Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2023-12-31 | 1200873000 | vDKK |
| ifrs-full:Assets | 2022-12-31 | 970227000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2023-01-01 | 2023-12-31 | 1111346000 | vDKK |
| ifrs-full:Revenue | 2022-01-01 | 2022-12-31 | 1146052000 | vDKK |
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<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx1" id="fact1013" xml:lang="en"><table width="100%"><tr><td colspan="1">Statement of target figures and policies for the underrepresented gender</td></tr></table><br><table width="100%"><tr><td /><td>A talented and diverse workforce</td></tr></table><br><table width="100%"><tr><td colspan="8">Social data Diversity</td></tr><tr><td colspan="8">At TCM Group we are convinced that a diverse and</td></tr><tr><td colspan="8">inclusive work environment will benefit society. Our</td></tr><tr><td colspan="8">approach is defined in our diversity and inclusion policy.</td></tr><tr><td colspan="8">The current composition reflects the traditional gender</td></tr><tr><td colspan="8">distribution within manufacturing companies, where</td></tr><tr><td colspan="8">there is a predominance of male foremen in production,</td></tr><tr><td colspan="8">and at the administrative level, a slight predominance of</td></tr><tr><td colspan="8">female employees.</td></tr><tr><td colspan="8">The development in 2023 has been very much affected</td></tr><tr><td colspan="8">by the inclusion of AUBO Production to TCM Group. With</td></tr><tr><td colspan="8">a reduction in employees as a result of capacity adjust-</td></tr><tr><td colspan="8">ments and the addition of AUBO Production the total</td></tr><tr><td colspan="8">number of employees is slightly higher than 2022.</td></tr><tr><td colspan="8">The inclusion of AUBO Production has also introduced a</td></tr><tr><td colspan="8">considerable increase in the number of flex jobs as well as</td></tr><tr><td colspan="8">trainees or similar positions. This reflects the long-term</td></tr><tr><td colspan="8">commitment to diversity at AUBO.</td></tr><tr><td /><td /><td>Gender diversity overall has decreased a little, while</td></tr><tr><td /><td /><td>gender diversity at other management levels has</td></tr><tr><td /><td /><td>gone up.</td></tr><tr><td /><td /><td>At TCM Group it is our policy that equal jobs are</td></tr><tr><td /><td /><td>rewarded with equal pay. Any difference in pay is solely</td></tr><tr><td /><td /><td>based on qualifications and experience.</td></tr><tr><td /><td /><td>Accounting practices</td></tr><tr><td /><td /><td>FTE and the shares of respectively blue- and white-</td></tr><tr><td /><td /><td>collar workers are calculated excluding temporary and</td></tr><tr><td /><td /><td>short-term employments.</td></tr><tr><td /><td /><td>The number of employees who are respectively on flex</td></tr><tr><td /><td /><td>job contracts or similar and trainee contracts are</td></tr><tr><td /><td /><td>counted at the end of the year.</td></tr><tr><td /><td /><td>Gender diversity Executive management is defined as</td></tr><tr><td /><td /><td>CEO and CFO as they have direct reporting line to the</td></tr><tr><td /><td /><td>board of directors.</td></tr><tr><td /><td /><td /><td /><td /><td>Gender diversity Seond management level is manage-</td></tr><tr><td /><td /><td /><td /><td /><td>ment in direct reporting to the executive management.</td></tr><tr><td /><td /><td /><td /><td /><td>Gender diversity other management levels is the com-</td></tr><tr><td /><td /><td /><td /><td /><td>plete management group at TCM incl executive mgmt</td></tr><tr><td /><td /><td /><td /><td /><td>and second management level</td></tr><tr><td /><td /><td /><td /><td /><td>The gender diversity is measured with reference to GRI</td></tr><tr><td /><td /><td /><td /><td /><td>404 Diversity and Equal Opportunity and includes all</td></tr><tr><td /><td /><td /><td /><td /><td>TCM Group employees.</td></tr><tr><td /><td /><td /><td /><td /><td>Gender diversity measured for other management levels</td></tr><tr><td /><td /><td /><td /><td /><td>includes executive mgmt. and mgmt. group.</td></tr><tr><td /><td /><td /><td /><td /><td>The pay gap between gender is measured white collar</td></tr><tr><td /><td /><td /><td /><td /><td>employees minus executive management.</td></tr><tr><td /><td /><td /><td /><td /><td>Our work with diversity aligns with</td></tr><tr><td /><td /><td /><td /><td /><td>UNGC principles 3,4,5 and 6.</td></tr><tr><td /><td>unit</td><td>2023</td><td>2022</td><td>2021</td><td>2020</td><td>2019</td><td>Reference report page</td></tr><tr><td>Diversity</td><td /><td /><td /><td /><td /><td /><td>page 23-24</td></tr><tr><td>Full-time employees, end of the period</td><td>#FTE</td><td>415</td><td>482</td><td>504</td><td>483</td><td>489</td></tr><tr><td>Blue collar workers</td><td>%</td><td>70%</td><td>77%</td><td>-</td><td>-</td><td>-</td></tr><tr><td>White collar workers</td><td>%</td><td>30%</td><td>23%</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Flex jobs etc.</td><td>#</td><td>21</td><td>5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Trainees, interns, apprentices</td><td>#</td><td>12</td><td>6</td><td>13</td><td>16</td><td>17</td></tr><tr><td>Gender diversity overall</td><td>%</td><td>34%</td><td>36%</td><td>32%</td><td>-</td><td>-</td></tr><tr><td>Gender diversity, 1st level management as</td><td /><td>0 %</td></tr><tr><td>per §99b</td><td>%</td><td>(0 of 2)</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gender diversity, 2nd level management</td><td /><td>44%</td></tr><tr><td>as per §99b</td><td>%</td><td>(4 of 9)</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gender diversity, other management levels</td><td /><td>31%</td><td>28%</td><td>21%</td><td>26%</td><td>20%</td></tr><tr><td>including 1st and 2nd level</td><td>%</td><td>(5 of 16)</td><td>(4 of 14)</td><td>(3 of 14)</td><td>(4 of 15)</td><td>(2 of 10)</td></tr><tr><td>Pay gap between genders, white collar</td><td>Ratio m/f</td><td>1,28</td><td>1,18</td><td>-</td><td>-</td><td>-</td></tr></table><br><table width="100%"><tr><td colspan="1">COMPOSITION OF BOARD OF DIRECTORS</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:InformationOnEqualDistributionOfWomenAndMenOtherManagementLevels contextRef="ctx1" id="fact1155" xml:lang="en"><table width="100%"><tr><td colspan="1">Information on equal distribution of women and men [Other management levels]</td></tr></table><br><table width="100%"><tr><td /><td /><td>We seek to promote diversity and achieve sensible</td></tr><tr><td /><td /><td>gender diversity in both the Board of directors and</td></tr><tr><td /><td /><td>the Executive Management and other management</td></tr><tr><td /><td /><td>levels. TCM Group aims for a gender composition</td></tr><tr><td /><td /><td>in the rest of management as well as in the total</td></tr><tr><td /><td /><td>workforce, where the underrepresented gender</td></tr><tr><td /><td /><td>makes up at least 40% in line with the objective for</td></tr><tr><td /><td /><td>the composition of the board of directors (see</td></tr><tr><td /><td /><td>governance section page 31).</td></tr><tr><td /><td /><td>The executive management consists of the CEO</td></tr><tr><td /><td /><td>and CFO who are both male, but including second</td></tr><tr><td /><td /><td>management level the underrepresented gender</td></tr><tr><td /><td /><td>makes up for 44%. For the complete management</td></tr><tr><td /><td /><td /><td>group the underrepresented gender makes up for</td></tr><tr><td /><td /><td /><td>31%. The current composition reflects the</td></tr><tr><td /><td /><td /><td>traditional gender distribution within</td></tr><tr><td /><td /><td /><td>manufacturing companies, where there is a</td></tr><tr><td /><td /><td /><td>predominance of male foremen in production,</td></tr><tr><td /><td /><td /><td>and at the administrative level, a slight</td></tr><tr><td /><td /><td /><td>predominance of female employees. During 2023</td></tr><tr><td /><td /><td /><td>new competences from both gender has been</td></tr><tr><td /><td /><td /><td>added to the management group. Development</td></tr><tr><td /><td /><td /><td>towards a more equal gender distribution in other</td></tr><tr><td /><td /><td /><td>management levels will happen gradually in</td></tr><tr><td /><td /><td /><td>connection with organisation development and</td></tr><tr><td /><td /><td /><td>recruitment.We seek to meet of target by 2029.</td></tr><tr><td /><td /><td /><td>Compensation</td></tr><tr><td /><td /><td /><td>At TCM Group it is our policy that equal jobs are</td></tr><tr><td /><td /><td /><td>rewarded with equal pay. Any difference in pay is</td></tr><tr><td /><td /><td /><td>solely based on qualifications and experience</td></tr><tr><td /><td /><td /><td>(please see page 83).</td></tr></table></mrv:InformationOnEqualDistributionOfWomenAndMenOtherManagementLevels>
<mrv:InformationOnExemptFromProvidingInformationOnTargetFiguresOfUnderrepresentedGenderForOtherManagementLevelsDueToTheNumberOfEmployees contextRef="ctx1" id="fact1187" xml:lang="en"><table width="100%"><tr><td colspan="1">Information on exempt from providing information on target figures of underrepresented gender for other management levels due to the number of employees</td></tr></table></mrv:InformationOnExemptFromProvidingInformationOnTargetFiguresOfUnderrepresentedGenderForOtherManagementLevelsDueToTheNumberOfEmployees>
<mrv:StatementOfThePolicyToIncreaseThePercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx1" id="fact1188" xml:lang="en"><table width="100%"><tr><td colspan="1">Statement of the policy to increase the percentage of underrepresented gender [Other management levels]</td></tr></table></mrv:StatementOfThePolicyToIncreaseThePercentageOfUnderrepresentedGenderOtherManagementLevels>
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<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" id="fact1191" xml:lang="en">how we create value Our business model TCM Group is Scandinaviaâs third largest kitchen manufacturer, with headquarter in Denmark and selling through approximately 220 stores across Scandinavia, herof 110 branded stores. Product development All products are Danish design, rooted in a proud tradition of good quality and good craftmanship. TCM Group has in-house architects and a research and development center and rely on strong partnerships with external partners, designers and subject-matter experts. Sourcing and production Manufacturing is to a large extent carried out in-house at our four manufacturing sites located in Denmark. Our focus is a local supply chain, and more than 90% of our direct materials are sourced in Europe. Customer / Sales We sell the main part of our products through approx. 110 branded stores across Scandinavia to thousands of diï¬erent customers. Cooperation and working towards the common goal of providing excellent service to the consumers is the key to our success. Transport We rely on local distributers to ensure focus on end- to-end deliveries to the end-customer. Consumers We provide durable products that are built to last. It is our product strategy to ensure that the products that we oï¬er, contribute to a healthy indoor environment and can be upgraded and renewed to extend their life. We work with circular design principles to ensure that once our products no longer can be used in their current form, they can recycled into new products. ESG review Environmental performance, Ambition and progress Emission reduction TCM Group has deï¬ned year 2021 as our baseline year for measuring our progress in terms of reduction of emission. In 2023 TCM Group committed to emission reduction following the guidelines from the Science based Iniatives (SBTi) target of 1.5 degree. Direct green- house gas emissions (scope 1) and emissions related to purchased energy (scope 2) should be reduced by 42 per cent in absolute terms by 2030. Our target exceeds our commitment to SBTi as we want to a achieve zero emision scope 1 and 2 by 2028. For scope 3 it is our aim to establish a baseline during 2024 and set reduction target in alignment with SBTi guidelines during 2024. Commited to SBTI In 2023 TCM Group committed to SBTi and had its reduction target for scope 1 + 2 approved. Only renewable electricity In 2023 TCM Group was only using renewable electricity at our production site, and will continue to going forward. Responsible forestry TCM Group ambition is only to source 100% certiï¬ed responsible forestry. In 2023 sourced certiï¬ed responsible timber. 79 Social performance, ambition and progress Gender equality TCM Group has a target of representation of the underrepresented gender on the Board of Directors of at least 40% before 2026. As of 31 December 2023 this target is achieved. Diversity Our aim to secure a sensible balance in terms of gender in all level of our organization. Where the underrepresented gender makes up for at least 40% Towards zero accidents Our safety vision aims at having zero accidents. Number of accidents: SGD, 5 Gender equality (target 5.5), 8. Decent work and economic growth (target 8.5 and 8.8), 12. Responsible consumption and production, 13. Climate action, 15. Life on Land. ESG strategy & Approach Our ESG strategy sets the direction to embed sustainability ever deeper in the way we do business. A strategy that is guided by the UN Sustainable Development Goals and builds on our core values and brands - and integrating sustainability throughout our value chain from raw materials to after-sales and service. Our ESG strategy sets out transformative targets to drive decisions and actions within four areas of priority: ⢠Sustainable work ⢠We take responsibility ⢠New ways ahead ⢠Together we improve These are the areas where we believe we have the greatest impact on sustainable development through our business activities. Our systematic approach to sustainability makes us capable of strengthening our relationships with all key stakeholders and supporting business growth while continuously mitigating negative impacts by continuous learning and improvement. TCM Group has been a signatory to the UN Global Compact for more than a decade and commit to the Ten Principles of the UN Global Compact on human rights, labor, environment, and anti-corruption. sustainable work UN Global Compact principle 1, 2, 3, 4, 5, 6, 10 TCM Groupâs continued success relies on employing the most qualiï¬ed people, and we are committed to ensuring a safe and healthy working environment, characterized by mutual trust and respect. We work actively to create sustainable work characterized by the following principles ⢠A safe and secure work environment that also enhances personal development. ⢠Flexibility to support a clear balance between work/private life, between individuals, teams, and organization. ⢠Diversity and social commitment. Human and labor rights Our signatory to the UN Global Compact more than a decade ago testify to our long track record of working with human and labor rights. The primary risk we face in connection to non- compliance of human and labor rights are discrimination of employees and cases where speciï¬c conditions at our suppliers do not comply with these principles. Our Employee Handbook and Code of Conduct guide our employees and suppliers in terms of human and labor rights. Our focus is to have the right mechanisms, systems, and programs in place to ensure no violations and promote responsibility toward others. We meet Danish and international standards regarding human rights as well as laws regarding equality and oï¬er fair and equal conditions in employment and working conditions, regardless of gender, ethnic origin, religion, and other personal circumstance. Our whistleblower hotline and internal controls make up key instruments for controlling and reporting potential violations by employees and third parties. Furthermore, we conduct arbitrary supplier audits to monitor compliance with human and labor rights standards. Read more on our whistleblower hotline and supplier management in speciï¬c sections (page 27 and page 31). Safe working environments In TCM Group, we continually strive to provide the very best working environment. At our production sites, safety is our number one priority, and a lot of focus is on building and maintaining a safety culture to ensure that all our employees are safe while working. This means minimizing risks and enabling the best circumstances to provide a healthy and safe workplace for all our employees. Work safety has a great impact on employees and their families, as well as communities and the business. In 2023, we have included Aubo Production in our work to secure safe working conditions and with focus on increased knowledge sharing across locations and a reinforced focus on behavior and safety culture based on zero accidents. We monitor the occupational health and safety of our employees by measuring data on accidents, near-miss work accidents, as well as sickness absences. In 2023, we had a total of 22 accidents. 12 accidents have resulted in a total of 57 days of absence after the accident. The other ten accidents did not result in absence, but in some cases required the employee to perform a less strenuous job for a period after the accident. Even though the number of work-related accidents has increased in 2023, the number of abence related to accidents is signiï¬cantly lower than the previous year. The accidents were primarily related to behavior, where employees in their eager to do a good job disregarded safety instructions. We use near-missed work accident report to ensure a contiues awareness of incidents that could lead to an accident, to share learnings and as a mean to take preventive actions. The number of near-miss reports is considerably higher in 2023 and we use this an an indication to the fact that our eï¬orts has an positive eï¬ect. Nevertheless, we are determined to eliminate work-related accidents, thus we will continue with even stronger focus on behavior and emphasize that no matter what, personal safety always come ï¬rst. Safety will continue to be on top of the agenda in the year to come. Focus on ongoing learning We strive to continuously upskill our employees, so the value of the individual employee increases and the employee skills remain relevant inside as well as outside of TCM Group. We use on the job training and through annual review we together with the employee make plans to support this. We believe that training has the best eï¬ect when it is available when it is most relevant for the individual and it can be applied in practice. Besides working with learning and training internally, our TCM Learning platform also covers the training of sales staï¬ for our brands and kitchen installers. Tolerant workplace We must take responsibility for training the next generation of qualiï¬ed employees and give them the chance to learn relevant competencies and gain useful work experience. Throughout the year, TCM Group helps many people to gain practical work experience, all of whom for some reason need a helping hand to gain a foothold on the job market. We work continuously with apprentices in TCM Group and in 2023 we had 12 apprentices in the Group. We have become more focused on hiring people with diï¬erent backgrounds to our oï¬ces to reap the beneï¬ts of diversity. We are also committed to creating positions with reduced working hours, wherever it is practically possible, and we continuously oï¬er citizens job clariï¬cation processes in close collaboration with the municipality. We take responsibility UN Global Compact principles: 7, 8, 9 We take pride in the fact that all our products are both designed and produced in Denmark. Good craftsmanship is a focal point in our production in combination with quality and a high degree of innovation. We focus continuously on reducing our climate impact, and our production waste and increasing the recycling rate of our waste. Environmental sustainability and emissions It is TCM Groupâs ambition to achieve net zero direct and indirect emissions from sources owned or controlled by TCM Group (Scope 1 and Scope 2) by 2028. An important step towards this has been to enter into a contractual agreement ensuring that since January 1st 2023 our electricity consumption has been fully covered by renewable energy certiï¬cates from wind and solar power. During 2023 AUBO Production became part of TCM Group. Having already gone through meny of the same steps as TCM Group towards reducing the CO2 emissions, the addition of AUBO only aï¬ected the Scope 1 emission of the Group. Approved SBTi target Having already taken the ï¬rst steps towards a reduced CO2 emission, we have in 2023 set a CO2 reduction target which has been approved by Science Based Targets initiative (SBTi). We have set a target of reducing our scope 1 and scope 2 emission by 42% by 2030 from a 2021 baseline year. According to SBTi guidelines a company of TCM Group size must ensure min 42% reduction of scope 1 and 2 with baseline year 2021 by 2030 to be in alignment with the Paris agreement. Having our target approved by SBTi also means we have committed to start to map our scope 3 emissions which will be a main priority in 2024. TCM Group has committed to ensure net zero C02 emissions for scope 1 and 2 by 2028 and we continue our journey to meet this goal. Electricity consumption In 2023 TCM Group has decreased its electricity consumption by 17%, this despite that AUBO Production has been included into TCM Group accounting for the full year of 2023. At AUBO Production we see an increase in electricity consumption, this is a result of a transition from heating systems based on natural gas to electric heating pumps. The direct savings are a result of investments made to increase energy eï¬ciency and continuously actively promote how daily awareness and behavior can aï¬ect energy eï¬ciency at our production facilities. Electric company cars TCM Group operates a company vehicle ï¬eet consisting of 28 mixed passenger vehicles and commercial vans. To reduce our impact, we have in 2023 taken the ï¬rst fully electric vehicles into our ï¬eet. The transition to electric cars will happen gradually and at a pace that follows the development of charging networks and regular replacements of vehicles. Waste At TCM Group we have a constant focus on limiting waste in general. At our manufacturing sites is all waste sorted in material fractions, which allows us to ensure that waste is used with the highest possible resource value. Our wood fraction is returned to our chipboard supplier and together with wood from Danish recycling centers used for production of chipboards that then will be used by TCM Group in the production of new kitchens. Wood from our worktop production of useable size ï¬nds new use as serving trays or is delivered to wood workshops at local schools. In the coming year TCM Group will continue its focus on waste management and waste reduction internally, with suppliers and engage in external partnership as TCM will participate in two diï¬erent projects under Closing the Loops, value stream focused projects supported by The Danish Board of Business Development. While we have made good progress in raising the percentage of waste that goes to recycling in 2023, these external partnerships can become crucial to reach our aim of recycling 99.7 % (based on weight) of all material categories during 2025. Water management TCM Group uses very limited amounts of water for production. Water is primarily used for sanitation and heating purposes. Water used for production is used to support our painting processes; any wastewater in that respect is carefully separated and disposed of in the right manner. NEW WAYS AHEAD UN Global Compact principles: 12 Innovation and new ideas are essential for sustainability as it helps ï¬nd solutions to the environmental and resource challenges that we face. Innovation and product development have always been a part of our DNA. To ensure the focus in our product development, we have included three focus areas in our current design and development process under the principle of New Ways Ahead. Extended lifecycle In TCM Group, the design, development, and production of high-quality products with high durability are always in focus. An important part of decreasing our climate impact and maximizing product value is extending the life of our products, their design, and their use. Aesthetics, however, also plays a crucial role in terms of retroï¬tting existing kitchens to continuously match current living and design standards. In 2023 we have continued our journey to ensure that kitchens produced by TCM Group can be upgraded and stay relevant. Our brands are able to actively help customers upgrade their existing kitchens and they are not limited to only supporting kitchens sold through their own brands. We are beginning to see an increase in the demand from customers actively requesting this solution rather than replacing their entire kitchens. Circular design Circular design is important because it helps to create products and systems that are designed for sustainability. This involve designing products that are made from renewable or recycled materials, that are durable and easy to repair or refurbish, and products that can be reused, recycled, or repurposed at the end of their useful life. Circular design is one of pillars in our product development process, where we work with input materials, material processing and considering proper disassembly and possibilities in terms of recycling at a component level. Our ambition is that in 2025 all our new designs will be 100% circular. A healthy indoor climate When creating better kitchen environments for the heart of our customersâ homes a healthy indoor climate is an important factor. We constantly strive to positively impact the indoor environment through e.g., research and development within surface treatment and new materials. We ensure valid and documented progress through third parties and external certiï¬cations. Newly acquired Aubo Production share the same vision and have a long track record of having all products in their product portfolio third party validated to ensure compliance to BREEAM requirements for sustainable buildings. Transparancy Transparency, valid data and certiï¬cations are all crucial instruments to improve the performance of our products. In 2023, TCM Group took a big step towards increased transparency about our products as TCM published Environmental Product declaration (EPDs) for a majority of our product assortment for both kitchens and worktops covering all brands. As the ï¬rst kitchen manufacturer we have disclosed all stages of the lifecycle. TCM will continue to develop EPDs to ensure even broader transparency of our assortment. Together we improve UN Global Compact principles: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 Like with the impact of our activities, our responsibility and commitment do not stop at our gates. Thus, we work with ESG and sustainability across our value chain both upstream and downstream. Our largest environmental impact originates from the materials we source from suppliers and sub-suppliers. Therefore, close collaboration and partnership with suppliers and business partners are crucial to continuously move the needle in the right direction. Transparency, valid data, and certiï¬cations are all instruments to improve the performance of ESG parameters across our value chain. Besides supplier management in general we focus on sustainable forestry, transport, and packaging. Responsible forestry The world continues to face an increasing number of complex and interconnected challenges, with the climate crisis and loss of biodiversity being the most critical. It is through climate change mitigation eï¬orts and the use of responsible wood that we can have the greatest impact on biodiversity in TCM Group. TCM Group's work with certiï¬ed wood goes a long way back and the Group has been FSC® certiï¬ed since 2010 for the vast majority of the product assortment. However, as wood is the primary material category of input to our production, it is very important to us to exclusively use wood from certiï¬ed responsible sources, in addition to using a high level of recycled material. Aubo Production is not FSC® certiï¬ed but it is our ambition to ensure that also Aubo Production transitions into only using responsible certiï¬ed timber, starting in 2024. Transport Inbound and outbound transportation across our value chain is another focus area in terms of reducing CO2 -emissions. All our transport providers have as a minimum requirement signed our code of conduct. TCM has comitted to Science based target intiative and initiated a comprehensive scope 3 analysis covering relevant needs and possibilities before both launching speciï¬c initiatives and maturing our future scope 3 path and ambition. No later than 2025 we will report on our scope 3 ambition and progress. Packaging material Our target on the packaging is that all material is recyclable during 2024. A goal that will be achieved by phasing out polystyrene in our prod- uct packaging. Another focus is the ârightâ packaging volume. Here the target is to hit the right balance between reducing the amount of packaging without risking that products become damaged during transport. In collaboration with our packaging suppliers, we expect to identify further areas for optimizing material choice as well as identifying the ideal vol- umes applied and thereby reduce total volumes of packaging material to be used. Supplier management Our responsible sourcing practices are focused on environmental, social, and governance issues across our value chain. TCM Group is committed to respect human rights as outlined in the United Nations Universal Declaration of Human Rights and the UN Global Compact. The backbone of our work with suppliers on ESG matters is our Code of Conduct. The total share of TCM Groupâs purchasing, covered by our Code-of-Conduct was 82% in 2023 which also covers all suppliers from non-EU countries. TCM Group suppliers are primarily located in Europe and a majority of these are located relatively close to our production sites in Tvis and Aulum. In 2023, 92% of materials directly used in our production was made in Europe, of which 54% originated from Denmark or our neighbouring countries (DK, DE, SE). The inclusion of AUBO Production to TCM Group in 2023 has started a process of mapping and optimizing the shared range of suppliers. We do this to make sure we reap the synergies that come from combining the knowledge of two companies with so many similarities. This is also the beginning of a process towards a more structured approach to supplier management. In 2024 we plan to start rating our suppliers in view of our ESG strategy. Work in 2024 will primarily be building the framework rating the suppliers on their ï¬t with and contribution towards our ESG related targets and start evaluating the ï¬rst suppliers. Anti-corruption TCM Group is exposed to the risk of non- compliance with anti-corruption rules and regulations for example by obtaining an advantage with illegal means, via our employees, suppliers, franchisees and dealers. In TCM Group we have a zero-tolerance approach to corruption and bribery. Thus, our policy is to comply with all applicable regulations and to promote anti-corruption behavior in all our business relations. Our Code of Conduct lay out our zero-tolerance approach to corruption for employees, suppliers, franchisees, and dealers. Besides having ï¬rm values and a strong culture we conduct internal controls and make our whistleblower hotline available to detect breaches. There have been no incidents violating the anticorruption policy in 2023. In 2o24 we will Environmental data Greenhouse gas emission (CO2 E)It is TCM Groupâs ambition to achieve net zero direct and indirect emissions from sources owned or controlled by TCM Group (Scope 1 and scope 2). The development in CO2 emission in 2023 is driven by two primary factors. The inclusion of AUBO Production A/S to TCM Group and having all electricity consump- tion covered by renewable energy certiï¬cates from wind and solar power. Scope 1 Scope 1 emissions includes a contribution from AUBO but would also have seen an increase in a direct compar- ison with 2022 driven by increased emission from use of vehicles (5.6 %) and natural gas (3.3 %). The increase of CO2 emissions from natural gas is because of higher CO2 emission factor than previous years as a result of a change in underlying mix of gas types. The consumption of natural gas decreased from 2022 to 2023. In 2023 TCM introduced its ï¬rst electric cars in the company ï¬eet we expect to reduce the emission from vehicles going forward. Scope 2 Transition to renewable energy has eï¬ectively reduced the scope 2 emission from electricity to 0 in 2023. With district heating going up from 4 tCO2e in 2022 to 16 tCO2e in 2023 the total scope 2 emission is 16 tCO2e in 2023. This is a result of conversion from natural gas to district heating. Scope 3 In 2023 TCM Group had the emission reduction target of 42 % reduction by 2030 (from a 2021 baseline) approved by the Science Based Targets initiative. This means going forward we will also start mapping Scope 3 CO2 emission, and we are planning to present our baseline and targets for scope 3 in 2025. Accounting practices The CO2 emission is based on the invoiced energy con- sumption per source. The CO2e factors applied are based on market statistics for Petrol, diesel and LPG gas. CO2 factors for Natural gas, and district heating are based on environmental declarations from the supplier. Electricity (before 2023) is based on market environmental declarations. The CO2 emission is calculated with reference to GRI 305 Emissions. The tracking of CO2 emission is aligned with UNGC principles 7,8,9. unit 2023 2022 2021 2020 2019 Reference report page Co2 Emissions page 22,25 CO2e, Scope 1 [ton] tCO e 1,215 1,032 1,299 1,435 1,427 -hereof AUBO tCO e 152 - - - - Vehicles tC02e 237 184 174.5 210 165 -hereof AUBO tC02e 42.7 - - - - Natural gas tC02e 989 836 1,077.5 1,191 1,207 -hereof AUBO tC02e 109 - - - - Others tC02e 5 12 47 34 42 -hereof AUBO tC02e - - - - CO2, total Scope 2 tCO e 16 892 1,041 1,703 1,728 -hereof AUBO tCO e 0 - - - - Electric power tC02e 0 888 1,035 1,698 1,723 -hereof AUBO tC02e 0 - - - - District heating tC02e 16 4 6 5 5 -hereof AUBO tC02e 0 - - - - CO2, total Scope 1+2 tCO e 1,231 1,924 2,340 3,138 3,155 -hereof AUBO tCO e 152 - - - CO2e-intensity (revenue) ratio 1.1 1.7 2.1 3.1 3.1 Environmental Data ENERGY In 2023 we decreased our electricity consumption by 11 % this is despite having included AUBO production to TCM Group accounting for the full year of 2023. Looking at AUBO Production isolated (numbers not shown) the consumption has increased during 2023 as a result of a transition from using natural gas for heating to electric heating pumps. The overall reduction is a result of investments made to improve energy eï¬ciency and continuously actively promoting energy awareness. The fact that all electricity used during 2023 has been covered by renewable energy certiï¬cates from wind and solar power brings the renewable electricity share to 100%. Accounting practices Energy consumption is based on invoiced consumption. Renewable energy share (for 2021, 2022) is based on standard energy market mix in Denmark; (Environmen- tal declaration 2021). In 2023 all electricity purchased is covered by renewable energy certiï¬cates. Electricity consumption is calculated as Electricity consumption [kWh]/ net revenue [kDKK] unit 2023 2022 2021Reference report pageEnergy page 25 Energy consumption MWh 6,483.4 7,294.3 8,4908 Renewable electricity % 100 82 82 Electricity consumption/revenue Ratio 5.8 6.4 7.7 Environmental Data Resources Waste TCM Group continuously seek to increase productivity, reduce waste throughout the production processes, as well as working with waste management and with sup- pliers to reduce waste and improve waste handling. During 2023 we have continued our eï¬orts of sorting waste to retain the highest possible value of the materials. Even with the inclusion of AUBOs waste volumes in the 2023 numbers we have made a reduction in the total volume of waste. While this is most likely aï¬ected by a decrease in activity, the distribution of volumes between disposal methods relies entirely on sorting and increase of the part that goes to recycling is a good step towards our target of 99.7 % in 2025. Water Our water consumption is primarily used for sanitation and heating purposes, and we expect this to be relatively stable. In 2023, water consumption increased by 16 per cent compared to last year. The increase of water is a result of increasing our building mass as well as includ- ing AUBO Production the numbers. Accounting practices Waste volumes and their disposal method is weighed and reported by waste and sorting handling companies Reference standard: GRI 306-5 Waste Water consumption cover all water purchased from external suppliers and is based on the invoiced volume. unit 2023 2022 2021Reference report pageResources page 25 Water consumption m3 6,880.97 5,899.86 - Waste Ton 4,165.37 4,409.98 6,184.4 Recycling % 94.2 90.3 92.1 Energy recovery % 4.1 9.6 7.3 Landï¬ll % 0.0 0.0 0.0 Hazardous waste % 1.0 0.1 0.6 Social data OCCUPATIONAL HEALTH & SAFETY Safety in the workplace continues to be the number one priority at the production sites. Despite increased eï¬orts in 2023 we had a total of 22 accidents. 12 of these accidents resulted in 57 days of absence. Even though the number of work-related accidents has increased in 2023, the number of sickdays related to accidents is signiï¬cantly lower than previous year. Accidents are primarily related to behavior, where employees in their eager to do a good job disregarded safety procedures. At TCM Group we use near-miss work accidents reports to ensure a continued awareness of incidents that could result in an accident and as a mean to take preventive actions. The number of near-miss reports increased considerably in 2023 and we use this as an indication to the fact that our eï¬orts have an eï¬ect. Safety will continue to be on top of the agenda in 2024. TCM Group measure employee engagement score regu- lary, last time in year 2021. The next engagement review is scheduled for primo 2024. Accounting practices Sickness related absence does not include absence due to sick children and maternity leave. Sickdays caused by work accidents includes all days (24 hours) where an employee has been absent in relation to work accidents. The absence ratio is the number of absent working hours divided by the total number of working hours. Lost frequency measures the number of work incidents with absence divided by million working hours. Number of near-miss work accidents registered during the ï¬nancial year. Engagement score is based on a 5-point scale % of employees that participated in the engagement survey (performed every second year) Our work with occupational health & safety aligns with UNGC principles 3,4,5 and 6. unit 2023 2022 2021Reference report pageOccupational health and safety page 23-24 Absence ratio related to sickness in 2023 % 3.21 4.38 3.3 Sickdays caused by work accidents # 57 937 896 Lost frequency 11.5 - - Absence ratio related to work accidents % 0.09 0.1 0.006 Near-miss work accident registrations # 1,232 937 896 (5-point Employee engagement score scale) - - 4.2 Engagement survey participation % - - 92</mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx1" id="fact1014" xml:lang="en">A talented and diverse workforce Social data Diversity At TCM Group we are convinced that a diverse and inclusive work environment will beneï¬t society. Our approach is deï¬ned in our diversity and inclusion policy. The current composition reï¬ects the traditional gender distribution within manufacturing companies, where there is a predominance of male foremen in production, and at the administrative level, a slight predominance of female employees. The development in 2023 has been very much aï¬ected by the inclusion of AUBO Production to TCM Group. With a reduction in employees as a result of capacity adjust- ments and the addition of AUBO Production the total number of employees is slightly higher than 2022. The inclusion of AUBO Production has also introduced a considerable increase in the number of ï¬ex jobs as well as trainees or similar positions. This reï¬ects the long-term commitment to diversity at AUBO. Gender diversity overall has decreased a little, while gender diversity at other management levels has gone up. At TCM Group it is our policy that equal jobs are rewarded with equal pay. Any diï¬erence in pay is solely based on qualiï¬cations and experience. Accounting practices FTE and the shares of respectively blue- and white- collar workers are calculated excluding temporary and short-term employments. The number of employees who are respectively on ï¬ex job contracts or similar and trainee contracts are counted at the end of the year. Gender diversity Executive management is deï¬ned as CEO and CFO as they have direct reporting line to the board of directors. Gender diversity Seond management level is manage- ment in direct reporting to the executive management. Gender diversity other management levels is the com- plete management group at TCM incl executive mgmt and second management level The gender diversity is measured with reference to GRI 404 Diversity and Equal Opportunity and includes all TCM Group employees. Gender diversity measured for other management levels includes executive mgmt. and mgmt. group. The pay gap between gender is measured white collar employees minus executive management. Our work with diversity aligns with UNGC principles 3,4,5 and 6. unit 2023 2022 2021 2020 2019 Reference report page Diversity page 23-24 Full-time employees, end of the period #FTE 415 482 504 483 489 Blue collar workers % 70% 77% - - - White collar workers % 30% 23% - - - Flex jobs etc. # 21 5 - - - Trainees, interns, apprentices # 12 6 13 16 17 Gender diversity overall % 34% 36% 32% - - Gender diversity, 1st level management as 0 % per §99b % (0 of 2) - - - - Gender diversity, 2nd level management 44% as per §99b % (4 of 9) - - - - Gender diversity, other management levels 31% 28% 21% 26% 20% including 1st and 2nd level % (5 of 16) (4 of 14) (3 of 14) (4 of 15) (2 of 10) Pay gap between genders, white collar Ratio m/f 1.28 1.18 - - - COMPOSITION OF BOARD OF DIRECTORS</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:StatusOfAchievementOfTargetFigureOtherManagementLevels contextRef="ctx1" id="fact2097" xml:lang="en">At TCM Group we are convinced that a diverse and inclusive work environment will beneï¬t our business and our society in general. At TCM Group, we recognize the diï¬erences between our employees. We believe that diverse teams, including management groups, have a better as well as more innovative collaboration leading to better decision-making that are encouraging inclusiveness and tolerance among employees. In TCM Group, we work actively to be a responsible workplace that recruits, promotes, and develops employees based on the individual's competencies and support diversity. We thus aim for our recruitment, promotions, terms of employment, and any dismissals to be carried out without regard to gender, age, nationality, sexual orientation, physical ability, disability, political opinion, ethnicity, family status, religiosity, or other beliefs. We also aim to achieve an appropriate equal distribution of men and women in managerial positions. Our approach to promote diversity and inclusion is formulated and anchored in our diversity and inclusion policy. The policy is available on TCM Group homepage. We constantly strive to ensure that every employee has the same opportunities, regardless of gender. As a result, we focus on equal terms and identify candidates of diï¬erent genders when we hire new managers. We also seek to ensure a workforce composition consisting of a combination of both young and experienced employees.</mrv:StatusOfAchievementOfTargetFigureOtherManagementLevels>
<mrv:InformationOnEqualDistributionOfWomenAndMenOtherManagementLevels contextRef="ctx1" id="fact1156" xml:lang="en">We seek to promote diversity and achieve sensible gender diversity in both the Board of directors and the Executive Management and other management levels. TCM Group aims for a gender composition in the rest of management as well as in the total workforce, where the underrepresented gender makes up at least 40% in line with the objective for the composition of the board of directors (see governance section page 31). The executive management consists of the CEO and CFO who are both male, but including second management level the underrepresented gender makes up for 44%. For the complete management group the underrepresented gender makes up for 31%. The current composition reï¬ects the traditional gender distribution within manufacturing companies, where there is a predominance of male foremen in production, and at the administrative level, a slight predominance of female employees. During 2023 new competences from both gender has been added to the management group. Development towards a more equal gender distribution in other management levels will happen gradually in connection with organisation development and recruitment.We seek to meet of target by 2029. Compensation At TCM Group it is our policy that equal jobs are rewarded with equal pay. Any diï¬erence in pay is solely based on qualiï¬cations and experience (please see page 83).</mrv:InformationOnEqualDistributionOfWomenAndMenOtherManagementLevels>
<mrv:InformationOnEqualDistributionOfWomenAndMenBoardOfDirectors contextRef="ctx1" id="fact2129" xml:lang="en">Gender Diversity on the Board of directors and among other executives When composing the members elected by the general meeting, TCM Group focuses on diversity as well as on the members' skills and experience. We aim for an equal gender composition, which also reï¬ects essential competencies within TCM Group's focus areas. To ensure that the group's board is composed of the right proï¬les and skills, TCM Group has deï¬ned a target for the board's gender and status as an independent. The Group wants a board where both gender are represented. We believe this can create the basis for the best debates and add diï¬erent perspectives and input to how we run and develop the business and approach challenges. For the board elected by the general meeting, TCM Group is aiming for a representation of the underrepresented gender of at least 40%. With a distribution of 3 women and 4 men of the 7 members elected by the general meeting in 2023, TCM Group meets our target and according to the Danish Business Authority's deï¬nition, now have an equal gender distribution on the board. In 2023 we reached the target of equal gender distribu- tion, with 3 of the boards 7 members being female, we reach 43% representation of the underrepresented gender. 6 of the 7 members are independent, this is well within the declared target. There have been 15 board meetings which is 3 more than in 2022, the attendance rate was 98%. HOW WE DID The number of the members of the board is counted at publication date. The number of board meetings only include actual meetings, not other seminars, or committees. Attendance rate is calculated as board meetings attended relative to board meetings held. The gender diversity is presented as women of total members. And independent board members show the percentage of the total board. Reference report unit 2023 2022 2021 2020 2019 page Composition of the board of directors page 31-33 Members of the board of directors # 7 6 5 5 5 Board meetings # 15 12 11 8 8 Board meeting attendance % 98% 100% 100% 98% 98% Gender diversity, board # 3 of 7 1 of 6 1 of 5 1 of 5 1 of 5 of directors % 43 % 17% 20% 20% 20% Percentage of independent board members % 86% 100% 100% 100% 100%</mrv:InformationOnEqualDistributionOfWomenAndMenBoardOfDirectors>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" id="fact2231" xml:lang="en">Statement by Management on the annual report The Board of Directors and the Executive Management have today considered and adopted the annual report for the ï¬nancial year 1 January 2023 â 31 December 2023. 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 requirements 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 Groupâs and the Parent Company Financial position at 31 December 2023 as well as of the results of their operations and the cash ï¬ows for the period 1 January 2023 â 31 December 2023. In our opinion, Managementâs Review includes a true and fair account of the development in the operations and ï¬nan- cial circumstances of the Group and the Parent Company, of the results for the year and of the ï¬nancial position of the Group and the Parent Company as well as a description of the most signiï¬cant risks and elements of uncertainty facing the Group and the Parent Company. In our opinion, the annual report of TCM Group A/S for the ï¬nancial year 1 January to 31 December 2023 with the ï¬le name tcm-group-2023-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation. We recommend that the Annual Report be adopted at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" id="fact2248" xml:lang="en">Independent auditor's reports</arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact2249" xml:lang="en">To the shareholders of TCM Group A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:AuditorsReportOnFinancialStatements contextRef="ctx1" id="fact2250" xml:lang="en">Report on the audit of theFinancial Statements</arr:AuditorsReportOnFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" id="fact2252" xml:lang="en">Our opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Groupâs and the Parent Companyâs ï¬nancial position at 31 December 2023 and of the results of the Groupâs and the Parent Companyâs operations and cash ï¬ows for the ï¬nancial 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 audited The Consolidated Financial Statements and Parent Company Financial Statements of TCM Group A/S for the ï¬nancial year 1 January to 31 December 2023, pp. 38-66 and 68-74, comprise income statement and statement of comprehensive income, balance sheet, statement of changes in shareholdersâ equity, cash ï¬ow statement and notes, including mate- rial accounting policy information for the Group as well as for the Parent Company. Collectively referred to as the âFinancial Statementsâ.</arr:OpinionOnAuditedFinancialStatements>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" id="fact2246" xml:lang="en">Holstebro</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1" id="fact2247">2024-02-28</sob:DateOfApprovalOfAnnualReport>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" id="fact2265" xml:lang="en">Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional require- ments applicable in Denmark. Our responsibilities under those standards and requirements 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 suï¬cient 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 Accountantsâ Inter- national Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulï¬lled our other ethical responsibilities 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. Appointment We were ï¬rst appointed auditors of TCM Group A/S on 5 April 2022 for the ï¬nancial year 2022. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of 2 years including the ï¬nancial year 2023.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx56" id="fact2861" xml:lang="en">Torben Paulin</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx57" id="fact2863" xml:lang="en">Thomas Hjannung</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx56" id="fact2862" xml:lang="en">Chief Executive Oï¬cer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx57" id="fact2864" xml:lang="en">Chief Financial Oï¬cer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx58" id="fact2865" xml:lang="en">Sanna Mari Suvanto-Harsaae</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx59" id="fact2867" xml:lang="en">Anders Tormod Skole-Sørensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx60" id="fact2869" xml:lang="en">Carsten Bjerg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx58" id="fact2866" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx59" id="fact2868" xml:lang="en">Deputy Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx61" id="fact2870" xml:lang="en">Søren Mygind Eskildsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx64" id="fact2873" xml:lang="en">Erika Hummel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx62" id="fact2871" xml:lang="en">Jan Amtoft</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx63" id="fact2872" xml:lang="en">Pernille Wendel Mehl</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:KeyAuditMattersAudit contextRef="ctx1" id="fact2281" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judgement, were of most signiï¬cance 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 Aubo Production A/S opening balance and PPA adjustments Aubo Production A/S was acquired with accounting eï¬ect as at 3 July 2023. When acquiring Aubo Production A/S, TCM Group A/S prepared a purchase price allocation (âPPAâ) for the acquisition, resulting in assets and liabilities being separately recognised and valued in the opening balance. In order to determine the fair value of the separately identiï¬ed assets and liabilities in a business combination, the valuation methodologies require input based on assumptions about the future and applied discounted cash ï¬ow forecasts, including WACC and growth in revenue. The signiï¬cant estimates mainly relate to assessing the fair value of acquired customer contract and brand. Further, the purchase price consisted of signiï¬cant earn-outs where the amount to be paid to the seller depends on future performance of the acquired business. The earn-outs are measured at fair value which inherently is impacted by a high degree of management estimation. We focused on this area because of the signiï¬cance of the amounts in the PPA and because the PPA and fair value of earn-outs require signiï¬cant judgements and estimates by Management. Reference is made to note 26 in the Consolidated Financial Statements. How our audit addressed the key audit matter Our audit procedures included assessing the appropriateness of the accounting policies for business combinations applied by Management and assessing compliance with applicable ï¬nancial reporting standards. We involved our internal specialists in assessing the valuation methodologies and WACC used by management and the valuation of the acquired assets and liabilities. We challenged the signiï¬cant assumptions used to determine the fair value of the acquired assets and liabilities in the business combination, including the fair value of acquired customer contract and brand. Further, we challenged and discussed with management the estimated fair value of the earn- outs being recognised as part of the total purchase price. Finally, we assessed the adequacy of disclosures relating to the business combination Key audit matter Impairment test of goodwill and brand At 31 December 2023 the Groupâs intangible assets amount to DKK 672,322 thousand primarily related to goodwill of DKK 411,998 thousand and brand of DKK 178,711 thousand. Impairment tests related to goodwill and brand include signiï¬cant judgement and estimation by management, including determination of future growth rates for revenue, proï¬t margins and investments in the budget and forecast periods, as well as discount rate and royalty rate. We focused on impairment tests related to goodwill and brand as impairment tests are complex and associated with subjectivity in the determination of signiï¬cant assumptions and data used. We refer to note 12 in the consolidated ï¬nancial statements. How our audit addressed the key audit matter We considered the appropriateness of the accounting policies for assessing the recoverability of the carrying amount of goodwill and brand. Our audit procedures included assessment of the applied impairment model with focus on signiï¬cant assumptions in determination of future cash ï¬ows, including growth rates for revenue, proï¬t margins and investments in the budget and forecast periods, as well as discount rate and royalty rate used. We assessed sensitivity analysis performed by management to evaluate the impact of reasonable changes in key assumptions. Further, we evaluated the accuracy in managementsâ estimates by comparing the budget for 2023 with actual ï¬gures. We also assessed the appropriateness of the disclosures related to impairment tests.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact2370" xml:lang="en">Statement on Managementâs Review Management is responsible for Managementâs Review, pp. 4-35 and 79-86. 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. Based on the work we have performed, in our view, Managementâs Review is in accordance with the Consolidated Finan- cial Statements and the Parent Company Financial Statements and has been prepared in accordance with the require- ments of the Danish Financial Statements Act. We did not identify any material misstatement in Managementâs Review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" id="fact2382" xml:lang="en">Managementâs responsibilities for the Financial Statements Management is responsible for the preparation of consolidated ï¬nancial statements and parent company ï¬nancial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and fur- ther requirements in the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of ï¬nancial 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 Compa- nyâs 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="ctx1" id="fact2392" xml:lang="en">Auditorâs responsibilities for the audit of the Financial Statements Our 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. Rea- sonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inï¬uence 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 pro- fessional 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 suï¬cient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the eï¬ectiveness 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 signif- icant 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 suï¬cient appropriate audit evidence regarding the ï¬nancial information of the entities or business activi- ties 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 signiï¬cant audit ï¬ndings, including any signiï¬cant deï¬ciencies 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 require- ments regarding independence, and to communicate with them all relationships and other matters that may reasona- bly be thought to bear on our independence and, where applicable, 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 signiï¬cance 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="ctx1" id="fact2440" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the Financial Statements we performed procedures to express an opinion on whether the annual report of TCM Group A/S for the ï¬nancial year 1 January to 31 December 2023 with the ï¬lename tcm-group-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 ï¬nancial 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 judge- ment, 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 identiï¬ed; ⢠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 TCM Group A/S for the ï¬nancial year 1 January to 31 December 2023 with the ï¬le name tcm-group-2023-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" id="fact2482" xml:lang="en">Aarhus</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1" id="fact2483">2024-02-28</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx65" id="fact2874" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx66" id="fact2884" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx65" id="fact2877" xml:lang="en">Claus Lindholm Jacobsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx65" id="fact2878" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx65" id="fact2879" xml:lang="en">mne23328</cmn:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx66" id="fact2880" xml:lang="en">Claus Lyngsø Sørensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx66" id="fact2881" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx66" id="fact2882" xml:lang="en">mne34539</cmn:IdentificationNumberOfAuditor>
<mrv:StatusOfAchievementOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx1" id="fact2484" xml:lang="en">In the diversity policy issued in 2022 we set a target for gender distribution and the status (independent/not independent) of board members.</mrv:StatusOfAchievementOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors>
</xbrli:xbrl>