44065118 2021-10-01 2022-09-30 44065118 2021-10-01 2022-09-30 0 44065118 2021-10-01 2022-09-30 1 44065118 2021-10-01 2022-09-30 2 44065118 2021-10-01 2022-09-30 3 44065118 2021-10-01 2022-09-30 4 44065118 2021-10-01 2022-09-30 5 44065118 2021-10-01 2022-09-30 0 44065118 2020-10-01 2021-09-30 44065118 2022-09-30 44065118 2021-09-30 44065118 2021-10-01 2022-09-30 0 44065118 2020-10-01 2021-09-30 1 44065118 2021-10-01 2022-09-30 2 44065118 2020-10-01 2021-09-30 3 44065118 2021-10-01 44065118 2020-10-01 44065118 2021-10-01 2022-09-30 0 44065118 2021-10-01 2022-09-30 1 iso4217:DKK xbrli:shares RIAS A/S Industrivej 11 4000 Roskilde Telephone: +45 46 77 00 00 www.rias.dk Email: info@rias.dk 44065118 Roskilde 2021-10-01 2022-09-30 2023-01-24 Peter Sørensen <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Review</td></tr></table> riasnordic.com/cg/2022/ <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Shareholder Information and Corporate Governance</td></tr><tr><td colspan="1">Shareholder information</td></tr><tr><td colspan="1">Statutory Statement on Corporate Governance under section 107b</td></tr><tr><td colspan="1">of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Company Management believes that corporate governance is a key</td></tr><tr><td colspan="1">element and currently seeks to improve the Company’s management</td></tr><tr><td colspan="1">structure. The overall framework for the Management of RIAS</td></tr><tr><td colspan="1">A/S has been planned with a view to ensuring that the Company</td></tr><tr><td colspan="1">meets its obligations towards shareholders, customers, employees,</td></tr><tr><td colspan="1">authorities and other stakeholders in the best possible way and that</td></tr><tr><td colspan="1">long-term value creation is supported.</td></tr><tr><td colspan="1">The Board of Directors of RIAS A/S currently works on ensuring</td></tr><tr><td colspan="1">that the Company complies with the policies and procedures laid</td></tr><tr><td colspan="1">down by the Committee of Corporate Governance which NASDAQ</td></tr><tr><td colspan="1">Copenhagen requires be applied. The Board of Directors discusses</td></tr><tr><td colspan="1">how the Company’s corporate governance in practice at any time en-</td></tr><tr><td colspan="1">sures that the management of RIAS A/S meets the highest standard</td></tr><tr><td colspan="1">and that the work of the Board of Directors supports the Company’s</td></tr><tr><td colspan="1">future business potential.</td></tr><tr><td colspan="1">Openness is a key factor.</td></tr><tr><td colspan="1">The Board of Directors has chosen to publish the Statutory Statement</td></tr><tr><td colspan="1">on Corporate Governance under section 107b of the Danish Financial</td></tr><tr><td colspan="1">Statements Act on the Company’s website.</td></tr><tr><td colspan="1">Links to the account on good corporate governance: Applicable ac-</td></tr><tr><td colspan="1">count (2022): riasnordic.com/cg/2022/</td></tr><tr><td colspan="1">The Committee for Good Corporate Governance</td></tr><tr><td colspan="1">Link to recommendations</td></tr><tr><td colspan="1">https: // corporategovernance. dk /sites/default/files/media/anbe-</td></tr><tr><td colspan="1">falinger_for_god_selskabsledelse_engelsk.pdf</td></tr><tr><td colspan="1">The Board of Directors overall approach towards NASDAQ Copenha-</td></tr><tr><td colspan="1">gen’s recommendations for good corporate governance are found on</td></tr><tr><td colspan="1">RIAS A/S’ website. This statutory account of corporate governance</td></tr><tr><td colspan="1">covers the accounting period from 1 October 2021 to 30 September</td></tr><tr><td colspan="1">2022 and is part of the management’s report. The statutory account</td></tr><tr><td colspan="1">is not covered by the declaration from the independent auditor.</td></tr><tr><td colspan="1">RIAS A/S has in this connection chosen to compare the company’s</td></tr><tr><td colspan="1">account of good corporate governance with the Committee’s re-</td></tr><tr><td colspan="1">commendations of December 2020. This creates the best possible</td></tr><tr><td colspan="1">overview of which recommendations RIAS A/S has chosen to follow</td></tr><tr><td colspan="1">completely and which recommendations the company has chosen</td></tr><tr><td colspan="1">not to pursue or which are still being worked on. For a more detailed</td></tr><tr><td colspan="1">account: riasnordic . com / cg / 2021/</td></tr><tr><td colspan="1">Tasks and responsibilities of the Board of Directors</td></tr><tr><td colspan="1">The work done by the Board of Directors is specified in the rules of</td></tr><tr><td colspan="1">procedure which are evaluated at least once per year. RIAS A/S com-</td></tr><tr><td colspan="1">plies with the recommendation regarding members and the rules of</td></tr><tr><td colspan="1">procedure being adjusted to the company’s needs. The Board of Di-</td></tr><tr><td colspan="1">rectors meets four times per year or more as needed. This process</td></tr><tr><td colspan="1">ensures that the management can react quickly and effectively to</td></tr><tr><td colspan="1">external conditions. Six meetings were held in the 2021/22 financial</td></tr><tr><td colspan="1">year, including the company’s ordinary annual general meeting in</td></tr><tr><td colspan="1">January 2022 and an extraordinary general meeting in March 2022.</td></tr><tr><td colspan="1">Composition of the Board of Directors</td></tr><tr><td colspan="1">The Board of Directors consists of six members, of which two are</td></tr><tr><td colspan="1">elected by the company’s employees. The board members elected</td></tr><tr><td colspan="1">by the annual general meeting are elected for a one-year term at a time.</td></tr><tr><td colspan="1">The Board of Directors has evaluated the personal capacity of each</td></tr><tr><td colspan="1">individual board member and finds that they are managing their</td></tr><tr><td colspan="1">tasks in the board of RIAS A/S in a sound manner - regardless, none</td></tr><tr><td colspan="1">of the board members elected by the annual general meeting are in-</td></tr><tr><td colspan="1">dependent as defined in the recommendations, as the board mem-</td></tr><tr><td colspan="1">bers are elected based on the company’s ownership structure.</td></tr><tr><td colspan="1">Executive Board</td></tr><tr><td colspan="1">The Executive Board is appointed by the Board of Directors, which</td></tr><tr><td colspan="1">specifies the Executive Board’s terms of employment. The Executive</td></tr><tr><td colspan="1">Board is responsible for the day-to-day operations of RIAS A/S, inclu-</td></tr><tr><td colspan="1">ding RIAS A/S’ activity-related and operational development, its re-</td></tr><tr><td colspan="1">sults and its internal affairs. The Board of Directors’ delegation of</td></tr><tr><td colspan="1">responsibility to the Executive Board is specified in the company's</td></tr><tr><td colspan="1">rules of procedure and the Danish Companies Act. RIAS A/S’ Execu-</td></tr><tr><td colspan="1">tive Board consists of one person.</td></tr><tr><td colspan="1">Remuneration for the Board of Directors and Executive Board</td></tr><tr><td colspan="1">The Board of Directors has adopted a very simple remuneration policy</td></tr><tr><td colspan="1">for both the Board of Directors and the Executive Board. The remu-</td></tr><tr><td colspan="1">neration policy for the Board of Directors does not contain any incen-</td></tr><tr><td colspan="1">tive-based remuneration or other variable components.</td></tr><tr><td colspan="1">The Board of Directors for RIAS A/S is not covered by any bonus or</td></tr><tr><td colspan="1">option schemes. The total annual remuneration for the Board of Di-</td></tr><tr><td colspan="1">rectors is approved by the annual general meeting in connection with</td></tr><tr><td colspan="1">the approval of the annual report.</td></tr><tr><td colspan="1">In 2021/22, the remuneration for the Executive Board consisted of a</td></tr><tr><td colspan="1">base salary plus usual fringe benefits such as a car and phone plus</td></tr><tr><td colspan="1">an annual bonus, and this is described in the remuneration report.</td></tr><tr><td colspan="1">The Executive Board’s terms of employment, including remuneration</td></tr><tr><td colspan="1">and terms for dismissal/resignation are assessed as being in accord-</td></tr><tr><td colspan="1">ance with normal practices for positions of this nature.</td></tr><tr><td colspan="1">Link to remuneration policy and remuneration report</td></tr><tr><td colspan="1">Audit committee</td></tr><tr><td colspan="1">The Board of Directors of RIAS A/S also serve as the audit committee.</td></tr><tr><td colspan="1">The audit committee’s overall objective is to minimise the risk of signi-</td></tr><tr><td colspan="1">ficant errors in the financial reporting - both internally and externally.</td></tr><tr><td colspan="1">In practice, this takes place by analysing the internal control environ-</td></tr><tr><td colspan="1">ment, financial reporting, accountancy, the applied accounting prac-</td></tr><tr><td colspan="1">tices and the submission of interim and annual reports in general.</td></tr><tr><td colspan="1">The audit committee focuses on a continuing development of the</td></tr><tr><td colspan="1">control environment and a continual assessment of the business</td></tr><tr><td colspan="1">processes and financial and accounting-related matters that have a</td></tr><tr><td colspan="1">significant impact on the accounting information.</td></tr><tr><td colspan="1">The external auditor can also be summoned to the audit committee’s</td></tr><tr><td colspan="1">meetings. Four meetings were held in 2021/22 and the external au-</td></tr><tr><td colspan="1">ditor participated in one without the presence of the management.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">ESG for 2021/22</td></tr><tr><td colspan="1">Besides informing our stakeholders of our ESG work, this report also</td></tr><tr><td colspan="1">serves as our statutory CSR report pursuant to Sections 99(a) and</td></tr><tr><td colspan="1">99(b) in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">At RIAS, we have always strived to act responsibly and to create value</td></tr><tr><td colspan="1">in a decent and credible manner. It is deeply embedded in our DNA</td></tr><tr><td colspan="1">and it has been a fundamental factor in the company’s development</td></tr><tr><td colspan="1">- also long before governance, the UN’s Sustainable Development</td></tr><tr><td colspan="1">Goals and the climate debate were put near the top of the agenda.</td></tr><tr><td colspan="1">See “Mission” page 11.</td></tr><tr><td colspan="1">Over the last many years, we have continually worked towards reducing</td></tr><tr><td colspan="1">our energy consumption, we have improved employee working condi-</td></tr><tr><td colspan="1">tions and we have had a good and responsible management culture.</td></tr><tr><td colspan="1">Shared responsibility and initiatives in, among other things, climate</td></tr><tr><td colspan="1">and environmental impacts, employee conditions and governance</td></tr><tr><td colspan="1">issues are continuing at full capacity, and this is an important part</td></tr><tr><td colspan="1">of the everyday lives of our managers and employees who are all</td></tr><tr><td colspan="1">assuming a great deal of responsibility.</td></tr><tr><td colspan="1">At RIAS, we make a commitment to behaving decently and credibly.</td></tr><tr><td colspan="1">We believe that results are made through people who responsibly</td></tr><tr><td colspan="1">contribute to ensuring our common future, and we have always pri-</td></tr><tr><td colspan="1">oritised doing things the right way.</td></tr><tr><td colspan="1">At RIAS, we believe that a company’s activities have a critical impact</td></tr><tr><td colspan="1">on the development of a sustainable society. We aim to proactively</td></tr><tr><td colspan="1">improve the environmental, social and governance conditions, par-</td></tr><tr><td colspan="1">ticularly in the areas that are naturally associated with our business.</td></tr><tr><td colspan="1">Our values, together with the UN’s Global Compact principles, form</td></tr><tr><td colspan="1">the basis for our approach to ESG and is a testimony to the fact that</td></tr><tr><td colspan="1">ESG has always been an integral part of RIAS for the purpose of cre-</td></tr><tr><td colspan="1">ating real value for society as a whole via the company’s ESG work.</td></tr><tr><td colspan="1">ESG strategy in accordance with the UN’s Sustainable Development</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5">Goals (SDGs)</td></tr><tr><td colspan="5">The UN’s SDGs reflect a desire to create a better world. The 17 SDGs</td></tr><tr><td colspan="5">are the cornerstone of the UN’s “Agenda 2030” and specify the direc-</td></tr><tr><td colspan="5">tion of the work.</td></tr><tr><td colspan="5">RIAS has a particular focus on the SDGs that are most relevant to</td></tr><tr><td colspan="5">our stakeholders and our business, as this is where we believe we</td></tr><tr><td colspan="5">can make the biggest difference. In order to meet the risks of this</td></tr><tr><td colspan="5">increased focus and the possibilities associated with sustainability,</td></tr><tr><td colspan="5">we have decided to launch sustainability targets that create a close</td></tr><tr><td colspan="5">connection between our company and the SDGs.</td></tr><tr><td colspan="5">RIAS has a particular focus on SDG 7, 12, 13 and 16.</td></tr><tr><td colspan="5">We have specified measurable and ambitious targets for SDG 7 con-</td></tr><tr><td colspan="5">cerning renewable energy and SDG 12 concerning consumption and</td></tr><tr><td colspan="5">production. These are described in the section about the environment</td></tr><tr><td colspan="5">and climate below.</td></tr><tr><td colspan="5">Risks</td></tr><tr><td colspan="5">Below is an overview of the most important risks and actions</td></tr><tr><td colspan="5">for each of the UN’s Global Compact principles and the speci-</td></tr><tr><td colspan="5">fied policy areas.</td></tr><tr><td colspan="5">Human rights</td></tr><tr><td>-</td><td>Risk: The company mainly relies on suppliers from within</td></tr><tr><td /><td>Europe, and the risk of failure to comply with human rights and</td></tr><tr><td /><td>labour rights is minimal.</td></tr><tr><td>-</td><td>Action</td></tr><tr><td>-</td><td>All suppliers are asked to fill out a Supplier Code of Conduct that</td></tr><tr><td /><td>emphasises human rights and labour rights. Only the suppliers who</td></tr><tr><td /><td>fulfil the requirements of this code of conduct are used.</td></tr><tr><td colspan="5">Labour</td></tr><tr><td>-</td><td>Risk: Our employees’ safety is a risk factor since we have ware-</td></tr><tr><td /><td>houses and production facilities.</td></tr><tr><td>-</td><td>Action: The management is continually focused on safety and we</td></tr><tr><td /><td>are working to improve this further via education and training.</td></tr><tr><td colspan="5">Environment and climate</td></tr><tr><td>-</td><td>Risk: Our own processing and purchasing of raw materials</td></tr><tr><td /><td>from suppliers involves a risk of negative environmental impacts.</td></tr><tr><td>-</td><td>Action: We are systematically working on reducing our environ-</td></tr><tr><td /><td>mental impact from our warehouses and processing activities</td></tr><tr><td /><td>and we encourage our suppliers to do the same. We have intro-</td></tr><tr><td /><td>duced an ambitious target being climate neutral by 2030</td></tr><tr><td /><td>and we are continually investing in initiatives to meet this target.</td></tr><tr><td colspan="5">Anti-corruption work</td></tr><tr><td>-</td><td>Risk: Legal violations relating to corruption can result in major</td></tr><tr><td /><td>financial losses and a poor reputation.</td></tr><tr><td>-</td><td>Action: Targeted training in business ethics and anti-corruption</td></tr><tr><td /><td>work for selected high-risk areas such as the sales team. Contin-</td></tr><tr><td /><td>uous monitoring of changes to legislation concerning anti-cor-</td></tr><tr><td /><td>ruption work and the implementation of applicable rules.</td></tr><tr><td /><td>Updating the Code of Conduct, also for suppliers. Available</td></tr><tr><td /><td>whistleblower hotline. Online training in anti-trust and compli-</td></tr><tr><td /><td>ance for all employees.</td></tr><tr><td colspan="5">Environment and climate</td></tr><tr><td colspan="5">Protecting the environment is important to RIAS, and we make every</td></tr><tr><td colspan="5">effort to minimise negative environmental impacts and address cli-</td></tr><tr><td colspan="5">mate change.</td></tr><tr><td colspan="5">The company has a limited environmental impact which mainly con-</td></tr><tr><td colspan="5">sists of the waste from products and transportation and driving in</td></tr><tr><td colspan="5">company cars and electricity consumption for the company’s pro-</td></tr><tr><td colspan="5">cessing work, offices and warehouses.</td></tr><tr><td colspan="5">The company is working in a targeted manner to reduce its environ-</td></tr><tr><td colspan="5">mental impact from PVC waste, and here the company has a partner-</td></tr><tr><td colspan="5">ship with the organisation Wuppi which collects and disposes PVC in</td></tr><tr><td colspan="5">a sustainable fashion.</td></tr><tr><td colspan="5">During 2021/22 RIAS introduced Green Concept which is an offer to</td></tr><tr><td colspan="5">customers who are not able to send their plastic scrap to recycling.</td></tr><tr><td colspan="5">RIAS collect the scrap and makes sure that it gets recycled. Since the</td></tr><tr><td colspan="5">introduction in April 2022 and until end September 2022 9 tons of</td></tr><tr><td colspan="5">scrap has been collected and delivered to recycling. This scrap would</td></tr><tr><td colspan="5">otherwise have been considered to be waste.</td></tr><tr><td colspan="5">RIAS makes every effort to make environmental considerations an</td></tr><tr><td colspan="5">integral part of our activities. Our work with reducing climate emis-</td></tr><tr><td colspan="5">sions is focused on, but not limited to, energy, heating, behaviour</td></tr><tr><td colspan="5">and transport. The work with reducing our environmental impact is</td></tr><tr><td colspan="5">focused on, but not limited to, responsible purchasing, responsible</td></tr><tr><td colspan="5">packaging and waste management.</td></tr><tr><td colspan="5">Our goal is to reduce the negative climate and environmental conse-</td></tr><tr><td colspan="5">quences of our activities, and we expect the same from our suppliers.</td></tr><tr><td colspan="5">We are convinced that effective and systematic environmental initi-</td></tr><tr><td colspan="5">atives create both environmental benefits and value for our stake-</td></tr><tr><td colspan="5">holders.</td></tr><tr><td colspan="5">Target</td></tr><tr><td colspan="5">RIAS is working towards being carbon neutral in 2030.</td></tr><tr><td colspan="5">RIAS A/S is continually monitoring energy consumption levels and</td></tr><tr><td colspan="5">waste figures for the entire company in a database called WeSustain,</td></tr><tr><td colspan="5">and here the development is compared to previous years.</td></tr><tr><td colspan="5">Results achieved</td></tr><tr><td colspan="5">Based on input from WeSustain concerning the company’s consump-</td></tr><tr><td colspan="5">tion in areas such as electricity, fuel and water, it is possible to cal-</td></tr><tr><td colspan="5">culate a carbon footprint that can be used to assess where new ini-</td></tr><tr><td colspan="5">tiatives are needed to support the company’s target of being carbon</td></tr><tr><td colspan="5">neutral in 2030.</td></tr><tr><td colspan="5">The company is continuously working on reducing its energy con-</td></tr><tr><td colspan="5">sumption in its warehouses, production facilities and administration</td></tr><tr><td colspan="5">with the support from energy consultants who gives advice on the</td></tr><tr><td colspan="5">newest technology and where it makes sense to reduce our energy</td></tr><tr><td colspan="5">consumption with the biggest impact.</td></tr><tr><td colspan="5">By tracking our energy consumption and the CO2 output we are able</td></tr><tr><td colspan="5">to work more efficient towards our goal in 2030.</td></tr><tr><td colspan="5">RIAS has the following energy consumption split by source. The emis-</td></tr><tr><td colspan="5">sions are calculated on the basis of energy consumption and CO2</td></tr><tr><td colspan="5">emissions are calculated using the GHG Protocol methodology.</td></tr><tr><td>Tonnage CO2</td><td>CO2 emissions by source</td></tr><tr><td /><td>2021/22</td><td>2020/21</td><td>2019/20</td><td>2018/19</td></tr><tr><td>Electrical power</td><td>74</td><td>173</td><td>157</td><td>138</td></tr><tr><td /><td>19%</td><td>32%</td><td>27%</td><td>26%</td></tr><tr><td>Natural gas</td><td>57</td><td>51</td><td>54</td><td>54</td></tr><tr><td /><td>15%</td><td>9%</td><td>9%</td><td>10%</td></tr><tr><td>Diesel</td><td>144</td><td>118</td><td>121</td><td>136</td></tr><tr><td /><td>37%</td><td>21%</td><td>21%</td><td>25%</td></tr><tr><td>District heat</td><td>111</td><td>207</td><td>256</td><td>210</td></tr><tr><td /><td>29%</td><td>38%</td><td>44%</td><td>39%</td></tr><tr><td>Total</td><td>386</td><td>549</td><td>588</td><td>538</td></tr><tr><td colspan="5">Electricity consumption</td></tr><tr><td colspan="5">The company uses a large part of its electricity consumption in its</td></tr><tr><td colspan="5">warehouses and processing work; During the last year we have been</td></tr><tr><td colspan="5">able to reduce our use of electricy and therefore also the emission of</td></tr><tr><td colspan="5">CO2 from this source.</td></tr><tr><td colspan="5">The effect is mainly coming from our solar panel where we from Janu-</td></tr><tr><td colspan="5">ary 2022 until September 2022 have been able to produce 143.415</td></tr><tr><td colspan="5">Kwh. This production amounts to 19% of our usage of electricity.</td></tr><tr><td colspan="5">In order to bring the CO2 emission from the use of electricity further</td></tr><tr><td colspan="5">down additionally investments are expected in solar panels on our</td></tr><tr><td colspan="5">site in Roskilde and Assentoft as well. Both installations are expected</td></tr><tr><td colspan="5">to be carried out beginning 2023 so the full effect during the spring</td></tr><tr><td colspan="5">and summer of 2023 should be achieved. This is expected to increase</td></tr><tr><td colspan="5">our production of electricity to approx. 50% of our usage.</td></tr><tr><td colspan="5">Investments in automation of the usage of electricity in processing</td></tr><tr><td colspan="5">department has also been done which will replace manual judgement</td></tr><tr><td colspan="5">of how much energy should be used for our pumps in the department.</td></tr><tr><td colspan="5">This is estimated to reduce our usage of electricity by 20t Kwh pr year</td></tr><tr><td colspan="5">equal to 3% reduction.</td></tr><tr><td colspan="5">Internal and external lightning has been changed to LED and a high</td></tr><tr><td colspan="5">awareness of the use of electricy among our colleagues have also</td></tr><tr><td colspan="5">contributed to a reduction in the use of electricity and will continue to</td></tr><tr><td colspan="5">be a topic for the future.</td></tr><tr><td colspan="5">The company still expects to invest in new machinery in the future</td></tr><tr><td colspan="5">and energy usage will therefore be a big part of the choice of brand</td></tr><tr><td colspan="5">and which machine that should be invested in.</td></tr><tr><td colspan="5">Additional charging stations have recently been installed at the</td></tr><tr><td colspan="5">Roskilde site to allow for the optimal use of electric vehicles. The com-</td></tr><tr><td colspan="5">pany now has 4 parking lots where electrical cars can be recharged.</td></tr><tr><td colspan="5">9% of RIAS’ leased fleet is either electric or hybrid, and we are care-</td></tr><tr><td colspan="5">fully monitoring the market for electric and hybrid vehicles to select</td></tr><tr><td colspan="5">the right environmentally friendly solution once the leased vehicles</td></tr><tr><td colspan="5">will be converted to ‘green’ cars.</td></tr><tr><td colspan="5">It is expected that in the future RIAS will have a greater proportion of</td></tr><tr><td colspan="5">its cars being electric as the technology will gradually make it possi-</td></tr><tr><td colspan="5">ble for our salespeople who drive many kilometres to use these cars.</td></tr><tr><td colspan="5">Leased cars for employee use are approved based on CO2 emissions</td></tr><tr><td colspan="5">- highemission vehicles are therefore not selected.</td></tr><tr><td colspan="5">In order to improve our future tracking and documenting electricity</td></tr><tr><td colspan="5">usage in RIAS the company will install devices on each machine and</td></tr><tr><td colspan="5">other assets that use electricity in order to track the usage when run-</td></tr><tr><td colspan="5">ning or in standby mode so any unnatural usage can be discovered</td></tr><tr><td colspan="5">and stopped before having any waste of energy.</td></tr><tr><td colspan="5">Heating usage</td></tr><tr><td colspan="5">RIAS uses natural gas to heat the building in Assentoft and district</td></tr><tr><td colspan="5">heating for the buildings in Roskilde, and the company has mainly</td></tr><tr><td colspan="5">worked on reducing consumption on the Roskilde site.</td></tr><tr><td colspan="5">The main effect of isolation and replacement of new windows during</td></tr><tr><td colspan="5">the last years has been seen on the usage of district heat in Roskilde.</td></tr><tr><td colspan="5">Investments during 2020/21 in Genvex systems that recover process</td></tr><tr><td colspan="5">heat, has also contributed to the reduction of usage of district heating.</td></tr><tr><td colspan="5">The reduction is from 807 MWh in 2020/21 to 653 MWh in 2021/22</td></tr><tr><td colspan="5">which also contributes to a lower emission from this area.</td></tr><tr><td colspan="5">Our supplier of district heating is also working on making their produc-</td></tr><tr><td colspan="5">tion more “green” and will therefore also have an indirect effect on our</td></tr><tr><td colspan="5">CO2 emission from this source in the future. The usage of natural gas</td></tr><tr><td colspan="5">in Assentoft is at a stable level and still has an emission above 50</td></tr><tr><td colspan="5">tons CO2 The company has during the last quarter of 2021/22 worked</td></tr><tr><td colspan="5">with an external consultant in order to make a transition from natural</td></tr><tr><td colspan="5">gas to heating pumps. The company expect to make the change in</td></tr><tr><td colspan="5">January 2023 and this will reduce the main part of CO2 emission from</td></tr><tr><td colspan="5">natural gas in the financial year 2022/23.</td></tr><tr><td colspan="5">The exchange from gas to heating pumps in Assentoft will decrease</td></tr><tr><td colspan="5">the usage of gas but of course increase the electricity and the compa-</td></tr><tr><td colspan="5">ny therefore seeks to compensate this by investing in solar panels on</td></tr><tr><td colspan="5">this site that can produce electricity for these heating pumps.</td></tr><tr><td colspan="5">Waste</td></tr><tr><td colspan="5">The company generates waste as part of its processing of plastics,</td></tr><tr><td colspan="5">but it is a very limited amount. RIAS is working in a targeted manner</td></tr><tr><td colspan="5">to reduce the environmental impact of PVC waste, and the company</td></tr><tr><td colspan="5">has a partnership with the organisation Wuppi, which collects and dis-</td></tr><tr><td colspan="5">poses of hard PVC waste in a sustainable fashion.</td></tr><tr><td colspan="5">During the 2021/22 189 tons of plastic waste was collected and send</td></tr><tr><td colspan="5">to recycling.</td></tr><tr><td colspan="5">During 2021/22 RIAS introduced Green Concept which is an offer to</td></tr><tr><td colspan="5">customers who are not able to send their plastic scrap to recycling.</td></tr><tr><td colspan="5">RIAS collect the scrap and makes sure that it gets recycled. Since the</td></tr><tr><td colspan="5">introduction in April 2022 and until end September 2022 9 tons of</td></tr><tr><td colspan="5">scrap has been collected and delivered to recycling. This scrap would</td></tr><tr><td colspan="5">otherwise have been considered to be waste.</td></tr><tr><td colspan="5">RIAS is continually working on finding new sustainable solutions for</td></tr><tr><td colspan="5">our products. One example of this is the PLEXIGLAS®proTerra, which</td></tr><tr><td colspan="5">is a plate that consists of 90% regenerated material without compro-</td></tr><tr><td colspan="5">mising on quality or properties.</td></tr><tr><td colspan="5">Another example is driving plates made from ocean plastic waste.</td></tr><tr><td colspan="5">The plate is made from 98% ocean plastic waste from old fishing nets,</td></tr><tr><td colspan="5">trawls and ropes and the last 2% are colouring agents.</td></tr><tr><td colspan="5">By using ocean plastic waste, one saves 1,650 kg of CO2 every time</td></tr><tr><td colspan="5">one uses 1,000 kg of ocean plastic waste.</td></tr><tr><td colspan="5">RIAS A/S aims to conduct its operations in a responsible manner and</td></tr><tr><td colspan="5">is continually working on creating coherence between the company’s</td></tr><tr><td colspan="5">strategy and responsibility to the society that the company operates</td></tr><tr><td colspan="5">in. For RIAS A/S, social responsibility work is a continual process</td></tr><tr><td colspan="5">and in 2022/23 the company continues to work on structuring the</td></tr><tr><td colspan="5">required internal processes.</td></tr><tr><td colspan="5">Based on a criticality assessment, the company is working with areas</td></tr><tr><td colspan="5">such as employees, the environment, supplier conditions and anticor-</td></tr><tr><td colspan="5">ruption. The overall policy is described below in addition to how the</td></tr><tr><td colspan="5">policy works in practice and, where relevant, what has been achieved.</td></tr><tr><td colspan="5">Social factors</td></tr><tr><td colspan="5">Ensuring good social conditions for employees is important to the</td></tr><tr><td colspan="5">company, and RIAS offers all of its employees good working condi-</td></tr><tr><td colspan="5">tions in accordance with applicable legislation and good practices.</td></tr><tr><td colspan="5">There are monthly follow-ups on sick leave in order to improve</td></tr><tr><td colspan="5">well-being, and in general, the company is continually working on en-</td></tr><tr><td colspan="5">suring the best possible working environment. The total absences for</td></tr><tr><td colspan="5">the 2021/22 financial year have increased compared to 2020/21 and</td></tr><tr><td colspan="5">are at 3,1% compared to 1.9% last year.</td></tr><tr><td colspan="5">Workplace safety is important to the company, and there is continual</td></tr><tr><td colspan="5">investment in initiatives that improve safety at warehouses and pro-</td></tr><tr><td colspan="5">duction facilities.</td></tr><tr><td colspan="5">Investments have been made in equipping trucks with blue lights both</td></tr><tr><td colspan="5">front and rear so that employees can see when a truck is headed their</td></tr><tr><td colspan="5">way.</td></tr><tr><td colspan="5">Investments have also been made in safety nets behind pallet racks</td></tr><tr><td colspan="5">so that materials cannot cause injury to an employee if they fall off</td></tr><tr><td colspan="5">behind a rack while being stocked.</td></tr><tr><td colspan="5">There have been no workplace accidents in the 2021/22 financial year.</td></tr><tr><td colspan="5">The company will continue to work on safety issues via daily morning</td></tr><tr><td colspan="5">meetings at warehouses and production facilities in order to ensure</td></tr><tr><td colspan="5">that the number of workplace accidents remains at zero. In the com-</td></tr><tr><td colspan="5">ing period, the company is expecting to complete an employee satis-</td></tr><tr><td colspan="5">faction survey to ensure that the social conditions remain good via the</td></tr><tr><td colspan="5">use of employee dialogues.</td></tr><tr><td colspan="5">Inclusion is also important to the company, and it employs those in</td></tr><tr><td colspan="5">vocational training programmes and offers flexible working schemes</td></tr><tr><td colspan="5">(flexjob) to employees with a limited work capacity.</td></tr><tr><td colspan="5">In addition, there are schemes for seniors offered to employees who</td></tr><tr><td colspan="5">are close to retirement.</td></tr><tr><td colspan="5">RIAS also assumes responsibility by training young people in various</td></tr><tr><td colspan="5">job roles, and currently the company has four trainees hired in ware-</td></tr><tr><td colspan="5">houses and in purchasing functions.</td></tr><tr><td colspan="5">RIAS has during the financial year implemented a maternity leave for</td></tr><tr><td colspan="5">men that is equal to the one applying for women and by doing that</td></tr><tr><td colspan="5">exceeding the legal requirements. This has the effect that men and</td></tr><tr><td colspan="5">women are having the same opportunity in this matter.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Suppliers and human rights</td></tr><tr><td colspan="1">The company typically enters into long-term supplier relationships,</td></tr><tr><td colspan="1">and the suppliers are mainly located in Europe. An overall assess-</td></tr><tr><td colspan="1">ment of the suppliers also includes - besides financial and qualityre-</td></tr><tr><td colspan="1">lated assessments - an assessment of whether the supplier demon-</td></tr><tr><td colspan="1">strates social responsibility, including not using child labour, etc.</td></tr><tr><td colspan="1">All new suppliers are asked to fill out a Supplier Code of Conduct which,</td></tr><tr><td colspan="1">among other things, has questions related to human rights. In the fi-</td></tr><tr><td colspan="1">nancial year only suppliers fulfilling the requirements of the Supplier</td></tr><tr><td colspan="1">Code of Conduct have been used.</td></tr><tr><td colspan="1">RIAS A/S has received an updated Supplier Declaration at the end of</td></tr><tr><td colspan="1">the financial year and will therefore from now on use this one for new</td></tr><tr><td colspan="1">suppliers, while also getting this updated version signed by the cur-</td></tr><tr><td colspan="1">rent suppliers.</td></tr><tr><td colspan="1">Anti-corruption</td></tr><tr><td colspan="1">As a company, RIAS wants to ensure that we carry out our activities</td></tr><tr><td colspan="1">in an honest manner without the involvement of corruption or bribery</td></tr><tr><td colspan="1">to gain unfair advantages. It is important that all of RIAS’ activities are</td></tr><tr><td colspan="1">characterised by integrity.</td></tr><tr><td colspan="1">Bribery and corruption harm the societies in which they take place</td></tr><tr><td colspan="1">and prevent economic growth and development.</td></tr><tr><td colspan="1">It is RIAS’ policy to comply with all applicable laws on fighting corrup-</td></tr><tr><td colspan="1">tion and to correctly list all transactions in RIAS’ financial statements</td></tr><tr><td colspan="1">and reports.</td></tr><tr><td colspan="1">The company has zero tolerance for bribery and corruption made by</td></tr><tr><td colspan="1">employees or others acting on our behalf.</td></tr><tr><td colspan="1">To support the policy on fighting bribery, all new employees must</td></tr><tr><td colspan="1">complete online courses in anti-trust and anti-corruption issues with-</td></tr><tr><td colspan="1">in three months of starting in their jobs and updated courses are con-</td></tr><tr><td colspan="1">tinuously held for employees in RIAS A/S.</td></tr><tr><td colspan="1">In the 2021/22 financial year, compliance e-learning courses in anti-</td></tr><tr><td colspan="1">corruption work have been held for all employees and 100% of em-</td></tr><tr><td colspan="1">ployees completed the course.</td></tr><tr><td colspan="1">Compliance is also an item on the agenda at board meetings, and</td></tr><tr><td colspan="1">here the Board of Directors has also been informed of the e-learning</td></tr><tr><td colspan="1">courses that have been completed.</td></tr><tr><td colspan="1">The management group also discusses compliance issues and this is</td></tr><tr><td colspan="1">a permanent part of the agenda.</td></tr><tr><td colspan="1">The company also has a whistleblower hotline where employees can</td></tr><tr><td colspan="1">notify neutral third parties at a law firm about violations or suspected</td></tr><tr><td colspan="1">violations of the law, including corruption or cartel formation.</td></tr><tr><td colspan="1">There have been no whistleblower reports submitted in 2021/22. Nor</td></tr><tr><td colspan="1">has management been made aware of corruption issues by other</td></tr><tr><td colspan="1">channels, and the Board of Directors has also been notified of this.</td></tr><tr><td colspan="1">In the 2022/23 financial year, all new employees will be asked to com-</td></tr><tr><td colspan="1">plete e-learning courses on compliance, and for current employees,</td></tr><tr><td colspan="1">there will be ongoing training in anti-trust and compliance matters.</td></tr><tr><td colspan="1">Policy for the gender composition of the Board of Directors and Execu-</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">tive Board, cf. Section 99(b)</td></tr><tr><td colspan="1">The current Board of Directors are elected on an annual basis, and</td></tr><tr><td colspan="1">the board members are selected based on their overall competences.</td></tr><tr><td colspan="1">The Board of Directors currently consists of four members, of which</td></tr><tr><td colspan="1">four are men and the chairman is a woman. Therefore 25% which is in</td></tr><tr><td colspan="1">excess of the 15% target. There has thus been achieved an equitable</td></tr><tr><td colspan="1">gender distribution in the top management team.</td></tr><tr><td colspan="1">As the registered Executive Board at present only consists of one</td></tr><tr><td colspan="1">member, there is no target for the gender composition in the Execu-</td></tr><tr><td colspan="1">tive Board.</td></tr><tr><td colspan="1">RIAS A/S´ personnel policy states that the proportion of women in</td></tr><tr><td colspan="1">other administrative bodies should be increased.</td></tr><tr><td colspan="1">RIAS A/S is taking the following actions to achieve a more equitable</td></tr><tr><td colspan="1">gender composition among the other administrative bodies</td></tr><tr><td colspan="1">Work is being done to ensure at least 25% female managers in the</td></tr><tr><td colspan="1">company which has been achived in 2021/22. This is accomplished by</td></tr><tr><td colspan="1">using recruitment agencies to find the best employees and to ensure</td></tr><tr><td colspan="1">that the candidates include well-qualified women.</td></tr><tr><td colspan="1">Making the company more attractive to managers of both genders,</td></tr><tr><td colspan="1">such as by ensuring there is an HR policy that promotes the career</td></tr><tr><td colspan="1">opportunities of both men and women, which is accomplished by of-</td></tr><tr><td colspan="1">fering a flexible and family-friendly workplace.</td></tr><tr><td colspan="1">Creating a safe framework for individual career development via</td></tr><tr><td colspan="1">networks with managers in other companies, for example, via the in-</td></tr><tr><td colspan="1">tranet where employees can network with other managers in other</td></tr><tr><td colspan="1">thyssenkrupp companies. Our young managers are also participating</td></tr><tr><td colspan="1">in external networking groups.</td></tr><tr><td colspan="1">There have been changes to the management team in the financial</td></tr><tr><td colspan="1">year, and the distribution is 29% women and thus higher compared</td></tr><tr><td colspan="1">to 2020/21 (20%).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Diversity</td></tr><tr><td colspan="2">At RIAS, we believe that a diverse workplace and an inclusive working</td></tr><tr><td colspan="2">environment is an asset for our company.</td></tr><tr><td colspan="2">We believe that diverse teams are more innovative, make better deci-</td></tr><tr><td colspan="2">sions and contribute to novel thinking, and we also promote tolerance</td></tr><tr><td colspan="2">among our employees.</td></tr><tr><td colspan="2">RIAS wants and strives to be a responsible workplace that recruits,</td></tr><tr><td colspan="2">promotes and develops its employees based on their competences</td></tr><tr><td colspan="2">and in a manner that promotes diversity.</td></tr><tr><td colspan="2">We therefore also make every effort to ensure that our recruitment,</td></tr><tr><td colspan="2">terms of employment, promotions and any potential terminations are</td></tr><tr><td colspan="2">made without prejudice towards gender, sexual orientation, age, na-</td></tr><tr><td colspan="2">tionality, physical ability, handicaps, political views, ethnicity, family</td></tr><tr><td colspan="2">status, religious convictions or other ideologies. When we recruit new</td></tr><tr><td colspan="2">managers, we focus on equal terms and on identifying candidates</td></tr><tr><td colspan="2">from both genders.</td></tr><tr><td colspan="2">How we work with diversity at RIAS</td></tr><tr><td colspan="2">We are continually working on ensuring diversity both in management</td></tr><tr><td colspan="2">teams and among employee groups. We work based on the following</td></tr><tr><td colspan="2">principles</td></tr><tr><td>•</td><td>RIAS is a workplace with equal opportunities for everyone in a safe</td></tr><tr><td /><td>and non-discriminatory working environment.</td></tr><tr><td>•</td><td>We strive to ensure that women are represented by more than</td></tr><tr><td /><td>25% among our management teams and we therefore focus on</td></tr><tr><td /><td>equal terms and on identifying candidates from both genders when</td></tr><tr><td /><td>recruiting new managers.</td></tr><tr><td>•</td><td>We comply with Danish and international human rights standards</td></tr><tr><td /><td>and laws regarding equal opportunity and we offer fair and equal</td></tr><tr><td /><td>terms in employment and working conditions, regardless of gender,</td></tr><tr><td /><td>ethnic origins, religious beliefs or other personal conditions.</td></tr><tr><td>•</td><td>We do not tolerate bullying, sexual harassment, discrimination, offen-</td></tr><tr><td /><td>sive behaviour or threats.</td></tr><tr><td>•</td><td>We strive to ensure that the composition of our employees is a mix</td></tr><tr><td /><td>of young and experienced employees who together can inspire and</td></tr><tr><td /><td>contribute to the development of RIAS.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Data ethics § 99 d</td></tr><tr><td colspan="1">A data ethics policy was developed in 2022.</td></tr><tr><td colspan="1">It is RIAS´s policy to maintain the highest ethical standards and com-</td></tr><tr><td colspan="1">ply with all applicable data and privacy laws and regulations. Our</td></tr><tr><td colspan="1">work with data ethics is governed by the data ethics policy as well as</td></tr><tr><td colspan="1">internal policies and standard operating procedures.</td></tr><tr><td colspan="1">As described in RIAS‘ Policy for data ethics, which is available at rias.</td></tr><tr><td colspan="1">dk, we at RIAS have identified a number of data ethical values that we</td></tr><tr><td colspan="1">as a company must work towards, and which can support that we al-</td></tr><tr><td colspan="1">ways make well-considered decisions on our digital journey. The data</td></tr><tr><td colspan="1">ethical values are places on top of the relevant legislation for the area</td></tr><tr><td colspan="1">and complement RIAS’ personal data policy.</td></tr><tr><td colspan="1">The policy implies that RIAS continuously consider the advantages</td></tr><tr><td colspan="1">and disadvantages of the use of new digital solutions in relation to the</td></tr><tr><td colspan="1">data processing they entail, as RIAS is very aware that the use and</td></tr><tr><td colspan="1">processing of data must never go beyond RIAS’ data ethical values</td></tr><tr><td colspan="1">and in the end, end up damaging trust in RIAS as a digitally respon-</td></tr><tr><td colspan="1">sible company.</td></tr><tr><td colspan="1">Please refer to riasnordic.com/about-rias/data-ethics-policy</td></tr></table> 338727000 230000000 108727000 74192000 12925000 0 21610000 294000 550000 21354000 4395000 16959000 0 16959000 73.53 73.53 4395000 8714000 62000 -294000 550000 4984000 -7742000 112000 578000 -735000 -4869000 22714000 -2030000 0 -2030000 -4817000 -8072000 -12889000 7795000 -100000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Statement</td></tr><tr><td colspan="1">The Board of Directors and the Executive Board have today considered</td></tr><tr><td colspan="1">and adopted the Annual Report of RIAS A/S for 2021/22.</td></tr><tr><td colspan="1">The Annual Report has been prepared in accordance with International</td></tr><tr><td colspan="1">Financial Reporting Standards (IFRS) as adopted by the EU and Danish</td></tr><tr><td colspan="1">disclosure requirements for listed companies.</td></tr><tr><td colspan="1">In our opinion, the Financial Statements give a true and fair view of the</td></tr><tr><td colspan="1">financial pfinancial position of the Company at 30 September 2022 and of</td></tr><tr><td colspan="1">the results of the Company operations and cash flows for the financial</td></tr><tr><td colspan="1">year 1 October 2021 – 30 September 2022.</td></tr><tr><td colspan="1">In our opinion, Management’s Review provides a true and fair</td></tr><tr><td colspan="1">account of the development of Company’s activities and financial</td></tr><tr><td colspan="1">circumstances, the profit for the year, cash flows and financial position</td></tr><tr><td colspan="1">as well as a description of the most material risks and uncertainties</td></tr><tr><td colspan="1">that may affect the Company.</td></tr><tr><td colspan="1">In our opinion, the annual report of Rias A/S for the financial year 1 Octo-</td></tr><tr><td colspan="1">ber 2021 to 30 September 2022 identified asRIAS-2022-09-30-en.xhtml</td></tr><tr><td colspan="1">is prepared, in all material respects, in compliance with the ESEF Regu-</td></tr><tr><td colspan="1">lation.</td></tr><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General</td></tr><tr><td colspan="1">Meeting.</td></tr></table> Roskilde 2022-12-07 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditor’s Reports</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of RIAS A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Report on the audit of the Financial Statements</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Our opinion</td></tr><tr><td colspan="1">In our opinion, the Financial Statements give a true and fair view of the Company’s financial position at 30 September 2022 and of the results of the Com-</td></tr><tr><td colspan="1">pany’s operations and cash flows for the financial year 1 October 2021 to 30 September 2022 in accordance with International Financial Reporting Stand-</td></tr><tr><td colspan="1">ards as adopted by the EU and further requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee and the Board of Directors.</td></tr><tr><td colspan="1">What we have audited</td></tr><tr><td colspan="1">The Financial Statements of RIAS A/S for the financial year 1 October 2021 to 30 September 2022 comprise the statement of comprehensive income, bal-</td></tr><tr><td colspan="1">ance sheet, statement of changes in equity, cash flow statement and notes, including summary of significant accounting policies (“Financial Statements”).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our respon-</td></tr><tr><td colspan="1">sibilities under those standards and requirements are further described in the Auditor’s responsibilities for the audit of the Financial Statements section</td></tr><tr><td colspan="1">of our report.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Profes-</td></tr><tr><td colspan="1">sional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in</td></tr><tr><td colspan="1">accordance with these requirements and the IESBA Code.</td></tr><tr><td colspan="1">To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided.</td></tr><tr><td colspan="1">Appointment</td></tr><tr><td colspan="1">We were first appointed auditors of RIAS A/S on 18 January 2013 for the financial year 2012/13. We have been reappointed annually by shareholder reso-</td></tr><tr><td colspan="1">lution for a total period of uninterrupted engagement of ten years including the financial year 2021/22.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Key audit matters</td></tr><tr><td colspan="2">Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2021/22.</td></tr><tr><td colspan="2">These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not pro-</td></tr><tr><td colspan="2">vide a separate opinion on these matters.</td></tr><tr><td>Key audit matter</td><td>How our audit addressed the key audit matter</td></tr><tr><td colspan="2">Valuation of goodwill</td></tr><tr><td>Goodwill amounts to DKK 53 million and is attributable to</td><td>We assessed the impairment test prepared by Management, including the</td></tr><tr><td>the acquisitions of the activities in Rodena A/S in 2002 and</td><td>determination of the entire business as one cash generating unit.</td></tr><tr><td>Nordisk Plast A/S in 2008.</td><td>We assessed the assumptions applied by Management in budgets and fore-</td></tr><tr><td /><td>casts, including net revenue growth, contribution margin together with ex-</td></tr><tr><td>The valuation of goodwill is tested annually for</td><td>pected decline in sales pricing, cost control initiatives, changes to working</td></tr><tr><td>impairment. Key assumptions in determining future cash</td><td>capital, expected capital expenditure as well as the determination of discount</td></tr><tr><td>flows are earnings growth, including in particular revenue</td><td>rate and long-term growth rate.</td></tr><tr><td colspan="2">growth in the Building &amp; Construction Division</td></tr><tr><td>including the Swedish market as well as maintenance of</td><td>We compared budgets and plans for prior years with actual figures rea-lised</td></tr><tr><td>revenue in the Industry Division, contribution margin</td><td>with a view to assessing the accuracy of the judgements and estimates pre-</td></tr><tr><td>together with expected decline in sales pricing, cost control</td><td>viously made by Management. In particular, we challenged Management’s</td></tr><tr><td>initiatives, changes to working capital and expected capital</td><td>assessment of the development in market conditions in relation to higher in-</td></tr><tr><td>expenditure as well as the discount rate and long-term</td><td>flation and expected recession, foundation for further growth and initiatives</td></tr><tr><td>growth rate.</td><td>to optimise production methods for the purpose of improving margins.</td></tr><tr><td /><td>We assessed the sensitivity in the value in use of future cash flows for</td></tr><tr><td>We focused on the valuation of goodwill because the</td><td>changes to the assumptions in the budget and forecast period concerning</td></tr><tr><td>assessment of impairment requires considerable</td><td>profit/loss before financial items and tax, and in particular the terminal peri-</td></tr><tr><td>judgement and estimates by Management.</td><td>od together with changes to the discount rate in connection with the develop-</td></tr><tr><td>Reference is made to note 11 ”intangible assets”.</td><td>ment in the risk free interest rate.</td></tr><tr><td /><td>We assessed disclosure including sensitivity analysis for key assumptions.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management’s Review</td></tr><tr><td colspan="1">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Manage-</td></tr><tr><td colspan="1">Review is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, we considered whether Management’s Review includes the disclosures required by the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance</td></tr><tr><td colspan="1">with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of financial statements that give a true and fair view in accordance with International Financial Reporting</td></tr><tr><td colspan="1">Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and for such internal control as Management determines</td></tr><tr><td colspan="1">is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable,</td></tr><tr><td colspan="1">matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Company or to</td></tr><tr><td colspan="1">cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s responsibilities for the audit of the Financial Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists.</td></tr><tr><td colspan="1">Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence</td></tr><tr><td colspan="1">the economic decisions of users taken on the basis of these Financial Statements.</td></tr><tr><td colspan="1">As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional</td></tr><tr><td colspan="1">scepticism throughout the audit. We also</td></tr><tr><td colspan="1">• Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit</td></tr><tr><td colspan="1">procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of</td></tr><tr><td colspan="1">not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,</td></tr><tr><td colspan="1">intentional omissions, misrepresentations, or the override of internal control.</td></tr><tr><td colspan="1">• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances,</td></tr><tr><td colspan="1">but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.</td></tr><tr><td colspan="1">• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by</td></tr><tr><td colspan="1">Management.</td></tr><tr><td colspan="1">• Conclude on the appropriateness of Management’s use of the going concern basis of accounting and based on the audit evidence obtained,</td></tr><tr><td colspan="1">whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a</td></tr><tr><td colspan="1">going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related dis</td></tr><tr><td colspan="1">closures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence</td></tr><tr><td colspan="1">obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a</td></tr><tr><td colspan="1">going concern.</td></tr><tr><td colspan="1">• Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial</td></tr><tr><td colspan="1">Statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings,</td></tr><tr><td colspan="1">including any significant deficiencies in internal control that we identify during our audit.</td></tr><tr><td colspan="1">We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and</td></tr><tr><td colspan="1">to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions</td></tr><tr><td colspan="1">taken to eliminate threats or safeguards applied.</td></tr><tr><td colspan="1">From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial</td></tr><tr><td colspan="1">Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation</td></tr><tr><td colspan="1">precludes public disclosure about the matter.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Report on compliance with the ESEF Regulation</td></tr><tr><td colspan="1">As part of our audit of the Financial Statements we performed procedures to express an opinion on whether the annual report of RIAS A/S for the financial</td></tr><tr><td colspan="1">year 1 October 2021 to 30 September 2022 identified as RIAS-2022-09-30-en.xhtml is prepared, in all material respects, in compliance with the Commission</td></tr><tr><td colspan="1">Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation</td></tr><tr><td colspan="1">of the annual report in XHTML format.</td></tr><tr><td colspan="1">Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes the preparing of the annual</td></tr><tr><td colspan="1">report in XHTML format.</td></tr><tr><td colspan="1">Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation</td></tr><tr><td colspan="1">based on the evidence we have obtained, and to issue a report that includes our opinion. The procedures consist of testing whether the annual report</td></tr><tr><td colspan="1">is prepared in XHTML format.</td></tr><tr><td colspan="1">In our opinion, the annual report of RIAS A/S for the financial year 1 October 2021 to 30 September 2022 identified as RIAS-2022-09-30-en.xhtml are prepared,</td></tr><tr><td colspan="1">in all material respects, in compliance with the ESEF Regulation.</td></tr></table> Hellerup 2022-12-07 Årsrapport 44065118 Rias A/S Industrivej 11 4000 Roskilde xWizard version 1.1.1168.0, by EasyX Aps. www.easyx.eu 2020-10-01 2021-09-30 Revisionspåtegning Grundlag for konklusion Konklusion Astrid Meicherczyk Chairman Steen Raagaard Andersen Vice-chairman Nicolas Neuwirth Board member Dieter Wetzel Board member June Svendsen Employee Representative Søren Koustrup Employee Representative Henning Hess CEO 308466000 204836000 103630000 72688000 12852000 -1467000 16623000 95000 680000 16038000 3425000 12613000 0 12613000 54.69 54.69 3425000 10231000 -47000 -95000 680000 -1548000 -4161000 -11080000 53000 -661000 -1840000 7570000 0 -4789000 47000 -4742000 -4987000 -5766000 -10753000 -7925000 24000 53085000 88000 179000 53352000 39313000 14709000 3555000 0 11809000 122738000 24205000 67299000 5149000 34779000 131432000 254170000 23063000 1898000 149748000 11532000 186241000 9464000 7699000 17163000 4238000 43017000 3511000 50766000 67929000 254170000 34779000 53085000 150000 296000 53531000 39829000 15066000 4377000 0 11387000 124190000 29189000 60845000 3860000 27084000 120978000 245168000 23063000 1898000 144321000 8072000 177354000 9479000 7123000 16602000 4337000 42905000 3970000 51212000 67814000 245168000 27084000 Cash flows from operating activities before changes in working capital 30386000 Cash flows from operating activities before changes in working capital 26807000 Cash flows before financial income and expenses and tax 27740000 Cash flows before financial income and expenses and tax 10018000 27084000 34985000 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 DK-2900 Hellerup 33771231 Torben Jensen State Authorised Public Accountant mne18651 Christian Møller Gyrsting State Authorised Public Accountant mne44111 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab