41010037 2023-01-01 2023-12-31 cmn:ConsolidatedMember 41010037 2023-01-01 2023-12-31 cmn:ConsolidatedMember 0 41010037 2022-01-01 2022-12-31 cmn:ConsolidatedMember 41010037 2021-01-01 2021-12-31 cmn:ConsolidatedMember 41010037 2020-01-01 2020-12-31 cmn:ConsolidatedMember 41010037 2019-01-01 2019-12-31 cmn:ConsolidatedMember 41010037 2023-12-31 cmn:ConsolidatedMember 41010037 2022-12-31 cmn:ConsolidatedMember 41010037 2021-12-31 cmn:ConsolidatedMember 41010037 2020-12-31 cmn:ConsolidatedMember 41010037 2019-12-31 cmn:ConsolidatedMember 41010037 2023-01-01 2023-12-31 cmn:ConsolidatedMember 0 41010037 2022-01-01 2022-12-31 cmn:ConsolidatedMember 1 41010037 2021-01-01 2021-12-31 cmn:ConsolidatedMember 2 41010037 2020-01-01 2020-12-31 cmn:ConsolidatedMember 3 41010037 2019-01-01 2019-12-31 cmn:ConsolidatedMember 4 41010037 2023-01-01 2023-12-31 41010037 2022-01-01 2022-12-31 41010037 2023-12-31 41010037 2022-12-31 41010037 2023-01-01 2023-12-31 cmn:ConsolidatedMember 0 41010037 2022-01-01 2022-12-31 cmn:ConsolidatedMember 1 41010037 2023-01-01 2023-12-31 cmn:ConsolidatedMember 2 41010037 2022-01-01 2022-12-31 cmn:ConsolidatedMember 3 41010037 2023-01-01 2023-12-31 cmn:ConsolidatedMember 0 41010037 2022-01-01 2022-12-31 cmn:ConsolidatedMember 1 41010037 2023-01-01 2023-12-31 cmn:ConsolidatedMember 2 41010037 2022-01-01 2022-12-31 cmn:ConsolidatedMember 3 41010037 2023-01-01 cmn:ConsolidatedMember 41010037 2022-01-01 cmn:ConsolidatedMember 41010037 2023-01-01 2023-12-31 cmn:ConsolidatedMember 0 iso4217:DKK xbrli:pure 2023-01-01 2023-12-31 41010037 2024-06-19 Juliana Ingstrup <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by management on the annual report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The supervisory board and executive board have today discussed and approved the annual report of Barker Holding ApS for the</td></tr><tr><td colspan="1">financial year 1 January - 31 December 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report is prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the consolidated financial statements and parent financial statements give a true and fair view of the company and the</td></tr><tr><td colspan="1">group financial position at 31 December 2023 and of the results of the group and the company operations and consolidated cash</td></tr><tr><td colspan="1">flows for the financial year 1 January - 31 December 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, management's review includes a fair review of the matters dealt with in the 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 recommends that the annual report should be approved by the company in general meeting.</td></tr></table> Høje Taastrup 2024-06-19 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholder of Barker Holding ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of Barker Holding ApS for the</td></tr><tr><td colspan="1">financial year 1 January - 31 December 2023, which comprise a summary of significant accounting policies, income statement, balance</td></tr><tr><td colspan="1">sheet, statement of changes in equity and notes, for both the group and the parent company as well as consolidated cash flow statement.</td></tr><tr><td colspan="1">The consolidated financial statements and the parent company financial statements are prepared under the Danish Financial Statements</td></tr><tr><td colspan="1">Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the group</td></tr><tr><td colspan="1">and the parent company's financial position at 31 December 2023 and of the results of the group and the parent company's operations</td></tr><tr><td colspan="1">and consolidated cash flows for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements</td></tr><tr><td colspan="1">Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for Opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in</td></tr><tr><td colspan="1">Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor's responsibilities for the audit</td></tr><tr><td colspan="1">of the consolidated financial statements and parent company” section of our report. We are independent of the group in accordance with</td></tr><tr><td colspan="1">the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional</td></tr><tr><td colspan="1">requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and</td></tr><tr><td colspan="1">IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the consolidated financial statements and the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company financial statements, that give a</td></tr><tr><td colspan="1">true and fair view in accordance with the Danish Financial Statements Act and for such internal control as management determines is</td></tr><tr><td colspan="1">necessary to enable the preparation of the consolidated financial statements and the parent company financial statements that are free</td></tr><tr><td colspan="1">from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the consolidated financial statements and parent company financial statements, management is responsible for assessing</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the consolidated financial statements and parent company financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and parent company financial</td></tr><tr><td colspan="1">statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes</td></tr><tr><td colspan="1">our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs</td></tr><tr><td colspan="1">and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise</td></tr><tr><td colspan="1">from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the</td></tr><tr><td colspan="1">economic decisions of users taken on the basis of these consolidated financial statements and parent company financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional</td></tr><tr><td colspan="1">judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">• Identify and assess the risks of material misstatement of the consolidated financial statements and parent company financial</td></tr><tr><td colspan="1">statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence</td></tr><tr><td colspan="1">that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from</td></tr><tr><td colspan="1">fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's and the parent company's internal</td></tr><tr><td colspan="1">control.</td></tr><tr><td colspan="1">• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures</td></tr><tr><td colspan="1">made by management.</td></tr><tr><td colspan="1">• Conclude on the appropriateness of management's use of the going concern basis of accounting in preparing the consolidated</td></tr><tr><td colspan="1">financial statements and parent company financial statements and, based on the audit evidence obtained, whether a material</td></tr><tr><td colspan="1">uncertainty exists related to events or conditions that may cast significant doubt on the group's and the parent company's ability to</td></tr><tr><td colspan="1">continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report</td></tr><tr><td colspan="1">to the related disclosures in the consolidated financial statements and parent company financial statements or, if such disclosures are</td></tr><tr><td colspan="1">inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report.</td></tr><tr><td colspan="1">However, future events or conditions may cause the group and the company to cease to continue as a going concern.</td></tr><tr><td colspan="1">• Evaluate the overall presentation, structure and contents of the consolidated financial statements and parent company financial</td></tr><tr><td colspan="1">statements, including the disclosures, and whether the consolidated financial statements and parent company financial statements</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</td></tr><tr><td colspan="1">significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on management's review</td></tr><tr><td colspan="1">Management is responsible for management's review.</td></tr><tr><td colspan="1">Our opinion on the consolidated financial statements and parent company financial statements does not cover management's review, and</td></tr><tr><td colspan="1">we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the consolidated financial statements and parent company financial statements, our responsibility is to read</td></tr><tr><td colspan="1">management's review and, in doing so, consider whether management's review is materially inconsistent with the consolidated financial</td></tr><tr><td colspan="1">statements and parent company financial statements or our knowledge obtained during the audit, or otherwise appears to be materially</td></tr><tr><td colspan="1">misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether management's review provides the information required under the Danish Financial</td></tr><tr><td colspan="1">Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that management's review is in accordance with the consolidated financial statements</td></tr><tr><td colspan="1">and parent company financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements</td></tr><tr><td colspan="1">Act. We did not identify any material misstatement of management's review.</td></tr></table> Copenhagen 2024-06-19 Barker Holding ApS Græstedvej 36 3200 Helsinge www.TITANcontainers.com 2019-12-19 Høje Taastrup <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial highlights</td></tr><tr><td colspan="1">Seen over a 5-year period, the development of the Company may be described by means of the following financial highlights</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">KEY FIGURES</td></tr><tr><td colspan="1">Profit/loss</td></tr></table> 859030000 390261000 178797000 -101545000 54040000 258803000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">FINANCIAL RATIOS</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The financial ratios are calculated in accordance with the Danish Finance Society's recommendations and guidelines.</td></tr><tr><td colspan="1">For definitions, see summary of significant accounting policies under section "Financial highlights".</td></tr></table> 0.454 0.208 0.159 0.133 <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> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Business review</td></tr><tr><td colspan="1">TITAN allows businesses and consumers to store anything, anywhere, in flexible, safe and responsible ways. With a legacy dating back</td></tr><tr><td colspan="1">to 1987, TITAN has revolutionised the global storage industry and evolved into one of the world’s largest containerised storage solutions</td></tr><tr><td colspan="1">company with in excess of 2.2 million cubic meters storage capacity.</td></tr><tr><td colspan="1">Our extensive presence spans 90 countries, where we offer a comprehensive range of storage options through our six distinct brands.</td></tr><tr><td colspan="1">From self-storage to temperature-controlled facilities and dry storage, we cater to a wide range of industries such as pharmaceuticals,</td></tr><tr><td colspan="1">food, and renewable energy. We serve numerous renowned industry-leading companies, including Vestas, Tesco and Sonoco, as well as</td></tr><tr><td colspan="1">countless smaller businesses and private clients worldwide.</td></tr><tr><td colspan="1">With a fleet of more than 50,000 containers across 100-plus sites across Europe, the Americas and Asia, we take the lead in</td></tr><tr><td colspan="1">providing innovative Storage-as-a-Service solutions.</td></tr><tr><td colspan="1">By leveraging single and inter-modular containers, we offer flexible storage methods that can operate independently or as part of an</td></tr><tr><td colspan="1">integrated system. This approach enables TITAN to continuously set industry standards and expand its global reach, maintaining the</td></tr><tr><td colspan="1">values and culture that have defined the company for over three decades.</td></tr><tr><td colspan="1">Kirk Kapital joined as co-owners in 2019 to support TITAN in its next phase of growth by accelerating geographical expansions and</td></tr><tr><td colspan="1">further driving growth in core markets. Critical to this vision has been investment in new technology, digitalisation, and sustainability.</td></tr><tr><td colspan="1">2023 marked a year of significant change in the organization: the founder and owner of TITAN, Layland Barker decided to step down as</td></tr><tr><td colspan="1">CEO and continues his work as Chairman of the Board of Directors. The new CEO, Søren Mogensen comes with a broad experience</td></tr><tr><td colspan="1">from the financial sector and has a strong background for creating commercial growth. The structure of the organization is being reshaped</td></tr><tr><td colspan="1">to create an efficient new model well suited to meet the requirements of the growth and expansion that the business has gone through,</td></tr><tr><td colspan="1">and to further accelerate things on a global scale, especially concerning our operational, commercial, and digital strategies.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Recognition and measurement uncertainties</td></tr><tr><td colspan="1">The recognition and measurement of items in the annual report is not associated with any uncertainty.</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">Unusual matters</td></tr><tr><td colspan="1">The group’s financial position on 31 December 2023 and the results of its operations and cash flows for the financial year ended 31</td></tr><tr><td colspan="1">December 2023 are not affected by any unusual matters.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial review</td></tr><tr><td colspan="1">The group's income statement for the year ended 31 December 2023 shows a profit before tax of DKK 77 million, and the balance sheet</td></tr><tr><td colspan="1">on 31 December 2023 shows equity of DKK 435 million.</td></tr><tr><td colspan="1">Revenue for the year amounted to DKK 859 million compared to DKK 780 million last year. Profit after tax was DKK 54 million compared</td></tr><tr><td colspan="1">to DKK 115 million last year.</td></tr><tr><td colspan="1">Management considers this year's result satisfactory.</td></tr><tr><td colspan="1">The Red Sea crisis had a significant impact on the container industry by disrupting vital shipping routes connecting Europe, Asia, and</td></tr><tr><td colspan="1">Africa. With the closure of key ports and increased security measures, container ships are forced to reroute, leading to longer transit times,</td></tr><tr><td colspan="1">elevated costs, and logistical challenges. Delays in cargo delivery, congestion at alternative ports, and heightened insurance premiums</td></tr><tr><td colspan="1">are exacerbating pressures on an already strained industry. Moreover, uncertainties surrounding the situation deter investment and</td></tr><tr><td colspan="1">undermine business confidence, further hampering the container trade's efficiency and container prices. As TITAN, with its global and</td></tr><tr><td colspan="1">flexible business model, has a proven track record of manoeuvring through times of uncertainty, TITAN managed to limit the negative</td></tr><tr><td colspan="1">financial impact of the Red Sea crisis in 2023, and going into 2024. The global and flexible business model allows TITAN to mitigate</td></tr><tr><td colspan="1">effects of volatile container prices and freight rates. Lower prices are an opportunity to invest in capacity, higher prices are an opportunity</td></tr><tr><td colspan="1">to utilize existing capacity.</td></tr><tr><td colspan="1">The TITAN Group suffers no direct, and limited indirect negative financial impact of the war in Ukraine, as the group had no activities in</td></tr><tr><td colspan="1">Russia or Ukraine. The aftermath of the war, such as higher energy prices, higher inflation, and supply chain disruptions, was felt in higher</td></tr><tr><td colspan="1">transport prices. We also faced challenges with getting available trucking services in some markets. The operational impact of the war in</td></tr><tr><td colspan="1">Ukraine on the TITAN business has normalized to a very large extent.</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">Financing</td></tr><tr><td colspan="1">The Groups loans with the main banks were re-negotiated in the beginning of 2022 and was extended to 2026 on almost same conditions</td></tr><tr><td colspan="1">with minor decreases in the marginals on some of the loans. Late 2023 / early 2024, the facility was increased to facilitate further growth</td></tr><tr><td colspan="1">opportunities as well as investments in the green transition. Due to the general increase in the market interest rates the Group’s interest</td></tr><tr><td colspan="1">expenses increased significantly in 2022, a development that continued in 2023. The management expects that the interest rates will</td></tr><tr><td colspan="1">decrease in second half of 2024 and therefore no hedging has been done for the debt portfolio.</td></tr><tr><td colspan="1">Significant events occurring after the end of the financial year</td></tr><tr><td colspan="1">No events have occurred alter the balance sheet date which could significantly affect the group's financial position.</td></tr><tr><td colspan="1">Expected development of the company, including specific prerequisites and uncertainties</td></tr><tr><td colspan="1">In 2024, the Group's total revenue is expected to increase at least by 5 %. The growth in rental income is expected to increase with a</td></tr><tr><td colspan="1">higher percentage than sales revenue. The Group expects to continue to have positive cash flow in 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign branches</td></tr><tr><td colspan="1">As to the financial year in question, TITAN Group had branch offices in Ireland, Austria, Hungary, France, Switzerland, Slovakia, Croatia,</td></tr><tr><td colspan="1">Germany and Australia.</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">Risk conditions</td></tr><tr><td colspan="1">General risks</td></tr><tr><td colspan="1">The Group's principal operating risks are linked to the ability to be strongly positioned in the markets where the Group is present. In</td></tr><tr><td colspan="1">addition, it is essential for the Group to constantly be at the forefront of technological developments in the Group's areas of activity.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial risks</td></tr><tr><td colspan="1">As a result of its operations, investments and financing, the Group is exposed to changes in exchange rates and interest rates. It is the</td></tr><tr><td colspan="1">Group's policy not to engage in active speculation on financial risks. Thus, the Group’s financial management is solely aimed at managing</td></tr><tr><td colspan="1">financial risks which stems from ordinary business decisions.</td></tr><tr><td colspan="1">Currency risks</td></tr><tr><td colspan="1">The Group’s subsidiaries and branches are not immediately affected by exchange rate fluctuations, as both income and expenses are</td></tr><tr><td colspan="1">settled in local currency. Activities carried out by Danish companies are affected by exchange rate changes, as revenue is primarily</td></tr><tr><td colspan="1">generated in foreign currency, while some costs, including wages, are paid in Danish kroner. As the Danish kroner is pegged to the EURO,</td></tr><tr><td colspan="1">the EURO exposure is limited. The main Currency risks relate to revenue streams in GBP, AUD, and USD, this is, however, offset by cost</td></tr><tr><td colspan="1">base and investments denominated in several currencies including the USD and GBP. The Group is also affected by changes in exchange</td></tr><tr><td colspan="1">rates, as the foreign affiliates' profit at the end of the year is converted into Danish kroner based on average prices. The Group does not</td></tr><tr><td colspan="1">use hedging in a systematic manner but monitor the currency fluctuations and consider hedging if necessary.</td></tr><tr><td colspan="1">Credit risks</td></tr><tr><td colspan="1">The group's credit risks relate to primary financial assets. The maximum credit risk associated with financial assets corresponds to the</td></tr><tr><td colspan="1">carrying amounts recognized in the balance sheet.</td></tr><tr><td colspan="1">The Group does not have significant credit risks associated with individual customers or business partners. The Group's policy on assumed</td></tr><tr><td colspan="1">credit risk means that all major customers and other business partners are assessed on an ongoing basis. In 2023 the total loss on debtors</td></tr><tr><td colspan="1">including provisions for losses amounted to 0.7% of the Group's revenue.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Knowledge resources</td></tr><tr><td colspan="1">The management constantly focuses on having the right competencies at all functions in the organization, just as we constantly work to</td></tr><tr><td colspan="1">ensure the development of our employees through continuing education and knowledge sharing in the organization. All employees in the</td></tr><tr><td colspan="1">organization must have an employee development interview with the immediate manager, where performance, like the plan for</td></tr><tr><td colspan="1">development areas, is agreed with the immediate manager.</td></tr><tr><td colspan="1">Development of internal competencies is ensured by having a clear and open dialogue at operational level, just as learning from new</td></tr><tr><td colspan="1">processes etc. is actively shared in the organization. There is a clear and well-functioning correspondence between all the individual levels</td></tr><tr><td colspan="1">of the organization. The markets in which TITAN operates are very homogeneous, which means that knowledge can be easily transferred</td></tr><tr><td colspan="1">to other markets to achieve optimizations.</td></tr><tr><td colspan="1">We are not strong on all 3 key brands in all markets. For example, our self-storage brand is very strong in the UK market, just as other</td></tr><tr><td colspan="1">brands are strong in other markets. By having a transparent and well-functioning knowledge sharing, we can use acquired knowledge in</td></tr><tr><td colspan="1">one market to strengthen the brand in another market, however, by considering national differences in that market.</td></tr></table> https://titancontainers.com/gl/about-us/csr-report. <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statutory corporate social responsibility report and Policies on the underrepresented gender</td></tr><tr><td colspan="1">Corporate social responsibility is an integral part of the business strategy for TITAN Group. The Group strives to act responsibly in relation</td></tr><tr><td colspan="1">to customers, employees, business partners and the outside world. TITAN Group has for 2023 prepared a separate CSR report which can</td></tr><tr><td colspan="1">be found on the company's website by following this link: https://titancontainers.com/gl/about-us/csr-report.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement of policy for data ethics</td></tr><tr><td colspan="1">The Group processes large amounts of data every day. We are very aware of both the security and ethical risks in this. We have several</td></tr><tr><td colspan="1">policies and procedures that describe how we process and deal with data that is made available to us. These policies and procedures are</td></tr><tr><td colspan="1">reviewed on an ongoing basis and updated as necessary.</td></tr></table> 1506000 350222000 120053000 390261000 122645000 88819000 0 6098000 107643000 77252000 23212000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Statement of changes in equity</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="30%" ></td><td width="17%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Non-</td><td width="19%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="30%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Share</td><td width="17%" colspan="1" align="right" valign="middle" >Retained</td><td width="17%" colspan="1" align="right" valign="middle" >controlling</td><td width="19%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="30%" ></td><td width="17%" colspan="1" align="right" valign="middle" >capital</td><td width="17%" colspan="1" align="right" valign="middle" >earnings</td><td width="17%" colspan="1" align="right" valign="middle" >interests</td><td width="19%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Equity at 1 January 2023</td><td width="17%" align="right" valign="middle" > 40 </td><td width="17%" align="right" valign="middle" > 173.287 </td><td width="17%" align="right" valign="middle" > 206.072 </td><td width="19%" align="right" valign="middle" > 379.399 </td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Exchange adjustment, foreign</td><td width="17%" align="right" valign="middle" > - </td><td width="17%" align="right" valign="middle" > 876 </td><td width="17%" align="right" valign="middle" > 353 </td><td width="19%" align="right" valign="middle" > 1.229 </td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Net profit/loss for the year</td><td width="17%" align="right" valign="middle" > - </td><td width="17%" align="right" valign="middle" > 35.053 </td><td width="17%" align="right" valign="middle" > 18.987 </td><td width="19%" align="right" valign="middle" > 54.040 </td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Equity at 31 December 2023</td><td width="17%" align="right" valign="middle" ><b> 40 </b></td><td width="17%" align="right" valign="middle" ><b> 209.216 </b></td><td width="17%" align="right" valign="middle" ><b> 225.412 </b></td><td width="19%" align="right" valign="middle" ><b> 434.668 </b></td></tr><tr><td colspan="5"></td></tr></table> 222588000 -94060000 182568000 182612000 6638000 258803000 -265441000 78156000 -4673000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Notes</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>INFORMATION ON SEGMENTS ACTIVITIES - PRIMARY SEGMENT</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >t.kr</td><td width="9%" colspan="1" align="right" valign="middle" ><b>Rental</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b>Sales</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b>Service</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>total</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Revenue</td><td width="9%" align="right" valign="middle" > 516.340 </td><td width="9%" align="right" valign="middle" > 189.983 </td><td width="9%" align="right" valign="middle" > 152.707 </td><td width="10%" align="right" valign="middle" > 859.030 </td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>GEOGRAPHICAL - SECONDARY SEGMENT</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" colspan="1" align="right" valign="middle" ><b>Outside</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="63%" ></td><td width="9%" colspan="1" align="right" valign="middle" ><b>Denmark</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b>EEC</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b>EEC</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>total</b></td></tr><tr><td width="63%" ></td><td width="9%" align="right" valign="middle" > 96.263 </td><td width="9%" align="right" valign="middle" > 302.447 </td><td width="9%" align="right" valign="middle" > 460.320 </td><td width="10%" align="right" valign="middle" > 859.030 </td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>STAFF COSTS</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" ></td><td width="9%" align="right" valign="middle" >2023</td><td width="9%" align="right" valign="middle" >2022</td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" ></td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="9%" colspan="1" align="right" valign="middle" ></td><td width="10%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="9%" align="right" valign="middle" > 107.742 </td><td width="9%" align="right" valign="middle" > 94.217 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Pensions</td><td width="9%" align="right" valign="middle" > 2.355 </td><td width="9%" align="right" valign="middle" > 1.977 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Other social security costs</td><td width="9%" align="right" valign="middle" > 12.548 </td><td width="9%" align="right" valign="middle" > 10.443 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" ></td><td width="9%" align="right" valign="middle" ><b> 122.645 </b></td><td width="9%" align="right" valign="middle" ><b> 106.637 </b></td><td width="9%" ></td><td width="10%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Including remuneration to the supervisory boards</td><td width="9%" align="right" valign="middle" > 8.805 </td><td width="9%" align="right" valign="middle" > 7.151 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Average number of employees</td><td width="9%" align="right" valign="middle" > 225 </td><td width="9%" align="right" valign="middle" > 205 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td colspan="5"></td></tr></table> 225 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>FINANCIAL INCOME</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" ></td><td width="9%" align="right" valign="middle" >2023</td><td width="9%" align="right" valign="middle" >2022</td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" ></td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="9%" colspan="1" align="right" valign="middle" ></td><td width="10%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Other financial income</td><td width="9%" align="right" valign="middle" > 1.020 </td><td width="9%" align="right" valign="middle" > 1.953 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Exchange gains</td><td width="9%" align="right" valign="middle" > 5.078 </td><td width="9%" align="right" valign="middle" > 3.110 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" ></td><td width="9%" align="right" valign="middle" > 6.098 </td><td width="9%" align="right" valign="middle" > 5.063 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>FINANCIAL COSTS</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" ></td><td width="9%" align="right" valign="middle" >2023</td><td width="9%" align="right" valign="middle" >2022</td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" ></td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="9%" colspan="1" align="right" valign="middle" ></td><td width="10%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Other financial costs</td><td width="9%" align="right" valign="middle" > 101.501 </td><td width="9%" align="right" valign="middle" > 55.655 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Exchange loss</td><td width="9%" align="right" valign="middle" > 6.142 </td><td width="9%" align="right" valign="middle" > 3.794 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" ></td><td width="9%" align="right" valign="middle" > 107.643 </td><td width="9%" align="right" valign="middle" > 59.449 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td colspan="5"></td></tr></table> 35053 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>INTANGIBLE ASSETS</b></td></tr><tr><td width="77%" ></td><td width="11%" colspan="1" align="left" valign="middle" ><b>Goodwill</b></td><td width="12%" colspan="1" align="left" valign="middle" ><b>Software</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Cost at 1 January 2023</td><td width="11%" align="right" valign="middle" > 196.720 </td><td width="12%" align="right" valign="middle" > 2.921 </td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Exchange adjustment</td><td width="11%" align="right" valign="middle" >- 150 </td><td width="12%" align="right" valign="middle" > - </td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="11%" align="right" valign="middle" > 3.989 </td><td width="12%" align="right" valign="middle" > 2.649 </td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Cost at 31 December 2023</td><td width="11%" align="right" valign="middle" > 200.559 </td><td width="12%" align="right" valign="middle" > 5.570 </td></tr><tr><td colspan="3"></td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Impairment losses and amortisation at 1 January 2023</td><td width="11%" align="right" valign="middle" > 40.408 </td><td width="12%" align="right" valign="middle" > 1.283 </td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Exchange adjustment</td><td width="11%" align="right" valign="middle" >- 34 </td><td width="12%" align="right" valign="middle" > - </td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Amortisation for the year</td><td width="11%" align="right" valign="middle" > 11.723 </td><td width="12%" align="right" valign="middle" > 629 </td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Impairment losses and amortisation at 31 December 2023</td><td width="11%" align="right" valign="middle" > 52.097 </td><td width="12%" align="right" valign="middle" > 1.912 </td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2023</td><td width="11%" align="right" valign="middle" > 148.462 </td><td width="12%" align="right" valign="middle" > 3.658 </td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>TANGIBLE ASSETS</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" colspan="1" align="right" valign="middle" ><b>Other</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" colspan="1" align="right" valign="middle" ><b>fixtures</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" colspan="1" align="right" valign="middle" ><b>and fittings,</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" colspan="1" align="right" valign="middle" ><b>tools</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>Right-of-</b></td></tr><tr><td width="63%" ></td><td width="9%" colspan="1" align="right" valign="middle" ><b>Land and</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b>Operating</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b>and</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>use</b></td></tr><tr><td width="63%" ></td><td width="9%" colspan="1" align="right" valign="middle" ><b>buildings</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b>Equipment</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b>equipment</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>assets</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Cost at 1 January 2023</td><td width="9%" align="right" valign="middle" > 147.740 </td><td width="9%" align="right" valign="middle" > 1.928.308 </td><td width="9%" align="right" valign="middle" > 88.756 </td><td width="10%" align="right" valign="middle" > 91.223 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Exchange adjustment</td><td width="9%" align="right" valign="middle" >- 1.029 </td><td width="9%" align="right" valign="middle" >- 9.715 </td><td width="9%" align="right" valign="middle" > 1.121 </td><td width="10%" align="right" valign="middle" >- 2.661 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="9%" align="right" valign="middle" > 46.571 </td><td width="9%" align="right" valign="middle" > 268.464 </td><td width="9%" align="right" valign="middle" > 55.831 </td><td width="10%" align="right" valign="middle" > 27.805 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Disposals for the year</td><td width="9%" align="right" valign="middle" > - </td><td width="9%" align="right" valign="middle" >- 95.639 </td><td width="9%" align="right" valign="middle" >- 31.062 </td><td width="10%" align="right" valign="middle" >- 5.106 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Transfers for the year</td><td width="9%" align="right" valign="middle" > 4.261 </td><td width="9%" align="right" valign="middle" > - </td><td width="9%" align="right" valign="middle" >- 3.546 </td><td width="10%" align="right" valign="middle" >- 16.916 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Cost at 31 December 2023</td><td width="9%" align="right" valign="middle" > 197.543 </td><td width="9%" align="right" valign="middle" > 2.091.418 </td><td width="9%" align="right" valign="middle" > 111.100 </td><td width="10%" align="right" valign="middle" > 94.345 </td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Impairment losses and depreciation at 1 January 2023</td><td width="9%" align="right" valign="middle" > 5.152 </td><td width="9%" align="right" valign="middle" > 81.429 </td><td width="9%" align="right" valign="middle" > 18.350 </td><td width="10%" align="right" valign="middle" > 6.903 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Exchange adjustment</td><td width="9%" align="right" valign="middle" >- 1 </td><td width="9%" align="right" valign="middle" >- 2.240 </td><td width="9%" align="right" valign="middle" > 322 </td><td width="10%" align="right" valign="middle" > 141 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Depreciation for the year</td><td width="9%" align="right" valign="middle" > 2.343 </td><td width="9%" align="right" valign="middle" > 43.930 </td><td width="9%" align="right" valign="middle" > 16.336 </td><td width="10%" align="right" valign="middle" > 11.654 </td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Reversal of impairment and depreciation of sold</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >assets</td><td width="9%" align="right" valign="middle" > - </td><td width="9%" align="right" valign="middle" >- 6.425 </td><td width="9%" align="right" valign="middle" >- 2.668 </td><td width="10%" align="right" valign="middle" >- 3.905 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Transfers for the year</td><td width="9%" align="right" valign="middle" > 467 </td><td width="9%" align="right" valign="middle" > 3 </td><td width="9%" align="right" valign="middle" >- 4 </td><td width="10%" align="right" valign="middle" >- 3 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Impairment losses and depreciation at 31 December 2023</td><td width="9%" align="right" valign="middle" > 7.961 </td><td width="9%" align="right" valign="middle" > 119.738 </td><td width="9%" align="right" valign="middle" > 28.317 </td><td width="10%" align="right" valign="middle" > 11.748 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2023</td><td width="9%" align="right" valign="middle" > 189.582 </td><td width="9%" align="right" valign="middle" > 1.971.680 </td><td width="9%" align="right" valign="middle" > 82.783 </td><td width="10%" align="right" valign="middle" > 82.597 </td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>INVESTMENTS IN SUBSIDIARIES</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Investments in subsidiaries are specified as follows</td></tr><tr><td width="77%" ></td><td width="11%" ></td><td width="12%" colspan="1" align="left" valign="middle" >Ownership</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Name</td><td width="11%" colspan="1" align="left" valign="middle" >Registered office</td><td width="12%" colspan="1" align="left" valign="middle" >interest</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >TITAN Storage Solutions A/S</td><td width="11%" colspan="1" align="left" valign="middle" >Denmark</td><td width="12%" colspan="1" align="left" valign="middle" >70%</td></tr><tr><td colspan="3"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>FIXED ASSET INVESTMENTS</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="87%" ></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Deposits</b></td></tr><tr><td width="87%" colspan="1" align="left" valign="middle" >Cost at 1 January 2023</td><td width="13%" align="right" valign="middle" > 259 </td></tr><tr><td width="87%" colspan="1" align="left" valign="middle" >Disposals for the year</td><td width="13%" align="right" valign="middle" > 3 </td></tr><tr><td width="87%" colspan="1" align="left" valign="middle" >Cost at 31 December 2023</td><td width="13%" align="right" valign="middle" > 262 </td></tr><tr><td width="87%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2023</td><td width="13%" align="right" valign="middle" > 262 </td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>PREPAYMENTS</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments comprise prepaid expenses regarding rent, insurance premiums, subscriptions and interest as well as fair</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >value adjustments of derivative financial instruments with a positive fair value.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>EQUITY</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The share capital consists of</td></tr><tr><td width="87%" ></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Nominal</b></td></tr><tr><td width="87%" ></td><td width="13%" colspan="1" align="right" valign="middle" ><b>value</b></td></tr><tr><td width="87%" colspan="1" align="left" valign="middle" >4,000 A Shares of TDKK 1</td><td width="13%" align="right" valign="middle" > 4.000 </td></tr><tr><td width="87%" colspan="1" align="left" valign="middle" >36,000 B Shares of TDKK 1</td><td width="13%" align="right" valign="middle" > 36.000 </td></tr><tr><td width="87%" ></td><td width="13%" align="right" valign="middle" > 40.000 </td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>PROVISIONS FOR DEFERRED TAX</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" ></td><td width="9%" align="right" valign="middle" >2023</td><td width="9%" align="right" valign="middle" >2022</td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" ></td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="9%" colspan="1" align="right" valign="middle" ></td><td width="10%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Provisions for deferred tax at 1 January 2023</td><td width="9%" align="right" valign="middle" > 109.869 </td><td width="9%" align="right" valign="middle" > 75.379 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Deferred tax recognised in income statement</td><td width="9%" align="right" valign="middle" > 35.579 </td><td width="9%" align="right" valign="middle" > 34.490 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Provision for deferred tax at 31 December 2023</td><td width="9%" align="right" valign="middle" > 145.448 </td><td width="9%" align="right" valign="middle" > 109.869 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>LONG TERM DEBT</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" colspan="1" align="right" valign="middle" ><b>Debt</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b></b></td><td width="10%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="63%" ></td><td width="9%" colspan="1" align="right" valign="middle" ><b>Debt</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b>at 31</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b></b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>Debt</b></td></tr><tr><td width="63%" ></td><td width="9%" colspan="1" align="right" valign="middle" ><b>at 1 January</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b>December</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b>Instalment</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>outstanding</b></td></tr><tr><td width="63%" ></td><td width="9%" align="right" valign="middle" ><b>2023</b></td><td width="9%" align="right" valign="middle" ><b>2023</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b>next year</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>after 5 years</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Banks</td><td width="9%" align="right" valign="middle" > 1.484.391 </td><td width="9%" align="right" valign="middle" > 1.655.294 </td><td width="9%" align="right" valign="middle" > 2.528 </td><td width="10%" align="right" valign="middle" > 11.054 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Lease obligations</td><td width="9%" align="right" valign="middle" > 46.251 </td><td width="9%" align="right" valign="middle" > 54.669 </td><td width="9%" align="right" valign="middle" > 19.960 </td><td width="10%" align="right" valign="middle" > 2.041 </td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Shareholders and management</td><td width="9%" align="right" valign="middle" > 307.071 </td><td width="9%" align="right" valign="middle" > 302.910 </td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td width="63%" ></td><td width="9%" align="right" valign="middle" > 1.837.713 </td><td width="9%" align="right" valign="middle" > 2.012.873 </td><td width="9%" align="right" valign="middle" > 22.488 </td><td width="10%" align="right" valign="middle" > 13.095 </td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>DEFERRED INCOME</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Deferred income consists of payments received in respect of income in subsequent financial years</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>RENT AND LEASE LIABILITIES</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" ></td><td width="9%" align="right" valign="middle" >2023</td><td width="9%" align="right" valign="middle" >2022</td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" ></td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="9%" colspan="1" align="right" valign="middle" ></td><td width="10%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >RENT AND LEASE LIABILITIES</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Operating lease liabilities.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Total future lease payments</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Within 1 year</td><td width="9%" align="right" valign="middle" > 43.406 </td><td width="9%" align="right" valign="middle" > 26.729 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Between 1 and 5 years</td><td width="9%" align="right" valign="middle" > 82.638 </td><td width="9%" align="right" valign="middle" > 75.265 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >After 5 years</td><td width="9%" align="right" valign="middle" > 26.416 </td><td width="9%" align="right" valign="middle" > 19.586 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td width="63%" ></td><td width="9%" align="right" valign="middle" > 152.460 </td><td width="9%" align="right" valign="middle" > 121.580 </td><td width="9%" ></td><td width="10%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>CONTINGENT LIABILTIES</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Contingent liabilities related to group enterprises</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As administrative company, the company is jointly taxed with other Danish related parties and jointly and severally liable with other</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >jointly taxed entities for payment of income taxes for income year 2023 onwards as well as for payment of withholding taxes on</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >dividends, interest and royalties which fall due for payment.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>MORTGAGES AND COLLATERAL</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group has issued mortgage deed of TDKK 12,461 which gives pledge in the Group’s land and property. The mortgage deeds</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >are deposited as security for credit institute engagement.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group has issued chattel mortgage deed of total TDKK 55,890 which gives pledge in the Company’s operating equipment,</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >which accountable value at 31 December 2023 amounts to TDKK 2,244,046.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As security for credit institute engagement TDKK 970,000 pledges are given in the business at the date of the presentation of the</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Financial Statements.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company is surely debtor for the engagement for TITAN Sales & Management Holding ApS and TITAN onteyner Sanayi Ve</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Ticarel, Turkey.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >TITAN Containers Limited</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As collateral for current account with foreign credit institute, £ 1,324,187 security is placed in property and other property, plant and</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >equipment.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >TITAN Containers International ApS</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As security for credit institute engagement TDKK 230,000 pledges are given in the business at the date of the presentation of the</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Financial Statements.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>FEES TO AUDITORS APPOINTED AT THE GENERAL MEETING</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="77%" ></td><td width="11%" align="right" valign="middle" >2023</td><td width="12%" align="right" valign="middle" >2022</td></tr><tr><td width="77%" ></td><td width="11%" colspan="1" align="right" valign="middle" >TDKK</td><td width="12%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Mazars</td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Audit fee</td><td width="11%" align="right" valign="middle" > 785 </td><td width="12%" align="right" valign="middle" > 780 </td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Tax advisory services</td><td width="11%" align="right" valign="middle" > 123 </td><td width="12%" align="right" valign="middle" > 87 </td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Non-audit services</td><td width="11%" align="right" valign="middle" > 26 </td><td width="12%" align="right" valign="middle" > 40 </td></tr><tr><td width="77%" ></td><td width="11%" align="right" valign="middle" > 934 </td><td width="12%" align="right" valign="middle" > 907 </td></tr></table> Regnskabsklasse C, stor virksomhed <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Accounting policies</td></tr><tr><td /><td>The annual report of Barker Holding ApS for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements</td></tr><tr><td /><td>Act applying to large class C entities.</td></tr><tr><td /><td>The accounting policies applied are consistent with those of last year.</td></tr><tr><td /><td>The annual report for 2023 is presented in TDKK.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Basis of recognition and measurement</td></tr><tr><td /><td>Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses,</td></tr><tr><td /><td>including amortisation, depreciation and impairment losses, are also recognised in the income statement.</td></tr><tr><td /><td>Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the group's and the parent</td></tr><tr><td /><td>company's and the value of the asset can be measured reliably.</td></tr><tr><td /><td>Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the group's and the parent</td></tr><tr><td /><td>company's and the value of the liability can be measured reliably.</td></tr><tr><td /><td>On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as</td></tr><tr><td /><td>described below for each individual accounting item.</td></tr><tr><td /><td>Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as</td></tr><tr><td /><td>the historic cost less any instalments and plus/less the accumulated amortisation of the difference between the cost and the nominal</td></tr><tr><td /><td>amount.</td></tr><tr><td /><td>On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented</td></tr><tr><td /><td>and which confirm or invalidate matters existing at the balance sheet date.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Recognition and measurement of business combinations</td></tr><tr><td /><td>Recently acquired entities are recognised in the financial statements from the date of acquisition. Sold entities are recognised in the</td></tr><tr><td /><td>financial statements until the date of disposal. Comparative figures are not restated in respect of recently acquired entities.</td></tr><tr><td /><td>Discontinued operations are presented separately, see below.</td></tr><tr><td /><td>The date of acquisition is the time when the company actually gains control over the acquiree.</td></tr><tr><td /><td>The acquisition method is applied to the acquisition of new entities where the company gains control over the acquiree. The acquirees'</td></tr><tr><td /><td>identifiable assets, liabilities and contingent liabilities are measured at fair value at the date of acquisition. Identifiable intangible assets</td></tr><tr><td /><td>are recognised if they are separable or emanate from a contractual right. Deferred tax on the revaluations made is recognised.</td></tr><tr><td /><td>Positive differences (goodwill) between, on the one side, the purchase consideration, the value of non-controlling interests in the</td></tr><tr><td /><td>acquiree and the fair value of any previously acquired investments and, on the other side, the fair value of the acquired identifiable</td></tr><tr><td /><td>assets, liabilities and contingent liabilities are recognised as goodwill under ‘Intangible assets’. Goodwill is amortised on a straight-line</td></tr><tr><td /><td>basis in the income statement based on an individual assessment of its useful life.</td></tr><tr><td /><td>Negative differences (negative goodwill) are recognised in the income statement at the date of acquisition.</td></tr><tr><td /><td>On acquisition, goodwill is ascribed to / classed with the cash-generating unit, which subsequently forms a basis for impairment testing.</td></tr><tr><td /><td>Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with another functional currency than the</td></tr><tr><td /><td>group's presentation currency are accounted for as assets and liabilities belonging to the foreign entity and are translated on initial</td></tr><tr><td /><td>recognition into the foreign entity's functional currency using the exchange rate at the date of the transaction.</td></tr><tr><td /><td>The purchase consideration for an entity consists of the fair value of the agreed consideration in the form of assets transferred,</td></tr><tr><td /><td>liabilities assumed and equity instruments issued. If part of the purchase consideration is conditional upon future events or the</td></tr><tr><td /><td>fulfilment of agreed conditions, this part of the purchase consideration is recognised at fair value at the date of acquisition. Subsequent</td></tr><tr><td /><td>adjustments of conditional purchase consideration are recognised in the income statement.</td></tr><tr><td /><td>Expenses defrayed in connection with acquisitions are recognised in the income statement in the year in which they are defrayed.</td></tr><tr><td /><td>If, at the date of acquisition, the identification or measurement of acquired assets, liabilities and/or contingent liabilities or the size of</td></tr><tr><td /><td>the purchase consideration are associated with uncertainty, initial recognition will be based on preliminarily calculated amounts. If it</td></tr><tr><td /><td>subsequently turns out that the identification or measurement of the purchase consideration, acquired assets, liabilities and/or</td></tr><tr><td /><td>contingent liabilities was not correct on initial recognition, the calculation will be adjusted with retrospective effect, including goodwill,</td></tr><tr><td /><td>until 12 months after the acquisition, and comparative figures will be restated. Subsequently, any adjustments made will be recognised</td></tr><tr><td /><td>as error.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Consolidated financial statements</td></tr><tr><td /><td>The consolidated financial statements comprise the parent company TITAN Storage Solutions - Moder and subsidiaries in which the</td></tr><tr><td /><td>parent company, directly or indirectly, holds more than 50% of the voting rights or otherwise has a controlling interest. Entities in which</td></tr><tr><td /><td>the Group holds between 20% and 50% of the voting rights and over which it exercises significant influence, but which it does not control,</td></tr><tr><td /><td>are considered participating interests or associates, cf. the group chart.</td></tr><tr><td /><td>The consolidated financial statements are prepared as a consolidation of the parent company's and subsidiaries' financial statements by</td></tr><tr><td /><td>aggregating uniform accounting items. On consolidation, intra-group income and expenses, holdings of shares, intra-group balances and</td></tr><tr><td /><td>dividends as well as realised and unrealised gains and losses on intra-group transactions are eliminated.</td></tr><tr><td /><td>Investments in subsidiaries are set off against the proportionate share of the subsidiaries' fair value of net assets and liabilities at the</td></tr><tr><td /><td>acquisition date.</td></tr><tr><td /><td>Entities acquired or formed during the year are recognised in the consolidated financial statements from the date at which control is</td></tr><tr><td /><td>obtained. Entities sold during the year are recognised in the consolidated income statement until the date of disposal. Comparative figures</td></tr><tr><td /><td>are not restated for acquisitions or disposals.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Minority interests</td></tr><tr><td /><td>In the consolidated financial statements, the items of subsidiaries are recognised in full. The minority interests' proportionate share of</td></tr><tr><td /><td>subsidiaries' profit/loss and equity is presented separately under appropriation of profit and in a main item under equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Segment information</td></tr><tr><td /><td>Information is provided on business segments and geographical markets. The segment information is provided in consideration of the</td></tr><tr><td /><td>group's accounting policies, risks and management control.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Revenue</td></tr><tr><td /><td>Revenue from lease and sale is recognised in the income statement, provided that the transfer at risk, usually on delivery to the buyer,</td></tr><tr><td /><td>has taken place and that the income can be measured reliably and is expected to be received.</td></tr><tr><td /><td>Revenue is recognised exclusive of VAT and other indirect taxes and less sales discounts.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Cost of sales</td></tr><tr><td /><td>Costs of raw materials and consumables include the raw materials and consumables used in generating the year’s revenue.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Other external costs</td></tr><tr><td /><td>Other external costs include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under</td></tr><tr><td /><td>operating leases, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff costs</td></tr><tr><td /><td>Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc.</td></tr><tr><td /><td>made to the entity's employees. The item is net of refunds made by public authorities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Amortisation, depreciation and impairment losses</td></tr><tr><td /><td>Amortisation, depreciation and impairment losses comprise the year's amortisation, depreciation and impairment of intangible assets</td></tr><tr><td /><td>and property, plant and equipment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Finance income and expenses</td></tr><tr><td /><td>Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials</td></tr><tr><td /><td>include interest income and expenses, financial expenses relating to finance leases, realised and unrealised capital/exchange gains and</td></tr><tr><td /><td>losses on securities, liabilities and foreign currency transactions, amortisation of financial assets and liabilities and surcharges and</td></tr><tr><td /><td>allowances under the Danish Tax Prepayment Scheme, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Income from investments in subsidiaries</td></tr><tr><td /><td>The proportionate share of the profit/loss for the year of subsidiaries is recognised in the parent company's income statement after full</td></tr><tr><td /><td>elimination of intra-group profits/losses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tax on profit/loss for the year</td></tr><tr><td /><td>On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to</td></tr><tr><td /><td>their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to</td></tr><tr><td /><td>reduce their own taxable profits.</td></tr><tr><td /><td>Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the</td></tr><tr><td /><td>income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that</td></tr><tr><td /><td>relates to entries directly in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Intangible assets</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Goodwill</td></tr><tr><td /><td>Goodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over its useful life,</td></tr><tr><td /><td>which is assessed to be 5-25 years. The amortisation period is based on an assessment of the acquiree's market position and earnings</td></tr><tr><td /><td>capacity.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Software</td></tr><tr><td /><td>Software and development of IT are measured at cost less accumulated amortisation and impairment losses. Software are amortised</td></tr><tr><td /><td>on a straight-line basis over the expected life time however maximally 3 years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tangible assets</td></tr><tr><td /><td>Items of land and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost added revaluations</td></tr><tr><td /><td>and less accumulated depreciation and impairment losses.</td></tr><tr><td /><td>The depreciable amount is cost less the expected residual value at the end of the useful life. Land is not depreciated.</td></tr><tr><td /><td>Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.</td></tr><tr><td /><td>The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers and wages.</td></tr><tr><td /><td>Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets</td></tr><tr><td /><td /><td>Useful life</td><td>Residual value</td></tr><tr><td /><td>Land and property</td><td>30 years</td><td>0%</td></tr><tr><td /><td>Operating equipment</td><td>28 years</td><td>30%</td></tr><tr><td /><td>Other fixtures and fittings, tools and equipment</td><td>3 - 10 years</td><td>0%</td></tr><tr><td /><td>Right-of-use assets</td><td>1 - 28 years</td><td>0 % - 30 %</td></tr><tr><td /><td>Gains or losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income</td></tr><tr><td /><td>or other operating expenses, respectively.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Leases</td></tr><tr><td /><td>The company has chosen IAS 17 as the interpretation for the classification and recognition of leasing contracts.</td></tr><tr><td /><td>Leases for items of property, plant and equipment that transfer substantially all the risks and rewards incident to ownership to the</td></tr><tr><td /><td>company (finance leases) are recognised in the balance sheet as assets. On initial recognition, assets are measured at estimated</td></tr><tr><td /><td>cost, corresponding to the lower of fair value of the leased asset and the present value of the future lease payments. In calculating</td></tr><tr><td /><td>the net present value of the future lease payments, the interest rate implicit in the lease or the incremental borrowing rate is used as</td></tr><tr><td /><td>the discount factor. Assets held under finance leases are subsequently depreciated as the company's other non-current assets.</td></tr><tr><td /><td>The capitalised residual lease commitment is recognised in the balance sheet as a liability, and the interest element of the lease</td></tr><tr><td /><td>payment is recognised in the income statement over the term of the lease.</td></tr><tr><td /><td>All other leases are operating leases. Payments relating to operating leases and any other leases are recognised in the income</td></tr><tr><td /><td>statement over the term of the lease. The company's total liabilities relating to operating leases and other rent agreements are</td></tr><tr><td /><td>disclosed under 'Contingencies, etc’.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Investments in subsidiaries</td></tr><tr><td /><td>Investments in subsidiaries are measured at the proportionate share of the net asset value of the entities, calculated on the basis of</td></tr><tr><td /><td>the group's accounting policies, plus or less unrealised intra-group gains or losses and plus or less any remaining value of positive or</td></tr><tr><td /><td>negative goodwill stated according to the purchase method. Negative goodwill is recognised in the income statement on acquisition.</td></tr><tr><td /><td>Where the negative goodwill relates to contingent liabilities having been taken over, the negative goodwill is not recognised until the</td></tr><tr><td /><td>contingent liabilities have been settled or no longer exist.</td></tr><tr><td /><td>Investments in subsidiaries, associates and participating interests with a negative net asset value are measured at DKK 0, and the</td></tr><tr><td /><td>carrying amount of any receivables from these entities is reduced to the extent that they are considered irrecoverable. If the parent</td></tr><tr><td /><td>company has a legal or constructive obligation to cover a deficit that exceeds the receivable, the balance is recognised under</td></tr><tr><td /><td>provisions.</td></tr><tr><td /><td>Net revaluations of investments in subsidiaries, associates and participating interests are taken to the net revaluation reserve</td></tr><tr><td /><td>according to the equity method in so far as that the carrying amount exceeds the cost. Dividends from subsidiaries which are expected</td></tr><tr><td /><td>to be declared before the annual report of Barker Holding ApS is adopted are not taken to the net revaluation reserve.</td></tr><tr><td /><td>Acquirees are accounted for using the purchase method, see the above description of consolidated financial statements and</td></tr><tr><td /><td>calculation of goodwill.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Stocks</td></tr><tr><td /><td>Stocks are measured at cost using the FIFO method. Where the net realisable value is lower than the cost, inventories are recognised</td></tr><tr><td /><td>at this lower value.</td></tr><tr><td /><td>The cost of goods for resale, raw materials and consumables comprises the purchase price plus delivery costs.</td></tr><tr><td /><td>The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct cost of labour and</td></tr><tr><td /><td>production/production overheads.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Impairment of fixed assets</td></tr><tr><td /><td>The carrying amount of intangible assets, items of property, plant and equipment and investments in subsidiaries, associates and</td></tr><tr><td /><td>participating interests is tested annually for impairment, other than what is reflected through normal amortisation and depreciation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Receivables</td></tr><tr><td /><td>Receivables are measured at amortised cost, which usually correspond to nominel value. Bad debts are written down to net realisable</td></tr><tr><td /><td>value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Prepayments</td></tr><tr><td /><td>Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Cash and cash equivalents</td></tr><tr><td /><td>Cash and cash equivalents comprise cash and deposits at banks.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Cash and cash equivalents</td></tr><tr><td /><td>Cash and cash equivalents comprise cash and short-term securities whose remaining life is less than three months and which are</td></tr><tr><td /><td>readily convertible into cash and which are subject only to insignificant risks of changes in value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Equity</td></tr><tr><td /><td>Reserve for net revaluation according to the equity method</td></tr><tr><td /><td>The reserve for net revaluation according to the equity method in the company's financial statements comprises net revaluation of</td></tr><tr><td /><td>investments in subsidiaries, participating interests and associates relative to the cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Dividends</td></tr><tr><td /><td>Proposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual</td></tr><tr><td /><td>general meeting of shareholders.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Income tax and deferred tax</td></tr><tr><td /><td>Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for</td></tr><tr><td /><td>the year, adjusted for tax on the taxable income for previous years and tax paid on account.</td></tr><tr><td /><td>Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets</td></tr><tr><td /><td>and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively.</td></tr><tr><td /><td>Deferred tax is measured at net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Liabilities</td></tr><tr><td /><td>Financial liabilities are recognised on the raising of the loan at the proceeds received net of transaction costs incurred. On subsequent</td></tr><tr><td /><td>recognition, the financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest</td></tr><tr><td /><td>method. Accordingly, the difference between the net proceeds and the nominal value is recognised in the income statement over the term</td></tr><tr><td /><td>of the loan.</td></tr><tr><td /><td>Mortgage debt is thus measured at amortised cost, which for cash loans corresponds to the outstanding debt. For bond loans, amortised</td></tr><tr><td /><td>cost corresponds to an outstanding debt calculated as the underlying cash value of the loan at the time of borrowing, adjusted by</td></tr><tr><td /><td>amortisation of the value adjustment of the loan at the time of borrowing.</td></tr><tr><td /><td>Financial liabilities also include the capitalised residual finance lease commitment.</td></tr><tr><td /><td>Other liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is</td></tr><tr><td /><td>usually equivalent to nominal value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Deferred income</td></tr><tr><td /><td>Deferred income recognised under 'Current liabilities' comprises payments received concerning income in subsequent financial years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Foreign currency translation</td></tr><tr><td /><td>On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange</td></tr><tr><td /><td>differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement</td></tr><tr><td /><td>as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value</td></tr><tr><td /><td>adjustments are taken directly to a fair value reserve under ‘Equity’.</td></tr><tr><td /><td>Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance</td></tr><tr><td /><td>sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose</td></tr><tr><td /><td>or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.</td></tr><tr><td /><td>Fixed assets acquired in foreign currencies are translated at the exchange rate at the transaction date.</td></tr><tr><td /><td>Foreign subsidiaries, associates and participating interests are considered separate entities. The income statements are translated at the</td></tr><tr><td /><td>average exchange rates for the month, and the balance sheet items are translated at the exchange rates at the balance sheet date.</td></tr><tr><td /><td>Foreign exchange differences arising on translation of such entities opening equity at closing rate and on translation of the income</td></tr><tr><td /><td>statements from the exchange rates at the transaction date to closing rate are taken directly to the fair value reserve under 'Equity' in the</td></tr><tr><td /><td>consolidated financial statements.</td></tr><tr><td /><td>Foreign exchange adjustments of balances with separate entities which are considered part of the investment in the subsidiary are taken</td></tr><tr><td /><td>directly to the fair value reserve under 'Equity'. Correspondingly, foreign exchange gains and losses on loans and derivative financial</td></tr><tr><td /><td>instruments entered into to hedge net investments in such entities are taken directly to equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Cash flow statement</td></tr><tr><td /><td>The cash flow statement shows the group's cash flows for the year, broken down under cash flows from operating, investing and</td></tr><tr><td /><td>financing activities, the year's changes in cash and cash equivalents and the group's cash and cash equivalents at the beginning and</td></tr><tr><td /><td>at the end of the year.</td></tr><tr><td /><td>With reference to section 86(4) of the Danish Financial statement Act, no cashflow statement has been prepared for the parent</td></tr><tr><td /><td>company. The entity's cash flow are part of the consolidated cash flow statement.</td></tr><tr><td /><td>The cash flow effect of additions and disposals of entities is shown separately under cash flows from investing activities. The cash flow</td></tr><tr><td /><td>statement includes cash flows from acquired entities from the time of acquisition, and cash flows from sold entities are included until</td></tr><tr><td /><td>the date of sale.</td></tr><tr><td /><td>Cash flows from operating activities</td></tr><tr><td /><td>Cash flows from operating activities are stated as the group's profit or loss for the year, adjusted for non-cash operating items, changes</td></tr><tr><td /><td>in working capital and paid income taxes. Dividend income from investments is recognised under ‘Interest income and dividend</td></tr><tr><td /><td>received’.</td></tr><tr><td /><td>Cash flows from investing activities</td></tr><tr><td /><td>Cash flows from investing activities comprise payments related to the acquisition and sale of entities and activities as well as intangible</td></tr><tr><td /><td>assets, property, plant and equipment and investments.</td></tr><tr><td /><td>Cash flows from financing activities</td></tr><tr><td /><td>Cash flows from financing activities comprise changes in the size or composition of the group's share capital and related costs, as well</td></tr><tr><td /><td>as the raising of loans, repayment of interest-bearing debt and payment of dividends to shareholders.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial highlights</td></tr><tr><td /><td>Definitions of financial ratios.</td></tr><tr><td /><td>Gross margin ratio</td><td>Gross profit x 100 /</td></tr><tr><td /><td /><td>'Revenue</td></tr><tr><td /><td>EBIT margin</td><td>Profit/loss before financials x 100 /</td></tr><tr><td /><td /><td>'Revenue</td></tr><tr><td /><td>Return on assets</td><td>Profit/loss before financials x 100 /</td></tr><tr><td /><td /><td>Average assets</td></tr><tr><td /><td>Solvency ratio</td><td>Equity, end of year x 100 /</td></tr><tr><td /><td /><td>Total assets at year-end</td></tr><tr><td /><td>Return on equity</td><td>Profit/loss for analysis purposes x 100 /</td></tr><tr><td /><td /><td>Average equity excl. non-controlling interests</td></tr></table> Årsrapport 31061741 MAZARS STATSAUTORISERET REVISIONSPARTNERSELSKAB Midtermolen 1, 2.tv. 2100 København Ø xWizard version 1.1.1270.0, by EasyX Aps. www.easyx.eu 2022-01-01 2022-12-31 Revisionspåtegning Grundlag for konklusion Konklusion John Layland Barker 780471000 388155000 208505000 -54385000 115244000 550153000 0.497 0.267 0.146 0.348 182000 298536000 93962000 388155000 106637000 73013000 0 5063000 59449000 154119000 38875000 19791000 3360000 138395000 141763000 124000 490702000 -490826000 360744000 11681000 205 78812 711357000 337444000 179213000 -30791000 109970000 640211000 0.474 0.252 0.135 0.484 535018000 222532000 96765000 -31337000 43998000 236597000 0.416 0.181 0.115 0.292 21601000 7922000 3123000 -970000 1144000 0 0.367 0.145 0.102 0.018 2735423000 434668000 148462000 3658000 152120000 189582000 2054463000 82597000 2326642000 0 262000 262000 2479024000 48805000 48805000 148496000 0 0 4429000 25662000 178587000 29007000 256399000 40000 0 209216000 0 225412000 145448000 145448000 1652766000 34709000 302910000 1990385000 22488000 87198000 11514000 43512000 210000 164922000 2155307000 2735423000 29008000 2592054000 379399000 156312000 1638000 157950000 142588000 1917285000 84320000 2144193000 0 259000 259000 2302402000 82189000 82189000 140918000 0 0 6095000 26769000 173782000 33681000 289652000 40000 0 173287000 0 206072000 109869000 109869000 1483117000 20891000 307071000 1811079000 26634000 209687000 34093000 21092000 201000 291707000 2102786000 2592054000 33681000 2092653000 282235000 1493656000 172088000 1258766000 128949000 Return on assets 0.067 Return on assets 0.089 Return on assets 0.1 Return on assets 0.07 Return on assets 0.5 0 0 0 66000 -66000 0 0 -66000 39672000 0 4540000 35066000 13000 35053000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Statement of changes in equity</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="30%" ></td><td width="17%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Non-</td><td width="19%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="30%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Reserve for net</td><td width="17%" colspan="1" align="right" valign="middle" ></td><td width="19%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="30%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Share</td><td width="17%" colspan="1" align="right" valign="middle" >revaluation</td><td width="17%" colspan="1" align="right" valign="middle" >Retained</td><td width="19%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="30%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" >under the equity</td><td width="17%" colspan="1" align="right" valign="middle" ></td><td width="19%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="30%" ></td><td width="17%" colspan="1" align="right" valign="middle" >capital</td><td width="17%" colspan="1" align="right" valign="middle" >method</td><td width="17%" colspan="1" align="right" valign="middle" >earnings</td><td width="19%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Equity at 1 January 2023</td><td width="17%" align="right" valign="middle" > 40 </td><td width="17%" align="right" valign="middle" > 162.685 </td><td width="17%" align="right" valign="middle" > 19.852 </td><td width="19%" align="right" valign="middle" > 182.577 </td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Distributed dividends from</td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >investments in subs</td><td width="17%" align="right" valign="middle" > - </td><td width="17%" align="right" valign="middle" >- 17.500 </td><td width="17%" align="right" valign="middle" > 17.500 </td><td width="19%" align="right" valign="middle" > - </td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Exchange adjustment, foreign</td><td width="17%" align="right" valign="middle" > - </td><td width="17%" align="right" valign="middle" > - </td><td width="17%" align="right" valign="middle" > - </td><td width="19%" align="right" valign="middle" > - </td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Net profit/loss for the year</td><td width="17%" align="right" valign="middle" > - </td><td width="17%" align="right" valign="middle" > 35.203 </td><td width="17%" align="right" valign="middle" >- 150 </td><td width="19%" align="right" valign="middle" > 35.053 </td></tr><tr><td width="30%" colspan="1" align="left" valign="middle" >Equity at 31 December 2023</td><td width="17%" align="right" valign="middle" > 40 </td><td width="17%" align="right" valign="middle" > 180.388 </td><td width="17%" align="right" valign="middle" > 37.202 </td><td width="19%" align="right" valign="middle" > 217.630 </td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>STAFF COSTS</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" align="right" valign="middle" >2023</td><td width="10%" align="right" valign="middle" >2022</td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="10%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td width="81%" colspan="3" align="left" valign="middle" >Wages and salaries</td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td width="81%" colspan="3" align="left" valign="middle" >Pensions</td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td width="81%" colspan="3" align="left" valign="middle" >Other social security costs</td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" align="right" valign="middle" ><b> - </b></td><td width="10%" align="right" valign="middle" ><b> - </b></td></tr><tr><td colspan="5"></td></tr><tr><td width="81%" colspan="3" align="left" valign="middle" >Including remuneration to the supervisory boards</td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td colspan="5"></td></tr><tr><td width="81%" colspan="3" align="left" valign="middle" >Average number of employees</td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>FINANCIAL INCOME</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" align="right" valign="middle" >2023</td><td width="10%" align="right" valign="middle" >2022</td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="10%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td width="81%" colspan="3" align="left" valign="middle" >Other financial income</td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td width="81%" colspan="3" align="left" valign="middle" >Exchange gains</td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>FINANCIAL COSTS</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" align="right" valign="middle" >2023</td><td width="10%" align="right" valign="middle" >2022</td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="10%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td width="81%" colspan="3" align="left" valign="middle" >Other financial costs</td><td width="9%" align="right" valign="middle" > 4.540 </td><td width="10%" align="right" valign="middle" > 4.636 </td></tr><tr><td width="81%" colspan="3" align="left" valign="middle" >Exchange loss</td><td width="9%" align="right" valign="middle" > - </td><td width="10%" ></td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" align="right" valign="middle" > 4.540 </td><td width="10%" align="right" valign="middle" > 4.636 </td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>DISTRIBUTION OF PROFIT</td></tr><tr><td /><td /><td colspan="2">Group</td><td colspan="2">Parent company</td></tr><tr><td /><td /><td>2023</td><td>2022</td><td>2023</td><td>2022</td></tr><tr><td /><td /><td>TDKK</td><td>TDKK</td><td>TDKK</td><td>TDKK</td></tr></table> 35203 -150000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>INVESTMENTS IN SUBSIDIARIES</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="77%" ></td><td width="11%" align="right" valign="middle" >2023</td><td width="12%" align="right" valign="middle" >2022</td></tr><tr><td width="77%" ></td><td width="11%" colspan="1" align="right" valign="middle" >TDKK</td><td width="12%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td colspan="3"></td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Cost at 1 January 2023 and 31 December 2023</td><td width="11%" align="right" valign="middle" > 323.167 </td><td width="12%" align="right" valign="middle" > 323.167 </td></tr><tr><td colspan="3"></td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Revaluations at 1 January 2023</td><td width="11%" align="right" valign="middle" > 162.685 </td><td width="12%" align="right" valign="middle" > 97.651 </td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Net profit for the year</td><td width="11%" align="right" valign="middle" > 39.672 </td><td width="12%" align="right" valign="middle" > 82.534 </td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Received dividend</td><td width="11%" align="right" valign="middle" >- 22.400 </td><td width="12%" align="right" valign="middle" >- 17.500 </td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Revaluations at 31 December 2023</td><td width="11%" align="right" valign="middle" > 179.957 </td><td width="12%" align="right" valign="middle" > 162.685 </td></tr><tr><td colspan="3"></td></tr><tr><td width="77%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2023</td><td width="11%" align="right" valign="middle" > 503.124 </td><td width="12%" align="right" valign="middle" > 485.852 </td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>EQUITY</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The share capital consists of</td></tr><tr><td width="87%" ></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Nominal</b></td></tr><tr><td width="87%" ></td><td width="13%" colspan="1" align="right" valign="middle" ><b>value</b></td></tr><tr><td width="87%" colspan="1" align="left" valign="middle" >4,000 A Shares of TDKK 1</td><td width="13%" align="right" valign="middle" > 4.000 </td></tr><tr><td width="87%" colspan="1" align="left" valign="middle" >36,000 B Shares of TDKK 1</td><td width="13%" align="right" valign="middle" > 36.000 </td></tr><tr><td width="87%" ></td><td width="13%" align="right" valign="middle" > 40.000 </td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>PROVISIONS FOR DEFERRED TAX</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" align="right" valign="middle" >2023</td><td width="10%" align="right" valign="middle" >2022</td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="10%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td width="81%" colspan="3" align="left" valign="middle" >Provisions for deferred tax at 1 January 2023</td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td width="81%" colspan="3" align="left" valign="middle" >Deferred tax recognised in income statement</td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td width="81%" colspan="3" align="left" valign="middle" >Provision for deferred tax at 31 December 2023</td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>LONG TERM DEBT</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" ></td><td width="9%" colspan="1" align="right" valign="middle" ><b>Debt</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b>at 31</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b></b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>Debt</b></td></tr><tr><td width="63%" ></td><td width="9%" colspan="1" align="right" valign="middle" ><b>at 1 January</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b>December</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b>Instalment</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>outstanding</b></td></tr><tr><td width="63%" ></td><td width="9%" align="right" valign="middle" ><b>2023</b></td><td width="9%" align="right" valign="middle" ><b>2023</b></td><td width="9%" colspan="1" align="right" valign="middle" ><b>next year</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>after 5 years</b></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Banks</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Lease obligations</td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Shareholders and management</td><td width="9%" align="right" valign="middle" > 307.071 </td><td width="9%" align="right" valign="middle" > 302.911 </td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td width="63%" ></td><td width="9%" align="right" valign="middle" > 307.071 </td><td width="9%" align="right" valign="middle" > 302.911 </td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>RENT AND LEASE LIABILITIES</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" align="right" valign="middle" >2023</td><td width="10%" align="right" valign="middle" >2022</td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td><td width="10%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >RENT AND LEASE LIABILITIES</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Operating lease liabilities.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Total future lease payments</td></tr><tr><td width="81%" colspan="3" align="left" valign="middle" >Within 1 year</td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td width="81%" colspan="3" align="left" valign="middle" >Between 1 and 5 years</td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td width="81%" colspan="3" align="left" valign="middle" >After 5 years</td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td width="63%" ></td><td width="9%" ></td><td width="9%" ></td><td width="9%" align="right" valign="middle" > - </td><td width="10%" align="right" valign="middle" > - </td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>RELATED PARTIES AND OWNERSHIP STRUCTURES</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Controlling interest</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >John Layland Barker holds 100% of the votes and have controlling interest</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Transactions</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >With reference to section 98c(3) of the Danish Financial statement Act, transactions with related parties have been conducted</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >between the company and its fully owned subsidiaries and parent company.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Transactions with the parent company have been conducted at arms-length.</td></tr><tr><td colspan="1"></td></tr></table> 0 0 0 136000 -136000 0 0 -136000 82534000 0 4636000 77762000 -1050000 78812000 82534 -3722 0 0 0 0 0 0 0 503124000 0 503124000 503124000 0 0 0 15400000 1233000 70000 0 16703000 745000 17448000 520572000 40000 180388000 37202000 0 0 217630000 0 0 0 0 302911000 302911000 0 6000 0 25000 0 31000 302942000 520572000 0 0 0 0 0 0 0 485852000 0 485852000 485852000 0 0 0 0 1233000 33000 0 1266000 2544000 3810000 489662000 40000 162685000 19852000 0 0 182577000 0 0 0 0 307071000 307071000 0 14000 0 0 0 14000 307085000 489662000 Interest income and similar income -6098000 Interest income and similar income -5063000 Interest expenses and similar charges 6142000 Interest expenses and similar charges 8431000 Net change, debt 179657000 Net change, debt 411762000 Interest expenses -101501000 Interest expenses -51018000 33681000 22000000 Mazars Statsautoriseret Revisionspartnerselskab 31061741 Dennis Herholdt Rasmussen statsautoriseret revisor mne43413 Midtermolen 1, 2. tv. 2100 København