SKAKO

Quarterly Report • Oct 29, 2021

INTERIM REPORT Q3

1 January – 30. September 2021

SKAKO A/S CVR: 36440414 Bygmestervej 2 5600 Faaborg Denmark

SKAKO is experiencing improved results compared to Q4 2020 and H1 2021 as the company is gradually recovering from the negative impact from Covid-19. This positive development is expected to continue through the rest of 2021.

Due to the difficult year-over-year comparison related to the impact on the business from Covid-19, we include quarter-over-quarter progress to show that we are gradually recovering from the negative impact from the pandemic. This comparison will be made for the rest of 2021.

257.4 (81.0 in Q3 2021)

YTD Revenue (DKKm)

Up from 252.7 in Q1-Q3 2020 Down from 90.5 in Q2 2021

Quarterly

report 2021

Page 1

(DKKm) 12.0 Down from 14.0 in Q1-Q3 2020

YTD EBIT

(4.4 in Q3 2021) Up from 4 .1 in Q2 2021

YTD EBIT margin

4.7% Down from 5.5% in Q1-Q3 2020 (5.5% in Q3 2021) Up from 4.5% in Q2 2021

YTD ROIC

6.2%

Down from 7.0% in Q2 2021 Down from 13.8% in Q1-Q3 2020

Order backlog (DKKm)

105.2

Up from 76.4 in Q2 2021 Up from 94.9 in Q1-Q3 2020

2021 Accounting period:

CONTENTS

1	Q1-Q3 2021 IN BRIEF 3
	2 KEY FIGURES AND FINANCIAL RATIOS 4
	3 FINANCIAL REVIEW Q1-Q3 20218
	4 BUSINESS UNITCONCRETE 11
	5 BUSINESS UNIT VIBRATION16
	6 FINANCIAL STATEMENTS 21
	6.1 STATEMENT BY MANAGEMENT 22
	6.2 CONSOLIDATED INCOME STATEMENT23
	6.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 24
	6.4 CONSOLIDATED BALANCE SHEET 30 September25
	6.5 CONSOLIDATED CASH FLOW STATEMENT 27
	6.6 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 28
	6.7 Segment information 30
	6.8 Correction of not significant mistake in the financial figures for 2020 32
	6.9 QUARTERLY KEY FIGURES ANDFINANCIAL RATIOS 34

Important notice about this document

This document contains forward-looking statements. Words such as believe, expect, may, will, plan, strategy, prospect, foresee, estimate, project, anticipate, can, intend, outlook, guidance,target and other words and terms ofsimilarmeaning in connection with any discussion offuture operation offinancial performance identifyforward-looking statements. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the outlooksetforth. Furthermore, some of these expectations are based on assumptions regarding future events which may prove incorrect.

Down from 206 in Q3 2020 Down from 13.8% in Q1-

Q3 2020*

1 Q1-Q3 2021 IN BRIEF

Revenue (DKKm)

Order backlog (DKKm)

Order intake (DKKm)

270.8 105.2 257.4 12.0 4.7% 2.73 196 6.2% (109.9 in Q3 2021) Up from 82.4 in Q2 2021 Up from 76.4 in Q2 2021 (81.0 in Q3 2021) Down from 90.5 in Q2 2021 Up from 4.1 in Q2 2021 Up from 223,9 in Q1-Q3 2020 Up from 94.8 in Q1-Q3 2020 Up from 252.7 in Q1-Q3 2020 Down from 14.0 in Q1-Q3 2020* Down from 5.5% in Q1-Q3 2020* Down from 3.72 in Q1-Q3 2020*

SKAKO Concrete 120,436 (DKKk) EBIT margin 4.6% SKAKO Vibration 136,992 (DKKk) EBIT margin 6.3% Plant sales (DKKk) 155,378 Aftersales 102,050 (DKKk) Revenue split by plant sales and aftersales Revenue split by Concrete & Vibration

* A not significant accounting mistake in 2020 could disturb year-on-year comparisons and therefore comparative figures for 2020 have been restated as described on page 31.

** Due to the difficult year- over- year comparison related to the impact on the business from Covid-19, quarter- over- quarter progress is included to show that SKAKO is gradually recovering from the negative impact from the pandemic.

2 KEY FIGURES AND FINANCIAL RATIOS

DKK thousands	Q3 2021	Q3 2020	Q1-Q3 2021	Q1-Q3 2020*	2020*
INCOME STATEMENT
Revenue	81,034	79,968	257,428	252,676	335,920
Gross profit	20,052	18,998	62,730	62,544	77,865
Operating profit (EBIT)	4,425	3,926	11,988	13,983	15,171
Net financial items	(583)	(500)	(2,002)	(1,814)	(3,084)
Profit before tax	3,842	3,426	9,986	12,169	12,087
Profit for the year	2,715	3,065	8,414	11,464	10,859
BALANCE SHEET
Non-current assets	82,562	80,341	82,562	80,341	84,265
Current assets	226,283	248,461	226,283	248,461	237,793
Assets	308,845	328,802	308,845	328,802	322,058
Equity	127,339	135,200	127,339	135,200	127,252
Non-current liabilities	36,038	30,788	36,038	30,788	38,455
Current liabilities	145,467	162,814	145,468	162,814	156,351
Net debt	49,638	40,203	49,638	40,203	40,187
Net working capital	119,507	131,778	119,507	131,778	111,295
OTHER KEY FIGURES
Investment in intangible assets	785	53	2,050	577	7,236
Investment in tangible assets	521	935	1,285	1,267	5,860
Cash flow from operating activities (CFFO)	2,552	(9,280)	3,530	(9,922)	4,806
Free cash flow	1,246	(10,268)	195	(7,811)	(8,293)
Average number of employees	196	206	196	206	195

Q ua rt er ly
re po rt
20 21

Key figures and financial ratios	CONTINUED
----------------------------------	-----------

DKK thousands	Q3 2021	Q3 2020	Q1-Q3 2021	Q1-Q3 2020*	2020*
FINANCIAL RATIOS
Gross profit margin	24.7%	23.8%	24.4%	24.8%	23.2%
Profit margin (EBIT margin)	5.5%	4.9%	4.7%	5.5%	4.5%
Liquidity ratio	155.6%	152.6%	155.6%	152.6%	152.1%
Equity ratio	41.2%	41.1%	41.2%	41.1%	39.5%
Return on equity	5.9%	14.3%	5.9%	14.3%	8.6%
ROIC	6.2%	13.8%	6.2%	13.8%	8.4%
Financial leverage	39.0%	29.7%	39.0%	29.7%	31.6%
Net debt to EBITDA	2.5	1.4	2.5	1.4	1.8
NWC/Revenue	35.1%	38.3%	35.1%	38.3%	33.1%
Earnings per share	0.88	0.99	2.73	3.72	3.52
Equity value per share	41.3	43.8	41.3	43.8	41.3
Share price	56.4	43.9	56.4	43.9	49.8
Price-book ratio	1.4	1.0	1.4	1.0	1.2
Market capitalization	175,202	136,372	175,202	136,372	154,700
Order backlog	105,225	94,900	105,225	94,900	91,877

For calculation of financial ratios please see page 10. Net working capital is calculated as Inventory, Trade receivables and Contract assets less Contract liabilities and Trade payables. Backlog represents revenue from signed contracts or orders executed but not yet completed or performed in full. * A not significant accounting mistake in 2020 could disturb year-on-year comparisons and therefore comparative figures for 2020 have been restated as described on page 31.

2 Key figures and financial ratios

Key figures and financial ratios – EUR*

EUR thousands	Q3 2021	Q3 2020*	Q1-Q3 2021	Q1-Q3 2020*	2020*
INCOME STATEMENT
Revenue	10,896	10,723	34,615	33,880	45,064
Gross profit	2,696	2,547	8,435	8,386	10,446
Operating profit (EBIT)	595	526	1,612	1,875	2,035
Net financial items	(78)	(67)	(269)	(243)	(414)
Profit before tax	517	459	1,343	1,632	1,621
Profit for the period	365	411	1,131	1,537	1,457
BALANCE SHEET
Non-current assets	11,103	10,790	11,103	10,790	11,327
Current assets	30,431	33,367	30,431	33,367	31,964
Assets	41,534	44,157	41,534	44,157	43,291
Equity	17,125	18,157	17,125	18,157	17,105
Non-current liabilities	4,846	4,135	4,846	4,135	5,169
Current liabilities	19,563	21,865	19,563	21,865	21,017
Net interest-bearing debt	6,675	5,399	6,675	5,399	5,402
Net working capital	16,071	17,697	16,071	17,697	14,960
OTHER KEY FIGURES
Investment in intangible and tangible assets	176	133	448	248	1,760
Cash flow from operating activities (CFFO)	343	(1,244)	475	(1,330)	645
Free cash flow	168	(1,377)	26	(1,047)	(1,113)
Average number of employees	196	206	196	206	195

Key figures and financial ratios – EUR*CONTINUED

EUR thousands	Q3 2021	Q3 2020	Q1-Q3 2021	Q1-Q3 2020*	2020*
FINANCIAL RATIOS
Gross profit margin	24.7%	23.8%	24.4%	24.8%	23.2%
Profit margin (EBIT margin)	5.5%	4.9%	4.7%	5.5%	4.5%
Liquidity ratio	155.6%	152.6%	155.6%	152.6%	152.1%
Equity ratio	41.2%	41.1%	41.2%	41.1%	39.5%
Return on equity	5.9%	14.3%	5.9%	14.3%	8.6%
ROIC	6.2%	13.8%	6.2%	13.8%	8.4%
Financial leverage	39.0%	29.7%	39.0%	29.7%	31.6%
Net debt to EBITDA*	2.5	1.4	2.5	1.4	1.8
NWC/Revenue	35.1%	38.3%	35.1%	38.3%	33.1%
Earnings per share (EPS)	0.12	0.13	0.37	0.50	0.47
Equity value per share	5.55	5.89	5.55	5.89	5.55
Share price	7.58	5.90	7.58	5.90	6.69
Price-book ratio	1.4	1.0	1.4	1.0	1.21
Market cap	23,561	18,314	23,561	18,314	20,795
* A not significant accounting mistake in 2020 could disturb year on year comparisons and therefore comparative figures for 2020 have been restated as described on page 31. Order backlog	14,151	12,737	14,151	12,737	12,350

**On the translation of key figures and financial ratios from Danish kroner to euro, Danmarks Nationalbank's rate of exchange on 30 September 2021 of 743.60 has been used for balance sheet items, and the average rate of exchange of 743.68 has been used for income statement and cash flow on items.

3 FINANCIAL REVIEW Q1-Q3 2021

l

DKK thousands	Q3 2021	Q3 2020	Change	Q1-Q3 2021	Q1-Q3 2020*	Change	Q2 2021	Change
Plant sales revenue	46,416	46,783	(0.8%)	155,378	156,758	(0.9%)	57,244	(18.9%)
Aftersales revenue	34,618	33,185	4.3%	102,050	95,918	6.4%	33,232	4.2%
Total revenue	81,034	79,968	1.3%	257,428	252,676	1.9%	90,476	(10.4%)
Production costs	(60,982)	(60,970)	0.0%	(194,698)	(190,132)	2.4%	(68,839)	(11.4%)
Gross profit	20,052	18,998	5.5%	62,730	62,544	0.3%	21,637	(7.3%)
Gross profit margin	24.7%	23.8%	0.9pp	24.4%	24.8%	(0.4pp)	23.9%	0.8pp
Distribution costs	(8,416)	(7,786)	8.1%	(27,786)	(27,870)	(0.3%)	(9,872)	(14.7%)
Administrative expenses	(7,211)	(7,286)	(1.0%)	(22,956)	(20,691)	10.9%	(7,663)	(5.9%)
Operating profit (EBIT)	4,425	3,926	12.7%	11,988	13,983	(14.3%)	4,103	7.8%
Operating profit margin (EBIT margin)	5.5%	4.9%	0.6pp	4.7%	5.5%	(0.8pp)	4.5%	1.0pp
Profit for the period	2,715	3,065	(11.4%)	8,414	11,464	(26.6%)	3,410	(20.4%)
Order backlog beginning of period	76,392	112,778	(32.3%)	91,877	123,681	(25.7%)	84,485	(9.6%)
Order intake	109,867	62,090	76.9%	270,776	223,895	20.9%	82,383	33.4%
Revenue	(81,034)	(79,968)	1.3%	(257,458)	(252,676)	1.9%	(90,476)	(10.4%)
Order backlog end of period	105,225	94,900	10.9%	105,225	94,900	10.9%	76,392	37.7%

* A not significant accounting mistake in 2020 could disturb year-on-year comparisons and therefore comparative figures for 2020 have been restated as described on page 31.

SKAKO Group revenue and EBIT margin*

The markets of SKAKO are in general recovering after the macro-economic impact of Covid-19. We are in particular seeing increased activity in the markets for recycling and sustainability, which is in line with our strategic initiatives, i.e., the acquisition of SKAKO Dartek executed in 2019.

As expected, SKAKO delivered a strong Q3, with improvements in order intake and profitability on operating business. The revenue in the quarter is still slightly impacted by low opening order book and the fairly low level of new orders in H1. However, the increase in new orders realized from Q1 to Q2 has continued into Q3. This gives us confidence that impact from the Covid-19 pandemic is decreasing in the markets in which we are operating. During the first three quarters, SKAKO has increased the order book which provides a strong outset for meeting the Q4 revenue expectations and enhance the outset for 2022, compared to 2021. The increased order book applies for both SKAKO Vibration and SKAKO Concrete.

For a detailed financial review of each business unit, please see section 2.1 for SKAKO Concrete and section 3.1 for SKAKO Vibration.

SKAKO is experiencing increasing prices for raw materials and freight. To eliminate this risk SKAKO has implemented frequent price updates and significantly reduced acceptance period on plant quotations.

Revenue

Revenue in Q3 2021 was in line with Q3 2020, but below Q2 2021, with DKK 9.4m (-10.4%). In fact, in Q3 aftersales revenue has increased by 4.2% whereas plant revenue was 18.9% lower than Q2 2021, driven by the low opening backlog. Revenue YTD has increased by 1.9% compared to the same period last year.

Gross profit

Gross profit of DKK 20.1m in Q3 is a decrease of 7.3% compared to Q2 2021, driven by DKK 9.4m lower revenue, and an increase of 5.5% compared to Q3 2020, driven by DKK 1.1m higher revenue and improved gross profit margins. The gross profit margin in Q3 has increased by 0.8 percentage point, compared to Q2 2021 and 0.9 percentage point compared to Q3 2020. The gross profit margin YTD has decreased by 0.4 percentage point, compared to the same period in 2020.

Capacity costs

In Q3 2021, capacity costs were DKK 1.9m lower than Q2 2021. Distribution costs in the period Q1- Q3 2021 were maintained at the same level as at the end of Q3 in 2020 whereas the administrative expenses have increased by DKK 2.2 m. The increase in administrative costs is due to increased costs for communication and visual identity, as well as the initial cost for the warrants program.

Operating profit

Operating Profit (EBIT) increased to DKK 4.4m in Q3 compared to DKK 4.1m in Q2 2021 and DKK 3.9m in Q3 2020.

Operating profit (EBIT) amounted to DKK 12.0m in Q3 2021 YTD compared to DKK 14.0m at the end of Q3 in 2020. The decline compared to 2020 is mainly due to the government compensation of DKK 3.8m received in Q1-Q3 2020. Operating profit (EBIT) is expected to improve in Q4 2021.

Order intake and backlog

Order intake in Q1 – Q3 amounted to 270.8m compared to 223.9m at the end of Q3 in 2020, an increase of 20.9%. As revenue compared with the same period in 2020 is only 1.9% above, order backlog has increased significantly and forms thereby a strong outset for both Q4 and next year. The order backlog is at the end of Q3 2021 DKK 105.2m compared to DKK 94.9m at the end of Q3 2020.

The pipeline of new orders remains strong for both SKAKO Vibration and the SKAKO Concrete.

Cash flow developments

In the first nine months of 2021, SKAKO generated cash flow from operating activities (CFFO) of DKK 3.5m compared to DKK – 9.9m in Q3 YTD 2020. In Q3 2021, cash flow from operating activities (CFFO) amounted to DKK 2.6m compared to DKK - 9.3m in Q3 2020 and DKK 7.8m in Q2 2021. The low cash flow compared to profit in Q1-Q3 2021 is primarily due to a reduction in pre-payments from customers due to late incoming orders in Q3.

Equity

The Group's equity was DKK 127.3m on 30 September 2021 (DKK 135.2m on 30 September 2020) corresponding to an equity ratio of 41.2% (41.1% on 30 September 2020). The equity is at the same level compared to the beginning of 2021 (DKK 127.3 on 31 December 2020) as the distributed dividend of DKK 9.3m is offset by period earnings. Profit for the period of DKK 8.8m and a favourable development in exchange rates for USD and GBP offset the distributed dividends.

ROIC

As of 30 September 2021, return on invested capital (rolling four quarters) amounted to 6.2% compared to 13.8% as of 30 September 2020. The reduction in return on invested capital is due to the lower result in period Q4 2020 to Q3 2021 which was impacted by Covid-19 compared to the period Q4 2019 to Q3 2020 and an increase in average invested capital. Average invested capital increased as a result of investments in Dartek and Conparts in Q4 2019 and Q4 2020. As the ROIC is calculated on four rolling quarters, it is expected that ROIC will increase in coming quarters as a consequence of the increasing quarterly results.

Balance sheet

As of 30 September 2021, the Group's assets totalled DKK 308.8m (30 September 2020: DKK 328.8m)

Non-current assets increased by DKK 2.2m and amounted to DKK 82.6m (30 September 2020: DKK 80.3m) while current assets decreased by DKK 22.2m to DKK 226.3m (30 September 2020: DKK 248.5m). The decrease in current assets is primarily due to a reduction in construction contracts assets.

Net debt increased by DKK 9.4m and totalled DKK 49.6m on 30 September 2021 (30 September2020: DKK 40.2m). The increase in net debt is primarily due to distributed dividends in Q4 2020 and Q2 2021 as well as payments on the acquisitions of SKAKO Dartek and Conparts ApS. The ratio of net debt to EBITDA amounts to 2 . 5 compared to 1.4on 30 September 2020 and 1.8 at the end of 2020. It is our ambition to keep the ratio of net debt to EBITDA below 2.5.

Events after the balance sheet date

There have been no events that materially affect the assessment of this interim report after the balance sheet date and up to today.

Outlook 2021

Due to strong order inflow and higher visibility towards year end, we have decided to narrow our guidance for 2021.

Based on market and business conditions, we are guiding for an operating profit (EBIT) of DKK 19-22m in 2021. Previous guidance was DKK 18-23m.

Accounting policies as well as financial estimates and assumptions

The interim report has been prepared in accordance with IAS 34, Interim financial reporting, as adopted by the EU and further Danish disclosure requirements in respect of interim reports for listed companies.

The accounting policies used for the interim report are the same as the accounting policies used for Annual Report 2020 to which we refer for a full description. The Group has adopted all new, amended and revised accounting standards and interpretations as published by the IASB and adopted by the EU effective for the accounting period beginning on 1 January 2021. We refer to the notes to the annual report for a description of material estimates and assumptions.

Compared with the description in Annual Report 2020, there have been no changes in the accounting estimates and assumptions made by Management in the preparation of the interim report.

Financial ratios

Financial ratios are calculated as follows:

• Gross profit margin = Gross profit x 100 / Revenue
• Profit margin = EBIT x 100 / Revenue
• Liquidity ratio = Total current assets x 100 / Total current liabilities
• Equity ratio = Total equity x 100 / Total assets
• Return on equity = Profit for the period x 100 / (Equity this year + equity prior year) / 2*
• Financial leverage = Net interest-bearing debt x 100 / Equity
• Net debt to EBITDA = Net debt / EBITDA (EBIT less depreciations)*
• NWC/Revenue = Net working capital x 100 / Revenue*
• Earnings per share = Profit for the period / Shares in free flow
• Equity value per share = Equity / Total shares
• Share price = Share price at end of period
• Price-book ratio = Share price / Equity per share
• Market capitalization = Total number of share x Share price
• ROIC = NOPAT / (Invested capital this year + invested capital prior year) / 2*
• NOPAT = Profit for the period +/- net financial income*
• Invested capital = Total assets net cash and credits deferred tax assets non-interest-bearing current liabilities

4 BUSINESS UNIT CONCRETE

Business unit Concrete

Investments in the concrete market appear to be recovering and market activities are, in general, increasing.

In 2020, SKAKO Concrete initiated a new strategy. The strategy is focusing on five tracks: Culture/Organization, Sustainability, Digitization, Partnership, and Sales & marketing.

Approaching the end of 2021, the execution of the new strategy is progressing, and we start to see the results of our efforts.

Under the Sales & marketing track, plant sales and aftersales have now been gathered in one sales unit servicing our primary markets.

We have made a go-to-market plan and by means of OKR (Objectives and Key Results) we are now working determinedly to reach our objectives.

Finally, we have carried through a comprehensive customer survey which has given us important knowledge about how our markets and customers are perceiving SKAKO and what they are expecting and looking for.

All this is increasing the inquiries for our products, and we are realizing an increased inflow of new orders and our pipeline for both components and large plants within our key products (mixer, CONFLEX and SKAKOMAT) is growing all the time.

With a good product mix and a solid pipeline and order backlog, on both a short-term and a long-term basis, we are facing a strong Q4 2021 and a solid start of 2022.

Q1-Q3 2021 FINANCIAL REVIEW SKAKO CONCRETE

DKK million	Q3 2021	Q3 2020	Change	Q1-Q3 2021	Q1-Q3 2020*	Change	Q2 2021	Change
Plant sales revenue	14.3	18.2	(21.4%)	52.2	65.5	(20.3%)	20.8	(31.3%)
Aftersales revenue	22.4	22.1	1.4%	68.2	61.3	11.3%	23.0	(2.6%)
Total revenue	36.7	40.3	(8.9%)	120.4	126.8	(5.0%)	43.8	(16.2%)
Gross profit	7.1	7.8	(9.0%)	24.4	23.4	4.3%	8.8	(19.3%)
Gross profit margin	19.3%	19.4%	(0.1pp)	20.3%	18.5%	1.8pp	20.1%	(0.8pp)
Operating profit (EBIT)	1.0	2.4	(58.3%)	5.5	6.0	(8.3%)	2.3	(56.5%)
Profit margin (EBIT margin)	2.7%	6.0%	(3.3pp)	4.6%	4.7%	(0.1pp)	5.3%	(2.6pp)
Order backlog beginning of period	24.1	58.9	(59.1%)	34.5	64.6	(46.6%)	30.5	(21.0%)
Order intake	48.3	24.3	98.8%	121.6	105.1	15.7%	37.4	29.1%
Order backlog end of period	36.0	42.9	(16.1%)	36.0	42.9	(16.1%)	24.1	49.4%

* A not significant accounting mistake in 2020 could disturb year-on-year comparisons and therefore comparative figures for 2020 have been restated as described on page 31.

SKAKO Concrete revenue and EBIT margin*

With an increase in inflow of new orders of 29.1% compared with Q2, the SKAKO Concrete markets seem to recover. The pipeline of new potential orders continues to be strong also for Q4. This confirms a good outset for the revenue, both in Q4 and for 2022. The inflow of new orders in Q1 – Q3 is DKK 121.6m compared with DKK 105.1m at the end of Q3 in 2020

SKAKO Concrete has succeeded in improving the profitability of plant orders and at the same time reducing the execution time of the individual projects. SKAKO Concrete now has more standard products in the order book and pipeline, and these usually have a shorter delivery time, less complexity, and a higher profitability.

The backlog of plant orders is confirming the expectations to the realization of the Q4 revenue.

Financial performance in Q3 2021

Revenue from plants orders has decreased by 21.4%, and aftersales revenue has increased by 1.4% compared to Q3 2020. In total, revenue has decreased by 8.9% compared to Q3 2020. The decrease in revenue from plant is due to the low opening backlog at beginning of 2021.

Gross profit and gross profit margin were realized with DKK 7.1 m and 19.3% compared to DKK 7.8m and 19.4% in Q3 2020. The increase of gross profit margin is mainly due to improved margins on plant orders and a favourable revenue mix between plant sales and aftersales. Aftersales revenue has a higher contribution margin than revenue from plant sales.

EBIT and EBIT-margin were realized with DKK 1.0m and 2.7% compared to DKK 2.4m and 6.0% in Q3 2020. The decrease in EBIT is mainly due to the reduced revenue of DKK 3.6m and increased capacity cost in Q3 2021 in order to address the recovery of the concrete market.

Order intake amounted to DKK 48.3m in Q3 2021 which is an increase of 98.8% compared to Q3 2020. The strong order intake in Q3 is a good indication of recovery of the concrete market.

Financial performance in Q1 – Q3 2021

Revenue from plants has decreased by 20.3% while aftersales revenue has increased by 11.3% compared to Q1 – Q3 2020. In total, revenue decreased by 5.0% compared to Q1 – Q3 2020. The decrease in revenue from plant sales is mainly due to a lower order backlog at the beginning of 2021 compared to the beginning of 2020. The increase in revenue from aftersales can be explained by a low aftersales revenue in Q1-Q3 2020 due to the lockdown from Covid-19.

Gross profit and gross profit margin were realized with DKK 24.4m and 20.3% compared to DKK 23.5m and 18.5% in Q1-Q3 2020. The increase in gross profit margin is mainly due to improved margins on plant sales and revenue mix between plant sales and aftersales. Aftersales revenue has a higher contribution margin than revenue from plant sales. Furthermore, gross profit in Q1-Q3 2020 included government compensation (grants) related to Covid-19 of DKK 1.4m.

EBIT and EBIT-margin were realized with DKK 5.5m and 4.6% compared to DKK 6.0m and 4.7% in Q1–Q3 2020. The decrease in EBIT and EBIT margin is mainly due to reduced revenue of DKK 6.4m. Furthermore, EBIT in Q1-Q3 2020 included government compensation (grants) related to Covid-19 of DKK 1.6m.

Order intake amounted to DKK 121.6 m in Q1-Q3 2021 which is an increase of 15.7% compared to Q1-Q3 2020. With a strong pipeline of new orders in SKAKO Concrete, we expect a continued growth in Q4 2021 compared to Q4 2020.

Financial performance SKAKO Concrete

H1 2021 Financial review SKAKO Concrete

CEMEX – a fast delivery is crucial for most customers

Order for CEMEX Rochester, UK

For nearly 20 years, SKAKO partnered CEMEX in the successful supply of concrete sleepers for Network Rail (owners of Britain's railway network) at their Washwood Heath site in Birmingham, England. The development of the HS2 project meant that the factory had to be closed down and relocated as the factory site was located on the planned route for the new railway line. Therefore, CEMEX had to find an alternative site for the production of concrete sleepers.

An existing site was established but required a major overhaul of the batching plant in order to maintain previous levels of concrete output to satisfy Network Rail's specific requirements. Due to our successful collaboration at the previous factory, SKAKO was the number-one choice for the supply of the batching plant equipment. The project involved the supply of a new SKAKO AM1500 mixer, a bespoke CONFLEX transportation system to fit within the existing infrastructure as well as a new SKAKOMAT control system to operate the plant autonomously.

5 BUSINESS UNIT VIBRATION

Hardware segment

Investments in the hardware segment started to increase again in Q2 and Q3 2021 compared to the same period in 2020. This industry segment is strongly linked to the automotive and building segment which has been growing during the first three quarters of the year. Thanks to our strong reputation in this field, we have immediately benefited from the renewed confidence in the future of our customers in terms of order intake.

Mineral segment

Although industries in North African countries have not fully restarted in the first nine months of 2021, our share of turnover increased mainly due to the significant orders we received from European mineral customers in Q4 2020. At the start of the year, this segment showed some uncertainties, but the current price rise of raw materials is unlocking the situation and should significantly increase the level of investments in Europe and Africa.

Recycling segment

The share of recycling in our turnover increased considerably last year in line with SKAKO Vibration's strategy. This share fell slightly during the first nine months of 2021 although we were able to continue to deliver the equipment for the large order for Tapojärvi in Italy despite the limitations caused by Covid-19. The latest figures from our order intake show a strong upturn in activity in this segment, thanks to the strengthened synergy of sales within the Group and the boom in the recycling market in Europe, and we expect to see increased revenue from this segment in the coming quarters.

Q1-Q3 2021 FINANCIAL REVIEW SKAKO VIBRATION

DKK thousands	Q3 2021	Q3 2020	Change	Q1-Q3 2021	Q1-Q3 2020	Change	Q2 2021	Change
Plant sales revenue	32.2	28.8	11.8%	104.0	92.1	12.9%	36.9	(12.7%)
Aftersales revenue	12.8	11.7	9.4%	36.1	36.5	(1.1%)	11.2	14.3%
Total revenue	45.0	40.5	11.1%	140.1	128.6	8.9%	48.1	(6.4%)
Gross profit	13.3	12.9	3.1%	37.9	39.2	(3.3%)	12.7	4.7%
Gross profit margin	29.6%	31.9%	(2.3pp)	27.0%	30.5%	(3.4pp)	26.4%	3.2pp
Operating profit (EBIT)	4.3	2.4	79.2%	8.8	9.8	(10.2%)	2.6	65.4%
Profit margin (EBIT margin)	9.6%	5.9%	3.7pp	6.3%	7.6%	(1.3pp)	5.4%	4.2pp
Order backlog beginning of period	53.2	54.7	(2.7%)	58.6	60.0	(2.3%)	54.3	(2.0%)
Order intake	62.2	38.8	60.3%	151.9	121.6	24.9%	47.0	32.3%
Order backlog end of period	70.1	53.0	32.3%	70.1	53.0	32.3%	53.2	31.8%

SKAKO Vibration revenue and EBIT margin

With a strong inflow of new orders in Q3, the SKAKO Vibration markets also seem to recover from the Covid-19 pandemic. New orders in Q1-Q3 are 24.9% above same period last year. This is in accordance with our expectations for 2021 where we expect to see improved market conditions in the rest of 2021 as restrictions and uncertainties from Covid-19 are expected to ease. As communicated in our guidance for 2021, our expectations for the year are back-end loaded.

The order book at the end of Q3 2021 has increased by DKK 17.1m compared with Q3 2020, equal to 32.3%

The acquisition of Dartek has been well implemented and seems to be right in time with the increasing activities in the recycling market segment.

Financial performance in Q3 2021

In Q3 2021, revenue from plant sales increased by 11.8% while aftersales revenue increased by 9.4% compared to Q3 2020. In total, revenue increased by 11.1% compared to Q3 2020. The increased revenue is caused by the strong order intake and the short execution cycles.

Gross profit and gross profit margin were realized with DKK 13.3m and 29.5% compared to DKK 12.9m and 31.9% in Q3 2020. The increased gross profit is caused by the increased revenue of DKK 4.5m.

EBIT and EBIT margin were realized with DKK 4.3m and 9.6% compared to DKK 2.4m and 5.9% in Q3 2020. The higher EBIT is due to higher revenue and higher gross profit.

Order intake amounted to DKK 62.2m in Q3 2021 which is an increase of 60.3% compared to Q3 2020. Like SKAKO Concrete, SKAKO Vibration is also perceiving the growth as a sign of market recovery.

SKAKO Vibration is currently experiencing a very healthy development in the pipeline, primarily due to an opening in the markets in the mineral segment in Northern Africa and the recycling segment in Southern Europe.

Financial performance in Q1-Q3 2021

Revenue from plants increased by 12.9% while aftersales revenue decreased by 1.1% compared to Q1-Q3 2020. In total, revenue increased by 8.9% compared to Q1-Q3 2020. The increase in revenue is mainly driven by the increase in bookings of new orders compared to the same period last year.

Gross profit and gross profit margin were realized with DKK 37.9m and 27.0% compared to DKK 39.2m and 30.5% in Q1-Q3 2020. The lower gross profit margin is due to the fact that we executed and delivered plants with higher margins in Q 1 -Q 3 2020 compared to Q1-Q3 2021. Furthermore, we have seen an increase in revenue from plant orders while we have seen a decrease in revenue from aftersales where we generally obtain higher margins than on plant orders. Also, gross profit in Q1-Q3 2020 included government compensation (grants) related to Covid-19 of DKK 1.5m.

EBIT and EBIT margin were realized with DKK 8.8m and 6.3% compared to DKK 9.8m and 7.6% in Q1-Q3 2020. The lower EBIT and EBIT margin is mainly due to the decrease in gross profit margin and lower capacity costs in Q1-Q3 2020 due to savings related to the uncertainties from Covid-19. EBIT in Q1-Q3 2020 included government compensation (grants) related to Covid-19 of DKK 2.2m.

Order intake amounted to DKK 151.9m in Q1-Q3 2021 which is an increase of 24.9% compared to Q1-Q3 2020. Uncertainties resulting from the resurgence of Covid-19 had a negative effect on order intake in Q1-Q3 2020 where order intake was well below normal levels. In Q1-Q3 2021, we are starting to see order intake return to normal levels in most markets while some markets are still recovering.

Financial performance SKAKO Vibration

INDUMETAL RECYCLING – Proof of concept testing in the recycling industry is often essential

Order for Indumetal Recycling, Spain

In spring 2020, four engineers from the company Indumetal Recycling, a company dedicated to the recycling and recovery of all types of metals and batteries, visited SKAKO Dartek. SKAKO Dartek had become the main supplier of vibrating equipment for the company Indumetal Recycling having sold them elastic mesh screens (one of them made of stainless steel), divergent bar screens, vibratory feeders, vibrating compacting tables, etc. After two days of testing in our test center, the right equipment was found to satisfy the customer's installation needs. The proportioning control was optimal allowing the customer to improve recovery and recycling of metals by 18%. The customer was fully satisfied with the final result relying on our equipment for future projects and quickly ordering several screens of divergent bars and perforated grills (orders in the manufacturing process). The success of this project, thanks to the collaboration between both companies, has directly impacted the profits of Indumetal Recycling and has consolidated SKAKO Dartek's positioning as the No. 1 supplier of vibrating equipment in Spain for the metal recycling sector. Without doubt, this is a mutual success for both companies.

6 FINANCIAL STATEMENT S

6.1 STATEMENT BY MANAGEMENT

We have considered and approved the interim report of SKAKO A/S for the period 1 January – 30 September 2021.

The interim report, which has not been audited or reviewed by our auditors, has been prepared in accordance with IAS 34 Interim financial reporting, as adopted by the European Union and accounting policies set out in the annual report for 2020 of SKAKO A/S. Furthermore, the interim report for the period 1 January – 30 September 2021 has been prepared in accordance with additional Danish disclosure requirements for interim reports of listed companies.

In our opinion, the interim financial report gives a true and fair view of the Group's assets, liabilities, and financial position on 30 September 2021 and of the results of the Group's operations and cash flows for the first nine months of 2021.

We also believe that the Management commentary contains a fair review of the development in the Group's business and financial position, the results for the period and the Group's financial position as well as a description of the principal risks and uncertainties facing SKAKO.

Faaborg, 29 October 2021

6.1 Statement by Management

6.2 CONSOLIDATED INCOME STATEMENT

DKK thousands	Q3 2021	Q3 2020	Q1-Q3 2021	Q1-Q3 2020*	2020*
Revenue from contracts with customers	81,034	79,968	257,428	252,676	335,920
Production costs	(60,982)	(60,970)	(194,698)	(190,132)	(258,055)
Gross profit	20,052	18,998	62,730	62,544	77,865
Distribution costs	(8,416)	(7,786)	(27,786)	(27,870)	(35,039)
Administrative expenses	(7,211)	(7,286)	(22,956)	(20,691)	(27,655)
Operating profit (EBIT)	4,425	3,926	11,988	13,983	15,171
Financial income	-	-	-	123	461
Financial expenses	(583)	(500)	(2,002)	(1,937)	(3,545)
Profit before tax	3,842	3,426	9,986	12,169	12,087
Tax on profit for the period	(1,127)	(361)	(1,572)	(705)	(1,228)
Profit for the period	2,715	3,065	8,414	11,465	10,859
Profit for the period attributable to SKAKO A/S shareholders	2,715	3,065	8,414	11,464	10,859
Earnings per share (EPS), DKK	0.88	0.99	2.73	3.72	3.52
Diluted earnings per share (EPS), DKK	0.88	0.99	2.73	3.72	3.52

6.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

DKK thousands	Q3 2021	Q3 2020	Q1-Q3 2021	Q1-Q3 2020*	2020*
Profit for the period	2,715	3,065	8,414	11,464	10,859
Other comprehensive income:	219	(412)	763	(1,139)	(1,453)
Items that have been or may subsequently be reclassified to the income statement: Foreign currency translation, subsidiaries value adjustments of hedging instruments	(174)	305	(181)	333	146
Other comprehensive income	45	(107)	582	(806)	(1,307)
Comprehensive income	2,760	2,958	8,996	10,658	9,552
Comprehensive income attributable to SKAKO A/S shareholders	2,760	2,958	8,996	10,658	9,552

6.4 CONSOLIDATED BALANCE SHEET 30 September

DKK thousands	30 September 2021	30 September 2020*	31 December 2020*
Intangible assets	37,403	33,417	38,961
Intangible assets under development	3,471	5,490	2,226
Intangible assets	40,874	38,907	41,187
Leased assets	9,393	8,820	9,874
Land and buildings	5,898	5,750	5,988
Plant and machinery	702	406	807
Operating equipment, fixtures and fittings	2,519	3,006	2,909
Leasehold improvements	883	273	528
Tangible assets under construction	57	58	454
Property, plant and equipment	19,452	18,313	20,560
Other receivables	1,511	1,509	1,521
Deferred tax assets	20,725	21,612	20,997
Other non-current assets	22,236	23,121	22,518
Total non-current assets	82,562	80,341	84,265
Inventories	57,447	59,882	53,077
Trade receivables	78,738	75,377	73,439
Contract assets	59,162	77,206	66,376
Income tax	69	187	610
Other receivables	9,022	7,554	7,792
Prepaid expenses	2,893	4,357	3,079
Cash	18,952	23,898	33,420
Current assets	226,283	248,461	237,793
Assets	308,845	328,802	322,058

Consolidated balance sheet 30 September CONTINUED

DKK thousands	30 September 2021	30 September 2020*	31 December 2020*
Share capital	31,064	31,064	31,064
Foreign currency translation reserve	(461)	(909)	(1,224)
Hedging reserve	3	371	184
Proposed dividends	-	6,213	9,252
Retained earnings	96,733	98,461	87,976
Equity	127,339	135,200	127,252
Other payables	5,269	6,270	6,270
Leasing	5,552	5,921	6,556
Loans and borrowings	21,126	14,928	22,326
Provisions	4,091	3,669	3,303
Non-current liabilities	36,038	30,788	38,455
Loans and borrowings	9,695	8,195	10,118
Bank loans and credit facilities	28,984	32,103	31,261
Leasing	3,233	2,954	3,346
Provisions	2,459	2,010	1,997
Contract liabilities	7,827	6,566	6,051
Trade payables	68,013	74,121	75,546
Income tax	1,450	656	450
Other liabilities	23,807	36,209	27,582
Current liabilities	145,468	162,814	156,351
Liabilities	181,506	193,603	194,806
EQUITY AND LIABILITIES	308,845	328,802	322,058

6.5 CONSOLIDATED CASH FLOW STATEMENT

DKK thousands	Q3 2021	Q3 2020*	Q1-Q3 2021	Q1-Q3 2020*	2020*
Profit before tax	3,842	3,426	9,986	12,169	12,087
Adjustments	3,148	1,831	8,599	4,926	9,112
Changes in receivables, etc.	2,421	(14,055)	880	(14,883)	(1,531)
Change in inventories	(3,291)	872	(4,370)	(1,103)	6,727
Change in trade payables and other liabilities, etc.	(2,877)	(827)	(9,533)	(10,210)	(17,933)
Cash flow from operating activities before financial items and tax	3,243	(8,753)	5,562	(9,101)	8,462
Financial items received and paid	(583)	(500)	(2,002)	(1,814)	(3,084)
Taxes paid and received	(108)	(27)	(30)	993	(572)
Cash flow from operating activities	2,552	(9,280)	3,530	(9,922)	4,806
Investment in intangible assets	(785)	(53)	(2,050)	(577)	(2,729)
Investment in tangible assets	(521)	(935)	(1,285)	(1,267)	(5,860)
Acquisition of entities	-	-	-	3,955	(4,507)
Cash flow from investing activities	(1,306)	(988)	(3,335)	2,111	(13,096)
Change in borrowings	(1,546)	706	(782)	14,640	19,282
Repayments	(1,187)	(1,382)	(2,959)	(4,106)	(8,382)
Paid dividends	-	-	(9,252)	-	(6,168)
Change in short-term bank facilities	2,674	10,856	(2,277)	(5,360)	10,884
Cash flow from financing activities	(59)	10,180	(15,270)	5,174	15,616
Change in cash and cash equivalents	1,187	(88)	(15,075)	(2,637)	7,326
Cash and cash equivalents beginning of the period	17,482	24,022	33,420	26,559	26,560
Foreign exchange adjustment, cash and cash	283	(36)	607	(24)	(466)
Cash and cash equivalents at the end of the period	18,952	23,898	18,952	23,898	33,420
Breakdown of cash and cash equivalents at the end of the year:
Cash and other investments	18,952	23,898	18,952	23,898	33,420
Cash and cash equivalents at the end of the year:	18,952	23,898	18,952	23,898	33,420

6.6 Consolidated statement of changes in equity

6.6 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Share capital	Foreign currency translation reserve	Hedging reserve	Retained earnings	Proposed dividends	Equity
Equity 1 January 2021*	31,064	(1,224)	184	87,976	9,252	127,252
Comprehensive income in Q1-Q3 2021
Profit for the period				8,414		8,414
Paid dividends					-9,252	-9,252
Other comprehensive income: Foreign currency translation
adjustments, subsidiaries		763				763
Value adjustments of hedging instruments			(181)			(181)
Other comprehensive income	-	763	(181)	-	-	582
Comprehensive income, period	-	763	(181)	8,414	-	8,996
Share-based payment, warrants	-	-	-	343	-	343
Equity 30 September 2021	31,064	(461)	3	96,733	-	127,339

Consolidated statement of changes in equity CONTINUED

	Share capital	Foreign currency translation reserve	Hedging reserve	Retained earnings	Equity
Equity 1 January 2020	31,064	229	38	93,086	124,417
Comprehensive income in Q1-Q3 2020:
Profit for the period*				11,464	11,464
Other comprehensive income:
Foreign currency translation adjustments, subsidiaries		(1,138)			(1,138)
Value adjustments of hedging instruments			333		333
Other comprehensive income	-	(1,138)	333	-	(805)
Comprehensive income, period*	-	(1,138)	333	11,464	10,659
Share-based payment, warrants				124	124
Equity 30 September 2020*	31,064	(909)	371	104,674	135,200

6.7 Segment information

Q1-Q3 2021	Concrete	Vibration	Not distributed including parent company	Eliminations	Group total
Revenue, external	120,436	136,992	-	-	257,428
Revenue, internal		3,171	-	(3,171)	-
Total revenue	120,436	140,163		(3,171)	257,428
Depreciations	(2,264)	(2,772)		-	(5,036)
Operating profit (EBIT)	5,548	8,795	(2,355)	-	11,988
Order backlog, beginning	34,496	58,593	-	(1,212)	91,877
Order intake	121,624	151,909	-	(2,757)	270,776
Order backlog, ending	35,684	70,339	-	(798)	105,225
Segment non-current assets	34,513	43,266	4,783		82,562
Segment assets	110,278	194,981	5,444	(1.858)	308,845
Segment liabilities	56,576	120,129	6,659	(1.858)	181,506
Investments in intangible and tangible asset	2,164	1,171	-	-	3,335
Average number of employees	89	107	-	-	196

Segment information CONTINUED

Q1-Q3 2020*	Concrete*	Vibration	Not distributed including parent company	Eliminations	Group total*
Revenue, external	126,792	125,884	-	-	252,676
Revenue, internal	25	2,692	-	(2,717)	-
Total revenue	126,817	128,576	-	(2,717)	252,676
Depreciations	(1,700)	(2,265)	-	-	(3,965)
Operating profit (EBIT)	5,927	9,844	(1,788)		13,983
Order backlog, beginning	64,571	60,014	-	(931)	123,654
Order intake	105,105	121,596	-	(2,779)	223,922
Order backlog, ending	42,859	53,034	-	(993)	94,900
Segment non-current assets	30,695	45,691	3,955		80,341
Segment assets	122,666	204,111	4,623	(2,598)	328,802
Segment liabilities	44,042	147,173	4,991	(2,598)	193,602
Investments in intangible and tangible asset	1,029	815	-	-	1,844
Average number of employees	101	105	-	-	206

6.8 Correction of not significant mistake in the financial figures for 2020

In connection with the preparation of the financial report for H1 2021, we encountered an accounting error in SKAKO's ERP system whereby some purchases in SKAKO Concrete were recognized as inventory instead of productions costs. The mistake in the financial statements amounts to DKK 2.0m in 2020 distributed with DKK 1.0m in Q2 2020 and DKK 1.0m in Q4 2020.

The mistake is not significant for the annual report and does not affect cash flows but could disturb comparisons between 2021 and 2020 for which reason the comparative figures for 2020 have been corrected. The correction has a negative effect on the result for 2020 of DKK 2.0m, just as

inventories and equity are correspondingly negatively affected by this amount. The effect of the correction on the comparative figures for 2020 is shown in the tables below.

EBIT for SKAKO A/S for 2020 before correction of the mistake amounted to DKK 17.2m. With the correction of DKK 2.0 m, EBIT amounts to DKK 15.2m and is thus still within guidance for 2020 of DKK 15-18m.

The discovery of the error in the ERP system has led to updates being implemented to SKAKO's ERP system.

SKAKO A/S, DKKm	Q2 2020	Correction	Q2 2020, corrected	Q1-Q3 2020	Correction	Q1-Q3 2020, corrected
Revenue	74.9	-	74.9	252.7	-	172.7
Production costs	(54.2)	(1.0)	(55.2)	(189.1)	(1.0)	(190.1)
EBIT	5.5	(1.0)	4.5	15.0	(1.0)	14.0
Inventory (balance	61.8	(1.0)	60.8	60.9	(1.0)	59.9
sheet)
Equity (Balance sheet)	133.3	(1.0)	132.3	136.2	(1.0)	135.2

6.8 Quarterly key figures

SKAKO A/S, DKKm	Q4 2020	Correction	Q4 2020, corrected	Full year 2020	Correction	Full year 2020, corrected
Revenue	83.2	-	83.2	335.9	-	335.9
Production costs	(66.9 )	(1.0 )	(67.9 )	(256.0 )	(2.0 )	(25 8.0 )
EBIT	2.2	(1.0 )	1.2	17.2	(2.0 )	15.2
Inventory (balance sheet)	53.1	(2.0 )	51.1	53.1	(2.0 )	51.1
Equity (Balance sheet)	129.3	(2.0 )	127.3	129.3	(2.0 )	127.3

SKAKO Concrete, DKKm	Q2 2020	Correction	Q2 2020, corrected	Q 1 -Q3 2020	Correction	Q1 -Q3 2020, corrected
Revenue	35.9	-	35.9	126. 8	-	86.5
Production costs	(28.2 )	(1.0 )	( 29.2 )	(102 4 )	(1.0 )	(103 4 )
EBIT	2.7	(1.0 )	1.7	7 0	(1.0 )	6 0

SKAKO Concrete, DKKm	Q4 2020	Correction	Q4 2020, corrected	Full year 2020	Correction	Full year 2020, corrected
Revenue	45.6	-	45.6	172.4	-	172.4
Production costs	(37.1 )	(1.0 )	(38.1 )	(139.5 )	(2.0 )	(141.5 )
EBIT	0.7	(1.0 )	(0.3 )	7.7	(2.0 )	5.7

6.9 QUARTERLY KEY FIGURES AND FINANCIAL RATIOS

DKK thousands	Q3 2021	Q2 2021	Q1 2021	Q4 2020*	Q3 2020	Full year 2020*
INCOME STATEMENT
Revenue	81,034	90,476	85,918	83,244	79,968	335,920
Gross profit	20,052	21,637	21,041	15,345	18,998	77,865
Operating profit (EBIT)	4,425	4,102	3,461	1,212	3,926	15,171
Net financial items	(583)	(476)	(943)	(1,271)	(500)	(3,084)
Profit before tax	3,842	3,626	2,518	(58)	3,426	12,087
Profit for the year	2,715	3,410	2,289	(518)	3,065	10,859
BALANCE SHEET Non-current assets	82,562	82,561	82,449	84,265	80,341	84,265
Current assets	226,283	223,987	239,073	237,793	248,461	237,793
Assets	308,845	306,499	321,522	322,058	328,802	322,058
Equity	127,339	124,441	130,354	127,252	135,200	127,252
Non-current liabilities	36,038	37,805	37,946	38,455	30,788	38,455
Current liabilities	145,468	144,253	153,221	156,351	162,814	156,351
Net debt	49,638	50,167	47,048	40,187	40,203	40,187
Net working capital	119,507	117,647	121,702	111,295	131,778	111,295
OTHER KEY FIGURES
Investment in intangible and tangible assets	1,306	1,527	502	10,695	988	13,096
Cash flow from operating activities (CFFO)	2,552	7,761	(6,782)	(14,725)	(9,280)	4,806
Free cash flow	1,246	6,234	(7,284)	(482)	(10,268)	(8,293)
Average number of employees	196	198	196	195	206	195

Quarterly key figures and financial ratios CONTINUED

DKK thousands	Q3 2021	Q2 2021	Q1 2021	Q4 2020*	Q3 2020	Full year 2020*
FINANCIAL RATIOS
Gross profit margin	24.7%	23.9%	24.5%	18.4%	23.8%	23.2%
Profit margin (EBIT margin)	5.5%	4.5%	4.0%	1.5%	4.9%	4.5%
Liquidity ratio	155.6%	155.3%	156.0%	152.1%	152.6%	152.1%
Equity ratio	41.2%	40.6%	40.5%	39.5%	41.1%	39.5%
Return on equity	5.9%	7.4%	8.4%	8.7%	14.3%	8.7%
ROIC	6.2%	7.0%	8.1%	8.4%	13.8%	8.4%
Financial leverage	39.0%	40.3%	36.1%	31.6%	29.7%	31.6%
NWC/revenue	35.1%	34.6%	37.6%	33.1%	38.3%	33.1%
Earnings per share	0.88	1.11	0.74	(0.17)	0.99	3.52
Equity value per share	41.3	40.4	42.3	41.3	43.8	41.3
Share price	56.4	57.0	59.8	49.8	43.9	49.8
Price-book ratio	1.4	1.4	1.4	1.2	1.0	1.2
Market capitalization	175,202	177,066	185,764	154,700	136,372	154,700

Quarterly

report 2021

5.6

Parent

company

notes

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