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| ifrs-full:Assets | 2023-12-31 | 3454000000 | dkk |
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<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" id="s8_notesesefdkgaap__7__7" xml:lang="en">General informationSustainability is a strategic focus area for H+H and it is embedded in all aspects of our business. To reflect this, we have decided to use the ESRS framework and merge our Sustainability Report with our Management review to provide a more holistic view of our business. List of disclosure requirements Page referenceESRS 2 - General DisclosuresBP-1 General basis for preparation of the sustainability statement Page 50GOV-1 The role of the administrative, management and supervisory bodies Pages 41-43, 51 GOV-2 Information provided to and sustainability matters addressed by the undertakingâs Page 51 administrative, management and supervisory bodiesGOV-3 Integration of sustainability-related performance in incentive schemes Page 53 GOV-4 Statement on due diligence Page 52 GOV-5 Risk management and internal controls over sustainability reporting Page 55 SBM-1 Strategy, business model and value chain Pages 15-22 SBM-2 Interests and views of stakeholders Page 53 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and Pages 53-54 business modelIRO-1 Description of the processes to identify and assess material impacts, Pages 54-55 risks and opportunitiesIRO-2 Disclosure Requirements in ESRS covered by the undertakingâs Pages 54, 79-83 sustainability statementESRS 2 General disclosures 1Basis for preparationOur sustainability statement has been struc-tured in preparation for compliance with the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). Our ambition has been to implement as much as possible of the standards in our 2023 reporting and have an integrated annual report.The sustainability statement has been prepared on a consolidated basis with our 2023 financial statements. The sustainability statement covers our own operations and upstream and downstream value chains.We welcome the new standards and we believe that they will strengthen the work around sustainability and ensure more transparent, balanced, and consistent reporting of data with increased accountability. Even though the directive does not apply for us as a company until next year, we have decided to implement most of it already now for this yearâs report. Sustainability is fully integrated into our business, including strategy development, commercial, reporting, risk management and in our Group policies. We therefore believe that we are at a maturity level where an almost full pre-implementation of the directive and ESRS is possible and where we can help set an example for other medium-sized businesses.1 BP-1 â General basis for preparation of sustainability statements2, 3Sustainability governanceSustainability is anchored with our Board of Directors and then cascaded through the organisation. Non-financial controlling is maturing towards the same level as our financial controlling, with ESG-related topics being monitored monthly by Group Manage-ment. This includes regular risk assessments, establishment of internal controls and docu-mentation of data. H+H also has a sustainabili-ty-linked financing agreement, which incentiv-ises the achievement of specific ESG KPIs. You can read more about our Board composi-tion and governance structure in the Corporate Governance section. Here you can also find information on the experience and background of the Board of Directors and Executive Board. 2 GOV-1 â The role of the administrative, management and supervisory bodies3 GOV-2 â Information provided to and sustainability matters addressed by the undertakingâs administrative, management and supervisory bodiesSustainability is anchored across our corporate governance structuresBoard of DirectorsOversees compliance of the ESG Policy and is updated monthly on ESG performance. H+H Group ManagementDefines initiatives to achieve the ESG strategy and oversees progress. Driven in close liaison with regional management, work and reporting is supported by a newly appointed Group Sustainability Lead and various Group and local functions. ESG CommitteeMonitors new legal requirements and trends around the ESG landscape, makes recommendations on key ESG initiatives to ensure compliance with stakeholder expecta-tions, and executes on strategic targets. Reports to Group Management and is comprised by the COO, CSO and Group Sustainability Lead.Audit CommitteeAmongst other things, responsible for overseeing finan-cial and non-financial reporting as well as external audits, internal controls and risk management relating to ESG. It also receives notice of results of whistleblower investiga-tions. The COO organisation is responsible for matters related to the environment, as well as safety, including energy consumption, work incidents, and emissions.The HR organisation is overall responsible for social matters, including absenteeism, diversity, and employee retention.The CFO organisation is responsible for matters related to governance, including reporting, ESRS and taxonomy as well as general compliance work. 4Core elements of Due DiligenceParagraphs or pages in the Sustainability Statement Does the disclosure relate to people and/or the environment?a) Embedding due diligence in governance, strategy and business model ESRS 2 GOV-2, page 51 People and environmentESRS 2 GOV-3, page 53 People and environmentESRS 2 SBM-3:pages 58-59 (E1)Environmentpage 67 (Health & Safety, S1)Peoplepage 69 (Equal treatment & opportunities for all, S1)Peoplepage 72 (Training & skills development and working conditions, S1)Peopleb) Engaging with affected stakeholders in all key steps of the due diligence ESRS 2 GOV-2, page 51 People and environmentESRS 2 SBM-2, page 53 People and environmentESRS 2 IRO-1, pages 54-55 People and environmentESRS 2 MDR-P:page 59 (E1-2)Environmentpage 68 (S1-1)PeopleSocial: page 72 (S1-2) PeopleESRS 2 IRO-1, pages 54-55 People and environmentc) Identifying and assessing adverse impacts ESRS 2 SBM-3: pages 58-59 (E1) Environmentpage 67 (Health & Safety, S1)Peoplepage 69 (Equal treatment & opportunities for all, S1)Peoplepage 72 (Training & skills development and working conditions, S1)Peopled) Taking actions to address those adverse impacts ESRS 2 MDR-A:page 57 (E1-1)Environment pages 59-60 (E1-3) Environmentpages 68, 70, 72 (S1-4) Peoplee) Tracking effectiveness of these efforts and communicating ESRS 2 MDR-M:page 60 (E1-4)Environmentpage 68 (S1-14)Peoplepages 70-71 (S1-9) Peoplepage 71 (S1-16)Peoplepages 72-73 (S1-13)PeopleESRS 2 MDR-T: pages 60 (E1-4) Environmentpage 71-72 (S1-5)People4 GOV-4 - Statement on due diligence5Integration of ESG in remunerationH+Hâs Remuneration Policy for the Board of Directors and Executive Board seeks to create a remuneration framework that supports achievement of our strategy, with a focus on ensuring the continuous long-term sustainable development of our business, while creating long-term value for shareholders. KPIs related to ESG are part of our short-term incentive plans for Group Management and across the Group. In 2023 the short-term incentive plan included one target relating to lost-time incidents and one target relating to the reduction of our scope 1 and 2 emissions. Both targets have a 15% weighing. In addition to our short-term incentive plan, we also have a long-term incentive share programme. The success of the programme is measured against long-term KPIs related to our performance, and the programme runs for three years at the time. This year we introduced an ESG-related KPI, related to our scope 1 and 2 emissions. The target is weighted 15%. Both long- and short-term targets relating to emissions are assessed and determined in relation to the GHG emission reduction targets described in the Environmental Information section.6StrategyA description of our strategy, business model and value chain is provided in the Business and strategy section.7, 8Impacts, risks and opportunitiesThe material impacts, risks and opportuni-ties identified during the materiality assess-ment are presented alongside the topical standards ESRS E1 Climate change, S1 Own workforce and G1 Business conduct in this sustainability statement.5 GOV-3 - Integration of sustainability-related performance in incentive schemes 6 SBM-1 Strategy, business model and value chain7 General information - ESRS 2 General disclosures8 SBM-3 - Material impacts, risks and opportunities and their interaction with strategy and business model9 SBM-2 â Interests and views of stakeholders9Our stakeholdersAs a responsible business, employer and Partner in wall building, we always seek to engage with internal and external stakeholders. CustomersWe are a customer centric organisation underpinned by our promise to be Partners in wall building. Engaging with our customers to consistently understand their perspectives and needs is an embedded part of our business model. EmployeesPeople are the heart of our business. We are committed to providing a safe, engaging and meaningful workplace for our employees, where collaboration can thrive.We engage with our employees in a number of different ways, including intranet updates, workersâ councils, engagement surveys in selected areas, manager check-ins and global town halls. Employees also have the opportu-nity to raise concerns through our online whis-tleblower system, described in the Governance Information section.SuppliersH+H relies on suppliers to meet our emissions reduction targets. We engage in dialogue with our suppliers, focusing on development of low-carbon cement and lime and finding more efficient production methods.SocietyCompliance with existing regulations on responsible business practices is a funda-mental and basic requirement in H+Hâs Code of Conduct. Through our memberships in various trade organisations, we engage in dialogue with different regulators and interest groups. ShareholdersH+H is listed on the Danish Stock exchange and naturally we engage with our shareholders on a regular basis to ensure efficient financial allocation and to understand shareholdersâ interests. This is done via a dedicated Investor Relations department, management partici-pation in investor roadshows and conference calls, briefings with analysts and the Annual General Meeting. Dialogue with shareholders is described in more detail in the Corporate Governance section.Double Materiality AssessmentDuring 2023, we undertook our first Double Materiality Assessmentin prepration for 10, 11compliance with the ESRS. We have engaged with various internal and external stakeholders, including employees, suppliers, customers, society, investors, analysts and banks to identify H+Hâs material sustainability matters. This engagement has been through interviews and desktop research. Parallel to this, we have also assessed the financial risks and opportunities for sustainability-related matters as part of our ERM process. To ensure proper compliance, external consultants have performed a review of our Double Materiality Assessment process. The outcome gave no material remarks.10 IRO-1 - Description of the processes to identify and assess material impacts, risks and opportunities 11 IRO-2 - Disclosure Requirements in ESRS covered by the undertakingâs sustainability statement 10Materiality scoring approachThe materiality assessment's scoring method and criteria were established following ESRS 1 requirements, focusing on: ⢠Impact materiality: Considering the scale, scope, irremediability, and likelihood of impacts being positive/negative and actual/potential.Severity takes precedence over likelihood for human rights related impacts as per ESRS 1 (45).⢠Financial materiality: Assessing the financial significance of risks/opportunities, their like-lihood, and the nature of financial impacts.OutcomeThe materiality assessment determined that âClimateâ, âOwn workforceâ and âBusiness Conductâ are material topics for H+H. This outcome is consistent with our previous Sustainability Strategy. The materiality assessment also determined that âWater withdrawalsâ and âWasteâ are not material under the ESRS definitions. We have there-fore updated our Sustainability Strategy, now focusing on CO, Energy, Safety, Absenteeism 2and Board Diversity â in line with the materi-ality assessment.Rationale for selected scoped-out mattersWater withdrawalsUsing water is a key process in our manufac-turing process. However, our plants are gene-rally not located in areas of high water stress, so the risk of water scarcity is low. Circularity & wasteWe believe that circular economy practices will become increasingly important not just within our own production, but across our industry as well, and we want to become part of the solution in the long term. However, there are several challenges in recovering and sorting AAC and CSU waste from construction and demolition sites that must be resolved in order to be able to provide aggregate of a consistent quality and to make the practice of recycling economic for manufacturers or third-party recyclers. We are engaging with our value chain, industry associations, and other relevant parties to identify solutions. From an internal perspec-tive, we run our plants according to a âno waste of virgin materialsâ principle. All off-cuts and waste in the production process are re-cir-culated into new batches, meaning no waste occurs during this process. At this stage we have therefore concluded that there are no material impacts, risks or opportunities.BiodiversityWe have assessed our impact on biodiversity from a direct and indirect perspective. Our direct impact is through the operation of our sandpits in Poland. Here we are obligated to adhere to national and local regulations and procedures for the protection of biodiver-sity and ecosystems, which is supervised by authorities. Our commitment is therefore to comply with these requirements. Indirectly we procure sand and lime through external suppliers, who manage and operate quarries and sandpits that can have a potential impact on biodiversity. We have engaged with our suppliers to understand their policies, practices, and initiatives on this subject to ensure we are aware of the contribution from our resource inflow. We believe there are no material impacts or risks, as we only cooperate with suppliers from European countries with strong institutions and high legislative require-ments12Sustainability reporting risk managementH+Hâs sustainability reporting is exposed to risks of material misstatement due to human error, incomplete data or fraud. We have therefore implemented a number of mitigating processes to manage this risk:⢠Clear and well structured sustainability governance as described on page 51.⢠Accounting policies have been established in line with ESRS requirements for sustaina-bility information.⢠All sustainability information is collected through a dedicated sustainability reporting software system that provides transparency and traceability of data.⢠Monthly review meetings on key KPIs.⢠The external auditor provides limited assur-ance on H+Hâs scope 1+2 GHG emissions data and LTIF rate. See the limited assurance statement for more information.12 ESRS 2 GOV-5 â Risk management and internal controls over sustainability reporting Climate-related scenario analysisIn 2022, we conducted a climate-related scenario analysis using the TCFD guidelines to assess transition and physical risks and oppor-tunities and how they might impact the resil-ience of our business strategy. The analysis was refreshed in 2023.The analysis was based on the Net Zero 2050, Delayed Transition and Current Poli-cies scenarios released by the Network for Greening the Financial System (NGFS) in 2021.These describe warming of 1.5°C, 1.8°C and +3°C respectively*. The scenarios considered H+H's full value chain, including our own operations, upstream cement and lime producers and downstream customers. The timeframe used in the scenarios defined short, medium and long-term as 2025, 2030 and 2050 respectively. The 2030 timeframe aligns with our science-based target and the 2050 timeframe aligns with our commitment to net-zero emissions by 2050, in accordance with the Paris Agreement targets.The process included a workshop with the top 50 leaders from across the company to consider the three scenarios and identify climate-related risks and opportunities. The findings from the scenario analysis were presented to H+Hâs Group Management and Board of Directors and were incorporated into our strategy. The climate-related risks are also incorporated into our annual Enterprise Risk Management (ERM) system.Climate scenariosThe key assumptions in the scenarios are as follows:Net Zero 2050 scenarioThe Net Zero 2050 scenario is a scenario that limits global warming to 1.5 °C. It is an orderly scenario that includes stringent climate policies and fast technology change to reach net-zero emissions in 2050. Carbon prices rise to $185 t/CO in 2030, $350 in 2040 and $675 2in 2050. This scenario tests for immediate transition risk and low physical risk.The accelerated rollout of renewable energy and hydrogen infrastructure supports our goal to reduce emissions in our own operations.The main variable for our ability to reduce the emissions intensity of our products is the speed at which CCUS technologies are introduced by cement and lime producers, and therefore for H+H to reduce our scope 3 emissions.Delayed Transition scenarioIn the Delayed Transition scenario, a delay means global emissions increase until 2030 and then strong policies are needed to limit warming to 2°C. Carbon prices rise rapidly from $70 t/CO in 2030 to $325 in 2040 and 2$625 in 2050. This disorderly scenario tests for delayed and high transition risk. A delayed rollout of renewables and hydrogen infrastructure would slow our ability to reduce our operational emissions. However, this scenario aligns with the expected timing of the cement industryâs decarbonisation roadmap for the introduction of CCUS technologies and therefore would not undermine our own decar-bonisation plans.Hot House World (Current Policies) scenarioThis scenario assumes that only currently implemented policies are preserved, leading to climate-related hazards and high physical risks. Emissions continue to grow until 2080 leading to 3-4°C of warming and severe phys-ical risks. We paired this scenario with data from the IPCC RCP 6.0. In Europe, where we have operations, the frequency and intensity of heat extremes, including marine heatwaves, are projected to keep increasing. As a next step, we will consider the potential impact of physical risk on our assets.* For physical climate risk, we used data from the RCP 6.0 scenario in the IPCC Sixth Assessment Report published in September 2021.Environmental informationH+H is committed to an ambitious 1.5°C climate target and is part of the solution in construction of sustainable housing and at the same time lowering global energy related carbon emissions without harming biodiversity.List of material disclosure requirements Page referenceE1 - Climate changeE1-1 Transition plan for climate change mitigation Page 57 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and Pages 58-59 business modelE1-2 Policies related to climate change mitigation and adaptation Page 59 E1-3 Actions and resources in relation to climate change policiesPages 59-60 E1-4 Targets related to climate change mitigation or adaptationPage 60 E1-5 Energy consumption and mixPage 61 E1-6 Gross Scopes 1, 2, 3 and Total GHG emissionsPages 61-62 E1-7 GHG removals and GHG mitigation projects financed through carbon creditsPage 62 E1-8 Internal carbon pricingPage 62 E1-9 Anticipated financial effects from material physical and transition risks and Page 62 potential climate-related opportunitiesBuildings are responsible for around 40% 1of global energy related carbon emissions. Creating more sustainable and carbon-neu-tral buildings is key to addressing this issue. Building materials, such as H+Hâs AAC and CSU products, are well positioned for long-term growth as they ensure energy-efficient building structures and help to reduce build-ingsâ life-cycle emissions.2H+Hâs transition planWe believe our strategy and business model are compatible with the transition to a sustainable economy by reducing our carbon emissions in line with our Science Based Targets and target of net-zero emissions in 2050. This is in line with the Paris Agreement and the EUâs climate goals. Science-based GHG emission reduction targetsOur commitment is backed up by the validated reductions we will make in our scope 1, 2 and 3 GHG emissions by 2030 .The ten-year science-based target builds on the product life-cycle analysis ("LCA") that was undertaken in 2020 which determined that our AAC and CSU products are on a path to achieve net-zero â and possibly negative â emissions by 2050. Our emissions reduction targets are explained in disclosure requirement E1-4.H+H is the first manufacturer of aircrete (AAC) and calcium silicate (CSU) products to have science-based targets approved in line with a 1.5-degree scenario.Climate change mitigation actionsTo achieve the 2030 science-based target, we have developed a roadmap that includes the following levers which are outlined in disclosure requirement E1-3.1. Increasing the share of renewable energy2. Optimising plants including investments in energy efficient equipment3. Improved energy mix4. Supply-chain decarbonisation, in particular, reducing emissions from the production of lime and cement which represent most of our scope 3 emissionsThe transition plan is embedded in our strategy together with related initiatives. The transition plan, along with the initiatives to achieve it and the science-based target have been approved 1 https://www.unep.org/news-and-stories/press-release/co2-emissions-buildings-and-construction-hit-new-high-leaving-sector2 E1-1 â Transition plan for climate change mitigationby the Group Management and the Board of Directors. The COO and Group Sustainability Lead is responsible for the transition plan.A dedicated amount of the CAPEX budget is annually allocated to support emissions reduc-tion projects. We also integrate performance measures related to GHG emissions reductions into our management incentive schemes (see disclosure requirement GOV-3 in the General Information section).H+H is not excluded from Paris-aligned bench-marks.Sources of H+Hâs GHG emissions â baseline yearScope 1 and 2 emissions from operations account for about 25% of our carbon footprint, with about 75% of these emissions generated by the use of coal, oil, and gas in our plants. About 75% of the emissions in H+Hâs carbon footprint are scope 3 emissions generated elsewhere along the value chain. The majority of these emissions (approximately 95%) are generated upstream by cement and lime manufacturers. This is a result of the chemical reaction that occurs when carbon is removed from limestone when it is heated to produce clinker for cement or lime. The CO released is 2an unavoidable consequence of this reaction, as the limestone has absorbed CO during its 2formation â just like a tree does.H+Hâs climate-related impacts, 3risks and opportunitiesClimate change impactsThe materiality assessment described in disclosure requirement IRO-2 identified the following material climate change mitigation impacts:Recarbonation during product lifetime (positive)Limestone-based products such as AAC and CSU absorb CO during their lifespan, acting 2as permanent carbon sinks during the use phase of a building and when it is pulled down and recycled. AAC products can absorb 77 3kg of CO per m, with 80% of recarbonation 2achieved after 50 years and 95% within 80 years. This positive impact occurs in our down-stream value chain (the end-users of AAC and CSU products) over the short, medium, and long term.Emissions from own operations (negative)The emissions from our own operations have a material impact on climate, with 108t CO2of scope 1 and 2 emissions during 2023. This negative impact occurs over the short, medium, and long term.3 Disclosure Requirement related to ESRS 2 SBM-3 â Material impacts, risks and opportunities and their interaction with strategy and business modelValue chain emissions from extraction and processing of raw materials for production (negative)As previously mentioned, a significant amount of our emissions derives from our upstream value chain (cement and lime producers), causing a negative impact over the short, medium and long term.Climate change risks and opportunitiesIn 2022, we undertook a climate scenario analysis using the TCFD guidelines, which was refreshed in 2023. The analysis considered H+Hâs full value chain, including our own oper-ations, upstream cement and lime producers and downstream customers. No part of the value chain was excluded from the scenario analysis. Nor were any material physical risks or transition risks excluded. The climate scenario analysis is described in disclosure requirement IRO-1.The scenario analysis identified the following four transition risks and one opportunity. No material physical risks were identified.The climate-related risks and opportuni-ties identified in the scenario analysis are described in more detail, including financial effects, in H+Hâs standalone 2023 TCFD disclo-sure available on our website. The findings from the scenario analysis are incorporated in our strategy. Actions to miti-gate the transition risks and capture the oppor-tunity are described in disclosure requirement E1-3. The scenario analysis determined that after these mitigations are applied, H+H has no net-material financial impact in the short, medium, and long term.4Climate-related policyH+Hâs Environmental, Social & Governance Policy addresses climate change mitigation by including our commitment to reduce scope 1, 2 & 3 emissions in line with net-zero emissions by 2050, and the short-term targets we have set to achieve this. By covering all emission scopes, the policy applies to emissions from our own operations, as well as our upstream and downstream value chain.The policy is distributed via H+Hâs policy management system in the Group intranet. Stakeholders can access the policy via our group website. Group Management has overall responsibility for the policy, while the regional managing directors are responsible for implementing it within their countries as heads of their respective legal entities. The policy is reviewed annually by Group Management and the Group Sustainability Lead. Transition risks Type of transition risk1. Increased cost of cement and lime ⢠Policy & Legal: Carbon pricing mechanismsraw materials2. Extension of the EU ETS to include ⢠Policy & Legal: Carbon pricing mechanismsH+H3. Delay in the decarbonisation ⢠Technology: Transitioning to lower emissions technologyroadmaps for cement and lime⢠Market: Changing customer behaviour⢠Reputation: Increased stakeholder concern or negative stakeholder feedback4. Substitution by new low carbon ⢠Policy & legal: Mandates on and regulation of existing products and servicesbuilding materials products⢠Technology: Substitution of existing products and services with lower emissions options⢠Market: Changing customer behaviour⢠Reputation: Shifts in consumer preferencesClimate-related opportunity Type of opportunity1. Decarbonisation of products ⢠Products and services5Mitigating actions towards climate risksH+H has developed a roadmap until 2030 that reduces our carbon emissions. A dedicated amount of the CAPEX budget is annually allo-cated to fund emissions reduction projects.We address our scope 1 & 2 emissions through the following levers and actions:1. Increasing the share of renewable energyH+Hâs use of renewable electricity will increase by purchasing either RECs or PPAs. By 2026, we expect the share of renewable electricity to reach 100% of our consumption, up from 75% currently.2. Investments in energy efficiencyWe are continuously implementing ener-gy-saving projects and embed these in other upgrade projects. These upgrades and modernisations are essential in optimising our manufacturing footprint and equipment, and the investments do not solely rely on sustaina-bility decision criteria. 4 E1-2 â Policies related to climate change mitigation and adaptation | 5 E1-3 â Actions and resources in relation to climate change policies3. Improved energy mixWe are improving our energy sources by converting from coal to natural gas and plan to convert from natural gas to fossil-free energy sources, such as green hydrogen when reason-ably possible. We have already begun our energy mix improvement by converting one plant in Poland from coal to natural gas. H+H address our scope 3 emissions through the following levers and actions:4. Supply-chain decarbonisationLow-carbon cement and limeWe focus on having a continuous dialogue with our lime and cement producers. We will collaborate on carbon reduction projects with those who have committed to a science-based target or have a credible emissions reduc-tion pathway to net-zero emissions by 2050. According to these, net-zero will be achieved mainly through the use of carbon capture storage and utilisation (CCSU) and lower carbon ingredients, switching from fossil fuels to renewable energy to heat kilns, and through recarbonation. A reduction of clinker content in cement used for AAC products has already resulted in a reduction in scope 3 emissions - see disclosure requirement E1-9 for further details.Low emissions transportThe emissions-reduction pathway for the transport industry requires transport compa-nies to reduce emissions by approximately 30% by 2030. We expect our transport suppliers to provide such low-emissions trans-port services in the future.Metrics and targets6Climate change targetsH+H has three climate-related targets covering emissions from our own operations as well as our supply-chain emissions, and energy consumption. The emissions reduction targets have been verified by the Science Based Targets initiative as being in line with the 1.5°C scenario. The energy consumption target will be reassessed during 2024.Specific climate targets⢠100% share of renewable electricity (incl. PPAs / RECs) by 2026⢠Convert all coal plants to natural gas, or other more sustainable source, by 2030⢠Have at least one scope 1+2 neutral plant by 2030Baseline TargetSBTI targets Unit 2019 2030 2050Scope 1+2 CO emissions Tonnes 212,997 115,018 02Scope 3 CO2 intensity kg/m3161.9 125.8 0ESG 5 year targets Unit 2019 2024 2030Energy consumption per m3MJ 565 525 TBD6 E1-4 â Targets related to climate change mitigation and adaptation7Energy consumptionOur energy consumption mainly consists of natural gas and coal for generating steam into the autoclaves as well as electricity used to operate the plant equipment. As part of our science-based target we are working towards lowering the mix from coal and introducing renewable energy into the mix â such as biogas, hydrogen, or biomass â to generate steam.In 2023, our energy consumption was signifi-cantly impacted by a slowdown in the construc-tion and home building industry, resulting in reduced work shifts and plant shutdowns. The energy efficiency of our plants was not optimal during this period as we had to contin-uously adjust capacity and thereby not fully utilise our production. However, we saw mate-rial energy improvement in the second half of the year as the market and production stabi-lised. Additionally, we are also seeing strong overall improvements coming from closing down less efficient plants as these were oper-ating with around 30% higher energy intensity than average. This meant that our full-year energy efficiency was on par with 2022 despite the challenges we have had. For 2024, we still expect to be able to meet our target of 525 MJ 3per m.Energy intensity per net revenue 2022 2023 %Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors (MWh/Monetary unit) 192 182 -5%3) 567 575 1%Total energy consumption (MJ/mEnergy intensity based on net revenueThe decrease in energy per net revenue is related to price increases, partially offset by the production volume being higher than the sales volume.8GHG emissionsThe methodologies, significant assumptions and emission factors used to calculate H+Hâs GHG emissions are provided in the ESG accounting policy section. Scope 1+2As market activity declined by more than 35% in 2023, our emissions have also declined largely in line with our production volume. However, we have still been able to reduce our carbon intensity emissions to a record low 335.8kg per m which is 21% lower than our 3baseline of 45.3kg per m. This reflects the actions and investments to improve the CO2footprint of our plants. This year, our plants are now consuming an average of 75% renewable electricity and we have continued our energy mix improvement by converting an additional coal boiler to natural gas in Poland, in line with our initial goal for 2023. For 2024, we will continue to implement further CO-reducing projects. 2Scope 33Scope 3 intensity was 145.5kg per m which is an improvement of 7% compared to last year and ahead of our science-based target for 2023. The positive development was driven by our increased use of lower-carbon cement as well as suppliers across our regions investing in CO reducing projects and thereby lowering 2the emission factors for lime and cement. We welcome this development from our suppliers, and we are certain it will continue.For 2024, we continue collaborating with cement and lime producers that have committed to a science-based target or have a credible emissions reduction pathway.7 E1-5 â Energy consumption and mix | 8 E1-6 â Gross Scopes 1, 2, 3 and Total GHG emissionsRetrospective Milestones and target yearsAnnual Base % target year (2019) 2022 2023 % vs. LY 2030/ Base yearScope 1 GHG emissionsGross scope 1 GHG emissions (tCO2eq) 153.887 141.985 *93,602 -34% 115.018^ 4,2%Percentage of scope 1 GHG emissions from regulated emission trading schemes (%) 0% 0% 0% 0%Scope 2 GHG emissionsGross location-based scope 2 GHG emissions (tCO2eq) 59.109 45.702 29,369 -36%Gross market-based scope 2 GHG emissions (tCO2eq) 59.109 33.454 *15,198 -55%Significant scope 3 GHG emissionsReduce by 22% 3Total Gross indirect (scope 3) GHG emissions (tCO21 Purchased goods and services 700.604 629.612 400,600 -36%3 Fuel and energy-related activities (not included in scope 1 or scope 2) 34.964 34.355 23,071 -33%4 Upstream transportation and distribution 13.656 14.118 10,932 -23%9 Downstream transportation 9.104 10.107 7, 9 7 8 -21%Total GHG emissionsTotal GHG emissions (location-based) (tCO2eq) 971.324 875.879 565,553 -35%Total GHG emissions (market-based) (tCO2eq) 971.324 863.631 551,381 -36%^Scope 1+2 is a combined target* ESG figure subject to limited assuranceGHG Intensity based on net revenueGHG intensity per net revenue 2022 2023 %Total GHG emissions (location-based) per net revenue (tCO2eq/Monetary unit) 243 212 -13%Total GHG emissions (market-based) per net revenue (tCO2eq/Monetary unit) 240 206 -14%Total emissionsAs shown in the GHG table, all our nominal emissions have declined due to the market downturn and general improvements.9Carbon creditsH+H does not have any GHG removals or GHG mitigation projects financed through carbon credits.10Internal carbon pricingH+H does not apply internal carbon pricing schemes in its busi-ness.Financial effects from climate-related 11risks and opportunitiesH+H has no net-material financial impact in the short, medium, and long term as described in the General Information section.The financial effects are described in more detail in our stan-dalone 2023 TCFD available on our group website. As these financial effects do not include all the requirements of E1-9, We have opted to exercise the phase-in allowance to omit the finan-cial effects.</mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="s8_notesesefdkgaap__7__9" xml:lang="en">DiversityThe building materials industry is not tradi-tionally known for being gender diverse and we therefore risk fostering workplaces with low diversity and a lack of inclusivity for employees.We report on our efforts towards diversity in the parent company, H+H international A/S, in accordance with section 107d of the Danish Financial Statements Act on pages 69-71.Both impacts affect our entire workforce in our own operations, and occur over the short and medium-term. No material risks or opportuni-ties were identified in the materiality assess-ment.Impacts, risks, and opportunities managementWe approach the impacts related to equal treatment through a mixture of global and local initiatives. We believe a safe and inclusive work culture is best achieved by encouraging our employees to speak up and take owner-ship of creating a work environment they feel they belong to, with clear support from senior management. Policies related to equal treatment 2, 3and opportunities for allDiversity PolicyThe core objective of H+Hâs Group Diver-sity Policy is to foster an inclusive and open working climate where diversity is embraced and promoted. While gender is one dimension of diversity, we fully recognise that diversity is any aspect that differentiates our employees and enables diversity of thought. This includes ethnicity, age, national origin or citizenship, religion or belief, political conviction, sexual orientation, marital status, pregnancy and maternity, disability or genetic information or any other legally protected categories. We do not tolerate any form of discrimination towards employees or stakeholders. All reports of discrimination and harassment are fully investigated and may result in disciplinary actions or employment- related consequences for the perpetrator. The policy applies to members of the Board of Directors, executive and non-executive directors, and all other H+H employees, and it is applicable to all H+H entities. The policy is communicated to all new employees, and in the case of updates, to the entire workforce. The policy is available on our group website.The Board of Directors has adopted the Group Diversity Policy while the CEO is overall respon-sible. Regional managing directors are respon-sible for implementation within their countries as heads of their respective legal entities.2,4Policies related to human rightsWe strongly support human rights and employee rights as set out in the UN Universal Declaration of Human Rights and by the Inter-national Labour Organization. Many aspects of our business touch on human rights, including working conditions, health and safety, and data privacy. This is reflected in many of our policies, as outlined in our overview of our sustainability-related policies and systems in the Governance Information section. Although the materiality assessment deter-mined that there are no material human rights impacts, risks, or opportunities for H+H, we continuously assess the risk of human rights violations. We believe the inherent risk for human rights violations is low due to the nature of the business and as we only conduct business in European countries with strong institutions. Most of the people working in our plants are directly employed by H+H, and consequently, we can ensure that our staff are treated fairly and in accordance with the above principles. Temporary staff are either employed directly by us or via reputable agencies which adhere to relevant employment legislation. To mitigate risks for violation of 1 ESRS 2 SBM-3 | 2 S1-1 â Policies related to own workforce | 3 Danish Financial Statements Act section 107(d) | 4 Danish Financial Statements Act section 99(a)human rights throughout the value chain, we have a Code of Conduct for suppliers which outlines our expectations for our suppliers and contains provisions to address human trafficking, forced and compulsory labour, the health & safety of workers and precarious work. 3, 5Actions in 2023Guided by the Diversity Policy, all managers are expected to treat employees equally and not discriminate in matters such as recruitment, promotions, development opportunities or any other personnel decisions. When recruiting we source candidates of different genders when-ever possible, and we seek to create a dynamic organisation with a diverse mix of cultures, backgrounds, skills, and ways of thinking. On the executive board level, recruitment for a new CFO was initiated late 2023. In sourcing candidates, a key focus has been to ensure that a new CFO will complement the competen-cies of our CEO. If two candidates of different genders are equally qualified for the position, the candidate of the under-represented gender, if any, will be chosen.The underrepresented gender in Board and Management, H+H International A/S2023 2022 2021 2020 2019Gender diversity, Board 29% 33% 17% 17% 17%Females / total HC 2/7 2/6 1/6 1/6 1/6Gender diversity, Group Management 0% 0% 20% 20% 20%Females / total HC0 / 40 / 41/5 1/5 1/5Gender diversity, managers below Group Management* 0% - - - -Females / total HC 0/3 - - - -* First year of disclosure in accordance to Section 99(b)(1) of the Danish Financial Statements ActFor the levels below, only one recruitment took place during 2023. The most competent candi-date was male and the recruitment positively contributed to our age diversity.In accordance with the EU directive on whis-tleblower systems, we launched an updated version of our whistleblower system and policy in December 2023. It expands the options of reporting making it possible for reporters to report directly to Group or to their respective regions. The launch is further described in the Governance information section. Performance, metrics, and targets3, 4, 6, 7, 8Diversity metricsManagement diversity targetsOur Group Diversity Policy is applied when evaluating the composition of H+H Interna-tional A/S' management. Pursuant to section 139c of the Danish Compa-nies Act, we aim to have equal gender distri-bution in our Board of Directors, as defined by the Danish Business Authority. This was reached at the Annual General Meeting on 31 March 2022, and the target is still met with the current composition of 2 female members and 5 male. For this reason, no formal gender target under the law is set. The Board seeks to be diverse in the broadest sense relevant. When deciding whether to propose re-election or not of board members as well as when searching for candidates to propose as new board members, the decision is based on filling out any competence gaps or strenghtening specific competences in the Board based on the collective competences that the Board finds relevant at the time considering H+H's strategy, challenges and opportunities. In addition to looking at compe-tences in the form of professional experience and education, the Board also recognises the benefits of diversity in terms of cultural back-ground, gender, age etc.However, when the Board as part of its annual board evaluation decides to want to change its composition, the possibility to improve especially the Boardâs gender diversity and age profile will naturally be pursued. Hence, If two candidates for a board position are equally competent, the person improving the gender and/or age diversity will be preferred.For more on board diversity see page 39. As for diversity of the other management levels of H+H International A/S, we look at diversity in a broad sense, including gender, educa-tion, work experience, country background, seniority and age. It is our overall target to have diverse management teams at all levels, considering H+H's strategy, challenges and opportunities.Management diversity by end of 2023NationalityDenmark (5) / Germany (1) / United Kingdom (1)H+H seniority (years)<1 (1) / 1-5 (4) / 6-10 (1) / 15+ (1)Age distribution (years)30-34 (1) / 40-44 (1) / 45-49 (3) / 55-59 (2)Educational backgroundsAuditing / Chemistry / Economics / Information Technology / Finance / Business AdministrationFor gender diversity in the two management levels below the Board, we have due to our relatively small size, opted to use the legal exemption for companies with less than 50 employees and not have a gender diversity policy or related gender diversity targets to increase the proportion of the underrepre-sented gender, cf. Danish Companies Act, Section 139(c)(7). The company has less than 25 employees and a high degree of retention, and thus only very few recruitments over time. Our main diversity goal for the two manage-ment levels is to achieve better gender diver-sity in the medium-term.6Age distribution in the GroupThe age distribution of our workforce is in line with other industries and society in general and is therefore in line with our expectations.Age distribution Headcount (%)Below 30 7%Between 30 and 50 48%Above 50 45%9Remuneration metricsDuring 2023 the gender pay gap, defined as the difference of average pay levels between male and female employees, decreased from 7% to -5% due to restructuring, leading to a different composition of the workforce. The CEO pay ratio, defined as the ratio of the highest-paid individual to the median annual total remunera-tion for all employees decreased from 32 to 29. We attribute this to the variable components of the CEO pay. As we operate in countries with materially different salary levels, comparison across regions can be difficult as well as setting specific targets. However, we believe that the current pay ratios are satisfactory.2023 2022 2021Gender pay gap (average) -5% 7% 10%CEO pay ratio 29 32 37Incidents, complaints and severe 10, 11human rights impactsDuring 2023 there were no work-related incidents of discrimination reported to HR or via the whistleblower system on the grounds of gender, racial or ethnic origin, nationality, religion or belief, disability, age, sexual orienta-tion, or other relevant forms of discrimination involving internal and/or external stakeholders across operations in the reporting period. This includes incidents of harassment as a specific form of discrimination.No cases of human rights incidents (e.g., forced labour, human trafficking, or child labour) were identified during 2023.9 S1-16 Remuneration metrics (pay gap and total remuneration) | 10 S1-17 â Incidents, complaints and severe human rights</mrv:StatementOfTheDiversityPolicies>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-6"
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<mrv:InformationOnEqualDistributionOfWomenAndMenBoardOfDirectors contextRef="ctx-2" id="s8_notesesefdkgaap__9__15" xml:lang="en">Management diversity targetsOur Group Diversity Policy is applied when evaluating the composition of H+H Interna-tional A/S' management. Pursuant to section 139c of the Danish Compa-nies Act, we aim to have equal gender distri-bution in our Board of Directors, as defined by the Danish Business Authority. This was reached at the Annual General Meeting on 31 March 2022, and the target is still met with the current composition of 2 female members and 5 male. For this reason, no formal gender target under the law is set. The Board seeks to be diverse in the broadest sense relevant. When deciding whether to propose re-election or not of board members as well as when searching for candidates to propose as new board members, the decision is based on filling out any competence gaps or strenghtening specific competences in the Board based on the collective competences that the Board finds relevant at the time considering H+H's strategy, challenges and opportunities. In addition to looking at compe-tences in the form of professional experience and education, the Board also recognises the benefits of diversity in terms of cultural back-ground, gender, age etc.However, when the Board as part of its annual board evaluation decides to want to change its composition, the possibility to improve especially the Boardâs gender diversity and age profile will naturally be pursued. Hence, If two candidates for a board position are equally competent, the person improving the gender and/or age diversity will be preferred.</mrv:InformationOnEqualDistributionOfWomenAndMenBoardOfDirectors>
<mrv:StatusOfAchievementOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx-2" id="s8_notesesefdkgaap__9__16" xml:lang="en">Pursuant to section 139c of the Danish Compa-nies Act, we aim to have equal gender distri-bution in our Board of Directors, as defined by the Danish Business Authority. This was reached at the Annual General Meeting on 31 March 2022, and the target is still met with the current composition of 2 female members and 5 male. For this reason, no formal gender target under the law is set.</mrv:StatusOfAchievementOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors>
<mrv:InformationOnExemptFromProvidingInformationOnTargetFiguresOfUnderrepresentedGenderForOtherManagementLevelsDueToTheNumberOfEmployees contextRef="ctx-2" id="s8_notesesefdkgaap__9__24" xml:lang="en">For gender diversity in the two management levels below the Board, we have due to our relatively small size, opted to use the legal exemption for companies with less than 50 employees and not have a gender diversity policy or related gender diversity targets to increase the proportion of the underrepre-sented gender, cf. Danish Companies Act, Section 139(c)(7). The company has less than 25 employees and a high degree of retention, and thus only very few recruitments over time. Our main diversity goal for the two manage-ment levels is to achieve better gender diver-sity in the medium-term</mrv:InformationOnExemptFromProvidingInformationOnTargetFiguresOfUnderrepresentedGenderForOtherManagementLevelsDueToTheNumberOfEmployees>
<mrv:ReasonForNotFulfillingTheTargetFigureOtherManagementLevels contextRef="ctx-2" id="s8_notesesefdkgaap__9__23" xml:lang="en">For gender diversity in the two management levels below the Board, we have due to our relatively small size, opted to use the legal exemption for companies with less than 50 employees and not have a gender diversity policy or related gender diversity targets to increase the proportion of the underrepre-sented gender, cf. Danish Companies Act, Section 139(c)(7). The company has less than 25 employees and a high degree of retention, and thus only very few recruitments over time.</mrv:ReasonForNotFulfillingTheTargetFigureOtherManagementLevels>
<mrv:TheMainContentOfThePolicyOfTheUnderrepresentedGenderOtherManagementLevels contextRef="ctx-2" id="s8_notesesefdkgaap__9__22" xml:lang="en">For gender diversity in the two management levels below the Board, we have due to our relatively small size, opted to use the legal exemption for companies with less than 50 employees and not have a gender diversity policy or related gender diversity targets to increase the proportion of the underrepre-sented gender, cf. Danish Companies Act, Section 139(c)(7). The company has less than 25 employees and a high degree of retention, and thus only very few recruitments over time. Our main diversity goal for the two manage-ment levels is to achieve better gender diver-sity in the medium-term</mrv:TheMainContentOfThePolicyOfTheUnderrepresentedGenderOtherManagementLevels>
<fsa:AverageNumberOfEmployees contextRef="ctx-1"
decimals="0"
id="s8_notesesefdkgaap__7__54"
unitRef="pure">1500</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-54"
decimals="0"
id="s8_notesesefdkgaap__8__54"
unitRef="pure">1738</fsa:AverageNumberOfEmployees>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="s8_notesesefdkgaap__7__178" xml:lang="en">Statement by the Executive Board and the Board of Directors The Executive Board and the Board of Directors have today discussed and approved the annual report of H+H International A/S for the financial year 2023.The annual report has been prepared in accordance with IFRS Accounting Standards as adopted by the EU and Danish disclosure requirements for listed companies.It is our opinion that the consolidated financial statements and the parent company financial state-ments give a true and fair view of the Groupâs and the parent companyâs financial position at 31 December 2023 and of the results of the Groupâs and the parent companyâs operations and cash flows for the financial year 1 January â 31 December 2023.Managementâs review has been prepared in accordance with the requirements of the Danish Financial Statements Act and the disclosure requirements of Article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation). We recommend that the annual report be approved at the annual general meeting.In our opinion, the Sustainability statements included in the management's review represents a reasonable, fair, and balanced representation of the Group's sustainability performance and are prepared in accordance with the stated accounting policies.In our opinion, the Annual Report of H+H International A/S for the financial year 1 January to 31 December 2023 with the file name HH-2023-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.We recommend that the annual report be approved at the annual general meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="s8_notesesefdkgaap__7__179" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="s8_notesesefdkgaap__7__180">2024-03-05</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-43" id="s8_notesesefdkgaap__7__181" xml:lang="en">Jörg Brinkmann</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-44" id="s8_notesesefdkgaap__7__183" xml:lang="en">Peter Klovgaard-Jørgensen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-43" id="s8_notesesefdkgaap__7__182" xml:lang="en">CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-44" id="s8_notesesefdkgaap__7__184" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-45" id="s8_notesesefdkgaap__7__185" xml:lang="en">Kent Arentoft</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-46" id="s8_notesesefdkgaap__7__187" xml:lang="en">Jens-Peter Saul</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-45" id="s8_notesesefdkgaap__7__186" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-46" id="s8_notesesefdkgaap__7__188" xml:lang="en">Vice chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-47" id="s8_notesesefdkgaap__7__189" xml:lang="en">Stewart Antony Baseley</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-48" id="s8_notesesefdkgaap__7__190" xml:lang="en">Volker Christmann</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-49" id="s8_notesesefdkgaap__7__191" xml:lang="en">Kajsa von Geijer</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-50" id="s8_notesesefdkgaap__7__192" xml:lang="en">Miguel Kohlmann</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-51" id="s8_notesesefdkgaap__7__193" xml:lang="en">Helen MacPhee</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s8_notesesefdkgaap__7__195" xml:lang="en">To the shareholders of H+H International A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="s8_notesesefdkgaap__7__196" xml:lang="en">Our opinionIn our opinion, the Consolidated Financial Statements and the Parent Company Financial State-ments give a true and fair view of the Groupâs and the Parent Companyâs financial position at 31 December 2023 and of the results of the Groupâs and the Parent Companyâs operations and cash flows for the financial year 1 January to 31 December 2023 in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.Our opinion is consistent with our Auditorâs Long-form Report to the Audit Committee and the Board of Directors.What we have auditedThe Consolidated Financial Statements and Parent Company Financial Statements of H+H Inter-national A/S for the financial year 1 January to 31 December 2023 comprise income statement and statement of comprehensive income, balance sheet, cash flow statement, statement of changes in equity and notes, including material accounting policy information for the Group as well as for the Parent Company. Collectively referred to as the âFinancial Statementsâ.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="s8_notesesefdkgaap__7__197" xml:lang="en">Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the addi-tional requirements applicable in Denmark. Our responsibilities under those standards and require-ments are further described in the Auditorâs responsibilities for the audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code) and the addi-tional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsi-bilities in accordance with these requirements and the IESBA Code.To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided. AppointmentWe were first appointed auditors of H+H International A/S on 31 March 2022 for the financial year 2022. We have been reappointed annually by shareholder resolution for a total period of uninter-rupted engagement of two years including the financial year 2023</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="s8_notesesefdkgaap__7__198" xml:lang="en">Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2023. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.Key audit matter Revenue recognition Recognition of revenue is complex due to the vol-ume of transactions and variable considerations.We focused on this area due to the significance of amounts involved and because recognition of revenue includes management judgement regard-ing timing and provisions for quantum rebates and customer bonuses, which is complex by nature. Consequently, there is a risk that the estimates including methods, applied data or assumptions made by Management are inaccurate.Further, the volume of transactions involves various it-systems, business processes and controls and Managementâs monitoring hereof, to ensure correctrevenue recognition, which are complex and intro-duce an inherent risk to the revenue recognition process.Reference is made to note 3 in the Consolidated Financial Statements.How our audit addressed the key audit matterOur audit procedures included considering the ap-propriateness of the revenue recognition accounting policies and assessing compliance with IFRS Account-ing Standards.We performed risk assessment procedures with the purpose of achieving an understanding of it-systems, business procedures and relevant controls regarding revenue recognition. In respect of controls, we as-sessed whether they were designed and implemented effectively to address the risk of material misstate-ment.For selected controls, on which we planned to rely on, we tested whether these controls had been performed on a consistent basis.We tested revenue recognition on a sampling basis, including quantum rebates and customer bonuses for consistency with terms and conditions of the underly-ing customer contracts. We evaluated Management's calculations for quantum rebates and customer bonuses, including the evaluation of estimates made by Management. Further we tested revenue recognised around year-end for appropriate cut-off.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s8_notesesefdkgaap__7__199" xml:lang="en">Statement on Managementâs ReviewManagement is responsible for Managementâs Review.Our opinion on the Financial Statements does not cover Managementâs Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Managementâs Review and, in doing so, consider whether Managementâs Review is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Moreover, we considered whether Managementâs Review includes the disclosures required by the Danish Financial Statements Act and Article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regula-tion). Based on the work we have performed, in our view, Managementâs Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act and the disclosure requirements of Article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation). We did not identify any material misstatement in Managementâs Review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="s8_notesesefdkgaap__7__200" xml:lang="en">Managementâs responsibilities for the Financial StatementsManagement is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Groupâs and the Parent Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="s8_notesesefdkgaap__7__201" xml:lang="en">Auditorâs responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements appli-cable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reason-ably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:⢠Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.⢠Obtain an understanding of internal control relevant to the audit in order to design audit proce-dures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parent Companyâs internal control.⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.⢠Conclude on the appropriateness of Managementâs use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Groupâs and the Parent Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern.⢠Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.⢠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 State-ments. 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 rele-vant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where appli-cable, actions taken to eliminate threats or safeguards applied.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="s8_notesesefdkgaap__7__202" xml:lang="en">Report on compliance with the ESEF RegulationAs part of our audit of the Financial Statements we performed procedures to express an opinion on whether the annual report of H+H International A/S for the financial year 1 January to 31 December 2023 with the filename HH-2023-12-31-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 Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes.Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:⢠The preparing of the annual report in XHTML format;⢠The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using judgement where necessary;⢠Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human-readable format; and⢠For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include:⢠Testing whether the annual report is prepared in XHTML format;⢠Obtaining an understanding of the companyâs iXBRL tagging process and of internal control over the tagging process;⢠Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes;⢠Evaluating the appropriateness of the companyâs use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; ⢠Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and⢠Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.In our opinion, the annual report of H+H International A/S for the financial year 1 January to 31 December 2023 with the file name HH-2023-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="s8_notesesefdkgaap__7__203" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="s8_notesesefdkgaap__7__204">2024-03-05</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx-53" id="s8_notesesefdkgaap__7__206" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx-52" id="s8_notesesefdkgaap__7__205" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx-52" id="s8_notesesefdkgaap__7__209" xml:lang="en">Jacob F Christiansen</cmn:NameAndSurnameOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-53" id="s8_notesesefdkgaap__7__212" xml:lang="en">Poul P. Petersen</cmn:NameAndSurnameOfAuditor>
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<gsd:NameOfSubmittingEnterprise contextRef="ctx-1" id="s8_notesesefdkgaap__7__229" xml:lang="en">H+H International A/S</gsd:NameOfSubmittingEnterprise>
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<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx-1" id="s8_notesesefdkgaap__7__230" xml:lang="en">Lautrupsgade 7, 5th</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
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<gsd:AddressOfReportingEntityDistrictName contextRef="ctx-1" id="s8_notesesefdkgaap__7__227" xml:lang="en">Copenhagen Ã</gsd:AddressOfReportingEntityDistrictName>
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<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-1" id="s8_notesesefdkgaap__7__231" xml:lang="en">2100 Copenhagen Ã</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
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<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" xml:lang="en">Annual report</gsd:InformationOnTypeOfSubmittedReport>
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<gsd:ReportingPeriodStartDate contextRef="ctx-1" xml:lang="en">2023-01-01</gsd:ReportingPeriodStartDate>
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