Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2020-12-31 | 929451000 | vDKK |
| ifrs-full:Assets | 2019-12-31 | 911096000 | vDKK |
| ifrs-full:Assets | 2020-12-31 | 510381000 | vDKK |
| ifrs-full:Assets | 2019-12-31 | 521328000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 1024588000 | vDKK |
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 1006942000 | vDKK |
| ifrs-full:Revenue | 2020-01-01 | 2020-12-31 | 5704000 | vDKK |
| ifrs-full:Revenue | 2019-01-01 | 2019-12-31 | 8700000 | vDKK |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/96219273/amNsb3VkczovLzAzL2VkLzdjLzEyL2E1LzlhNTgtNDY1My04NTJjLTYzMTI0ZDk1MDAyMg.xml
Separator
The full data:
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<mrv:CorporateGovernanceReport contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Corporate governance</td></tr><tr><td colspan="2">TCM Group is committed to exercising good</td></tr><tr><td colspan="2">corporate governance, and the Board of Di-</td></tr><tr><td colspan="2">rectors therefore evaluates the Groupâs man-</td></tr><tr><td colspan="2">agement systems at least once a year to ensure</td></tr><tr><td colspan="2">that the structure is appropriate relative to the</td></tr><tr><td colspan="2">Groupâs shareholders and other stakeholders.</td></tr><tr><td colspan="2">Duties and responsibilities of the</td></tr><tr><td colspan="2">Board of Directors</td></tr><tr><td colspan="2">At TCM Group, management duties and responsibilities are</td></tr><tr><td colspan="2">divided between the companyâs Board of Directors and</td></tr><tr><td colspan="2">Executive Management. No one person is a member of both</td></tr><tr><td colspan="2">these bodies, and no member of the Board of Directors has</td></tr><tr><td colspan="2">previously been a member of the Executive Management.</td></tr><tr><td colspan="2">TCM Group has laid down rules of procedure for the Board</td></tr><tr><td colspan="2">of Directors, which are reviewed annually. The Board of</td></tr><tr><td colspan="2">Directors holds 5 ordinary meetings each year and will fur-</td></tr><tr><td colspan="2">ther convene as needed. In the financial year 2020, 8 board</td></tr><tr><td colspan="2">meetings were held.</td></tr><tr><td colspan="2">The Groupâs Executive Management is in charge of the day-</td></tr><tr><td colspan="2">to-day management, while the Board of Directors super-</td></tr><tr><td colspan="2">vises the work of the Executive Management and is respon-</td></tr><tr><td colspan="2">sible for the overall management and strategic direction.</td></tr><tr><td colspan="2">In relation hereto, every year the Board of Directors con-</td></tr><tr><td colspan="2">siders the groupâs overall strategy in order to ensure con-</td></tr><tr><td colspan="2">tinuous value creation.</td></tr><tr><td colspan="2">The requirements for the Executive Managementâs timely,</td></tr><tr><td colspan="2">accurate and adequate reporting to the Board of Directors</td></tr><tr><td colspan="2">and for the communication between these two corporate</td></tr><tr><td colspan="2">bodies are laid down in the rules of procedure of the Execu-</td></tr><tr><td colspan="2">tive Management, which are reviewed annually and</td></tr><tr><td colspan="2">approved by the Board of Directors.</td></tr><tr><td colspan="2">Composition of the Board of Directors</td></tr><tr><td colspan="2">The Board of Directors currently consists of five members</td></tr><tr><td colspan="2">elected at general meetings and has elected a Chairman and</td></tr><tr><td colspan="2">a Deputy Chairman. The members of the Board of Directors</td></tr><tr><td colspan="2">are a group of professionally experienced business people</td></tr><tr><td colspan="2">who also represent diversity, international experience and</td></tr><tr><td colspan="2">skills that are considered to be relevant to TCM Group. All</td></tr><tr><td colspan="2">members of the Board of Directors elected by the share-</td></tr><tr><td colspan="2">holders are regarded as independent.</td></tr><tr><td colspan="2">The Board of Directors determines once a year the qualifi-</td></tr><tr><td colspan="2">cations, experience and skills the Board of Directors must</td></tr><tr><td colspan="2">possess in order for the Board of Directors to best perform</td></tr><tr><td colspan="2">its tasks, taking into account the Groupâs current needs.</td></tr><tr><td colspan="2">The Board of Directors evaluates its work on an annual</td></tr><tr><td colspan="2">basis. All Board Members are up for election on each Annual</td></tr><tr><td colspan="2">General Meeting.</td></tr><tr><td colspan="2">Audit Committee</td></tr><tr><td colspan="2">The Board of Directors has set up an Audit Committee. The</td></tr><tr><td colspan="2">Chairman of the Audit Committee is independent and is</td></tr><tr><td colspan="2">skilled in accounting. The purpose of the Audit Committee</td></tr><tr><td colspan="2">includes monitoring the financial reporting process, the</td></tr><tr><td colspan="2">companyâs internal control and risk management systems</td></tr><tr><td colspan="2">and the collaboration with the independent auditors. The</td></tr><tr><td colspan="2">Audit Committee consists currently of 2 members, Sanna</td></tr><tr><td colspan="2">Suvanto-Harsaae and Anders Skole-Sørensen, and is led by</td></tr><tr><td colspan="2">Anders Skole-Sørensen. The Audit Committee held 4 meet-</td></tr><tr><td colspan="2">ings in the financial year 2020.</td></tr><tr><td colspan="2">Nomination Committee</td></tr><tr><td colspan="2">The Board of Directors has set up a Nomination Committee</td></tr><tr><td colspan="2">comprising at least two members of the Board of Directors,</td></tr><tr><td colspan="2">where at least one is also member of the Remuneration</td></tr><tr><td colspan="2">Committee. The Chairman of the Board of Directors is also</td></tr><tr><td colspan="2">the Chaiman of the Nomination Committee. The overall</td></tr><tr><td colspan="2">purpose of the Nomination Committee is to help the Board</td></tr><tr><td colspan="2">of Directors ensure that appropriate plans and processes are</td></tr><tr><td colspan="2">in place for the nomination of candidates to the Board of</td></tr><tr><td colspan="2">Directors and the Executive Management. The Nomination</td></tr><tr><td colspan="2">Committee consists currently of 3 members, Sanna Suvan-</td></tr><tr><td colspan="2">to-Harsaae, Anders Skole-Sørensen and Carsten Bjerg, and</td></tr><tr><td colspan="2">is led by Sanna Suvanto-Harsaae. The Nomination Com-</td></tr><tr><td colspan="2">mittee held 2 meetings in the financial year 2020.</td></tr><tr><td colspan="2">Remuneration Committee</td></tr><tr><td colspan="2">The Board of Directors has set up a Remuneration Commit-</td></tr><tr><td colspan="2">tee comprising at least two members of the Board of Direc-</td></tr><tr><td colspan="2">tors. The purpose of the Remuneration Committee is to</td></tr><tr><td colspan="2">ensure that the Group maintains a remuneration policy for</td></tr><tr><td colspan="2">the members of the Board of Directors and the Executive</td></tr><tr><td colspan="2">Management as well as general guidelines for incentive pay</td></tr><tr><td colspan="2">to the Executive Management. The Remuneration Commit-</td></tr><tr><td colspan="2">tee consists currently of 3 members, Sanna Suvan-</td></tr><tr><td colspan="2">to-Harsaae, Anders Skole-Sørensen and Carsten Bjerg, and</td></tr><tr><td colspan="2">is led by Sanna Suvanto-Harsaae. The Remuneration Com-</td></tr><tr><td colspan="2">mittee held 3 meetings in the financial year 2020.</td></tr><tr><td colspan="2">Remuneration of members of the Board of</td></tr><tr><td colspan="2">Directors and the Executive Management</td></tr><tr><td colspan="2">The Board of Directors has adopted a remuneration policy</td></tr><tr><td colspan="2">and general guidelines for incentive pay, which have been</td></tr><tr><td colspan="2">approved by the general meeting. Both policies are availa-</td></tr><tr><td colspan="2">ble at governance - en . Tcmgroup . dk.</td></tr><tr><td colspan="2">The remuneration policy supports the goal of attracting,</td></tr><tr><td colspan="2">motivating and retaining qualified members of the Board of</td></tr><tr><td colspan="2">Directors and the Executive Management. The remunera-</td></tr><tr><td colspan="2">tion is designed to align the interests of the Board of Direc-</td></tr><tr><td colspan="2">tors, the Executive Management and the companyâs share-</td></tr><tr><td colspan="2">holders, to support the achievement of TCM Groupâs</td></tr><tr><td colspan="2">short-term and long-term strategic targets and stimulate</td></tr><tr><td colspan="2">value creation.</td></tr><tr><td colspan="2">Reference is made to note 4 in the consolidated financial</td></tr><tr><td colspan="2">statements for a specification of the remuneration paid to</td></tr><tr><td colspan="2">the Executive Management and the Board of Directors.</td></tr><tr><td colspan="2">Description of procedures and internal control in</td></tr><tr><td colspan="2">relation to the financial reporting process</td></tr><tr><td colspan="2">The Board of Directors and the Executive Management are</td></tr><tr><td colspan="2">ultimately responsible for the Groupâs risk management and</td></tr><tr><td colspan="2">internal controls in relation to its financial reporting, and</td></tr><tr><td colspan="2">approve the Groupâs general policies in this regard. The</td></tr><tr><td colspan="2">Audit Committee assists the Board of Directors in overseeing</td></tr><tr><td colspan="2">the reporting process and the most important risks. The</td></tr><tr><td colspan="2">Executive Management is responsible for the effectiveness</td></tr><tr><td colspan="2">of the internal controls and risk management and for the</td></tr><tr><td colspan="2">implementation of such controls aimed at mitigating the</td></tr><tr><td colspan="2">risk associated with the financial reporting.</td></tr><tr><td colspan="2">The Company believes that the Groupâs reporting and</td></tr><tr><td colspan="2">internal control systems enable it to be compliant with dis-</td></tr><tr><td colspan="2">closure obligations applying to issuers whose shares are</td></tr><tr><td colspan="2">admitted to trading and official listing on Nasdaq</td></tr><tr><td colspan="2">Copenhagen.</td></tr><tr><td colspan="2">As part of the overall risk management, the Group has set</td></tr><tr><td colspan="2">up internal control systems, that are deemed appropriate</td></tr><tr><td colspan="2">and sufficient in relation to the Groupâs activities and</td></tr><tr><td colspan="2">operations. The internal control systems are evaluated on</td></tr><tr><td colspan="2">an ongoing basis.</td></tr><tr><td colspan="2">The Groupâs procedures and internal controls are planned</td></tr><tr><td colspan="2">and executed to ensure a reasonable level of comfort that</td></tr><tr><td colspan="2">the financial reporting is reliable and in compliance with</td></tr><tr><td colspan="2">internal policies and gives a true and fair view of the</td></tr><tr><td colspan="2">Groupâs financial performance, the financial position and</td></tr><tr><td colspan="2">material risks. The procedures and controls are further-</td></tr><tr><td colspan="2">more planned with a view to support the quality and effi-</td></tr><tr><td colspan="2">ciency of the Groupâs business processes and the safe-</td></tr><tr><td colspan="2">guarding of the Groupâs assets. The evaluation of the risks</td></tr><tr><td colspan="2">includes an assessment of the likelihood that an error will</td></tr><tr><td colspan="2">occur and whether the financial impact of such error would</td></tr><tr><td colspan="2">be material.</td></tr><tr><td colspan="2">In addition to the above, the Group has developed internal</td></tr><tr><td colspan="2">control and procedures in relation to the financial report-</td></tr><tr><td colspan="2">ing process with the aim to enable the Group to monitor the</td></tr><tr><td colspan="2">Groupâs performance, operations, funding, risk and inter-</td></tr><tr><td colspan="2">nal control. The Group continues to improve the internal</td></tr><tr><td colspan="2">control and procedures in relation to the financial report-</td></tr><tr><td colspan="2">ing process and believes, that the current control and pro-</td></tr><tr><td colspan="2">cedure in place enables the Group to be compliant with the</td></tr><tr><td colspan="2">disclosure obligations applying to issuers of shares on Nas-</td></tr><tr><td colspan="2">daq Copenhagen.</td></tr><tr><td colspan="2">The internal controls and procedures in relation to the</td></tr><tr><td colspan="2">financial reporting process include, among other things</td></tr><tr><td>â¢</td><td>Weekly reports of incoming orders and gross and net</td></tr><tr><td /><td>revenue by month;</td></tr><tr><td>â¢</td><td>Monthly revenue reports, on a per store basis, of the</td></tr><tr><td /><td>Groupâs sales to stores;</td></tr><tr><td>â¢</td><td>Consolidated monthly reports summarising results</td></tr><tr><td /><td>for legal entities including balance sheet and cash flow</td></tr><tr><td /><td>results in comparison to budgeted performance and</td></tr><tr><td /><td>previous year performance and explanations of deviati-</td></tr><tr><td /><td>ons, together with key performance indicators;</td></tr><tr><td>â¢</td><td>Four-eye principle within the finance department to</td></tr><tr><td /><td>ensure the quality of the accounting records;</td></tr><tr><td>â¢</td><td>The predominant majority of all invoices received go</td></tr><tr><td /><td>through a standardised authorisation process. In additi-</td></tr><tr><td /><td>on, a detailed review of cost on account level is made in</td></tr><tr><td /><td>connection with the monthly reports.</td></tr><tr><td colspan="2">Corporate governance recommendations</td></tr><tr><td colspan="2">Nasdaq Copenhagen has incorporated the recom-</td></tr><tr><td colspan="2">mendations of the Danish Committee on Corporate</td></tr><tr><td colspan="2">Governance in its Rules for Issuers of Shares. These</td></tr><tr><td colspan="2">recommendations are available at the website of the</td></tr><tr><td colspan="2">Committee on Corporate Governance,</td></tr><tr><td colspan="2">www.corporategovernance.dk. TCM Group complies</td></tr><tr><td colspan="2">with all these recommendations except from one,</td></tr><tr><td colspan="2">which TCM Group partly complies with. The Groupâs</td></tr><tr><td colspan="2">corporate governance statements are available on</td></tr><tr><td colspan="2">our website at</td></tr><tr><td colspan="2">investor - en.tcmgroup. dk/CorporateGovernance</td></tr></table></mrv:CorporateGovernanceReport>
<mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="ctx1">www.ic.fsc.org.</mrv:LinkToStatementOfCorporateSocialResponsibility>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="4">Corporate social responsibility</td></tr><tr><td colspan="4">TCM Group is committed to ensuring that our business is</td></tr><tr><td colspan="4">conducted in all respects according to rigorous ethical,</td></tr><tr><td colspan="4">professional, and legal standards. We believe that social</td></tr><tr><td colspan="4">responsibility and sustainability are key elements in the</td></tr><tr><td colspan="4">continued development and success of our business.</td></tr><tr><td colspan="4">Our general approach to social responsibility and sustaina-</td></tr><tr><td colspan="4">bility has always been characterized by propriety and</td></tr><tr><td colspan="4">humility. We prefer to have a simple and manageable CSR</td></tr><tr><td colspan="4">focus, in order to make a wholehearted effort in this</td></tr><tr><td colspan="4">important area. We have established a CSR working group,</td></tr><tr><td colspan="4">which defines the initiatives we launch during the year. In</td></tr><tr><td colspan="4">general, we work with social responsibility and sustaina-</td></tr><tr><td colspan="4">bility in several areas</td></tr><tr><td>â¢</td><td>Our employees are one of the companyâs most impor-</td></tr><tr><td /><td>tant assets. We therefore strive to create a safe, creative,</td></tr><tr><td /><td>and stimulating working environment.</td></tr><tr><td>â¢</td><td>We consider the earthâs unique resources as vulnerable</td></tr><tr><td /><td>and limited, and our products should therefore originate</td></tr><tr><td /><td>from sustainable sources.</td></tr><tr><td>â¢</td><td>The environmental effect of our production and distri-</td></tr><tr><td /><td>bution should be minimized.</td></tr><tr><td>â¢</td><td>The use of our products should not cause harm or da-</td></tr><tr><td /><td>mage and environmental impact should be minimized.</td></tr><tr><td colspan="4">TCM Groupâs business model and strategy are described in</td></tr><tr><td colspan="4">section âStrategy and financial targetsâ. It is our ambition</td></tr><tr><td colspan="4">to promote the UN Sustainable Development Goals through</td></tr><tr><td colspan="4">our core business operations. To do so, we focus on the Sus-</td></tr><tr><td colspan="4">tainable Development Goals, which are most relevant to our</td></tr><tr><td colspan="4">business. The specific Sustainable Development Goals</td></tr><tr><td colspan="4">which we have selected to focus on are</td></tr><tr><td colspan="4">Furthermore, since 2010 TCM Group has been committed</td></tr><tr><td colspan="4">to work within the framework of the 10 UN Global Compact</td></tr><tr><td colspan="4">principles (UNGC)</td></tr><tr><td colspan="4">Human rights (UN SDG 5+8)</td></tr><tr><td>1</td><td>Support and respect the protection of internationally</td></tr><tr><td /><td>proclaimed human rights</td></tr><tr><td>2</td><td>Make sure that TCM Group is not complicit in human</td></tr><tr><td /><td>rights abuses</td></tr><tr><td colspan="4">Labour (UN SDG 5+8)</td></tr><tr><td>3</td><td>Uphold the freedom of association and the effective</td></tr><tr><td /><td>recognition of the right to collective bargaining</td></tr><tr><td>4</td><td>Eliminate all forms of forced and compulsory labour</td></tr><tr><td>5</td><td>Effectively abolish child labour</td></tr><tr><td>6</td><td>Eliminate discrimination in respect of employment</td></tr><tr><td /><td>and occupation</td></tr><tr><td colspan="4">Environment (UN SDG 12+13+15)</td></tr><tr><td>7</td><td>Support a precautionary approach to</td></tr><tr><td /><td>environmental challenges</td></tr><tr><td>8</td><td>Undertake initiatives to promote greater environmental</td></tr><tr><td /><td>responsibility</td></tr><tr><td>9</td><td>Encourage the development and diffusion of</td></tr><tr><td /><td>environmentally friendly technologies</td></tr><tr><td colspan="4">Anti-Corruption (UN SDG 12)</td></tr><tr><td>10</td><td>Work against corruption in all its forms,</td></tr><tr><td /><td>including extortion and bribery</td></tr><tr><td colspan="4">Besides ensuring our own compliance with the 10 UNGC</td></tr><tr><td colspan="4">principles, we encourage our suppliers and business part-</td></tr><tr><td colspan="4">ners to conduct their businesses according to the 10 princi-</td></tr><tr><td colspan="4">ples. This section covers the statutory statement by the</td></tr><tr><td colspan="4">Danish Financial Statementsâ Act 99a, 99b and 107d.</td></tr><tr><td colspan="4">Human rights</td></tr><tr><td colspan="4">TCM Group strongly support and promote the principles</td></tr><tr><td colspan="4">regarding human rights outlined in the UNGC principles,</td></tr><tr><td colspan="4">and it is of utmost importance to us that we comply with</td></tr><tr><td colspan="4">these principles at any point in time. The primary risks we</td></tr><tr><td colspan="4">face in connection to human rights incompliance are dis-</td></tr><tr><td colspan="4">crimination of employees and cases where specific condi-</td></tr><tr><td colspan="4">tions at our suppliers do not comply with the human rights</td></tr><tr><td colspan="4">principles. TCM Group takes specific measures to ensure</td></tr><tr><td colspan="4">that no incompliance with human rights principles takes</td></tr><tr><td colspan="4">place within the company or via our suppliers. The meas-</td></tr><tr><td colspan="4">ures are e.g., full implementation of a whistle blower sys-</td></tr><tr><td colspan="4">tem and conducting arbitrary supplier audits. Both meas-</td></tr><tr><td colspan="4">ures will be further outlined in sections âWhistle Blower</td></tr><tr><td colspan="4">Systemâ and âSupplier Managementâ.</td></tr><tr><td colspan="4">TCM Group can firmly state that no products sold in 2020</td></tr><tr><td colspan="4">or in previous years were developed or produced using</td></tr><tr><td colspan="4">child labor.</td></tr><tr><td colspan="4">Labour and working conditions</td></tr><tr><td colspan="4">In TCM Group, we acknowledge that our employees are one</td></tr><tr><td colspan="4">of our most important assets. We continuously strive to</td></tr><tr><td colspan="4">create a working environment characterized by a high</td></tr><tr><td colspan="4">focus on safety and a good collegial unity. Additionally,</td></tr><tr><td colspan="4">there is a risk that work related accidents could impact our</td></tr><tr><td colspan="4">ability to attract and retain employees.</td></tr><tr><td colspan="4">The physical workplace is one of our key focus areas. We</td></tr><tr><td colspan="4">have multiple working groups throughout the entire</td></tr><tr><td colspan="4">organization each with clear areas of responsibility such as</td></tr><tr><td colspan="4">introduction of new employees to safety policies and pro-</td></tr><tr><td colspan="4">cedures, prioritizing potential risk areas, suggesting con-</td></tr><tr><td colspan="4">crete solutions, and influencing the safety culture on a</td></tr><tr><td colspan="4">daily basis. We conduct regular surveys of our workplace,</td></tr><tr><td colspan="4">by asking all employees to rate their working conditions</td></tr><tr><td colspan="4">and encourage them to give their recommendations and</td></tr><tr><td colspan="4">ideas on how we can improve our working environment. In</td></tr><tr><td colspan="4">2020, these surveys have e.g., led to installation of driven</td></tr><tr><td colspan="4">runways in our lacquer production and several new cranes</td></tr><tr><td colspan="4">and height lifters, which has significantly reduced the</td></tr><tr><td colspan="4">extent of heavy push / pulls and lifts for our blue-collar</td></tr><tr><td colspan="4">employees. Furthermore, we have replaced our diesel</td></tr><tr><td colspan="4">trucks with electric trucks, whereby the fleet of trucks is</td></tr><tr><td colspan="4">now 100% electric, and installed a new industrial vacuum</td></tr><tr><td colspan="4">cleaner, which has improved the air quality in our produc-</td></tr><tr><td colspan="4">tion facilities.</td></tr><tr><td colspan="4">Reported near miss work accidents</td></tr><tr><td /><td>2020</td><td>2019</td><td>2018</td></tr><tr><td colspan="4"># of reported near miss</td></tr><tr><td colspan="4">work accidents in</td></tr><tr><td>TCM Group</td><td>1159</td><td>1139</td><td>780</td></tr><tr><td colspan="4">As a natural part of ensuring a Safety-First culture through-</td></tr><tr><td colspan="4">out the company, we have an increasingly high focus on</td></tr><tr><td colspan="4">safety awareness via reporting near miss work accidents and</td></tr><tr><td colspan="4">mitigating the underlying causes as a means of preventing</td></tr><tr><td colspan="4">accidents. The number of reported near miss accidents has</td></tr><tr><td colspan="4">increased slightly in 2020 to 1,159 reported near miss work</td></tr><tr><td colspan="4">accidents in TCM Group, indicating a high awareness level,</td></tr><tr><td colspan="4">whereas 1,139 near miss accidents were reported in 2019.</td></tr><tr><td colspan="4">Sickness and absence is another one of our key focus areas,</td></tr><tr><td colspan="4">and especially absence related to work accidents. From 2019</td></tr><tr><td colspan="4">to 2020 the absence ratio related to work accidents</td></tr><tr><td colspan="4">decreased from 0.8â° to 0.3â°, whereby we continue the</td></tr><tr><td colspan="4">very satisfactory development from last year. In total, 6</td></tr><tr><td colspan="4">work accidents were recorded in 2020. The decrease in the</td></tr><tr><td colspan="4">absence ratio has been obtained through various initiatives</td></tr><tr><td colspan="4">all focused on how to commission employees in the daily</td></tr><tr><td colspan="4">operation as quickly as possible after an incident, e.g., by</td></tr><tr><td colspan="4">introducing the employee to new tasks and areas of</td></tr><tr><td colspan="4">responsibility. Health and safety will continue to be a key</td></tr><tr><td colspan="4">focus area in 2021 in all parts of the organization. The TCM</td></tr><tr><td colspan="4">Group motto is that âone work accident is one too manyâ.</td></tr><tr><td colspan="4">Safety has top management attention, and we will continue to launch specific initiatives to reduce the number of work</td></tr><tr><td colspan="4">accidents.</td></tr><tr><td colspan="4">Overall, the sickness related absence (excl. absence due to</td></tr><tr><td colspan="4">sick children and maternity leave) in TCM Group was at</td></tr><tr><td colspan="4">2.9% in 2020 versus 3.3% in 2019. A major reasoning</td></tr><tr><td colspan="4">behind this decrease is an increased focus on dialogue with</td></tr><tr><td colspan="4">and support to our most vulnerable employees.</td></tr><tr><td colspan="4">Sickdays and absence</td></tr><tr><td /><td>2020</td><td>2019</td><td>2018</td></tr><tr><td colspan="4"># of sickdays caused</td></tr><tr><td>by work accidents</td><td>34</td><td>83</td><td>184</td></tr><tr><td colspan="4">Absence ratio related</td></tr><tr><td colspan="4">to work accidents</td></tr><tr><td>â°)</td><td>0,3</td><td>0,8</td><td>1,7</td></tr><tr><td colspan="4">We continue to offer light duty jobs for employees who are</td></tr><tr><td colspan="4">temporarily ill, and we have a continuous dialogue with</td></tr><tr><td colspan="4">employees who have an absence level higher than the</td></tr><tr><td colspan="4">standard, in order to understand the reasoning behind</td></tr><tr><td colspan="4">their absence. In our internal occupational health and safeÂ</td></tr><tr><td colspan="4">ty organization we continuously try to increase the knowl-</td></tr><tr><td colspan="4">edge and competence level to support our employees in the</td></tr><tr><td colspan="4">best way possible. The average absence level in the industry</td></tr><tr><td colspan="4">is 3.3% according to Dansk Arbejdsgiverforening (2019).</td></tr><tr><td colspan="4">TCM Group is determined to support the education of our</td></tr><tr><td colspan="4">next generation workforce. We do so by hiring apprentices</td></tr><tr><td colspan="4">in our production and some of our staff functions. From</td></tr><tr><td colspan="4">2019 to 2020 the number of apprentices in TCM Group has</td></tr><tr><td colspan="4">decreased from 17 to 16. In 2021, we will increase our focus</td></tr><tr><td colspan="4">on attracting and hiring apprentices.</td></tr><tr><td colspan="4">Apprentices in TCM Group</td></tr><tr><td /><td>2020</td><td>2019</td><td>2018</td></tr><tr><td colspan="4"># of apprentices</td></tr><tr><td>in TCM Group</td><td>16</td><td>17</td><td>14</td></tr><tr><td colspan="4">Gender diversity</td></tr><tr><td colspan="4">TCM Group is determined to promote diversity and achieve a</td></tr><tr><td colspan="4">sensible gender diversity in both the Board of Directors and</td></tr><tr><td colspan="4">the Executive Management based on a desire to strengthen</td></tr><tr><td colspan="4">the versatility, gathering competencies and better decision-</td></tr><tr><td colspan="4">making processes within the company. It is the Boardâs goal</td></tr><tr><td colspan="4">that the members of the Board of Directors, the Executive</td></tr><tr><td colspan="4">management and the management group represents our</td></tr><tr><td colspan="4">ambitions regarding diversity as far as age, background,</td></tr><tr><td colspan="4">nationality, gender etc. are concerned. We identify and assess</td></tr><tr><td colspan="4">new candidates for the Board based on these conditions, and</td></tr><tr><td colspan="4">nomination of candidates is always based on an assessment</td></tr><tr><td colspan="4">of candidatesâ competencies, their match with the needs of</td></tr><tr><td colspan="4">the group and contributions to the Boardâs overall</td></tr><tr><td colspan="4">effectiveness.</td></tr><tr><td colspan="4">TCM Group has a target for the Board of Directors that both</td></tr><tr><td colspan="4">genders are represented by at least 20%. As of 31 December</td></tr><tr><td colspan="4">2020, the distribution is 20% women and 80% men, which</td></tr><tr><td colspan="4">means that the target is met.</td></tr><tr><td colspan="4">In terms of the Board of Directors, the Executive Manage-</td></tr><tr><td colspan="4">ment and the management group below, the goal is to have</td></tr><tr><td colspan="4">a management group that complement each other in all</td></tr><tr><td colspan="4">aspects. When recruiting management group members</td></tr><tr><td colspan="4">internally or externally, the selection is always based on</td></tr><tr><td colspan="4">the candidatesâ competencies and whether they match the</td></tr><tr><td colspan="4">requirements of TCM Group. TCM Group does not allow</td></tr><tr><td colspan="4">discrimination of any kind e.g., regarding age, nationality,</td></tr><tr><td colspan="4">gender, religion, sexual orientation, disability etc. As far as</td></tr><tr><td colspan="4">possible, we assure that the final pool of candidates is</td></tr><tr><td colspan="4">diversified.</td></tr><tr><td colspan="4">As of 31 December 2020, the gender distribution in the</td></tr><tr><td colspan="4">management group is 27% women and 73% men. This is an</td></tr><tr><td colspan="4">improvement from 2019 in terms of gender diversity in the</td></tr><tr><td colspan="4">management group.</td></tr><tr><td colspan="4">Gender diversity</td></tr><tr><td colspan="4">(# of underrepresented gender)</td></tr><tr><td /><td>2020</td><td>2019</td><td>2018</td></tr><tr><td>Board of Directors</td><td>1 of 5</td><td>1 of 5</td><td>1 of 5</td></tr><tr><td colspan="4">Mgmt. (Executive</td></tr><tr><td colspan="4">mgmt. and Middle</td></tr><tr><td>mgmt.)</td><td>4 of 15</td><td>2 of 10</td><td>2 of 12</td></tr><tr><td colspan="4">Environmental Sustainability</td></tr><tr><td colspan="4">TCM Group is committed to reduce the environmental</td></tr><tr><td colspan="4">impact of our production processes. To do so and to create</td></tr><tr><td colspan="4">transparency on the progress of our pollution reduction</td></tr><tr><td colspan="4">initiatives, we measure our CO2 emissions, by following the</td></tr><tr><td colspan="4">GRI standards 305-1 (Scope 1) and 305-2 (Scope 2). Scope 1</td></tr><tr><td colspan="4">implies the direct emissions of our business activities</td></tr><tr><td colspan="4">whereas Scope 2 measures the indirect emissions via our</td></tr><tr><td colspan="4">electricity and heat consumption. We are not yet measuring</td></tr><tr><td colspan="4">our other indirect emissions (Scope 3) but we are in dia-</td></tr><tr><td colspan="4">logue with our suppliers regarding how we can support</td></tr><tr><td colspan="4">them in positively impacting Scope 3. This also means that</td></tr><tr><td colspan="4">we are not measuring the emissions related to our distribu-</td></tr><tr><td colspan="4">tion processes, as the distribution has been outsourced and</td></tr><tr><td colspan="4">is thereby not within scope 1 or 2. Further information</td></tr><tr><td colspan="4">about the GRI standards is available at www.globalreport-</td></tr><tr><td colspan="4">ing. org/standards.</td></tr><tr><td colspan="4">The main sources of emission are our electricity and heat</td></tr><tr><td colspan="4">consumption, which are mainly related to our production</td></tr><tr><td colspan="4">facilities. In 2019, our electricity consumption was 55% of</td></tr><tr><td colspan="4">our total scope 1+2 emissions whereas our heat consump-</td></tr><tr><td colspan="4">tion was 40%. The remaining 5% was emission related to</td></tr><tr><td colspan="4">transport activities (company cars and vehicles at our pro-</td></tr><tr><td colspan="4">duction facilities). In 2020, electricity and heat consump-</td></tr><tr><td colspan="4">tion was 54% and 39% respectively, whereas 7% of our</td></tr><tr><td colspan="4">emission was related to transport activities.</td></tr><tr><td colspan="4">2019 emissions</td></tr><tr><td /><td>Total</td><td>Percent</td></tr><tr><td /><td>[ton CO2]</td><td>of total</td></tr><tr><td>Scope 1 (GRI: G4-EN15)</td><td>1427</td><td>45%</td></tr><tr><td>Scope 2 (GRI: G4-EN16)</td><td>1727</td><td>55%</td></tr><tr><td>Total</td><td>3154</td><td>100%</td></tr><tr><td colspan="4">In 2019, our total scope 1+2 emission was 3,154 ton CO2.</td></tr><tr><td colspan="4">This means that our emission was 3.1 ton CO2 per 1 mDKK</td></tr><tr><td colspan="4">net revenue.</td></tr><tr><td colspan="4">2019 - key figures</td></tr><tr><td /><td>Total (ton)</td><td>Unit</td></tr><tr><td colspan="4">Emission per 1 mDKK</td></tr><tr><td>net revenue</td><td>3,1</td><td>ton CO2e/mDKK</td></tr><tr><td colspan="4">2020 emissions</td></tr><tr><td /><td>Total</td><td>Percent</td></tr><tr><td /><td>[ton CO2]</td><td>of total</td></tr><tr><td>Scope 1 (GRI: G4-EN15)</td><td>1435</td><td>46%</td></tr><tr><td>Scope 2 (GRI: G4-EN16)</td><td>1703</td><td>54%</td></tr><tr><td>Total</td><td>3138</td><td>100%</td></tr><tr><td colspan="4">In 2020, our total scope 1+2 emission has decreased</td></tr><tr><td colspan="4">slightly to 3,138 ton CO2. The activity level in our produc-</td></tr><tr><td colspan="4">tion facilities was on par with last year. Our emission was</td></tr><tr><td colspan="4">3.1 ton CO2 per 1 mDKK net revenue, which is similar to last</td></tr><tr><td colspan="4">year. Going forward, we aim to reduce our scope 1+2 CO2</td></tr><tr><td colspan="4">emission per mDKK net revenue by minimum 5% yearly.</td></tr><tr><td colspan="4">2020 - key figures</td></tr><tr><td /><td>Total (ton)</td><td>Unit</td></tr><tr><td colspan="4">Emission per 1 mDKK</td></tr><tr><td>net revenue</td><td>3,1</td><td>ton CO2e/mDKK</td></tr><tr><td colspan="4">Comparing with corresponding figures for 2012, our emis-</td></tr><tr><td colspan="4">sion has increased in total but decreased significantly when</td></tr><tr><td colspan="4">measured up against net revenue and number of employees.</td></tr><tr><td colspan="4">Hence, our emission has decreased 57% since 2012 per 1</td></tr><tr><td colspan="4">mDKK net revenue and 25% per employee.</td></tr><tr><td colspan="4">TCM Group has set a target to reduce the electricity con-</td></tr><tr><td colspan="4">sumption with 25% per kDKK revenue in 2020, from 19.2</td></tr><tr><td colspan="4">kWh in 2011 to 14.4 kWh in 2020. In 2020, the electricity</td></tr><tr><td colspan="4">consumption was 12.8 kWh per kDKK revenue, whereby our</td></tr><tr><td colspan="4">2020 target has been achieved with a reduction of electric-</td></tr><tr><td colspan="4">ity consumption per kDKK revenue of 33%. TCM Group is</td></tr><tr><td colspan="4">committed to continue reducing our electricity consump-</td></tr><tr><td colspan="4">tion ratio with a reduction target of minimum 5% per year.</td></tr><tr><td colspan="4">In 2020, TCM Group finalized a comprehensive upgrade of</td></tr><tr><td colspan="4">Electricity consumption</td></tr><tr><td /><td>2020</td><td>2019</td><td>2018</td></tr><tr><td colspan="4">Electricity</td></tr><tr><td colspan="4">consumption (kWh)</td></tr><tr><td>per kDKK revenue</td><td>12,8</td><td>13,1</td><td>12,4</td></tr><tr><td colspan="4">our lacquering production unit, which enables us to</td></tr><tr><td colspan="4">increase efficiency in our lacquering process, reduce the</td></tr><tr><td colspan="4">number of production errors and significantly reduce the</td></tr><tr><td colspan="4">electricity consumption in this part of the production</td></tr><tr><td colspan="4">process.</td></tr><tr><td colspan="4">Furthermore, we have invested in a flexible badge produc-</td></tr><tr><td colspan="4">tion unit and a new automised board cutting and stacking</td></tr><tr><td colspan="4">solution at our factory in Tvis, and a new exhaust system at</td></tr><tr><td colspan="4">our factory in Aulum. Additional investments in new and</td></tr><tr><td colspan="4">more environmentally friendly production equipment have</td></tr><tr><td colspan="4">been identified and scoped, with full implementation dur-</td></tr><tr><td colspan="4">ing the coming years. One of the key parameters in the pro-</td></tr><tr><td colspan="4">cess of scoping and approving these investments, is that</td></tr><tr><td colspan="4">they must have a significant positive impact on our CO2</td></tr><tr><td colspan="4">footprint. One of the primary production equipment invest-</td></tr><tr><td colspan="4">ments in 2021, will be a new storage unit at our tabletop</td></tr><tr><td colspan="4">factory in Tvis. It applies to all our investments in the new</td></tr><tr><td colspan="4">production equipment that they will reduce the electricity</td></tr><tr><td colspan="4">consumption significantly compared to the old units they</td></tr><tr><td colspan="4">are replacing. From a risk perspective it is a considerable</td></tr><tr><td colspan="4">risk if TCM Group is not considered an environmentally</td></tr><tr><td colspan="4">responsible company, that it could damage our brand value.</td></tr><tr><td colspan="4">The production process in TCM Group is mainly character-</td></tr><tr><td colspan="4">ized by woodworking, gluing and painting / lacquering.</td></tr><tr><td colspan="4">Throughout our entire production process, we have a high</td></tr><tr><td colspan="4">focus on reducing the amount of waste material. As an</td></tr><tr><td colspan="4">example, the waste wood from our cutting of chipboard is</td></tr><tr><td colspan="4">returned to our suppliers and reused in their production of</td></tr><tr><td colspan="4">new chipboard.</td></tr><tr><td colspan="4">Approximately 95% of our purchased chipboards are pro-</td></tr><tr><td colspan="4">duced using 70% waste wood from Danish industry pro-</td></tr><tr><td colspan="4">2016. All our primary suppliers have signed our</td></tr><tr><td colspan="4">chased volume of waste wood chipboards from 95% to</td></tr><tr><td colspan="4">100% within a foreseeable future.</td></tr><tr><td colspan="4">To ensure that our handling and usage of paint and glue</td></tr><tr><td colspan="4">during the production process has as minimal an environ-</td></tr><tr><td colspan="4">mental impact as possible, we ensure that the application</td></tr><tr><td colspan="4">of paint and glue only takes place in appropriate and closed</td></tr><tr><td colspan="4">surroundings within our factory, and we handle all waste</td></tr><tr><td colspan="4">products with care.</td></tr><tr><td colspan="4">All standard elements, fronts and sliding doors within the</td></tr><tr><td colspan="4">product assortment of Svane Køkkenet and Tvis Køkkener</td></tr><tr><td colspan="4">are indoor climate labelled, which means that these prod-</td></tr><tr><td colspan="4">ucts do not emit any unpleasant fumes.</td></tr><tr><td colspan="4">Going forward, we will continue to focus on sustainability,</td></tr><tr><td colspan="4">when we develop new products for our individual brands.</td></tr><tr><td colspan="4">In 2010, TCM Group was FSC® certified and in 2017, Nettoline</td></tr><tr><td colspan="4">A/S also received a FSC® certification. In 2020, TCM Groupâs</td></tr><tr><td colspan="4">FSC® certificate for massive wooden table tops was renewed</td></tr><tr><td colspan="4">until 2025. In 2020, TCM Group can furthermore report that</td></tr><tr><td colspan="4">90% of our purchased chipboards are FSC® certified.</td></tr><tr><td colspan="4">Our target for 2021 is to obtain a FSC® certification, which</td></tr><tr><td colspan="4">covers our procurement of chipboards, in order for us to</td></tr><tr><td colspan="4">contribute to the development towards increased sustaina-</td></tr><tr><td colspan="4">bility in the building sector.</td></tr><tr><td colspan="4">The FSC® certification ensures that only sustainable log-</td></tr><tr><td colspan="4">ging is carried out. Furthermore, the FSC® certificate guar-</td></tr><tr><td colspan="4">antees that vegetation and animals are protected and that</td></tr><tr><td colspan="4">the employees of the forest plantations are properly edu-</td></tr><tr><td colspan="4">cated, use proper protective equipment and are paid fairly</td></tr><tr><td colspan="4">during their employment. Further information about FSC®</td></tr><tr><td colspan="4">is available at www.ic.fsc.org.</td></tr><tr><td colspan="4">Anti-Corruption</td></tr><tr><td colspan="4">TCM Group is exposed to the risk of non-compliance with</td></tr><tr><td colspan="4">anti-corruption rules and regulations, for example obtain-</td></tr><tr><td colspan="4">ing an advantage with illegal means, via our employees,</td></tr><tr><td colspan="4">suppliers, franchisees, and dealers. The consequence could</td></tr><tr><td colspan="4">be fines and brand damage. Therefore, our policy is to</td></tr><tr><td colspan="4">comply with all applicable regulations and to promote an</td></tr><tr><td colspan="4">anti-corruption behavior to all our business relations.</td></tr><tr><td colspan="4">In TCM Group, no employee may receive or solicit any ser-</td></tr><tr><td colspan="4">vices, gifts or payments that may be considered an attempt</td></tr><tr><td colspan="4">to obtain benefits for themselves or the company. Viola-</td></tr><tr><td colspan="4">tions of these rules will have disciplinary consequences for</td></tr><tr><td colspan="4">the employees involved.</td></tr><tr><td colspan="4">There have been no incidents violating the anti-corruption</td></tr><tr><td colspan="4">policy in 2020.</td></tr><tr><td colspan="4">Supplier management</td></tr><tr><td colspan="4">TCM Group intends to influence suppliers via a Code-of-</td></tr><tr><td colspan="4">Conduct, which broadly covers all aspects of the principles</td></tr><tr><td colspan="4">outlined by the UN Global Compact.</td></tr><tr><td colspan="4">TCM Group suppliers are primarily located in Europe and a</td></tr><tr><td colspan="4">majority of these are even located in Denmark, relatively</td></tr><tr><td colspan="4">close to our production sites in Tvis and Aulum. This has</td></tr><tr><td colspan="4">proven to be a very reasonable strategy, especially during the</td></tr><tr><td colspan="4">Covid-19 pandemic, where TCM Group has only experienced</td></tr><tr><td colspan="4">limited impact on the supplier side during 2020. By using</td></tr><tr><td colspan="4">suppliers located close to our production sites, we also limit</td></tr><tr><td colspan="4">the CO2 emission during the transport process. However,</td></tr><tr><td colspan="4">some of our suppliers use subsuppliers located in Asia. TCM</td></tr><tr><td colspan="4">Group management is aware that production in Asia implies</td></tr><tr><td colspan="4">risks in terms of social responsibility and supplier manage-</td></tr><tr><td colspan="4">ment, and that our stakeholders expect us to actively ensure</td></tr><tr><td colspan="4">that these subsuppliers are fulfilling regulations in terms of</td></tr><tr><td colspan="4">working conditions and environmentalfriendly production.</td></tr><tr><td colspan="4">TCM Groupâ Code-of-Conduct was developed and</td></tr><tr><td colspan="4">approved by the Board in 2011, and further improved in</td></tr><tr><td colspan="4">Code-of-Conduct.</td></tr><tr><td colspan="4">The total share of TCM Groupâ purchasing, covered by our</td></tr><tr><td colspan="4">Code-of-Conduct was 100% in 2020 and cover all suppliers</td></tr><tr><td colspan="4">from non-EU countries.</td></tr><tr><td colspan="4">TCM Group will continue to monitor all suppliers in 2021</td></tr><tr><td colspan="4">and conduct arbitrary audits, though with special attention</td></tr><tr><td colspan="4">on the suppliers doing business in Asia.</td></tr></table></mrv:StatementOfCorporateSocialResponsibility>
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<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by Management on the annual report</td></tr><tr><td colspan="1">The Board of Directors and the Executive Management have today considered and approved the annual report for the period</td></tr><tr><td colspan="1">1 January 2020 â 31 December 2020. The consolidated financial statements and the parent financial statements are prepared</td></tr><tr><td colspan="1">in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the</td></tr><tr><td colspan="1">Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the</td></tr><tr><td colspan="1">Groupâs and the Parentâs financial position at 31 December 2020 as well as of the results of their operations and the</td></tr><tr><td colspan="1">consolidated cash flows for the period 1 January 2020 â 31 December 2020.</td></tr><tr><td colspan="1">In our opinion, the management commentary contains a fair review of the development of the Groupâs and the Parentâs</td></tr><tr><td colspan="1">business and financial matters, the results for the period and of the Parentâs financial position and the financial position as</td></tr><tr><td colspan="1">a whole of the entities included in the consolidated financial statements, together with a description of the principal risks</td></tr><tr><td colspan="1">and uncertainties that the Group and the Parent face.</td></tr></table></sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" xml:lang="da">Holstebro</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1">2021-02-24</sob:DateOfApprovalOfAnnualReport>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table></arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of TCM Group A/S</td></tr></table></arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent financial statements of TCM Group A/S for the</td></tr><tr><td colspan="1">financial year 01.01.2020 â 31.12.2020, which comprise the income statement, statement of comprehensive income, balance</td></tr><tr><td colspan="1">sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting</td></tr><tr><td colspan="1">policies, for the Group as well as for the Parent. The consolidated financial statements and the parent financial statements</td></tr><tr><td colspan="1">are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional</td></tr><tr><td colspan="1">requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the</td></tr><tr><td colspan="1">Groupâs and the Parentâs financial position at 31.12.2020, and of the results of their operations and cash flows for the</td></tr><tr><td colspan="1">financial year 01.01.2020 â 31.12.2020 in accordance with International Financial Reporting Standards as adopted by the EU</td></tr><tr><td colspan="1">and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Our opinion is consistent with our audit book comments issued to the Audit Committee and the Board of Directors.</td></tr></table></arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements</td></tr><tr><td colspan="1">applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditorâs</td></tr><tr><td colspan="1">responsibilities for the audit of the consolidated financial statements and the parent financial statements section of this</td></tr><tr><td colspan="1">auditorâs report. We are independent of the Group in accordance with the International Ethics Standards Board of</td></tr><tr><td colspan="1">Accountantsâ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in</td></tr><tr><td colspan="1">Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the</td></tr><tr><td colspan="1">audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">To the best of our knowledge and belief, we have not provided any prohibited non-audit services as referred to in Article 5(1)</td></tr><tr><td colspan="1">of Regulation (EU) No 537/2014.</td></tr><tr><td colspan="1">TCM Group A/S was listed on Nasdaq OMX Copenhagen upon completion of the initial public offering on 24 November 2017</td></tr><tr><td colspan="1">from which date TCM Group A/S became a Public Interest Entity. We have been reappointed by decision of the Annual</td></tr><tr><td colspan="1">General Meeting for a total continuous engagement period of four years up to and including the financial year 2020.</td></tr><tr><td colspan="1">Key audit matters</td></tr><tr><td colspan="1">Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the</td></tr><tr><td colspan="1">consolidated financial statements and the parent financial statements for the financial year 01.01.2020 â 31.12.2020. We</td></tr><tr><td colspan="1">have determined that there are no key audit matters to communicate in our report.</td></tr></table></arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the management review</td></tr><tr><td colspan="1">Management is responsible for the management review.</td></tr><tr><td colspan="1">Our opinion on the consolidated financial statements and the parent financial statements does not cover the management</td></tr><tr><td colspan="1">review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility</td></tr><tr><td colspan="1">is to read the management review and, in doing so, consider whether the management review is materially inconsistent</td></tr><tr><td colspan="1">with the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or</td></tr><tr><td colspan="1">otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the management review provides the information required under the</td></tr><tr><td colspan="1">Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the management review is in accordance with the consolidated</td></tr><tr><td colspan="1">financial statements and the parent financial statements and has been prepared in accordance with the requirements of the</td></tr><tr><td colspan="1">Danish Financial Statements Act. We did not identify any material misstatement of the management review.</td></tr></table></arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Managementâs responsibilities for the consolidated financial statements and the parent financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent financial statements that</td></tr><tr><td colspan="1">give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional</td></tr><tr><td colspan="1">requirements of the Danish Financial Statements Act, and for such internal control as Management determines is necessary</td></tr><tr><td colspan="1">to enable the preparation of consolidated financial statements and parent financial statements that are free from material</td></tr><tr><td colspan="1">misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the consolidated financial statements and the parent financial statements, Management is responsible for</td></tr><tr><td colspan="1">assessing the Groupâs and the Parentâs ability to continue as a going concern, for disclosing, as applicable, matters related</td></tr><tr><td colspan="1">to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements</td></tr><tr><td colspan="1">and the parent financial statements unless Management either intends to liquidate the Group or the Entity or to cease</td></tr><tr><td colspan="1">operations, or has no realistic alternative but to do so.</td></tr></table></arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Auditorâs responsibilities for the audit of the consolidated financial statements and the parent financial statements</td></tr><tr><td colspan="2">Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent</td></tr><tr><td colspan="2">financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an</td></tr><tr><td colspan="2">auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an</td></tr><tr><td colspan="2">audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a</td></tr><tr><td colspan="2">material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,</td></tr><tr><td colspan="2">individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the</td></tr><tr><td colspan="2">basis of these consolidated financial statements and these parent financial statements.</td></tr><tr><td colspan="2">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise</td></tr><tr><td colspan="2">professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td>â¢</td><td>Identify and assess the risks of material misstatement of the consolidated financial statements and the parent</td></tr><tr><td /><td>financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks,</td></tr><tr><td /><td>and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not</td></tr><tr><td /><td>detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may</td></tr><tr><td /><td>involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</td></tr><tr><td>â¢</td><td>Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are</td></tr><tr><td /><td>appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the</td></tr><tr><td /><td>Groupâs and the Parentâs internal control.</td></tr><tr><td>â¢</td><td>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and</td></tr><tr><td /><td>related disclosures made by Management.</td></tr><tr><td>â¢</td><td>Conclude on the appropriateness of Managementâs use of the going concern basis of accounting in preparing the</td></tr><tr><td /><td>consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained,</td></tr><tr><td /><td>whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Groupâs</td></tr><tr><td /><td>and the Parentâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are</td></tr><tr><td /><td>required to draw attention in our auditorâs report to the related disclosures in the consolidated financial statements</td></tr><tr><td /><td>and the parent financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions</td></tr><tr><td /><td>are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or</td></tr><tr><td /><td>conditions may cause the Group and the Entity to cease to continue as a going concern.</td></tr><tr><td>â¢</td><td>Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent</td></tr><tr><td /><td>financial statements, including the disclosures in the notes, and whether the consolidated financial statements and</td></tr><tr><td /><td>the parent financial statements represent the underlying transactions and events in a manner that gives a true and</td></tr><tr><td /><td>fair view.</td></tr><tr><td>â¢</td><td>Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business</td></tr><tr><td /><td>activities within the Group to express an opinion on the consolidated financial statements. We are responsible for</td></tr><tr><td /><td>the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="2">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the</td></tr><tr><td colspan="2">audit and significant audit findings, including any significantdeficiencies in internal control that we identify during our</td></tr><tr><td colspan="2">audit.</td></tr><tr><td colspan="2">We also provide those charged with governance with a statement that we have complied with relevant ethical requirements</td></tr><tr><td colspan="2">regarding independence, and to communicate with them all relationships and other matters that may reasonably be</td></tr><tr><td colspan="2">thought to bear on our independence, and where applicable, related safeguards.</td></tr><tr><td colspan="2">From the matters communicated with those charged with governance, we determine those matters that were of most</td></tr><tr><td colspan="2">significance in the audit of the consolidated financial statements and the parent financial statements of the current period</td></tr><tr><td colspan="2">and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes</td></tr><tr><td colspan="2">public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be</td></tr><tr><td colspan="2">communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the</td></tr><tr><td colspan="2">public interest benefits of such communication.</td></tr></table></arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" xml:lang="da">Aarhus</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1">2021-02-24</arr:SignatureOfAuditorsDate>
<gsd:NameOfReportingEntity contextRef="ctx1" xml:lang="da">TCM Group A/S</gsd:NameOfReportingEntity>
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<gsd:AddressOfReportingEntityDistrictName contextRef="ctx1" xml:lang="da">Holstebro</gsd:AddressOfReportingEntityDistrictName>
<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx1">37291269</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:DateOfGeneralMeeting contextRef="ctx1">2021-04-13</gsd:DateOfGeneralMeeting>
<gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="ctx1" xml:lang="da">Tyge Rasmussen</gsd:NameAndSurnameOfChairmanOfGeneralMeeting>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
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<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx1" xml:lang="da">Skautrupvej 16</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" xml:lang="da">7500 Holstedbro</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
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<gsd:PredingReportingPeriodEndDate contextRef="ctx1">2019-12-31</gsd:PredingReportingPeriodEndDate>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx15" xml:lang="da">Sanna Mari Suvanto-Harsaae</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx16" xml:lang="da">Anders Tormod Skole-Sørensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx17" xml:lang="da">Deputy</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx17" xml:lang="da">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx18" xml:lang="da">Carsten Bjerg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx19" xml:lang="da">Søren Mygind Eskildsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx20" xml:lang="da">Danny Feltmann Espersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameOfAuditFirm contextRef="ctx21" xml:lang="da">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx21">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx21" xml:lang="da">Henrik Vedel</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx21" xml:lang="da">State-Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx21">mne10052</arr:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx22" xml:lang="da">KÃ¥re Kansonen Valtersdorf</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx22" xml:lang="da">State-Authorised Public Accountant</cmn:DescriptionOfAuditor>
<arr:IdentificationNumberOfAuditor contextRef="ctx22">mne34490</arr:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx22">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx22" xml:lang="da">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
</xbrli:xbrl>