Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2024-12-31 | 1206544000 | vDKK |
| ifrs-full:Assets | 2023-12-31 | 1200873000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2024-01-01 | 2024-12-31 | 1203783000 | vDKK |
| ifrs-full:Revenue | 2023-01-01 | 2023-12-31 | 1084126000 | vDKK |
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<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" id="fact1000" xml:lang="en">ESG  ESG strategy and Approach ...............................................................................25  Double materiality ASSESsMENT......................................................................26  Environment................................................................................................................27  Social ..............................................................................................................................31  READERS' GUIDE  NON-FINANCIAL DISCLOSURE REQUIREMENTS  AS PER THE DANISH FINANCIAL STATEMENTs ACT*  Topic  Page Reference  Section 99A  Business model............................................................................................... 9-10  Content of policies for sustainability, systems  and due diligence processes results and KPIs:  ESG strategy and approach.....................................................................25  Environment.........................................................................................27-30  Social....................................................................................................... 31-34  Supplier management and anti-corruption.....................................38  Section 107D  Target ï¬gures for the management body............................................37, 43  Policy for promoting underrepresented gender  and diversity at management level.........................................................31-33  Section 99D  Data ethics.............................................................................................................38  * Covers TCM Group and all its subsidiaries  ESG strategy  and Approach  Our ESG strategy sets the direction for embedding  sustainability more deeply into every aspect of  our business. Guided by the UN Sustainable  Development Goals, the strategy builds on our  core values and brands, integrating sustainability  throughout our value chain â from raw materials  to after-sales and service.  Our ESG strategy outlines transformative targets  to guide decisions and actions within four priority  areas:  ⢠Sustainable Work  ⢠We Take Responsibility  ⢠New Ways Ahead  ⢠Together We Improve  These priority areas represent where we believe  our business activities can have the greatest  impact on sustainable development.  By adopting a systematic approach to  sustainability, we aim to strengthen our  relationships with key stakeholders, support  business growth and continuously mitigate  negative impacts through ongoing learning and  improvement.  TCM Group has been a signatory to the UN Global  Compact for over a decade, adhering to its Ten  Principles on human rights, labour, the  environment and anti-corruption. TCM Group  has used the Corporate Sustainability Reporting  Directive (CSRD) and ESRS guidelines as  preparation for when the Group expectedly falls  within the scope of the CSRD in 2025.  E EnviroNment  S Social  G Governan  ce  New ways ahead  Climate action  Products & Resour  ces  A sustainable work life  Governance  Approach  ⢠Reduce carbon footprint of  ⢠New designs to be based on  ⢠A safe and secure work environment  ⢠Promote and enable responsible  own production  circular design principles  that enhances personal development  business conduct  ⢠Reduce carbon footprint  ⢠100% certiï¬ed timber  ⢠Flexibility to support a clear balance  ⢠Conduct proper due diligence of  of value chain following  ⢠Minimise/optimise resources  between work life and private life,  suppliers and partners  SBTi guidelines  with focus on packaging  and between individuals, teams and  ⢠Minimise production waste  material  organisation  ⢠Diversity and social commitment  Focus  ⢠42% reduction in scope 1, 2 and  ⢠Circluar design principles in  ⢠0 accidents/1,000,000 working hours  ⢠All suppliers to have signed TCM  3 emissions by 2050  product development  (LTIF)  Code of Conduct  ⢠Reduction of waste in  ⢠100% certiï¬ed timber  ⢠Gender equality  ⢠Supplier risk management to include  production  ⢠TCM packaging to be recyclable  ⢠2% of employees employed  ESG scorecard  as "ï¬ex workers"  reference / Guiding principles  ⢠§99a  ⢠ESRS E5 Resource use and  ⢠§99a  ⢠§99a, §99d, 8107d  ⢠EU Taxonomy  circular economy  ⢠ESRS S1 Own workforce  ⢠ESRS G1 Business conduct  ⢠ESRS E1 Climate change  Double  materiality  assessment  As a key element of our  preparation to ensure  compliance with the currently  applicable EU Corporate  Sustainability Reporting  Directive (CSRD) in 2025,  TCM Group has concluded our  ï¬rst double materiality  assessment (DMA).  The DMA evaluates how environmental, social  and governance (ESG) factors impact TCMâs  ï¬nancial performance (outside-in) and how  TCMâs operations aï¬ect society and the  environment (inside-out), aligning with CSRD  and European Sustainability Reporting Standards  (ESRS) guidelines. TCM Group's DMA aims to  balance sustainability priorities with business  objectives, and it is our goal to drive constant  improvement and track progress as an integral  part of our ESG management system. Our DMA  applies to the entire TCM Group.  Our process  The management team and the ESG Steering  Committee formed the Internal Working Group,  which is informed by external sustainability  consultants on an ongoing basis.  1. Longlistof ESG topics  Initially, a longlist of sustainability topics was  thoroughly assessed through desktop research,  benchmark analysis, analysis of existing  documentation and surveys, combined with  reviews in the Internal Working Group.  2. Stakeholderinvolvement  Next, we gathered information and perspectives  from key stakeholders. Through workshops,  questionnaires and interviews, we engaged with a  variety of stakeholders, including customers,  employees, the Board of Directors, brands,  investors, suppliers and subject matter  experts. The stakeholder perspectives that we  gathered provided us with insights that helped  qualify the longlist of ESG topics with both  positive and negative impacts as well as ï¬nancial  risks and opportunities.  3. Assessmentof impact materiality and  ï¬nancial risks and opportunities  Each topic was assessed as âactualâ or  âpotentialâ and rated based on positive and  negative impacts as well as ï¬nancial risks and  opportunities. All topics were rated according to  scale, scope and irremediability, and, in the event  of potential impacts, likelihood. Each dimension  was rated from 1 to 5 and an average score then  calculated for each topic. With regard to both  sustainability impact and ï¬nancial impact, TCM  has deï¬ned 3.5 as the threshold for when a  sustainability topic in our DMA becomes  signiï¬cant enough to inï¬uence the decisions of  stakeholders or have a substantial impact on the  company, the environment or society. Hence,  topics with a score equal to or higher than 3.5 are  deï¬ned as material.  4. Reviewand approval  The assessment process involved the Board of  Directors, which also approved the process. Going  forward, approval of the DMA will be the  responsibility of the Audit Committee.  Preliminary assessment of topics  The topics represent risks as well as opportunities  for TCM Group. The impact of ï¬uctuating energy  prices is an obvious risk, as well as the use of  materials/items that are hard to replace with  better alternatives. Working with machinery, etc.  always entails a risk of work-related accidents.  We see an opportunity in circularity, as we are  already using materials with a high degree of  recycled content. We also see an opportunity in  continuing our work with diversity. There are no  identiï¬ed material sustainability-related risks  besides those related to impacts.  Important topics such as waste, corruption,  bribery and protection of whistleblowers do not  feature as material topics in TCMâs DMA due to  the low likelihood of incidents occurring thanks  to mitigating actions taken by TCM to address  these topics. These topics are considered of  ongoing importance by TCM and will be  continuously monitored to ensure that the  processes in place are working. Based on current  knowledge and methodology, the topic of  biodiversity and ecosystems is not considered  material given our value chain, geographical  presence and use of raw materials. The  materiality of these topics will be re-evaluated  each year.  The outcome of the DMA conducted in 2023/24 is  preliminary and will serve as the basis for  preparation of ESRS-compliant reporting, if  applicable, in 2025.  Environment  We take pride in the fact that all our products are  designed and manufactured in Denmark. Good  craftsmanship is at the core of our production,  complemented by a focus on quality and a high  degree of innovation. We recognise that  operations carry the risk of negatively impacting  the environment and are committed to  continuously reducing our climate impact,  minimising production waste and increasing our  waste recycling rate.  Emissions  In 2023, TCM Group committed to the Science  Based Targets initiative (SBTi). TCM has pledged  to reduce its scope 1 and 2 emissions by 42% by  2030, using 2021 as the baseline year. By doing  so, TCM is following a decarbonisation trajectory  that limits the global temperature rise to 1.5°C  above pre-industrial levels, aligning with the  goals of the Paris Agreement.  Furthermore, we have committed to monitoring  and reducing our scope 3 emissions.  In 2024, TCM Group mapped its scope 3  emissions using 2023 as the baseline year. Our  focus has been on ensuring data validity.  Going forward, we will continue to monitor these  emissions and establish reduction targets to be  approved by the SBTi.  TCMâs scope 1 and 2 emissions account for only  1% of the companyâs total greenhouse gas (GHG)  emissions. These emissions primarily originate  from manufacturing sites and from the  companyâs vehicle ï¬eet, which includes cars and  service vans. Despite representing a small share  of total GHG emissions, TCM considers scope 1  and 2 emissions material because they result  from operational activities that TCM can directly  inï¬uence.  Actions planned  Actions undertaken  for 2024  in 2024  What next?  Reduce scope 1 and 2 emissions  Added more electric vehicles  Non-fossil ï¬eet of company cars  (EVs) to the car ï¬eet.  by 2028.  In 2024, 21% of the cars were  EVs, compared to 6.9% in 2023.  Map scope 3 emissions  Deï¬ned baseline of scope 3 for  Improve data collection. Deï¬ne  2023 and tracked progress.  reduction targets and projects  for scope 3.  Expand product portfolio  Products in AUBO's product  Expand product portfolio  covered by environmental  portfolio covered by EPDs.  covered by EPDs.  product declarations (EPDs)  Scope 1 and 2 emissions  In 2024, TCM Groupâs absolute scope 1 and 2 GHG  market-based emissions decreased by 53%  compared with 2021.  Through transition to district heating and electric  heat pumps, where possible in terms of  infrastructure and economic feasibility, as well as  having all electric consumption covered by  renewable energy certiï¬cates from wind and  solar power, TCM has already reached its target  for scope 1 and 2.  We will continue to phase natural gas out of our  operations as this becomes possible in terms of  infrastructure and economic feasibility.  Going forward, our focus is on identifying further  reductions potential, phasing out fossil-based  energy and ensuring that emissions do not  increase as a result of TCM's growth strategy.  Electricity consumption  In 2024, TCMâs electricity consumption increased  by 3%. This increase resulted from the transition  towards an electricity-based system as a means  to reduce our direct emissions. All electricity  consumption is covered by renewable electricity  certiï¬cates.  We continue to promote awareness of how daily  habits and behaviour can impact energy  eï¬ciency at our production facilities.  In 2025, we anticipate an increase in energy  consumption due to investments aimed at  expanding capacity for lacquering processes.  Company cars  TCM operates a ï¬eet of company cars consisting  of 28 passenger vehicles and commercial vans. To  reduce our impact, we have updated our company  car policy to ensure that we transition to electric  cars as existing vehicles are replaced.  Waste  At TCM Group, we maintain a constant focus on  limiting waste. At our manufacturing sites, all  waste is sorted into material fractions, enabling  us to ensure that waste is utilised with the  highest possible resource value. Our wood  fraction is returned to our chipboard supplier  and, together with wood from Danish recycling  centres, used for production of chipboards, which  TCM Group then uses in the production of new  kitchens. Wood of useable size ï¬nds new use as  serving trays or is delivered to wood workshops  at local schools.  TCM Group will continue to prioritise waste  management and reduction both internally and  with suppliers, while actively engaging in  external partnerships.  Scope 3 emissions  As part of our commitment to the Science Based  Targets initiative (SBTi), TCM Group has mapped  our scope 3 emissions with 2023 as the baseline  year. Scope 3 emissions refer to sources that are  not directly owned or controlled by TCM Group.  TCM Groupâs scope 3 emissions account for 99%  of our total emissions.  Our value chain and the production of raw  materials used for products produced by TCM  Group are predominately based in Europe, where  more than 90% of production occurs.  In 2024, our scope 3 emissions were 107,180 tons  CO2e, which is 6.8% higher than our baseline  year. The reason for this increase is the use of  spend-based emission factors to deï¬ne our scope  3 emissions where activity-based data has not  been available. Due to higher purchasing costs,  we observed higher emissions for the same, or  even lower, volumes of purchased goods and  services in 2024 compared with 2023.  Additionally, investment in new processing  equipment has directly contributed to an increase  in our scope 3 emissions.  TCM has included third-party products, such as  white goods, in our emissions calculations, and  these account for more than 45% of our category  1 emissions. Changes in product mix and an  increase in third-party products have a direct  impact on our scope 3 emissions.  Going forward, we will work closely with our  suppliers to reduce the reliance on spend-based  emission factors, increase the use of activity-  based factors and identify a catalogue of  reduction opportunities. Reduction of our scope 3  emissions will to a large extent be dependent on  our suppliers taking action on reducing their  scope 1,2 and 3 emissions.  Environmental data  CO2 emissions  Accounting practices  To follow up on progress towards emissions  reduction targets, greenhouse gas emissions  (expressed as carbon dioxide equivalent, CO2e)  are reported annually. CO2e is categorised into  three scopes according to the methodology of the  Greenhouse Gas Protocol Corporate Standard  (GHG Protocol). CO2 emissions are calculated  with reference to GRI 305 Emissions. The tracking  of CO2e emissions is aligned with UNGC  principles 7, 8 and 9.  TCM Group does not use carbon credits as a  means to reduce CO2e emissions.  Scope 1 â all direct emissions  Scope 1 emissions are related to activities within  TCMâs control. This includes transport using  TCMâs vehicles (leased and owned cars) and  direct emissions from TCMâs production.  The CO2e emissions are based on the invoiced  energy consumption per source. The CO2e factors  applied are based on market statistics for petrol,  diesel and LPG gas.  The CO2e factors for natural gas are based on  environmental declarations from the supplier.  Scope 2 â indirect emissions  Scope 2 emissions relate to indirect emissions  caused by TCMâs energy purchases, i.e. electricity  or heat.  The CO2e emissions are based on the invoiced  energy consumption per source. CO2e factors for  district heating are based on environmental  declarations from the supplier. Electricity (prior  to 2023) is based on market environmental  declarations.  Scope 3 â other emissions  Scope 3 emissions relate to sources that are not  directly owned or controlled by TCM. These cover  emissions from purchased goods and services  (e.g. particleboards, edgeband, hinges, packaging  and transport purchased from suppliers) as well  as process waste from production sites, capital  goods and emissions related to franchise stores.  Our reported scope 3 inventory is based on the  GHG Protocol, which is split into 15 subcategories  (C1-C15):  C1 - Purchased goods and services: Primary raw  materials for products are calculated based on  GHG emissions provided by subsuppliers. Other  purchased goods and services are calculated as  categorised spend data multiplied by relevant  spend-category-speciï¬c emission factors.  C2 - Capital goods: Categorised spend data  multiplied by relevant spend-category-speciï¬c  emission factors.  C3 - Fuel- and energy-related activities:  Calculated based on actual fuel consumption  multiplied by relevant emission factors.  C4 - Upstream transportation and distribution:  Calculated based on A2 from TCM's veriï¬ed  environmental product declarations (MD-23121,  MD-23122, MD-24065).  C5 - Waste generated in operations: Calculated  based on actual waste data multiplied by relevant  emission factors.  C6 - Business travel: Calculated based on milage  allowances for employee travel in own cars and  GHG emissions from plane travel provided by our  travel agent.  C7 - Employee commuting: Calculated based on  estimates of distance travelled and travel type.  Estimated based on an internal employee survey.  C12 - End-of-life (EOL) treatment of sold  products: Product use and EOL are based on  TCM's veriï¬ed environmental product  declarations (MD-23121, MD-23122, MD-24065).  C14 - Franchises: Calculated based on activity  data from franchise stores multiplied by relevant  emission factors.  C15 - Investments: Calculated based on activity  data from Celebert ApS - based on TCM's 55%  ownership of Celebert ApS.  Subcategories C8, C9, C10, C11 and C13 are not  relevant for TCM Group.  Uncertainties and estimates  Where possible, activity-based data has been  used as the basis for our scope 3 calculations.  Where activity-based data has not been available,  spend-based data has been used either on the  basis of âKlimakompassetâ or âEcoinventâ.  Products categorised as third-party products,  such as white goods and mirrors, which are  included in deliveries to customers, are  accounted for as raw materials and transport.  However, they are excluded from our scope 3  emissions calculations after delivery to the end-  customer. This exclusion applies to the use of  sold products and their end-of-life treatment, as  these aspects are beyond our control and  inï¬uence over their design and use.  Employee commuting is based on an employee  survey to deï¬ne means of transportation and  distance travelled as well as average number of  working days per year per employee. It is  assumed that the average per employee that  applied in our baseline year is the same for the  2024 calendar year.  unit  2024  2023  2022  2021  2020*  CO2 Emissions  CO2e, total scope 1  tCO2e  1,195  1,215  1,224  1,516  1,435  Vehicles  tCO2e  222  237  227  225  210  Natural gas  tCO2e  974  989  984  1,243  1,191  Others  tCO2e  0 5 12  47  34  CO2, total scope 2  tCO2e  16  16  892  1,041  1,703  Electric power  tCO2e  0 0 888  1,035  1,698  District heating  tCO2e  16  16  4 6 5 CO2, total scope 1+2  tCO2e  1,212  1,231  2,116  2,557  3,138  CO2e intensity (revenue)  ratio  1.0  1.0  1.5  1.9  3.1  CO2, total scope 3  tCO2e  107,181  99,826  - - - Environmental data  Energy  In 2024 we increased our electricity consumption  by 3% as a result of our ongoing transition away  from fossil-based energy consumption.  Electricity consumption / revenue has been  updated to include AUBO Production  consumption and revenue for 2022.  Accounting practices  Energy consumption is based on invoiced  consumption.  The renewable energy share from 2023 has been  covered by renewable energy certiï¬cates from  wind and solar power, which brings the  renewable energy share to 100%.  Renewable energy share before 2023 is based on  standard energy market mix in Denmark  (Environmental declaration 2021).  Electricity consumption is calculated as:  Electricity consumption [kWh] / net revenue  [kDKK]  unit  2024  2023  2022  Energy  Energy consumption  MWh  6,621  6,483  7,850  Renewable electricity  % 100  100  82  Electricity consumption / revenue  Ratio  5.5  5.3  5.6  Resources  Waste  TCM Group continuously seeks to increase  productivity, reduce waste throughout the  production processes, and work with waste  management and suppliers to reduce waste and  improve waste handling.  During 2024, we continued our eï¬orts to sort  waste to retain the highest possible value of the  materials.  The increase in waste volume is due to an  increase in activity and a change in the product  mix.  Accounting practices  Waste volumes and disposal methods are  weighted and reported by waste sorting and  handling companies.  Reference standard: GRI 306-5 Waste  Water  TCM Group primarily uses water for sanitation  and heating purposes, and we expect this to be  relatively stable.  Very limited amounts are used in production to  support our lacquering processes, and any  resulting wastewater is carefully separated and  disposed of in the right manner.  In 2024, water consumption decreased by 11%  compared with the previous year.  Accounting practices  Water consumption covers all water purchased  from external suppliers and is based on the  invoiced volume.  unit  2024  2023  2022*  Resources  Water consumption  m3  6,138  6,881  5,900  Waste  ton  4,237  4,165  4,410  Recycling  % 91.7  94.2  90.3  Energy recovery  % 6.5  4.1  9.6  Landï¬ll  % 0.0  0.0  0.0  Hazardous waste  % 1.9  1.0  0.1  * Excl. waste from AUBO Production A/S.  Social  TCM Groupâs continued success relies on  employing the best-qualiï¬ed people, and we are  committed to ensuring a safe and healthy  working environment characterised by mutual  trust and respect. We work actively to create  sustainable work in accordance with the  following principles:  ⢠A safe and secure working environment that  also enhances personal development.  ⢠Flexibility to support a clear balance between  work and private life, and between  individuals, teams and organisation.  ⢠Diversity and social commitment.  Human and labour rights  Our commitment to the UN Global Compact,  established over a decade ago, demonstrates our  long-standing dedication to upholding human  and labour rights. The primary risks we face in  respect of non-compliance with the Global  Compactâs principles include potential  discrimination against employees and cases  where speciï¬c conditions at our suppliers fail to  meet the required standards.  Our Employee Handbook and our Code of Conduct  provide clear guidance to our employees and  suppliers regarding human and labour rights. Our  focus is on implementing eï¬ective mechanisms,  systems and programmes to prevent violations  and promote accountability. We adhere to Danish  and international standards on human rights and  comply with laws related to equality, oï¬ering fair  and equitable employment and working  conditions regardless of gender, ethnic origin,  religion or other personal circumstances.  Key instruments for identifying and addressing  potential violations include our whistleblower  hotline and internal controls, which allow  employees and third parties to report concerns.  Additionally, we conduct random supplier audits  to ensure compliance with human and labour  rights standards.  For further details on our whistleblower hotline,  please refer to page 38.  Safe working environment  At TCM Group, we are committed to providing the  best possible working environment. Safety is our  top priority, and we focus heavily on building and  maintaining a strong safety culture to ensure the  well-being of our employees. This involves  minimising risks and creating the best conditions  for a healthy and safe workplace. Work safety  signiï¬cantly impacts not only our employees but  also their families, communities and the business  as a whole.  In 2024, we continued our eï¬orts to secure safe  working conditions with a strong focus on  knowledge sharing across locations and a  reinforced emphasis on behaviour and safety  culture based on a zero-accidents vision.  We monitor the occupational health and safety of  our employees by collecting and analysing data  on accidents, near-miss work accidents and  sickness absence. In 2024, we had a total of 12  reported accidents. Seven of those accidents  resulted in a total of 33 days of absence. The  remaining ï¬ve accidents did not result in any  absence but in some cases required the aï¬ected  employees to undertake less strenuous tasks  during their recovery. We have observed that  most accidents are behaviour-related, stemming  from employees' eagerness to perform their tasks  well but sometimes at the expense of adhering to  safety instructions. To address this, all employees  have undergone training to strengthen their  focus on safety and cultivate a safety-conscious  culture. Our management team leads by example,  conducting regular safety walks and organising  "safe starts" after vacations.  We use near-miss work accident reports to  ensure continued awareness of incidents that  could lead to an accident, to share learnings and  as a means of taking preventive actions. The  number of near-miss reports increased  considerably in 2024, and we take this as an  indication that our eï¬orts are having a positive  eï¬ect.  Although we have not yet achieved our goal of  zero accidents, we have successfully reduced the  severity of accidents. We remain determined to  eliminate work-related accidents entirely.  Moving forward, we will intensify our focus on  safety-related behaviours and reinforce the  message that personal safety always takes  precedence over everything else. Safety will  continue to be a top priority in the coming year.  Focus on ongoing learning  We strive to continuously upskill our employees,  enhancing their individual value and ensuring  that their skills remain relevant both within and  beyond TCM Group. We achieve this through  on-the-job training and by developing  personalised plans during annual reviews in  collaboration with each employee. We believe  that training is most eï¬ective when it is available  at the time it is most relevant to the individual  and can be immediately applied in practice. In  addition to internal learning and development  initiatives, our TCM Learning platform also  supports the training of sales staï¬ for our brands  and kitchen installers.  Tolerant workplace  We take responsibility for training the next  generation of qualiï¬ed employees by providing  opportunities to develop relevant skills and gain  valuable work experience. Throughout the year,  TCM Group supports many individuals who, for  various reasons, need assistance with  establishing themselves in the job market.  We work consistently with apprentices across  TCM Group, and in 2024 we had 12 apprentices  within the organisation. We have become more  focused on hiring individuals from diverse  backgrounds to foster the beneï¬ts of diversity in  our workplace.  Additionally, we are committed to creating  positions with reduced working hours wherever  feasible, and we continue to collaborate closely  with municipalities to oï¬er citizens job  clariï¬cation processes. As an example, we have  been actively involved in creating the Aulum Mile  (see case).  A talented and diverse workforce  At TCM Group, we ï¬rmly believe that a diverse  and inclusive working environment beneï¬ts both  our business and society as a whole. We recognise  and value the diï¬erences among our employees,  as diverse teams, including management groups,  foster better and more innovative collaboration.  This leads to improved decision-making and  promotes inclusiveness and tolerance throughout  our organisation.  We are committed to being a responsible  workplace that recruits, promotes and develops  employees based on individual competences  while supporting diversity. Our recruitment,  contracting, promotions and dismissals are  conducted without consideration for gender, age,  nationality, sexual orientation, physical ability,  disability, political opinion, ethnicity, family  status and religious or other beliefs. We strive for  equitable representation of men and women in  managerial positions, and promote diversity and  inclusion through our policy, which is available  on the TCM Group website.  We continuously work to ensure equal  opportunities for every employee, regardless of  gender. As part of this eï¬ort, we emphasise equal  terms and actively identify candidates of  diï¬erent genders when hiring new managers. We  also aim for a workforce that balances younger  and more experienced employees.  Our focus extends to achieving sensible gender  diversity within the Board of Directors, Executive  Management and other management levels. TCM  Group aims for a gender composition across  Management and the total workforce where the  underrepresented gender constitutes at least  40%.  Currently, our Executive Management consists of  the CEO and the CFO, both of whom are male.  However, at the second management level, the  underrepresented gender comprises 44%, while  in the overall management group it makes up  31%. This composition reï¬ects traditional gender  distributions in manufacturing companies, with a  predominance of male forepersons in production  and a slight predominance of female employees  in administrative roles.  In 2024, new competences were added to the  second management level. Progress towards a  more equal gender distribution at other  management levels will occur gradually as the  organisation develops and recruitment eï¬orts  continue. We are committed to meeting our  target by 2028.  CASE: COCUURA  At TCM, we recognise that training and learning do not only occur  in the workplace. Life events can also have a signiï¬cant impact on  the working environment. To support our employees holistically,  TCM Group oï¬ers all employees membership of Cocuura.  Cocuura is a digital platform designed to assist managers, teams,  colleagues and employees' families by providing tools to navigate  challenging and potentially life-changing dilemmas.  CASE: The Aulum Mile  With the ambition of securing jobs for young people who, for  various reasons, are struggling to establish a foothold in their  working lives, the Aulum Mile was created as a collaboration  between numerous companies in Aulum and Youth Guidance  Herning (Herning Municipality). The initiative aims to provide  young people with the opportunity to test their work abilities  while ensuring their well-being, security and proper support,  facilitating their successful integration into the workplace.  In 2024, TCM hosted six young people on work probation, several  of whom are on track to secure permanent employment.  Social data  Employees  The total number of employees, measured as  headcount, decreased by 1% compared with the  previous year. The decrease can be attributed to a  decrease in market demands and restructuring of  the organisation.  Accounting pra  ctices  FTEs and the shares of blue- and white-collar  workers are calculated excluding temporary and  short-term employment.  The number of employees who are on ï¬ex-job  contracts or similar and trainee contracts are  counted at the end of the year.  Gender diversity for all employees  Gender diversity refers to the proportion of  women in relation to the total number of  headcounts. The measurement of gender  diversity, both for all employees and for  Management, is based on headcounts as of 31  December 2024 and all historical years, and  encompasses both white-collar and blue-collar  employees.  Gender diversity in management  The measurement provides insight into the  representation of women in management  positions within the organisation.  The Executive Management comprises the CEO  and the CFO, as they have a direct reporting line  to the Board of Directors.  The second management level comprises  managers who report directly to the Executive  Management.  Other management levels comprise the overall  management group at TCM, including the  Executive Management and the second  management level.  Gender diversity is measured with reference to  GRI 405 Diversity and Equal Opportunity, and  includes all TCM Group employees. Our work with  diversity aligns with UNGC principles 3, 4, 5  and 6.  Gender pay ratio  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.  The pay gap between genders is measured for  white-collar employees minus the Executive  Management.  unit  2024  2023  2022  2021  2020  Diversity  Number of employees, as of 31 December  # 481  486  482  504  483  Blue-collar workers  % 68  70  77  - - White-collar workers  % 32  30  23  - - Flex jobs, etc.  # 15  21  5 - - Trainees, interns and apprentices  # 12  12  6 13  16  Employee turnover  % 16.9  - - - - Gender diversity overall, female/male  % 34 / 66  34 /66  36 / 64  32 /68  - Gender diversity, 1st-level management as per §99b  % 0 (0 of 2)  0 (0 of 2)  - - - Gender diversity, 2nd-level management as per §99b  % 44 (4 of 9)  44 (4 of 9)  - - - Gender diversity, other management levels, including 1st and 2nd levels  % 28 (5 of 18)  31 (5 of 16)  28 (4 of 14)  21 (3 of 14)  26 (4 of 15)  Pay gap between genders, white-collar  Ratio m/f  1.18  1.28  1.18  - - Distribution of employees by age group, under 30 years old  % 10  - - - - Distribution of employees by age group, 30-50 years old  % 41  - - - - Distribution of employees by age group, over 50 years old  % 49  - - - - Occupational health and safety  Accounting practices  Sickness-related absence  Sickness-related absence does not include  absence due to sick children or maternity/  paternity leave.  Accidents  Sick days resulting from work-related accidents  include all days (24 hours) during which an  employee is absent due to such accidents. The  absence ratio is calculated as the number of  absent working hours divided by the total number  of working hours.  The lost-time injury frequency measures the  number of work-related incidents with absence  per million working hours.  The accident severity ratio serves as an indication  of the type of injuries that we experienced.  The number of near-miss work accidents  registered during the ï¬nancial year is also  tracked. This registration serves as a measure to  prevent accidents.  Employee engagement  TCM Group measures employee engagement  every two years through a voluntary engagement  survey. The engagement score, based on a  5-point scale, is used to monitor employee  engagement through several categories. The  engagement participation percentage reï¬ects the  proportion of employees who completed the  survey compared to the total number of  employees.  Although the survey is usually conducted every  two years, it was postponed from 2023 to 2024  due to the acquisition of AUBO Production A/S in  July 2023. The 2024 survey included all  employees within TCM Group.  Our work with occupational health and safety  aligns with UNGC principles 3, 4, 5 and 6.  unit  2024  2023  2022  Occupational health and safety  Absence ratio related to sickness  % 3.7  3.2  4.4  Number of work accidents  # 19  34  28  Sick days caused by work accidents  # 33  57  937  Lost-time injury frequency (LTIF)  9.3  11.5  - Absence ratio related to work accidents  % 0.0003  0.09  0.10  Near-miss work accident registrations  # 1,400  1,232  937  Employee engagement score  (5-point scale)  4.2  - - Engagement survey participation  % 78  - - Risk and Regulation  At TCM Group, we have a zero-tolerance approach  to corruption and bribery. Our policy is therefore to  comply with all applicable regulations and to  promote anti-corruption behaviour in all our  business relationships. Our Code of Conduct sets  out our zero-tolerance approach to corruption for  employees, suppliers, franchisees and dealers.  Whistleblower system  TCM Groupâs whistleblower system is available for  internal and external reporting of any witnessed  activities or reasonable suspicion of serious and  reprehensible conditions or illegalities within the  Group. All internal and external stakeholders can  access the whistleblower system through an  externally hosted website. The system is  anonymous and all communication is encrypted,  which means that TCM Group is not able to trace  any speciï¬c whistleblower report back to the  reporting individual. TCM Group has a non-  retaliation policy regarding any concerns  reported.  No whistleblower cases were reported in 2024.  Accounting practices  Whistleblower reports and cases resolved relate  to the number of whistleblower reports to TCM  falling within the correct use of the  whistleblower system.  The work with the Code of Conduct and the  whistleblower system relates to  UNGC principle 10 â Anti-Corruption.  unit  2024  2023  2022  Risk and regulation  Suppliers covered by Code of Conduct, signed  % 82  82  100  Whistleblower reports  # 0 0 0 Whistleblower cases resolved  % 100  100  100  governance  data  remuneration  TCM Groupâs Remuneration Policy is available on  our website, tcmgroup.dk. The objective of the  policy is to attract, motivate and retain qualiï¬ed  members of the Board of Directors and Executive  Management, to ensure alignment between the  interests of the Board of Directors and Executive  Management and the interests of shareholders,  and to contribute to the companyâs business  strategy, long-term interests and sustainability.  TCMâs policy is that remuneration of the Board of  Directors and Executive Management should be  competitive and comparable to remuneration in  Danish and international peer companies. The  remuneration package for members of the  Executive Management may consist of a ï¬xed  annual base salary, a pension, a short-term cash  bonus, a long-term incentive scheme (cash- or  share-based) and other beneï¬ts in the form of  usual non-monetary beneï¬ts and reimbursement  of expenses. Each element of the remuneration  has been weighted to ensure a continuous  positive development of the TCM Group both in  the short and long term, and the proportions of  the various elements are described below.  Accounting practices  Shares held by the Board of Directors and the  Executive Management are based on reported  data.  The CEOâs total compensation relative to average  FTE total compensation is based on the average  salary of an employee of TCM (excluding  members of the Executive Management).  unit  2024  2023  2022  Remuneration  Shares held by members of the Board of Directors  # 18,653  46,456  40,625  Shares held by the Executive Management  # 63,251  61,302  91,602  CEO total compensation relative to FTE average total  Ratio  12.4  9.4  8.4  compensation  </mrv:StatementOfCorporateSocialResponsibility>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" id="fact2494" xml:lang="en">Management Statement 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 2024 â 31 December 2024. The Consolidated Financial Statements and the Parent Company  Financial Statements have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and fur-  ther requirements in 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 Companyâs ï¬nancial position at 31 December 2024 as well as of the results of  their operations and the cash ï¬ows for the period 1 January 2024 â 31 December 2024.  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 2024 with the ï¬le  name tcm-group-2024-12-31-en.zip has been prepared, in all material respects, in compliance with the ESEF Regula-  tion. We recommend that the Annual Report be adopted at the Annual General Meeting.  </sob:StatementByExecutiveAndSupervisoryBoards>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" id="fact2512" xml:lang="en">Independent auditor's reports  </arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact2513" xml:lang="en">To the shareholders of TCM Group A/S Â </arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:AuditorsReportOnFinancialStatements contextRef="ctx1" id="fact2514" xml:lang="en">Report on the audit of the Financial Statements  </arr:AuditorsReportOnFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" id="fact2515" 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 2024 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 2024 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 2024 comprise income statement and statement of comprehensive income, balance  sheet, statement of changes in equity, cash ï¬ow statement 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>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" id="fact2510" xml:lang="en">Holstebro</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1" id="fact2511">2025-02-26</sob:DateOfApprovalOfAnnualReport>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" id="fact2527" 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 reap-  pointed annually by shareholder resolution for a total period of uninterrupted engagement of 3 years including the  ï¬nancial year 2024.  </arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx50" id="fact3067" xml:lang="en">Torben Paulin</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx51" id="fact3069" xml:lang="en">Thomas Hjannung</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx50" id="fact3068" xml:lang="en">Chief Executive Oï¬cer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx51" id="fact3070" xml:lang="en">Chief Financial Oï¬cer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx52" id="fact3071" xml:lang="en">Anders Tormod Skole-Sørensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx54" id="fact3074" xml:lang="en">Søren Mygind Eskildsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx56" id="fact3077" xml:lang="en">Pernille Wendel Mehl</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx52" id="fact3072" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx54" id="fact3075" xml:lang="en">Deputy Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx53" id="fact3073" xml:lang="en">Jan Amtoft</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx55" id="fact3076" xml:lang="en">Erika Hummel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx57" id="fact3078" xml:lang="en">Björn Johan Olsson Lissner</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:KeyAuditMattersAudit contextRef="ctx1" id="fact2544" 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 2024. 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  Impairment test of goodwill and brand  At 31 December 2024 the Groupâs intangible assets  amount to DKK 692,103 thousand primarily related  to goodwill of DKK 411,998 thousand and brand of  DKK 177,211 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 royalty rate and discount 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 royalty rate and discount 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 Managementâs  estimates by comparing the budget for 2024 with  actual ï¬gures.  We also assessed the appropriateness of the  disclosures related to impairment tests.  </arr:KeyAuditMattersAudit>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" id="fact2597" 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="fact2607" 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  signiï¬cant doubt on the Groupâs and the Parent Companyâs ability to continue as a going concern. If we conclude  Independent auditorâs reports (continued)  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.  ⢠Plan and perform the group audit to obtain suï¬cient appropriate audit evidence regarding the ï¬nancial  information of the entities or business units within the group as a basis for forming an opinion on the Consolidated  Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for  purposes 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 reasonably  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:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact2584" xml:lang="en">Statement on the Management Review  Management is responsible for the Management Review.  Our opinion on the Financial Statements does not cover the Management 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 the Management Review and, in  doing so, consider whether the Management 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 the Management Review includes the disclosures required by the Danish Financial  Statements Act.  Based on the work we have performed, in our view, the Management 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. We did not identify any material misstatement in the Management  Review.  </arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx1" id="fact2656" 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 2024 with the ï¬lename tcm-group-2024-12-  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 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 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 2024 with the ï¬le name  tcm-group-2024-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.  </arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" id="fact2697" xml:lang="en">Aarhus</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1" id="fact2698">2025-02-26</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx61" id="fact3091" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx60" id="fact3081" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx61" id="fact3090">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx60" id="fact3083">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx60" id="fact3084" xml:lang="en">Claus Lindholm Jacobsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx60" id="fact3085" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx60" id="fact3086" xml:lang="en">mne23328</cmn:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx61" id="fact3087" xml:lang="en">Claus Lyngsø Sørensen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx61" id="fact3088" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx61" id="fact3089" xml:lang="en">mne34539</cmn:IdentificationNumberOfAuditor>
</xbrli:xbrl>