Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2023-09-30 | 6859000000 | vDKK |
| ifrs-full:Assets | 2022-09-30 | 7215000000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2022-10-01 | 2023-09-30 | 4775000000 | vDKK |
| ifrs-full:Revenue | 2021-10-01 | 2022-09-30 | 4444000000 | vDKK |
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<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx2" id="fact1065" xml:lang="en">OUR SUSTAINABILITY FOCUS In a world where sustainability is high on the agenda, we recognise our role and need to take action to ensure a sustainable future. Economic growth must go hand-in-hand with reduced pressure on the environment and climate, as well as a focus on social and governance aspects. These elements are all integrated in our strategy, business processes and value chain to ensure sustainable growth. Recognising our opportunity and responsibility to ensure a sustainable future by reducing our environmental impact, and striving to help our customers reduce their impact, our focus on sustainability centres on two key areas, "Circular products & packaging" and "Responsible operations". Our focus areas were developed and approved by our Exec- utive Leadership Team during the first quarter of the 2022/23 financial year. The process included identification of our key stakeholders, as well as an analysis of their sustainability priorities. Inputs to the process included stakeholder engage- ment, as well as an assessment of key priorities identified in our materiality analysis. Our focus on sustainability is build on three enablers, which form the foundation for our activities. We have an obligation to contribute to education and awareness of sustainability within the healthcare sector and, particularly, within the areas where we have special insights. Together with other stakeholders, we will help ensure that communication is as simple and easy to understand as possible. Furthermore, as we focus on our main competences, we engage, where needed, with partners with the right skillset, network, capabilities, etc., who can challenge us and contribute to the success of our initiatives. Finally, to strengthen our foundation, we lean on governance, integrity and transparency. We continuously improve our ESG & sustainability data collection and reporting processes, in order to support our business and stakeholders with relevant and transparent data, and to ensure that we remain compliant with current and future requirements. While our sustainability focus mainly covers environmental activities and initiatives, our social ambitions within Ambu are covered by our People & Culture focus, aiming to âBring people together in one shared cultureâ. Read more about our culture focus on p. 24â. Ambuâs business model, which forms the basis of this section and our work with sustainability, is presented on p. 17â SUSTAINABILITY GOVERNANCE Our governance structure To ensure top-level commitment as well as representation across lines of business, ESG & Sustainability is anchored in the Executive Leadership Team, headed by the CEO. The Sustainability Department is headed by the Senior Director, Sustainability, Risk & Compli- ance, who reports directly to the CFO. Sustainability-related issues that require the attention of the Board are presented, reviewed and approved as part of Board meetings. Our internal quarterly reporting on ESG, which is shared across the organisation, ensures that our performance on sustain- ability-related indicators is reviewed and assessed regularly by the Executive Manage- ment and the Board of Directors. As a further testament to our commitment to sustainability, Ambu currently has sustaina- bility-linked loans, which incentivise delivery on specific ESG KPIs, as Ambuâs interest rate will be adjusted, depending on how suc- cessful we are in terms of delivering on the agreed targets. You can read more about our corporate gov- ernance structures on p.102â OUR ESG & SUSTAINABILITY-RELATED POLICIES AND SYSTEMS Policy Area(s) of application Description Systems, procedures and guidelines Code of Conduct (The Code) Overarching The Code is an extension of our values and guides all of us in making ethical decisions ⢠Local employee handbooks and understanding expectations for employees to follow. ⢠Compliance Management System (CMS) ⢠Enterprise Risk Management (ERM) framework Sustainability Engagement Policy Overarching The policy describes our commitments and continuous improvement focus within climate ⢠United Nations Guiding Principles & environment, human & labour rights and anti-corruption. Code of Conduct for Overarching The Ambu Code of Conduct for Business Partners defines the basic requirements set for ⢠Code of Conduct Declaration Form Business Partners any person or entity doing business with or on behalf of the Ambu Group, with respect to ⢠Responsible Supplier Program its responsibilities towards our stakeholders, employees, business partners, to conduct ⢠Business Partners Integrity Due Diligence processes business in an ethical, legal and socially responsible manner. Global Inclusion and Social The policy describes our commitment to diversity and inclusion, which rests on our ⢠Local employee handbooks Diversity Policy company values, our commitment to the United Nations Global Compact and our Code of Conduct. Labour & Human Rights Policy Social The policy defines the labour and human rights standards to which all Ambu employees ⢠Human & Labour Rights Guidelines are entitled, irrespective of the country in which they work, and represents our expecta- ⢠UK Modern Slavery Act Statement tions towards our Business Partners. Tax Policy Governance The policy presents Ambuâs most relevant tax policies and standards of operation within ⢠OECD Transfer Pricing Guidelines the field of corporate income tax. Quality Policy Governance The policy sets the framework for our commitment to maintaining the high quality in ⢠Global Quality Management System (QMS) Ambu products and processes and to comply with all applicable regulatory requirements across all Ambu sites. Policy on non-clinical testing Governance The policy provides guidance on the ethical aspects of non-clinical testing and clinical and clinical investigations investigations. ⢠Triple R's Principle Information Security Policy Governance The policy describes information security objectives and Ambuâs risk-based approach to ⢠Information Security Risk Management System information security. It defines the responsibility for implementation and compliance with legal, regulatory and contractual requirements to which our organisation is subject. Data Ethics Policy Governance The policy describes how information about individual persons may be collected, used, ⢠Privacy statement disclosed, transferred and stored by Ambu. Global Procurement Policy Governance The policy sets the direction for Ambu's global procurement activities, with the purpose of ⢠Responsible Supplier Program ensuring compliance with principles and applicable rules and regulations, while allowing Ambu to meet its business objectives. Compliance with regulations Ambu is committed to complying with all applicable rules and regulations. To prepare for the upcoming requirements of the Cor- porate Sustainability Reporting Directive (CSRD), Ambu performed a gap analysis to assess our current level of compliance and help us develop action plans to ensure compliance by the 2024/25 financial year. Throughout the report, we have already implemented some of the elements required by the Directive. An updated materiality assessment will help us define the scope of our ESG & sustainability focus areas and reporting going forward. Similarly, we have assessed our eligibility for the EU Taxonomy Regulation. As a listed company with more than 500 employees, we are within the scope of the EU Taxonomy Regulation. During this financial year, Ambu conducted a screening of the Technical Annex I and II of the Climate Delegated Act. The screening included an assessment of our activities within electricity, gas, steam and air conditioning supply, water, sewerage, waste and remediation, transportation and storage, information and communications and construction and real estate activities. According to our assessment, we have no eligible activities to report on within revenue, OPEX and CAPEX. However, we do have activities that contribute to climate change adaptation and/or mitigation. More details about these can be found under our dis- closure of environmental information. We continue to follow the evolvement of the EU Taxonomy Regulation and our future report- ing obligations as the Regulation, as well as our business activities, evolve in the future. MATERIALITY AND STAKEHOLDER ENGAGEMENT Materiality Our double materiality assessment from 2021, on which this disclosure is based, has been an integral part of our strategy process, as well as our sustainability reporting devel- opment, as it defines the most important and impactful areas for Ambu and our stakehold- ers identified in 2021. We are in the process of updating our mate- riality assessment, based on the principle of double materiality, to ensure that we comply with the CSRD by the 2024/25 financial year. This means that we will be incorporating the European Sustainability Reporting Stand- ards (ESRS), as well as other regulatory and reporting frameworks, along with inputs from stakeholder engagement, to assess the issues where Ambu has the biggest impact on society and environment, including which sustainability-related issues affect our activi- ties financially by posing a risk or opportunity for Ambu. The process will help us validate the most important and impactful areas on which to focus our efforts in the coming years, and ensure we deliver on our strategy to take leaps towards a sustainable future. Stakeholder engagement Since 1937, Ambu has been rethinking solu- tions, together with healthcare professionals, to save lives and improve patient care. We have a long-standing tradition of supporting the communities in which we operate. During 2022/23 Ambu donated over 110,000 emergency care products as aid in the after- math of the devastating earthquakes that hit regions across Turkey and Syria in February 2023. The products were donated to the Min- istry of Health in Turkey to help establish new field hospitals, particularly in areas of devas- tation, and to support local societies as they rebuild hospitals and medical care facilities. At Ambu, we are proud of our legacy and the fact that our products continue to play an important part in saving lives across the globe, and we are proud of having employ- ees who care deeply for the communities in which we operate. This year, local initiatives, supported by our dedicated employees, included partnerships with âOne Simple Wishâ in the USA and 'Sepsis UK' in the UK, as well as the participation of our Australian employees in âAustraliaâs Biggest Morning Teaâ, a country-wide community event that focuses on raising vital funds to support the lives of those impacted by cancer. At Ambu, we interact with many different stakeholder groups in our efforts to deliver world-class medical solutions and deliver strong, profitable growth. Although they represent different demands and agendas, we are committed to understanding their wants and needs to engage in meaningful collaborations and strong value creations. Stakeholder group Why we engage Engagement Value created Customers Through ongoing customer engagement and feedback, we ⢠Innovation days Ambu provides benefits for healthcare professionals and identify and adopt customer needs in the development process, ⢠Development activities and feedback patients through our single-use endoscopy solutions, which contributing to Ambu delivering world-class solutions that make ⢠Performance trials and data assessment provide workflow efficiency, availability, patient safety and a difference in healthcare, while contributing to reducing the envi- ⢠Hospital visits economics, as well as an improved environmental impact. ronmental footprint of the healthcare sector. ⢠Conferences ⢠Management interactions Employees We are focused on building a purposeful and diverse, engaged ⢠Global Engagement Surveys Ambu creates value for employees by continuously advancing and inclusive culture where our employees can harness their com- ⢠Global Town Halls our shared culture, driven by our strong purpose, actionable petences and ideas, thrive in close collaborations with colleagues ⢠Ambu Purpose and Values team sessions values and strategic direction. and customers, apply high levels of trust and take ownership of ⢠CEO letters and strategy newsletters driving shared success. ⢠Intranet communication ⢠Performance and development dialogues ⢠Workersâ Councils Suppliers Ambu is reliant on our many suppliers in order to reach our emis- ⢠Responsible supplier program Ambu focuses on supporting and collaborating with our sup- sion reduction goals and approach net-zero emissions. Therefore, ply chain to ensure that our suppliers live up to the increasing we aim to work with and support suppliers that share our commit- standards within sustainability. ment to sustainability and responsible business practices. Investors To ensure efficient financial allocation, Ambu regularly engages ⢠Investor roadshows and conferences Ambu provides long-term shareholder return by investing with analysts and institutional investors to support a fair company ⢠Investor calls capital in projects and utilising our strong commercial and valuation and ensure liquidity in the Ambu share. ⢠Briefings with equity research analysts innovation infrastructure to achieve high growth, as well as ⢠Capital Markets Days a return on invested capital (ROIC) that exceeds the cost of ⢠Annual General Meeting capital (WACC). Regulators & authorities Compliance with existing regulation on responsible business ⢠Industry associations Ambu supports and complies with legislations developed to practices is a requirement for Ambu to retain our licence to oper- ⢠Roundtables with key stakeholders maintain stable and efficient institutions, as well as resilient ate. societies in which people and businesses can thrive. Society Community engagement is pivotal to building trust between ⢠Engagement with NGOs Ambu engages with and supports the communities in which Ambu and the communities in which we operate to reduce the risk ⢠Collective action alliances and partnerships we operate to ensure that Ambu understands and responds of conflicts, which may affect the success of Ambu. to the impact we have on people and the planet. ENVIRONMENTAL INFORMATION We are committed to sustainable endoscopy through circular products and packaging Developing sustainable products Ambu's single-use endoscopes have an environmental impact throughout their life- cycle â from raw material extraction until they are disposed of after use. At Ambu, we use high-quality plastic in our products to ensure that our solutions are safe for patients and users and to ensure flexible products that adapt to the human anatomy in a way that is gentle on the patient. As most conventional plastic is made from a fossil-based and non-renewable resource, a lot of attention is paid to single-use plastics. The choices we make when designing new products not only affect our own operations, but also impact our suppliers and customers. That is why sustainability is an integral aspect of our R&D processes and governance. We work on reducing the impact from our products by researching and investing in the use of renewable materials, such as bio- based feedstock for plastic, and developing solutions for take-back and recycling, as well as processes that keep our products from ending up in landfills and instead turn our products from waste into energy and thereby reduce the impact of our products on the global climate and the environment. Circular design guide Healthy substances Refuse harmful substances when choosing materials, to avoid exposure of people and the environment to substances of concern and to enable safe recycling. Materials innovation Rethink the way we enable circulation of low-car- bon-footprint materials (bioplastics and chemically recycled content) in our products. Circular products design Redefine the product structure to enable recycling by design and strive to keep materials at the highest possible value. Circular packaging & logistics Rethink packaging and the way we ship our products by designing recyclable packaging and using renewa- ble or recycled packaging materials. Manufacturing cascades Reduce and recirculate materials, energy and water from side streams of our processes to make more from less through cascaded use. System innovation Reconfigure the health and waste system through pilots and partnerships to achieve actual take-back and recycling in key regional markets. When we start a new innovation project, ambitions for the circular design focus areas are set using our circular design guide, which sets out six principles and KPIs to support the innovation projects towards integrating our strategic ambitions in the actual design. These design principles help us assess where the greatest opportunities for reduc- ing our environmental footprint lie, so that we can focus on the most effective initiatives. In view of the development of new types of plastic with a lower carbon footprint, oppor- tunities arise for how we can rethink the circulation of materials in our products and packaging to meet the demands of the mar- ket, where environmental sustainability is an increasingly important business factor. However, being a first mover in this area also presents some challenges, as the access to materials and technologies for recycling is limited. Through partnerships with our suppliers, we are helping to drive the agenda and the change that is needed to reduce the impact of the healthcare sector. Bioplastics The bioplastics we use are called bio-attributed plastics, which are a type of plastics of which the sourcing is controlled under a mass-balance approach. Here, the material is made from a combination of bio-based- and fossil-based feedstock. Second-generation feedstock comes from, e.g., recycled food waste. PFAS Ambu recognises and takes active part in the global initiatives to eliminate PFAS from medical devices, due to a concern for their impact on human health and the environment. We recently started mapping and risk assessing the presence of regulated PFAS in our products. During the ongoing investigation, no regulated PFAS was identified in our products. As part of our new strategy, we have increased our commitments to the agenda by defining three new targets for circular products and packaging to lead us on our journey towards a more sustainable future. Targets and progress During 2022/23, we took leaps towards our commitment to sustainable endoscopy through circular products and packaging, and we reached an incredible milestone, as we began to incorporate bioplastics in the han- dles of our endoscopes. The use of bioplastic material in our endo- scope handles reduces the carbon footprint of our single-use endoscopes. The introduc- tion of this material reduces GHG emissions at a raw material level (cradle to gate) by more than 70%, compared to fossil-based plastics. This is a big achievement and the result of great collaboration with suppliers who are able to combine materials made from bio- based second-generation feedstock with fossil-based materials, as well as the work of our dedicated colleagues who have worked hard on the design, testing and continued implementation of this new solution. Overview of our 2025 targets and progress within sustainable product development Target Progress 2022/23 Details and next steps Bioplastics in all In September 2023, Ambu We are planning to use bioplastics in all of our future endoscope handles, and the intro- endoscopes by 2025 announced the release of duction in all endoscope products will take place continuously during the next financial the Ambu® aScope⢠Gas- year. tro Large â the worldâs first endoscope manufactured On 12 October 2023, Ambu announced that from early in our fiscal year 2024/25, all of with bioplastic materials. our single-use endoscopes shipped to customers will include bioplastic material. Primary packaging for high-volume We have initiated activities This year, focus has been on establishing the target and start activities to achieve this. products made from bioplastics to start implementing bio- Next year, our customers will see the results of our R&D efforts. plastics in protective parts. Recycling offering in A recycling program, as well During 2022/23, we continued our pilot for a take-back recycling solution for aScopeTM all major markets as take-back and energy Broncho in Germany. We are collecting great learnings from the project, which will help recovery offerings are pres- us develop a viable solution. Next year, we will start preparing to scale up the project by ent in Germany and the USA initiating a pilot in the United Kingdom. through our partnerships with Resourcify and Sharps In 2022/23, we collected 4.3% of the endoscopes we sold in the USA through our part- Compliance, respectively. nership with Sharps Compliance. The endoscopes collected by Sharps Compliance generated 15 MWh of electricity. We continue to work on our objective to phase out PVC from our new products. During 2022/23, we launched five new1 products, of which three were PVC-free. Moreover, we are working on replacing and reducing the amounts of packaging material to ensure recyclability and reduce our plastic usage. This year, we have found a solution to replace a material in a protective part for our Ambu® aScope⢠Gastro Large with a material that can be recycled. Our main challenge lies within primary packaging, where sterility and high performance barriers are essential and require intensive innovation in new solutions. To solve this, we have initiated a project to look into the different options. 1 We define a new product launch as when a product has obtained its first market clearance. We exclude products line extension products, software updates, sustaining activities or minor change projects. Bioplastics reduce our carbon footprint The use of bioplastic material in our endoscope handles will reduce the carbon footprint of the ABS plastics we use by 70%. In the future, we will build on this initiative by expanding the use of bioplastics in other parts of our endoscopes. Fossil-based and bio-based second-generation feed- stock (such as food waste) is sourced by the supplier. The fossil-based and bio- based second-generation feedstock are mixed during production of bioplastics. The use of bioplastics reduces the carbon footprint of the ABS plastics used for the production of our endo- scope handles by 70%. The bioplastic material is tracked throughout the process, making it possible to verify that the mate- rial is used in Ambu endoscope handles. Carbon emissions & climate change We are committed to operating responsibly and approaching net-zero emissions As we have seen multiple global temper- ature records broken during the past year, the urgency of immediate action to tackle climate change is becoming more evident to avoid serious negative repercussions for life on Earth. Reducing our emissions is the right thing to do for our climate, but it also makes good business sense, as it supports future proof of our business through reduced costs, We have a LEED Silver certification for our production site in Mexico increased investor confidence and resilience against regulation, as well as provides us with the opportunity to gain a competitive advantage in a market where innovative and sustainable products are becoming a key factor for our customers. During the past years, we have established the foundation for reducing our green- house gas (GHG) emissions by mapping our Scope 1, 2 and 3 emissions. The latter comprised a Scope 3 inventory analysis for the 2020/21 financial year. The analysis showed that emissions from Scope 3 cover 95% of our total GHG emissions. The large share of emissions coming from Scope 3 was expected. Similar to many other companies, the majority of our emissions lie outside our own operations, as Scope 3 emissions reflect emissions occurring throughout the entire value chain. This makes Ambu reliant on our many suppliers, in order to reach our emis- sion reduction goals and approach net-zero emissions. The term net-zero describes a commitment to decarbonisation. The reduction can occur, among other things, by increasing the use of renewable energy, reducing consumption of fossil-based energy sources, developing Ambition Reduce our impact on the environ- ment and climate and also help to mitigate major repercussions for life on Earth, due to the physical impacts of climate change Governance Governed through our Sustainability Engagement Policy and overseen as a strategic priority by the Executive Leadership Team more sustainable products and packaging, and cooperating with suppliers who, by reducing their emissions, will contribute to a decrease in Ambuâs Scope 3 emissions. As a result, we will be working on estab- lishing even closer trustful collaborations with our key suppliers, specifically within purchased goods and services, so that we can drive our emissions down and meet our goals. We will do this as part of our commit- ment to the SBTi. While we have not made a Scope 3 calculation this year, we are commit- ted to disclosing our annual Scope 3 emis- sions, including for the past years, as well as next financial year, as part of our submission of a near-term science-based target. We are currently working on updating the calcula- tions and improving our data. We also have a three-step strategy to reduce our CO2 emissions: â¢Minimise carbon emissions from produc-tion sites through energy efficiency meas- ures. â¢Purchase Renewable Energy Certificates(RECs) with focus on new installations and suppliers who offer a degree of addition- ality. Additionality, ensure expansion of renewable energy production sites. â¢Establish Power Purchase Agreements(PPAs) in order to ensure additionality and the expansion of renewable energy pro- duction. As part of our strategy to approach net- zero emissions, our production sites and headquarters work rigorously to identify and act on opportunities to reduce emis- sions through energy efficiency measures. Through energy monitoring and audits, our sites are gaining a better understanding of where the biggest energy consumption is taking place, and we are increasingly sharing learnings across our sites to help each other bring down local energy consumption and emissions. Targets and progress Ambu submitted its near-term science- based target for emission reductions, in line with the Paris Agreement, in June 2023. The SBTi will begin reviewing our submission in November 2023. In the meantime, we have developed a long-term roadmap to achieve net-zero emissions. While we wait for the approval of our sci- ence-based target, we continue our efforts to reach our current goal of a â50% reduction of carbon emissions in 2025, compared to 2018/19 baselineâ. This year, our total GHG emissions (scope 1+2) have increased 1%, compared to 2021/22. This is despite a 6% decrease in total energy consumption, compared to 2021/22. The reason for this is that we have ramped up our production in Juárez, and that we have improved our methodology for GHG emissions calculations. Specifically, we have standardised the emission factors for scope 2, using higher values derived from IEA. This means that our GHG emissions cannot be directly compared to previous years, as the data is a result of different methodologies. We continue our focus on reducing our GHG emissions through the increase of renewable energy consumption. This year, our share of renewable energy increased to 18.5%, com- pared to 17.2% in 2021/22. This is a result of the purchase of RECs covering 100% of our electricity consumption at our site in Xiamen and a signed purchase agreement, effective from January 2024, corresponding to 1,174 MWh in Penang in 2022/23 (12.5% of our total purchase of RECs). Additionally, our solar panels in Penang and Ballerup have produced 1,460 MWh and 17 MWh, respectively â corresponding to a total saving of 962 metric tonnes CO2e. The reductions achieved this year can also be attributed to the work at our sites, where our colleagues have implemented various initi- atives to bring down energy consumption. This includes the replacement of two injec- tion moulding machines in Xiamen, resulting in estimated savings of 26 MWh/year. At our site in Penang, the replacement of three inverted type air compressor systems is esti- mated to reduce annual electricity consump- tion by 10-16%, compared to the old systems. In Noblesville, initiatives to reduce energy consumption include the replacement and/ or elimination of various cooling and heat- ing systems, air compressor dryers and air conditioning systems. At our headquarters, energy efficiency measures, such as replac- ing lightning and ventilation components, among other things, have an expected total reduction of 268 MWh/year . We continue to improve the processes for capturing our emissions, as well as our data quality, including the estimates and emis- sion factors used. This prepares us for the requirements set by the CSRD, effective from January 2024 and applying to Ambu from the financial year starting on 1 October 2024. Water management Water is a critical resource for life on Earth, and as water scarcity becomes more wide- spread, it is important to reduce water con- sumption where possible. As production of Ambu products is not categorised as water intensive, water is mainly used for hygiene reasons, and consumption is therefore related to the number of employees. We ensure sustainable water management at our sites through monitoring and continuous upgrades to our water consumption systems. Targets and progress In 2022/23, we experienced an 8% decrease in total water consumption. The decrease in water consumption is a result of continuous efforts to reduce water consumption and improve the water infra- structure at our headquarters, as well as our productions sites, and may be further influ- enced by workforce fluctuations. Ambition Execute sustainable water manage- ment at our production sites and headquarters through monitoring and assessment of the development in water consumption and continu- ous adaption to any changes Governance Governed through our Sustainability Engagement Policy Waste management At Ambu, we believe that waste is a resource for which the appropriate application has not yet been found. Similar to water consump- tion, we monitor the amount of waste at our production sites and at our headquarters. By measuring waste amounts, each produc- tion site gains a better understanding of the waste streams and upcycling opportunities. While we cannot totally avoid creating waste at our sites, we are working hard to ensure that as much waste as possible is creating value further down the value chain. Our sites are increasingly sorting waste into different fractions, to increase the amount that is recycled. Through partnerships and local initiatives, we work on how to increase the amounts of waste that can be reused or are converted into either energy, fertilisers or components of new materials. Ambition Reduce waste where possible and recycle our waste according to the waste hierarchy, in order to mini- mise use of virgin resources and thereby reduce our impact on the environment and climate Governance Governed through our Sustainability Engagement Policy Our waste reductions are a testament to the vigorous efforts of our colleagues at our sites, who each day work to reduce the amounts of waste we generate, while also ensuring that as much waste as possible can serve a new purpose. Targets and progress We continue our focus on reducing the amounts of waste generated at our sites and the diversion of waste to energy or recycling instead of landfill. One way to further reduce waste from production is through the use of hot runners, where applicable, which does not create any waste during production. In 2022/23, total waste decreased by 7%, compared to 2021/22. Overall, we also see an increase in the share of recycled waste, which has increased to 46% this year, compared to 41% in the 2021/22 financial year. Examples of initiatives within waste management Initiatives Activities Details and next steps Recycling of In March 2022, Ambu entered into a In 2022/23, we sent 753 kg of IT IT equipment global partnership with Tier1Asset, equipment for recycling from our which specialises in the refurbish- headquarters. The equipment ment and recycling of worn-out IT was refurbished and has been equipment. The equipment under- given a new lifespan. Our offices goes a stringent process, which in Germany and France have also includes certified data erasure sent a total of 490 kg IT equip- and a meticulous sorting process, ment for recycling by Tier1Asset. whereby the equipment is either Only the equipment collected sent for refurbishment and resale, from our headquarters is or recycled with an external partner accounted for in our waste data. specialised in recycling the differ- ent components into raw materials We expect to further expand the for a new lifecycle. scope of the partnership next year. From food In August 2022, our production site In 2022/23, our headquarters to fertilizer in Penang entered into a partner- converted 9,085 kg of food ship with VKK Enterprise, which waste and frying oil, combined, converts food waste from our site into biogas, fertiliser and sec- into fertiliser that is donated to local ond-generation biodiesel, farmers. With the initiative, Ambu through our partnership with supports local food production and Daka Refood. gives back to the community. At our headquarters, we continue our partnership with Daka ReFood. Internal recycling At our Xiamen and Noblesville In 2022/23, we have recycled a of runners from production sites, we can recycle total of 386 tonnes of plastics injection moulding runners arising from the injection internally from our injection processes moulding process by regrinding moulding processes in Xiamen the runners and feeding them back and Noblesville. We continue to into the production machines in an focus on optimising and reusing internal setup. the plastic in our production processes. TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES At Ambu, we acknowledge our impact on the environment and climate, as well as our role in helping to mitigate major repercussions for life on Earth, due to the physical impacts of climate change. Leaning on the recommendations from TCFD (Task Force on Climate-related Financial Disclosures), we are advancing our under- standing of how climate change impacts Ambuâs business, strategy and financial plan- ning, as well as how we strategically manage climate-related risks and opportunities. We are assessing the requirements concern- ing risk assessment and materiality under the EU Directive on Corporate Social Respon- sibility (CRSD) to ensure we are compliant by 2024/25 and that our materiality assessment gives a true and fair view of Ambuâs impact, as well as the financial risks and opportuni- ties of ESG and sustainability-related issues. Governance Disclose the organisationâs governance around climate-related risks and opportunities. The Executive Management holds the over- all responsibility for climate-related issues, and the Board of Directors oversees that all relevant procedures and commitments are in place, including target setting and related activities. Climate-related issues that require the attention of the Board are presented, reviewed and approved as part of Board meetings. To further ensure top-level commitment and representation across lines of busi- ness, ESG & Sustainability is anchored in the Executive Leadership Team, headed by the CEO. The Sustainability department is headed by the Senior Director, Sustainabil- ity, Risk & Compliance, who reports directly to the CFO. Read more about our sustainability govern- ance on p. 41â Read more about the integration of ESG in the Management compensation on p. 41â Strategy Disclose the actual and potential impacts of climate-related risks and opportunities on the organisationâs businesses, strategy and financial planning, where such information is material. Sustainability is anchored as one of four pillars of our ZOOM IN strategy. With our sustainability focus, we aspire to take leaps towards a sustainable future, as we focus on two key areas "Responsible operations" and "Circular products & packaging". While our Annual Report is the main source of disclosure of our climate performance, strategy and risk management, as well as our metrics and targets, we also disclose more granular data into the climate change module of CDP (Carbon Disclosure Project). Read more about our strategy on p. 20â Risk management Disclose how the organisation identifies, assesses and manages climate-related risks Climate-related risks are identified as part of our risk management process and are assessed and responded to according to a standardised process for estimating the impact and likelihood of risks in view of their impact on revenue, cost and reputation, as well as the related compliance require- ments. Read more about our risk management process on p. 97â Metrics & targets Disclose the metrics and targets used to assess and manage relevant climate- related risks and opportunities, where such information is material. In 2020/21, Ambu signed a letter of commit- ment to the SBTi, committing ourselves to setting carbon emission targets to meet the goals of the Paris Agreement. We submitted our targets in June 2023 and expect to have them validated and approved in November 2023. Our current target is to achieve a 50% reduc- tion of carbon emissions in 2025, compared to the 2018/19 baseline. Read more about our ambitions and targets for carbon emissions and climate change on p. 50â Ensuring a safe and healthy workplace for our employees At Ambu, we are committed to ensuring safe working conditions for all, and we maintain that health and safety include both the physi- cal and mental well-being of our employees. We believe that our purpose of saving lives and improving patient care through innova- tion, combined with our values and focus on mental well-being, leads to high job satis- faction and a healthy working environment. The health and safety officers appointed at our locations are responsible for systematic training, registration and reporting â and for checking that safety procedures adequately match the risk level. We do this to ensure that safety training is tailored to local needs and allows for flexibility that takes local laws and traditions into account. Targets and progress At Ambu, we monitor the health and safety of our employees through data points for accidents and fatalities, as well as sickness absence. Safety is a top priority in Ambu, and we continuously work to avoid and mitigate the occurrence of accidents. We have a target to stay below 2.0 for Lost-Time Injury fre- quency (LTIf), which covers Ambu globally. In 2022/23, Ambu had nine lost-time accidents, which brings us to an LTIf of 0.93, a small increase from a LTIf of 0.92 in 2021/22. At Ambu, we take all accidents seriously, and we continuously work to prevent the occur- rence of accidents, as well as their severity. Some of the prevention actions put in place this year were followed up with briefings on correct procedures and the importance of using the correct personal protective equipment (PPE) when handling production machines, as the correct safety measures could have mitigated some of the accidents and their severity in the first place. General safety awareness training performed at sites remind people of the correct procedures. Further protective gear, as well as controls, have been implemented for certain proce- dures and machines, to eliminate hazards identified from accidents. While we have no official target for our global sickness absence rate, we monitor our per- formance closely to ensure that we maintain a healthy working environment that does not contribute to ill health of our employees. During 2022/23, our sickness absence rate across Ambu remained at a stable level, with a few temporary increases at local level, due to Covid-19, among others things. Number Number of lost-time of working Location injuries days lost Description Production site 2 5 Two individual accidents related to employees suffering injuries from production machines. Production site 2 18 Two individual accidents related to cuts while performing standard tasks at work. Production site, 3 45 Three individual fall accidents: one while performing a headquarters task at work, two with no obvious reason. Production site 1 1 An employee got foreign debris in the eye while cleaning the circuit lines. Production site 1 3 An employee suffered a back strain injury while working. Ambition Ensure safe working conditions for all Governance Governed through the Ambu Code of Conduct and our Global Inclusion & Diversity Policy, as well as our Labour & Human Rights Policy Lost-time accidents In 2022/23, Ambu had 9 lost-time accidents, which brings us to an LTIf of 0.93 9 LTIs GOVERNANCE INFORMATION Providing high- quality healthcare products As a producer of medical solutions used by hospitals, clinics and rescue services all over the world, Ambu has a great impact on peopleâs health and safety. Upholding quality standards in our solutions and processes is our licence to operate and imperative for bringing high-quality products to the market. Ambu must therefore demon- strate excellence within product governance and ensure that our products and processes live up to all applicable external regulatory requirements and are safe and effective. The Ambu Quality Management System (QMS) covers all aspects of our operations, including management responsibilities, design control, risk management, process- and production controls, as well as product surveillance, and ensures that Ambu com- plies with all applicable regulatory require- ments. Ambuâs QMS is certified according to: â¢ISO 13485â¢Medical Device Single Audit Program(MDSAP) â¢EU Medical Device Regulation (EU MDR)â¢UKCA (UK Conformity Assessment).MDSAP certification covers the requirements of the U.S. FDA, the Japanese Ministry of Health, Australia TGA, Health Canada and Brazil ANVISA. For training devices, Ambu, adheres to ISO 9001 requirements, and our Target 2022/23 2021/22 FDA warning letters 0 1 0 Product recalls 2021/22-23: 1 2 0-5 recalls annually is deemed an acceptable level manufacturing site in Xiamen (China) holds an ISO 9001 certification. Our Global Quality Management Review Committee ensures that quality management is anchored and in compliance across Ambuâs functions and operations. The quality management review process ensures top-level management commitment, as well as decision-making and actions related to quality. Targets and progress In 2022/23, we reached the unique milestone of fully transitioning all of our products to the EU MDR certification, as one of the first European medtech companies. Also, Ambuâs newest manufacturing facility in Juárez, Mex- ico, achieved ISO13485 certification. In June 2023, we initiated a voluntary recall, in the form of a notice to customers, of our Ambu® aView 2 Advance, due to the small risk of the device short-circuiting when being dropped on the floor. Although this is excep- tionally rare, it is a possible risk for devices powered by lithium-ion batteries. In August 2023, the FDA issued a warning letter to Ambu's subsidiary, King Systems, in relation to a chosen registration path of Ambu® King Pediatric LTS-DTM, which led Ambu to implement a supply stop of the disposable laryngeal tubes. King Systems is making the needed corrections, in close dialogue with the FDA, to finalise the regis- tration pathway. The product represents an insignificant part of Ambuâs total revenue. Ambition Demonstrate excellence within product governance, and ensure that our products and processes live up to all applicable external regula- tory requirements and are safe and effective Governance Governed through Ambu's Quality Policy and the Global Quality Management Review Committee Ethical pre-clinical and clinical investigations Pre-clinical testing and clinical investigations are a important elements in bringing solu- tions to market and are, in some situations, and in certain countries, required during research and development to demonstrate the safety and effectiveness of the solution, as part of the regulatory authorisation pro- cess, or to further substantiate the perfor- mance of the product in a real-world setting. The type of testing, the need for testing and the potential outcome of the testing, or inves- tigation, are all factors which need to be care- fully considered to ensure the right testing at the right time during the lifetime of a product. Prior to initiation of pre-clinical testing on ani- mals and all clinical investigations, the ration- ale for the need to test must be reviewed and approved by Ambuâs internal Ethics Commit- tee. The Committee governs and ensures that all non-clinical testing for design validation (and similar) and clinical investigations are assessed before initiation and comply with our policy on non-clinical testing and clinical investigations. Clinical investigations are also subject to approval by the local health author- ities and/or local Ethics Committee/Internal Review Boards (IRBs). The need for pre-clinical testing to fulfil biosafety purposes is described stringently in the legislation, and these studies are not subject to approval by the Ethics Committee, but must be assessed before initiation. Our approach to animal testing Replace Use an alternative to animal testing whenever possible Reduce Minimise the number of tested animals, while still obtaining scientifically valid results Refine Evolve experimental procedures to minimise the stress, suffering or discomfort of animals Ambition Maintain the highest ethical standards, and comply with all applicable laws, rules and regulations, and only use animal testing where no non-animal alternatives are available Governance Governed through Ambu's policy on non-clinical testing and clinical investigations and the Ethics Committee Pre-clinical testing Pre-clinical testing is a standard method of providing initial evidence of the safety of medical devices, their potential performance when used in a living system and the bio- logical response that a living system may have towards the medical device. Pre-clin- ical testing, such as animal testing, in-vitro studies, chemical characterisation studies and other chemical tests, are performed to support biocompatibility, pre-clinical safety and regulatory submissions. When animal testing is required, we follow all applicable laws and regulations, as well as the Triple Râs Principle. This means that we will Replace, Reduce and Refine animal stud- ies used for biocompatibility testing, without compromising patient safety and regulatory requirements, whenever possible. Targets and progress Ambu is committed to only using animal testing where no non-animal alternatives are available, or when regulatory bodies, such as the FDA, do not accept the non-animal alternatives. Ambu aims to replace animal trials with in-vitro studies or chemical characterisation tests. In 2023/23, we succeeded in reducing the ratio of animal trials, as we have seen a decrease in the number of animal trials from 20 in the 2021/22 financial year to five in the 2022/23 financial year. This is partly due to a reduction in development projects, in line with our ZOOM IN strategy. At the same time, the achievement of MDR certification reduces the necessity of animal trials. Nev- ertheless, certain markets and authorities continue to request animal trials for design changes and development of new products. Clinical investigations The purpose of clinical investigations is to specify and justify the clinical evidence necessary to demonstrate conformity with relevant general safety and performance requirements for the intended purpose of the medical device. Depending on the required outcome, clinical investigations can involve manikins, cadavers, animals or humans. All of Ambuâs clinical investigations are con- ducted in accordance with our ethical princi- ples, as well as international standards and local regulatory requirements. Targets and progress We did not perform any clinical investiga- tions in 2022/23. All clinical investigations, both completed and terminated, are reg- istered at Clinicaltrials.gov and published within 12 months from the last patient pri- mary endpoint, according to Clinicaltrials. govâs publication principles. Ethical marketing promotion While we rely on advice from, and consul- tation with, healthcare professionals when developing a solution, Ambu has an ethi- cal responsibility to ensure that this is not perceived as an improper inducement for positive evaluation and promotion of our products. To mitigate the risk of improper inducement and conflicts of interest, we do our utmost to ensure openness and transparency, also to protect the healthcare professionals (HCPs) with whom we interact. These include our customers and key opinion leaders in the industry. Ethical marketing promotion risks are iden- tified as part of our Enterprise Risk Manage- ment (ERM) framework. The risks are man- aged as part of our healthcare compliance procedures, as the production of medical devices requires interaction and collabora- tion with HCPs to ensure safe and efficient devices that meet the requirements and needs of the market. Approval of marketing material is integrated in our internal quality management system to ensure compliance with relevant regulations. Our internal train- ing and guidelines for interactions with HCPs help our sales and marketing employees in their daily work and strengthen our global and local marketing policies and procedures. Internal monitoring, as well as our Whistle- blower Hotline, help us detect and investi- gate non-compliance incidents. Targets and progress During this financial year, we worked on the further implementation of processes to ensure ethical and compliant interaction with HCPs. Also, our Code of Conduct campaign in 2022/23 included elements of ethical mar- keting promotion to ensure that this remains top of mind for our colleagues who interact with HCPs on a daily basis. Ambition Ensure openness and transparency in our interactions with the health- care professionals with whom we interact Governance Governed through the Ambu Code of Conduct and the Code of Conduct for Ambu Business Partners, and also part of the Enterprise Risk Management (ERM) framework We do our utmost to ensure openness and transparency, and to protect the healthcare professionals with whom we interact. Business ethics & compliance As a global company with a long history in the medical device industry, we promote business ethics and compliance and act with integrity. This is what our stakeholders expect of us, and what is needed for us to retain our licence to operate and safeguard our business. Ambu has zero tolerance towards any form of bribery and/or corruption, and it is our policy to comply with all applicable anti-bribery and anti-corruption laws. Furthermore, we strive to only work with third parties who maintain the same policy. Our business activities are subject to numer- ous national legal systems, as well as various political, social and cultural frameworks that are constantly changing. Navigating the com- plex landscape of local laws, rules, legislation and customs requires a high level of due dil- igence and processes to ensure compliance and ethical business conduct in our engage- ment and interactions with stakeholders. We continuously work to ensure that we are not complicit in any forms of corruption, as we enter new contexts where we cannot automat- ically expect the same standards. Our compliance management system is designed to ensure that our worldwide business practices comply with internal and external rules, and it provides a framework for compliant behaviour. The system allows us to continuously monitor and evaluate our compliance efforts and ensure that we adhere to all the standards set for us within healthcare systems globally, and that there is consistency and authenticity in the way we work. To anchor compliance and integrity in the organisation, all employees are trained in our Code of Conduct, which contains the basic principles and rules for ethical business conduct within Ambu, and in relation to our employees, exter- nal partners and the general public. Ambition Maintain the highest ethical standards by carrying out our business honestly, fairly, ethically and openly, while complying with all applicable laws, rules, regulations and local customary practices Governance Governed by the Ambu Code of Conduct and the Code of Conduct for Ambu Business Partners Targets and progress In 2022/2023, we launched the Ambu Code of Conduct Campaign. During the campaign, our employees participated in local sessions, facilitated by their managers, and learned about Ambu's commitment to ethical busi- ness conduct. This activity was dedicated to four focus areas: reporting concerns and the Whistleblower Hotline, harassment and discrimination, ethical interactions with HCPs and responsible use of social media. Once a year, all white-collar and indirect blue-collar employees at Ambu must com- plete an online training course in our Code of Conduct to increase general awareness of our rules and guidelines for ethical business conduct. Our target is a 100% completion rate. In 2022/23, 99% of our employees com- pleted the online training course in our Code of Conduct, which covers various topics including business ethics and compliance,- diversity and inclusion, health and safety, as well as human rights and labour standards. Furthermore, we continued the implemen- tation of our local training sessions for our blue-collar employees. Whistleblower Hotline All employees and business partners are strongly encouraged to act promptly when faced with suspicions or concerns about criminal offences, violations of Ambuâs Code of Conduct or poli- cies, or other serious violations of law or regulations that govern Ambuâs operations. Via the Ambu Whistleblower Hotline reporting system, Ambu provides protected reporting channels for all customers, business partners and our own employees to raise serious concerns about misconduct and improper management, including fraud, bribery, serious breaches of occupational health and safety standards, and serious issues directed towards an employee, such as discrim- ination, violence or sexual assault, or serious violations of local policies. In addition, possible misconduct can also be reported directly to the Global Business Ethics & Compliance officers, human resources personnel or managers. Our Whistleblower Hotline reporting system is hosted externally by an independent third party, guaranteeing the systemâs secu- rity and the anonymity of the reporter. The system allows for an appropriate and confidential reporting of serious wrongdoing or suspicions thereof. Ambuâs Whistleblower Hotline received 11 reports in 2022/23. All reports fell within the scope and were investigated. One report regarded allegations of theft, embezzlement, fraud and falsification of various kinds. Three reports concerned discrimination and harassment, and two reports concerned data privacy and IT security. One report was about health, safety and environmental issues and one about non-compliance with qual- ity standards and procedures. Finally, two reports concerned violations of laws and regulations, including Ambu policies and procedures, and one concerned insider trading. They were all investigated and dealt with according to our whistleblower procedure. One case regarding violation of laws and regulations, and one case regarding data privacy and IT security, were sub- stantiated and led to termination of employment. The number of reports to the hotline is slightly below the industry benchmark. Employees are generally comfortable about speaking up, but to ensure that the issues that should be reported to the Hotline are in fact reported, we will strengthen our efforts to increase awareness of the Hotline and inform about whistleblower protection. Governance of the Whistleblower Hotline The governance of Ambuâs Whistleblower Hotline is two-fold. Our Hotline Committee serves as a decision- making secretariat for handling whistleblower reports. All reports generated in the system are forwarded to the Global Risk & Compliance team and then reported to the C-suites, CFO and Audit Committee. This ensures that all whistleblower reports are handled properly and brought to the attention of the appropriate management level. Protection of human rights and labour rights Ambu respects the internationally recog- nised human rights of all people, and we are committed to identifying and addressing any adverse impacts which may result from our own operations or business relationships. Our commitment to respecting human rights is anchored in our Ambu Code of Conduct, which, together with our Human & Labour Rights Policy, supports the principles con- tained within the Universal Declaration of Human Rights, the International Labour Organizationâs Declaration on Fundamental Principles and Rights at Work and the UN Guiding Principles on Business and Human Rights. In addition to promoting ethical and envi- ronmentally sound actions, we recognise the importance of assessing, monitoring and taking action to protect human rights in our own operations, as well as our value chain. Due to the nature of Ambu produc- tion and the skills needed to operate, the risk of forced labour and child labour are not considered material within Ambuâs direct operations. Ambu is aware that this may be different when it comes to suppliers. Through our Responsible Supplier Program, we track our suppliers' commitment within the scope of our Code of Conduct for Busi- ness Partners by monitoring the rate of sig- nage, as the document covers human rights and labour standards, such as prohibition of forced labour and child labour, employee health and safety, etc. Any individual, either inside or outside of Ambu, can report suspected human rights violations anywhere in the world using the Ambu Whistleblower Hotline. Targets and progress This year, we undertook an internal self-as- sessment of our internal processes, policies and systems to ensure that we live up to all external and internal expectations and regu- lations concerning human rights and labour standards. Ambition Ensure that Ambu is not causing or contributing to any human rights or labour rights violations Governance Governed through the Ambu Code of Conduct, the Code of Conduct for Ambu Business Partners and the Labour & Human Rights Policy. Our local employee handbooks translate key messages to our employees, to ensure awareness of - and compli- ance with - the policies Responsible supplier management As a multinational company, we believe that we can make a difference in our global sup- ply chain. As part of achieving our sustaina- bility goals, close collaboration with our sup- pliers is essential to foster the sustainability of our end-to-end supply chain. As Scope 3 emissions cover 95% of our total emissions, Ambu is reliant on our many suppliers in order to achieve our emission reduction goals and approach net-zero emissions. Therefore, we aim to work with and sup- port suppliers that share our commitment to sustainability and responsible business practices. In addition to signing the Ambu Code of Conduct for Business Partners, our suppliers are subject to risk assessment, as we audit selected suppliers and describe and implement mitigation measures, if appli- cable and necessary, which are validated together with the supplier. This means that if a potential issue is identified during the due diligence process, Ambu and the supplier will agree and collaborate on the required improvements, rather than simply terminat- ing the collaboration. Our Responsible Supplier Program, cou- pled with our Code of Conduct for Business Partners, is developed to ensure that our suppliers not only address quality and cost requirements, but also a wide range of sus- tainability and integrity considerations, such as business ethics, human rights and labour standards, as well as environmental impact and awareness. Supplier due diligence is conducted on an ongoing basis, with revi- sion and repetition of the exercise every 2-3 years, based on the current risk profile. New suppliers enter the program through the sup- plier onboarding processes. Targets and progress In 2022/2023, we further strengthened our framework by expanding its scope. This included expansion of self-assessments questionnaires to include a wider range of questions on human rights and labour stand- ards, as well as the environment, energy and climate and anti-corruption. In 2022/2023, two supplier audits took place, addressing the five key areas of responsible business practices throughout the supply chain. One of the audits had one minor find- ing regarding health & safety policies and procedures, which has been addressed. Furthermore, actions to ensure compliance with new and upcoming regulations were implemented, and we are monitoring the pending EU Corporate Sustainability Due Diligence Directive (CSDDD), as well as U.S. measures addressing supply chain com- pliance, together with other multilateral efforts in relation to economic sanctions in response to concerns about human rights and forced labour. The goal of all these activities is to reduce or eliminate human rights-related risk and ensure supply chain stability, while providing our customers with high-quality products. The rate of Code of Conduct signage for business partners increased to 93.4% this year. However, as this is below our target of 98%, we continue our efforts to increase the rate of signage. Code of Conduct signed by suppliers in scope* Target 2022/23 2021/22 Rate of signage (%) 98% 93.4 92.3 *Suppliers in scope are all A, B or C suppliers, regardless of spend volume, and D suppliers with a yearly spend above DKK 250,000.Ambition Work with and support suppliers that share our commitment to sustainability and responsible business practices Governance Governed through the Ambu Code of Conduct and the Code of Conduct for Ambu Business Partners, as well as the Ambu Global Procurement policy and our Sustainability Engagement Policy Transparent tax management Ambu strives to meet the standard of being a good corporate citizen in all countries in which we operate. Ambu's policy is to have a low tax risk appetite and to refrain from having business in tax havens or low-tax jurisdictions for the purpose of conducting tax optimisation. Ambu utilises a straightforward transfer pricing system that adheres to the principal structure. In this arrangement, the Parent company earns residual profits, due to its ownership of intangible assets and pays cor- porate income tax in the countries where it conducts business, adhering to international tax laws and the transfer pricing guidelines outlined by the OECD. Targets and progress In 2022/23, Ambu's income tax payment was net DKK 57m, of which DKK 0 was in Den- mark. Ambu does not pay income tax in Den- mark, due to years of historical net operating losses from high levels of investment, etc. Please see more about income taxes and deferred taxes in note 2.7 and note 2.8 on p. 130â Ambition Pay corporate income tax in the countries where our business is conducted, in accordance with the framework of international tax laws and the OECD guidelines on transfer pricing Governance Governed through the Ambu Tax Policy ESG & SUSTAINABILITY DATA COLLECTION We continuously strive to develop our ESG & sustainability data collection and reporting, in order to support our business and provide our stakeholders with relevant and transpar- ent ESG & sustainability data. Business changes impacting ESG & sustainability data No mergers or acquisitions impacted ESG & sustainability data for the 2022/23 financial year. Detailing of ESG & sustainability indicators In order to increase data transparency, we have decided to detail some of our ESG & sustainability indicators. In 2020/21, we started disclosing our Scope 2 emissions, using both the location-based and market-based approach, according to the dual-reporting requirement for com- panies operating in markets providing product or supplier-specific data in the form of contractual instruments*. In 2021/22, we started disclosing our market-based emissions when comparing and discussing GHG emission developments within the *GHG Protocol Scope 2 Guidance, p. 8.narrative in the report. We continue to report our location-based emissions in the ESG & sustainability performance tables, to be able to compare actual GHG emission develop- ments with previous years. New ESG & sustainability indicators â¢Employee turnover KPIs have been dividedinto a more detailed overview, showing total turnover and voluntary turnover at employee type level. Revised ESG & sustainability indicators Some numbers from previous financial years have been restated to correct errors and strenghten data quality in previously reported data. If the update has resulted in material changes to the data collection or the numbers, a note to the change and effect is provided. â¢Scope 1 emissions for 2021/22 have beenrestated, as we discovered errors in the data reported for refrigerants. The change has resulted in a decrease in emissions from refrigerants from 988 metric tonnes CO2e to 456 metric tonnes CO2e. This has resulted in a decrease in our Scope 1 emissions and impacts all KPIs which include Scope 1 emissions. Affected KPIs are marked with *. â¢As from the 2022/23 financial year, wasteamounts from headquarters will include electronic waste sent for recycling as part of our partnership with Tier1Asset. â¢The sickness absence rate for 2021/22 hasbeen restated, as an error was discovered in the data collected from our sites in Malaysia. The change has resulted in an increase in sickness absence from 2.14 to 2.29 globally. Discontinued ESG & sustainability indicators â¢We are not reporting on Scope 3 emissionsfor the 2021/22 and 2022/23 financial years. Our Scope 3 emissions will be calcu- lated in the 2023/24 financial year, as part of our commitment to the SBTi. â¢We do not include product governanceKPIs, as well as a number of whistleblower reports, in the ESG & sustainability per- formance data table this year. Instead, these data points can be found as part of our communication about the topics on p. 64-69â. The specific indicators are: â¢FDA warning lettersâ¢Recalls⢠Total number of biosafety and design validation studies ⢠Total number of animals used in trials with a biosafety purpose initiated â¢Completed clinical trials⢠Number of reports through our Whistle- blower Hotline â ⦠the number of whistleblower reports within scope ACCOUNTING PRACTICES Reporting standards This report complies with Sections 99a, 99b and 99d of the Danish Financial Statements Act. Key ESG data follows the recommenda- tions in âESG key figures in annual reportingâ, prepared by the Danish Finance Society/CFA Society Denmark, FSR â Danish Auditors and Nasdaq Copenhagen, with assistance from the Centre for ESG Research. Deviations of the standard will be described. Our materiality assessment, developed on the basis of guidance in the Global Reporting Initiativeâs (GRI) Reporting Principles, is used to determine the report's content. Reporting period Our reporting period covers our financial year running from 1 October 2022 to 30 September 2023. Controls Our Sustainability Reporting Manual is a core element of our annual reporting cycle. It defines the reporting rules, processes and responsibilities for ESG & sustainability reporting at Ambu, including a two-tier con- trol mechanism. Specifically, data owners are requested to ensure the four-eye principle and to include another colleague for control/ quality assurance of data. Data owners are also required to provide an explanation for significant developments +/-5% in the data reported. Reporting scope Unless otherwise stated, the data and report- ing included in the ESG & sustainability performance tables cover the entire Ambu organisation. Specifically, the scope of ESG data covers our four production sites, head- quarters, offices and warehouses owned or controlled by Ambu. It also covers all com- pany cars owned or leased by Ambu. On 19 September 2023, Ambu opened a new R&D office in Penang. Consumption of electricity, water and waste will not be accounted for in the 2022/23 financial year. Recalculation In connection with our submission to SBTi, we have formulated a policy for recalculating the base year in alignment with criteria 26 and criteria 27 of the SBTi-criteria v.5.1. Recalculation of the base year is thus trig- gered, if significant changes in company structure occur, such as acquisition, divest- ments, etc. Recalculation is also triggered if data sources or calculation methodologies are updated, resulting in significant changes. This might be improving data quality by using physical units instead of monetary units, as a basis for calculating emissions, or the discovery of significant errors. This year, we have improved our method- ology for GHG emissions calculations, as we have standardised emission factors for Scope 2, using higher values derived from IEA, where available. This means that our GHG emissions cannot be directly compared to previous years, as the data are a result of different methodologies. We have decided not to recalculate our Scope 2 emissions from previous years during this financial year, as the overall impact to the sustainability section and the annual report as a whole is immaterial. We expect to change our base- line year and perform restatements as part of our commitment to the SBTi once our sci- ence-based target is approved. Environmental indicators Greenhouse gas emissions (CO2e) Besides accounting for CO2 emissions, we also include other greenhouse gas emis- sions. GHG emissions are disclosed in line with the guidelines of the Greenhouse Gas Protocol. Consumption of fuel and electricity by our four production sites and headquarters are based on actual consumption or purchase. Consumption of fuel and electricity by ware- houses, sales offices and related company cars are based on estimated data, due to non-accessible data. Scope 1 covers direct GHG emissions from sources that are controlled by the company. Ambu has the following sources of Scope 1 emissions: â¢Consumption of natural gas and LPG.â¢Consumption of fuels, both at productionsites and in company cars. As it is not possible to collect complete fuel or driving data for our company cars used by our sales force, emissions are calculated using a standardised yearly driving distance and emissions from an average car. â¢Refilling of refrigerants from air condition-ing and ventilation units. Scope 2 covers indirect GHG emissions from the generation of electricity and heat, includ- ing reneable energy. The GHG emissions physically occur at the facility where the elec- tricity or heat is generated. As from 2020/21, Ambu discloses Scope 2 emissions accord- ing to both the market- and location-based method. Consumption of electricity used at our sales offices and warehouses is based on stand- ardised number of kWh per m2. Carbon intensity metrics (CO2e per man- ufactured product and CO2e per unit of revenue) are calculated using total emis- sions (Scope 1 + 2) divided by the total metric tonnes of manufactured products or DKKm revenue, respectively. Tonnes of manufactured products include packaging and are based on the number and weight of products produced at our factories. Inter- company parts and products are excluded to avoid double-counting manufactured products. Data is extracted from local ERP systems. Revenue is defined as per Note 2.2 on p. 127â. Conversion factors are reviewed annually prior to our Sustainability disclosure, to ensure that below mentioned factors we use are up to date. Energy and refrigerant con- sumption are converted to CO2e emissions using conversion factors, where applicable. For Scope 1 emissions, emission factors from acknowledged sources are used, such as US EPA and DEFRA. All location-based Scope 2 emissions sources are converted with IEA emission factors, except in DK, as we have activity sources. For market-based Scope 2, emission factors from acknowl- edged sources are used, such as AIB and local sources. If data for residual mix is not available, IEA location-based emission fac- tors are applied. As we further improve and standardise our methodology for capturing our GHG emissions, we have adopted the conversion factors from IEA to calculate our Scope 2 emissions from 2022/23 and onwards. Pre- vious years apply a mix of different emission factors. Ambu is dedicated to reporting emis- sions from all greenhouse gases present in our operations, including carbon dioxide, methane and nitrous oxide. Due to the pres- ence of multiple gases, we seek to use con- version factors displayed in CO2e. To convert from CO2 to CO2e, IPCC Sixth Assessment Reportâs global warming potentials are used. Total energy consumption is summarised in GJ. Conversion of units to GJ is based on factors presented by the GHG protocol cross sector tool, DEFRA conversion factors and other recognised sources. Renewable energy is generated by solar panels installed at our headquarters and at our Penang production site. The renewable energy volume from our headquarters is based on a performance calculation, while it is based on invoices in Penang. We purchase Renewable Energy Certificates. Renewa- ble energy share is the share of renewable energy from solar panels and RECs of all energy used. Renewable electricity share is the share of renewable electricity from solar panels and RECs of all electricity used. In 2022/23, we purchased RECs, covering 100% of our electricity consumption at our site in Xiamen, for which we have obtained invoices and certificates for our RECs, as well as cancellation proof. For our RECs, corresponding to 1,174 MWh in Penang in 2022/23, we have obtained a signed pur- chase agreement (12.5% of our total pur- chase of RECs), but have not yet received neither invoice, certificates for our RECs, nor cancellation proof. We expect to have obtained certificates and cancellation proof for our RECs in Penang by January 2024. Water consumption is the sum of all water consumed. The sum of all water drawn into the boundaries of the company from all sources, including surface water, groundwa- ter, rainwater and any municipal water sup- ply. Water consumption is based on meter readings and invoices from our four produc- tion sites and headquarters. Water consump- tion from Ambuâs sales offices is estimated on the basis of employee headcount, using a standard derived from water consumption per employee at our headquarters. Waste is defined as what is left when pro- duction or consumption ends. It is material that must be disposed of, so that it does not accumulate to become a nuisance. Waste data are based on invoices from waste collectors and divided into total volumes of waste and the various waste treatment methods. Hazardous waste, as defined in the European Waste Directive, is disclosed as a percentage of the total waste amount. Waste generation from Ambuâs sales offices is esti- mated based on employee headcount, using a standard derived from waste generated per employee at our headquarters. Waste recycled (%) is calculated by dividing the recycled waste amount by the total waste amount. Hazardous waste (%) is calculated by divid- ing the hazardous waste amount by the total waste amount. Social indicators Gender diversity (%) includes temporary and permanent employees (based on full- time equivalents â FTE) with an Ambu con- tract. People without an Ambu contract, e.g., interns, consultants and externally-hired temps, are excluded. Gender diversity is calculated by comparing the number of women at year-end and at different manage- ment levels (among white-collar employees, all managers in Ambu, within the Execu- tive Leadership Team and on the Board of Directors). Women in management includes leaders at a managerial job level, with direct reports. The gender diversity of members of the Board, elected by the Annual General Meeting (AGM), does not include employ- ee-elected members. Gender denotations, currently available from the system provider in the global employee system, are Female, Male, Unknown, Undeclared and Others. Genders are self-declared. Employee turnover rate (%) includes tem- porary and permanent employees (based on full-time equivalents â FTE) with an Ambu contract. People without an Ambu contract, e.g., interns, consultants and externally-hired temps, are excluded. The turnover rate only includes employees with an Ambu contract, who have been employed for seven days or more. It is calculated by comparing the total number of voluntary and non-voluntary leavers (retirees and terminations due to abscondment are considered voluntary leav- ers) with the number of Ambu employees at year-end. Blue-collar employees are reported as headcount, white-collar and indirect blue-collar as FTEs. Indirect blue collars are employees with positions that support the production. Sickness absence rate (%) includes all employees with an Ambu contract, except in Noblesville, where data does not include 63 white-collar employees. It compares the total number of sickness days reported with the total number of working days in the year (excluding planned leave). Working days for our white-collar and indirect blue-collar employees are based on national averages or derived from contractual agreements on the working hours/week. For our blue-collar employees, we use actual working days reg- istered on-site. In 2019/20 and 2020/21, sick- ness absence data for our production site in Malaysia included externally-hired workers. In 2022/23, hospitalisation is included in sickness absence for Malaysia, resulting in a restatement of our 2021/22 data. Sickness absence for our 12 employees in Sweden, Norway and Finland is not captured. Lost-Time Injury Frequency (LTIF) includes all employees at our production sites, including employees with an Ambu contract and externally-hired employees without an Ambu contract. The data from our office locations solely include employees with an Ambu contract. It is calculated as the reported number of accidents with lost time per million hours worked. A lost time injury is an accident resulting in more than eight hours of absence from work, in connection with the accident. Our production sites in China, Malaysia, the USA and Mexico report actual working hours. Our headquarters in Ballerup, as well as our warehouse and office locations, use an estimate based on national averages or contractual agreements (e.g., 37 hours/week). In 2019/20 and 2020/21, data from our production site in China only included employees with an Ambu contract. Safety data for our 12 employees in Sweden, Norway and Finland is not captured. Fatalities is the sum of fatalities reported at our four production sites in China, Malaysia, the USA and Mexico and our headquarters, as well as our warehouse and office loca- tions. Governance indicators GDPR training (%) is calculated by compar- ing the number of employees who have com- pleted training in GDPR, with the number of employees in scope. Employees in scope are all white-collar employees in Europe. Code of Conduct training (%) is calculated by comparing the number of employees who have completed training in our Code of Conduct, with the number of employees in scope. Employees in scope are white-collar and indirect blue-collar employees. Cybersecurity training (%) is calculated by comparing the number of employees who have completed training in cybersecurity, with the number of employees in scope. Employees in scope are white-collar and indirect blue-collar employees.</mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx2" id="fact3154" xml:lang="en">SOCIAL INFORMATION Underpinning our purpose are our Ambu values, TAKE CHARGE, TEAM UP and BE TRUE Social capital management Ambu is a purpose- and values-driven company which aspires to foster a highly engaged, diverse and inclusive culture in which individuals and teams can grow together as Ambu grows. We are made up of people who want to be challenged, drive results and make a differ- ence for our customers, and we are commit- ted to continuing to unlock the full power of our people and culture. At the core of our business lies our purpose, Together, we rethink solutions to save lives and improve patient care. It encapsulates our âwhyâ as a company and constitutes the guiding star for our one shared Ambu culture. In November 2022, our purpose was launched alongside our ZOOM IN strategy, thereby fostering a strong interconnection between our reason for being and our concrete plan of action for winning in the market. In combination with our purpose, our values reflect Ambu at its best and shape our daily culture of innovation by guiding our deci- sions and behaviours across our organisa- tion. Our values were launched in September Ambition Ensure a safe and healthy work- ing environment, characterised by mutual trust and respect as a workplace where every employee is treated fairly and can prosper Governance Governed through the Ambu Code of Conduct and our Global Inclusion and Diversity Policy, as well as our Human & Labour Rights Policy 2023 and comprise the essence of extensive feedback from the organisation on Ambuâs core behavioural strengths. With our purpose and values, Ambu has an inspiring and actionable platform for driving our business forward and bringing our peo- ple together in one shared culture. As Ambu grows, we believe that a continu- ous focus on people development is of high priority. This is why we have a global frame- work set in place, the AmbuDialogue, ensur- ing regular touchpoints between employees and leaders on motivation, responsibilities and development. At all levels, leaders and employees engage in attentive conversations within this structured approach, ensuring a company-wide focus on performance, growth and development. Given the ever-increasing challenges of attracting and retaining talent, we have sig- nificantly increased our focus on Ambuâs Tal- ent Attraction efforts. We have restructured the set up to be better aligned with business needs, as well as upskilled our employees in identifying, attracting and recruiting the most suitable talent for Ambuâs current and future staffing needs. Additionally, Ambu is reviewing and adapting our employer brand to attract the best possible future employees on a global and local scale. To ensure con- tinuous improvement, we track on tangible metrics, such as quality of applicants and time to recruit. We furthermore require all external recruitment partners to live up to specific diversity commitments, ensuring that we always consider the most qualified candidates, regardless of background. Targets and progress This year, our voluntary turnover, across all our employee groups, decreased to 25%, compared to 30% in 2021/22. Although we see an overall decrease in our voluntary turnover, compared to 2021/22, our turnover rate remains high. This is partly explained by the fact that we are currently on a transformation journey, where a higher turnover is expected. Moving forward, we will continue to closely monitor our global employee turnover, while continuing to embark on our transformation journey. Follow-up on the 2022 employee engagement survey In our continuous efforts to foster an engaged culture at Ambu, it is impor- tant to keep track of the engagement of our people. A key indicator of the health of our workforce is our employee engagement survey, in which our global workforce members make their individual and anonymised voices heard. Our next employee engagement survey will run during Q1 in the 2023/24 finan- cial year, enabling Ambu to keep close track of the healthy progress of our workforce and identify focus areas for continued development. Working towards inclusion, diversity & equality Ambu wants to be the employer of choice for the talent in our industry. Alongside other initiatives, this means developing an inclusive and equitable work environment for a highly diverse workforce. We hold integrity high in all we do, and this is part of our company values and a cornerstone in the way we operate, both in the market, but also towards our people, who, we believe, should be empowered and valued as equals in a safe space. As we operate in a global environment, we recognise that a diverse and inclusive working environment will mean different things for different sets of employ- ees. We therefore approach this through a mixture of global and localised initiatives, including, but not limited to, being a signatory to the United Nationsâ Womenâs Empowerment Principles (UN WEP) and ensuring an accessible working environment across all our sites. We live up to our Global Diversity & Inclusion Policy through employee-driven local initiatives, Employee Resource Groups and global strategic approaches. We inherently believe that a truly inclusive envi- ronment is best achieved by encouraging our Ambition Promote equality and inclusion for all, and continue our work to ensure that Ambu remains an inclusive, equal and diverse place to work Governance Governed through the Ambu Code of Conduct and our Global Inclusion & Diversity Policy, as well as our Labour & Human Rights Policy employees to speak up and take ownership of creating a working environment they feel they belong to, combined with Executive Sponsorship, enabling them to feel safe and comfortable in doing so. Targets and progress Ambu recognises that diversity in man- agement goes beyond gender. However, having tangible KPIs helps us measure our progress. This is why we have a target of 40% representation of women in management at all levels in 2022/23. As of 2022/23, 42% of all managers are women. For white-collar managers alone, the representation is 39%, just below our target. During this year, the decision to strengthen the agility and performance of our Execu- tive Leadership Team, by reducing its size, resulted in 29% representation of women. We continue our work to increase diversity across all parameters and ensure a truly global workforce. Ambu is committed to equal pay for equal work and ensuring that no structural inequalities exist in the remuneration of our employees. In 2023, we conducted an internal review and analysis of the difference in pay between men and women within our global organisation. We found no major pay difference between genders. Where we have identified a few minor pay differences between men and women, we will take corrective action and will continue to focus our efforts on ensur- ing equal pay for equal work throughout our global organisation. During 2022/23, we continued our work on identifying gaps and workstreams, where diversity and inclusion can be strength- ened at Ambu, and have already started key initiatives. This includes amending our recruitment marketing to have more inclusive language, encouraging a more diverse candi- date pool to apply and improving our recruit- ment process to minimise bias and ensure a holistic, objective evaluation of candidates' skillset. Over the next financial year, we will build on this, with further diversity and inclusion train- ing for our global leadership team, as well as other inclusive retention initiatives.</mrv:StatementOfTheDiversityPolicies>
<mrv:StatementOfPolicyForDataEthics contextRef="ctx2" id="fact3350" xml:lang="en">Cybersecurity Cybersecurity is critical for any company to stay in operation and protect its intellectual property. However, it is also the backbone of safeguarding assets and data related to our daily operations, our business value and the customers we serve. Given the rise in cyber threats, targeting all areas of the healthcare industry, Ambu takes mitigating these threats very seriously and has processes, such as incident response, cri- sis management, risk and threat assessments and vulnerability scanning in place. These measures are implemented to both ensure we avoid business disruption and to protect our information in the best possible way from being lost, stolen or compromised. This is achieved through established governance, processes and a robust cybersecurity frame- work embedded throughout the organisation. Additionally, Ambu continuously improves its measures to monitor and respond to potential data breaches and cyberattacks. Our cybersecu- rity efforts are aligned with the NIST CSF and ISO 27001/27002 â and build on both technical and organisational measures, including conducting both internal and external security assessments, vulnerability assessments and penetration testing, for our internal IT and for our products serving our customers. We recently launched a new Information Security Policy that sets a clear direction for Ambu and is now subject to imple- mentation, which will further strengthen the security safeguards and controls. Cybersecurity is a fluid, evolving field â as our digital needs evolve, so do the risks. Therefore, at Ambu, safeguarding critical assets and sen- sitive data is ensured through our risk-based mitigation of overall cyber-related business risks and vulnerabilities. All Ambu employees are trained annually in cybersecurity and are regularly provided with alerts and periodic information on important and pertinent topics related to security. This creates a cadence of responsibility throughout the organisation concerning the importance of this topic. We recently conducted several phish- ing simulations and information campaigns to increase the awareness of cyber threats and the need to be careful and vigilant when interacting and communicating in the digital space. Targets and progress All white-collar and indirect blue-collar employees at Ambu must, once a year, com- plete an online training course in cybersecurity and, in addition, take part in specific cam- paigns and phishing simulations. In 2022/23, 96% of our employees completed the online training course in cybersecurity. As this is below our target of 100% completion rate, we are increasing our efforts with regular follow ups and reminder e-mails to ensure all employees complete the training. Data Ethics It is Ambuâs policy to maintain the highest ethical standards and comply with all applicable data and privacy laws and regulations. Our work with data ethics is governed by the data ethics policy, as well as internal policies and standard operating procedures. Please go to Ambu.com/dataethics for more information on our Data Ethics Policy prepared in accordance with the Danish Financial statements Act, section 99d. Ambition Maintain a robust cybersecurity framework embedded throughout the organisation Governance Governed through Ambuâs Information Security Policy, which is the overarching policy for information security and cybersecurity. Our privacy statement further describes how information about individual persons may be collected, used, disclosed, transferred and stored by Ambu</mrv:StatementOfPolicyForDataEthics>
<mrv:CorporateGovernanceReport contextRef="ctx2" id="fact3438" xml:lang="en">CORPORATE GOVERNANCE Corporate Governance concerns the way Ambu is managed and controlled. Ambu is continuously developing its Corporate Governance in response to the strategic development, goals and activities. Ambu seeks to establish close and trusted relations with relevant stakeholders, including shareholders, employees, customers, suppliers and society as a whole. We also seek to ensure transparency, and we want to openly share relevant information with our stakeholders. Corporate governance reporting Ambuâs Board of Directors complies with all of Nasdaq Copenhagenâs recommenda- tions regarding Corporate Governance and reports. More information on the mandatory annual Corporate Governance Report is disclosed at www.Ambu.com in accordance with section 107(b) of the Danish Financial Statements Act. Governance structure The shareholders of Ambu A/S exercise their rights at the Annual General Meeting, which is the supreme governing body of the company. At the Annual General Meeting, the shareholders approve the Annual Report, dividends, elect the Board members and the auditors of the company, adopt the compa- nyâs Articles of Association and proposals submitted by shareholders and the Board. Any shareholder has the right to raise ques- tions and suggestions for consideration at the general meetings. Any shareholder is entitled to attend and vote at the general meetings. Resolutions can generally be passed by a simple major- ity. However, resolutions to amend the Arti- cles of Association require two-thirds of the votes cast and capital represented, unless other adoption requirements are imposed by the Danish Companies Act. Ambuâs Articles of Association do not impose any restrictions on ownership or voting rights, but the company has two share classes. Class A shares carry ten votes per share, while Class B shares carry one vote per share. Class A and Class B shares carry equal economic rights. The Class B shares are traded publicly at NASDAQ Copenhagen. The Board of Directors regularly discusses the existing ownership structure with the holders of Class A shares. The Board of Directors and the holders of Class A shares agree that the ownership structure has been and remains expedient for all of the companyâs stakeholders, as it lays a sound framework for the implementation of Ambuâs strategy and plans, thereby safeguarding the interests of all shareholders. Board of Directors Ambu has a two-tier management structure, consisting of the Board of Directors and the Executive Management. The two bodies are independent of each other, and no person serves as a member of both. The Board of Directors is responsible for, but not limited to, the overall management of Ambu, defin- ing strategies and setting objectives, as well as approving the overall budgets and plans. The Board of Directors also undertakes overall supervision of the companyâs activi- ties and ensures that Ambu is managed in a responsible manner and in compliance with legislation and the Articles of Association. The Board of Directors has established an annual process, whereby self-evaluation of the Board of Directorsâ work and per- formance is assessed. At least every three years, the evaluation must be conducted by an experienced external facilitator. In line with the recommendations on good corpo- rate governance, Ambu had an external party assist with the Board of Directors' self-asses- ment this year. Conclusions and focus areas have been presented to the Board and will be included in the work of the Board in 2023/24. Qualifications and composition of the Board of Directors The Board of Directors currently has seven members, who are elected by the sharehold- ers at the Annual General Meeting, and three members elected by the employees, pursu- ant to the Danish rules concerning employee representation. The shareholder-elected members are elected for one year at a time, while the employee-elected members are elected for a four-year period. The Chair and the Vice Chair of the Board of Directors are elected directly by the share- holders at the general meeting. For the Board of Directors to undertake its respon- sibilities and act as a good sounding board for the Executive Management, the following competences are particularly relevant: â¢Insights into the management of a globalgrowth company â¢Insights into the medico and medtechindustries with both public and private-sector customers â¢Insights into risk management and finan-cial affairs The members of Ambuâs Board of Directors are deemed to possess these competences. All members elected by the shareholders at the Annual General Meeting are considered to be independent members, as defined by the Committee on Corporate Governance. Overview of attendance rate for 2022/23 The Board of Directors held nine meetings during the 2022/23 financial year. At the Annual General Meeting in December 2022, Shacey Petrovic and Simon Hesse Hoffmann joined the Board of Directors. To ensure a dedicated and in-depth work in specific areas, the Board of Directors has established several committees that report to the Board of Directors: Chair Committee, Audit Committee, Remuneration Committee, Innovation Committee and Nomination Committee The Chair Committee consists of the Chair and the Vice Chair of the Board of Directors. The Chair Committee performs certain preparation and planning in relation to Board meetings and is a forum for the Chair Committeeâs and Executive Managementâs reflections. The Chair Committee held eight meetings during the 2022/23 financial year. The Audit Committee consists of three members of the Board of Directors, with the Chair participating as an observer. In addi- tion, the CEO, the CFO, the VP of Finance & Accounting and the auditor appointed at the Annual General Meeting attend the Audit Committee meetings. The Audit Committee held seven meetings during the 2022/23 financial year. The purpose of the Audit Committee is to assist the Board of Direc- tors in ensuring the quality and integrity of the presentation of the companyâs financial statements, reporting and auditing. The charter of the Audit Committee and the review of the control and risk man- agement systems in connection with the financial reporting can be found at Ambu.com/auditcom. The Remuneration Committee consists of three members of the Board of Directors. In addition, the CEO and the SVP, People & Cul- ture attend the meetings. The Remuneration Committee held three meetings during the 2022/23 financial year. The duties of the Remuneration Committee are set in place to ensure that the remuner- ation offered by Ambu is competitive and sufficient to attract and retain the best quali- fied directors and executives. The charter of the Remuneration Committee can be found at Ambu.com/remcom. The Innovation Committee consists of three members of the Board of Directors. In addition, the CEO, the Chief Marketing Officer & President of EMEA & APAC Sales and the Chief Technology Officer attend the Innovation Committee meetings. The Inno- vation Committee held two meetings during the 2022/23 financial year. The purpose of the Innovation Committee is to oversee and make recommendations for the innovation strategy and execution of strategy and con- sider external innovation opportunities. The charter of the Innovation Committee can be found at Ambu.com/innovationcom. The Nomination Committee consists of three members of the Board of Directors. The Nomination Committee held two meetings during the 2022/23 financial year. Ambuâs CEO participates in the meetings of the Nomination Committee. The Nomination Committee is charged with evaluating the composition of the Executive Management and with evaluating, and possibly renewing, the Board of Directors, to ensure that the members of the Board meet the require- ments and possess the skills required. The charter of the Nomination Committee can be found at Ambu.com/nomcom. EXECUTIVE MANAGEMENT The Board of Directors appoints the Executive Management and lays down its terms of employment. The Executive Management is responsible for Ambuâs day-to-day management, including, but not limited to, the development of Ambuâs activities and operations and its risk management, financial reporting and internal affairs. The Executive Management also prepares and presents the companyâs strategy, long- term financial planning and budgets to the Board of Directors. The delegation of powers and responsibilities by the Board of Directors to the Executive Management is defined in the Rules of Procedure for Ambuâs Board of Directors (Bestyrelsens Forretningsorden) and the provisions of the Danish Companies Act (Selskabsloven). The Executive Management consists of CEO Britt Meelby Jensen and CFO Thomas Fred- erik Schmidt. As of 1 January 2024, Henrik Skak Bender will take on the role of Chief Financial Officer. Recommendations for corporate governance As a Danish listed company, Ambu A/S must comply with, or explain deviations from, the âRecommendations for Corporate Govern- anceâ, implemented by Nasdaq Copenha- gen, in the Rules for issuers of shares and Section 107b of the Danish Financial State- ment Act. The Board of Directors has considered the Recommendations from the Committee on Corporate Governance and has reported thereon in a Corporate Governance docu- ment. Ambu complies with all of the recommen- dations of the Committee on Corporate Gov- ernance, and the report on compliance with the Corporate Governance recommenda- tions can be found at Ambu.com/corpgov.</mrv:CorporateGovernanceReport>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx2" id="fact3677" xml:lang="en">DIVERSITY IN MANAGEMENT POSITIONS Report on the gender composition of the Board of Directors (members elected at the Annual General Meeting), pursuant to Section 99 b, and on diversity, pursuant to Section 107d, of the Danish Financial Statements Act. Ambu aims for the Board of Directors and To further secure that the policies have been top-level management to be representative met in 2022/23, recruitment practices have across genders, nationalities, ages, education, been updated to attract a more diverse pool of qualifications, competences and, thereby, per- candidates. Among other criteria, increasing spectives. The members should, as a group, cognitive diversity in management has been have sufficient knowledge, insight and pro- considered when selecting candidates for fessional experience to understand Ambu's management positions. activities and the risks related thereto. It is the Management's view that the policies are met, Ambu has a target that in 2022/23, there will be as the criteria on diversity and inclusion has 40% representation of women in management been considered for selection of the Board at all levels. As of 2022/23, 42% of all managers members in 2022. are women. For white-collar managers alone, the representation is 39%, just below our Since the Annual General Meeting in Decem- target. This year, the decision to strengthen ber 2022, the Board of Directors has had two the agility and performance of our Executive women on the Board. In this context, Board Leadership Team, by reducing its size, resulted diversity refers to members of the Board in a 29% representation of women. elected at the Annual General Meeting. Our ambition is to have at least 28,6% of the We continue our focus on driving diversity underrepresented gender on our Board. With in the Board, and on all managerial levels, to two women on a Board of Directors of seven reach our targets. Further information on diver- members, Ambu has achieved this target. sity can be found on p. 61-62â Diversity within the Board of Directors and Executive Management Target 2022/232022/232021/222020/21Number of genders 2 2 2 2 Number of nationalities 2 3 3 2 Number of age intervals (40-49, 50-59, 60-69) 2 3 3 3 Board governance Target 2022/232022/232021/222020/212019/202018/19Women on Board of Directors (%)* 28.6-71.4 29 20 20 17 0 CEO pay ratio (times) - 20 11 12 34 24 Board meeting attendance rate (%) - 100 94 100 95 100 Gender diversity Target 2022/232022/232021/222020/212019/202018/19Women in management - all employees (%) 40 42 42 37 41 43 Women in management - white-collar employees (%) 40 39 39 37 36 37 Women on Executive Leadership Team (%) 40 29 42 33 25 - * The term "Women on Board of Directors" refers to members elected at the Annual General Meeting (AGM) Gender diversity (%) is calculated among white-collar managers, all managers in Ambu, amd within the Executive Leader- ship Team (ELT) and the Board of Directors (BoD). Gender diversity within management includes leaders at a managerial job level and with direct reports. BoD attendance rate and gender diversity of BoD only include members of the BoD elected by the Annual General Meeting (AGM) and does not include employee-elected members. Gender denotation cur- rently available from system provider in global employee system is Female, Male, Unknown, Undeclared, Others. Genders are self-declared.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx2" id="fact3812" xml:lang="en">MANAGEMENT STATEMENT The Board of Directors and the Executive Management have today considered and approved the Annual Report of Ambu A/S for the financial year from 1 October 2022 to 30 September 2023. The Annual Report has been prepared in accordance with the International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the financial statements give a true and fair view of the Groupâs and the companyâs assets, equity and liabilities and financial position at 30 September 2023, and of the results of the Groupâs and the companyâs operations and cash flows for the financial year from 1 October 2022 to 30 September 2023. In our opinion, the managementâs review gives a fair account of the development and performance of the Group and the company, the results for the year and the Groupâs and the companyâs financial position, together with a description of the principal risks and uncertainties faced by the Group and the company. In our opinion, the Annual Report of Ambu A/S for the financial year 1 October 2022 to 30 September 2023 identified as AMBU-2023-09-30-en.zip has been prepared, in all material respects, in compliance with the ESEF Regulation. The Annual Report is submitted for adoption by the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx32" id="fact4365" xml:lang="en">Britt Meelby Jensen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx32" id="fact4366" xml:lang="en">Chief Executive Officer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx33" id="fact4367" xml:lang="en">Thomas Frederik Schmidt</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx33" id="fact4368" xml:lang="en">Chief Financial Officer</cmn:TitleOfMemberOfExecutiveBoard>
<sob:PlaceOfSignatureOfStatement contextRef="ctx2" id="fact3828" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx2" id="fact3829">2023-11-08</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx34" id="fact4369" xml:lang="en">Jørgen Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx35" id="fact4370" xml:lang="en">Chair</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx39" id="fact4375" xml:lang="en">Christian Sagild</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx40" id="fact4376" xml:lang="en">Vice Chair</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx36" id="fact4371" xml:lang="en">Henrik Ehlers Wulff</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx37" id="fact4372" xml:lang="en">Shacey Petrovic</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx41" id="fact4377" xml:lang="en">Susanne Larsson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx44" id="fact4381" xml:lang="en">Michael Del Prado</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx42" id="fact4378" xml:lang="en">Simon Hesse Hoffmann</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx38" id="fact4373" xml:lang="en">Charlotte Elgaard Bjørnhof</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx38" id="fact4374" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx43" id="fact4379" xml:lang="en">Thomas Bachgaard Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx43" id="fact4380" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx45" id="fact4382" xml:lang="en">Jesper Mads Bartroff Frederiksen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx45" id="fact4383" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<arr:IndependentAuditorsReportsAudit contextRef="ctx2" id="fact3830" xml:lang="en">INDEPENDENT AUDITOR'S REPORT</arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx2" id="fact3831" xml:lang="en">To the shareholders of Ambu A/S Report on the audit of the Consolidated Financial Statements and Parent Company Financial Statements</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx2" id="fact3834" xml:lang="en">Opinion We have audited the consolidated financial statements and the par- ent company financial statements of Ambu A/S for the financial year 1 October 2022 â 30 September 2023, p. 116-179â which comprise income statement, statement of comprehensive income, balance sheet, equity statement, cash flow statement and notes, including accounting policies, for the Group and the Parent Company. The consolidated financial statements and the parent company financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional require- ments of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the finan- cial position of the Group and the Parent Company at 30 September 2023 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 October 2022 â 30 September 2023 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx2" id="fact3880" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judge- ment, were of most significance in our audit of the financial state- ments for the financial year 2022/23. These matters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled our responsibilities described in the "Auditor's responsibilities for the audit of the financial statements" section, including in relation to the key audit matters below. Accordingly, our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the finan- cial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements. Recognition of revenue in the USA due to price adjustment structure In the US market, a significant portion of Ambuâs sales flow through dealers (third-party warehouses) who sell the products to public and private hospitals and clinics (the end-customers). Ambuâs sales price to the dealer depends on the pricing arrangement Ambu has agreed with the end-customer. As Ambuâs sales to end-customers deviate in amounts and timing from the amounts invoiced to the dealer, Ambu subsequently adjusts the price stated in the preliminary invoice. Price adjustments are rec- ognised on an ongoing basis, and price adjustments which have not been settled at the balance sheet date are recognised as a reduction in trade receivables in the balance sheet. We focus on this area, as the assessment of non-settled price adjust- ments to dealers is complex and includes management estimates and judgements. Reference is made to note 2.2 in the consolidated financial state- ments. How our audit addressed the key audit matter We have identified, tested and assessed key internal controls and related systems which are used to process and calculate price adjust- ments for dealers. We assessed and reviewed managementâs calculation of price adjust- ments by comparing the assumptions applied with the groupâs trad- ing policies, the terms of existing contracts, third-party reported data and historical price adjustment levels. We further made an assessment of the most significant parameters included in the calculation of the non-settled price adjustments as per 30 September 2023 based on historical data, accounting records and the terms of existing contracts. Valuation of acquired technologies, etc. Following prior yearsâ acquisitions including the acquisition of Invendo Medical GmbH in October 2017, the group has recognised acquired technologies, trademarks and customer relations and acquired technologies in progress totalling DKK 931 million as per 30 September 2023. The value of acquired intangible assets was initially determined in connection with the purchase price allocation. Subsequent, additional internally generated development costs associated to the acquired technologies have been capitalised. In case of indications of impair- ment, an impairment test is prepared, based on managementâs esti- mates of the future value based on an assessment of future cash flows on the basis of strategic plans, long-term growth and discount rate. Due to the inherent uncertainty involved in determining the net pres- ent value of future cash flows, we considered these impairment tests to be a key audit matter. Reference is made to note 3.2 in the consolidated financial state- ments. How our audit addressed the key audit matter Our audit procedures included testing the mathematical accuracy of the discounted cash flow model and comparing forecasted profitabil- ity to internally approved budgets. We evaluated the assumptions and methodologies used in the dis- counted cash flow model, in particular those relating to the forecast revenue growth and EBIT margin, including comparing with historical growth rates. Further, we evaluated the sensitivity analysis on the assumptions applied in the valuations prepared by management.</arr:KeyAuditMattersAudit>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx2" id="fact3855" xml:lang="en">Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Den- mark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company finan- cial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014. Appointment of auditor We were initially appointed as auditor of Ambu A/S on 13 December 2017 for the financial year 2017/18. We have been reappointed annu- ally by resolution of the general meeting for a total consecutive period of six years up until the financial year 2022/23.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx2" id="fact3953" xml:lang="en">Statement on the Managementâs review Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Manage- ment's review, and we do not express any form of assurance conclu- sion thereon. In connection with our audit of the financial statements, our respon- sibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Manage- ment's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Manage- ment's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstate- ment of the Management's review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx2" id="fact3987" xml:lang="en">Auditorâs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assur- ance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indi- vidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judge- ment and maintain professional scepticism throughout the audit. We also: â Identify and assess the risks of material misstatement of the finan- cial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evi- dence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. â Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the cir- cumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control. â Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. â Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclu- sions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. â Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. â Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our inde- pendence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with govern- ance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the parent com- pany financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx2" id="fact3971" xml:lang="en">Managementâs responsibilities for the financial statements Management is responsible for the preparation of consolidated finan- cial statements and parent company financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for such internal control as Man- agement determines is necessary to enable the preparation of finan- cial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liqui- date the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx2" id="fact4057" xml:lang="en">Report on compliance with the ESEF regulation As part of our audit of the Consolidated Financial Statements and Parent Company Financial Statements of Ambu A/S, we performed procedures to express an opinion on whether the annual report of Ambu A/S for the financial year 1 October 2022 â 30 September 2023 with the file name AMBU-2023-09-30-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Reg- ulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consoli- dated Financial Statements including notes. Management is responsible for preparing an annual report that com- plies with the ESEF Regulation. This responsibility includes: â The preparing of the annual report in XHTML format; â The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to ele- ments in the taxonomy, for all financial information required to be tagged using judgement where necessary; â Ensuring consistency between iXBRL tagged data and the Consol- idated Financial Statements presented in human readable format; and â For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the require- ments set out in the ESEF Regulation, whether due to fraud or error. The procedures include: â Testing whether the annual report is prepared in XHTML format; â Obtaining an understanding of the companyâs iXBRL tagging pro- cess and of internal control over the tagging process; â Evaluating the completeness of the iXBRL tagging of the Consoli- dated Financial Statements including notes; â Evaluating the appropriateness of the companyâs use of iXBRL ele- ments selected from the ESEF taxonomy and the creation of exten- sion elements where no suitable element in the ESEF taxonomy has been identified; â Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and â Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements. In our opinion, the annual report of Ambu A/S for the financial year 1 October 2022 â 30 September 2023 with the file name AMBU-2023- 09-30-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx2" id="fact4106" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx2" id="fact4107">2023-11-08</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx46" id="fact4384" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx46" id="fact4386" xml:lang="en">Søren Skov Larsen</cmn:NameAndSurnameOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx47" id="fact4390" xml:lang="en">Henrik Pedersen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx46" id="fact4387" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx47" id="fact4391" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx46" id="fact4389" xml:lang="en">mne26797</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx47" id="fact4393" xml:lang="en">mne35456</cmn:IdentificationNumberOfAuditor>
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