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2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 31081610 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 31081610 2023-01-01 2023-12-31 1 31081610 2024-01-01 2024-12-31 1 31081610 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 31081610 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 31081610 2023-01-01 2023-12-31 2 31081610 2024-01-01 2024-12-31 2 31081610 2023-01-01 2023-12-31 cmn:ConsolidatedMember 2 31081610 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 31081610 2023-01-01 2023-12-31 3 31081610 2024-01-01 2024-12-31 3 31081610 2023-01-01 2023-12-31 cmn:ConsolidatedMember 3 31081610 2024-01-01 2024-12-31 cmn:ConsolidatedMember 3 xbrli:pure iso4217:DKK PWT Group is a leading Nordic brand house in men’s fashion, serving both B2B, B2C, and D2C markets.We offer high-quality men’s fashion products from a variety of top brands, designed, sourced, and sold throughout various distribution channels.Overall, extensive distribution through both physical stores and online sales, combined with our outstanding omnichannel approach, positions PWT Group as a leading provider of quality men’s fashion products.Our ve strong brands are sold by +700 independent retailers and our own retail chains, Tøjeksperten and Wagner.From our headquarter in Aalborg, PWT Brands markets Lindbergh, JUNK de LUXE, Bison, Jacks Sportswear Intl., and Morgan to more than 27 countries through both physical retail stores and online shops.Tøjeksperten, with 107 stores, is Denmark’s largest omni-channel menswear chain, providing quality clothing for fashion-conscious men of all ages since 1968.The careful selection of brands and products reflects our ambition to maintain Tøjeksperten as the leading menswear chain in the medium price range.Wagner, established in 1946, has a growing and comprehensive store network in Scandinavia. The chain offers a fantastic selection of contemporary fashion and strong brands, including Lindbergh, JUNK de LUXE, Bison, and Jacks Sportswear Intl. Wagner currently operates 16 stores in Denmark, 13 in Sweden, and 6 in Norway.ONLINE & OMNI-CHANNEL SHOPPINGIn addition to the physical stores, PWT Group has a strong presence in online sales.Our products are available through our own e-commerce sites (D2C) as well as through partnerships with major online retailers and marketplaces. This extensive distribution allows us to reach a wider audience and provide convenient shopping options for all of our customers.The retail chains, Tøjeksperten and Wagner, offer a superior omnichannel shopping experience. This omnichannel approach helps cater to the diverse shopping preferences of our customers and provides an outstanding and seamless shopping experience across all channels.KEY NUMBERSREVENUE838m dkk ( 803m dkk )EBITDA133 m dkk( 124m dkk )EBITDA MARGIN15.9 % (15.5 % ) SOLVENCY RATIO42.2%( 57.4% )PWT GROUP PLATFORMRETAILERS/NUMBER OF REVENUE COUNTRIESSTORESEMPLOYEESTOTAL +700Independent Retailers129 empTOTAL 107Denmark107 (53 franchises)266 empTOTAL35 Denmark 16 (7 franchise)28 empNorway6 (6 franchise)Sweden13 (7 franchise) TOTAL 838 m dkk 142 stores +700 retailers 423 empWORD FROM THE CEOI am pleased to report that our performance in 2024 has been strong, despite a turbulent market environment. Throughout the year, we have maintained a steadfast focus on delivering high-quality products and ensuring an excellent customer journey at every stage. This com-mitment has resulted in solid nancial results, underlin-ing the resilience and adaptability of our business.These encouraging results reflect our strong market position and ability to navigate in a challenging land-scape. We are pleased with the positive development in both revenue and protability, which emphasises the resilience of our business. These results are particu-larly encouraging given the persistent macroeconomic pressures, including rising costs and fluctuating con-sumer demand.Our success is built on the dedication and hard work of our employees and partners, who have remained com-mitted to executing our strategic vision. Their efforts have been instrumental in sustaining growth across our online and physical retail channels, as well as our expanding wholesale business.In line with our long-term strategy, we have continued to invest in strengthening both our physical and digital presence. We have expanded our retail footprint with new and larger stores while also making signicant advancements in digital merchandising and AI-driv-en optimization. These initiatives have contributed to increased efciency and a seamless customer experi-ence across all channels.Looking ahead to 2025, we are in a strong and well-con-solidated position, allowing us build on the momentum we have already created. One of our key focus areas will be the further expansion of the Lindbergh brand, both in existing and new markets. We will continue to invest in our online platforms and in physical openings of Lind-bergh stores internationally, ensuring that even more customers can experience our Scandinavian design and commitment to quality.Despite the uncertainties that lie ahead, we remain condent in our ability to navigate the evolving market landscape. By staying true to our core values and stra-tegic objectives, we are well-positioned for continued success.Ole Koch HansenCEOFINANCIAL HIGHLIGHTS REVENUE MILLION DKK1,00090080070060050040030020010002024 2020202120232022EBITDAMILLION DKK150130110907050301020202021202220232024-30EQUITYMILLION DKK3002502001501005002024 2020202120232022SOLVENCY RATIOSTATED AS A PERCENTAGE6055504540353025201510502024 2020202120232022FINANCIAL HIGHLIGHTS AND KEY RATIOSDKK IN MILLION 2024 2023 2022 2021 2020*INCOME STATEMENTRevenue 838 803 794 668 596Gross pro t 335 308 324 316 165EBITDA 133 124 154 156 -21EBIT 107 104 135 138 -388Pro t/loss from  nancial income and -6 -5 3 3 242expenses (including associate)Pro t/loss for the year 78 73 115 126 -200BALANCE SHEETTotal assets439 478 451 421 355Plant and equipment58 44 32 22 24Equity185 274 273 213 87CASH FLOWSCash flows from operating activities 73 164 6 153 60Cash flows from investing activities, net -41 -44 -42 -29 -8Thereof, investment in plant and equipment -32 -23 -24 -12 -10Cash flows from  nancing activities -177 -67 -81 -38 -6Total cash flows-145 53 -118 86 46EMPLOYEES Average number of employees 423 400 374 354 444FINANCIAL RATIOS STATED AS A PERCENTAGE Gross margin 40.0 38.4 40.8 47.3 27.7EBITDA margin 15.9 15.5 19.4 23.3 -3.5Operating margin (EBIT)12.8 13.0 17.0 20.7 -65.2Return on invested capital24.5 23.4 31.9 36.8 -70.7Solvency ratio42.2 57.4 60.5 50.6 24.5Return on equity34.1 26.7 47.4 83.9 -112.3For defi nitions, please see the accounting policies.*The Company has changed its accounting policy for investments in subsidiaries in the fi nancial year. Figure for 2020 have not been ad-justed.MANAGEMENT’S REVIEWTHE BUSINESS PLATFORM - A BRAND HOUSEPWT Group is a leading Nordic brand house within men’s fashion, operating in both the B2B, B2C, and D2C markets.PWT Brands offers distinctive brands with a full product range within menswear. PWT Brands develops, produ- ces, and sells a wide range of strong brands:• Lindbergh• Bison• Junk de Luxe• Morgan• Jacks Sportswear Intl.These brands are sold more than 700 independent re-tailers in 27 countries, as well as to PWT Groups’ two retail chains Tøjeksperten & Wagner.PWT Group’s two retail chains are operated under se- parate names and focus on different target groups. The strategy also sets out to further optimize management and back-ofce functions handling procurement, mar-keting, and administration in order to capitalize on sy- nergies and obtain economies of scale.Tøjeksperten is the largest menswear omni-channel retailer in Denmark with 107 stores across the coun-try, of which 54 are owned by the Group, while 53 are franchises. Tøjeksperten focuses on quality clothing for fashion-conscious men of all ages and sells both its own and external brands.Wagner is a Scandinavian menswear omni-channel re-tailer, which has 16 stores in Denmark, 6 in Norway, and 13 in Sweden. Of these, the Group owns 9 Danish and 6 Swedish stores, while 7 Danish stores, 6 Norwegian, and 7 Swedish stores are franchises. Wagner primarily sells the Group’s own brands.PERFORMANCE IN THE FINANCIAL YEAR UNDER REVIEWRetail B2C offline has impacted the results for 2024 positively. We have succeeded in increasing revenue, but high inflation has raised costs, resulting in a lower prot than in 2023. PWT Brands B2B has impacted the results for 2024 positively. Increased revenue and a signicantly higher coverage ratio have led to a better result than expected. Despite increased expenses, especially for personnel, the results are better than last year.The B2C online business revenue has increased signi- cantly both in terms of expectations and compared to last year. Despite increased expenses, especially for personnel, the results are better than last year.The Group’s EBITDA was DKK 133 million in 2024, which is satisfactory and better than last year.We expected the EBITDA for the Group for 2024 to be 15-20% lower than in 2023, but the year ended up 7% higher than last year due to a higher revenue and higher gross margin.PWT GROUP A/STØJEKSPERTENWAGNER PWT BRANDS100%100%100%100%PWT PWT PWT WAGNER GERMANYSWEDEN AB* NORWAY ASCHINA APSGMBH*100% Wagner Birsta AB 100% Wagner Karlstad AB 100% Wagner Växjö ABTotal revenue increased to DKK 838 million in 2024 from DKK 803 million in 2023.A satisfactory gross margin of 40.0 % was realized, as expected, and better than 38.4 % in 2023.Prot for the year was DKK 78 million (73 million in 2023) In 2024, DKK 40 million was invested primarily in new stores, expansion/improvements of existing stores, as well as in a new website and IT security. A dividend of DKK 100 million has been distributed and 72.9 million has been used for the purchase of own shares/conver-tible bonds. The decision was made while ensuring that there is sufcient liquidity in the company.Net cash and cash equivalents on 31 December 2024 amounted to DKK -49 million, which is satisfactory.In the nancial year, a merger has been completed in which PWT Group A/S, as the continuing company, has merged with Cogs ApS. The merger has been accoun- ted with effect from January 1, 2024, from which date the assets, liabilities, rights, and obligations relating to the dissolved company have been transferred to PWT Group A/S.OPERATIONAL OPTIMIZATIONThe ongoing efforts to optimize PWT Group’s business and constantly improve our customers’ experience with the Group’s brands and retail chains continued in 2024 and included:• Improving the quality and relevance of our pro-ducts.• Increased focus on the product mix and merchan-dising in the stores.• Continued optimization of retail focusing on se-curing earnings in each store, renewing the stores, building bigger stores in attractive locations and closing stores that are not protable.• Continued investments in the Group’s online sales, including B2C, D2C, B2B, and omni-channel sales.EVENTS AFTER THE BALANCE SHEET DATENo material events have occurred after the balance sheet date.OUTLOOKWe aim to maintain the same level of performance, however, we anticipate a potentially challenging year characterized by further increases in cost levels, be-yond our control. Nevertheless, we remain committed to navigating these challenges with agility and determi-nation, staying true to our long-term vision and values.Naturally, the outlook will depend on parameters im-pacting consumer behavior and disposable amounts. These include:• The new U.S. president creates uncertainty about the economy, trade, and international relations. • The war in Ukraine and its impact on the economy.• General uncertainty related to the customers’ -nancial circumstances.In general, 2025 is expected to be a challenging year, possibly affected by the above uncertain conditions. However, we continue to look forward to strengthening our position and developing our business. In 2024, we have proven that our strategy and investments deliver results, and we are ready to accelerate further in 2025. We are strong and well-consolidated—ready to take the next steps.Prot before tax (EBT) is expected to be at the same level as in 2024.RISK MANAGEMENTRisk management is an integrated part of the manageri-al process in PWT Group to limit uncertainties and risks in relation to the nancial and strategic targets dened for the Group. As part of the annual update and ap-proval of the strategy, Management assesses relevant business risks. For the purpose of the risk assessment, Management considers, when required, the policy on currency risks adopted by the Board of Directors.FINANCIAL RISKSThe Group manages its nancial risks centrally and co-ordinates liquidity management and funding. Together with the Board of Directors, Management annually as-sesses the Group’s most important risks and, by way of regular monthly reporting, reports on aspects that may materially affect the Group’s activities and risks. The corporate policy is to not engage in speculation with -nancial risks. INTERNAL CONTROL AND RISK MANAGEMENT SYSTEMS FOR FINANCIAL REPORTING PURPOSESThe Board of Directors and the Executive Board are overall responsible for risk management and internal controls in the Group for nancial reporting purposes.The organisational structure and internal guidelines make up the control environment together with legisla-tion and other rules applying to the Group. The Group’s organisational structure and staff numbers are ad-dressed at board meetings. In relation to the nancial reporting process, Management pays special attention to the following internal controls, supporting a satisfac-tory nancial reporting process:• Credit rating of debtors• Assessment of the valuation of USD positions• Assessment of accruals and valuation of inventoriesPWT Group has established a Group reporting process comprising monthly reporting in the form of budget fol-low-up, performance assessment and compliance with dened targets.On the basis of the Group reporting and reporting on other selected areas, four board meetings are held each year at which the reporting received is discussed and assessed.Moreover, key employees from the Group participate in the board meetings at which they describe and account for the risks and controls within their areas of respon-sibility.CAPITAL RESOURCESManagement regularly assesses the appropriateness of the Group’s capital resources.Based on net cash and cash equivalents of DKK -49 mil-lion at 31 December 2024 and the credit facilities made available by Spar Nord, the cash resources are expec- ted to be sufcient in 2025.WAGNERA multi-brand concept made of brands from the PWT portfolio. A growing and comprehensive store network in Scandinavia forms the foundation for Wagner’s selection of menswear - ranging from trendy to classic fashion.Established in 1946, Wagner currently has 16 stores in Denmark, 13 in Sweden and 6 in Norway. The chain offers an outstanding and affordable selection of contem-porary fashion and strong brands including Lindbergh, Bison, JUNK de LUXE and Jacks Sportswear Intl.TØJEKSPERTENWith 107 stores it is the largest menswear chain in Denmark. Tøjeksperten is provi-ding quality clothing and strong brands from the PWT Brands portfolio and other external designers for fashion- conscious men of all ages since 1968.Tøjeksperten is the largest omni-channel menswear brand in Denmark.The careful selection of products and brands reflects our ambition to maintain Tøjeksperten as the leading menswear chain in the medium price range.LINDBERGHWHITE LABELThe Lindbergh White line offers premium style, quality, and value to consumers worldwide.It stands out as the vibrant and fashion-forward collection of Lindbergh, with a look that reflects simplicity, condent style, and the latest trends.The silhouettes are a playful combination of contemporary t-ted shapes mixed with urban relaxed ts, that add contrast and an unique edge.The collections have a base of classic neutral tones for easy everyday styling that is accompanied by fashion-forward splashes of colour. This makes the White line stay ahead in trends.Intricate stitching and rened treatments work as a red thread throughout the collection and gives it its modern signature style.LINDBERGHBLUE LABELThe Lindbergh Blue product line emphasizes a rugged and casual style. It blends the brand’s aviation heritage and de-nim DNA to create a classic and stylish look with a strong storytelling.The collections are inspired by Americana, a combination of sporty, military, and vintage references which makes it packed with unique and functional features.The brand’s story is told in an authentic way through vintage graphic motifs on the T-shirt range, indigo washes, and soft treatments that give it a worn and lived-in look.The pieces are designed with both an outdoor and urban life-style in mind. They have tted shapes, contrast details, and rened functionality, adding a youthful signature twist to our heritage.LINDBERGHBLACK LABELThe Lindbergh Black line is the pinnacle of rened functionality and elevated formal wear.It integrates a clean, sophisticated style with our menswear heritage and innovation, from structured suiting to everyday wear. The classics are modernized with an updated t, premi-um fabrics, technical details and treatments.It also incorporates an impressive range of European manu-factured suiting and holds a strong line-up of technical outer-wear that is imbued with the latest fabric technology for dura-bility, flexibility, and weather resistance.The silhouettes are modern and timeless and appeal to the fashion-conscious individual and the modern businessman.LINDBERGHJEANSThe Lindbergh Jeans line is inspired by American denim classics and designed for a modern lifestyle. We set out to create authentic jeans that are based on solid craftsmanship with a philosophy that great denim lasts forever.Our collection of men’s jeans spans from clean to vintage in-spired washes. The many versatile ttings makes them easy to pair with any outt.We created Lindbergh jeans as a response to fast fashion, to make timeless jeans that stand the test of time.JUNK DE LUXEEclectic juggling - First and foremost, about a certain kind of hip, urban attitude. An uncompromisingly cross over style, making its presence felt on the biggest catwalk of them all - the street. The style is an eclectic combination of collectibles and details from many decades of fashion and function wear. We keep up with current trends while not being a slave to fashion.This is the inspiration to the design of JUNK de LUXE. A design direction rooted in the best from the past, but pointing for-ward. Our aim is to create a hybrid between vintage and mo-dern garments, a combination which we call: Street Tailoring. BISONNo nonsense clothing - Made to lastA clothing brand founded in Denmark in 1972. From the begin-ning characterised as a specialist brand based on the bison, a durable character from which we take inspiration to the soul of our brand and our legacy.Bison works with contemporary fashion and lifestyle driven aesthetics, in the eld of classic casual wear and functional garments, for everyday performance.Bison develops a practical, stylish and durable range of no-nonsense clothing for no-nonsense men.JACK’S SPORTSWEAR INTLSharp sporty casualCasual clothing for the average con sumer. The target audience is broad and the collection is very commercial.Given the wide audience, the goal is to create a collection containing as many “must-have” styles as possible – and the fabrics and colour choices are therefore a dynamic size – compared to what is neces sary to achieve the goal of this collection. In short: a good, quality product – at a competitive price.MORGANA classic modern brandMorgan is established in 1985 and characterized by the high- quality level and the comfortable t.The most important garment group of the collection is shirts and Morgan is well known for a high standard of wrinkle-free treatments.Morgan is perfect for the man who seeks ‘VALUE FOR MO-NEY’ products, whether it is for a casual or formal occasion. PWT Group A/S Gøteborgvej 15-17 9200 Aalborg SV Denmark 31081610 Aalborg 17 pwt-group.com Skibsbyggerivej 5 9000 Aalborg Denmark DATA ETHICSIn PWT’s continued efforts to adhere to data ethics standards, PWT has focused on safeguarding custo- mer personal information and ensuring compliance with applicable laws and regulations. While PWT previ-ously noted the absence of a formal data ethics policy, it is crucial to clarify that PWT operates under a compre-hensive set of internal guidelines that effectively serve as PWT’s data ethics policy.These guidelines encompass strengthened security measures to prevent data loss and unauthorized ac-cess, alongside providing thorough data ethics and security training for all employees. This ensures under-standing and commitment across the organization to protect personal information.PWT’s data processing procedures respect the boun-daries of customer consent, ensuring data use is appro-priate and proportionate. PWT maintains transparency with PWT’s customers about data usage and provide avenues for them to control their personal information.PWT recognizes the importance of these internal guide-lines in guiding our ethical data practices, demonstra- ting PWT’s dedication to responsible data management. ESG REPORT 2024OUR BUSINESSPWT is committed to reducing its negative impacts and increase the positive impacts on basic principles of so-cial, environmental, and economic sustainability. It is a long journey, and the Group continuously improves poli-cies and procedures to be able to identify and manage risks throughout the business and value chain. For a description of the Group’s business model, please see “The Business Platform - A Brand House” page 12 and for a description of the Group structure please see page 7 and 13.ESG StrategyBased on the rapid development of topics of sustaina-bility, the Group conducted a review of the strategy and introduced an updated strategy “ESG Strategy 2024-2026”In this new phase the Group wishes to integrate the concept of ESG into its business operations. From pro-duct design and manufacturing processes to supply chain management. By embedding Environmental, So-cial and Governance principles into the business, PWT also prepares for forthcoming legislative frameworks.This report will reflect the new strategy setup. Policies PWT’s sustainability work is based on the UN Global Compact’s ten principles and follows the approach set forth in the OECD Guidelines for Multinational Enter-prises and the UN Guiding Principles on Business and Human Rights (UNGP’s) The Group’s CSR Policy refers to internationally endorsed principles for sustainable development, such as the International Bill of Human Rights, including core ILO labour rights, the Rio Declara-tion and the UN Convention against Corruption.Internal ProcessesPWT sets the same requirements for itself as to its sup-pliers: • Adopt policies• Conduct regular risk assessments• Draw up action plans to manage identi ed risks and challenges• Communication about actions and results• Enable access to remedy through a legitimate grievance mechanismThis is a process which requires both time and resour-ces and the Group is continuously improving its due dili-gence procedures.The strategy is integrated in all departments of the com-pany, such as Design, Purchase, Sales, Marketing and Retail through info meetings, communication materials, etc. On a quarterly basis, ESG meetings are held with the management group and the Group has in 2024 in-troduced a project group which will be responsible for implementing projects across the organization.PartnershipsPWT strives to encourage cooperation and dialogue with suppliers and other relevant parties on social, environ-mentally, and economically sustainable solutions. Tack-ling global and wide-spread risks cannot be achieved by one company alone, and the Group collaborates with several organisations and initiatives to create as much positive impact as possible.The Group sees it as imperative that the different play-ers of the textile industry come together to create the most valuable and long-lasting changes that are need-ed. PWT work closely together with Danish organisa-tions and assert our influence regarding coming legi-slations. The Group is also proud to cooperate with Plastic Change, the Danish environmental organisation that works to break the exponential growth of plastic pol-lution. As of 2020 PWT Group has donated to Plastic Change. ESG STRATEGY 2024 - 2026SEENVIRONMENTWe will integrate environmental considerations into our entire businessCLIMATE RESPONSIBLY MADEPACKAGING & WASTE• Reduce CO2 emissions in • Ensure use of materials better • Reduce waste generated from own business and in value for climate, environment, and our activitieschainpeople• Focus on reusability• Biodiversity• Design and produce for • Natural Resourcescircularity• No overproduction• No harmful chemicals SSSOCIALSOCIALWe will ensure good and safe working conditions for our employees and in our supply chain OWN WORKFORCE SUPPLY CHAINCONSUMERS• Be an attractive workplace• Improve working conditions • Helping consumers make • Employee well-being and and safety through due informed choiceshealthdiligence processes• Sell good and safe products• Opportunity for development/• Dialogue and supplier trainingeducation• Diversity and equalityGGOVERNANCEWe will ensure transparency, ethical behavior, and responsibility in our decisions and actionsETHICS REPORTING & TRANSPARENCY RISK MANAGEMENT • Ensure we have policies in • Annual CSR reporting • Identify and manage potential placerisks• Due Diligence on social and environmental considerations Monitoring and implementation of national and international legislation and guidelinesPARTNERSHIPSESG REPORT 2024EENVIRONMENTPWT is aware that it has a substantial environmental footprint and is committed to reduce this by contin-uously improving internal processes and supporting suppliers on their journey towards more environmen-tal-friendly production methods.CLIMATEPWT is measuring its carbon footprint through an online reporting system provided by CEMAsys. The reporting system follows the GHG Protocol and ISO14064, and the aim is to map the Group’s emissions and track the progress on reducing GHG emissions throughout the business.This year’s climate report shows a total emission of 16,446 tons CO2e, which is a 25% increase compared to 2023. Material production accounting for 93.2%, transportation for 4.2%, electricity for 1.8%, waste for 0.1% and company cars for 0.6% of the total emissions. See Carbon Accounting Report 2024 on page 30-37.In 2024 the emissions in own operations were 405.6 tCO2e compared to 398.7 tCO2e in 2023. Emissions from fuel consumption of company cars represent 26% and 74% from electricity consumption at head ofce, warehouse and retail stores. To reduce CO2 emissions in own operations PWT continues to investigate and im-plementing energy-saving activities.DISTRIBUTION OF EMISSIONStCO2eWASTE UPSTREAM 9.3TRANSPORTATIONTRANSPORTATION105.2697SCOPE 1SCOPE 3& SCOPE 2ELECTRICITY PURCHASED 300.4GOODS 15,334.197.5% of CO2 emissions come from outside own opera-tions. The manufacturing of our products and upstream transportation represents most of the Group’s Scope 3 emissions. In 2024 Scope 3 emissions, were 16,040.4 tCO2e compared to 12,764.8 tCO2e in 2023. The in-crease is due to higher revenue and increased inventory to prepare for future orders. Company growth will lead to increased Scope 3 emis-sions. The Group has in 2024 experienced a 24.6% increase in the emissions associated with the produc-tion of purchased materials compared to 2023. PWT will work with suppliers on adopting energy efcient production methods and implementing renewable en-ergy. Better materials with lower footprint such as or-ganic and recycled materials can have effect on CO2 emissions and from 2023 to 2024 there has been an increase in the use of recycled materials. Emissions from upstream transportation are also in-cluded under Scope 3. This covers transport of pro- ducts from suppliers to PWT warehouse. Transportation accounts for 4.35% of the Groups Scope 3 emissions. In 2024 PWT partnered up with one logistics partner to be part of a programme using low-emission fuel for most of the air freight. However, from 2023 to 2024 emissions from transpor-tation increased by 57%. The increase is mainly driven by the increase in purchase of products and by more use of air freight. While our primary method of transpor-tation is ocean shipping for most of the products, unrest in the Far East caused delays and use of air freight were prioritized to meet expected delivery times. RESPONSIBLY MADEThe most sustainable garments are quality products that will last for many years. In recent years PWT has worked to reduce the number of styles and gain a bet-ter quality and durability for each garment. The Group’s premium brands, Bison and Lindbergh Black are a big part of this. Until now, the Group has achieved a 57% reduction in styles. This development is in line with coming EU legislation within the textile industry. Material production accounts for 95.6% of the Groups Scope 3 emissions, based on this year’s climate report. Therefore, to reduce the Group’s environmental foot-print, it is essential to look at how to shift from conven-tional materials and production processes to ones that leave a lower footprint. For this purpose, designers and purchasers are work-ing with suppliers on nding more sustainable materials and production methods. The approach is to cooperate with suppliers on nding the best solution that makes sense on all parameters. This intensied focus has re-sulted in several initiatives, such as focus on using or-ganic cotton, Better Cotton, recycled materials, and better denim production.A relatively large share of the Group’s material use is cotton. Considering cotton production’s negative im-pact on the climate, the local environment, and the bi-odiversity, it is imperative that the textile industry nds more sustainable ways of producing cotton. PWT is a member of Better Cotton to improve cotton farming globally. Better Cotton makes global cotton production better for the people who produce it, bet-ter for the environment it grows in, and better for the sector’s future. By buying more Better Cotton the Group reduces the use of conventional cotton and thereby re-duces CO2 emissions.PWT is committed to sourcing 50% of the Group’s cot-ton as Better Cotton by 2025. In 2024 we met this goal with 54% of the cotton purchased being Better Cotton.Better Cotton is sourced via a Mass Balance system and is not physically traceable to end products. Read more about Better Cotton here: https://bettercotton.org/Further to the Better cotton membership, the Group fo-cuses on its use of organic cotton, recycled materials, and others. Amfori BEPIIt is essential to look at the production methods throughout the supply chain. In 2024 PWT started en-gaging strategic suppliers on the amfori BEPI (Busi-ness Environmental Performance Initiative) program. Through the BEPI program, suppliers are asked to re-port on their energy consumption, waste management, chemicals, etc., and then work on improving their envi-ronmental performance level within priority areas. Do-ing this, the Group helps suppliers establish a baseline for energy use and in time set targets for reducing ener-gy consumption or transitioning to cleaner fuels. The Group will support the suppliers in this process and push for sustainable changes.Forest Steward Council (FSC®)PWT is a member of the Forest Steward Council and has an FSC® promotional license (FSC® - N004374). This means that it is approved, by FSC Denmark, to use the FSC trademarks in communication and promotion of FSC-labelled products. Wood based products bearing the FSC label are sourced from forests with responsible forest management.Read more about FSC here: https://fsc.org/LeatherPWT requires all leather suppliers only to use tanneries that are member of the Leather Working Group; an ini-tiative focusing on reducing the consumption of water, energy, and chemicals.No harmful chemicalsPWT is aware of the risk of using harmful chemicals during production, and the Group is actively working to avoid them, for the sake of both local biodiversity and the environment and the health of the people working in production. PWT is certied to the OEKO-TEX® Standard 100 and offers a range of certied products. In 2023, 26% of the products were certied. In 2024, more products were added, so that the Group now have 36% certied products. The aim is to continue expanding the range of certied products. Products certied to the OEKO-TEX® Standard 100 adheres to the strict rules for harmful substances according to the requirements in the stan-dard and covers all components of the product. This helps to ensure product safety for the consumer.The Group has set up a Restricted Substance List (RSL) in collaboration with Bureau Veritas. The RSL applies to all garments and accessories manufactured for PWT. All suppliers must sign this document before starting production. The RSL is based on the Regulation (EC) No. 1907/2006 of the European Parliament, also known as the REACH regulation, and is updated on a regular basis. For each sales season, styles are picked out for testing at local BV labs, based on a risk assessment. Occasionally, random tests are performed at the ware-house in Denmark to avoid golden samples. Packaging and Waste ManagementA considerable impact, when talking about packaging consumption and waste, is the packaging material used during transportation of products, such as poly bags, tissue paper, and carbon boxes. The Group is continu-ously looking into how to reduce and/or replace existing packaging materials with more sustainable materials. Focus on more recyclable packaging is in line with com-ing EU legislation within the textile industry. The Group has run a project to nd alternative poly bags with a lover impact on environment. In the beginning of 2025 PWT will implement these on selected product groups as a start. All carbon boxes used to send pro- ducts to customers are FSC® certied. Waste ManagementPWT focuses on handling waste very carefully. The goal is to recycle as much waste as possible. By implementing targeted waste sorting at PWT Head-quarter and warehouse, the group will ensure that a large part of the waste is recycled. In 2023, the Group started collecting data on waste, and we monitor the ef-forts of sorting in our climate accounting. In 2024 the Group reached 90% waste for recycling which was the same level as in 2023. Cardboard ac-counts for 76% of the total amount of waste. Since 2022, the Group has run a pilot project regarding the sorting and recycling of textile waste with NewRe-tex. By using robot technology NewRetex sorts and pro-cesses discarded textiles. This means that the textiles are sorted by quality and colour which improves recy-clability. The project resulted in 80% of the textiles that were sent to NewRetex being recyclable. The Group has entered a collaboration with NewRetex so that in the future it will send textile waste for recycling through them. Textile waste is textiles that cannot be sold due to damage and not repairable.In 2024 the Group also included franchise stores to send damaged textiles to NewRetex. Therefore, there is an increase in submitted textile waste in 2024. In 2024 the Group sent 5.476 kilo textiles for recycling by New- Retex. By sorting and making sure most of the waste is recyc- led, the Group take care of the climate by reducing CO2 emissions and the need for virgin materials. NewRetex makes new yarns from recycled materials.1,200COTTON BOUGHT1,000800600BETTER COTTON400CONVENTIONALORGANIC200RECYCLED02021202220232024TOTALWASTEt CO2eTonnesRESIDUAL WASTE, INCINERATEDWASTE, RECYCLED1800 20 40 60 80 100 120 140160ESG REPORT 2024SSOCIALOWN WORKFORCEPWT aims to be an attractive workplace, and the Group focuses on recruiting, training and retaining employees. Through ongoing dialog regarding continuing education, the Group ensures that it has the right qualications it requires. The need for education and personal devel-opment is claried annually. Upskilling of employees benets both the employee and PWT.Through a working environment committee, the Group works to ensure good and safe working conditions for all employees. The Group has installed a debrillator in the warehouse and head ofce. All employees are invit-ed to participate in rst aid trainings with CPR regularly. In 2024 PWT head ofce had an unannounced visit from the Working Environment Authorities where procedures were reviewed, and employees were interviewed. The authorities found no violations of legislation and no comments.The Group will continue working on employee health and well-being and be an attractive workplace with a focus on employee development.SUPPLY CHAIN Production takes place in several countries across the globe. PWT does not own any factories but cooperates with a range of suppliers, both directly at production facilities and via sourcing houses. The top 30 factories represent approx. 89% of all orders, and the focus is primarily given to these.PWT aims for supplier cooperation based on mutual understanding, trust and long-term relationships. Co-operation on social responsibility and environmental protection is an essential part of the relationship with suppliers.7%7%9%36%SOURCING COUNTRIES11%30%BANGLADESHCHINAPAKISTANTURKEYVIETNAMOTHERIt is of utmost importance that textiles are produced at factories with decent working conditions. Many re-sources are spent on following up with suppliers on their work on adhering to the Code of Conduct. The Group’s Code of Conduct is based on Danish Fash-ion & Textile’s Code of Conduct and describes the sus-tainability minimum standards set for business part-ners. It is a fact that some production countries represent considerable risks of unsafe working conditions and challenged labour rights. At the same time, the textile industry creates millions of jobs, and the Group does not see it as an option to cut out countries from the sourcing loop. Instead, the Group will focus on contri- buting to improvement, through the supply chain man-agement, and through participation in national and in-ternational initiatives. Amfori BSCIPWT has been a member of the amfori since 2013 and has used the amfori BSCI as the main social certica-tion system for suppliers. Suppliers are expected to work with amfori BSCI (SA8000 or similar system) and in cases where a factory has not yet initiated the BSCI process, they are expected to join within a reasonable time. Suppliers are audited annually by third party audi-tors, and audit reports are used to promote dialogue on necessary improvements. As a minimum, the Group expects the factories to achieve a C-rating. 2%0%SOCIAL AUDIT SOCIAL AUDIT 44%PERFORMANCE54%PERFORMANCEGOOD (A+B+SA8000)ACCEPTABLE (C + SEDEX)NON-ACCEPTABLE (D+E)AUDIT EXPIRED/ AUDIT IN PROGRESSThe Group does not expect suppliers to overcome chal-lenges overnight but focuses on their ability and will-ingness to demonstrate continuous improvements by making corrective action plans on ndings from the audit. Due to positive progress in audit results, PWT has fo-cused in 2024 on implementing continuous improve-ments and guidance/trainings for suppliers. This has resulted in more factories have achieved better BSCI scores and the number of factories with A- and B-rating have increased from 48% in 2023 to 54% in 2024.The international Accord for Health and Safety in the Textile and Garment Industry. PWT has been a signatory member of the Accord since 2013. The Group signed the new updated agreement for The International Accord for Health and Safety in the Textile and Garment Industry in Bangladesh for six more years.The Group continues to require all active Bangladeshi suppliers to work actively with the RMG Sustainability Council (RSC). This meaning 1) engaging with the In-spection Programme, 2) improving re, building and electrical safety based on inspection ndings, 3) par-ticipating in the extensive training, and 4) engaging in remediation dialogues based on the RSC grievance mechanism. The Group continuously receives and acts upon inspec-tion reports on the factories’ building safety, as well as re and electrical safety, through the Accord. In 2024, the Group has 15 active Bangladeshi factories in the initiative with an average progress rate of 87%. By working with factories covered by the Accord togeth-er with other members, the Group ensure the occupa-tional safety of more factory workers in Bangladesh as these factories are participating in the Accord’s safety committee training.ESG REPORT 2024GGOVERNANCEETHICS & ANTI-CORRUPTIONAnti-Corruption PolicyPWT wishes to combat corruption and bribery and seeks to promote openness and transparency. PWT has established an Anti-corruption Policy, which is based on the UN Convention against Corruption and signed by the top management. It is included in the Employee Hand-book and Supplier Manual. The policy covers risks like corruption, bribery, facilitation payment and Hospitali-ty. Together with the policy, a “Facilitation and Hospita- lity Register” has been set up in which employees reg-ister gifts. The policy is communicated internally, and the facilitation and hospitality register are monitored on an annual basis as well. During 2024 two items were registered on the Facilitation and Hospitality Register. Animal Welfare PolicyAll relevant suppliers are required to sign and com-ply with the Group’s Animal Welfare Policy. It states, among other things, that PWT only accepts leather from animals bred for the food industry, that mulesing is not accepted and that live plucking of birds is unacceptable. The policy is based on The Five Animal Freedoms.Reporting & TransparencyPWT has set up a grievance mechanism on the Group’s website, which ensures that stakeholders can report any concern relating to PWT anonymously. Until now, no grievances have been received.The Group’s Internal whistleblower mechanism aims to provide a condential channel through which employ-ees can report concerns related to unethical behavior, violations of company policies, or any activities that may pose risks to the environment or society. To ensure that no conflict of interest arises all reports will be ini-tially received by an external partner who is responsible for an initial assessment of the report.Since the establishment of the internal whistleblower mechanism, no issues have been reported. RISK-MANAGEMENTOn an annual basis, the Group conducts a risk assessment, including action plans. Below is the latest version:HUMAN AND LABOUR RIGHTSRelevant Policies: CSR Policy Commitment, Code of Conduct, Restricted Chemicals List (RSL)Risks in our own Risks in our Action planbusinesssupply chainRisk of occupational A working environment committee continuously assesses the working hazards and injuriesenvironment and makes recommendations for improvements. Risk of overtime Regular overtime is a common challenge for the industry, but the Group is work on a regular continuously working to prevent excessive overtime. The team managers basisare constantly improving working processes in order to ensure a more efcient flow and hence avoid excessive overtime.Health of employeesAll employees are covered by a health insurance which includes eg. Minor operations, psychological treatments, and is a supplement to the public health service. A health insurance ensures quick investigation, treatment and helpsour employees to get well an return to work.The Group conduct rst aid trainings with CPR in collaboration with Falck. Once a year all employees will be offered trainings. For all our store assistant trainees attending rst aid trainings will be mandatory. In addition, a debrillator has been installed at the Main Ofce and Warehouse.Unsafe PWT Group’s suppliers must provide safe working conditions for their working employees. conditionsAs a member of the amfori BSCI the Group expects its suppliers to en-sure safe working conditions by complying with amfori requirements and being part of the audit program. As a signatory member of the International Accord for Health and Saftey in the Textile and Garment Industry, the Group is supporting safer pro-duction buildings for suppliers in Bangladesh. It is a requirement to all suppliers that they can provide valid permets of building safety. Excessive PWT Group works to ensure that its own buying practices does not working hourscontribute to excessive working hours. Orders are placed well in ad-vance, and the Group ensures that changes are not made shortly before deadlines. The Group assesses suppliers’ practices; overtime should be voluntary and limited, management should develop a contingency plan and is encouraged to set up electronic time systems, etc.Lack of Suppliers ability to ensure the health of their employees is assessed ensuring the on an ongoing basis. Indicators include proper sanitary facilities, clean health of drinking water, medical staff, regular health check-ups, access to workersmedicine, proper conditions for pregnant employees, etc. Trainings and awareness in health and safety are provided through amfori Sustainabi- lity Platform and continuous improvements after BSCI audits, if deemed necessary. HUMAN AND LABOUR RIGHTSRelevant policies: CSR Policy Commitment, Code of Conduct, Restricted Chemicals List (RSL)Risks in our own Risks in our Action planbusinesssupply chainUnfair PWT Group does not own factories and cannot manage salaries paid to remunerationsuppliers’ workers. However, the Group does negotiate realistic prices in order not to contribute to unfair remuneration. PWT Group requires that all suppliers comply with national regulation, and the Group assesses suppliers’ ability to support workers nancially in other ways, e.g. by providing free transportation, low-cost canteens, and kiosks with low-cost provisions.Discrimination Suppliers’ ability to provide equal rights and payment for everyone is assessed on an ongoing basis. Indicators include recruitment and salary procedures, respectful behavior from managers towards workers, etc.Precarious Production facilities should keep proper records of contracts and em-employment ployee ID, and have proper notice and leave procedures in place in order and bonded to avoid precarious employment. PWT Group focuses on questioning the labouruse of piece-rated employees and probation workers, which can be a method to keep wages down.Freedom of PWT Group assesses suppliers’ respect for worker associations and association trade unions as well as their ability to include workers in decision-mak-and collective ing. The Group stresses to suppliers that safety or WP committees can bargainingbe very valuable and support suppliers in establishing good committee practices. Through the Accord, all Bangladeshi suppliers are required to establish Health and Safety committees, and they receive training on their rights and responsibilities in regard to committee practices. Child labour In general, this issue has improved among suppliers. However, the and the lack of Group still considers child laboru as a substantial risk within the supply protection of chain. The Group became a member of amfori BSCI in 2013, an initiative young workersthat works to improve working conditions on factories. Factories are audited on yearly basis and preventing child labour is an essential issue. ENVIRONMENT AND CLIMATERelevant Policies: CSR Policy Commitment, Code of Conduct, Restricted Chemicals List (RSL), Animal Welfare PolicyRisks in our own Risks in our Action planbusinesssupply chainCO2-emissionsSince 2020, PWT Group is working with the Cemasys system to calculate co2 emissions in a structured way, based on the GHG Protocol. Please read more in the section “Climater & Environment”Use of textile PWT Group prioritize longevity in the design and production of each prod-materialsuct. Focus is on quality over quantity, leading us to reduce the number of styles every year. The Group is committed to sourcing quality materials that range from organic to recycled. In 2019, PWT Group joined Better Cotton, one of the world’s largest sustainable textile initiatives. The Group is also a member og the Forest Steward Council (FSC). The plan for the coming years involves the introduction of additional materials better for the envi-ronment.Plastic use, and PWT Group has replaced all packaging materials in the stores with ones packaging in made of recycled materials. Bags are not provided for free. generalIn the coming years, the Group will look into how to reduce the amount of packaging material, such as poly bags, tissue paper, carbon boxes, etc., and how to replace virgin material with recycled ones.TransportPWT Group species to suppliers that the Group prefers sea freight, and that train freight is preferred over airfreight, reducing airfreight to an ab-solute minimum. Furthermore, all shipments from central inventories are continuously optimized. Textile wasteIn collaboration with extern partner we collect our textile waste, sort it and make sure most of our textile waste is recycled.Animal All relevant suppliers are required to sign and comply with the Animal WelfareWelfare Policy. It states, among other things, that PWT Group only accepts leather from animals bred for the food industry, that mulesing is not ac-cepted, and that live plucking of birds is a unacceptable practice.Risk of use of All suppliers are obliged to comply with the Group’s RSL, which is aligned harmful chemi-with the EU regulation, REACH. Styles from each collection are selected for cals, and of testing at Bureau Veritas, based on a risk assessment. insufcient In 2021, PWT Group accomplished to get an OEKO-TEX certication for a chemical range of products. OEKO-TEX protects consumers from harmfull substanc-management at es.production sites.In general, The Group is engaging with strategic suppliers about the amfori BEPI poor envi-programme, in order to support them in setting up sufcient policies and ronmental processes in regard to environmental management. This includes looking management at chemical handling, waste management, water and energy use, etc. at production facilitiesANTI-CORRUPTIONRelevant Policy: CSR Policy Commitment, Code of Conduct, Anti-Corruption PolicyRisks in our own Risks in our Action planbusinesssupply chainSourcing from Together with the policy, a ‘Facilitation and Hospitality Register’ has been countries with set up where employees register gifts. This register is monitored on an high corruption annual basis as well. The aim of this is to increase the awareness level risksinternally. CLIMATE REPORTCARBON ACCOUNTING REPORT 2024 This report provides an overview of PWT Groups green-house gas (GHG) emissions, which is an integrated partof the organisation’s climate strategy. GHG emissions accounting is a fundamental tool in identifying tangiblemeasures to reduce GHG emissions. The annual GHG emissions accounting report enables the organisation tobenchmark performance indicators and evaluate pro-gress over time.Consolidation approach used for the GHG emissions ac-counting: Operational control.This report comprises the following organisational units: PWT Groups head ofce, warehouse and stores.The input is based on consumption data from internal and external sources, which has then been convertedinto tonnes CO2 -equivalents (tCO2e) using generic and/or specic emission factors. The GHG emissionsaccounting is based on the international standard; A Cor-porate Accounting and Reporting Standard, developedby the Greenhouse Gas Protocol Initiative ( GHG Proto-col). The GHG Protocol is the most widely used andrecognised international standard for measuring green-house gas emissions on a company level, and is the basisfor the ISO standard 14064-I.REPORTING YEAR ENERGY AND GHG EMISSIONS % share of total calculated Summary Unit 2024GHG emissionsScope 1 total tCO2e 105.2 0.6%Scope 2 total tCO2e 300.4 1.8%Scope 3 total tCO2e 16,040.4 97.5%Scope 1, 2 & 3 total 16 446Energy SCOPE 1Description Consumption UnittCO2e % share(MWh)Transportation total410.8 105.2 0.6%Diesel (B5) 40,850.0 liters 404.4 103.6 0.6%Petrol (E5) 708.0 liters 6.4 1.6 0.0%Scope 1 total 105.2 0.6%Energy SCOPE 2Description Consumption UnittCO2e % share(MWh)Electricity total2,432.8 300.4 1.8%Electricity Denmark 125 2,170,788.0 kWh 2,170.8 269.2 1.6%Electricity DK, Aalborg 262,052.0 kWh 262.1 31.2 0.2%Scope 2 total 2 432.8 300.4 1.8%Energy SCOPE 3 Description Consumption UnittCO2e % share(MWh)Purchased goods and services total15,334.1 93.2%Acrylic fabric (T1-4) 21,198.0 kg 274.9 1.7%Bamboo fabric (T1-4) 31,313.0 kg 495.1 3.0%Cotton fabric, BCI (T1-4) 421,060.0 kg 3, 789.5 23.0%Cotton fabric, conventional (T1-4) 344,504.0 kg 3,379.6 20.5%Cotton fabric, organic (T1-4) 10,584.0 kg 91.1 0.6%Cotton fabric, recycled (T1-4) 5,781.0 kg 46.1 0.3%Down insulation 294.0 kg 2.7Elastane/Spandex fabric (T1-4) 18,332.0 kg 272.2 1.7%Leather, cow (T1-4) 2,508.0 kg 90.0 0.5%Linen (flax) fabric (T1-4) 71,157.0 kg 655.4 4.0%Lyocell fabric (T1-4) 3,295.0 kg 45.2 0.3%Nylon fabric (6) (T1-4) 12,125.0 kg 206.7 1.3%Nylon/polyamide (PA) fabric (T1-4) 17,940.0 kg 229.6 1.4%Polyester fabric (T1-4) 253,462.0 kg 2,810.9 17.1%Polyester fabric, recycled (T1-4) 28,098.0 kg 236.3 1.4%Polyurethane fabric (T1-4) 3,221.0 kg 47.8 0.3%Silk fabric (T1-4) 111.0 kg 10.8 0.1%Viscose/Rayon fabric (T1-4) 89,905.0 kg 1,421.4 8.6%Wool, ne (T1-4) 29,869.0 kg 1,190.9 7.2%Wool, recycled (T1-4) 4,728.0 kg 37.7 0.2%Upstream transportation and distribution total 697.0 4.2%Air Intercontinental freight WTW 420.0 tCO2e 420.0 2.6%Sea container avg load WTW 235.0 tCO2e 235.0 1.4%Truck avg. WTW 42.0 tCO2e 42.0 0.3%Waste total 9.3 0.1%Residual waste, incinerated 17,115.0 kg 8.3 0.1%Plastic packaging waste, recycled 490.0 kgMetal waste, recycled 8,630.0 kg 0.1Organic waste, recycled 3,170.0 kgPlastic waste, recycled 1,320.0 kgCardboard waste, recycled 125,350.0 kg 0.8Sorted waste, recycled 7,760.0 kgWood waste, recycled 2,680.0 kgTextile waste, recycled 4,380.0 kgSCOPE 3 total 16 040.4 97.5%TOTAL SCOPE 1,2 & 3 16 446.0 100.0%The above provides a comprehensive summary of the calculated GHG emissions accounting of PWT Group for the reporting year 2024. It illustrates Scope 1, Scope 2 and the Scope 3 categories ‘Purchased Goods and Ser-vices’, ‘Upstream Transportation and Distribution’ and ‘Waste’. The table presents consumption data and its corresponding reporting unit (e.g., kg, liters, kgCO2e), consumption data converted into energy (MWh) and tCO2e, and the % share each emission source repre-sented in the overall GHG emissions accounting. Con-sumption data that equals a tCO2e value lower than 0.1 are visualised with an ‘ - ‘. PWT Group is currently working on expanding their Scope 3 emissions to other relevant categories, which will be included in next year’s reporting.For 2024 the total calculated Scope 1, 2 and 3 emissions for PWT Group are 16,446 tCO2e, which is a 24.9% in-crease compared to 2023. An explanation for the emis-sion changes will be found below.Scope 1 includes direct emissions from the reporting company’s own operations. For PWT group, this consist of fuel use for company owned or leased vehicles. For 2024 the total calculated Scope 1 emissions for PWT Group are 105.2 tCO2e, which account for less than 1 % of the total calculated GHG emissions. Compared to 2023, PWT Group has experienced a 12.7% reduction in Scope 1 emissions, mainly due to a decrease in the amount of company owned cars.Scope 2 includes indirect emissions from the reporting company’s consumption of grid electricity, heat, steam or cooling. For PWT group this consist of purchased electricity for its ofce, warehouse and stores. For 2024 the total calculated Scope 2 emissions for PWT group are 300.4 tCO2e, which account for 2% of the total cal-culated GHG emissions. Compared to 2023, PWT Group has experienced an 8% increase in Scope 2 emissions due to an increase in electricity consumption. These numbers are calculated through the location-based ap-proach. Market based emissions can be found on the following page.There has yet to be accounted for the heating of PWT Groups buildings, warehouses, or stores, since the data availability has been low. PWT Group is continuously working on expanding their data and heat will be includ-ed in the GHG emissions accounting for 2025.Scope 3 includes indirect emissions from activities in the company’s value chain. For PWT Group this GHG emissions accounting include emissions associated with their purchased fabrics, their upstream transportation and distribution and the waste generated in their oper-ations. For the category waste, PWT Group has current-ly set their organizational boundary to their ofce and warehouse, since waste data from stores has been dif-cult to retrieve. However, it will be included in the GHG emissions accounting for 2025.For 2024 the total calculated emissions from Scope 3 for PWT Group were 16,040.4 tCO2e, which account for 97.5% of the total calculated GHG emissions. Within Scope 3, the emissions associated with the production of the purchased fabrics account for 95.6% of the total calculated Scope 3 emissions, where cotton purchase is the largest contributor to these emissions. In 2024 PWT Group experienced a 24.6% increase in its total calcu-lated Scope 3 emissions, mainly due to an increase in sales and a corresponding increase of purchased tex-tiles to increase inventory.MARKET-BASED GHG EMISSIONSCATEGORY Unit 2022 2023 2024Electricity Total (Scope 2) with market-based calculations tCO2e 1,103.8 969.3 1,068.5Scope 2 Total with market-based electricity calculations tCO2e 1,103.8 969.3 1,068.5Scope 1+2+3 Total with market-based electricity calculations tCO2e 19,553.2 13,854.6 17,214.2PERCENTAGE CHANGE (FROM PREVIOUS YEAR) -29.1% 24.2%KEY PERFORMANCE INDICATORSKPIs Unit 2022 2023 2024Total tCO2e/1000 kg produced clothes tCO2e 11.0 12.2 12.0PERCENTAGE CHANGE (FROM PREVIOUS YEAR) 9.1% -1.6%ANNUAL GHG EMISSIONS% change SCOPE 1 Description 2022 2023 2024from 2023Transportation total 127.8 120.5 105.2 -12.7%Diesel (B5) 114.4 110.8 103.6 -6.5%Petrol (B5) 13.4 9.7 1.6 -83.5%127.8 120.5 105.2 -12.7%% change SCOPE 2 Description 2022 2023 2024from 2023Electricity total 381.4 278.2 300.4 8.0%Electricity Denmark 125 381.4 278.2 269.2 -3.2%Electricity DK, Aalborg 31.2 100.0%SCOPE 2 TOTAL 381.4 278.2 300.4 8.0%% change SCOPE 3 Description 2022 2023 2024from 2023Purchased goods and services total 17,561.8 12,310.6 15 334.1 24.6%Cotton fabric, conventional (T1-4) 6,596.2 2,793.3 3 379.6 21.0%Cotton fabric, BCI (T1-4) 2,020.7 2,650.8 3 789.5 43.0%Tencel fabric (T1-4) 2.2 -100.0%Leather, cow (T1-4) 238.9 437.7 90.0 -79.4%Acrylic fabric (T1-4) 241.5 217.8 274.9 26.2%Bamboo fabric (T1-4) 451.6 317.7 495.1 55.8%Lyocell fabric (T1-4) 26.8 15.8 45.2 186.1%Leather, goat (T1-4) 108.8 6.6 -100.0%Cotton fabric, organic (T1-4) 412.7 74.9 91.1 21.6%Modal fabric (T1-4) 17.6 - - -100.0%Cotton fabric, recycled (T1-4)) 6.3 18.5 46.1 149.2%Nylon fabric (6) (T1-4) 311.1 196.4 206.7 5.2%Down insulation - 5.7 2.7 -52.6%Nylon fabric, recycled (T1-4) 88.2 7.8 -100.0%Elastane/Spandex fabric (T1-4) 146.3 189.4 272.2 43.7%Nylon/Polyamide (PA) fabric (T1-4) 341.7 295.4 229.6 -22.3%Linen (flax) fabric (T1-4) 565.4 439.6 655.4 49.1%Polyester fabric (T1-4) 2,682.6 2,326.0 2 810.9 20.8%Polyester fabric, recycled (T1-4) 472.5284.5236.3 -16.9%Polyurethane fabric (T1-4) 9.6 7.7 47.8 520.8%Wool, ne (T1-4) 1,447.5 885.0 1 190.9 34.6%Viscose/Rayon fabric (T1-4) 1 356.0 1,107.7 1 421.4 28.3%Wool, recycled (T1-4) 17.4 32.1 37.7 17.4%Silk fabric (T1-4) 10.8 100.0%tUpstream transportation and distribution 749.9 444.0 697.0 57.0%totalAir Intercontinental freight WTW 434.2 285.0 420.0 47.4%Sea container Avg load WTW 167.2 131.0 235.0 79.4%Rail freight WTW 1.7 - -100.0%Truck avg. WTW 146.8 28.0 42.0 50.0%Waste total 9.9 10.2 9.3 -8.8%Residual waste, incinerated 6.8 7.4 8.3 12.1%Plastic packaging waste, recycled - - - -Glass waste, recycled - - - -Metal waste, recycled 0.1 0.1 0.1Organic waste, recycled - - - -Plastic waste, recycled - - - -Cardboard waste, recycled 2.6 2.5 0.8 -68.0%Sorted waste, recycled 0.3 0.1 - -100.0%Textile waste, recycled - - - -Scope 3 total 18,321.6 12,764.8 16,040.4 25.7%TOTAL Scope 1,2 & 3 18,830.7 13,163.5 16.446.0 24.9% Percentage change -30.1% 24.9%METHODOLOGY AND SOURCESThe Greenhouse Gas Protocol initiative (GHG Protocol) was developed by the World Resources Institute (WRI) and World Business Council for Sustainable Develop-ment (WBCSD). This analysis is done according to A Corporate Accounting and Reporting Standard Revised edition, currently one of four GHG Protocol accounting standards on calculating and reporting GHG emissions. The reporting considers the following greenhouse gases, all converted into CO2 -equivalents: CO2 , CH4 (meth-ane), N2O (laughing gas), SF6 , HFCs, PFCs and NF3.For corporate reporting, two distinct approaches can be used to consolidate GHG emissions: the equity share approach and the control approach. The most common consolidation approach is the control approach, which can be dened in either nancial or operational terms.The carbon inventory is divided into three main scopes of direct and indirect emissions.Scope 1 includes all direct emission sources. This in-cludes all use of fuels for stationary combustion or transportation, in owned and, depending on the consol-idation approach selected, leased, or rented assets. It also includes any process emissions, from e.g. chemical processes, industrial gases, direct methane emissions etc., as well as leakage of refrigerants.Scope 2 includes indirect emissions related to pur-chased energy, including electricity and heating/cooling in assets owned/controlled by the organisation.In January 2015, the GHG Protocol published new guidelines for calculating emissions from electricity consumption. Primarily two methods are used to “allo-cate” the GHG emissions generated by electricity pro-duction to the end consumers on a given grid, namely the location-based and the market-based method. The location-based method reflects the average emission intensity of the grids on which energy consumption oc-curs, while the market-based method reflects emissions from electricity that companies have purposefully cho-sen (or not chosen).Organisations who report on their GHG emissions will now have to disclose both the location-based emissions from the production of electricity, and the marked-based emissions related to the potential purchase of Guarantees of Origin (GoOs) and Renewable Energy Cer-ticates (RECs).The purpose of this amendment in the reporting meth-odology is on the one hand to show the impact of energy efciency measures, and on the other hand to display how the acquisition of GoOs or RECs affect the GHG emissions. Using both methods in the emissions ac-counting highlights the effect of both of these types of measures regarding electricity consumption.The location-based method: The location-based method is based on statistical emissions information and elec-tricity output aggregated and averaged within a dened geographic boundary and during a dened time period. Within this boundary, the different energy producers uti-lize a mix of energy resources, where the use of fossil fuels (coal, oil, and gas) result in direct GHG-emissions. These emissions are reflected in the location-based emission factor. Most location-based electricity emis-sion factors used in CEMAsys are based on national gross electricity production mixes and are published by the International Energy Agency’s statistics (IEA Stat). Emission factors per fuel type are in these calculations based on assumptions in the IEA methodological frame-work. Emission factors for district heating/cooling are either based on actual (local) production mixes, or aver-age national statistics.The market-based method: The choice of emission fac-tors when using this method is determined by whether the organisation acquires GoOs/RECs or not. When sell-ing GoOs for renewable electricity or RECs, the supplier guarantees that the same amount of electricity has been produced exclusively from renewable sources, which is assumed to have an emission factor of 0 grams CO2e per kWh. However, for electricity without GoOs or RECs, the emission factor should instead be based on the re-maining electricity supply after all GoOs for renewable electricity and/or RECs have been sold and cancelled. This is called the residual mix, which in most cases is connected to a substantially higher emission factor than the location-based emission factor.Scope 3 includes indirect emissions resulting from other value chain activities. The scope 3 emissions are a result of the company’s upstream and downstream activities, which are not directly controlled by the organisation. Examples include production of purchased goods and services, business travel, goods transportation, waste handling, use of sold products, etc.In general, the carbon accounting should include infor-mation that stakeholders, both internal and external to the company, need for their decision making. An impor-tant aspect of relevance is the selection of an appropri-ate inventory boundary which reflects the substance and economic reality of the company’s business rela-tionships.SOURCES:AIB (2024). European Residual Mixes 2023, Association of Issuing Bodies.DEFRA (2024). UK Government GHG Conversion Factors for Company Reporting, Department fror Environment, Food & Rural Affairs (DEFRA) Greenhouse gas reporting: conversion factors 2024 - GOV.UKEcoInvent 3.9.1, 3.10, and 3.11. Wernet, G., Bauer, C., Steubing, B., Reinhard, J., Moreno-Ruiz, E., and Weide-ma, B., 2016. The ecoinvent database version 3 (part I): overview and methodology. The International Journal of Life Cycle Assessment.IEA (2024). Emission Factors database, International Energy Agency (IEA), Paris.IMO (2020). Reduction of GHG emissions from ships - Third IMO GHG Study 2014 (Final report). Interna-tional Maritime Organisation, https://www.imo.org/en/ourwork/environment/pages/greenhouse-gas-stud-ies-2014.aspxIPCC (2007). IPCC Fourth Assessment Report: Climate Change 2007 (AR4). https://www.ipcc.ch/report/ar4/IPCC (2014). IPCC Fifth Assessment report: Climate Change 2013 (AR5 updated version November 2014). AR5 Synthesis Report: Climate Change 2014 — IPCCIPCC (2021). IPCC Sixth Assessment Report: Climate Change 2021, The Physical Science Basis. Chapter 7: The Earth’s Energy Budget, Climate Feedbacks, and Cli-mate Sensitivity | Climate Change 2021: The Physical Science Basis WBCSD/WRI (2004). The greenhouse gas protocol. A corporate accounting and reporting standard (revised edition). World Business Council on Sustainable Development (WBCSD), Geneva, Switzerland /World Re-source Institute (WRI), Washington DC, USA, 116 pp.WBCSD/WRI (2011). Corporate value chain (Scope 3) accounting and reporting standard: Supplement to the GHG Protocol corporate accounting and reporting standard. World Business Council on Sustainable De-velopment (WBCSD), Geneva, Switzerland /World Re-source Institute (WRI), Washington DC, USA, 149 pp.WBCSD/WRI (2015). GHG protocol Scope 2 guidance: An amendment to the GHG protocol corportate stand-ard. World Business Council on Sustainable Develop-ment (WBCSD), Geneva, Switzerland /World Resource Institute (WRI), Washington DC, USA, 117 pp.The reference list above is not complete but contains the most essential references used in CEMAsys. In addition, STATEMENT BY THE BOARD OF DIRECTORS AND THE EXECUTIVE BOARDThe Board of Directors and the Executive Board have today discussed and adopted the Annual Report of PWT Group A/S for 2024.The Annual Report has been prepared in accordance with the Danish Financial Statements Act. It is our opinion that the  nancial statements give a true and fair view of the Group’s and the Parent Com-pany’s  nancial position at 31 December 2024, and of the results of the Group’s and the Parent Company’s operations and cash flows for the  nancial year 1 Ja-nuary 2024 - 31 December 2024.In our opinion, the Management’s Review includes a fair review of the development in the Group’s and the Parent Company’s operations and  nancial conditions, results for the year, cash flows and  nancial position as well as a description of the most signi cant risks and uncertainty factors that the Group and the Parent Company face.We recommend that the Annual General Meeting ap-prove the Annual Report. Aalborg Ole Koch Hansen CEO Claus Back Nielsen CFO Lars Johansson (Chairman Signe Trock Hilstrøm Michael Kjær Ole Koch Hansen TO THE SHAREHOLDER OF PWT GROUP A/S OPINIONIn our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the nancial position of the Group and the Parent Company at 31 December 2024, and of the results of the Group’s and the Parent Company’s o- perations and cash flows for the nancial year 1 Janu-ary - 31 December 2024 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of PWT Group A/S for the nancial year 1 January - 31 Decem-ber 2024, which comprise income statement, balance sheet, statement of changes in equity, cash flows and notes, including a summary of signicant accounting policies, for both the Group and the Parent Company (“nancial statements”). BASIS FOR OPINIONWe conducted our audit in accordance with Interna-tional Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsi- bilities under those standards and requirements are furt-her described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accoun- tants (IESBA Code) and the additional ethical require-ments applicable in Denmark, and we have fullled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufcient and appro-priate to provide a basis for our opinion. STATEMENT ON MANAGEMENT’S REVIEWManagement is responsible for Management’s Review.Our opinion on the nancial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the nancial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the nancial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information re-quired under the Danish Financial Statements Act.Based on the work we have performed, in our view, Man-agement’s Review is in accordance with the Consolida- ted Financial Statements and the Parent Company Fi-nancial Statements and has been prepared in accor- dance with the requirements of the Danish Financial Statements Act. We did not identify any material mis-statement in Management’s Review. Management’s Responsibilities for the Financial StatementsManagement is responsible for the preparation of Con-solidated Financial Statements and Parent Company Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management deter-mines is necessary to enable the preparation of nan-cial statements that are free from material misstate-ment, whether due to fraud or error.In preparing the nancial statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, dis-closing, as applicable, matters related to going con-cern and using the going concern basis of accounting in preparing the nancial statements unless Manage-ment either intends to liquidate the Group or the Pa-rent Company or to cease operations, or has no realis-tic alternative but to do so. Auditor’s Responsibilities for the Audit of the Fi-nancial StatementsOur objectives are to obtain reasonable assurance about whether the nancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered ma-terial if, individually or in the aggregate, they could reasonably be expected to influence the economic de-cisions of users taken on the basis of these nancial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den-mark, we exercise professional judgement and main-tain professional scepticism throughout the audit. We also:• Identify and assess the risks of material mis-statement of the nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufcient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.• Obtain an understanding of internal control re- levant to the audit in order to design audit proce-dures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.• Evaluate the appropriateness of accounting po- licies used and the reasonableness of accounting estimates and related disclosures made by Ma- nagement.• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the nancial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signi cant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audi-tor’s report to the related disclosures in the  nancial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our au-ditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.• Evaluate the overall presentation, structure and con-tents of the  nancial statements, including the dis-closures, and whether the  nancial statements re-present the underlying transactions and events in a manner that gives a true and fair view.• Plan and perform the group audit to obtain suf- cient appropriate audit evidence regarding the  -nancial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements and the Parent Company Financial Statements. We are re-sponsible for the direction, supervision and review of the audit work. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signi cant audit  ndings, includ-ing any signi cant de ciencies in internal control that we identify during our audit. Aalborg PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab MADS MELDGAARDMADS MELDGAARD State Authorised Public AccountantState Authorised Public Accountant RASMUS MELLERGAARD STENSKROG State Authorised Public Accountant mne34161 837559000 803493000 816662000 781096000 339463000 341834000 338848000 338906000 162633000 153228000 151958000 141853000 335463000 308431000 325856000 300337000 201538000 184308000 195370000 178044000 873000 30000 873000 30000 133052000 124093000 129613000 122263000 25713000 20059000 24604000 18805000 107339000 104034000 105009000 103458000 0 0 83000 -2335000 802000 7558000 801000 8273000 6393000 12600000 5078000 11186000 101748000 98992000 100815000 98210000 23299000 26012000 22366000 25230000 78449000 72980000 78449000 72980000 17894000 21837000 17894000 21837000 687000 126000 687000 126000 8607000 9749000 8607000 7961000 548000 752000 548000 752000 5033000 0 5033000 0 32769000 32464000 32769000 30676000 29251000 24735000 25269000 20969000 28383000 18797000 27265000 17193000 57634000 43532000 52534000 38162000 0 0 11662000 14372000 0 0 0 0 0 0 0 20147000 20307000 20968000 20242000 20172000 20307000 20968000 31904000 54691000 110710000 96964000 117207000 123529000 261454000 229709000 258872000 223637000 49167000 43459000 46536000 40047000 0 1200000 0 1200000 69000 52000 0 0 0 111000 7148000 10747000 9781000 3712000 9787000 3707000 8065000 6164000 7686000 5536000 67082000 54698000 71157000 61237000 0 96196000 0 89572000 328536000 380603000 330029000 374446000 439246000 477567000 447236000 497975000 17786000 16698000 17786000 16698000 4397000 -906000 4397000 -906000 705000 335000 705000 335000 0 0 3926000 431000 378000 2285000 378000 2285000 162228000 200876000 158302000 200445000 0 55000000 0 55000000 185494000 274288000 185494000 274288000 7597000 7489000 7567000 7436000 1700000 0 1700000 0 0 0 0 19360000 9297000 7489000 9267000 26796000 2809000 7334000 2809000 7334000 16109000 15727000 16109000 15727000 18918000 23061000 18918000 23061000 48940000 0 52358000 0 70252000 58314000 70086000 56635000 0 0 7889000 6302000 21208000 549000 20500000 25000 4366000 24933000 4366000 24933000 71414000 79496000 69034000 76866000 9357000 9437000 9324000 9069000 225537000 172729000 233557000 173830000 244455000 195790000 252475000 196891000 439246000 477567000 447236000 497975000 16698000 0 -2915000 -888000 2287000 212917000 45000000 273099000 0 0 0 0 0 -30000000 0 -30000000 0 0 0 0 0 0 45000000 45000000 0 0 0 0 0 72980000 0 72980000 0 0 0 -1223000 0 0 0 -1223000 0 0 2915000 0 0 0 0 2915000 0 0 -906000 0 0 0 0 -906000 0 0 0 0 -2000 -21000 0 -23000 0 0 0 0 0 55000000 -55000000 0 16698000 0 -906000 335000 2285000 200876000 55000000 274288000 16698000 0 -906000 335000 2285000 200876000 55000000 274288000 0 0 0 0 0 -45000000 0 -45000000 0 0 0 0 0 0 55000000 55000000 0 0 0 0 0 78449000 0 78449000 0 0 0 -370000 0 0 0 -370000 0 0 906000 0 0 0 0 906000 0 0 4397000 0 0 0 0 4397000 1088000 0 0 0 -1907000 -4544000 0 -5363000 0 0 0 0 67553000 0 67553000 17786000 0 4397000 705000 378000 162228000 0 185494000 16698000 0 -2915000 -888000 511000 2287000 212406000 45000000 273099000 0 0 0 0 0 0 -30000000 0 -30000000 0 0 0 0 0 0 0 45000000 45000000 0 0 0 0 0 0 72980000 0 72980000 0 0 0 -1223000 0 0 0 0 -1223000 0 0 2915000 0 0 0 0 0 2915000 0 0 -906000 0 0 0 0 0 -906000 0 0 0 0 0 -2000 -21000 0 -23000 0 0 0 0 0 0 55000000 -55000000 0 16698000 0 -906000 335000 431000 2285000 200445000 55000000 274288000 16698000 0 -906000 335000 431000 2285000 200445000 55000000 274288000 0 0 0 0 0 0 -45000000 0 -45000000 0 0 0 0 0 0 0 55000000 55000000 0 0 0 0 0 0 78449000 0 78449000 0 0 0 -370000 0 0 0 0 -370000 0 0 906000 0 0 0 0 0 906000 0 0 4397000 0 0 0 0 0 4397000 1088000 0 0 0 0 -1907000 -4544000 0 -5363000 0 0 0 0 0 0 67553000 0 67553000 17786000 0 4397000 705000 3926000 378000 158302000 0 185494000 101748000 98992000 100815000 98210000 26586000 20059000 25477000 18805000 Income from Group enterprises Income from Group enterprises Income from Group enterprises Income from Group enterprises 0 0 -82000 2335000 91000 28000 393000 16000 Financial income Financial income Financial income Financial income -802000 -7558000 -801000 -8273000 Financial expenses Financial expenses Financial expenses Financial expenses 6393000 12600000 5078000 11186000 Cash generated from operations Cash generated from operations Cash generated from operations Cash generated from operations 134016000 124121000 130880000 122279000 -7930000 12145000 14740000 8625000 -31745000 26647000 -31349000 31194000 -3124000 -13852000 -4143000 -10217000 97465000 176765000 118414000 172314000 280000 245000 279000 241000 3516000 2673000 3823000 2659000 21735000 10399000 21155000 9873000 72495000 163938000 93715000 160023000 32177000 23419000 29959000 20755000 9909000 16953000 9909000 14867000 0 0 20940000 7714000 -661000 1036000 -661000 1927000 713000 30000 713000 30000 0 2552000 0 0 -40713000 -43930000 -59435000 -45233000 Free cash flows Free cash flows Free cash flows Free cash flows 31782000 120008000 34280000 114790000 Paid debt composition Paid debt composition Paid debt composition Paid debt composition -4002000 -816000 -4002000 -816000 Convertible bonds Convertible bonds Convertible bonds Convertible bonds -5363000 -23000 -5363000 -23000 Change in intercompany loans Change in intercompany loans Change in intercompany loans Change in intercompany loans 0 0 -581000 1533000 100000000 75000000 100000000 75000000 -176918000 -75839000 -177499000 -74306000 -145136000 44169000 -143219000 40484000 96196000 52027000 89572000 49088000 -48940000 96196000 -52358000 89572000 ACCOUNTING POLICIES Financial reporting basisPWT Group A/S is a limited liability company domiciled in Denmark. The  nancial information of the annual report for 2024 comprises both the consolidated  nancial statements of PWT Group A/S and its subsidiaries (group) as well as the parent company  nancial statements.The annual report of PWT Group A/S for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. The Board of Directors and the Executive Board have discussed and adopted the annual report of PWT Group A/S. The annual report will be presented for adoption by the shareholders of PWT Group A/S at the annual general meeting on 29 April 2025.In the  nancial year, a merger has been completed in which PWT Group A/S, as the continuing company, has merged with Cogs ApS. The merger has been accounted with effect from January 1, 2024, from which date the assets, liabilities, rights, and obligations relating to the dissolved company have been transferred to PWT Group A/S.Basis of preparationThe consolidated  nancial statements and the parent company  nancial statements are presented in Danish kroner thousands (DKK ’000), which is the reporting currency of the Group’s activities and the Parent Company’s functional currency. Revenue is recognised in the income statement as earned. Furthermore, value adjustments of  nancial assets and liabilities are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changes to accounting estimates related to amounts previously recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic bene ts attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic bene ts will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Certain  nancial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any repayments and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. Recognition and measurement take into account predictable losses and risks occurring before the presentation of the annual report which con rm or invalidate affairs and conditions existing at the balance sheet date. CONSOLIDATIONConsolidated  nancial statementsThe annual report comprises the Parent Company, PWT Group A/S, and enterprises under the control of the Parent Company. The Parent Company is deemed to exercise control when the Group controls an entity and the Group is exposed to, or has the right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.Associates are entities over which the Group has signi cant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost.Newly acquired or established enterprises are recognised in the consolidated  nancial statements from the time of acquisition. Enterprises that have been sold or wound up are recognised in the consolidated income statement up to the time of disposal. Comparative  gures are not adjusted for newly acquired, sold or wound-up enterprises. Investments in subsidiary enterprises are set off by the proportional share of the subsidiary enterprises’ market value of net assets and liabilities at the acquisition date. Positive differences between the acquisition value and market value of acquired and identi ed assets and liabilities, including a provision for liabilities for restructuring, are recognised as goodwill and amortised in the income statement according to an individual assessment of their useful lives.Consolidation principlesThe consolidated  nancial statements are prepared on the basis of the  nancial statements of PWT Group A/S and its subsidiaries in which similar  nancial statement items are integrated. On consolidation, intra-group income and expenses, share Groups, dividends, intra-group balances as well as realised and unrealised internal gains and losses on intra-group transactions are eliminated. The annual reports used for preparing the consolidated  nancial statements have been recognised in accordance with the accounting policies of the Group.Foreign currency translationOn initial recognition, transactions denominated in currencies different from the individual enterprise’s functional currency are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as  nancial income or  nancial expenses.Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose is recognised in the income statement as  nancial income or  nancial expenses.Upon recognition in the consolidated  nancial statements of enterprises with a functional currency different from DKK, the income statements are translated into Danish kroner at an average exchange rates for the year, and balance sheet items are translated at the exchange rates at the balance sheet date. Exchange rate adjustments are recognised in the equity.Derivative  nancial instrumentsDerivative  nancial instruments are initially recognised at fair value at the settlement date and subsequently measured at fair value at the balance sheet date. Positive and negative fair values of derivative  nancial instruments are recognised as a separate balance sheet item.Changes in the fair value of derivative  nancial instruments designated as or qualifying for recognition as an effective hedge of future transactions are recognised in equity under retained earnings with respect to the effective portion of the hedges. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction.For derivative  nancial instruments not qualifying for treatment as hedging instruments, changes are regularly recognised in the income statement as  nancial income and  nancial expenses.Segment disclosuresThe segment information has been prepared in accordance with the Group’s accounting policies and is consistent with the Group’s internal procedures for reporting to the Group management and board.Other operating costOther operating costs comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets and property, plant andequipment.Other operating cost for the year are speci ed in note 5, including a description of recognition in the income statement for each item.INCOME STATEMENTRevenueRevenue from the sale of goods for resale and  nished goods is recognised in the income statement where delivery and transfer of risk have been made to the buyer by year end, and the income may be measured reliably and is expected to be received. Revenue is measured excluding VAT and duties, less discounts in relation to the sale and less discounts and bonus points relating to loyalty programmes (customer club).B2B:The Group manufactures and sells a range of clothes in the B2B market. Sales are recognised when control of the products has transferred, being when the products are delivered to the B2B. The wholesaler has full discretion over the channel and price at which to sell the products, and there is no unful lled obligation that could affect the wholesaler’s acceptance of the products. Delivery occurs when the products have been shipped to the speci c location, the risks of obsolescence and loss have been transferred to the B2B, and either the B2B has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the Group has objective evidence that all criteria for acceptance have been satis ed. A receivable is recognised when the goods are delivered.A  nancing element is not included in net revenue, as payment is made upon delivery or within a short credit period of, typically, 30-60 days.RETAIL:The Group operates a chain of retail stores selling clothes. Revenue from the sale of goods is recognised when a Group entity sells a product to the customer. Payment of the transaction price is due immediately when the customer purchases the clothes and takes delivery in store. It is the Group’s policy to sell its products to the end customer with a right of return. Therefore, a right to the returned goods is recognised for products expected to be returned. Accumulated experience is used to estimate such returns at the time of sale.Bonus points relating to loyalty programmes are recognised in the income statement as a reduction in revenue and liabilities (contract liabilities). The collected bonus points are measured based on the projected utilisation of such points, which is based on historical  gures.Cost of salesTogether with changes in inventories of goods for resale, this item comprises costs incurred to generate revenue. Changes in inventories of goods for resale are recognised as cost of goods for resale.Other external costsOther external costs comprise cost of premises, selling and distribution costs as well as administrative expenses. Supplements to cover marketing costs are recognised as other external costs.Staff costsStaff costs comprise payroll, pensions and other social security costs relating to staff.Other operating income and costsOther operating income and costs comprise items secondary to the primary activities of the enterprises, including gains on disposal of intangible assets and plant and equipment.Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciaition and impairment of intangible assets and plant and equipment.Income from Group enterprises and associatesThe proportional share of pro t for the year is recognized under the item “Share of net pro t of subsidiaries” and“Share of net pro t of associate” in the income statement.Financial income and expensesFinancial income and expenses comprise interest income and expense, realised and unrealised exchange gains and losses on transactions in foreign currencies, amortisation of  nancial assets and liabilities as well as surcharges and refunds under the on-account tax scheme. Financial income and expenses are recognised at the amounts relating to the  nancial year.Tax on pro t for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the amount that can be attributed to the pro t for the year and directly in equity by the amount attributable to entries made directly to equity.The parent and all Danish group enterprises are jointly taxed. The Danish income tax charge is divided among the pro t-making and loss-making Danish enterprises by their taxable income (full allocation method). BALANCE SHEETIntangible assetsGOODWILLAcquired goodwill is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over the expected useful life which is estimated at 20 years. Useful life has been determined taking into account the long-term strategy of establishing a national fashion business. The carrying amount of goodwill is assessed continuously and written down via the income statement in cases where the carrying amount exceeds expected future net income from the enterprise or activity to which the goodwill is related. SOFTWARESoftware is measured at cost less accumulated amortisation and impairment losses. The basis of amortisation is TRADEMARKSTrademarks are measured at cost less accumulated amortisation. The basis of amortisation is cost. The expected useful life is based on the trademark’s marked position.OTHER INTANGIBLE ASSETSOther intangible assets are measured at cost less accumulated amortisation. The basis of amortisation is cost.Any value of lease rights (bracket money) acquired in connection with the purchase of clothing stores is included in other intangible assets. Remuneration for other leasehold rights is amortised on a straight-line basis over the useful life, which is estimated at ten years.Useful lifeGoodwill .......................................................................................................................................................... 20 yearsSoftware ......................................................................................................................................................... 3-5 yearsTrademarks ..................................................................................................................................................5-10 yearsOther intangible assets ...................................................................................................................................10 yearsDEVELOPMENT PROJECTSCosts on development projects include wages and other costs that can be directly attributed to the company’s development activities.Development projects that are clearly de ned and identi able, where the degree of technical utilization, suf cient resources and a potential future market or development opportunity in the Group can be demonstrated, and where the intention is to manufacture, market or use the project, are recognized as intangible  xed assets if there is suf cient assurance that the capital value of the future earnings can cover production, sales and administration costs as well as the development costs themselves.Development projects that do not meet the criteria for inclusion in the balance sheet are recognised as costs in the income statement as the costs are incurred.Capitalized development costs are measured at cost less accumulated depreciation and write-downs or recoverable amount, if this is lower. An amount corresponding to the recognized development costs is reserved in the item Reserve for development expenses under equity. The reserve is continuously reduced with depreciation and write-downs on the development projects.Capitalized development costs are depreciated from the time of completion on a straight-line basis over the period in which the development work is expected to generate economic bene ts.Plant and equipmentFixtures and  ttings, tools and equipment as well as leasehold improvements (stores) are measured at cost less accumulated depreciation and impairment losses.The basis of depreciation is cost less projected residual value after the end of the useful life.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use.The capitalised value of the lease obligation is recognised as a liability on the balance sheet, and the interest element of the lease payment is recognised as an expense in the income statement. Depreciation is provided on a straight-line basis relying on the following assessment of the assets’ projected useful lives:Useful lifeFixtures and  ttings, tools and equipment ................................................................................................... 3-5 yearsLease obligation ............................................................................................................................................ 3-5 yearsLeasehold improvements .............................................................................................................................. 5-7 yearsThe basis of depreciation is stated taking into account the scrap value of the asset and is reduced by impairment losses. The period of depreciation and the scrap value are determined at the date of acquisition and re-assessed annually.Impairment of plant and equipment and intangible assetsThe carrying amounts of intangible assets and plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If impairment is needed, the assets are written down to their lower recoverable amount and the amount written off is recognised in the income statement. Lease agreementLease contracts relating to tangible  xed assets for which the company bears all material risks and reaps all bene ts arising from such ownership ( nancial leases) are recognised as assets in the balance sheet. At initial recognition, the assets are measured at the calculated cost equal to the lower of fair value and present value of the future lease payments. The interest rate implicit in the lease is used as a discounting factor or an approximate value when calculating the present value. Finance lease assets are depreciated similarly to the company’s other tangible  xed assets. Operating lease payments are recognised in the income statement on a straight-line basis over the lease term. Investment in subsidiaries and associates Investment in subsidiaries and associates are recognised and measured according to the equity method. The equity method is used as a consolidation method. In the balance sheet, under the item Investments in Group enterprises and Investments in associates, the proportional ownership share of the companies’ accounting net asset value calculated on the basis of the fair value of the identi able net assets at the time of acquisition with deductions or additions of unrealised intra-group pro ts or losses and with the addition of residual value of any surplus values and goodwill calculated at the time of the acquisition of the companies.The total net revaluation of capital shares in subsidiaries and associated companies is allocated via the allocation of pro ts to Reserve for net revaluation according to the equity method under equity. The reserve is reduced by dividend distributions to the parent company and regulated by other equity movements in the subsidiaries and associated companies.Subsidiaries and associated companies with a negative net asset value are recognized at DKK 0. If the parent company has a legal or actual obligation to cover the company’s negative balance, a provision for this is recognized.DepositsDeposits comprise rent deposits attributable to the Group’s leaseholds. Deposits are measured at amortised cost.InventoriesInventories are measured at cost on the basis of weighted average prices. In the cases where cost is higher than net realisable value, write-down is made to this lower value. The cost of goods for resale is stated as cost with the addition of delivery costs.The net realisable value of inventories is calculated as the selling price less costs necessary to make the sale and is determined taking into account marketability, obsolescence and development of expected selling price.ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. Write down is made to net realisable value to provide for estimated bad debts. PrepaymentsPrepayments comprise prepaid expenses concerning subsequent  nancial years. Prepayments are measured at cost.Tax payable and deferred taxCurrent tax liabilities and current tax receivable are recognised in the balance sheet as the calculated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and taxes paid on account. Deferred tax is measured on the temporary differences between the carrying amount and the tax value of assets and liabilities.Deferred tax is measured on the basis of tax rules and tax rates that under applicable law will be applicable on the balance sheet date when the deferred tax is expected to be triggered as current tax. ProvisionsProvisions are recognised when, as a result of past events, the Company has a legal or a constructive obligation, and it is probable that there may be outflow of resources embodying economic bene ts to settle the obligation.Provisions comprise refund liabilities forecast costs arising from leasehold improvements upon relocation and are based on projected costs determined on the basis of the leasehold’s current interior and condition. Provisions with an expected maturity exceeding one year from the balance sheet date are discounted back to net present value.Refund liabilities are measured at net present value of Management’s best estimate of the expenditure required to settle the obligation.Financial liabilities, bank overdrafts, etc.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the  nancial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.Derivative  nancial instruments are measured at fair value, corresponding to market price at the balance sheet date. Other liabilities, which usually comprise trade payables, amounts owed to Group enterprises and other payables, are measured at amortised cost, which usually corresponds to nominal value. Staff obligationsStaff obligations comprise the employees’ rights to paid holidays after the balance sheet date.The Group has only entered into pension arrangements for de ned-contribution pension plans under which regular pension contributions are paid to independent pension providers as the contributions are earned. The Group has not taken out any de ned-bene t pension plans.Staff obligations are recognised as other payables in the balance sheet.Deferred incomeDeferred income comprises payments received regarding income in subsequent years, including mainly gift cards (contract liabilities). Gift cards payable are recognised at estimated value. See note 24.Cash flow statementThe cash flow statement shows the Company’s cash flows from operating, investing and  nancing activities for the year, the year’s changes in cash and cash equivalents as well as the Company’s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activities are computed as the result for the year adjusted for non-cash operating items, changes in working capital and corporation tax paid. Working capital comprises current assets less current liabilities other than provisions, excluding items included in cash and cash equivalents. Cash flows from investing activities comprise payments in connection with acquisitions and disposals of enterprises and activities, intangible assets, plant and equipment and investments.Cash flows from  nancing activities comprise changes in the size or composition of the share capital and costs relating to the raising of loans, repayment of interest-bearing debt and payment of dividends to shareholders.Cash and cash equivalents comprise cash at bank and in hand.De nition of  nancial ratios: EBITDA Earnings before restructuring costs, depreciation, amortisation, interest and taxGross pro t/loss x 100Gross marginRevenueOperating pro t/loss x 100Operating margin (EBIT margin)RevenueOperating pro t/loss x 100Return on invested capitalAverage operating assetsClosing equity x 100Solvency ratioTotal equity and liabilities at year endPro t/loss after tax x 100Return on equityAverage equity true 423 400 413 388 NOTE 2SEGMENT DISCLOSURESCONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Geographical marketsDenmark 537,263 496,009 537,262 492,424 Other markets 300,296 307,484 279,400 288,672Total revenue 837,559 803,493 816,662 781,096DKK’000Segment revenue470,817 465,730 461,672 453,590RetailWholesale Worldwide366,742 337,763 354,990 327,506837,559 803,493 816,662 781,096The Group sells menswear and accessories mainly its own brands but also external brands for theretail business including online sales and its own brands for wholesalers.PWT has two reportable segments selling menswear one through wholesalers worldwide and one through retailers. The Group primarily operates in Denmark and has, to a minor extent, activities in Norway, Sweden and Germany.NOTE 3NOTE 2STAFF COSTSCONSOLIDATED PARENT COMPANY DKK'000 2024 2023 2024 2023Payroll171,462 159,281 166,457 154,082Pensions15,578 12,931 15,486 12,831Other social security costs14,498 12,096 13,427 11,131201,538 184,308 195,370 178,044Thereof:Payroll Executive Board4,861 4,892 4,861 4,892Payroll Board of Directors900 900 900 9005,761 5,792 5,761 5,792 NOTE 4DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSESCONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Owned assets:Software 8,092 6,949 8,092 6,949Trademarks 119 265 119 265Goodwill 1,141 687 1,141 389Other intangible assets 204 204 204 204Fixtures and  ttings, tools and equipment 8,839 6,601 8,130 6,038Leasehold improvements 7,318 5,353 6,918 4,96025,713 20,059 24,604 18,805 NOTE 5NOTE 2OTHER OPERATING COSTSOther operating costs comprise cost, which is special due to their size or nature.CONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Other operating costLoss on the disposal of plant and equipment, sold in connec--873 -30 -873 -30tion with termination-873 -30 -873 -30NOTE 6OTHER EXTERNAL COSTSCONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Fees for auditors appointed at the general meetingStatutory audit services693 760 569 520Other assurance engagements51 62 51 45Tax advisory services388 895 308 852Other services44 367 0 187Total fee1.176 2,151 928 1.604Fees for other auditors Statutory audit services148 67 0 0Other assurance engagements7 0 0 0Tax advisory services10 10 0 26Other services 180 176 0 0Total fee345 253 0 26 NOTE 7NOTE 7 FINANCIAL INCOMECONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Interest income, banks 193 110 193 105Interest income, Group enterprises 0 0 0 749Other  nancial income 609 7,448 608 7,419802 7,558 801 8,273 NOTE 8 FINANCIAL EXPENSESCONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Interest expense, banks 2,215 334 2,221 333Interest expense, Group enterprises0 0 150 0Foreign exchange adjustment 878 10,076 872 9,731Other  nancial expenses 3,300 2,190 1,835 1,1226,393 12,600 5,078 11,186 NOTE 2NOTE 9TAXCONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Tax on pro t/loss for the year from continuing opera-tions is speci ed as follows:Estimated 22% tax on results before tax-22,385 -21,778 -22,179 -21,606Adjustment of tax in foreign entities in propor--1,622 -1,420 -895 -803tion to 22%Tax effect of:Adjustment deferred tax of prior years-1,404 -1,233 -1,404 -1,233Non-deductible cost/income2,111 2,306 2,111 2,306Adjustment of tax in respect of prior years 1 -3,887 1 -3,893-23,299 -26,012 -22,366 -25,230Effective tax rate 22.9% 26.3 % 22.2% 25.7% NOTE 10SOFTWARE CONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Opening cost 72,352 64,337 72,255 64,240Additions for the year5,038 8,015 5,038 8,015Disposals for the year -1,905 0 -1,905 0Closing cost 75,485 72,352 75,388 72,255Opening amortisation 50,515 43,566 50,418 43,469Amortisation for the year 8,092 6,949 8,092 6,949Reversed amortisation for the year of disposals -1,016 0 -1,016 0Closing amortisation 57,591 50,515 57,494 50,418Carrying amount 17,894 21,837 17,894 21,837NOTE 11NOTE 2TRADEMARKSCONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Opening cost 7,366 7,366 7,366 7,366Additions for the year680 0 680 0Closing cost 8,046 7,366 8,046 7,366Opening amortisation 7,240 6,975 7,240 6,975Amortisation for the year 119 265 119 265Closing amortisation 7,359 7,240 7,359 7,240Carrying amount 687 126 687 126NOTE 12GOODWILLCONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Opening costs907,018 907,644 904,932 907,644Net effect from merger and acquisition 0 0 2,086 0Additions for the year 0 8,586 0 6,500Disposals for the year 0 -9,212 0 -9,212Closing costs 907,018 907,018 907,018 904,932Opening amortisation 897,269 905,794 896,971 905,794Net effect from merger and acquisition0 0 298 0Amorisation for the year1,141 687 1,141 389Reversed amortisation for the year of disposals0 -9,212 0 -9,212898,411 897,269 898,411 896,971Closing amortisationCarrying amount 8,607 9,749 8,607 7,961NOTE 13NOTE 2OTHER INTANGIBLE ASSETSCONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Opening costs2,040 2,040 2,040 2,040Closing cost 2,040 2,040 2,040 2,040Opening amortisation 1,288 1,084 1,288 1,084Amortisation for the year204 204 204 2041,492 1,288 1,492 1,288Closing amortisationCarrying amount 548 752 548 752NOTE 14DEVELOPMENT PROJECTSCONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Opening cost 0 0 0 0Additions for the year 5,033 0 5,033 0Closing cost5,033 0 5,033 0Opening amortisation 0 0 0 0Amortisation for the year0 0 0 0Closing amortisation0 0 0 0Carrying amount 5,033 0 5,033 0Development Projects relates to developing the ERP systems and databroker projects. Development projects that are clearly de ned and identi able, where the degree of technical utilization, suf cient resources and development opportunity in the company can be demonstrated, and where the intention to manufacture or use the product are recognized as intangible  xed assets. The project progress according to plan with the resources allocated by Management to the development. NOTE 15NOTE 2FIXTURES AND FITTINGS, TOOLS AND EQUIPMENTCONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Opening cost 87,544 72,738 81,779 70,451Net effect from merger and acquisition0 850 2,107 0Additions for the year 13,813 14,109 11,544 11,481Disposals for the year-801 -153 -801 -153Closing cost100,556 87,544 94,629 81,779Opening depreciation 62,809 55,642 60,810 54,896Currency translation23 19 26 13Net effect from merger and acquisition0 684 761 0Depreciation for the year8,839 6,601 8,130 6,038Reversed depreciation for year on disposals-366 -137 -366 -137Closing depreciation71,305 62,809 69,360 60,810Closing carrying amount 29,251 24,735 25,269 20,969NOTE 16LEASEHOLD IMPROVEMENTSCONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Opening cost 76,381 65,323 72,609 63,504Net effect from merger and acquisition0 1,697 1,697 0Additions for the year 17,182 9,403 17,233 9,147Disposals for the year-423 -42 -423 -42Closing cost93,140 76,381 91,116 72,609Opening depreciation 57,584 50,597 55,416 50,471Currency translation1 19 2 13Net effect from merger and acquisition0 1,643 1,661 0Depreciation for the year7,382 5,353 6,982 4,960Reversed depreciation for year on disposals-210 -28 -210 -28Closing depreciation64,757 57,584 63,851 55,416Closing carrying amount 28,383 18,797 27,265 17,193 NOTE 17INVESTMENTS IN GROUP ENTERPRISESPARENT COMPANYInvestments in Group enterprisesDKK'000 2024 2023Cost at 1 January26,160 18,446Additions20,940 7,714Disposals-5,665 0Cost at 31 December41,435 26,160Value adjustments 1 January -31,148 -30,037Foreign currency adjustment976 1,223Pro t for the year83 -2,036Depreciation, goodwill0 -298Disposals316 0Value adjustments 31 December-29,773 -31,148Provisions relating to capital shares in Group enterprises 0 19,360Carrying amount at 31 December 11,662 14,372Positive differences arising on initial measurement of subsidiaries at net asset value 0 3,114Remaining positive difference included in the above carrying amount at 31 December 0 2,816VOTING PROFIT FOR COMPANY RIGHTS AND EQUITYTHE YEARCAPITALSTAKETDKK TDKKPWT Norway AS, Oslo, Norge876 379 TNOK 440 100%PWT Germany GmbH, Maasbüll, Germany12,142 1,947 TEUR 25 100%Wagner China ApS, Aalborg, Denmark-9,451 0 TDKK 300 100%PWT Sweden AB, Bjärred, Sweden82 -2,242 TSEK 100 100% - Wagner Birsta AB, Sundsvall, Sweden123 -530 TSEK 100 100% - Wagner Karlstad AB, Karlstad, Sweden105 -1,089 TSEK 100 100% - Wagner Växjö AB, Växjö, Sweden98 -561 TSEK 100 100%NOTE 18INVESTMENTS IN ASSOCIATESCONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Cost at 1 January 0 0 0 0Transfer 0 0 0 0Cost at 31 December 0 0 0 0Value adjustments 1 January 0 0 0 0Transfer 0 0 0 0Value adjustments 31 December 0 0 0 0Carrying amount at 31 December 0 0 0 0VOTING PROFIT FOR COMPANY RIGHTS AND EQUITYTHE YEARCAPITALSTAKETDKK TDKK Wagner (Yantai), Ltd., Yantai, China 5,366 -1,007 CNY 58,199 49%NOTE 19NOTE 2 DEPOSITSCONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Carrying amount at 1 January 20,968 18,470 20,172 18,245Net effect from merger and acquisition 0 731 731 0Additions 856 2,228 856 2,227Disposals -1,517 -461 -1,517 -300Carrying amount at 31 December 20,307 20,968 20,242 20,172 NOTE 20NOTE 2INVENTORIES CONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Goods for resale 215,547 199,459 212,965 193,387Prepayments for goods 45,907 30,250 45,907 30,250Goods for resale, net 261,454 229,709 258,872 223,637 NOTE 21PREPAYMENTSPrepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest. NOTE 22NOTE 2SHARE CAPITAL DKK'000 SHARE CAPITAL 31-12-2024Share capital upon establishment 2007/08 1,985Capital contributions 20208,055Convertible bonds converted to shares 2021354Convertible bonds converted to shares 2022 6,304Convertible bonds converted to shares 20241,088Closing share capital17,786The share capital is fully paid in and broken down on shares of DKK 1 or multiples thereof. No shares carry special rights.The capital contribution of DKK 8 million was paid with a premium of 124.14, corresponding to a cashpayment of DKK 10 million.In addition, the company has issued convertible bonds for DKK 10 million. Any owner of a convertible bonds may at any time demand their bonds be converted into new shares in the companypursuant to the terms set in the investment agreement. By the end of 2024, the Company has convertible bondsfor DKK 0.038 million.As of December 31, 2024, PWT Group A/S holds a total of 3,497,791 shares of its own stock, representing an aggregate value of DKK 36.5 million. These own shares account for approximately 20% of the company’s total equity capital. Furthermore, the company holds a total of 325,000 convertible bonds.During the  nancial year 2024, the company purchased a total of 4,316,610 of its own shares at an average purchase price of DKK 15.48. Out of these, 818,819 shares were subsequently canceled as part of the company’s capital management strategy. Furthermore, the company purchased a total of 325,000 convertible bonds at an average purchase price of DKK 16.50.The purpose of holding these shares and convertible bonds includes optimizing the company’s capital structure and potentially increasing the return on equity for remaining shareholders. The cancellation of shares helps to optimize the capital structure and increase the value for remaining shareholders.The company is in compliance with relevant provisions of the Danish Companies Act regarding the acquisition and holding of own shares. All transactions related to the company’s own shares have been conducted in accordance with applicable laws and regulations.Bonds will be converted to DKK 1 per shares, and there is no expire date of the bonds. NOTE 23PROVISIONSCONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023The Group’s total provision obligation broken down on residual terms:Within 1 year 1,714 1,593 1,685 1,540Between 1 and 5 years 4,455 4,466 4,455 4,466After 5 years 1,428 1,430 1,427 1,4307,597 7,489 7,567 7,436Provision obligation at 1 January 7,489 7,533 7,436 7,533Additions during the year 70 97 40 44Reversals during the year 123 -99 149 -99Effect of change in interest rates -85 -42 -58 -42Provision obligation at 31 December 7,597 7,489 7,567 7,436Provisions obligations contains obligation to re-establish leaseholds (DKK 5,883 thousand) and refundliability on sold clothes (DKK 1,714 thousand).Obligation to re-establish leaseholds relates to projected future costs attributable to relocation of leaseholds and is based on projected costs relying on the current interior and condition of the leaseholds. The obligation is discounted back to net present value using a discount rate of 1.9% (2023: 3.5%), equivalent to a risk-free interest rate. Refund liabilities on sold clothes relates to projected future returns. NOTE 24NOTE 2OTHER DEBT / SUBORDINATED LOANCONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Within 1 year 71,414 79,496 69,034 76,866Between 1 and 5 years 0 0 0 0Above 5 years 16,109 15,727 16,109 15,72787,523 95,223 85,143 92,593In addition to the debt composition included in other debt, the debt composition agreement concludes an upside of 10%, which have been recognised in the balance sheet as a subordinated loan with DKK 2,809 thousand. The subordinated loan will be paid according to the terms set in the agreement, which all falls due after 4 years. NOTE 26NOTE 2DERIVATIVE FINANCIAL INSTRUMENTSThe Group has entered into forward contracts of a total of DKK 155,388 thousand for USD purchasesuntil July 2025 for the purpose of hedging future purchases in USD. The average exchange rate is 685. Consolidated 2024:ContractFair value Residual lifevalue Fair valueon the equityDKK’000Forward contract, USD 0-7 months 155,388 5,637 4,397Recognised on equity 5,637 4,397Consolidated 2023:Forward contract, USD 0-6 months 91,794 -1,162 -906Recognised on equity -1,162 -906 NOTE 25DEFERRED INCOME TAXCONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Deferred tax arises from: Intangible assets-376 -329 -376 -329Plant and equipment-3,825 -2,339 -3,825 -2,339Current assets2,274 1,972 2,274 1,972Provisions1,390 1,374 1,390 1,374Other liabilities-1,157 475 -1,157 475Adjustmentof deferred tax to carryingvalue-6 47 -6 47-1,700 1,200 -1,700 1,200Included in above, is deferred tax of DKK 1,240 thousand on equity transaction. NOTE 27NOTE 2DEFERRED INCOMEDeferred income compromises mainly obligations in relation to gift cards. Gift cards at DKK 9,233 thousand (2023: DKK 8,974 thousand) are recognised as income as they are used or when they become obsolete after 3 years according to regulations. NOTE 29NOTE 2CONTRACTUAL OBLIGATIONS AND CONTINGENCIESRent obligations and operating lease liabilitiesOther Consolidated Rentoperating DKK’000obligationleases TotalWithin 1 year67,088 633 67,721Between 1 and 5 years70,215 101 70,316Above 5 years0 0 0137,303 734 138,037Other Parent company Rentoperating DKK’000obligationleases TotalWithin 1 year64,265 601 64,866Between 1 and 5 years66,137 101 66,238Above 5 years0 0 0130,402 702 131,104The Group’s Danish enterprises are jointly and severally liable for the jointly taxed enterprises’ tax liabilities.In the ordinary course of its business, the Group is subject to various litigation such as product liability claims, employee disputes, rental disputes and other kinds of lawsuits, and faces different types of legal issues. Any claim brought against the Group (with or without merit), could be costly to defend. These matters are inherently dif cult to quantify. Management is of the opinion that the result of these disputes will not have a signi cant effect on the Group’s  nancial position. NOTE 28CHARGES AND SECURITYAs security for debt payable to Spar Nord Bank A/S, a company charge at a nominal DKK 145 million has been provided in non-current assets and current assets.CONSOLIDATED PARENT COMPANYDKK'000 2024 2023 2024 2023Non-current assets with a carrying amount57,634 43,532 52,533 38,163Inventories with a carrying amount261,454 229,709 258,872 223,637Trade receivables with a carrying amount49,167 43,459 46,536 40,047As security for debt payable to Spar Nord Bank A/S, equity investments have been pledged at a nominal NOK 440,000 in PWT Norway AS and a nominal EUR 25,000 in PWT Germany GmbH.Equity investment with a carrying amount0 0 13,018 10,185At 31 December 2024, we have con rmed letters of credit in the amount of DKK 0.704 thousand regarding non-settled purchases of supplies abroad (31 December 2023: DKK 0.842 thousand) and bank guarantees concerning rent and customs at an amount of DKK 7,303 thousand (31 December 2023: DKK 6,815 thousand). NOTE 30RELATED PARTIES AND DISCLOSURE OF CONSOLIDATED FINANCIAL STATEMENTSControl BasisOKH 63 Holding ApS, Teglværkssvinget 17, 9500 Hobro Ultimate parent companyOKH Holding ApS, Teglværkssvinget 17, 9500 Hobro Parent company’s ownerPWT Management ApS, Teglværkssvinget 17, 9500 Hobro Owner of PWT Group A/SSignifi cant infl uenceThe CEO of PWT Group A/S, Ole Koch Hansen is deemed to exert signi cant influence, also exercises control over OKH 63 Holding ApS.Transactions with related partiesAmounts owned by group enterprises are disclosed on the balance sheet of the parent company  nancial statements, and interest thereon is disclosed in note 7, Financial income and note 8, Financial expenses. In addition, the Group has during the  nancial year conducted the following transactions with the Executive Board and Board members of the company, which performs signi cantly influence.CONSOLIDATEDDKK'000 2024 2023Rent, etc. 5,462 5,481Rent obligations regarding related parties represent 19,346 24,414Consolidated  nancial statementsThe company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Name Place of registered of ceOKH 63 Holding ApS Hobro, Denmark 45000000 30000000 45000000 30000000 0 55000000 0 55000000 33449000 -12020000 33449000 -12020000 78449000 72980000 78449000 72980000 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-04-29 Claus Berner Nielsen Reporting class C, large enterprise 2007-11-30 2024-04-29 31081610 PWT Group A/S Gøteborgvej 15-17 9200 Aalborg SV Opinion Basis for Opinion 2025-04-29 mne24826 33771231 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Skibsbyggerivej 5 9000 Aalborg Denmark