Glunz & Jensen Holding

Glunz & Jensen Holding A/S Page | 0 ANNUAL REPORT 2024 Glunz & Jensen Holding A/S; Selandia Park 1, 4100 Ringsted, Denmark CVR 10239680 ANNUAL REPORT 2024 Page | 1 GLUNZ & JENSEN Glunz & Jensen is a supplier of innovative, high-quality plate making equipment and solutions for the global prepress industry. In addition to developing and producing processing equipment for Offset and Flexo printing technologies, we also offer premier customer support as well as a full range of spare parts, wear parts and consumable products. Our diverse product portfolio includes inkjet imaging systems, exposure units, wash out units (processors), dryers, light finishers, full- automatic platemaking (inline) systems, mounting tables, plate stackers & turners. Our R&D, supply chain, production, testing, and training facilities are in Presov, Slovakia, and our products are based on application know-how and own developed technology. In addition, we have an R&D facility in Odense, Denmark. Glunz & Jensen has been operating in prepress for more than 50 years. We have long-standing relations with major industry leading companies such as Asahi, DuPont, ECO3, Fuji Film, Heidelberg, KBA, Kodak, MacDermid, Miraclon, TechNova and more. We market our products and solutions globally through a well-established, comprehensive, and worldwide network of distributors and dealers. We have end of year 105 employees in our facilities in Denmark, Slovakia and the USA. We are on the path to be the most innovative high-end equipment and services provider, delivering outstanding value for money in our product areas, and thereby growing our market share with our global partners. We are also set to strengthen our earnings through improved trade profitability and optimized manufacturing including within procurement and supply chain. The segment Prepress consists of two product areas described below: OFFSET FLEXO Products Primary applications Share of revenue Main sales channels Markets Main market drivers CtP and iCtP technology solutions which prepare Offset plates for Offset printing together with aftermarket services. Commercial printing – production of newspapers, magazines, books, flyers, business cards, stationary etc. Approx. 52% of Prepress Through large customers such as Fuji Film, Kodak, Heidelberg, Technova, and multiple large dealers Global Maintain a high-end suite of innovative products and solutions in close cooperation with key customers as well as ongoing consolidation to maintain critical mass. Limited brand-new sites but an abundance of replacement sales to existing accounts as well as competitive accounts capturing. In the past the addressable market has witnessed significant consolidation as well as migration towards process-less plate technologies as well as print output via digital technology solutions. Flexographic (Thermal and Solvent) technology solutions which expose, process and handle plates for Flexo printing together with aftermarket services. Labels & Packaging industry Approx. 48% of Prepress Through large customers such as DuPont, KBA, MacDermid, Miraclon, and multiple large dealers Global Improve technological solutions and automation of prepress production processes in close cooperation with customers. There will be focus on developing environmentally friendly solutions which improves performance, through longer lifetime, higher efficiencies, and lower emissions impact and energy consumption. Key technology convergence from Gravure and Offset in packaging in particular onto Flexo technology drives expectation for growth in years ahead. Besides the main segment Prepress Glunz & Jensen reports and operates within the segment investment property, Selandia Park. Page | 2 ANNUAL REPORT 2024 TABLE OF CONTENTS HEADLINES FOR 2024 .................................................................................................................................................. 3 GLUNZ & JENSEN HOLDING A/S LOCATIONS ............................................................................................................... 4 FINANCIAL HIGHLIGHTS .............................................................................................................................................. 5 BUSINESS AND FINANCIAL REVIEW............................................................................................................................. 6 OPTIMIZATION OF THE VALUE CHAIN ......................................................................................................................... 7 OUTLOOK ................................................................................................................................................................... 8 BUSINESS MODEL ....................................................................................................................................................... 8 FINANCIAL STATEMENTS ............................................................................................................................................ 9 RISK FACTORS ............................................................................................................................................................13 REPORTING ON MANAGEMENT .................................................................................................................................15 STATEMENT ON CORPORATE SOCIAL RESPONSIBILTY ...............................................................................................19 SHAREHOLDER INFORMATION ..................................................................................................................................23 BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT ............................................................................................25 GROUP COMPANIES ..................................................................................................................................................27 STATEMENT BY THE BOARD OF DIRECTORS AND THE EXECUTIVE MANAGEMENT .....................................................28 INDEPENDENT AUDITOR'S REPORT ............................................................................................................................29 INCOME STATEMENT .................................................................................................................................................33 STATEMENT OF COMPREHENSIVE INCOME ...............................................................................................................33 BALANCE SHEET .........................................................................................................................................................34 STATEMENT OF CHANGES IN EQUITY .........................................................................................................................36 STATEMENT OF CASH FLOWS ....................................................................................................................................37 NOTES .......................................................................................................................................................................38 DEFINITIONS OF RATIOS ............................................................................................................................................62 ANNUAL REPORT 2024 Page | 3 HEADLINES FOR 2024 • Revenue in Glunz & Jensen Holding A/S came to DKK 131,0 million in 2024 vs. DKK 143,3 million in 2023. Revenue in Selandia Park came to DKK 11,3 million in 2024 vs. DKK 11,2 million in 2023. Revenue is in line with our expectations announced to the market on August 21 st , 2024, as revenue then was guided at approximately DKK 135 million. • Gross profit totaled DKK 34,4 million (2023: DKK 31,9 million), and the gross profit margin increased to 26,3% (2023: 22,2%). • Profit before financial income and expenses, tax, depreciation, amortization, and impairment of assets, – the EBITDA, was DKK 9,5 million (2023: DKK 10,8 million). The EBITDA is in line with our expectations announced to the market on August 21 st , 2024, as it was then announced at approximately DKK 12 million. The outlook was without an adjustment on fair value on the investment properties which amounted to a negative adjustment of DKK 1,8 million. • Profit for the year before tax totaled DKK 3,3 million (2023: DKK 3,5 million). This is in line with the expectations announced to the market on August 21 st , 2024, as profit for the year before tax was then expected at approximately DKK 5 million. The outlook was without an adjustment on fair value on the investment properties which amounted to a negative adjustment of DKK 1,8 million. The profit for the year before tax is not considered satisfactory. • Profit for the year totaled DKK 2,8 million (2023: DKK 2,9 million), equal to a profit in earnings per share (EPS) of DKK 1,6 in 2024 (2023: DKK 1,6 per share). • Net cash flows from operating activities came at DKK 6,6 million (2023: DKK 13,9 million), net investments were DKK -1,6 million (2023: DKK -0,7 million), and cash flow from financing activities were DKK 5,6 million (2023: DKK 13,0 million). Free cash flows at year-end were DKK 5,0 million (2023: DKK 13,3 million). • The Board of Directors recommends not to distribute dividend for 2024. Page | 4 ANNUAL REPORT 2024 GLUNZ & JENSEN HOLDING A/S LOCATIONS Glunz & Jensen Prepress currently has 4 locations: Ringsted, Denmark including headquarter, administration, finance, sales, service. In addition, there is a branch office in Odense, Denmark. Presov, Slovakia including administration, finance, R&D, internal sales, supply chain, manufacturing and global spare parts center. Inman, SC, USA including service and regional spare parts center. The investment properties in Selandia Park A/S are in Ringsted, Denmark. MANAGEMENT'S REVIEW ANNUAL REPORT 2024 Page | 5 FINANCIAL HIGHLIGHTS DKK DKK DKK DKK DKK EUR 12 months 12 months 9 months 12 months 12 months 12 months In millions, except per share data 2020/21 2021/22 2022 2023 2024 2024 1) Key figures Income statement Revenue 136,9 147,0 103,4 143,3 131,0 17,6 Gross profit 28,4 39,1 27,5 31,9 34,4 4,6 Operating profit/(loss) 4,7 17,8 17,0 8,6 7,9 1,1 Net financials (3,9) (3,1) (1,8) (4,9) (4,6) (0,6) Profit/(loss) before tax 0,9 14,6 15,3 3,5 3,3 0,4 Profit/(loss) for the year 0,9 12,1 12,0 2,9 2,8 0,4 Profit/(loss) before financial income and expenses, tax, depreciation, amortization, and impairment of assets (EBITDA) 19,6 23,9 18,2 10,8 9,5 1,3 Balance sheet Assets Completed development projects 0,2 - - - 0,6 0,1 Other non-current assets 154,7 152,7 157,7 154,1 155,2 20,8 Current assets 57,4 67,5 82,8 64,2 56,3 7,5 Total assets 212,3 220,2 240,5 218,3 212,1 28,4 Liabilities Share capital 73,9 86,3 98,4 101,2 104,4 14,0 Non-current liabilities 76,5 70,1 65,9 72,1 72,6 9,7 Current liabilities 61,9 63,8 76,2 45,0 35,1 4,7 Total Equity and liabilities 212,3 220,2 240,5 218,3 212,1 28,4 Cash flows Cash flows from operating activities 15,6 23,2 (9,3) 13,9 6,6 0,9 Cash flows from investing activities 2) 0,2 (4,1) (1,4) (0,6) (1,6) (0,2) Free cash flow 15,8 19,1 (10,7) 13,3 5,0 0,7 Cash flows from financing activities (16,4) (18,9) 10,6 (13,0) (5,6) (0,8) Change in cash and cash equivalents for the year (0,6) 0,2 (0,1) 0,3 (0,7) (0,1) 2) including investments in property, plant and equipment and investment properties (0,3) (4,1) (1,4) (0,8) (1,1) (0,2) Financial ratios in % Operating margin 3,5 11,7 16,5 6,0 6,0 6,0 EBITDA margin 14,3 16,3 17,6 7,5 7,2 7,2 Return on assets 2,1 8,0 7,4 3,8 3,7 3,7 Return on equity (ROE) 1,2 15,1 13,0 2,9 2,8 2,8 Solvency ratio 34,8 39,2 40,9 46,4 49,2 49,2 Other information Credit institutions net interest-bearing debt 86,5 71,1 83,9 73,4 70,5 9,5 Interest coverage 1,7 6,9 9,3 2,0 1,9 1,9 Earnings per share (EPS) 0,5 6,7 6,6 1,6 1,6 0,2 Diluted earnings per share (EPS-D) 0,5 6,7 6,6 1,6 1,6 0,2 Cash flow per share (CFPS) 8,6 12,7 (5,1) 7,7 3,6 0,5 Book value per share (BVPS) 40,6 47,4 54,1 55,6 57,3 7,7 Share price (KI) 65 78 75 72 75 10,0 Average number of shares outstanding (in thousands) 1.821 1.821 1.821 1.821 1.821 1.821 Dividend per share 0,0 0,0 0,0 0,0 0,0 0,0 Average number of employees 119 101 108 113 107 107 The accounting period in 2022 is from April 1 st to December 31 st hence covering a 9-month period only. For definitions of financial ratios, see page 62. 1) The DKK/EUR exchange rate applied is 746. MANAGEMENT'S REVIEW Page | 6 ANNUAL REPORT 2024 BUSINESS AND FINANCIAL REVIEW Strategy/Turnaround Following the decline in gross profit margins over the previous year, a short-term plan (referred to as the Plan 2023/24) was developed during 2023 covering a 1½- year period. This plan – among others - included further operational consolidation, additional focus on purchase of parts and materials, additional focus on new markets, an updated go-to-market approach, new product launches, and organizational adjustments. Plan 2023/24 has reached its preset targets and it will have full effect in 2025. Glunz & Jensen has initialized its next plan (Plan 2026) which focuses on increased efficiencies within the company. The plan targets an increase in efficiency by minimum 10% in 2025. Main events in 2024: • The inflation in Denmark and in Slovakia continued to decrease in 2024 however the weighted purchase of parts shows that the inflation in the countries of sourcing remain between 3 and 4%. • The inflation in Denmark came to 2,0% Y-O-Y in 2024, whereas it remained relatively higher in Slovakia at 5,1% Y-O-Y in 2024 (source: IMF). • Cost of capital decreased by approximately 0.5% PP on the short-term interest rates and came to approximately 6.5% • The supply of components and parts were normalized during 2024. • Our strong focus on improving the balance sheet/working capital was successful. Inventories were reduced from DKK 56,8 million in 2022 to DKK 43,0 million in 2023 and DKK 37.2 million in 2024. This included an inventory write down of DKK 3,8 million in 2024 (2023: DKK 4,2 million). • Our investment property, Selandia Park, finalized upgrading of a building in 2024 on behalf of a tenant. The building was leased in 2023 on a long-term contract. Selandia Park entered into a fixed loan agreement to fund the upgrading of the building. The tenant is obligated by contract to reimburse all cost related to the loan to Glunz & Jensen. Offset market Glunz & Jensen’s sales to the Offset market decreased by 9,8% in 2024 compared to 2023. The market has seen a slow decline over a long period due to changes in consumer behavior driving less need for commercial print as well as a shift from traditional to digital print production. Flexo market While competition in the Flexo market remained fierce in 2024 we saw sales decreasing by 8,7% compared to calendar year 2023. Glunz & Jensen estimates that the global market volume continues to grow at 1-3% annually and remains confident that we maintain momentum in this segment due to our professional network of partners as well as significant value offering. Focused development activity Glunz & Jensen's strategic focus in recent years has been to meet customer demands through the development of new and competitive products, both in Offset and in Flexo. We develop machines both for our own brand and act as a trusted development partner for some of the world’s largest plate manufacturers. Selandia Park A/S Selandia Park A/S' business objective is to invest in and operate a property portfolio. Rental income in Selandia Park A/S increased to DKK 11,3 million (2023: DKK 11,2 million), excluding rental income from Glunz & Jensen A/S. Approximately 11% of the property complex was idle by the end of 2024. The portfolio of rental contracts is currently set to expire from 2026 at the earliest and to 2033 at the latest. Selandia Park A/S contributed DKK 4,5 million to profit before tax (2023: DKK 6,0 million). The fair value of the investment properties amounts to DKK 144,7 million by December 31 st , 2024 (2023: DKK 146,5 million). The value was negatively impacted compared to 2023 due to negative fair value adjustment of DKK 1,8 million mainly caused by higher market expectations in 2024 on return on investments compared to 2023. MANAGEMENT'S REVIEW ANNUAL REPORT 2024 Page | 7 OPTIMIZATION OF THE VALUE CHAIN Glunz & Jensen's strategy is based on the following key themes: 1. Leading the market for Offset prepress equipment Offset is one of Glunz & Jensen's cornerstone business areas with iCtP solutions and CtP processors as main products. These develop and prepare aluminum Offset plates for commercial printing applications such as newspapers, inserts, magazines, books, information, promotional material, packaging, and a variety of other printed medias. Our aim is to further retain our position as market leader on the global Offset market by consolidating our variety offering and through continuing to deliver cutting-edge quality products with low energy consumption and reduced environmental impact at competitive prices. Further we will increase our footprint in regions which are still showing notable progress for Offset products, mainly APAC and South America. 2. Developing a leading position in the Flexo market through customer satisfaction and the development and launch of cost-efficient products Glunz & Jensen is one of the largest providers of Flexo platemaking equipment globally. In addition, we act as a valued development and manufacturing partner for some of the largest plate manufacturers. The Flexo market – which mainly serves the labels and packaging industry - develops at an estimated annual growth rate of 1-3%, driven by underlying growth in packaging, changing demographics, and shares gained from other printing technologies. We expect to continue to gain market share and dominate this segment going forward. 3. Growing the after sale-market Glunz & Jensen's after sale-market business includes sales of spare parts, consumables for iCtP products, installation, repair, preventive maintenance of hardware and software. In addition to enhanced profitability, these activities strengthen our relationship with customers and provide valuable feedback and dialogue with the end- users. Early in 2024 we launched a new training academy at our plant in Presov, Slovakia with the objective to continue to build technology understanding and skills with our partners and their customers. We already see significant benefit in bringing local capabilities to customers both in terms of knowledge but also through readily available support, in any local environment. A total of 5 planned academy training sessions in 2025 are already fully signed. 4. Improving profitability During the last years, a significant number of steps have been taken to further improve the profitability of Glunz & Jensen. These include reduction of product range (overlapping products), transfer of functions from Glunz & Jensen A/S, Denmark to Glunz & Jensen s.r.o., Slovakia and discontinuation of loss-making parts of our business and product portfolio plus a stringent focus on cost throughout the value chain. In addition, we have also made considerable strides to optimize our pricing strategy. These significant steps combined with great effort by our staff have resulted in a significantly improved profitability, despite the shortages of parts and electronic components and higher-than-normal inflation. MANAGEMENT'S REVIEW Page | 8 ANNUAL REPORT 2024 OUTLOOK For the fiscal year 2025, the Group revenue is expected to come in at approximately DKK 132 million, while operating profit (EBITDA) is expected at approximately DKK 15 million. The profit before tax is expected at approximately DKK 8 million. The outlook for the EBITDA and the profit before tax is before potential adjustments on fair value on the investment property. Management underlines that the outlook for the fiscal year 2025 is associated with some uncertainty as the Company may be impacted by wars, inflation, challenges on the supply side of parts and other events. It is the Group’s intention to use the free cash flow to the greatest possible benefit of its shareholders. This includes investment in business development and technology as well as reduction of debt. BUSINESS MODEL Glunz & Jensen is a supplier of innovative, high-quality plate making equipment and solutions for the global prepress industry. In addition to developing and producing processing equipment for Offset and Flexo printing technologies, we also offer premier customer support as well as a full range of spare parts, wear parts and consumable products. Our diverse product portfolio includes inkjet imaging systems, exposure units, wash out units (processors), dryers, light finishers, full- automatic platemaking (inline) systems, mounting tables, plate stackers & turners. Our R&D, supply chain, production, testing, and training facilities are in Presov, Slovakia, and our products are based on application know-how and own developed technology. In addition, we have an R&D facility in Odense, Denmark. Glunz & Jensen has been operating in prepress for more than 50 years. We have long-standing relations with major industry leading companies such as Asahi, DuPont, ECO3, Fuji Film, Heidelberg, KBA, Kodak, MacDermid, Miraclon, TechNova and more. We market our products and solutions globally through a well-established, comprehensive, and worldwide network of distributors and dealers. We have end of year 105 employees in our facilities in Denmark, Slovakia, and the USA. We are on the path to be the most innovative high-end equipment and services provider, delivering outstanding value for money in our product areas, and thereby growing our market share with our global partners. We are also set to strengthen our earnings through improved trade profitability and optimized manufacturing including within procurement and supply chain. MANAGEMENT'S REVIEW ANNUAL REPORT 2024 Page | 9 FINANCIAL STATEMENTS The Group Income statement Group revenue The Group's revenue totaled DKK 131,0 million in 2024 (2023: DKK 143,3 million). Figure 1: Revenue (million DKK), fiscal years, note 2022 at only 9 months. Figure 2: Revenue (million DKK) by product, fiscal years, note 2022 at only 9 months. Selandia Park Selandia Park A/S' business objective is to invest in and operate a property portfolio. Rental income in Selandia Park A/S increased to DKK 11,3 million (2023: DKK 11,2 million), excluding rental income from Glunz & Jensen A/S. Approximately 11% of the properties in the complex was vacant by the end of 2024. The portfolio of rental contracts is currently set to expire from 2026 at the earliest and to 2033 at the latest. Selandia Park A/S contributed DKK 4,5 million to profit before tax. The fair value of the investment properties amounts to DKK 144,7 million by December 31 st , 2024 (2023: DKK 146,5 million). The value was negatively impacted compared to 2023 due fair value adjustment of DKK 1,8 million DKK caused by higher market expectations on return on investments in 2024 compared to 2023. Gross profit Gross profit for 2024 totaled DKK 34,4 million (2023: DKK 31,9 million), corresponding to a increase in gross profit margin to 26,3% (2023: 22,2%). Figure 3: Gross profit and gross profit margin for the fiscal years. Note 2022 is only 9 months. EBITDA Profit before interest, tax, and depreciation and amortization (EBITDA) totaled DKK 9,5 million, (2023: DKK 10,8 million) corresponding to an EBITDA margin of 7,2% (2023: 7,5%). Figure 4: EBITDA/EBITDA margin, all shown in fiscal years. Note 2022 is only 9 months. The 2024 EBITDA is negatively impacted by the adjustment on fair value on investment properties at DKK 1,8 million ((2023: DKK 0). The adjustment decreased the EBITDA margin % by 1,4% PP from 8,6% to 7,2%. Profit before tax positively affected by lower prices on purchase of parts and equipment The 2024 was impacted by lower cost prices on purchase of selected parts and equipment even the 2024 inflation has not fully retracted to a normalized level. MANAGEMENT'S REVIEW Page | 10 ANNUAL REPORT 2024 The inflation in Denmark came to 2,0% Y-O-Y in 2024 (2023: 3,3%, whereas it remained relatively high in Slovakia at 5,1% Y-O-Y in 2024 (2023: 10,8%). The weighted inflation on parts and equipment increased between 3% and 4% in 2024 based on country of sourcing. Figure 5: Profit before tax/profit before tax margin, all shown in fiscal years. Note 2022 is only 9 months. Profit before tax totaled DKK 3,3 million, (2023: DKK 3,5 million) corresponding to a profit before tax margin of 2,5% (2023: 2,4%). The 2024 profit before tax is negatively impacted by the fair value adjustment on investment properties at DKK 1,8 million (2023: DKK 0). The adjustment decreased the profit before tax margin % by 1,3% PP from 4,8% to 3,5%. EBITDA and profit before tax are the key KPI’s for the Board of Directors and management in assessing the progress made in the Plan 2023/2024 and in the Plan 2026. Management has adjusted the sales prices and continued optimizing the organizational footprint and expects to achieve an EBITDA margin approximately at 11% and a profit before tax margin of approx. 6% in the fiscal year 2025. The leased property – which were formerly used as the production plant in Nyborg, Denmark - was returned to the lessor on January 1 st , 2024. The number of staff by the end of 2024 was 105 (2023: 114). Operating profit for the financial year 2024 represents a profit of DKK 7,9 million against a profit of DKK 8,6 million in 2023. The Group's net financial expenses in 2024 totaled DKK 4,6 million (2023: DKK 4,9 million). Financial income in 2024 amounted to DKK 0,3 million against DKK 0,6 million in 2023. The income was positively impacted by subleasing interest of DKK 0,5 million in 2023. Financial expenses amounted to DKK 4,9 million against DKK 5,5 million in 2023. Results of operations The Group reported a profit before tax of DKK 3,3 million in 2024, against a profit of DKK 3,5 million in 2023. The year 2023 result included provisions for reorganization at DKK 1,8 million, impairment of leased assets at DKK 0,5 million, additional net write-down on inventory at DKK 3,0 million due to obsolescence, and the negative effects of the higher than usual inflation, whereas the year 2024 contained additional net write-down on inventory at DKK 2,9 million due to obsolescence and a fair value loss on investment properties equal to DKK 1,8 million. The Group recognized tax of DKK 0,5 million in 2024 against a tax of DKK 0,6 million in 2023. Profit for the year after tax was DKK 2,8 million (2023: DKK 2,9 million), corresponding to earnings per share (EPS) of DKK 1,6 (2023: DKK 1,6). In 2024 other comprehensive income amounted to DKK 0,4 million of which all were related to exchange rate adjustments of investments in subsidiaries. In 2023 other comprehensive income amounted to DKK -0,1 million – also related to exchange rate adjustments of investments in subsidiaries. Balance sheet Decrease in tied-up capital from working capital The Group's assets totaled DKK 212,1 million on December 31 st , 2024, against DKK 218,3 million on December 31 st , 2023. Investment properties totaled DKK 144,7 million by the end of 2024 compared to DKK 146,5 million by the end of 2023. Inventories decreased from DKK 43,0 million last year to DKK 37,2 million due to the ongoing focus on optimizing working capital. Trade receivables decreased by DKK 1,5 million to DKK 15,0 million. Equity came at DKK 104,4 million, corresponding to a solvency ratio of 49,2%, compared to 46,4% end of 2023. The Board of Directors recommends to the Annual General Meeting that no dividends should be distributed for the fiscal year 2024. Long-term and short-term interest-bearing debt to credit institutions totaled DKK 71,2 million at the end of 2024 (2023: DKK 74,7 million), of which DKK 57,5 million (2023: DKK 56,5 million) are long-term liabilities and DKK 13,7 million (2023: DKK 18,3 million) are current liabilities. MANAGEMENT'S REVIEW ANNUAL REPORT 2024 Page | 11 Cash flows and liquidity Cash flows Cash flows from operating activities were positive and amounted to DKK 6,6 million in 2024 (2023: DKK 13,9 million), driven by the decreased working capital. Cash flows from investment activities used DKK 1,6 million in 2024 (2023: use of DKK 0,6 million). Free cash was positive by DKK 5,0 million in 2024 (2023: DKK 13,3 million). Capital resources At the end of the fiscal year 2024, the Group's total available credit facilities amounted to DKK 88,0 million compared to DKK 86,4 million at the end of 2023. DKK 71,2 million was utilized at the end of 2024 against DKK 74,7 million the year before. Liquidity reserves totaled DKK 16,8 million by December 31 st , 2024 (2023: DKK 11,7 million). Based on budgets, including expectations for cash flows and the development of the capital base, existing credit facilities, related contractual and expected maturities and conditions, the Board of Directors and the Executive Management consider the Group's liquidity and capital resources to be satisfactory. The Group's available credit lines for 2025 was extended by Nordea on January 22nd, 2025, to continue to March 2026 and the cooperation letter was signed by the Company on January 27th, 2025. The cooperation letter is subject to three covenants, which the Group must observe in order to maintain the financing. The financial covenants are related to the financial ratio "solvency", the agreed level of EBITDA% (EBITDA vs. revenue), and debt leverage (interest bearing debt vs. EBITDA). Please refer to note 27 regarding covenants. . Events after the balance sheet date The Group's available credit lines for 2025 were extended by Nordea on January 22 nd , 2025, to continue to March 2026 and the cooperation letter was signed by the Company on January 27 th , 2025. No other events have occurred since December 31 st , 2024, which are considered to have a significant impact on the Group's or the Parent Company’s financial position. MANAGEMENT'S REVIEW Page | 12 ANNUAL REPORT 2024 The Parent Company Income statement The Parent Company's revenue, which consists of management fees to subsidiaries, totaled DKK 6,2 million in fiscal year 2024 (2023: DKK 6,2 million). Profit after tax in subsidiaries totaled a profit of DKK 2,0 million in fiscal 2024 (2023: a profit of DKK 1,1 million). Regarding development in the subsidiaries please refer to the Group income statement information on page 9. Financial income in 2024 amounted to DKK 1,1 million against DKK 2,2 million in 2023. The financial income relates to interest received from subsidiaries. The Parent Company's profit after tax totaled a profit of DKK 2,8 million in 2024 against a profit of DKK 2,9 million in 2023. Balance sheet The Parent Company's total assets amounted to DKK 106,8 million on December 31 st , 2024 (2023: DKK 103,7 million). Most of the assets in the Parent Company refer to the subsidiaries as investments in subsidiaries amount to DKK 88,7 million (2023: DKK 86,4 million) and receivables from subsidiaries came to DKK 17,5 million as of December 31 st , 2024 (2023: DKK 16,8 million). Equity came at DKK 104,5 million, corresponding to a solvency ratio of 97,8%, compared to 97,6% the year before. The Board of Directors recommends to the Annual General Meeting that no dividends should be distributed for fiscal year 2024. Cash flow and liquidity Cash flow from operating activities amounted to DKK 0 million in 2024 (2023: DKK 20,1 million). The DKK 20,1 million in 2023 were driven by a change in payables and receivables from subsidiaries as the parent has granted a DKK 20 million group contribution within the Group. Free cash flow thus amounted to DKK 0 million in 2024 (2023: DKK 0,1 million). Based on budgets, including expectations to the cash flow and the development of the capital base, existing credit facilities and related contractual and expected maturities and conditions, the Board of Directors and the Executive Management consider the Group's and thereby also the Parent Company’s liquidity and capital resources to be satisfactory. Events after the balance sheet date No events have occurred since December 31 st , 2024, which are considered to have a significant impact on the Parent Company’s financial position. MANAGEMENT'S REVIEW ANNUAL REPORT 2024 Page | 13 RISK FACTORS Glunz & Jensen Holding's risk policies and -procedures must efficiently and securely identify, control, and reduce the risks that may affect the Group's business base, development, and value creation. Several commercial and financial risk factors can have a significant impact on the Group's future financial position, activities, and results of operations. The Group's most important risk factors are outlined below. Commercial risk Glunz & Jensen's revenue is affected by both global economic developments and changes in industry- specific conditions. The macroeconomic cycles generally affect Glunz & Jensen's customers' probability of investment and may reduce revenue and earnings. Glunz & Jensen's order lead time are 4-16 weeks, which is considered to be market-conform. As revenue expectations beyond this period are based on non- binding estimates from the Group's largest customers or based on expectations from management Glunz & Jensen, deviations from the expected revenue may occur. Glunz & Jensen markets a large part of its production to a number of major customers with whom the Company has a long-term customer relationship. The four largest customers represent approximately 50% of total revenue. One customer account for more than 20% of the Group's revenue. New technologies and product development Glunz & Jensen's products are based on many years of development for the Offset and Flexo printing. Insight into the industry's process needs and production technologies is crucial to the Company's ability to maintain customer’s loyalty. Some items in Glunz & Jensen's products are patented, but most of the Company's sales are based on products that do not involve patented technology. Glunz & Jensen's goal is to be among the first to offer products tailored to new technologies within the Company's two product areas. This places great demands on continual product development, enabling the Group to market products at competitive prices in a timely manner, which will also match customer needs. Lack of success in this area can affect revenue and results of operations negatively. Glunz & Jensen's most important Offset activity is the development and sales of CtP developers. The continued use of CtP processors is conditional on the development of Offset printing plates. Several large plate manufacturers have developed printing plates that do not require development. The process-free CtP technology has gained ground and may affect the demand for CtP processors negatively. Glunz & Jensen's strategy in the Flexo area is the continued development of technology for solvent-based, and thermal-based prepress solutions, an area in which the Group is currently leading the market. Automation and adaptation to latest technologies are important requirements to ensure continued positive development of the Flexo area. Competition and market conditions Prices in Offset and Flexo equipment are under pressure. This is largely due to vendor competition in Flexo offering similar technologies but also in Offset owing to yet cheaper supplies products (plates) coming into markets from China along with low-cost processing equipment. These products offer “good enough” quality for a short life span. Production and supplier risks Maintaining high reliability of delivery and high quality is important to maintain existing customer relationships. To strengthen competitiveness, Glunz & Jensen has established its main production in Slovakia. If the factory in Slovakia is impacted by production problems or accidents, such as fire, this may affect delivery capacity and thus reduce the Group's earnings. The Russia-Ukraine conflict has highlighted the need to consider geopolitical instability when choosing suppliers. Glunz & Jensen has strengthened its purchasing organization to counter potential supply risks. However, ongoing world-wide supply shortage may affect the cost prices and the planned in-flow of parts (incl. microchips) to Glunz & Jensen. Risk related to property market The risk associated with the investment properties is primarily determined by the uncertainty of the value of the properties involved. As such, a property market recession could materially adversely affect the value of the properties. Further the ability to secure that all properties is rented out will impact the future cash flow of Glunz & Jensen and thereby the value of the investment properties. MANAGEMENT'S REVIEW Page | 14 ANNUAL REPORT 2024 Insurance risk It is the Group's policy to hedge risks that may threaten the Group's financial position. In addition to statutory insurance, insurance against product liability and operating losses has thus been taken out. Properties, plant, and inventories are insured at replacement value at all risk levels. Cyber risks The continuously evolving threat of cyber security, data leakage and data security are a key area of focus. A major cyberattack could result in an extended period of down time resulting in delays to customers and additional costs for the organization. Glunz & Jensen is focused on IT Security and awareness. In 2024, increased cyber awareness training and further IT security measures across the organization have been introduced helping to mitigate this risk. Worldwide economic uncertainty It became evident during 2022 and 2023 that the inflation has been on the rise. Prices on manufacturing parts, electricity, gas, and financing cost - and general expectations on salaries are now higher than seen for more than a decade. Sourcing from Eastern Europe provides a more competitive market price for Glunz & Jensen even the inflation from these countries have remained at 3-4% in 2024. Glunz & Jensen is focused on managing the challenges associated with the uncertainty. The worldwide economic uncertainty – including the possibility of various countries introducing significantly higher custom fees - affects the profitability on Glunz & Jensen and the outlook is uncertain. Other risks There is an ongoing consolidation in the graphic industry. Glunz & Jensen have no active participation in the industry consolidation; this trend will benefit Glunz & Jensen. For financial risks, please refer to note 27. MANAGEMENT'S REVIEW ANNUAL REPORT 2024 Page | 15 REPORTING ON MANAGEMENT This statement of reporting on management is part of the Management's review, see section 107b of the Danish Financial Statements Act, covering the fiscal year January 1 st – December 31 st , 2024. The statement consists of three elements: • Corporate Governance • The composition of the governing bodies and their functions • Main elements of the Company’s internal control and risk management system Corporate Governance Glunz & Jensen emphasizes the pursuit of good corporate governance and continuous optimization of the Group’s Management. The overall framework for the management of Glunz & Jensen is based on the Company’s Articles of Association, values, and policies as well as current Danish and international legislation and “Rules for Issuers of Shares” on NASDAQ OMX Copenhagen A/S, to ensure that the Group pursues its obligations to all shareholders, customers, employees, and other stakeholders, as well as to support long-term value creation. Glunz & Jensen is governed by the Corporate Governance Committee’s recommendations of December 2020. The recommendations are available at: https://glunz-jensen.com/investors/corporate- governance In accordance with the recommendations, we explain on Glunz & Jensen’s website how the Company complies with the recommendations: https://glunz-jensen.com/investors/corporate- governance The Group has decided to deviate from the recommendations due to the size of the Company and thus arranged differently in the following areas: • The company publishes half-yearly reports at NASDAQ OMX and on the company´s website. The company publishes Q1 and Q3 announcements commenting on the development in the company. • Glunz & Jensen has implemented 3 of the 4 recommended Board committees. The 4 th Board committee (nomination committee) has not yet been set up due to the size of the Company and the size of the Board. • Glunz & Jensen has no share-based incentive schemes for the Executive Management as the Board of Directors finds the current remuneration sufficient. Interaction with shareholders and other stakeholders Glunz & Jensen’s Management continually seeks to have a dialogue with shareholders and other stakeholders. The company strives for a high degree of openness and effective dissemination of information. The dialogue with and information to shareholders and stakeholders take place through the publication of interim reports and other communications from the Company, as well as meetings with investors, analysts, and the press and at the Company’s general meeting. Interim reports and other announcements are available on Glunz & Jensen’s website immediately after publication. The company's Articles of Association contain no limits on ownership or voting rights. If an offer is made to acquire the Company’s shares, the Board of Directors will – in accordance with Danish law – openly consider and convey the offer to the shareholders, accompanied by the Board of Directors comments. The Glunz & Jensen Group has not entered Into significant agreements that are affected, changed, or expired in the event of a change of control of the Company. There are no agreements with the Executive Management or employees regarding retention or compensation in case of resignation or dismissal or termination of a post as a result of the acquisition of the Glunz & Jensen Group The general meeting is Glunz & Jense’'s supreme decision-making body, and the Board of Directors emphasizes that shareholders should be given adequate information about the business to be transacted at the general meeting. Notice of general meetings is published on the website and sent electronically to all registered shareholders, who have registered their e-mail address at least three weeks prior to the event. All shareholders are entitled to attend and vote at the Annual General Meeting. Shareholders can also provide a power of attorney to the Board – on an item-by-item case on the agenda. The general meeting gives shareholders the opportunity to ask questions to the Board of Directors and the Executive Management. The shareholders can submit proposals that must be discussed at the general meeting. The Articles of Association contain no special rules regarding amendments to the Compan’'s Articles of Association. Thus, only the provisions of the Danish Companies Act apply in this area. MANAGEMENT'S REVIEW Page | 16 ANNUAL REPORT 2024 Composition of the governing bodies and their function Board of Directors According to the Articles of Association, the Board of Directors consists of three to six members elected by the general meeting. Each year, all the members are elected by the general meeting. Resigned members are eligible for re-election. The Board of Directors elects a Chairman and a Deputy Chairman from among its own number. Further, two employee representatives are elected for a 4-year election period, which has been determined in accordance with the Danish Companies Act. The current Board of Directors consisted of five members at the end of the fiscal year 2024, one of whom is an employee representative. One employee representative resigned during 2024. The two employee representatives were elected in May 2021 for a four-year period. Due to the size of the Glunz & Jensen, it is not required for Glunz & Jensen to have employee representatives after the annual general meeting in 2025. In connection with the election of new Board members, a careful assessment of required knowledge and professional experience is made to ensure that the Board possesses the necessary competencies. Information about the individual Board members can be found on page 25. The Board at work In accordance with the Danish Companies Act, the Board of Directors represents Glunz & Jensen's overall management and defines the Group's goals and strategies as well as approves the overall budgets and action plans. In addition, the Board of Directors in general supervises the Group and checks that it is managed properly and in accordance with Danish law and the Articles of Association. The general guidelines for the Board's work are laid down in the rules of procedure, reviewed at least once a year and adapted to Glunz & Jensen's needs. The rules of procedure include procedures for Management's reporting, the Board's working method and a description of the Chairman's tasks and responsibilities. The Board of Directors is notified on an ongoing basis of the Group's performance. This takes place systematically at meetings as well as in written and oral reports. The Board receives a monthly report, which includes information on financial performance and the most important activities and transactions are presented by the Management to the Board at monthly review meetings. At least five ordinary Board meetings must be held annually with a fixed plan for the agenda of the meetings. In addition, the Board meets whenever necessary. In fiscal 2024, five board meetings were held. The three Board committees (Product, Audit and Remuneration) have conducted the following formal number of meetings in 2024; Product committee eleven meetings, Audit committee nine meetings and Remuneration committee two meetings. Risk management In connection with the strategy review, the Board of Directors and the Executive Management perform a comprehensive risk assessment for the Group to identify which issues – internal as external – may affect the Group's business base and development. The risk assessment focuses primarily on the identification of business risks, and for selected risks, action plans are identified to reduce and handle such risks. Glunz & Jensen has decided to manage general risks by taking out relevant insurance, such as "all-risk" on buildings and movables, transport insurance etc. As a main rule, financial risks are the result of commercial activities, and the Group does not actively speculate in financial risks. The Board of Directors establishes policies and frameworks for the Group's key risks and ensures effective management of these risks. Reporting on significant risks is included in the ongoing reporting to the Board of Directors. For a more detailed description of Glunz & Jensen's risks, see the section "Risk factors". Executive Management The Executive Management is appointed by the Board of Directors. The Executive Management is responsible for the day-to-day operations of the Group and, in accordance with guidelines and written instructions developed by the Board of Directors, prepares action plans and budgets that support the Company's strategy and reports on ongoing performance developments, risks and other essential information to the Board. The Board of Director's delegation of responsibilities to the Executive Management is outlined in the Board's rules of procedure. Evaluation of the Board of Directors and the Executive Management A formalized evaluation of the work of the Board of Directors and the Executive Management is in place. The Chairman of the Board of Directors regularly reviews the work of the Executive Management and individual Board members, the cooperation of the Board of Directors, the Board of Directors' working methods and the cooperation between the Board of Directors, and the Executive Management. Based on these assessments, the Board of Directors' and the Executive Management's work is adjusted on a regular basis. MANAGEMENT'S REVIEW ANNUAL REPORT 2024 Page | 17 Remuneration to the Board of Directors and the Executive Management Glunz & Jensen seeks to ensure that members of the Board of Directors and the Executive Management are remunerated at a competitive and reasonable level, helping to ensure that Glunz & Jensen can attract and retain competent individuals. Members of the Board of Directors receive a fixed, annual fee, and the total remuneration to the Board of Directors is approved by the Annual General Meeting in connection with the approval of the annual report. In fiscal 2024, directors' fees which covered a 12-month period amounted to DKK 833.000, including DKK 300.000 to the Chairman, DKK 150.000 to the Vice- Chairman and DKK 100.000 to the other members except for the employee representative resigned who received director fee up to the resignation date in amount DKK 83.000. Members of the Board of Directors are not subject to bonus schemes. The remuneration of the Executive Management is determined by the Board of Directors. In 2024, members of the Executive Management received a basic salary, including usual benefits such as company car and telephone, and are also eligible for a bonus scheme. The Executive Management consisted of CEO Henrik Blegvad Funk and COO Robert Popik. The total 12- month period remuneration paid to the Executive Management amounted to DKK 3,5 million in 2024. The Remuneration report 2024 is available at: https://glunz-jensen.com/investors/corporate- governance Incentive programs Glunz & Jensen continually seeks to establish incentive programs that support its shareholders value creation. The incentive programs for the Executive Management and key employees includes a bonus scheme. The results in 2024 led provisions of DKK 0 related to the bonus schemes. The main elements of the Company's internal control and risk management system Risk assessment in connection with the financial reporting process The Board of Directors and the Executive Management have overall responsibility for the Group's risk management and internal control in connection with the financial reporting process, e.g., responsibility for ensuring compliance with relevant legislation and other regulations in relation to the financial reporting. The Group's internal control and risk management systems should improve the probability of reporting without significant errors, omissions, and irregularities and, moreover, should ensure that the financial statements are presented in accordance with International Financial Reporting Standards (IFRS) as approved by the EU and other accounting regulations applicable to Danish listed companies. The Group's internal control and risk management systems in connection with the financial reporting include: Control environment The Board of Directors is responsible for identifying the Group's most significant risks and the adequacy of internal controls in connection with the presentation of the financial statements. The Executive Management is responsible for the operational organization and daily execution of an effective control environment, e.g., for ensuring compliance with relevant legislation in connection with the presentation of the financial statements. The Executive Management reports to the Board of Directors on all relevant matters and assessments. The operational management includes an appropriate organizational structure, written procedures for essential processes, accounting instructions for subsidiaries, authorization and certification rules, segregation of duties, consolidation procedures, check and documentation lists and IT security. The Executive Management regularly assesses the adequacy of the control environment, including the adequacy of resources and competencies. Glunz & Jensen is preparing a migration to a new ERP system during 2025 which is expected to be in place by 2026. Risk assessment and risk management The Board of Directors and the Executive Management continually consider risks that are of importance to the Group's financial reporting, based on a concrete assessment of the significance and probability of each individual risk. The risk assessment focuses on significant financial items and involves an assessment of the immediate risk associated with each item and the critical processes that form the individual financial statements. Risk assessments and risk management are included as part of the Group's strategy plan. Control activities The Group's control activities are organized taking into account the overall objective of reducing the risk of material misstatements, deficiencies or irregularities to an acceptable and low level, so that the consolidated financial statements and the financial statements are correct. Control activities are performed at management and operational level, and checks are performed manually and systematically. MANAGEMENT'S REVIEW Page | 18 ANNUAL REPORT 2024 Control activities include the following essential elements: • The Board of directors reviews and approves the budget presented by the Executive Management for the coming year. The budget includes operations, balance sheet, liquidity, and investments. • The Board receives monthly income, balance and liquidity accounts with budget follow-up, key figures, and comments on significant developments and/or deviations. The reporting also includes an update from area managers regarding actual sales (customers and products), order status, expectations as to the future, product development, competitors etc. Subsidiaries submit monthly accounts with comments on developments. The reporting is used as a basis in the group reporting to the Board of Directors. • In connection with the year-end, a reporting package is prepared for the subsidiaries with a view to meeting disclosure requirements, including disclosure requirements under IFRS. • The Parent Company's finance department is responsible for managing the monitoring and controlling of financial reports from subsidiaries, with active participation of local financial controllers. Regular visits are made to subsidiaries. Management in subsidiaries liaises with the external auditor. The Executive Management is informed of matters identified during the audit of subsidiaries. Before the financial statements are presented, the Board of Directors and the Executive Management discuss critical accounting practices and estimates as well as other matters of major importance to the presentation of the financial statements. Monitoring The Board of Directors and the Executive Management annually assess the adequacy of the Group's risk management and control systems in the context of the year-end process, including how the Group is protected against fraud and accounting irregularities. The assessment is based on a goal of efficiency and accountability, and focus is thus primarily on significant matters. Audit The external auditor is elected annually by the Annual General Meeting. Prior to the election, the Board of Directors assesses the auditor's independence and competences etc. Audit tender process is performed when required by law or more frequently if the Board of Directors decides it to be appropriate. The scope for the auditor's work – including fee, audit- related tasks, and non-audit related tasks – are stipulated in an agreement. Members of the Board of Directors receive the external auditor's audit report concerning the auditor's review of the annual report. The Board of Directors reviews the audit report and the annual report at a meeting with the external auditor, and the auditor's observations and significant findings arising from the audit are discussed. In addition, the significant accounting policies and audit assessments are reviewed. The audit committee and the auditor also conduct an annual meeting to approve the audit plan for and the scope for the annual report. MANAGEMENT'S REVIEW ANNUAL REPORT 2024 Page | 19 STATEMENT ON CORPORATE SOCIAL RESPONSIBILTY Social responsibility (CSR) A statutory CSR statement, according to section 99a of the Danish Financial Statements Act, is part of the Management's review. We adopt social co-responsibility in the local areas where the Group is located. The Group wishes to promote a working culture throughout the organization that ensures a sensible and appropriate balance between financial, social, and environmental development. In this regard, it is crucial for the CSR work that Glunz & Jensen's production strategy and value chain management is based to a large extent on an outsourcing model. Virtually all manufacturing of parts takes place with a large number of subcontractors, after which Glunz & Jensen is responsible for product assembly and distribution. Subcontractors are selected at the starting point of our ISO 9001 procedures. This ensures that subcontractors meet our requirements. In this section, the Glunz & Jensen Group provides a report on intended social responsibility, our policies, actions taken as well as results achieved in 2024. We have performed a risk assessment and have not identified risks within the areas of climate, environment, social and anticorruption. Glunz & Jensen strives to operate its business in a responsible manner and wants to comply with the legislation in all the countries where operations are conducted. Furthermore, compliance with Human Rights and consideration for the environment are considerable focus areas for the Group. Glunz & Jensen's work with corporate social responsibility is based on value creation and risk management. Glunz & Jensen has chosen to focus its work on social responsibility within five areas: environment, anti- corruption, human rights, working environment, and equality. As part of the Prepress industry, Glunz & Jensen places an ongoing fundamental focus on reducing the use of chemical products and helping reduce the number of production processes that are environmentally harmful and energy intensive. The Group wishes – to the extent possible and if it is financially sound – to help increase the number of young people who get a business-related education. The Group supports the staff associations and company sports associations, which aim to strengthen collegial cohesion through the organization of various activities that support employee well-being, social relations, and exercise. The Group has several initiatives which include economic support for charitable purposes that naturally belong to CSR. Thus, the Group assumes social responsibility in some areas and works to comply with the ethical business practices expressed by CSR activities. The policies below have been approved by the Board of Directors. For a description of Glunz & Jensen's business model please see pages 6 to 8 in the annual report. Data ethics In accordance with the regulations, we communicate on our data ethical policies on Glunz & Jensen’s website: https://glunz-jensen.com/investors/corporate- governance The processing of personal data is not a critical part of and neither closely linked to the companies’ business activities. As a B2B company with no transactions with private customers, the company only processes personal data in respect of customers and suppliers to a very limited extent – and only for customer/supplier administration purposes. The processing of personal data mainly relates to the internal activities involving employees' personal data for HR administration purposes. Climate and environment Policy Glunz & Jensen seeks to reduce its impact on the climate and environment by reducing energy consumption year by year. The Group is a know-how and engineering company with production of key components. The production mainly consists of assembling and testing and does not include energy-demanding or polluting processes. All surface treatment processes are outsourced to sub-suppliers. A part of Glunz & Jensen 's supplier and customer "Code of Conduct" addresses impact on the climate and environment. See under Human rights for more information about the supplier and customer "Code of Conduct". MANAGEMENT'S REVIEW Page | 20 ANNUAL REPORT 2024 Glunz & Jensen actively seeks to reduce its energy consumption by, for example, installing LED lighting in its facilities. Glunz & Jensen also installed (Photovoltic) solar roof panels in June 2024 at its production facilities in Slovakia and plan to increase the capacity during Q2, 2025. In 2024, Glunz & Jensen continued a project to outline how Glunz & Jensen as a company can become CO2 neutral and the project continues in 2025. Actions Glunz & Jensen will reduce consumption of 5.000 kWh by 2025 year in its production. Key performance indicators Consumed kWh in the production facility in Slovakia. Result for 2024 compared to goal for 2024 Glunz & Jensen realized 0,9% higher consumption of kWh in 2024 compared to the goal of 200.000 kWh. However, the consumption was 2,0% lower than in 2023. The installation of (Photovoltic) solar roof panels in Slovakia by mid-2024 has supplied Glunz & Jensen with sustainable kWh. We continue to create awareness and as well as general focus on optimization of consumption in the production. Results & goals (kWh) Goal for 2025 Result for 2024 Goal for 2024 Result for 2023 197.000 201.967 200.000 202.382 Measured by: difference in actual consumption according to electricity meter reading by January 1 st , 2024 and December 31 st , 2024. Anticorruption and bribery Policy Glunz & Jensen seeks to avoid corruption and bribery by creating a framework that secures that the employees at Glunz & Jensen can abide to laws and regulations, and that there will never exist any doubt with regards to the impartiality of the Glunz & Jensen employees. Actions 1. Glunz & Jensen enforces a gift policy. 2. Glunz & Jensen has introduced a whistle blower scheme to give employees the opportunity to report on corruption, bribery and other matters while being anonymous. 3. Glunz & Jensen communicates its "Code of Conduct" at visible locations that describes the way Glunz & Jensen expects all its employees to act in accordance with laws and regulations. The "Code of Conduct" also describes usage of the whistle blower scheme. 4. Maintain whistle blower scheme to also be available for external parties. Key performance indicators 2. No reported violations of anti-corruption laws and regulations, and Glunz & Jensen’s Employee Code of Conduct. 3. Employees to attend to the review of the Glunz & Jensen's Employee "Code of Conduct". Results for 2024 compared to goals for 2024 1. Glunz & Jensen established its gift policy in 2023. 2. Glunz & Jensen has received no reported violations of anti-corruption laws and regulations, and Glunz & Jensen’s Employee Code of Conduct in 2024. 3. 96% of Glunz & Jensen employees have attended to the Glunz & Jensen Employee Code of Conduct. 4. In 2024, Glunz & Jensen has maintained the whistle blower scheme to also be available to external parties. Furthermore, the whistle blower scheme is part of the Glunz & Jensen Employee Code of Conduct. Results & goals (Anti-corruption and Employee Code of Conduct) Goal for 2025 Result for 2024 Goal for 2024 Result for 2023 2. 0 0 0 0 3. 98% 96% 95% 84% For 2025 we plan to continue with our work regarding anticorruption. No reported violations of anti-corruption laws and regulations measured by: no breaches entered into the whistle blower system. Human rights Policy To Glunz & Jensen, respect of human rights is about the company's own employees' conditions and securing those suppliers and sub-suppliers deliver services to the Group in a way that considers their employees' rights including safety and health. Actions Glunz & Jensen has formulated a supplier and customer "Code of Conduct" that specifies principles Glunz & Jensen expects our suppliers and customers to follow. This ensures that suppliers and customers produce and deliver their services to the Group in a way that considers the environment and the employees' rights. Key performance indicators The part of our main suppliers and customers that have acknowledged the receival of our supplier and customer "Code of Conduct". MANAGEMENT'S REVIEW ANNUAL REPORT 2024 Page | 21 Result for 2024 compared to goal for 2024 1. We distributed the Code of conduct to top-50 suppliers and request them to confirm – in writing – that they have received and read the code of conduct. 56% did confirm this. 2. We distributed the Code of conduct to our top- 15 customers and request them to confirm – in writing – that they have received and read the code of conduct. 73% did confirm this. Results & goals (Customer & supplier: Code of Conduct) Goal for 2025 Result for 2024 Goal for 2024 Result for 2023 1. 70% 56% 70% 52% 2. 75% 73% 70% 67% The Company will continue to communicate to the suppliers and subcontractors to raise awareness on the Company’s zero tolerance for corruption. We have at no time experienced human rights violations in connection with our business and we have assessed that the risk is very limited. We adhere to Danish, Slovakian, and European regulations, and we only work with trusted partners, who are equally dedicated to human rights and the rule of law. Glunz & Jensen’s own employees also work under conditions that are equal to those provided by a collective agreement, as a minimum. For 2025 we plan to continue with our work regarding human rights. Working environment Policy Our employees are our most valuable resources and key to providing high-quality products and services to our customers. It is vital to Glunz & Jensen's future success that Glunz & Jensen is a safe, motivating and developing place to work. Actions 1. The sick rate among employees is monitored and we follow up on employees with high absence. 2. Number of on-the-job accidents is measured. 3. All employees must have at least one yearly performance appraisal interview. Key performance indicators 1. The average sick rate among employees. 2. Number of on-the-job accidents. 3. Percentage of performance appraisal interviews each year. Results for 2024 compared to goals for 2024 1. Glunz & Jensen did not reach the target in 2024 due to an increase in number of long-term sicknesses in addition to many tasks being caried out in 2024. Sick rate is calculated based on total numbers of employees not working due to sickness compared to total number of employees. 2. In 2024, Glunz & Jensen had 0 on-the-job accidents leading to sickness and had 3 minor incidents that did not lead to sickness. Management will keep working on precautions to eliminate on-the-job accidents risks. 3. In 2024, we did not meet our target for appraisal interviews. The low ratio is a due to many interviews being planned for Q4, 2024. As appraisal interviews are a vital part of the employee well-being, we will increase awareness on the yearly appraisal interviews and plan them within the fiscal year 2025. Measured by: no incidents on on-the-job accidents reported by or to HR which had led to 1 or more sick days. Measured by: HR recording on average number of staff attending the annual appraisal versus average number of staff employed during the year. Results & goals (Employee welfare) Goal for 2025 Result for 2024 Goal for 2024 Result for 2023 1. 4,0% 4,6% 4,0% 5,8% 2. 0 0 0 0 3. 80% 51% 80% 35% For 2025 we plan to continue with our work on improvement of working environment. Diversity The diversity policies for the fiscal year 2024 have been prepared in accordance with 107d of the Danish Financial Statements Act. Policy on Diversity At Glunz & Jensen we believe that a diverse and tolerant organization makes the company stronger, increases the competitiveness and creates a good and innovative working environment. We want to develop and benefit from the total potential of all employees and that all employees can develop their full potential in balance between working life and private life. Therefore, no discrimination based on gender, religion, ethnicity, sexual orientation, etc. is tolerated in Glunz & Jensen. When recruiting members to the Glunz & Jensen management team, we are convinced that diversity will add value to the company. The members of the board and the executive management team are unchanged compared to 2023. MANAGEMENT'S REVIEW Page | 22 ANNUAL REPORT 2024 To make sure all employees and management in Glunz & Jensen comply with Glunz & Jensen’s policies of tolerance and inclusion, we have established an Employee "Code of Conduct" that describes the way Glunz & Jensen expects all its employees to act in accordance with our policies. Actions 1. Glunz & Jensen has developed an Employee "Code of Conduct" that describes the way Glunz & Jensen expects all its employees to act in accordance with our policies. The employee "Code of Conduct" also describes usage of the whistle blower scheme. Every year all Glunz & Jensen employees must carry through the Employee "Code of Conduct" review. The review provides the management with insight on how to secure diversity in the organization and on management level. 2. Enhance the awareness in the Glunz & Jensen management team on the benefits of diversity. This could be in a workshop with this specific purpose. Key performance indicators 1. All employees to be included in the Glunz & Jensen's Employee "Code of Conduct" review. Results for 2024 compared to goals for 2024 1. 85% of Glunz & Jensen employees have participated in the Glunz & Jensen Employee Code of Conduct review. Results & goals (Code of conduct review) Goal for 2025 Result for 2024 Goal for 2024 Result for 2023 1. 90% 85% 95% 80% The policies of Glunz & Jensen are available in full at Glunz-Jensen.com under the investor relations folder. ANNUAL REPORT 2024 Page | 23 SHAREHOLDER INFORMATION Share information Glunz & Jensen Holding’s shares are listed on NASDAQ Copenhagen A/S and are traded under ISIN code DK0010249309. By December 31 st , 2024, the share price was DKK 74,50 against DKK 71,50 by December 31 st , 2023. Total market capitalization came at DKK 135,7 million on December 31 st , 2024. In 2024 a total of 62.307 (2023: 57.706) shares were traded at a total market value of DKK 4,3 million (2023: DKK 4,0 million). Share capital and voting rights The share capital in Glunz & Jensen amounted to nominally DKK 36,4 million on December 31 st , 2024. Divided into 1.821.309 shares at a nominal value of DKK 20,00. The shares, which are negotiable instruments without restrictions on marketability, are issued to the holder and entitle the holder to cast one vote per share at general meetings. Glunz & Jensen did not have any treasury shares at the end of the fiscal year 2024 or 2023. Ownership At the end of the fiscal year, Glunz & Jensen had 434 (2023: 481) registered shareholders holding 99,57% (2023: 99,15%) of the share capital. Glunz & Jensen wishes to provide the best possible way of providing its shareholders with information about the Group so that all shareholders are encouraged to list their shares in the Company's register of shareholders. Change of control The Glunz & Jensen Group has not entered into agreements with finance companies, customers, suppliers, employees, or others which will be affected or changed, or which will expire if the control in the Parent Company changes. Decisions by the Board of Directors and proposals for the general meeting Dividends Glunz & Jensen wants to create the greatest possible value for the shareholders. Based on the Company's financial standing and investment and liquidity requirements, the Board of Directors therefore assesses whether the excess liquidity, after any investments in organic or acquisitive growth measures that can increase the long-term return on the invested capital, must be used to distribute dividends or repurchase of treasury shares. The Board of Directors proposes to the Annual General Meeting that no dividend should be distributed for the fiscal year 2024, and the Company's profit for the year will be transferred to next year. Share price development since December 31 st , 2021 Investor relations Glunz & Jensen emphasizes to continually providing timely, accurate and relevant information about the Group, including its strategy, results of operations and expectations. Through ongoing reporting, the Group seeks to provide all stakeholders with easy access to information, and emphasis is placed on maintaining an active dialogue with its stakeholders. Communication with investors, analysts, the press, and other stakeholders takes place through ongoing public announcements, including interim reports and individual meetings. Notices are available on the Company's website. Page | 24 ANNUAL REPORT 2024 Shareholders, analysts, investors, and other interested parties who have questions regarding Glunz & Jensen should contact: Glunz & Jensen Holding A/S Address: Selandia Park 1 DK-4100 Ringsted Phone: +45 5768 8181 E-mail: [email protected] Henrik Blegvad Funk, CEO Phone: +45 2139 0532 E-mail: [email protected] Flemming Nyenstad Enevoldsen, Chairman of the Board of Directors Phone: +45 4043 1303 E-mail: [email protected] Annual general meeting The Company's Annual General Meeting will be held on Wednesday, April 9 th , 2025, at 15:00 at the following address: Scandic CPH Strandpark, Amager Strandvej 401, 2770 Kastrup. Shareholders on March 17 th , 2025 Ownership interest (%) Heliograph Holding GmbH, Konrad-Zuse-Bogen 18, 82152 Krailling, Germany 50,10 Strategic Investments A/S 20,36 Klaus Zwisler 10,23 Notified according to the section 38 of the Danish Securities Trading Act 80,69 All other shareholders 19,31 Total 100,00 Share-related key figures and financial ratios 2020/21 2021/22 2022 2023 2024 Average number of shares outstanding (in thousands) 1.821 1.821 1.821 1.821 1.821 Earnings per share (EPS), % 0,5 6,7 6,6 1,6 1,6 Diluted earnings per share (EPS-D), % 0,5 6,7 6,6 1,6 1,6 Cash flow per share (CFPS), % 8,6 12,7 (5,1) 7,7 3,6 Book value per share (BVPS), % 40,6 47,4 54,1 55,6 57,3 Share price per share 65 78 75 72 75 Share price /book value 1,6 1,6 1,4 1,3 1,3 Market value of average number of shares (DKK million) 118 141 136 130 136 Dividend per share - - - - - Pay-out ratio, % - - - - - ANNUAL REPORT 2024 Page | 25 BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT Board of Directors Flemming N. Enevoldsen (1961) CEO & Non-Executive Director. Chairman of the Board of Directors of Glunz & Jensen Holding A/S. Member of the Board of Directors of Glunz & Jensen Holding A/S since 2017. Re-elected in 2024 and is up for re-election in 2025. Chairman of the remuneration committee and a member of the audit committee. Regarded as independent. Chairman of the Board of Directors in: Insepa A/S, Espersen A/S, Business Esbjerg, ST Plast A/S, Suztain A/S, ABL Food A/S, EfB Elite A/S, Glunz & Jensen A/S and Selandia Park A/S. Vice-chairman in Head Energy AS (Norway). Member of the Board of Directors in GreenGenius A/S, Skov Industri A/S, Esbjerg Konference & Event A/S and Jysk Display A/S. CEO at Skov Industri A/S and Enevoldsen Invest. Competences: Many years of international experience as CEO within production and energy with expertise in generating profit and leadership skills. More than 10 years of experience in sales management roles of equipment for the graphic arts industry – including Glunz & Jensen products. Randi Toftlund Pedersen (1963) Group Senior Vice President Corporate Finance, Salling Group A/S. Vice-Chairman of the Board of Directors of Glunz & Jensen Holding A/S. Member of the Board of Directors of Glunz & Jensen Holding A/S since 2020. Re-elected in 2024 and does not seek re-election in 2025. Chairman of the audit committee and a member of the remuneration committee. Regarded as independent. Board Member and Chairman of the Audit Committee in Roblon Aktieselskab Vice-Chairman of the Board of Directors of Gabriel Holding A/S.and Chairman of the Audit Committee Board member in Ejendomsselskabet Olav de Linde A/S, Salling Ejendomme II ApS, Salling Group Captiveforskringsselskab A/S, Gabriel A/S, Salling Group Ejendomme A/S, Gabriel Ejendomme A/S and Gabriel Innovation A/S. Competences: Many years of experience as CFO within production and supply chain companies. Experience from listed companies and within the consumer market. Expertise within Corporate Finance. Maximilian Rid (1961) CEO & Non-Executive Director. Member of the Board of Directors of Glunz & Jensen Holding A/S since 2020. Re-elected in 2024 and is up for re-election in 2025. Member of the product committee. Not regarded as independent. Shareholder in MRB Holding GmbH. Board member in several subsidiaries of Heliograph Holding GmbH: Daetwyler Graphics AG, and Lüscher Technologies AG. CEO and shareholder in MRGrund GmbH. Member of the Board and treasurer in European Rotogravure Association (E.R.A.) e.V. Competences: Many years of CEO experience with strategy and management with particular emphasis on international BTB sales and marketing. Rolf Pfiffner (1969) CEO at Daetwyler Graphics AG. Member of the Board of Directors of Glunz & Jensen Holding A/S since 2017. Re-elected in 2024 and is up for re-election in 2025. Chairman of the product committee. Not regarded as independent. Board of Management in Heliograph Holding GmbH. Competences: Many years of experience as CEO within process and prepress technology with formation of new companies, restructuring and acquisitions. Thomas Haase (1971) Global Offset Key Account Manager Member of the Board of Directors of Glunz & Jensen Holding A/S since June 2021. The election period ends in 2025. Member of the product committee. Elected by the employees Page | 26 ANNUAL REPORT 2024 Executive Management Henrik Blegvad Funk (1964) CEO of Glunz & Jensen Holding A/S since January 1 st , 2023. CFO of Glunz & Jensen Holding A/S during April 1 st , 2016 - December 31 st , 2022. Robert Popik (1977) Executive manager of Glunz & Jensen Holding A/S since February 1 st , 2023. Group COO and general manager of the subsidiary Glunz & Jensen s.r.o. since April 1 st , 2020. All board members participated in all board meetings during 2024. Board of Directors and Executive Management; Ownership interest in Glunz & Jensen Holding A/S No. of shares 2024 2023 Maximilian Rid 912.500 912.500 Rolf Pfiffner 2.500 2.500 Flemming N. Enevoldsen 11.500 11.500 Randi Toftlund Pedersen 0 0 Thomas Haase 206 300 Søren Andersen (Elected by the employees, resigning during 2024) 33 33 Henrik Blegvad Funk 0 0 Robert Popik 0 0 ANNUAL REPORT 2024 Page | 27 GROUP COMPANIES Glunz & Jensen Holding A/S Selandia Park 1 4100 Ringsted Denmark Phone: +45 5768 8181 [email protected] www.glunz-jensen.com Glunz & Jensen A/S Selandia Park 1 4100 Ringsted Denmark Phone: +45 5768 8181 [email protected] www.glunz-jensen.com Selandia Park A/S Selandia Park 1 4100 Ringsted Denmark Phone: +45 5768 8181 [email protected] www.glunz-jensen.com Glunz & Jensen s.r.o. Kosicka 50, P.O. Box 116 080 01 Presov Slovakia Phone: +421 51 756 3811 [email protected] Glunz & Jensen, Inc. 2185 Highway 292 Inman, SC 29349 USA Phone: +1 864 568 4638 [email protected] . Legal structure – all legal units are fully owned: Page | 28 ANNUAL REPORT 2024 STATEMENT BY THE BOARD OF DIRECTORS AND THE EXECUTIVE MANAGEMENT The Board of Directors and the Executive Management have today's date considered and approved the annual report for 2024 for Glunz & Jensen A/S. The annual report has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional requirements in the Danish Financial Statement Act. In our opinion, the consolidated financial statements and the financial statements give a true and fair view of the Group's and the Company's financial position on December 31 st , 2024, and of the results of the Group's and the Company's activities and cash flows for the fiscal year January 1 st , 2024 - December 31 st , 2024. In our opinion, the Management's review gives a true and fair account of the development of the Group's and the Company's activities and financial conditions, the year's results of operations, cash flows and financial position as well as a description of the major risks and uncertainties faced by the Group and the Company. We recommend that the annual report be approved by the shareholders at the general meeting. Copenhagen, March 17 th , 2025 Executive Management Henrik Blegvad Funk Robert Popik CEO COO Board of Directors Flemming Nyenstad Enevoldsen Randi Toftlund Pedersen Chairman Vice Chairman Rolf Pfiffner Maximilian Rid Thomas Haase Elected by the employees ANNUAL REPORT 2024 Page | 29 INDEPENDENT AUDITOR'S REPORT To the shareholders of Glunz & Jensen Holding A/S Report on the audit of the Consolidated Financial Statements and Parent Company Financial Statements Opinion In our opinion, the consolidated financial statements and the Parent Company financial statements give a true and fair view of the Group's and the Parent Company's assets, liabilities and financial position at December 31 st , 2024 and of the results of the Group's and Parent Company's operations and cash flows for the financial year January 1 st , 2024 – December 31 st , 2024 in accordance with the IFRS Accounting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act. Our opinion is consistent with our long-form audit report to the Board or Directors and the Audit Committee. Audited financial statements Glunz & Jensen Holding A/S' consolidated financial statements and parent company financial statements for the financial year January 1 st – December 31 st , 2024, comprise the income statement, statement of comprehensive income, balance sheet, statement of changes in equity, statement of cash flows and notes, including summary of significant accounting policies, for the Group as well as for the Parent Company (the financial statements). The financial statements are prepared in accordance with the IFRS Accounting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We declare, to the best of our knowledge and belief, that we have not provided any prohibited non-audit services, as referred to in Article 5(1) of the Regulation (EU) 537/2014 and that we remained independent in conducting the audit. We were appointed auditors of Glunz & Jensen Holding A/S for the first time on June 30 th , 2021, for the financial year 2021/22. We have been re-appointed by resolutions passed by the annual general meeting for a total uninterrupted engagement period of 4 years up to and including the financial year ending December 31 st , 2024. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements for the 2024 financial year. These matters were addressed in the context of our audit of the financial statements as a whole, and in the forming of our opinion thereon. We do not provide a separate opinion on these matters. Page | 30 ANNUAL REPORT 2024 Key audit matters How our audit addressed the key audit matter • Valuation of investment property For the purpose of our audit, the procedures we carried out included the following: • The audit procedures we performed consist, among other things, of an assessment of the applied valuation method used in the determination of fair value performed by Management. We have assessed whether the method used by Management has been applied consistently. We have tested the key assumptions used in the determination of fair value performed by Management by comparing the capitalization rate used to available industry data for similar investment properties. In addition, we have assessed the data used by Management in determination of future cash flows and agreed expected rental income and operating expenditure to underlying tenant contracts, budgets and historical property expenditure. • We also assessed the appropriateness of the disclosures and sensitivities made relating to investment properties compared to applicable financial reporting standards. Statement on the Management's review Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required by relevant law and regulations. Based on the work we have performed; we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with relevant law and regulations. We did not identify any material misstatement of the Management's review. Management's responsibilities for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the IFRS Accounting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. ANNUAL REPORT 2024 Page | 31 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional skepticism throughout the audit. We also: • identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control. • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. • evaluate the overall presentation, structure, and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements and the Parent Company financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated to those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determined that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on compliance with the ESEF Regulation As part of our audit of the Consolidated Financial Statements and Parent Company Financial Statements of Glunz & Jensen Holding A/S we performed procedures to express an opinion on whether the annual report of Glunz & Jensen Holding A/S for the financial year January 1 st , 2024 – December 31 st , 2024 with the file name 549300S5UFTTWALAFE19-2024-12-31- 0-en is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the Page | 32 ANNUAL REPORT 2024 European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: • The preparing of the annual report in XHTML format; • The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for financial information required to be tagged using judgement where necessary; • Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human readable format; and • For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: • Testing whether the annual report is prepared in XHTML format; • Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process; • Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements; • Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; • Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and • Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements. In our opinion, the annual report of Glunz & Jensen Holding A/S for the financial year January 1 st ,2024 – December 31 st , 2024, with the file name 549300S5UFTTWALAFE19-2024-12-31-0-en is prepared, in all material respects, in compliance with the ESEF Regulation. Copenhagen, March 17 th , 2025 KPMG Statsautoriseret Revisionspartnerselskab CVR no. 25 57 81 98 Nikolaj Møller Hansen Michael E. K. Rasmussen State Authorized State Authorized Public Accountant Public Accountant mne33220 mne41364 ANNUAL REPORT 2024 Page | 33 INCOME STATEMENT Note January 1 st – December 31 st (DKK ‘000) Group 2024 Group 2023 Parent Company 2024 Parent Company 2023 2 Revenue 131.039 143.319 6.210 6.215 3,4,6 Production costs (96.626) (111.462) - - Gross profit 34.413 31.857 6.210 6.215 7 Other operating income 97 24 - - 4,6 Sales and distribution costs (13.219) (11.917) - - 4,6,11 Development costs (1.476) (1.244) - - 4,6 Administrative expenses (10.111) (10.146) (6.182) (6.148) 14 Fair value adjustments on investment properties (1.800) - - - Operating profit/(loss) 7.904 8.574 28 67 15 Profit/(loss) after tax in subsidiaries - - 1.961 1.125 16 Profit/(loss) after tax in associates - (173) - - 8 Financial income 272 600 1.099 2.215 8 Financial expenses (4.864) (5.479) (8) (12) Profit before tax 3.312 3.522 3.080 3.395 9 Income taxes (478) (610) (246) (483) Profit for the year 2.834 2.912 2.834 2.912 Attributable to: Equity holders of Glunz & Jensen Holding A/S 2.834 2.912 Total 2.834 2.912 Earnings per share 10 Basic earnings per share (DKK) 1,6 1,6 10 Diluted earnings per share (DKK) 1,6 1,6 STATEMENT OF COMPREHENSIVE INCOME Note January 1 st – December 31 st (DKK ‘000) Group 2024 Group 2023 Parent Company 2024 Parent Company 2023 Profit for the year 2.834 2.912 2.834 2.912 Other comprehensive income: Items that may be reclassified to the income statement: Other comprehensive income after tax in associates - - - - Exchange rate adjustments of investments in subsidiaries 357 (131) 357 (131) Total other comprehensive income 357 (131) 357 (131) Total comprehensive income 3.191 2.781 3.191 2.781 Attributable to: Equity holders of Glunz & Jensen Holding A/S 3.191 2.781 Total comprehensive income 3.191 2.781 Page | 34 ANNUAL REPORT 2024 BALANCE SHEET Note December 31 st (DKK ‘000) Group 2024 Group 2023 Parent Company 2024 Parent Company 2023 ASSETS Non-current assets Intangible assets 11 Completed development project 573 - - - 573 - - - Property, plant, and equipment 12 Property, plant, and equipment 6.266 6.210 - - 13 Leased assets 447 771 - - 14 Investment properties 144.700 146.500 - - 151.413 153.481 - - Other non-current assets 15 Investments in subsidiaries - - 88.738 86.421 17 Deferred tax 144 410 - - 18 Other receivables 3.640 168 - - 3.784 578 88.738 86.421 Total non-current assets 155.770 154.059 88.738 86.421 Current assets 19 Inventories 37.226 42.986 - - 20 Trade receivables 14.948 16.440 - - 27 Receivables from subsidiaries - - 17.452 16.776 18 Other receivables 2.433 1.896 - - Income tax 91 144 - - Prepayments 980 1.419 543 525 Cash 695 1.311 22 3 Total current assets 56.373 64.196 18.017 17.304 TOTAL ASSETS 212.143 218.255 106.755 103.725 ANNUAL REPORT 2024 Page | 35 Note December 31 st (DKK ‘000) Group 2024 Group 2023 Parent Company 2024 Parent Company 2023 LIABILITIES 21 Equity Share capital 36.426 36.426 36.426 36.426 Translation reserve 5.150 4.793 5.150 4.793 Revaluation reserve 4.844 4.844 4.844 4.844 Retained earnings 57.995 55.161 57.995 55.161 Total equity 104.415 101.224 104.415 101.224 Non-current liabilities 17 Deferred tax 8.109 8.195 120 116 22 Provisions 243 533 - - 23 Credit institutions 57.476 56.460 - - 24 Other payables 2.436 2.471 - - 25 Prepayments from customers 4.230 4.168 - - 13 Lease liabilities 154 245 - - Total non-current liabilities 72.648 72.072 120 116 Current liabilities 23 Credit institutions 13.719 18.251 - - Trade payables 7.303 7.900 37 43 28 Payables to subsidiaries - - 39 36 13 Lease liabilities 298 2.013 - - Income tax 57 34 242 492 22 Provisions 1.130 2.296 - - 25 Prepayments from customers 6.534 7.860 - - 24 Other payables 6.039 6.605 1.902 1.814 Total current liabilities 35.080 44.959 2.220 2.385 Total liabilities 107.728 117.031 2.340 2.501 TOTAL EQUITY AND LIABILITIES 212.143 218.255 106.755 103.725 Page | 36 ANNUAL REPORT 2024 STATEMENT OF CHANGES IN EQUITY Group (DKK ‘000) Share capital Retained earnings Revaluation reserve Translation reserve Total Equity December 31 st , 2022 36.426 52.249 4.844 4.924 98.443 Changes in equity 2023 Profit/(loss) for the year - 2.912 - - 2.912 Other comprehensive income Exchange rate adjustments of investments in subsidiaries - - - (131) (131) Total other comprehensive income - - - (131) (131) Total comprehensive income for the year - 2.912 - (131) 2.781 Equity December 31 st , 2023 36.426 55.161 4.844 4.793 101.224 Changes in equity 2024 Profit/(loss) for the year - 2.834 - - 2.834 Other comprehensive income Exchange rate adjustments of investments in subsidiaries - - - 357 357 (522) Total other comprehensive income - - - 357 357 Total comprehensive income for the year - 2.834 - 357 3.191 Equity December 31 st , 2024 36.426 57.995 4.844 5.150 104.415 Parent Company (DKK ‘000) Share capital Retained earnings Revaluation reserve Translation reserve Total Equity December 31 st , 2022 36.426 52.249 4.844 4.924 98.443 - Changes in equity 2023 Profit/(loss) for the year - 2.912 - - 2.912 Other comprehensive income: Exchange rate adjustments of investments in subsidiaries - - - (131) (131) Total other comprehensive income - - - (131) (131) Total comprehensive income for the year - 2.912 - (131) 2.781 Equity December 31 st , 2023 36.426 55.161 4.844 4.793 101.224 - Changes in equity 2024 Profit/(loss) for the year - 2.834 - - 2.834 Other comprehensive income: Exchange rate adjustments of investments in subsidiaries - - - 357 357 (522) Total other comprehensive income - - - 357 357 Total comprehensive income for the year - 2.834 - 357 3.191 Equity December 31 st , 2024 36.426 57.995 4.844 5.150 104.415 ANNUAL REPORT 2024 Page | 37 STATEMENT OF CASH FLOWS Note January 1 st – December 31 st (DKK ‘000) Group 2024 Group 2023 Parent Company 2024 Parent Company 2023 Operating activities Profit/(loss) for the year 2.834 2.912 2.834 2.912 Adjustment for non-cash items etc.: Amortization, depreciation, and impairment losses 1.585 2.246 - 14 Gain and loss on sale of non-current assets (90) (4) - - Fair value adjustments on investment properties 1.800 - - - Profit/(loss) after tax in subsidiaries - - (1.961) (1.125) Profit/(loss) after tax in associates - 173 - - Other non-cash items, net 41 (23) 1 - Provisions (1.456) 1.966 - - Financial income (273) (600) (1.099) (2.215) Financial expenses 4.865 5.479 8 12 Tax on operating profit 478 610 246 483 Cash flows from operating activities before changes in working capital 9.784 12.759 29 81 Changes in working capital: Changes in inventories 6.007 13.874 - - Changes in payable and receivables from subsidiaries - - (673) 18.867 Changes in receivables (1.968) 4.644 (18) 42 Changes in trade and other payables (2.545) (12.702) 82 (806) Changes in working capital 1.494 5.816 (609) 18.103 Interest etc. received 273 600 1.099 2.215 Interest etc. paid (4.801) (5.172) (8) (8) Net income tax paid (215) (19) (492) (302) Net cash flows from operating activities 6.535 13.984 19 20.089 11 Acquisition of intangible assets (573) - - - 2, 12 Acquisition of items of property, plant, and equipment (1.125) (757) - - 15 Capital increase in subsidiary - - - (20.000) 12 Sale of items of property, plant, and equipment 127 4 - - 16 Sale of associates - 84 - - Net cash flows from investing activities (1.571) (669) - (20.000) Free cash flow 4.964 13.315 19 89 13 Repayment lease liabilities (2.095) (2.776) - (92) 23 Change in net interest-bearing debt (3.520) (10.205) - - Net cash flows from financing activities (5.615) (12.981) - (92) Net cash flows generated during the year (651) 334 19 (3) Cash and cash equivalents at the beginning of the year 1.311 995 3 6 Exchange gains/(losses) rate on cash and cash equivalents 35 (18) - - Cash and cash equivalents at the end of the year 695 1.311 22 3 Parent Company 2021/22 Page | 38 ANNUAL REPORT 2024 NOTES 1. Significant accounting estimates and judgements Estimates and judgements: In applying the Group’s and the Parent Company’s accounting policies, Management is required to make judgments, estimates and assumptions concerning the carrying amount of assets and liabilities that cannot be immediately inferred from other sources. The judgments, estimates and assumptions made are based on historical experience and other relevant factors which Management considers reasonable under the circumstances, but which are inherently uncertain and unpredictable. Estimates and underlying assumptions are assessed on an ongoing basis. Changes to accounting estimates are recognized in the reference period in which the change occurs and in future reference periods if the change affects both the period in which the change occurs and subsequent reference periods. Capital structure and financing: The Group's primary loan agreement with Nordea is subject is subject to three covenants, which the Group must observe in order to maintain the financing. The financial covenants are related to the financial ratio "solvency", the agreed level of EBITDA% (EBITDA vs. revenue), and debt leverage (interest bearing debt vs. EBITDA). During 2024 Glunz & Jensen did breach the agreed level of EBITDA% and the debt leverage covenant, however Nordea accepted the breach. The budget for 2025 was presented to and viewed satisfactory by Nordea and a letter of cooperation for 2025 was received by Glunz & Jensen in January 2025. On this basis, Management considers the Group’s funding for 2025 sufficient to be able to continue meeting its payment obligations and its obligations under the financing covenants during 2025. Investment properties: For investment properties, a valuation methodology based on a discounted cash flow (DCF) model is used every year. The average yield in 2024 is 7,2% (2023: 6,9%). Including inflation, the average discount rate in 2024 is 9,7% (2023: 9,4%). The yearly rent adjustment of 2,5% was used for all years, the maintenance per m 2 in DKK was 42 and the DCF model include occupancy rate of 89% in 2025 and 2026 and 100% after 2026, Calculated terminal cash flow is based on an average yield of 7,2%. Year 1-15 is based on an average discount rate of 9,7%. Key assumption in the fair value calculation is the yield and discount rate. Sensitivity analysis of the fair value calculation indicates that a change in the discount rate +/- 0,5% will lead to a fair value adjustment of approximately DKK 9 million. The yield rate is based on available information from commercial real estate agents and the Executive Management’s assessments. The fair values of the properties are however not based on valuations performed by an independent external valuer. Please see note 14 concerning investment properties. Estimated level of expected losses on trade receivables: Write-downs for expected losses on receivables from sales are recognized immediately in the income statement at the same time as the receivable based on a simplified expected credit loss model. When estimating the level of receivables that in the future is expected not to be collected Management take the following information into account: historical losses on receivables, ageing of the receivables, access to payment securities and possibilities to off-set assets against claims. When doing the assessment, we also evaluate the global financial situation and political environments that could impact the recoverability. Inventories: In connection with the preparation of the annual report and during the year, Management regularly assesses the need for writing down the inventory value regarding phase-out of materials, consumables, and/or finished machines. The need for write-downs is estimated based on analysis in which last year’s revenue is compared to the present composition of the inventories. The percentage of the write-down increase depends on the number of years of revenue the inventory is estimated to cover. If Management estimates that future revenue differs significantly compared to historical sales, e.g., due to planned phase-outs, this is taken into consideration in the impairment test. Normally, inventory write-downs are made when Management estimates that the product portfolio covers more than two years’ future expected revenue. Most of the uncertainties in the impairment test relate to estimating the future revenue, the effect of phase-outs and the precision of the write-down percentages used. ANNUAL REPORT 2024 Page | 39 1. Significant accounting estimates and judgements (continued) Deferred tax assets: When measuring deferred tax assets, Management considers if future earnings, based on budget and operating plans, will make it possible to utilize the temporary differences between the carrying amount and the tax base of assets and liabilities or tax loss-carry forwards. See note 17, which states that tax loss-carry forward are expected to be utilized by 2029 at the latest. Non-current assets: The carrying amounts of non-current assets are reviewed annually to determine whether there is any evidence of impairment. If any such evidence exists, the recoverable amount of the asset is estimated. The recoverable amount of an asset is the higher of its fair value less expected disposal costs and its value in use. The value in use is determined as the present value of expected future cash flows from the asset or the cash-generating unit to which the assets belong. Completed development projects are tested at least annually for impairment. The impairment test is based on flexo revenue growth averaging about 1-3% per year during a 5-year period. The Group’s completed development projects on December 31 st , 2024, are amortized over 3 years. The uncertainties in the impairment test relate to estimated future sales and product life. Please see note 11 concerning intangible assets. Accounting policies: In applying the Group’s and the Parent Company’s accounting policies, Management is required to make other judgments not relating to estimates which might significantly affect amounts recognized in the annual report. Management has made such judgments concerning: Segments: The Glunz & Jensen Group’s main activities lie within the Prepress market. Product area Flexo and Product area Offset, are both part of the Prepress market. All products and services are connected to setters and printing equipment. In addition to equipment, Glunz & Jensen sells installation of the equipment, service, and spare parts. At the production facility in Slovakia, Glunz & Jensen manufactures both Flexo and Offset equipment. Glunz & Jensen markets Flexo and Offset through a comprehensive and worldwide network of private label partners, distributors, and dealers. Flexo and Offset equipment are sold on a standalone basis or in conjunction with other product types. Glunz & Jensen’s service organization provides service for both Flexo and Offset equipment. Glunz & Jensen sees an overlap between customers within Flexo and Offset. Consequently, Glunz & Jensen has concluded that Offset and Flexo belong to the same segment. The management of Glunz & Jensen and the internal financial reporting is organized accordingly. Thus Glunz & Jensen Group account can be divided into two segments: prepress market and investment properties, Selandia Park. Glunz & Jensen presents entity-wide information regarding geographical distribution of revenue and assets. However, Glunz & Jensen’s financial reporting does not include information regarding geographical markets beyond those reflected in note 2 and geographical markets are not considered operating segments. Page | 40 ANNUAL REPORT 2024 2. Segment information The Glunz & Jensen Group consists of two reportable segments: the Prepress market and rental of the Selandia Park properties. Sales and purchases between the segments are made on terms equivalent to those that prevail in arm’s length transactions. st, 2023 – December 31stJanuary 1, 2023 Prepress Selandia Total Elimi-Consoli-(DKK ‘000) market Park segments nations dated External revenue 132.088 11.231 143.319 - 143.319 Inter-segment - 147 147 (147) - Total revenue 132.088 11.378 143.466 (147) 143.319 Cost of goods sold 77.965 - 77.965 - 77.965 Fair value adjustments on investment properties - - - - - Depreciation of property, plant, and equipment 931 - 931 - 931 Depreciation of leased assets 769 - 769 - 769 Impairment of leased assets 546 - 546 - 546 Operating profit/(loss) (1.142) 9.716 8.574 - 8.574 Profit/(loss) after tax in associates (173) - (173) - (173) Financial income 985 3 988 (388) 600 Financial expenses (2.104) (3.763) (5.867) 388 (5.479) Segment profit/(loss) before tax (2.434) 5.956 3.522 - 3.522 Inventories 42.986 - 42.986 - 42.986 Segment assets 71.754 146.501 218.255 - 218.255 Capital expenditure 757 - 757 - 757 Credit institutions 15.730 58.981 74.711 - 74.711 Segment liabilities 30.838 86.193 117.031 - 117.031 st, 2024 – December 31stJanuary 1, 2024 Prepress Selandia Total Elimi-Consoli-(DKK ‘000) market Park segments nations dated External revenue 119.751 11.288 131.039 - 131.039 Inter-segment - 151 151 (151) - Total revenue 119.751 11.439 131.190 (151) 131.039 Cost of goods sold 66.550 - 66.550 - 66.550 Fair value adjustments on investment properties - (1.800) (1.800) - (1.800) Depreciation of property, plant, and equipment 1.036 - 1.036 - 1.036 Depreciation of leased assets 549 - 549 - 549 Operating profit/(loss) (237) 8.141 7.904 - 7.904 Financial income 375 199 574 (302) 272 Financial expenses (1.349) (3.817) (5.166) 302 (4.864) Segment profit/(loss) before tax (1.211) 4.523 3.312 - 3.312 Inventories 37.226 - 37.226 - 37.226 Segment assets 63.462 148.681 212.143 - 212.143 Capital expenditure 1.125 - 1.125 - 1.125 Credit institutions 10.698 60.497 71.195 - 71.195 Segment liabilities 22.826 84.902 107.728 - 107.728 ANNUAL REPORT 2024 Page | 41 2. Segment information (continued) Glunz & Jensen operates mainly in the European and North American markets. External revenue is allocated to geographical areas based on the customer’s geographical location, whereas non-current assets are allocated to geographical areas based on the geographical location of the reporting units. st Geographical distribution Non- Non- current current assets assets Revenue Revenue 2024 2023 st Dec. 31(DKK ‘000) 2024 2023 Dec. 31Group EMEA (Europe, Middle East, Africa) 79.533 90.588 151.986 153.479 Americas 35.419 32.681 - 2 Asia and the Pacific 16.087 20.050 - - Total 131.039 143.319 151.986 153.481 Glunz & Jensen have generated more that 10% of total revenue in the following countries: Germany accounted for DKK 35.428 thousand (2023; DKK 45.675 thousand) and USA accounted for DKK 27.975 thousand (2023: DKK 23.537 thousand). Further 9% of the Group’s revenue relates to Denmark (2023: 8%). In 2024 one major customer generated revenue of more than 10% of total revenue. Customer A accounted for DKK 30.797 thousand (2023: Customer A accounted for DKK 30.076 thousand and customer B accounted for DKK 14.743 thousand). All major customers relate to the prepress market. Revenue: Group Group st – December 31st January 1(DKK ‘000) 2024 2023 Type of revenue Sale of goods 118.729 129.933 Sale of services 1.022 2.155 Rental income from investment properties 11.288 11.231 131.039 143.319 Timing of revenue recognition Revenue recognized at a point in time 118.729 129.933 Revenue recognized over time 12.310 13.386 131.039 143.319 Investe- 8 3. Production costs ringer Group Group st – December 31st January 1(DKK ‘000) 2024 20232007/0Cost of goods sold 66.550 77.965 Inventory write-downs 3.827 4.172 Reversed inventory write-downs (817) (1.206) Inventory write-downs are made based on an assessment that includes expectations as to future demand and use of the item concerned. As such expectations can change from year to year, significant fluctuations in the need for write-downs may occur. As a result, written-down inventories are sometimes reversed. Page | 42 ANNUAL REPORT 2024 4. Staff costs Parent Parent Group Group Company Company st – December 31st January 1(DKK ‘000 2024 2023 2024 2023 st – December 31st January 1(DKK ‘000) Wages and salaries 26.077 27.015 3.244 3.206 Defined contribution plans 822 865 154 167 Other social security costs 5.388 4.571 6 4 32.287 32.451 3.404 3.377 Staff costs are recognized as follows: Production costs 14.408 13.958 - - Labor transferred to inventory 3.639 5.119 - - Sales and distribution costs 6.619 5.564 - - Product development costs 640 581 - - Administrative expenses 6.981 7.229 3.404 3.377 32.287 32.451 3.404 3.377 Average number of full-time employees 107 113 1 1 Remuneration of the Executive Management: Salaries 3.464 3.653 2.396 2.352 Bonus - - - - Remuneration of the Executive Management total 3.464 3.653 2.396 2.352 Remuneration of the Board of Directors: Board member fees 833 850 833 850 Committee fees 175 175 175 175 Total remuneration of the Board of Directors 1.008 1.025 1.008 1.025 Executive Management: Henrik Blegvad Funk CEO of Glunz & Jensen Holding A/S since January 1 st , 2023, and CFO since April 1 st , 2016. Robert Popik Group COO and general manager of the subsidiary Glunz & Jensen s.r.o. since April 1 st , 2020, was assigned as executive manager of Glunz & Jensen Holding A/S effective by February 1 st, 2023. In the Parent Company the remuneration of Robert Popik comprises the share attributable to the performance of duties in the Executive Board whereas the full remuneration has been included in the Group. There are no defined benefit plans within the Group. 5. Auditor’s fee Parent Parent Group Group Company Company st – December 31st January 1(DKK ‘000 2024 2023 2024 2023 st – December 31st January 1(DKK ‘000) Total fees to the auditors: KPMG 363 562 241 129 Other auditors 186 - - - 549 562 241 129 Statutory audit 405 484 135 89 Tax and VAT assistance 88 71 56 16 Other services 56 7 50 24 549 562 241 129 Group: Non-audit services provided by KPMG amounts to DKK 97 thousand in 2024 relating to sundry tax advisory services and other advisory services (2023: DKK 78 thousand). Non-audit services provided by other auditors amounts to DKK 47 thousand in 2024 relating to sundry tax advisory services and other advisory services (2023: DKK 0). Parent Company: Non-audit services provided by KPMG amounts to DKK 106 thousand in 2024 relating to sundry tax advisory services and other advisory services (2023: DKK 40 thousand). ANNUAL REPORT 2024 Page | 43 6. Depreciation, amortization, and impairment losses Parent Parent Group Group Company Company st – December 31st January 1(DKK ‘000 2024 2023 2024 2023 st – December 31st January 1(DKK ‘000) Depreciation, property, plant, and equipment 1.036 931 - - Depreciation, leased assets 549 769 - 14 Impairment losses, leased assets - 546 - - 1.585 2.246 - 14 Amortization, depreciation, and impairment losses are included in the following items: Production costs 1.201 2.008 - - Sales and distribution costs 184 91 - - Development costs 78 23 - - Administrative expenses 122 124 - 14 1.585 2.246 - 14 Amortization relating to intangible assets are recognized in development costs. See notes 11, 12 and 13 concerning impairment of intangible assets, property, plant, and equipment and leased assets. 7. Other operating income Group Group st – December 31st January 1(DKK ‘000) 2024 2023 Gain on sale of non-current assets 90 4 Other income 7 20 97 24 8. Financial income and expenses Parent Parent Group Group Company Companyst – December 31st January 1(DKK ‘000 2024 2023 2024 2023 st – December 31st January 1(DKK ‘000) Financial income Interest income, cash, and cash equivalents etc. 228 8 1 2 Interest income, subleasing receivables - 467 - - Interest income from subsidiaries - - 1.098 2.213 Foreign exchange gains 44 125 - - 272 600 1.099 2.215 Interest on financial assets measured at amortized cost represents 228 8 1.099 2.215Financial expenses Interest expenses, credit institutions 4.218 4.212 - - Interest expenses, lease liabilities 64 308 - 4 Foreign exchange losses 291 295 3 2 Other financial expenses 291 664 5 6 4.864 5.479 8 12 Interest on financial liabilities measured at amortized cost represents 4.282 4.520 - 4 Page | 44 ANNUAL REPORT 2024 9. Tax on profit for the year Parent Parent Group Group Company Company st – December 31st January 1(DKK ‘000 2024 2023 2024 2023 st – December 31st January 1(DKK ‘000) Tax on profit/(loss) for the year: Current tax 288 382 242 492 Adjustment of tax regarding previous years 1 5 - - Adjustment of deferred tax 189 223 4 (9) Total tax on profit/(loss) for the year 478 610 246 483 Analysis of tax on profit/(loss) for the year: Tax charged at 22% 729 773 678 747 Tax effect of: Non-deductible profit/(loss) after tax in subsidiaries - - (431) (247) Non-taxable income and non-deductible expenses (289) 191 (1) (17) Non-recognized deferred tax asset in foreign subsidiaries 12 (405) - - Adjustment of tax calculated for foreign subsidiaries against 22% 25 46 - - Tax relating to previous years 1 5 - - 478 610 246 483 Effective tax rate 14,4% 17,3% 8,0% 14,2% Group: The effective tax rate for 2024 decreased to 14,4% from 17,3% in 2023 due to adjustments of non-taxable income and non-deductible expenses and adjustments of non-recognized deferred tax assets in foreign subsidiaries. Parent Company: The effective tax rate for 2024 decreased to 8,0% from 14,2% in 2023 due to the development in non-deductible profit/(loss) after tax in subsidiaries. 10. Earnings per share Group Group st – December 31st January 1(DKK ‘000) 2024 2023 Profit for the year 2.834 2.912 Average number of shares 1.821 1.821 Average number of outstanding shares 1.821 1.821 Average number of outstanding shares, diluted 1.821 1.821 Earnings per share (EPS) (DKK) 1,6 1,6 Diluted earnings per share (EPS-D) (DKK) 1,6 1,6 11. Intangible assets Complet- Develop-ed ment develop- projects in ment (DKK ‘000) progress projects Total Group stTotal cost on January 1,2024 - - - Additions 573 - 573 Transfer (573) 573 - stTotal cost on December 31, 2024 - 573 573 stAmortization and impairment losses on January 1, 2024 - - - Amortization for the year - - - stAmortization and impairment losses on December 31, 2024 -573 573 stCarrying amount on December 31, 2024 - - 573 573 ANNUAL REPORT 2024 Page | 45 11. Intangible assets (continued) Group: Amortization relating to development projects is recognized in development costs. Development costs of DKK 2.049 thousand (2023: DKK 1.244 thousand) were incurred in 2024. Hereof, DKK 573 (2023: DKK 0) are recognized in the balance sheet and DKK 1.476 thousand (2023: DKK 1.244 thousand) are recognized in the income statement as development costs. On December 31 st , 2024, Management tested the carrying amount of development projects. Project development plans and revenue budget approved by Management were compared to the project development processes, which included a follow-up on expenses incurred, time schedules and project completion. 12. Property, plant, and equipment Other fixtures and fittings, Leasehold Land and tools, and improve-(DKK ‘000) buildings equipment ments Total Group stTotal cost on January 1, 2023 34.027 18.662 188 52.877 Foreign exchange adjustments 84 (5) - 79 Additions 13 744 - 757 Disposals - (546) - (546) stTotal cost on December 31, 2023 34.124 18.855 188 53.167 stDepreciation and impairment losses on January 1, 2023 29.034 17.427 45 46.506 Foreign exchange adjustments 74 (8) - 66 Depreciation for the year 389 443 99 931 Depreciation of disposals - (546) - (546) stDepreciation and impairment losses on December 31, 2023 29.497 17.316 144 46.957 stCarrying amount on December 31, 2023 4.627 1.539 44 6.210 stTotal cost on January 1, 2024 34.124 18.855 188 53.167 Foreign exchange adjustments 25 38 - 63 Additions 451 674 - 1.125 Disposals - (875) (188) (1.063) stTotal cost on December 31, 2024 34.600 18.692 - 53.292 stDepreciation and impairment losses on January 1, 2024 29.497 17.316 144 46.957 Foreign exchange adjustments 22 37 - 59 Depreciation for the year 390 602 44 1.036 Depreciation of disposals - (838) (188) (1.026) stDepreciation and impairment losses on December 31, 2024 29.909 17.117 - 47.026 stCarrying amount on December 31, 2024 4.691 1.575 - 6.266 Group: The carrying amount of land and buildings amounting to DKK 4.691 thousand (December 31 st , 2023: DKK 4.627 thousand) had a registered mortgage on December 31 st , 2024. The value of the relating collateral was DKK 5.870 thousand on December 31 st , 2024 (December 31 st , 2023: DKK 6.174 thousand). On December 31 st , 2024, Management tested the carrying amount of property, plant, and equipment. As in 2023, the impairment test showed no need to recognize an impairment loss. Page | 46 ANNUAL REPORT 2024 13. Leased assets Other fixtures and fittings, tools, and (DKK ‘000) Property equipment Total Group stBalance on January 1, 2023 797 467 1.264 Additions 264 303 567 Reclassified from other receivables – subleasing 2.502 - 2.502 Disposals (2.113) (134) (2.247) Depreciation for the year (613) (156) (769) Impairment for the year (546) - (546) stCarrying amount on December 31, 2023 291 480 771 stBalance on January 1, 2024 291 480 771 Foreign exchange adjustments - 1 1 Additions 85 139 224 Depreciation for the year (303) (246) (549) stCarrying amount on December 31, 2024 73 374 447 Parent Company stBalance on January 1, 2023 - 147 147 Depreciation for the year - (14) (14) Impairment for the year - (133) (133) stCarrying amount on December 31, 2023 - - - stBalance on January 1, 2024 - - - stCarrying amount on December 31, 2024 - - - Parent Parent Group Group Company Company st December 31(DKK ‘000) 2024 2023 2024 2023 Expected maturity: Due within 1 year or less 312 2.074 - - Due within 1-5 years 157 259 - - Due after 5 years - - - - stTotal non-discounted lease liabilities December 31469 2.333 - - Lease liabilities recognized in the balance sheet: Long-term liabilities 154 245 - - Short-term liabilities 298 2.013 - - Total liabilities 452 2.258 - - Lease liabilities recognized in income statement: Interest 64 308 - 4 Cost relating to leasing agreements with a term of less than 12 months - 85 - - Moder- selskab 2012 tDKK, Group: In the fiscal year 2024, payments related to leases amounted to DKK 2.095 thousand (2023: DKK 2.776 thousand) of which interest payments relating to recognized lease liabilities accounted for DKK 64 thousand (2023: DKK 308 thousand) and repayment of recognized lease liabilities for DKK 2.031 thousand (2023: DKK 2.468 thousand). The weighted average discount rate applied is 7% in 2024 (2023: 7%). In 2024, impairment test of the carrying amount of leased assets showed no need to recognize an impairment loss. In fiscal 2023, impairment testing showed a need to recognize an impairment loss of DKK 546 thousand due to early termination of building lease agreement. Some of the agreements has the possibilities to be prolonged. ANNUAL REPORT 2024 Page | 47 13. Leased assets (continued) Financial lease: During 2021/22, the Group sub-leased a building that had been presented as part of a right-of-use asset – property, plant, and equipment for a two-year period. In December 2023, the Group agreed with the tenant to terminate the subleased building early. As a result, DKK 2.502 thousand other receivables was reclassified to right-of-use asset – property, plant, and equipment end of 2023. The Group recognized a gain of DKK 0 on derecognition of the right-of-use asset pertaining to the building in 2023 and the Group recognized interest income on lease receivables of DKK 467 thousand in 2023. Parent Company: In the fiscal year 2024, the Parent company had no payments related to leases. (2023: DKK 92 thousand, of which interest payments relating to recognized lease liabilities accounted for DKK 4 thousand and repayment of recognized lease liabilities account for DKK 88 thousand. The weighted average discount rate applied was 5%). 14. Investment properties Group Group(DKK ‘000) 2024 2023 st Total cost on January 1119.205 119.205 stTotal cost on December 31119.205 119.205 stTotal fair value adjustment on January 127.295 27.295 Fair value adjustment recognized in profit and loss (1.800) - stTotal fair value adjustment on December 3125.495 27.295 stCarrying amount on December 31144.700 146.500 Direct operating expenses (including repairs and maintenance) arising from investment properties that did not generate rental income during the period. 355 132 Direct operating expenses (including repairs and maintenance) arising from investment properties that generated rental income during the period. 1.143 1.530 The investment properties totaling 16.330 sqm. are located in Ringsted, Denmark. The properties are available for commercial lease only. The tenants use the properties for amongst other health care, education, office, production and retail. 92% of the investment properties were leased to tenants on December 31 st , 2024 (2023: 92%). Own use of the properties represented 2% on December 31 st , 2024 (2023: 2%). Except 2% of the lease agreements ending December 31 st , 2024, all lease agreements have expiration dates from 2026 at the earliest to 2033 at the latest. Group GroupUn-observable input used in the DCF-model 2024 2023 Budget period applied 15 years 15 years The yearly rent adjustments used for the budget period 2,5% 2,5% The yearly rent adjustments used in terminal period 2,5% 2,5% Vacancy rate included in first two years 11% 11% Vacancy rate included after the first two years 0% 0% Payment of lease Quarterly Yearly The average yield: Office buildings & Retail 7,3% 7,0% Warehouse and logistic buildings 6,8% 6,8% Total average yield included 7,2% 6,9% The average discount rate: Office buildings & Retail 9,8% 9,5% Warehouse and logistic buildings 9,3% 9,3% Total average discount included 9,7% 9,4% 2Average rent per m700 DKK 700 DKK 2The maintenance cost per m42 DKK 42 DKK Page | 48 ANNUAL REPORT 2024 14. Investment properties (continued) The carrying amount of investment properties amounting to DKK 144.700 thousand had a registered mortgage on December 31 st , 2024 (2023: DKK 146.500 thousand). The value of the relating collateral was DKK 60.497 thousand on December 31 st , 2024 (2023: DKK 58.982 thousand). Please see note 1 Significant accounting estimates and judgements “Investment properties” and note 2 Segments “Rental of the Selandia Park properties” and note 27 Financial risks and financial instruments “Fair values”. 15. Investment in subsidiaries Profit/(loss) Profit/(loss) for the year Equity for the year Equity after tax 2024 after tax 2023 stst 2024 Dec. 31 2023 Dec. 31Parent Company (DKK ‘000) Glunz & Jensen A/S, Ringsted, Denmark (1.510) 24.959 (3.522) 26.113 Selandia Park A/S, Ringsted, Denmark 3.471 63.779 4.647 60.308 1.961 88.738 1.125 86.421 Ownership interest is 100% during 2024 and 2023. Parent Parent company company 2024 2023 stTotal cost on January 1150.000 130.000 Tax-free contribution 0 20.000 stTotal cost on December 31150.000 150.000 stAdjustments on January 1(63.579) (64.573) Profit/(loss) for the year 1.961 1.125 Foreign exchange adjustments 356 (131) stAdjustments on December 31(61.262) (63.579) stCarrying value on December 3188.738 86.421 As of December 31 st , 2024, the difference on initial recognition of the subsidiaries totaled DKK 0 thousand. No tax liability will be incurred on realization of the Parent Company’s investments in subsidiaries at carrying amount (2023: DKK 0 thousand). In December 2023, Glunz & Jensen A/S was granted a tax-free group contribution of DKK 20.000 thousand. 16. Investments in associates During 2023 the 40% ownership in GKS International Ltd were sold at a sales price of 10.000 GBP. As the associate’s revenue is less than 1% of consolidated revenue in 2023, the Management evaluates that the associates are not significant for which reason no further information are disclosed regarding this entity. ANNUAL REPORT 2024 Page | 49 17. Deferred tax Parent Parent Group Group Company Company (DKK ‘000) 2024 2023 2024 2023 stDeferred tax on January 1(7.785) (7.559) (116) (125) Foreign exchange adjustments 9 (3) - - Tax income/(expense) during the period recognized in profit or loss (189) (223) (4) 9 stDeferred tax on December 31(7.965) (7.785) (120) (116) Breakdown of deferred tax and recognition in the balance sheet: Deferred tax asset 144 410 - - Deferred tax liability (8.109) (8.195) (120) (116) stTotal on December 31(7.965) (7.785) (120) (116) __ Group ___ 2018 The value of tax loss carryforwards has been recognized as a deferred tax asset in the companies where, based on the budget, it is considered very likely that they can be set off against future earnings and where a history of profit before tax in the last five years has been verified. The value of tax loss carry-forward, DKK .358 thousand on December 31 st , 2024 (2023: DKK 5.023 thousand), has not been recognized as a deferred tax asset, as it is not considered likely that they will be utilized. Tax loss Property, carry- Intangible plant, and Current forward (DKK ‘000) assets equipment assets Liabilities etc. Total Group stDeferred tax on January 1, 2023 - (12.401) 3.249 154 1.439 (7.559) Foreign exchange adjustments - 1 (1) - (3) (3) Recognized in profit/(loss) for the year, net - (1.065) 259 (375) 958 (223) stDeferred tax on December 31, 2023 - (13.465) 3.507 (221) 2.394 (7.785) stDeferred tax on January 1, 2024 - (13.465) 3.507 (221) 2.394 (7.785) Foreign exchange adjustments - - - - 9 9 Recognized in profit/(loss) for the year, net (126) (591) 279 143 106 (189) stDeferred tax on December 31, 2024 (126) (14.056) 3.786 (78) 2.509 (7.965) Parent Company stDeferred tax on January 1, 2023 - - - (125) - (125) Recognized in profit/(loss) for the year, net - - - 9 - 9 stDeferred tax on December 31, 2023 - - - (116) - (116) stDeferred tax on January 1, 2024 - - - (116) - (116) Recognized in profit/(loss) for the year, net - - - (4) - (4) stDeferred tax on December 31, 2024 - - - (120) - (120) 18. Other receivables Group Group stDecember 31 (DKK ‘000) 2024 2023 Non-current other receivables: Leasehold improvement in Selandia Park investment properties 3.621 - Deposit regarding leased property 19 168 3.640 168 Current other receivables: VAT and other receivables (authorities) 2.078 1.870 Leasehold improvement in Selandia Park investment properties 352 - Other receivables 3 26 2.433 1.896 During 2024 Glunz & Jensen funded leasehold improvements on behalf of a tenant in Selandia Park investment properties. The tenant is obliged by contract to repay all related cost regarding the loan. Page | 50 ANNUAL REPORT 2024 19. Inventories Group Group stDecember 31 (DKK ‘000) 2024 2023 Raw materials and consumables 25.887 31.239 Finished goods and semi-manufacture goods 11.339 11.747 Total 37.226 42.986 Inventories recognized at net realizable value 76 88 20. Trade receivables Group Group (DKK ‘000) 2024 2023 Trade receivables, gross 15.415 17.200 Changes in credit loss allowance: stAllowance on January 1(760) (709) Additions in the year (82) (107) Reversal in the year 375 56 stAllowance on December 31(467) (760) Trade receivables, net 14.948 16.440 The credit risk of the various trade receivables is mainly associated with the customer’s geographical location. Breakdown of trade receivables, net, based on the customer’s geographical location: Group Group stDecember 31 (DKK ‘000) 2024 2023 Western Europe 8.571 11.127 Eastern Europe 448 499 North America 2.706 2.758 Asia and Pacific 2.040 1.327 Rest of the world 1.183 729 Trade receivables, net 14.948 16.440 Write down is based on historically observed default rates adjusted for estimated uncertainties in project related activities and market conditions. As of December 31 st , 2024, 14,4% of the trade receivables are due (2023, 13,3%). Trade Trade Expected receivables Expected receivables (DKK ‘000) default rate gross loss net stMaturity of trade receivables on December 31, 2023: Not due 2,0% 14.436 282 14.154 Due 1-30 days 9,7% 2.272 220 2.052 Due 31-60 days 51,5% 476 245 231 Due more than 60 days 81,3% 16 13 3 17.200 760 16.440 stMaturity of trade receivables on December 31, 2024: Not due 2,0% 13.080 358 12.722 Due 1-30 days 4,1% 1.725 70 1.655 Due 31-60 days 5,8% 605 35 570 Due more than 60 days 80,0% 5 4 1 15.415 467 14.948 No loss is expected on receivables from subsidiaries in the Parent Company. See note 27, section debtor risks. ANNUAL REPORT 2024 Page | 51 21. Share capital and treasury shares The share capital in Glunz & Jensen Holding A/S consists of 1.821.309 shares as of December 31 st , 2024, and likewise on December 31 st , 2023, representing a nominal value of DKK 20 each. The total nominal value is DKK 36.426 thousand. No shares carry any special rights. All shares are fully paid. As of December 31 st , 2024, and on December 31 st , 2023, Glunz & Jensen Holding A/S held no treasury shares. During the last five years there have been no movements in the share capital. Please see to note 27 under the “Capital management” section. 22. Group 2022 Group 2022 Provisions Group Group (DKK ‘000) 2024 2023 stWarranty commitments on January 11.093 863 Additions 665 902 Disposals (785) (672) stWarranty commitments on December 31973 1.093 stRestructuring on January 11.736 - Additions . 1.736 Disposals (1.336) - stRestructuring on December 31400 1.736 stProvisions on December 311.373 2.829 Breakdown of provisions by non-current and current liabilities: Non-current liabilities 243 533 Current liabilities 1.130 2.296 stProvisions on December 311.373 2.829 Warranties A provision has been made for warranty commitments to cover contract-related warranty for goods already delivered. Warranty commitments are recognized as the goods are sold and are calculated based on historical warranty costs. The warranty commitments cover a period from 6 months to 2 years after delivery of the goods. Warranty commitments comprise commitments under ordinary product guarantees of up to 1-2 years. The commitments are calculated based on historical warranty costs and are assessed for specific matters. The expenses are expected to be incurred over the next two years. Restructuring Following the decline in gross profit margins over previous years, management developed a short-term plan during 2023 to improve profitability. As a result, provisions for restructuring costs in the amount of DKK 1.736 thousand was made in 2023. The majority of the amount related to severance cost. As planned the restructuring cost were expected to be incurred over two years. The remaining expenses are expected to be incurred during 2025. Page | 52 ANNUAL REPORT 2024 23. Credit institutions Due within Due after Due after 1Due within(DKK ‘000) 1-5 years 5 years year, total 1 year Total Group stCredit institutions on December 31, 2023: Credit institutions (DKK), fixed rate 6% 7.387 40.758 48.145 1.652 49.797 Credit institutions (DKK), floating rate 5% 3.835 4.480 8.315 9.055 17.370 Credit institutions (USD), floating rate 7% - - - 556 556 Credit institutions (GBP), floating rate 7% - - - 350 350 Credit institutions (EUR), floating rate 6% - - - 6.638 6.638 11.222 45.238 56.460 18.251 74.711 stCredit institutions on December 31, 2024: Credit institutions (DKK), fixed rate 6% 9.285 40.821 50.106 2.078 52.184 Credit institutions (DKK), floating rate 6% 4.040 3.330 7.370 4.551 11.921 Credit institutions (EUR), floating rate 5% - - - 7.090 7.090 13.325 44.151 57.476 13.719 71.195 st, Non-cash Dec. 31st Jan 1, (DKK ‘000) 2023 Cash flows items 2023 Group Non-current credit institutions 47.663 8.797 - 56.460 Current credit institutions 37.243 (19.002) 10 18.251 84.906 (10.205) 10 74.711 st, Non-cash Dec. 31st Jan. 1, 2024 Cash flows items 2024 Group Non-current credit institutions 56.460 1.016 - 57.476 Current credit institutions 18.251 (4.536) 4 13.719 74.711 (3.520) 4 71.195 The Parent Company has no credit facilities. 24. Other payables Parent Parent Group Group Company Company stDecember 31 (DKK ‘000) 2024 2023 2024 2023 Non-current other payables: Holiday pay 2.212 2.272 - - Other payables 224 199 - - 2.436 2.471 - - Current other payables: Wages, salaries, holiday pay etc. 4.276 3.897 1.304 1.316 Accrued employee taxes 85 425 - 79 VAT and other payables toward authorities 673 909 314 257 Other payables 1.005 1.374 284 162 6.039 6.605 1.902 1.814 ANNUAL REPORT 2024 Page | 53 25. Prepayments from customers Group Group stDecember 31 (DKK ‘000) 2024 2023 Non-current prepayments from customers: Prepayment from tenants in Selandia Park 4.230 4.168 4.230 4.168 Current prepayments from customers: Prepayments from customers in connection with the sale of prepress goods and services 5.980 6.653 Prepayment from tenants in Selandia Park 554 1.207 6.534 7.860 DKK 5.959 thousand of the prepayments received December 31 st , 2023, are recognized in revenue during 2024 (2023: DKK 9.297 thousand). 26. Contingent liabilities and collateral Group: The shares in Glunz & Jensen A/S and Selandia Park A/S are pledged as security towards the main bank, Nordea. The Group has provided a company charge of DKK 35.000 thousand secured upon the Company’s inventories, goodwill, domain names and rights, fixtures, and operating equipment as well as unsecured claims relating to the sale of goods and services at a carrying amount of DKK 50.034 thousand. Please refer to note 12, Property, plant, and equipment and 14 Investment properties regarding collateral mortgage. Parent Company: The shares in Glunz & Jensen A/S and Selandia Park A/S are pledged as security towards the main bank, Nordea. The Group has provided a company charge of DKK 35.000 thousand secured upon the Company’s inventories, goodwill, domain names and rights, fixtures, and operating equipment as well as unsecured claims relating to the sale of goods and services at a carrying amount of DKK 50.034 thousand. The Parent Company acts as management company for the jointly taxed Danish companies. Pursuant to the provisions of the Danish Corporation Tax Act, the Parent Company is thus liable to withhold tax at source on interest, royalties, and dividend for the jointly taxed companies for contingent liabilities and to withhold income taxes. The Parent Company recognized jointly tax receivables in the balance sheet amounting to DKK 0 on December 31 st , 2024 (December 31 st , 2023: DKK 0). The Parent Company's liability regarding joint tax may be impacted by future corrections of the taxable income. The companies in the joint taxation arrangement are not subject to withholding tax on dividends, interest, or royalties. 27. Financial risks and financial instruments Risk management policy: As a result of its operating, investing, and financing activities, the Group is exposed to various financial risks, including market risks, credit risks and liquidity risks. It is the Group’s policy not to speculate actively in financial risks. The Group’s financial risk management is thus aimed exclusively at managing the financial risks that are a direct consequence of the Group’s operating, investing, and financing activities. Currency risk: The Group’s currency risk consists of transaction risks and currency translation risks. The main part of the Group's sales is invoiced in EUR and USD. In 2024, approx. 80% of sales were invoiced in EUR and approx. 11% in USD (2023: 79% in EUR and 13% in USD). The main part of the Group's expenses is paid in EUR 66%, DKK 24% and USD 9%. In 2024, expenses paid in DKK, USD and EUR amounted to 99% of total expenses (2023: 98%). As Management considers the EUR/DKK exchange rate to be fixed, the Group's exposure to currency risks is limited. As part of the Group’s currency policy, Glunz & Jensen seeks only to reduce the impact of exchange rate fluctuations (EUR exempted) on its profits and financial position via financial instruments when the risk is assessed as unacceptable. As in 2023, future currency transactions are currently not hedged. Due to the foreign subsidiaries, Glunz & Jensen is exposed to currency translation risks insofar as part of the Group’s earnings and net assets derive from these foreign subsidiaries and, therefore, are translated and included in the consolidated financial statements, which are presented in DKK. Page | 54 ANNUAL REPORT 2024 27. Financial risks and financial instruments (continued) An increase in the USD rate of 10% is estimated, all else being equal, to affect the Group's operating profit by approx. DKK 91 thousand (2023: DKK 27 thousand). The estimate is based on the level of USD Profit/(loss) transactions in 2024. Based on the Group’s USD exposure at the balance sheet date, the impact of a hypothetical fluctuation of 10% of the USD/DKK exchange rate on the profit/(loss) for the year and consolidated equity amounts to DKK 175 thousand regarding cash and receivables (2023: DKK 49 thousand) and DKK 90 thousand regarding financial liabilities (2023: DKK 90 thousand), respectively. Interest rate risk: As a result of its investing and financing activities, the Group is exposed to interest rate fluctuations. Net interest-bearing debt on December 31 st , 2024, amounted to DKK 70.500 thousand (2023: DKK 73.400 thousand). During 2023 Selandia entered a DKK 10.034 thousand floating-rate 10-year DKK-based bond loan. Further Selandia converted the existing DKK-based bond loan of DKK 50.810 thousand to a new loan in the same value however repayment period was prolonged to 20 years and the interest rate fixed at 6%. During 2024 Selandia entered a DKK 4.300 thousand fixed-rate 10-year and 3-month DKK-based bond loan. All other interest-bearing debt earns interest at floating rates. A 1 percentage point change in the general interest rate level relative to the balance sheet date is estimated to affect the Group's profit/(loss) for the year by DKK 148 thousand and consolidated equity by DKK 148 thousand based on financial commitments at December 31 st , 2024 (2023: an effect on the profit/(loss) for the year of DKK 194 thousand and consolidated equity of DKK 194 thousand). The estimate does not include adjustments concerning repayment and borrowing. Credit risk: The Group may realize losses if trade and other receivables are not settled. The majority of the Group’s goods and services are sold to large companies with which Glunz & Jensen has long-term relationship. The four largest customers account for approx. 49,8% of total revenue. The Group normally requires prepayment from new customers. Based on the Group's internal credit procedures, the credit risk associated with the various trade receivables mainly relates to the customer's geographical location. Trade receivables deemed to have a high credit quality (low risk) are estimated to relate to Western Europe and North America. Conversely, trade receivables relating to Asia, Eastern Europe and the rest of the world are deemed to have a lower credit quality (medium and high risk). As part of the Group's risk management, past-due receivables are monitored monthly. Historically, the Group has realized only minor credit losses related to trade receivables. Please refer to note 20 regarding the credit quality of trade receivables. Liquidity risk: Liquidity risk is the risk that Glunz & Jensen will be unable to meet its obligations as they fall due because of its inability to liquidate assets or obtain adequate funding. The Group's primary loan agreement with Nordea is subject is subject to three covenants, which the Group must observe in order to maintain the financing. The financial covenants are related to the financial ratio "solvency", the agreed level of EBITDA% (EBITDA vs. revenue), and debt leverage (interest bearing debt vs. EBITDA). During 2024 Glunz & Jensen did breach the agreed level of EBITDA% and the debt leverage covenant, however Nordea accepted the breach. The budget for 2025 was presented to and viewed satisfactory by Nordea and a letter of cooperation for 2025 was received by Glunz & Jensen in January 2025. On this basis, Management considers the Group’s funding for 2025 sufficient to be able to continue meeting its payment obligations and its obligations under the financing covenants during 2025. The Group's interest-bearing liabilities amounted to DKK 71.195 thousand on December 31 st , 2024 (2023: DKK 74.711 thousand). On December 31 st , 2024, the Group's credit facilities amounted to DKK 87.955 thousand (2023: DKK 86.434 thousand) of which DKK 71.195 thousand has been drawn (2023: DKK 74.711 thousand). The liquidity reserve amounted to DKK 16.760 thousand on December 31 st , 2024 (2023: DKK 11.723 thousand). The liabilities fall due as follows: Group Carrying Payment In 1 year Over 5 (DKK ‘000) amount obligation or less 1-5 years years stOn December 31, 2023 Non-derivative financial instruments: Credit institutions and banks 74.711 110.551 22.576 22.981 64.994 Lease liabilities 2.258 2.333 2.074 259 - Trade payables 7.900 7.900 7.900 - - Total 84.869 120.784 32.550 23.240 64.994 stOn December 31, 2024 Non-derivative financial instruments: Credit institutions and banks 71.195 104.232 17.613 25.015 61.604 Lease liabilities 452 469 312 157 - Trade payables 7.303 7.303 7.303 - - Total 78.950 112.004 25.228 25.172 61.604 ANNUAL REPORT 2024 Page | 55 27. Financial risks and financial instruments (continued) Parent Company Carrying Payment In 1 year Over 5 (DKK ‘000) amount obligation or less 1-5 years years stOn December 31, 2023 Non-derivative financial instruments: Trade payables 43 43 43 - - Total 43 43 43 - - stOn December 31, 2024 Non-derivative financial instruments: Trade payables 37 37 37 - - Total 37 37 37 - - The maturity analysis is based on undiscounted cash flows, including estimated interest payments. Interest payments are based on current market conditions. Management believes that the Group has sufficient cash resources to cover planned operations and ongoing investments. Capital management: It is the Group's policy that capital is distributed to the shareholders via dividends or that Glunz & Jensen purchases treasury shares if and when earnings justify it. This means that during periods of low and unstable income, the solvency ratio must be high, while it may be reduced if earnings stabilize at a higher level than achieved in recent years. On December 31 st , 2024, the solvency ratio was 49,2% (2023: 46,4%). Based on the performance during 2024 and the outlook for 2025, the Board of Directors proposes to the Annual General Meeting that no dividend be distributed for fiscal 2024. Fair values: There was no difference between the fair values and the carrying amounts of financial assets and liabilities on December 31 st , 2024, or on December 31 st , 2023. Short-term, floating-rate bank loans are measured at a price of 100. The methods used are unchanged compared with last year. Group Un-(DKK ‘000) observable inputs Fair value measurement hierarchy for assets and liabilities using: (Level 3) Total stOn December 31, 2023 Non-current assets: Investment properties 146.500 146.500 Total non-current assets 146.500 146.500 stOn December 31, 2024 Non-current assets: Investment properties 144.700 144.700 Total non-current assets 144.700 144.700 No assets and liabilities are measured at fair value in the Parent Company. Page | 56 ANNUAL REPORT 2024 28. Related parties Companies with a controlling interest in the Group consist of Heliograph Holding GmbH, owned by MRB Holding GmbH, which is the immediate majority owner, and MRB Holding GmbH, which Is the ultimate majority owner. Both Heliograph Holding GmbH and MRB Holding GmbH are located at Konrad-Zuse-Bogen 18, 82152 Krailling, Germany. Glunz & Jensen Holding A/S is included in the consolidated financial statement of Heliograph Holding GmbH. Consolidated financial statements can be requested by contacting Heliograph Holding GmbH and MRB Holding GmbH at the abovementioned address. All companies in which Glunz & Jensen Holding A/S has a controlling interest are presented on page 27. Transactions with subsidiaries have been eliminated in the consolidated financial statements in accordance with the group’s accounting policies. Receivables from subsidiaries is presented in the balance sheet and interest income from subsidiaries is presented in note 8. The Group’s related parties also comprise the members of the board of directors and the executive board as well as these persons’ family members. Remuneration paid to members of the executive board and the board of directors is disclosed in note 4. Transactions with related parties: Parent Parent Group Group Company Company stDecember 31 (DKK ‘000) 2024 2023 2024 2023 Sale of finished goods and parts to MRB Group companies 2.477 1.319 - - Sale of services to MRB Group companies 112 10 - - Purchase of services from MRB Group companies 2.462 1.454 26 40 Sale of services to subsidiaries - - 6.210 6.215 Purchase of services from subsidiaries - - 208 142 Tax free contribution to subsidiaries - - - 20.000 29. Events after the balance sheet date The Group's available credit lines for 2025 were extended by Nordea on January 22 nd , 2025, to continue to March 2026 and the cooperation letter was signed by the Company on January 27 th , 2025. No other events have occurred since December 31 st , 2024, which are considered to have a significant impact on the Group's or the Parent Company’s financial position. 30. New accounting standards The IASB has issued several new standards and amendments not yet in effect or endorsed by the EU and therefore not relevant for the preparation of the 2024 consolidated financial statements. Glunz & Jensen Holding A/S expects to implement these standards when they take effect. None of the new standards issued are currently expected to have any significant impact on the consolidated financial statements when implemented. ANNUAL REPORT 2024 Page | 57 31. Accounting policies Glunz & Jensen Holding A/S is a limited company domiciled in Denmark. The annual report for the period January 1 st - December 31 st , 2024, includes both consolidated financial statements of Glunz & Jensen Holding A/S and its subsidiaries (the Group) and the separate financial statements of the Parent Company. The annual report of Glunz & Jensen Holding A/S for 2024 has been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish disclosure requirements for listed companies. The Board of Directors discussed and approved the annual report of Glunz & Jensen Holding A/S for 2024 on March 17 th , 2025. The annual report will be submitted to the shareholders of Glunz & Jensen Holding A/S for adoption at the Annual General Meeting on April 9 th , 2025. Basis of preparation The annual report is presented in DKK, rounded to the nearest amount in DKK thousands. The annual report is prepared using the historical cost principle. However, recognized derivatives are measured at fair value. Non-current assets are measured at the lower of their carrying amount before the reclassification and fair value less selling costs. The accounting policies have been applied consistently in the financial year and to comparative figures. Adoption of new and revised IFRSs Glunz & Jensen Holding A/S has implemented all the relevant new or amended IFRS Accounting Standards and interpretations as adopted by the EU that are effective as of January 1 st , 2024. No new standards or interpretations have had effect on the financial statements of the Group. The accounting policies have been applied consistently in the financial year and to comparative figures. Description of accounting policies Consolidated financial statements The consolidated financial statements include the Parent Company Glunz & Jensen Holding A/S and subsidiaries. Subsidiaries are entities controlled by the group. The group ‘controls’ an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. The consolidated financial statements are prepared by aggregating the Parent Company’s and the individual subsidiaries’ financial statements, applying the Group’s accounting policies. Intra-group income and expenses, shareholdings, balances, and dividends as well as realized and unrealized gains arising from intra-group transactions are eliminated on consolidation. Entities in which the Group holds between 20% and 50% of the voting rights and over which it exercises significant influence, but which it does not control, are considered associates. Foreign currency translation A functional currency is designated for each of the reporting entities in the Group. The functional currency is the currency used in the primary economic environment in which the reporting entity operates. Transactions denominated in currencies other than the functional currency are transactions in foreign currencies. Transactions in foreign currencies are translated into the functional currency at the exchange rate at the transaction date. Gains and losses arising between the rate at the transaction date and the rate at the date of payment are recognized in the statement of comprehensive income under financial income and expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated into the functional currency at the exchange rate at the balance sheet date. Differences between the rate at the balance sheet date and the rate at the transaction date or the exchange rate stated in the latest annual report are recognized in the statement of comprehensive income under financial income and expenses. On recognition of foreign subsidiaries and associates with a functional currency other than DKK, items in the statement of comprehensive income are translated at average rate rates that do not differ significantly from the rates ruling at the transaction date. Balance sheet items in subsidiaries and the equity share of associates are translated at closing rates. Exchange rate differences arising on the translation of the opening equity of subsidiaries and associates at closing rates and on the translation of items in the statement of comprehensive income from average rates to closing rates are recognized in the consolidated financial statements under other comprehensive income in equity as a separate translation reserve. Statement of comprehensive income Revenue The Glunz & Jensen Group’s main activities lie within Flexo and Offset, which are both part of the prepress market. All products and services are connected to setters and printing equipment. In addition to equipment, Glunz & Jensen sells installation of the equipment, service, and spare parts. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements, because it typically controls the goods or services before transferring them to the customer. The recognized revenue is measured at the fair value of the agreed consideration exclusive of VAT and fees collected on behalf of third parties. All forms of discounts will be recognized in revenue. Page | 58 ANNUAL REPORT 2024 Any part of the total consideration that is variable, e.g. in the form of discounts, bonuses, penalties, etc., will be recognized in revenue only when reasonably certain that no repayments will be made in subsequent periods, i.e. as the result of failure to meet goals, etc. Revenue from sale of goods is recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the equipment. The normal credit term is 30 to 90 days upon delivery. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g., warranties). In determining the transaction price for the sale of equipment, the Group considers the effects of variable consideration, the existence of significant financing components, noncash consideration, and consideration payable to the customer (if any). Customers are not entitled to return purchased goods. The sale of services includes service packages and extended guarantees concerning products sold. The services typically include one performance obligation which is recognized on a straight-line basis over the period during which the services are provided. Rental income arising from operating leases on investment properties is accounted for on a straight-line basis over the lease terms. Costs The Group distributes the cost, including depreciation and amortization and wages and salaries, by the functions production costs, sales and distribution costs, development costs and administrative expenses. Costs not directly attributable to a function are allocated to the functions based on the number of employees in each function. Administrative expenses comprise operating expenses relating to the Group’s investment property. Development costs comprise research costs and any development costs not qualifying for capitalization and depreciation and amortization of capitalized development projects. Administrative expenses comprise operational expenses relating to the Group's rental property. Other operating income and expenses Other operating income and expenses comprise items of a secondary nature, including gains and losses from disposal of intangible assets and property, plant and equipment, which are measured as the selling price less selling costs and the carrying value at the time of sale. Financial income and expenses Financial income and expenses comprise interest, including interest on lease liabilities, fair value gains and losses on securities, realized and unrealized foreign exchange adjustments, amortization and surcharges and allowances under the tax prepayment scheme. Also included are realized and unrealized gains and losses relating to derivative financial instruments not qualifying as effective hedges. Income tax expense Glunz & Jensen Holding A/S is jointly taxed with its Danish subsidiaries. The current Danish income tax charge is allocated among the jointly taxed entities in proportion to their taxable income. Tax for the year, comprising current income tax for the year and changes in deferred tax, including such changes as follow from changes in the tax rate, is recognized in profit or loss, other comprehensive income or in equity, depending on where the relevant item is recognized. Balance sheet Development projects Development costs comprise costs and salaries and depreciation and amortization relating to the Group’s development activities. Development costs on an individual project are recognized as an intangible asset, when the Group can demonstrate the technical feasibility of completing the intangible asset so that the asset will be available for use or sale, its intention to complete and its ability and intention to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to reliably measure the expenditure during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete, and the asset is available for use. It is amortized over the period of expected future benefit, which is 3-10 years. During the period of development, the asset is tested for impairment annually. Other development costs are expensed as incurred. Property, plant, and equipment Property, plant, and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the asset is available for use. Subsequent costs, e.g., for the replacement of components of an item of property, plant, or equipment, are recognized in the carrying amount of the asset when it is likely that the expenditure of the replacement involves a future financial benefit for the Group. The carrying amount of the replaced components ceases to be recognized in the balance sheet and is transferred to profit or loss. All other costs related to general repair and maintenance are recognized in profit or loss as and when incurred. The cost value of a total asset is divided into separate components that are depreciated separately if the useful lives of the individual components differ. Items of property, plant and equipment are depreciated on a straight-line basis over their expected useful lives: Buildings and components 10-30 years Technical installations 10-15 years Other fixtures and fittings 3-5 years Land is not depreciated. ANNUAL REPORT 2024 Page | 59 The depreciation basis is determined considering the residual value of the asset and any impairment losses. The residual value is determined at the date of acquisition and is reassessed annually. If the residual value exceeds the carrying amount of the asset, depreciation will cease. If the depreciation period or the residual value is changed, the effect on depreciation going forward is recognized as a change in accounting estimates. Leased assets A lease asset and a lease liability are recognized in the balance sheet when a right-of-use lease asset is transferred to the group or the parent company for the term of the lease pursuant to a concluded lease agreement and the group obtains the right to substantially all the economic benefits from the use of the identifiable asset and the right to control the use of the identifiable asset. Service components are excluded from the lease liability. On initial recognition, lease liabilities are measured at the present value of the future lease payments, discounted using an alternative interest rate. The lease liability is measured at amortized cost using the effective interest rate method. The lease liability is re-measured when there is a change in the underlying contractual cash flows due to changes in an index or an interest rate, if there is a change to the estimate of a residual value guarantee, or if there is a change to the assessment as to whether it is reasonably certain that a purchase option, an extension option, or a termination option will be exercised. On initial recognition, the right-of-use asset is measured at cost, corresponding to the value of the lease liability adjusted for prepaid lease payments plus any initial direct costs and estimated costs for dismantling, removing, and restoring or similar and less any discounts or other types of incentive payments granted by the lessor. On subsequent recognition, the asset is measured at cost less any accumulated depreciation and impairment. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the asset. Depreciation charges are recognized in the income statement on a straight-line basis. The right-of-use asset is adjusted for any changes in the lease liability due to changes in the lease terms or changes in the contractual cash flows because of changes in an index or an interest rate. Lease assets are depreciated on a straight-line basis over the estimated lease term. The lease asset and the lease liability are presented separately by the group and the parent company in the balance sheet. The group and the parent company have elected not to recognize right-of-use assets of low value and short-term leases in the balance sheet and instead to recognize lease payments concerning these leases in the income statement on a straight- line basis. When the group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. Investment properties Investment properties are measured initially at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of investment properties are included in profit or loss in the period in which they arise, including the corresponding tax effect. Investment properties are derecognized either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period of derecognition. Transfers are made to (or from) investment property only when there is a change in use. For a transfer from investment property to owner-occupied property, the deemed cost for subsequent accounting is the fair value at the date of change in use. If owner-occupied property becomes an investment property, the Group accounts for such property in accordance with the policy stated under "Property, plant and equipment" up to the date of change in use. At the same date the property is evaluated to fair value and the adjustment between the cost value and fair value is recognized as other comprehensive income. Investments in subsidiaries Investments in subsidiaries are measured using the equity method. Investments in subsidiaries are measured at the proportionate share of the entities' net asset value calculated in accordance with the Group's accounting policies minus or plus unrealized intra-group profits and losses and plus or minus any residual value of positive or negative goodwill determined in accordance with the purchase method of accounting. Investments in subsidiaries with negative net asset values are measured at DKK 0, and any amounts owed by such entities are written down insofar as the amount receivable is considered irrecoverable. If the Parent Company has a legal or constructive obligation to cover a deficit that exceeds the amount owed, the remaining amount is recognized under "Provisions". Net revaluation of investments in subsidiaries is recognized in the net revaluation reserve according to the equity method under equity where the carrying amount exceeds cost. Dividends from subsidiaries which are expected to be declared before the annual report of Glunz & Jensen Holding A/S is adopted are not taken to the net revaluation reserve. Impairment of non-current assets Development projects are tested annually for evidence of impairment. Deferred tax assets are tested for impairment annually and are written down if it is deemed likely that the deferred tax asset cannot be utilized against tax on future income or set off against deferred tax liabilities in the same legal tax entity and jurisdiction. This assessment considers the type and nature of the recognized deferred tax asset, the estimated period for set-off of the deferred tax asset etc. Other long-term assets are tested for impairment once a year. When there is evidence that an asset may be impaired, the recoverable amount of that asset is determined. The recoverable amount is the higher of the net selling price of the Page | 60 ANNUAL REPORT 2024 asset and the net present value of the expected future net cash flows. An impairment loss is recognized when the carrying amount of an asset or its cash-generating unit exceeds the recoverable amount of the asset or its cash-generating unit. Impairment losses are recognized in the statement of incomprehensive income under production costs, development costs, sales and distribution costs and administrative expenses. However, impairment losses in respect of goodwill are recognized in a separate line in the statement of incomprehensive income. Impairment losses on other long-term assets are reversed to the extent that changes have occurred in the assumptions and estimates based on which the impairment loss was recognized. Impairment losses are reversed only to the extent that the new carrying amount of the asset does not exceed the carrying amount it would have had net of amortization and net of depreciation if the impairment loss had not been recognized. Inventories Inventories are measured at cost using the FIFO method. Goods for resale, raw materials and consumables are measured at cost, comprising the purchase price plus delivery costs. Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct labor costs and production overheads. Production overheads comprise indirect materials and labor costs as well as maintenance and depreciation of production machinery, factory buildings and equipment and factory administration and management costs. Where the net realizable value is lower than cost, inventories are written down to such lower value. The net realizable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined considering marketability, obsolescence, and developments in the expected selling price. Receivables Receivables are measured at amortized cost. A credit loss allowance is made upon initial recognition based on historical observed default rates adjusted for forward looking estimates (simplified 'expected credit loss’ model). The cost of the credit loss allowance is included in sales and distribution costs. A loss is considered realized when it is certain that we will not recover the receivable, e.g., in case of bankruptcy or similar. Deposits are measured at fair value cost and consist of rent deposits. The leases are non-cancellable for a period of 0–9 years. Prepayments Prepayments include expenses paid in respect of subsequent fiscal years. Equity Dividend: Dividend proposed for the year is recognized as a liability at the time it is adopted at the Annual General Meeting. The amount proposed as dividend for the year is stated as a separate item in equity. Translation reserve: The translation reserve in the consolidated financial statements includes accumulated foreign exchange differences arising on the translation of the financial statements of foreign subsidiaries from their functional currency to the presentation currency of the Group. Revaluation reserve: The revaluation reserve contains adjustment occurred during transfers to (or from) investment property when there is a change in use, or the investment property is sold. Income tax and deferred tax Current tax payable and receivable is recognized in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method, providing for all temporary differences between the carrying amount and the tax base of assets and liabilities. However, the following items are not recognized: goodwill not deductible for tax purposes and other items – apart from business combinations – where temporary differences have arisen at the date of acquisition that neither affect profit/(loss) nor taxable income. Deferred tax assets, including the tax base of tax loss carry- forwards, are recognized as other non-current assets at the value at which they are expected to be utilized, either by elimination against tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity and jurisdiction. The deferred tax charge is adjusted in respect of elimination of unrealized intra-group profits and losses. Deferred tax is measured based on the tax rules and at the tax rates that will apply under the legislation enacted at the balance sheet date in the relevant countries when the deferred tax is expected to crystallize in the form of current tax. Changes in deferred tax as a result of changes in tax rates are recognized in the statement of comprehensive income. Under the joint taxation rules, Glunz & Jensen Holding A/S, as the management company, becomes liable vis-à-vis the tax authorities for the subsidiaries’ income taxes as the subsidiaries pay their joint taxation contributions. Joint taxation contributions payable and receivable are recognized in the balance sheet under receivables from/payables to subsidiaries. Provisions Provisions comprise estimated commitments regarding warranty obligations and restructuring etc. Provisions are recognized when, as a result of events occurring before or at the balance sheet date, the Group has a legal or constructive obligation, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Provisions are measured at Management's best estimate of the amount required to settle the obligation at the balance sheet date. A provision for warranties is recognized when the underlying products or services are sold. The provision is based on historical warranty data. Restructuring costs are recognized as liabilities when a detailed, formal restructuring plan has been announced not later than the balance sheet date to the parties affected by the plan. ANNUAL REPORT 2024 Page | 61 Pension obligations Payments relating to defined contribution plans under which the Group regularly pays fixed contributions into an independent pension fund are recognized in profit or loss in the period in which they are earned, and outstanding payments are recognized in the balance sheet under other payables. There are no defined benefit plans within the Group. Financial liabilities Payables to credit institutions are recognized at the date of borrowing at fair value (corresponding to the net proceeds received) less transaction costs paid. In subsequent periods, payables to credit institutions are measured at amortized cost, corresponding to the capitalized value using the effective interest rate method. Accordingly, the difference between the proceeds and the nominal value (capital loss) is recognized in profit or loss over the term of the loan. Other liabilities are measured at net realizable value. Prepayments from customers Prepayments from customers include payments received which relate to subsequent financial years. Cash flow statement The cash flow statement shows cash flows for the year, broken down by operating, investing, and financing activities, and the year’s changes in cash and cash equivalents as well as cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisitions and disposals of entities is shown separately under cash flows from investing activities. Cash flows from acquisitions of entities are recognized in the cash flow statement from the date of acquisition, and cash flows from disposals of entities are recognized up to the date of disposal. Cash flows from operating activities are determined as profit/(loss) for the year adjusted for non-cash operating items, changes in working capital, interest received and paid, including interest on lease liabilities, and income taxes paid. Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities; acquisitions and disposals of intangible assets, property, plant and equipment, investment properties and other non-current assets; and acquisitions and disposals of securities that are not recognized as cash and cash equivalents. Cash flow from financing activities comprise changes in the size or composition of the share capital and associated expenses as well as raisings of loans, repayment of interest-bearing debt, including repayment of lease liabilities, purchase and sale of treasury shares, and payment of dividends as well as dividend received from subsidiaries. Cash and cash equivalents comprise deposits with credit institutions and cash. Segment information Segment information is prepared in accordance with the Group's accounting policies and internal financial reporting. The Group presents two reportable segments: the prepress market and the property rental Selandia Park. Segment revenue, segment expenses, segment assets and liabilities are those items that are directly attributable to the individual segment or can be allocated to the segment on a reliable basis. Segment assets are those assets that are employed directly by the segment in its operating activities, including non-current assets, inventories, trade receivables, other receivables, prepayments and cash and cash equivalents. Segment liabilities are those liabilities that result from the segments’ operating activities, including trade liabilities, borrowings, lease liabilities and other liabilities. Additional segment information is stated regarding consolidated revenue broken down by geographic market. Page | 62 ANNUAL REPORT 2024 DEFINITIONS OF RATIOS Earnings per share (EPS) and diluted earnings per share (EPS-D) are calculated in accordance with IAS 33. The ratios in the annual report are calculated as follows: Gross margin Gross profit x 100 Revenue Operating margin Operating profit (EBITA) x 100 Revenue EBITDA margin Profit before interest, tax, amortization, depreciation and impairment x 100 Revenue Return on assets Operating profit x 100 Average operating assets Return on equity (ROE) Profit or loss for the year x 100 Average Equity Equity ratio Equity at year-end x 100 Liabilities at year-end Interest coverage Operating profit (EBITA) + interest income Interest expenses Earnings per share (EPS) Profit(loss) for the year Average number of shares outstanding Diluted earnings per share (EPS-D) Diluted earnings Diluted average number of shares outstanding Cash flow per share (CFPS) Cash flows from operating activities Diluted average number of shares outstanding Book value per share (BVPS) Equity at year-end Numbers of shares at year end Pay-out ratio Total dividend paid Profit or loss for the year Share price/book value (KI) Share price BVPS ANNUAL REPORT 2024 Page | 63 Glunz & Jensen Holding A/S Selandia Park 1 4100 Ringsted, Denmark +45 5768 8181 [email protected] www.glunz-jensen.com ÅrsrapportRevisionspåtegningParsePort XBRL Converter2024-01-012024-12-312023-01-012023-12-31549300S5UFTTWALAFE19Regnskabsklasse BKonklusionGrundlag for 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