidiaries are included as separate items under the consolidated result for the year and equity. Companies in which the Group holds between 20% and 50% of the voting rights or in some other way holds significant influence, but not control, are regarded as equity interests as described under the item “Financial fixed assets”. Foreign currency translation Transactions in foreign currency are translated at the exchange rate at the transaction date. Exchange rate adjustments arising between the exchange rate at the transaction date and the payment date are recognised in the income statement. Receivables, payables and other monetary items in foreign currency, which are not paid at the balance sheet date, are translated at the exchange rate at the balance sheet date. The difference between the exchange rate at the balance sheet date and the exchange rate at the time when the receivable or payable is incurred is recognised in the income statement. Financial instruments Financial instruments are initially recognised in the balance sheet at cost and subsequently measured according to fair value. The fair value of financial instruments is included in other debtors (positive fair value) or other creditors (negative fair value) as the case may be. Changes in the fair value of financial instruments that hedge the fair value of already recognised assets or liabilities are recognised in the income statement under financial income or financial costs together with changes in the value of the assets and liabilities hedged. Financial instruments used to hedge expected future transactions regarding specific projects or interest payments are measured at fair value on the balance sheet date, and value adjustments are recognised directly in equity until the hedged item is realised. When the hedged item is realised, the changes in value are recognised in the same accounting entry as the hedged item as stated above by transferring the changes in value from equity to the income statement. Financial instruments which are not held for hedging purposes regarding specific projects or interest payments are recognised in the balance sheet at fair value on the balance sheet date. Value adjustments are recognised in the income statement under financial income or costs. INCOME STATEMENT Revenue The Group’s revenue is derived from contract activities, service contracts, etc. Contract work and operational contracts are recognised according to the percentage-of-completion method. Profits on contracts are recognised by reference to actual stage of completion. In connection with consortiums, only the Group’s share is taken into account. Stage of completion is determined on the basis of an assessment of the work carried out for construction and service projects, evaluated on the basis of costs incurred on the project, compared to the total estimated costs and for operation and maintenance projects based on lenght and duration of the projects. Realised profits on completed contracts are recognised net of provisions for warranties. Income from spare part contracts and the sale of electricity is recognised when delivered. Production costs Production costs comprise expenses, including wages and salaries, raw materials and consumables, and depreciation made for purposes of generating the year’s revenue, including indirect costs related to wages and salaries, rent and leases and depreciation. Research costs and development costs that do not qualify for capitalisation and depreciation of capitalised development costs are recognised as production costs. Write-downs in connection with expected losses on contract activities are recognised as production costs. Sales costs Costs related to offers and orders, including expenses related to sales personnel, marketing and internal development projects, are recognised as sales costs. Administrative costs Costs related to management and group administration, including costs related to administrative officers, management, office premises, office expenses, depreciation etc., are recognised as administrative costs. The administrative costs that are included in production overheads are transferred to production overheads. Financial items Financial income and costs include interest income and costs, realised and unrealised capital gains and losses, changes of financial instruments not designated as hedging arrangement, amortisation of financial assets and liabilities and surcharges and allowances under the advance-payment-of-tax scheme, etc. Financial income and costs are recognised at the amounts relating to the reporting period. Tax The estimated tax charge for the year is recognised in the income statement and is recorded as a current liability in the balance sheet. Non-refunded dividend tax concerning dividends from foreign subsidiaries is expensed in the year in which the dividend is declared. The Company and its Parent Company are jointly taxed. The tax of the joint taxation income is fully allocated by payment of joint taxation contributions. Deferred tax resulting from timing differences between income and expenses in the financial statements and the statement of taxable income and from tax loss carry-forwards is provided for in the balance sheet. Changes in the deferred tax charge for the year are taken to the income statement. Actual and deferred tax related to equity movements is recognised directly in equity. BALANCE SHEET Intangible and tangible fixed assets Intangible and tangible fixed assets are measured at cost plus subsequent additions and revaluation and less accumulated amortisation/depreciation and impairments. The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. Amortisation/depreciation in the year is provided on a straight-line basis over the estimated useful lives of the individual assets, using the following periods: Goodwill 3 years Contract rights 2 years IT software 3-7 years IT hardware 3 years Development costs 3 years Office building 100 years Warehouse 25 years Installations 10 years Cars 5 years Plant and equipment 5 years Fixtures, fittings and tools 3-10 years Land is not depreciated Development costs comprise costs, wages, salaries and amortisation directly and indirectly attributable to development activities. Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities are evidenced, and where the Company intends to use the project, are recognised as intangible assets provided that the cost can be measured reliably and future earnings exceeding the capitalised costs. Other development costs are recognised in the income statement as incurred. Financial fixed assets and business combinations Equity investments in group entities and associates are recognised at the Parent Company’s proportionate share of the net assets of the companies, calculated by reference to the accounting policies applied by the Parent Company, adjusted for proportionate share of unrealised intra-group profits and losses (the equity method). Equity investments in group entities and associates whose net asset value is negative are recognised at DKK 0, and any receivables from these companies are written down by the Parent Company’s share of the negative net asset value. If the net asset value exceeds the receivables, the residual amount is recognised under provisions provided that the Parent Company has a legal or actual obligation to cover the subsidiaries’ deficits. For equity investments in associates where the eliminated intercompany profit exceeds the value of the investments either due to impairments or based on the proportional share of equity the remaining part of the eliminated intercompany profit is not recognised. Net revaluation of equity investments in group entities and associates is taken to equity as a net revaluation reserve according to the equity method. Newly acquired or newly established companies are recognised in the financial statements from the time of acquisition. Companies sold or otherwise disposed of are recognised until the time of sale. Profits or losses on the sale of equity investments in group entities and associates are stated as the difference between the selling price and the carrying amount of the net assets at the time of sale and expected costs related to the sale and/or disposal and recognised in the income statement under other income. The takeover method is applied to newly acquired equity investments in group entities and associates. Thus, the assets and liabilities of such companies are measured at fair value at the time of acquisition. The takeover method is also applied when an equity interest in an associate becomes a subsidiary, through step acquisition of more shares in the associated company, whereby control of the company is obtained at such time. A positive difference between the fair value of assets and liabilities acquired and the purchase consideration is treated as goodwill, which is subsequently amortised over the useful life; and a negative difference is treated as negative goodwill, which is recognised as other operating income at the time of acquisition or the time of obtaining control. Inventories Inventories, including prepayments for goods, are measured at cost according to the FIFO principle. However, inventories are written down to the lower of cost or net realisable value. Trade receivables Debtors, etc. are measured at amortised cost, which usually equals the nominal value. Impairment for bad debts is based on individual assessments if there is an objective indication that a debtor is impaired. Contract work in progress Contract work in progress is measured by reference to the stage of completion. Reference is made to the Revenue section. The sales value is based on the stage of completion at the balance sheet date and the total expected income on the individual work in progress. The individual work in progress is recognised in the balance sheet under debtors or liabilities other than provisions, dependent on the net value of the selling price less payments on account and prepayments. Costs related to sales work and contracts are recognised in the income statement as incurred. Prepayments Payments, made or received concerning costs or income in subsequent years are recognised as prepayments under receivables or current liabilities. Warranty provisions Warranty provisions comprise commitments to repair work within the guarantee period. Provisions are measured and recognised based on previous experience with guarantee work. Other provisions Other provisions comprise expected remaining costs relating to delivered contracts. When it is probable that the total costs will exceed the total income on contract work in progress, a provision is made for the total loss expected to be incurred on the work. The provision is recognised as costs under production costs. Financial liabilities Financial liabilities are recognised from the raising of the loan at the proceeds received net of transaction costs incurred. The financial liability is subsequently measured at amortised cost, equalling the capitalised value, using the effective interest rate method. The difference between the proceeds and the nominal value is thus recognised in the Income Statement over the loan term. Other financial liabilities, which comprise trade creditors, payables to related and equity interests and other creditors, are measured at amortised cost, which usually corresponds to the nominal value. CASH FLOW STATEMENT The cash flow statement shows the Group’s net cash flows for the year, broken down by operating, investing and financing activities, changes in cash and the Group’s cash at the beginning and at the end of the year. A cash flow statement for the parent company has not been prepared in accordance with §86.4 of the Danish Financial Statements Act. Cash flows from operating activities Cash flows from operating activities are made up as the operating result, adjusted for non-cash operating and financial items, changes in working capital, financial items and paid income taxes. Cash flows from investing activities Cash flows from investing activities comprise payments related to additions and disposals of companies and additions and disposals of intangible and tangible assets. Cash flows from financing activities Cash flows from financing activities comprise changes in the size or composition of the Company’s share capital and related costs, raising of loans and repayments of interest-bearing debt and dividends distributed to shareholders. Financial Ratio Analysis of the financial ratios included in the group financial highlights: Gross margin Gross profit x 100 Revenue Profit ratio Profit before tax x 100 Revenue Solidity ratio Equity at year-end x 100 Total equity and liabilities at year-end Return on equity Profit after tax x 100 Average equity Note 2 RevenueParent CompanyThe Group2021 2022 2022 20210 0 Final invoicing 672.484 866.9650 0 Changes in contract work in progress 360.806 378.0130 0 1.033.290 1.244.978Revenue for the year is divided into the following geographical segments:0 0 South and Central America 624.008 331.6970 0 Southeast Asia 163.905 98.4280 0 Africa and Middle East 172.060 124.4220 0 Europe 73.307 690.4310 0 1.033.280 1.244.978With reference to paragraph 96 of the Danish Financial Statements Act, the distribution of revenue on business activities has for competitive reasons been omitted from the annual report. Note 3 Tax on profit for the year-268 0 Income tax payable/receivable 9.619 13.5810 0 Deferred tax -6.741 23.0120 268 concerning previous years 166 -489-268 268 3.044 36.104 Note 4 Intangible assetsThe GroupContract Development rightsSoftware GoodwillcostsTotalCost at 1 January 2022 18.014 102.744 8.889 0 129.647Currency adjustment at 1 January 2022 0 1.124 0 0 1.124Additions in the year 0 3.484 0 0 3.484Disposals in the year 0 0 -7.000 0 -7.000Cost at 31 December 2022 18.014 107.352 1.889 0 127.255Depreciation at 1 January 2022 18.014 96.369 8.889 0 123.272Currency adjustment at 1 January 2022 0 1.128 0 0 1.128Depreciation for the year 0 5.953 0 0 5.953Disposals in the year 0 0 -7.000 0 -7.000Impairment 0 0 0 0 0Depreciation at 31 December 2022 18.014 103.450 1.889 0 123.353Book value at 31 December 2022 0 3.902 0 0 3.902Book value at 31 December 2021 0 6.375 0 0 6.375Depreciation for the year DKKt 5,953 is included in administrative costs (DKKt 10,166 in 2021) Note 5 Tangible fixed assetsThe GroupFixture andfittings, tools Land andand equipment buildingsCost at 1 January 2022 57.469 120.821Currency adjustment at 1 January 2022 -1.136 0Additions in the year 1.818 0Disposals in the year -143 -120.821Cost at 31 December 2022 58.008 0Depreciation at 1 January 2022 50.153 85.815Currency adjustment at 1 January 2022 -923 0Depreciation for the year 3.580 611Depreciations of disposals -90 -86.426Depreciation at 31 December 2022 52.720 0Book value at 31 December 2022 5.288 0Book value at 31 December 2021 7.316 35.006Depreciation for the year is included in:2022 2021Cost of production 3.053 3.759Administrative costs 1.138 2.6554.191 6.414 Note 6 Financial fixed assetsParent CompanyThe GroupInvestmentsEquity investments Equity investments in in group entitiesassociates170.000 Cost at 1 January 2022 105.5800 Disposals in the year 0170.000 Cost at 31 December 2022 105.580531.468 Revaluations/write-downs at 1 January 2022 6.5530 Disposals in the year -2.00062.884 Profit share 44.5432.738 Other changes 2.73817.638 Changes in financial instruments 0-1.372 Foreign exchange adjustments etc. -2160 Distribution of dividend to parent company -26.1370 Elimination intercompany profit 3.583613.356 Revaluations/write-downs at 31 December 2022 29.064783.356 Book value at 31 December 2022 134.644701.468 Book value at 31 December 2021 112.133As per 31 December 2022, the accumulated elimination of the proportionate share of the intercompany profit of DKKm 44 (2021: DKKm 48) before tax has been deducted from the equity investments in associated companies. Note 7 Contract work in progressParent CompanyThe Group2021 2022 2022 20210 0 Sales value of production in progress 5.033.287 4.672.2410 0 Invoiced on account -4.376.059 -4.213.4940 0 Contract work in progress, net 657.228 458.747Classified as follows:0 0 Receivables 716.320 560.0720 0 Prepayments received from customers -59.092 -101.3250 0 657.228 458.747 Note 8 Deferred taxParent CompanyThe Group2021 2022 2022 20210 0 Deferred tax at 1 January 43.923 66.0210 0 Adjustment concerning previous years -1.261 9140 0 Adjustment for tax credit scheme 0 00 0 Deferred tax 1.617 -23.0120 0 44.279 43.923Deferred tax can be specified as follows:0 0 Tangible fixed assets 2.842 4.0450 0 Financial fixed assets 9.789 10.5770 0 Intangible fixes assets 660 1.1000 0 Contract work in progress etc. -42.914 -46.9320 0 Provisions 9.287 15.6500 0 Tax loss carried forward 64.615 59.4830 0 44.279 43.923Deferred tax distributed on0 0 Tax assets 44.659 44.2810 0 Tax liabilities -380 -3580 0 44.279 43.923 Note 9 Warranty and Other ProvisionsWarranty provisions amounts to DKKm 31 (2021: DKKm 55) where DKKm 13 has been added, DKKm 20 has been used, and DKKm 17 has been released during 2022.Approximately DKKm 28 of the warranty provision is expected to be settled within the next 12 months and DKKm 3 is expected to be settled within 1-5 years.Other provisions amounts to DKKm 45 (2021: DKKm 86) where DKKm 0 has been added, DKKm 35 has been used, and DKKm 6 has been released during 2022.Approximately DKKm 36 of the other provision is expected to be settled within the next 12 months and DKKm 9 is expected to be settled within 1-5 years. Note 10 Other long-term liabilitiesLong-term debts maturing after 5 years from the end of the fiscal year amount to DKKm 0 (2021: DKKm 0).The other long-term liabilities DKKm 24 (2021: DKKm 28) are non-interest bearing. Note 11 Other creditorsParent CompanyThe Group2021 2022 2022 202147 0 Payable payroll related costs 25.556 42.6690 0 Financial instruments 26.182 25.6790 0 Payable VAT 500 5.840128 98 Other accrued expenses, etc. 33.368 49.870175 98 85.606 124.058Note 18. Guarantees At 31 December 2021 guarantees given by banks and credit insurance institutions on behalf of the subsidiary BWSC for contract work, etc. amounted to DKKm 594 (2021: DKKm 686). The guarantees are typically provided in the form of performance and down payment guarantees to cover project-related risks, such as performance, payment, quality and delay for projects and supplies towards our customers. Note 12 Audit feesParent CompanyThe Group2021 2022 2022 202182 73 Audit fee 926 1.3750 0 Other declaration assignments 0 00 0 Tax advisory fee 8 2030 0 Other fees 119 21182 73 1.053 1.789 Note 13 Staff costs etc.Parent CompanyThe Group2021 2022 2022 2021980 794 Wages and salaries 321.878 357.3520 0 Pension contribution 10.517 7.4294 3 Social security costs 18.351 14.816984 797 350.746 379.597Including remuneration for:984 797 Board of Directors of Parent Company 797 984For the Parent Company Staff costs of DKKm 1.0 are allocated to Administrative costs. For the Group staff costs of 12.7 are allocated to Sales costs, DKKm 45.5 are allocated to Administrative costs and 321.4 are allocated to Production costs. 1 1 609 709 Note 14 Financial instrumentsThe subsidiary BWSC manages the currency hedging as well as the Group cash management. The major part of the Group’s cash flow are in DKK, EUR, USD and GBP. The future cash flow and net positions in currencies other than EUR and DKK will be hedged initially upon contract signing and during the project execution, if changes in currency net positions occur. Subsequently, investment in subsidiaries, and associated companies in foreign currency are not hedged. Foreign exchange forwards contracts are used to hedge future cash flow and net positions. Interest rate swaps are used to hedge interest rate exposure on borrowings which is not within the treasury policy. The Group has made interest swaps to hedge payment of interest on a mortgage loan with variable interest. The principal of the loan at 31 December 2022 is DKKm 0 (2021: DKKm 6) with a maturity of 2 years. The market value of the interest swaps as per 31 December 2022, amounted to DKKm 0 (2021: DKKm 0) which has been accounted for in the equity. The net market value for foreign exchange hedging DKKm -0 is recognised in the equity. Note 15. Derivative financial instruments (continued) The market value of foreign exchange hedging and interest rate hedging recognised in the equity amounts to DKKm 0 (2021: DKKm -24). The maturity is as follows: • Within one-year DKKm 0 (2021: DKKm -12) • Between one and five years DKKm 0 (2021: DKKm -11) • Later than five years DKKm 0 (2021: DKKm 0) Note 16. Transa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ctions between re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lated parties Purchase of goods an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d services and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>loan from Mi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tsui E&amp;S Hold<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ings Co., Ltd., J<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>apan and sale of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> goods to equity interests in g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>roup ent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ities and associa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tes are specif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ied below in this not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e. Apart from inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>company transacti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ons which have b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>een eliminated <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in the Group accounts, pu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rchase of services from D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ASH engin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eering, service sa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>les to equity inte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rests, remunera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion for the Boa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rd of Directors and the Executive <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Management, no <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>transactions have<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> been <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>made with the Boa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rd of Direc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tors, the Executive Management, sub<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sidiaries and equ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ity interests o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r other related pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rties during the y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ear Group relationsh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ips Burmeister &amp; Wa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in Scandi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>navian Contracto<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r A/S is 100% owne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d by Mesco Den<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mark A/S, which p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>repares its own consolida<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ted financial state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ments. The Mes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>co Denmark f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial statements can be obt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ained via BWSC or www.dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>acvr.virk.dk. 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Group Financi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al Statements for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the ultimate Paren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t Company can <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>be obtained f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rom: Mitsui E&amp;S H<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oldings Co., Ltd., 6-4, Tsukiji Note 16. 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xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>C Lank<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>a (P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"/>ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>vate) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Ltd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _127"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _111"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ae"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _45"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _23"> </span>0BWS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>C P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="_ 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_120"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _111"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ae"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a6"> </span>2.98<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _23"> </span>0BWS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>C Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ervi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _113"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _111"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _129"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls20">555<span class="_ _36"> </span></span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _23"> </span>0BWS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>C Mac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Ltd<span 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class="_ _2"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>S.A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _78"> </span>7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>0.20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _111"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12b"> </span>14<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>91<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _23"> </span>0Merse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Bi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>oen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ergy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Hol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s Ltd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e0"> </span>5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.04<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>9<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a7"> </span>3<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.56<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _26"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _23"> </span>0Ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t P<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ower <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Ltd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _134"> </span>4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.27<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _111"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _129"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2c"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _23"> </span>0As<span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"/>d co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"/> To<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _135"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2">2<span class="_ _1"/>4<span class="_ _1"/>8<span class="_ _1"/>.75<span class="_ _4"/>0<span class="_ _111"> </span>0<span class="_ _12b"> </span>43<span class="_ _4"/>.<span class="_ _0"/>32<span class="_ _4"/>2<span class="_ _12a"> </span><span class="ls20">548<span class="_ _12"> </span></span>5.4<span class="_ _1"/>4<span class="_ _1"/>4<span class="_ _1d"> </span>0<span class="_ _23"> </span>0</span>Mi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>tsui<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/> E&amp;<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>S Ho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>ng<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s Co. Ltd<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _136"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls20">810<span class="_ _137"> </span></span>6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.73<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _129"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a6"> </span>1.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>9<span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _138"> </span>2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.00<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _139"> </span>7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.66<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>6Pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"/>nt co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>mp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> To<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13a"> </span>810<span xmlns="http://www.w3.org/1999/xhtml" class="_ _137"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0">6<span class="_ _1"/>.73<span class="_ _4"/>1<span class="_ _129"> </span>0<span class="_ _a6"> </span>1.1<span class="_ _1"/>4<span class="_ _1"/>9<span class="_ _36"> </span>0<span class="_ _138"> </span>2<span class="_ _1"/>0<span class="_ _1"/>0<span class="_ _1"/>.00<span class="_ _4"/>0<span class="_ _139"> </span>7<span class="_ _1"/>.66<span class="_ _4"/>6</span>Da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sh En<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>gi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _2"/>nee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Inc.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _48"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _12b"> </span>1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.39<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _129"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _49"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls20">32<span class="_ _36"> </span></span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"> </span>0<span xmlns="http://www.w3.org/1999/xhtml" class="_ _23"> </span>0Si<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"/>te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4"/>nie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"/>s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"/> To<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff2">0<span class="_ _ac"> </span>1.3<span class="_ _1"/>9<span class="_ _1"/>1<span class="_ _ae"> </span>0<span class="_ _49"> </span><span class="ls20">32<span class="_ _36"> </span></span>0<span class="_ _1d"> </span>0<span class="_ _23"> </span>0</span> Note 17. Contin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gency liabilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ies, security for l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oans, etc. The Group has not <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>entered into <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>any material l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>easing oblig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ations. The Group is par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ty to disputes and l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>itigation fro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>m time to time. It <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is the assessmen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t that approp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>riate provisions have b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>een made for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the outcome of such dis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>putes and litigation.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> The Group is invo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lved in ongoing <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tax disputes <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in Africa, of which<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> some relate to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>significant amou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nts in dispute. It is Man<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>agement’s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> assessment that <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>these tax disputes <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>are unjustified, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>it is the assess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ment that appropriate provis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ions have been <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>made for ong<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oing tax cases and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>risks. The Parent Comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>any is jointly taxed wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>th the othe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r Danish enti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ties in the Mesco <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Denmark Group. As management Com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>pany, the Company i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s jointly and s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>everally liab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>le, together with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the other join<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tly t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>axed entities, for Dani<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sh income taxes and w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ithholding <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>taxes on divide<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nds, interest and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>royalties wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>thin the Group of jointly <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>taxes entiti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es. Any subsequen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t adjustments o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f the joint taxab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>le income or w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ithholding taxes may result <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in an increase of th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Company's liability.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> In December 2022 a b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ank deposit o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f DKKm 100 w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>as provided as secur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ity for a ba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nk engagemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t. The security has been r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eleased after ye<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ar end. The Group has inve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sted in pow<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er plants via equi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ty interests a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nd the not paid <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in committed cap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ital in equity interests amoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts to DKKm 0 at 31 Dece<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mber 2022 (2021: DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Km 0<span xmlns="http://www.w3.org/1999/xhtml" class="ls9">).<span class="_ _1"/><span class="ls0"> </span></span>The Group has rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eived DK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Km 34 under a product d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elivery guaran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tee. The amo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>unt has been off set <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in work in progre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ss, since payments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to be received <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>from the custome<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r shall be passed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> on to the guarantee provider. Should i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t turn out that BWSC<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> has no right <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to claim the a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mount from th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e customer, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the amount received of DKKm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> 34 shall be pa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>id back to the gua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rantee provid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er 62884000 93259000 -1328000 -952000 61556000 92307000 Note 20 Cash flow adjustmentsThe Group2022 2021Amortization, deprecation and impairment 10.144 16.580Changes in provisions -62.895 -106.990Financial instruments 22.611 0Elimination of intercompany profit-3.583 -85.413Other long-term liabilities 0 0Other Operating income/loss -11.186 -5.608-44.909 -181.431Note 21 Changes in working capitalThe Group2022 2021Changes in inventories 963 2.128Changes in contract work in progress -198.481 -37.642Changes in trade receivables 24.331 -10.434Changes in receivables from group enterprises and associates 1.556 49.516Changes in other receivables -14.407 27.316Changes in prepayments and deferred income 2.070 -90Changes in trade payables 14 -94.276Changes in payables to group enterprises 6.469 -5.568Changes in other payables -31.598 -42.732-209.083 -111.782 Note 22 Events after the balance sheet dateNo significant events that could materially affect the financial position at 31 December 2022 have occurred after the balance sheet date. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-02-21 Reporting class C, large enterprise 2 2023-02-21 25578196 KPMG Dampfærgevej 28 2100 København Ø Opinion Basis for Opinion 2023-02-21 mne34490