Assets
| Type | Time | Amount | Unit |
|---|
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
XML
See the xml submitted here:
XML: INVALID
Separator
The full data:
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<fsa:NetIncreaseDecreaseInCashAndCashEquivalents contextRef="ctx1" unitRef="vDKK" decimals="-5">10400000</fsa:NetIncreaseDecreaseInCashAndCashEquivalents>
<fsa:StatementOfChangesInEquity contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="7" align="left" valign="middle" ><b>Statement of changes in equity</b></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" ><b>Group</b></td><td width="10%" align="center" valign="middle" ><b>2024</b></td><td width="10%" ></td><td width="14%" ></td><td width="13%" ></td><td width="13%" ></td><td width="12%" ></td></tr><tr><td width="28%" ></td><td width="10%" colspan="1" align="right" valign="middle" ><b>Share</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>Hedging</b></td><td width="14%" colspan="1" align="right" valign="middle" ><b>Translation</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Retained</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Proposed</b></td><td width="12%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >DKKm</td><td width="10%" colspan="1" align="right" valign="middle" ><b>capital</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>reserve</b></td><td width="14%" colspan="1" align="right" valign="middle" ><b>reserve</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>earnings</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>dividend</b></td><td width="12%" colspan="1" align="right" valign="middle" ><b>equity</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" ><b>Equity at 1 January</b></td><td width="10%" align="right" valign="middle" ><b>140,3</b></td><td width="10%" align="right" valign="middle" ><b>-12,2</b></td><td width="14%" align="right" valign="middle" ><b>-248,3</b></td><td width="13%" align="right" valign="middle" ><b>1344,8</b></td><td width="13%" align="right" valign="middle" ><b>0,0</b></td><td width="12%" align="right" valign="middle" ><b>1224,6</b></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Adjustments from change in accounting policies</td><td width="10%" align="right" valign="middle" >0,0</td><td width="10%" align="right" valign="middle" >0,0</td><td width="14%" align="right" valign="middle" >-245,0</td><td width="13%" align="right" valign="middle" >203,8</td><td width="13%" align="right" valign="middle" >0,0</td><td width="12%" align="right" valign="middle" >-41,2</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" ><b>Adjusted equity at 1 January</b></td><td width="10%" align="right" valign="middle" ><b>140,3</b></td><td width="10%" align="right" valign="middle" ><b>-12,2</b></td><td width="14%" align="right" valign="middle" ><b>-493,3</b></td><td width="13%" align="right" valign="middle" ><b>1548,6</b></td><td width="13%" align="right" valign="middle" ><b>0,0</b></td><td width="12%" align="right" valign="middle" ><b>1183,4</b></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="13%" align="right" valign="middle" >310,4</td><td width="13%" align="right" valign="middle" >106,5</td><td width="12%" align="right" valign="middle" >416,9</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Actuarial gains/(losses) on defined benefit plans</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="13%" align="right" valign="middle" >8,3</td><td width="13%" colspan="1" align="right" valign="middle" >-</td><td width="12%" align="right" valign="middle" >8,3</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Tax on defined benefit plans</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="13%" align="right" valign="middle" >-1,9</td><td width="13%" colspan="1" align="right" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-1,9</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Foreign exchange adjustments on translation of foreign subsidiaries</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="14%" align="right" valign="middle" >30,0</td><td width="13%" colspan="1" align="right" valign="middle" >-</td><td width="13%" colspan="1" align="right" valign="middle" >-</td><td width="12%" align="right" valign="middle" >30,0</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Foreign exchange adjustments of equity-like loans to subsidaries</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="14%" align="right" valign="middle" >-36,1</td><td width="13%" colspan="1" align="right" valign="middle" >-</td><td width="13%" colspan="1" align="right" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-36,1</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Tax on equity-like loans to subsidiaries</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="14%" align="right" valign="middle" >7,9</td><td width="13%" colspan="1" align="right" valign="middle" >-</td><td width="13%" colspan="1" align="right" valign="middle" >-</td><td width="12%" align="right" valign="middle" >7,9</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Tax-exempt group contribution*</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="13%" align="right" valign="middle" >56,5</td><td width="13%" colspan="1" align="right" valign="middle" >-</td><td width="12%" align="right" valign="middle" >56,5</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Value adjustment of hedging instruments</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Value adjustments of hedging instruments</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >9,3</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="13%" colspan="1" align="right" valign="middle" >-</td><td width="13%" colspan="1" align="right" valign="middle" >-</td><td width="12%" align="right" valign="middle" >9,3</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Tax on hedging instruments</td><td width="10%" colspan="1" align="right" valign="middle" >-</td><td width="10%" align="right" valign="middle" >-1,6</td><td width="14%" colspan="1" align="right" valign="middle" >-</td><td width="13%" colspan="1" align="right" valign="middle" >-</td><td width="13%" colspan="1" align="right" valign="middle" >-</td><td width="12%" align="right" valign="middle" >-1,6</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" ><b>Changes in equity in the year</b></td><td width="10%" align="right" valign="middle" ><b>0,0</b></td><td width="10%" align="right" valign="middle" ><b>7,7</b></td><td width="14%" align="right" valign="middle" ><b>1,8</b></td><td width="13%" align="right" valign="middle" ><b>373,3</b></td><td width="13%" align="right" valign="middle" ><b>106,5</b></td><td width="12%" align="right" valign="middle" ><b>489,3</b></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" ><b>Equity at 31 December</b></td><td width="10%" align="right" valign="middle" ><b>140,3</b></td><td width="10%" align="right" valign="middle" ><b>-4,5</b></td><td width="14%" align="right" valign="middle" ><b>-491,5</b></td><td width="13%" align="right" valign="middle" ><b>1921,9</b></td><td width="13%" align="right" valign="middle" ><b>106,5</b></td><td width="12%" align="right" valign="middle" ><b>1672,7</b></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >*The Group received a tax-exempt group contribution from the Thornico Group in the form of shares in subsidiaries in China and Malaysia. The contribution has been recognized at the book value of the net assets</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >at the date of transfer, amounting to a total of 56.5 million DKK recognised directly in equity.</td></tr><tr><td colspan="7"></td></tr></table></fsa:StatementOfChangesInEquity>
<fsa:DisclosureOfAccountingPolicies contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Material accounting policies</td></tr><tr><td /><td>Basis of preparation</td></tr><tr><td /><td>The consolidated financial statements and the parent</td></tr><tr><td /><td>company financial statements for the year ended 31</td></tr><tr><td /><td>December 2024 of the group and Hartmann Packaging</td></tr><tr><td /><td>A/S, respectively, have been prepared in accordance</td></tr><tr><td /><td>with the provisions of the Danish Financial Statements</td></tr><tr><td /><td>Act (Ã
RL) applying to entities of reporting class C for</td></tr><tr><td /><td>large companies. Hartmann Packaging A/S has its regis-</td></tr><tr><td /><td>tered office in Denmark.</td></tr><tr><td /><td>The consolidated financial statements and the parent</td></tr><tr><td /><td>company financial statements are presented in Danish</td></tr><tr><td /><td>kroner (million DKK), The consolidated financial state-</td></tr><tr><td /><td>ments and the parent company financial statements are</td></tr><tr><td /><td>prepared on the basis of the historical cost convention,</td></tr><tr><td /><td>with the exception of derivative financial instruments,</td></tr><tr><td /><td>which are measured at fair value.</td></tr><tr><td /><td>Change in accounting policies</td></tr><tr><td /><td>The consolidated financial statements and the parent</td></tr><tr><td /><td>company financial statements for 2024 have been</td></tr><tr><td /><td>prepared in accordance with Ã
RL. In prior years, the</td></tr><tr><td /><td>financial statements were prepared in accordance with</td></tr><tr><td /><td>IFRS® Accounting Standards as adopted by the EU and</td></tr><tr><td /><td>additional Danish disclosure requirements (IFRS).</td></tr><tr><td /><td>This change in accounting policies is implemented</td></tr><tr><td /><td>following the delisting of the Hartmann share from</td></tr><tr><td /><td>Nasdaq Copenhagen A/S in December 2023. The</td></tr><tr><td /><td>transition to Ã
RL was made to align with the accounting</td></tr><tr><td /><td>framework of the company's sole owner, the Thornico</td></tr><tr><td /><td>Group, which also applies Ã
RL.</td></tr><tr><td /><td>The transition from IFRS to Ã
RL has been applied</td></tr><tr><td /><td>retrospectively. Consequently, the comparative figures</td></tr><tr><td /><td>for 2023 in the statement of profit or loss; statement of</td></tr><tr><td /><td>cash flows; and the statement of financial position have</td></tr><tr><td /><td>been restated to reflect Ã
RL, and the opening equity as</td></tr><tr><td /><td>of 1 January 2023 has been adjusted negatively by DKK</td></tr><tr><td /><td>74.2 million. Additionally, the presentation of the state-</td></tr><tr><td /><td>ment of profit or loss, statement of financial position,</td></tr><tr><td /><td>and accompanying notes has been modified to align with</td></tr><tr><td /><td>the format required by Ã
RL.</td></tr><tr><td /><td>Key impacts of the change in accounting poli-</td></tr><tr><td /><td>cies for the consolidated and parent company</td></tr><tr><td /><td>financial statements</td></tr><tr><td /><td>Hyperinflation</td></tr><tr><td /><td>Under Ã
RL, no restatements are made for foreign</td></tr><tr><td /><td>operations in hyperinflationary economies. Conversely,</td></tr><tr><td /><td>under IFRS (specifically IAS 29), Statement of profit or</td></tr><tr><td /><td>loss items and non-monetary items in the statement of</td></tr><tr><td /><td>financial position are adjusted to account for inflation</td></tr><tr><td /><td>prior to translating the financial statements of foreign</td></tr><tr><td /><td>operations. Furthermore, IFRS requires income and</td></tr><tr><td /><td>expenses in hyperinflationary entities to be translated</td></tr><tr><td /><td>using the exchange rate at the balance sheet date, rather</td></tr><tr><td /><td>than the average rate applied under Ã
RL. As a result</td></tr><tr><td /><td>of these differences, the consolidated statement of</td></tr><tr><td /><td>financial position as of 31 December 2023 was restated,</td></tr><tr><td /><td>leading to a reduction in property, plant, and equipment</td></tr><tr><td /><td>(PPE) and retained earnings by DKK 39.2 million and the</td></tr><tr><td /><td>consolidated net result for 2023 was adjusted upward</td></tr><tr><td /><td>by DKK 75.8 million. For the parent company financial</td></tr><tr><td /><td>statements the restatement had no effect on net result</td></tr><tr><td /><td>or financial position.</td></tr><tr><td /><td>Goodwill Amortisation</td></tr><tr><td /><td>Under IFRS, goodwill is not amortised but is instead</td></tr><tr><td /><td>tested for impairment annually. Ã
RL, however, requires</td></tr><tr><td /><td>goodwill to be amortised over its useful life. As a result of</td></tr><tr><td /><td>this difference both the consolidated and parent company</td></tr><tr><td /><td>statement of financial position as of 31 December 2023</td></tr><tr><td /><td>was restated and goodwill amounting to DKK 10.7 million,</td></tr><tr><td /><td>previously recognised under IFRS, was derecognised as it</td></tr><tr><td /><td>would have been fully amortised under Ã
RL by that date.</td></tr><tr><td /><td>Consequently, there was no restatement of the 2023</td></tr><tr><td /><td>statement of profit or loss for either the consolidated or</td></tr><tr><td /><td>parent company financial statements.</td></tr><tr><td /><td>'Leases</td></tr><tr><td /><td>Under Ã
RL, leases are classified as either operating</td></tr><tr><td /><td>or finance leases. Under IFRS, operating leases were</td></tr><tr><td /><td>capitalised as right-of-use assets, with corresponding</td></tr><tr><td /><td>lease liabilities, and related expenses were reflected as</td></tr><tr><td /><td>depreciation and interest in the statement of profit or</td></tr><tr><td /><td>loss. Following the transition to Ã
RL, these operating</td></tr><tr><td /><td>leases were derecognised from the statement of finan-</td></tr><tr><td /><td>cial position and costs associated with the operating</td></tr><tr><td /><td>leases are now recognised directly in the statement of</td></tr><tr><td /><td>profit or loss under production costs, selling and distri-</td></tr><tr><td /><td>bution costs, and administrative expenses. As a result</td></tr><tr><td /><td>of these differences, the statement of financial position</td></tr><tr><td /><td>as 31 December 2023 was restated and lease liabilities</td></tr><tr><td /><td>amounting to DKK 58.4 million and right-of-use assets</td></tr><tr><td /><td>amounting to DKK 53.8 million were derecognised</td></tr><tr><td /><td>from the consolidated statement of financial position</td></tr><tr><td /><td>(right-of-use assets and liabilities of DKK 6.6 million from</td></tr><tr><td /><td>the parent company statement of financial position).</td></tr><tr><td /><td>Interest and depreciation expenses of DKK 2.5 million</td></tr><tr><td /><td>and DKK 14.7 million, respectively, were reversed in the</td></tr><tr><td /><td>consolidated statement of profit or loss (DKK 0.2 million</td></tr><tr><td /><td>and DKK 5.0 million in the parent company statement</td></tr><tr><td /><td>of profit or loss), while operating lease costs in the</td></tr><tr><td /><td>consolidated statement of profit or loss of DKK 16.4</td></tr><tr><td /><td>million (DKK 5.0 million in the parent company state-</td></tr><tr><td /><td>ment of profit or loss) were recognised in production</td></tr><tr><td /><td>costs, selling and distribution costs and administrative</td></tr><tr><td /><td>expenses. This led to a net positive impact on the</td></tr><tr><td /><td>consolidated net result for 2023 of DKK 1.2 million (DKK</td></tr><tr><td /><td>0.2 million impact on the parent company net result).</td></tr><tr><td /><td>Reclassification of Russian Activities</td></tr><tr><td /><td>In previous annual financial statements, the Group's</td></tr><tr><td /><td>Russian activities were classified as discontinued opera-</td></tr><tr><td /><td>tions, with related assets and liabilities presented as held</td></tr><tr><td /><td>for sale. Despite sustained efforts to execute a divest-</td></tr><tr><td /><td>ment, EU sanctions and regulatory constraints imposed</td></tr><tr><td /><td>by Russian authorities have increasingly complicated</td></tr><tr><td /><td>the completion of a sale, and it is no longer assessed as</td></tr><tr><td /><td>highly probable that a divestment will be finalised within</td></tr><tr><td /><td>the next 12 months. Consequently, the result of the</td></tr><tr><td /><td>Russian activities are now included within continuing</td></tr><tr><td /><td>operations, and associated assets and liabilities are no</td></tr><tr><td /><td>longer presented as held for sale. Comparative figures</td></tr><tr><td /><td>in the statement of profit or loss have been restated</td></tr><tr><td /><td>accordingly to reflect this reclassification decreasing the</td></tr><tr><td /><td>consolidated profit from continuing operations for 2023</td></tr><tr><td /><td>by DKK 41.9 million.</td></tr></table></fsa:DisclosureOfAccountingPolicies>
<fsa:InformationOnConsolidations contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Consolidated financial statements</td></tr><tr><td /><td>The consolidated financial statements comprise the</td></tr><tr><td /><td>parent company, Hartmann Packaging A/S, and enti-</td></tr><tr><td /><td>ties in which the parent company directly or indirectly</td></tr><tr><td /><td>holds the majority of voting rights or which the parent</td></tr><tr><td /><td>company in some other way controls (subsidiaries). Enti-</td></tr><tr><td /><td>ties in which the group holds between 20% and 50% of</td></tr><tr><td /><td>the voting rights and over which it exercises significant</td></tr><tr><td /><td>influence, but which it does not control, are considered</td></tr><tr><td /><td>associates.</td></tr><tr><td /><td>The consolidated financial statements are prepared</td></tr><tr><td /><td>on the basis of the financial statements of the parent</td></tr><tr><td /><td>company and the subsidiaries by combining like items.</td></tr><tr><td /><td>The financial statements used for the annual report of</td></tr><tr><td /><td>the group have been prepared in accordance with the</td></tr><tr><td /><td>group's accounting policies. On consolidation, intra-</td></tr><tr><td /><td>group income and expenses, shareholdings, dividends,</td></tr><tr><td /><td>balances, and realised and unrealised gains and losses on</td></tr><tr><td /><td>intra-group transactions are eliminated.</td></tr><tr><td /><td>Business Combination between external parties</td></tr><tr><td /><td>Business combinations between external parties are</td></tr><tr><td /><td>accounted for using the acquisition method. Identifiable</td></tr><tr><td /><td>assets and liabilities and contingent liabilities assumed</td></tr><tr><td /><td>are measured at fair value at the date of acquisition</td></tr><tr><td /><td>by applying relevant valuation methods. Goodwill is</td></tr><tr><td /><td>recognised at the excess of purchase price and the fair</td></tr><tr><td /><td>value of any previously held equity interest over the fair</td></tr><tr><td /><td>value of net identifiable assets acquired and liabilities and</td></tr><tr><td /><td>contingent liabilities assumed. Transaction costs incurred</td></tr><tr><td /><td>in connection with the business combination are</td></tr><tr><td /><td>expensed as incurred. Subsidiaries acquired during the</td></tr><tr><td /><td>year are included in the consolidated financial statements</td></tr><tr><td /><td>from the acquisition date, which is the date control is</td></tr><tr><td /><td>obtained. Comparative figures are not adjusted for</td></tr><tr><td /><td>acquisitions.</td></tr><tr><td /><td>As of 1 July 2024, the Group acquired an additional 51%</td></tr><tr><td /><td>of the shares in Danfiber A/S for a total cash consid-</td></tr><tr><td /><td>eration of DKK 3 million, increasing the ownership to</td></tr><tr><td /><td>100%. Danfiber A/S specialises in the procurement and</td></tr><tr><td /><td>trading of recyclable paper and cardboard. The acqui-</td></tr><tr><td /><td>sition strengthens access to key raw materials essential</td></tr><tr><td /><td>for the Group's production process in Denmark. The</td></tr><tr><td /><td>transaction was accounted for as a business combination</td></tr><tr><td /><td>between external parties in accordance with the acqui-</td></tr><tr><td /><td>sition method. No goodwill or separate intangible assets</td></tr><tr><td /><td>were identified as part of the purchase price allocation.</td></tr><tr><td /><td>The acquired business contributed revenues of DKK</td></tr><tr><td /><td>49.5 million and net profit before tax of DKK 0.5 million</td></tr><tr><td /><td>to the Group for the period from the acquisition date to</td></tr><tr><td /><td>31 December 2024. Had the acquisition been completed</td></tr><tr><td /><td>on 1 January 2024, pro forma revenue and profit before</td></tr><tr><td /><td>tax for the year ended 31 December 2024 would have</td></tr><tr><td /><td>been approximately DKK 96.0 million and DKK 0.5</td></tr><tr><td /><td>million, respectively. No significant cost was incurred in</td></tr><tr><td /><td>connection with the acquisition.</td></tr><tr><td /><td>Group internal business combinations (Book Value Method)</td></tr><tr><td /><td>For business combinations involving companies under</td></tr><tr><td /><td>the controlling influence of the same parent company</td></tr><tr><td /><td>(common control), the book value method is applied.</td></tr><tr><td /><td>Under this method, assets and liabilities acquired are</td></tr><tr><td /><td>recognised at their carrying amounts as reflected in the</td></tr><tr><td /><td>consolidated financial statements of the transferring</td></tr><tr><td /><td>entity, and no goodwill or fair value adjustments are</td></tr><tr><td /><td>recognised. Any difference between the consideration</td></tr><tr><td /><td>transferred and the carrying value of the net assets</td></tr><tr><td /><td>acquired is adjusted directly in equity, through retained</td></tr><tr><td /><td>earnings without impacting the statement of profit or</td></tr><tr><td /><td>loss. The book value method is applied as of the acquisi-</td></tr><tr><td /><td>tion date, and prior period figures are not restated.</td></tr><tr><td /><td>As of 30 June 2024, the Group acquired subsidiaries</td></tr><tr><td /><td>in China and Malaysia through a tax-exempt group</td></tr><tr><td /><td>contribution from the Thornico Group. The business</td></tr><tr><td /><td>activity of the acquired companies is production and</td></tr><tr><td /><td>sale of moulded fiber egg packaging, complementing</td></tr><tr><td /><td>the Groupâs existing operations and expanding the</td></tr><tr><td /><td>groups geographical footprint, enabling better access to</td></tr><tr><td /><td>key markets in Asia. The book value of the net assets</td></tr><tr><td /><td>assumed amounted to DKK 56.5 million, which has been</td></tr><tr><td /><td>recognised directly in equity.</td></tr><tr><td /><td>The acquired businesses contributed revenues of DKK</td></tr><tr><td /><td>30.1 million and a net loss before tax of DKK 30.9</td></tr><tr><td /><td>million to the Group for the period from the acquisition</td></tr><tr><td /><td>date to 31 December 2024. Had the acquisitions been</td></tr><tr><td /><td>completed on 1 January 2024, pro forma revenue and</td></tr><tr><td /><td>profit before tax for the year ended 31 December 2024</td></tr><tr><td /><td>would have been approximately DKK 68.3 million and a</td></tr><tr><td /><td>loss of DKK 37.9 million, respectively. No significant costs</td></tr><tr><td /><td>were incurred in connection with the acquisition.</td></tr></table></fsa:InformationOnConsolidations>
<fsa:DescriptionOfMethodsOfTranslationOfForeignCurrencies contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Foreign currency translation</td></tr><tr><td /><td>Danish kroner (DKK) is used as the presentation</td></tr><tr><td /><td>currency. All other currencies are considered foreign</td></tr><tr><td /><td>currencies.</td></tr><tr><td /><td>Transactions denominated in foreign currency are trans-</td></tr><tr><td /><td>lated into the DKK at the exchange rate at the transac-</td></tr><tr><td /><td>tion date. Gains and losses arising from development</td></tr><tr><td /><td>in exchange rate from the transaction date to the date</td></tr><tr><td /><td>of payment are recognised in the statement of profit</td></tr><tr><td /><td>or loss under financial income and financial expenses,</td></tr><tr><td /><td>respectively. Receivables, payables and other monetary</td></tr><tr><td /><td>items denominated in foreign currency are translated</td></tr><tr><td /><td>into the DKK at the exchange rate at the balance sheet</td></tr><tr><td /><td>date. Gains and losses are recognised in the statement</td></tr><tr><td /><td>of profit or loss under financial income and financial</td></tr><tr><td /><td>expenses, respectively.</td></tr><tr><td /><td>Fixed assets acquired in foreign currencies are measured</td></tr><tr><td /><td>at the transaction date rates.</td></tr><tr><td /><td>Translation of Group Companies</td></tr><tr><td /><td>On recognition of foreign subsidiaries with currencies</td></tr><tr><td /><td>other than DKK, statement of profit or loss items are</td></tr><tr><td /><td>translated at the foreign exchange rate at the transaction</td></tr><tr><td /><td>date. The rate at the transaction date is calculated as the</td></tr><tr><td /><td>average rate of the relevant month, in so far these do</td></tr><tr><td /><td>not deviate materially from the actual exchange rates</td></tr><tr><td /><td>at the transaction date. Statement of financial position</td></tr><tr><td /><td>items of foreign subsidiaries are translated at the foreign</td></tr><tr><td /><td>exchange rate at the balance sheet date. All translation</td></tr><tr><td /><td>differences are recognised in the statement of profit or</td></tr><tr><td /><td>loss, except foreign exchange differences arising from</td></tr><tr><td /><td>translation of opening equity and from translation of</td></tr><tr><td /><td>statement of profit or loss items to the exchange rate</td></tr><tr><td /><td>at the balance sheet date, that are recognised directly in</td></tr><tr><td /><td>equity under the translation reserve.</td></tr><tr><td /><td>Foreign exchange adjustments of a loan to (or borrow-</td></tr><tr><td /><td>ings from) subsidiaries which are neither planned nor</td></tr><tr><td /><td>likely to be settled in the foreseeable future, and which</td></tr><tr><td /><td>are therefore considered to form part of the net invest-</td></tr><tr><td /><td>ment in the subsidiary, are in the consolidated financial</td></tr><tr><td /><td>statements also recognised directly in equity under the</td></tr><tr><td /><td>translation reserve.</td></tr><tr><td /><td>On full or partial divestment of a foreign entity, the part</td></tr><tr><td /><td>of the accumulated foreign exchange adjustment that is</td></tr><tr><td /><td>recognised in equity and is attributable to that entity is</td></tr><tr><td /><td>recognised in profit or loss for the year together with</td></tr><tr><td /><td>any gains or losses from the divestment.</td></tr></table></fsa:DescriptionOfMethodsOfTranslationOfForeignCurrencies>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIncomeStatementItems contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Statement of profit or loss</td></tr><tr><td /><td>The accounting policies applied to the items in the statement</td></tr><tr><td /><td>of profit or loss are described in the respective notes to the</td></tr><tr><td /><td>statement of profit or loss, except as stated below.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIncomeStatementItems>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDistributionCosts contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Selling and distribution costs</td></tr><tr><td /><td>Selling and distribution costs comprise the costs of freight,</td></tr><tr><td /><td>sales staff, advertising, exhibitions, depreciation and amorti-</td></tr><tr><td /><td>sation of sales equipment and credit losses.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDistributionCosts>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfAdministrativeExpenses contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Administrative expenses</td></tr><tr><td /><td>Administrative expenses comprise the expenses of the</td></tr><tr><td /><td>administrative staff, management, office premises, consul-</td></tr><tr><td /><td>tancy assistance, IT costs and depreciation, amortisation and</td></tr><tr><td /><td>impairments of related fixed assets as well as goodwill and</td></tr><tr><td /><td>intangible assets.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfAdministrativeExpenses>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfOtherOperatingIncomeAndExpenses contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Other operating income and expenses</td></tr><tr><td /><td>Other operating income and expenses comprise items</td></tr><tr><td /><td>of a secondary nature to the core activities of the Group,</td></tr><tr><td /><td>including gains and losses on the sale of intangible assets</td></tr><tr><td /><td>and property, plant and equipment and certain govern-</td></tr><tr><td /><td>ment grants. Government grants are recognised in other</td></tr><tr><td /><td>operating income at fair value where there is a reasonable</td></tr><tr><td /><td>assurance that the grant will be received and the Group will</td></tr><tr><td /><td>comply with all attached conditions. Grants received for the</td></tr><tr><td /><td>acquisition of property, plant and equipment are recognised</td></tr><tr><td /><td>as deferred income, which is recognised in the statement of</td></tr><tr><td /><td>profit or loss under other operating income on a systematic</td></tr><tr><td /><td>basis over the useful life of the asset.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfOtherOperatingIncomeAndExpenses>
<fsa:DescriptionMethodsOfRecognitionAndMeasurementBasisForCashFlowsStatement contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Statement of cash flows</td></tr><tr><td /><td>The statement of cash flows shows the groupâs cash flows</td></tr><tr><td /><td>from operating, investing and financing activities for the</td></tr><tr><td /><td>year, the yearâs changes in cash and cash equivalents and</td></tr><tr><td /><td>the groupâs opening and closing cash and cash equiva-</td></tr><tr><td /><td>lents. Cash flow in currencies other than the functional</td></tr><tr><td /><td>currency are translated at the average exchange rates for</td></tr><tr><td /><td>the month, unless these differ significantly from the rates</td></tr><tr><td /><td>at the transaction date, in which case the exchange rate at</td></tr><tr><td /><td>the transaction date is applied.</td></tr><tr><td /><td>Cash flows from operating activities</td></tr><tr><td /><td>Cash flows from operating activities are determined</td></tr><tr><td /><td>using the indirect method as operating profit adjusted</td></tr><tr><td /><td>for changes in working capital, interest and tax paid and</td></tr><tr><td /><td>received and non-cash items such as depreciation, amor-</td></tr><tr><td /><td>tisation and impairment losses and provisions.</td></tr><tr><td /><td>Cash flows from investing activities</td></tr><tr><td /><td>Cash flows from investing activities comprise cash flows</td></tr><tr><td /><td>from acquisition and disposal of intangible assets and</td></tr><tr><td /><td>property, plant and equipment, fixed asset investments</td></tr><tr><td /><td>and acquisition and disposal of subsidiaries.</td></tr><tr><td /><td>Cash flows from financing activities</td></tr><tr><td /><td>Cash flows from financing activities comprise the raising</td></tr><tr><td /><td>and repayment of loans as well as dividend payments to</td></tr><tr><td /><td>shareholder.</td></tr></table></fsa:DescriptionMethodsOfRecognitionAndMeasurementBasisForCashFlowsStatement>
<fsa:ExplanationOfEntitysDefinitionOfCashAndCashEquivalents contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Cash and cash equivalents</td></tr><tr><td /><td>Cash and cash equivalents comprise cash and overdraft</td></tr><tr><td /><td>facilities that are payable on demand and form an inte-</td></tr><tr><td /><td>gral part of the groupâs ongoing cash management.</td></tr><tr><td /><td>Statement of financial position</td></tr><tr><td /><td>The accounting policies applied to the items in the state-</td></tr><tr><td /><td>ment of financial position are described in the respective</td></tr><tr><td /><td>notes to the statement of financial position, except as</td></tr><tr><td /><td>stated below.</td></tr></table></fsa:ExplanationOfEntitysDefinitionOfCashAndCashEquivalents>
<fsa:DescriptionOfMethodsOfLeases contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Leases</td></tr><tr><td /><td>The Group has chosen IAS 17 Leases as the interpretive</td></tr><tr><td /><td>guideline for the classification and recognition of lease</td></tr><tr><td /><td>contracts. Lease contracts relating to assets where the</td></tr><tr><td /><td>company assumes all significant risks and rewards asso-</td></tr><tr><td /><td>ciated with ownership (finance leases) are measured</td></tr><tr><td /><td>upon initial recognition in the statement of financial</td></tr><tr><td /><td>position at the lower of fair value and the present value</td></tr><tr><td /><td>of future lease payments. When calculating the present</td></tr><tr><td /><td>value, the internal interest rate of the lease contract or</td></tr><tr><td /><td>the alternative borrowing rate is used as the discount</td></tr><tr><td /><td>factor. Financially leased assets are subsequently treated</td></tr><tr><td /><td>as other assets of the company.</td></tr><tr><td /><td>The lease obligation is recognised in the statement of</td></tr><tr><td /><td>financial position as a liability, and the interest compo-</td></tr><tr><td /><td>nent of the lease payment is recognised in the statement</td></tr><tr><td /><td>of profit or loss over the contract's term.</td></tr><tr><td /><td>Lease contracts where the company does not assume</td></tr><tr><td /><td>all significant risks and rewards associated with owner-</td></tr><tr><td /><td>ship are classified as operating leases. Payments related</td></tr><tr><td /><td>to operating leases and other rental contracts are</td></tr><tr><td /><td>recognised in the statement of profit or loss over the</td></tr><tr><td /><td>contract's term. The company's total obligations related</td></tr><tr><td /><td>to operating lease and rental contracts are disclosed</td></tr><tr><td /><td>under contingent liabilities.</td></tr></table></fsa:DescriptionOfMethodsOfLeases>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxExpenses contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Income tax</td></tr><tr><td /><td>Current tax payable and receivable is recognised in</td></tr><tr><td /><td>the statement of financial position as tax computed on</td></tr><tr><td /><td>the taxable income for the year, adjusted for tax on</td></tr><tr><td /><td>the taxable income of prior years and for tax paid on</td></tr><tr><td /><td>account. Joint taxation contributions payable and receiv-</td></tr><tr><td /><td>able are recognised as income tax in the statement of</td></tr><tr><td /><td>financial position.</td></tr><tr><td /><td>Management periodically evaluates positions taken in</td></tr><tr><td /><td>tax returns with respect to situations in which applicable</td></tr><tr><td /><td>tax regulation is subject to interpretation and considers</td></tr><tr><td /><td>whether it is probable that a taxation authority will</td></tr><tr><td /><td>accept an uncertain tax treatment. Hartmann measures</td></tr><tr><td /><td>its tax balances either based on "the most likely amount"</td></tr><tr><td /><td>or "the expected value"-method, depending on which</td></tr><tr><td /><td>provides a better prediction of the resolution of the</td></tr><tr><td /><td>uncertainty.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxExpenses>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDeferredIncomeAssets contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Prepayments</td></tr><tr><td /><td>Prepayments include expenses related to insurance,</td></tr><tr><td /><td>rent, licences etc. paid in respect of subsequent financial</td></tr><tr><td /><td>years.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDeferredIncomeAssets>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfEquity contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Equity</td></tr><tr><td /><td>Dividend</td></tr><tr><td /><td>The amount proposed in dividends for the year is stated</td></tr><tr><td /><td>as a separate item in equity. Proposed dividend is recog-</td></tr><tr><td /><td>nised as a liability at the time of approval at the annual</td></tr><tr><td /><td>general meeting.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Treasury shares</td></tr><tr><td /><td>Costs of acquisition and divestment and dividend received</td></tr><tr><td /><td>on treasury shares acquired by the parent company or the</td></tr><tr><td /><td>subsidiaries are recognised as retained earnings in equity.</td></tr><tr><td /><td>Translation reserve</td></tr><tr><td /><td>The translation reserve in the consolidated financial</td></tr><tr><td /><td>statements includes accumulated foreign exchange</td></tr><tr><td /><td>differences on the translation of the financial statements</td></tr><tr><td /><td>of foreign subsidiaries to the presentation currency of</td></tr><tr><td /><td>the group.</td></tr><tr><td /><td>Hedging reserve</td></tr><tr><td /><td>The hedging reserve contains the accumulated net</td></tr><tr><td /><td>change in fair value of hedging transactions that qualify as</td></tr><tr><td /><td>hedging of future cash flows and for which the hedged</td></tr><tr><td /><td>transaction has not yet been realised.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfEquity>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfLiabilitiesOtherThanProvisions contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial liabilities</td></tr><tr><td /><td>Financial liabilities comprise payables to credit institutions,</td></tr><tr><td /><td>trade payables, payables to subsidiaries and associates and</td></tr><tr><td /><td>other payables. Debt to credit institutions is recognised</td></tr><tr><td /><td>at the date of borrowing at fair value corresponding to</td></tr><tr><td /><td>the net proceeds received less transaction costs paid.</td></tr><tr><td /><td>Subsequently, payables to credit institutions are measured</td></tr><tr><td /><td>at amortised cost, corresponding to the capitalised value</td></tr><tr><td /><td>using the effective interest rate. Accordingly, the difference</td></tr><tr><td /><td>between the proceeds and the nominal value (capital loss)</td></tr><tr><td /><td>is recognised in profit or loss over the term of the loan.</td></tr><tr><td /><td>Other liabilities are measured at amortised cost.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfLiabilitiesOtherThanProvisions>
<fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfReceivables contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Trade receivables</td></tr><tr><td /><td>Trade receivables are measured at the lower of amor-</td></tr><tr><td /><td>tised cost and net realisable value, which usually corre-</td></tr><tr><td /><td>sponds to nominal value less provision for bad debts.</td></tr><tr><td /><td>Provisions for bad debts are determined on the basis</td></tr><tr><td /><td>of an individual assessment of each receivable and, in</td></tr><tr><td /><td>respect of trade receivables, a general provision is also</td></tr><tr><td /><td>made based on the companyâs experience from prior</td></tr><tr><td /><td>years and recognised in the statement of profit or loss</td></tr><tr><td /><td>under selling and distribution costs.</td></tr></table></fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfReceivables>
<fsa:DisclosureOfRevenue contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="7%" align="right" valign="middle" ><b>3</b></td><td width="93%" colspan="6" align="left" valign="middle" ><b>Revenue</b></td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="14%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="14%" colspan="1" align="center" valign="middle" ><b></b></td><td width="14%" colspan="1" align="center" valign="middle" ><b>Parent company</b></td><td width="14%" colspan="1" align="center" valign="middle" ><b></b></td><td width="16%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >DKKm</td><td width="14%" align="right" valign="middle" ><b>2024</b></td><td width="14%" align="right" valign="middle" ><b>2023</b></td><td width="14%" align="right" valign="middle" ><b>2024</b></td><td width="14%" align="right" valign="middle" ><b>2023</b></td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Moulded-fibre packaging</td><td width="14%" align="right" valign="middle" >3713,7</td><td width="14%" align="right" valign="middle" >3436,3</td><td width="14%" align="right" valign="middle" >1729,2</td><td width="14%" align="right" valign="middle" >1735,6</td><td width="16%" ></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Machinery and technology</td><td width="14%" align="right" valign="middle" >47,1</td><td width="14%" align="right" valign="middle" >57,4</td><td width="14%" align="right" valign="middle" >336,3</td><td width="14%" align="right" valign="middle" >174,5</td><td width="16%" ></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Recycled paper</td><td width="14%" align="right" valign="middle" >49,5</td><td width="14%" align="right" valign="middle" >0,0</td><td width="14%" align="right" valign="middle" >0,0</td><td width="14%" align="right" valign="middle" >0,0</td><td width="16%" ></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" ><b>Revenue</b></td><td width="14%" align="right" valign="middle" ><b>3810,3</b></td><td width="14%" align="right" valign="middle" ><b>3493,8</b></td><td width="14%" align="right" valign="middle" ><b>2065,5</b></td><td width="14%" align="right" valign="middle" ><b>1910,1</b></td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" ><b>Geographical distribution for the group</b></td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="14%" ></td><td width="14%" ></td><td width="44%" colspan="3" align="left" valign="middle" ><b>North</b></td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Rest of</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>and South</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Rest of</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>Total</b></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >DKKm</td><td width="14%" colspan="1" align="left" valign="middle" ><b>Denmark</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Europe</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>America</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>world</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>group</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="21%" align="right" valign="middle" >2024</td><td width="14%" align="right" valign="middle" >77,5</td><td width="14%" align="right" valign="middle" >1919,8</td><td width="14%" align="right" valign="middle" >1700,1</td><td width="14%" align="right" valign="middle" >112,9</td><td width="16%" align="right" valign="middle" >3810,3</td></tr><tr><td width="7%" ></td><td width="21%" align="right" valign="middle" >2023</td><td width="14%" align="right" valign="middle" >59,9</td><td width="14%" align="right" valign="middle" >1841,5</td><td width="14%" align="right" valign="middle" >1490,4</td><td width="14%" align="right" valign="middle" >102,0</td><td width="16%" align="right" valign="middle" >3493,8</td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >External revenue is allocated to the geographical areas based on the geographical location of the customer. Rest of</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >Europe includes Israel and Russia.</td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" ><b>Accounting policies</b></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >Revenue</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >The group and the parent company recognise revenue from the following categories</td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >⢠Sales of moulded-fibre packaging to egg and fruit producers, packing businesses and retail chains.</td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >⢠Sales of machinery and technology to manufacturers of moulded-fibre packaging.</td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >⢠Sales of recycled paper.</td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >The Group has chosen IFRS 15 Revenue from contract with customers as the interpretive guideline for the classification</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >and recognition of revenue.</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >Revenue from sales of moulded-fibre packaging, recycled paper and from machinery and technology is recognised when</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >the goods have been delivered in accordance with the agreed terms of delivery and control of the goods has thus been</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >transferred to the customer.</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >expects to be entitled to in exchange for those goods and services (transaction price), which normally comprises the</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >price specified in the contract, net of discounts and customer bonuses. The Group offers various discounts, including</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >rebates, bonuses, volume discounts and payments to customers depending on the nature of the customer and business.</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >These discounts are considered variable consideration. Bonuses and discounts payable to a customer are accrued for as</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >the related performance obligations are satisfied and revenue is recognised.</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >Historical experience is used to estimate and provide for the discounts, using the expected value method. Variable</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >consideration related to discounts is only recognised as revenue to the extent that it is highly probable that a significant</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >reversal will not occur in a later period.</td></tr><tr><td colspan="7"></td></tr></table></fsa:DisclosureOfRevenue>
<fsa:DisclosureOfCostOfProduction contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="8%" align="right" valign="middle" ><b>4</b></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Production costs</b></td></tr><tr><td width="8%" ></td><td width="25%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b></b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Parent company</b></td><td width="19%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >DKKm</td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="19%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Cost of goods sold excl. wages and salaries</td><td width="16%" align="right" valign="middle" >1362,7</td><td width="16%" align="right" valign="middle" >1330,4</td><td width="16%" align="right" valign="middle" >1122,4</td><td width="19%" align="right" valign="middle" >1107,9</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Inventory write-downs</td><td width="16%" align="right" valign="middle" >7,0</td><td width="16%" align="right" valign="middle" >3,3</td><td width="16%" align="right" valign="middle" >1,5</td><td width="19%" align="right" valign="middle" >-0,2</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Staff costs</td><td width="16%" align="right" valign="middle" >687,6</td><td width="16%" align="right" valign="middle" >599,4</td><td width="16%" align="right" valign="middle" >227,4</td><td width="19%" align="right" valign="middle" >211,8</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Depreciation, amortisations and impairments</td><td width="16%" align="right" valign="middle" >177,0</td><td width="16%" align="right" valign="middle" >213,9</td><td width="16%" align="right" valign="middle" >31,3</td><td width="19%" align="right" valign="middle" >33,9</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Other production costs</td><td width="16%" align="right" valign="middle" >339,8</td><td width="16%" align="right" valign="middle" >280,2</td><td width="16%" align="right" valign="middle" >86,1</td><td width="19%" align="right" valign="middle" >70,1</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>Production costs</b></td><td width="16%" align="right" valign="middle" ><b>2574,1</b></td><td width="16%" align="right" valign="middle" ><b>2427,2</b></td><td width="16%" align="right" valign="middle" ><b>1468,7</b></td><td width="19%" align="right" valign="middle" ><b>1423,5</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Accounting policies</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Production costs</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Production costs comprise direct and indirect costs, including depreciation, amortisation and impairments and wages and</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >salaries, incurred in generating the revenue for the year. Production costs also comprise development costs not qualifying</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >for capitalisation.</td></tr><tr><td colspan="6"></td></tr></table></fsa:DisclosureOfCostOfProduction>
<fsa:DisclosureOfEmployeeBenefitsExpense contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="7%" align="right" valign="middle" ><b>5</b></td><td width="93%" colspan="6" align="left" valign="middle" ><b>Staff costs</b></td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="14%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="14%" colspan="1" align="center" valign="middle" ><b></b></td><td width="14%" colspan="1" align="center" valign="middle" ><b>Parent company</b></td><td width="14%" colspan="1" align="center" valign="middle" ><b></b></td><td width="16%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >DKKm</td><td width="14%" align="right" valign="middle" ><b>2024</b></td><td width="14%" align="right" valign="middle" ><b>2023</b></td><td width="14%" align="right" valign="middle" ><b>2024</b></td><td width="14%" align="right" valign="middle" ><b>2023</b></td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Wages, salaries and remuneration</td><td width="14%" align="right" valign="middle" >718,5</td><td width="14%" align="right" valign="middle" >656,0</td><td width="14%" align="right" valign="middle" >265,2</td><td width="14%" align="right" valign="middle" >240,9</td><td width="16%" ></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Pension costs, defined benefit plans</td><td width="14%" align="right" valign="middle" >6,1</td><td width="14%" align="right" valign="middle" >3,9</td><td width="14%" colspan="1" align="left" valign="middle" >-</td><td width="30%" colspan="2" align="left" valign="middle" >-</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Pension costs, defined contribution plans</td><td width="14%" align="right" valign="middle" >57,0</td><td width="14%" align="right" valign="middle" >49,9</td><td width="14%" align="right" valign="middle" >26,6</td><td width="14%" align="right" valign="middle" >22,8</td><td width="16%" ></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Other social security costs</td><td width="14%" align="right" valign="middle" >68,2</td><td width="14%" align="right" valign="middle" >58,9</td><td width="14%" align="right" valign="middle" >4,0</td><td width="14%" align="right" valign="middle" >3,8</td><td width="16%" ></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" ><b>Staff costs</b></td><td width="14%" align="right" valign="middle" ><b>849,8</b></td><td width="14%" align="right" valign="middle" ><b>768,7</b></td><td width="14%" align="right" valign="middle" ><b>295,8</b></td><td width="14%" align="right" valign="middle" ><b>267,5</b></td><td width="16%" ></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" ><b>'Number of employees</b></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Average number of full-time equivalents</td><td width="14%" align="right" valign="middle" >3064</td><td width="14%" align="right" valign="middle" >2796</td><td width="14%" align="right" valign="middle" >474</td><td width="14%" align="right" valign="middle" >453</td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" ><b>'Accounting policies</b></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >Staff costs</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >Staff costs include wages and salaries, pensions, social security contributions, annual leave and sick leave, bonuses</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >and non-monetary benefits. Employee costs are recognised in the financial year in which the associated services are</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >rendered. Costs for long-term employee benefits provided by the group are recognised in the period in which they are</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >earned.</td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" ><b>Remuneration of the board of directors</b></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >The remuneration paid to the members of the board of directors is a fixed fee approved by the shareholder at the</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >annual general meeting.</td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" ><b>Remuneration of the executive board</b></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >The remuneration paid to the executive board (registered with the Danish Business Authority) is based on a fixed salary,</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >defined contribution pension, bonus and other benefits in the form of company car and telephone. Bonuses are indi-</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >vidual and performance-related. The remuneration for the executive board includes a one-year cash bonus programme.</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >The one-year bonus programme is based on financial targets and cannot exceed 50% of the individualâs base salary</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >before pension.</td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >Hartmann may terminate the executive employment agreement of Hartmannâs executive board at 12 monthsâ notice. In</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >the event of a change of ownership of a controlling interest in the company, the notice of termination will be extended</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >to 18 months effective from the date of transfer of control. The extended notice will apply for a period of 18 months</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >after the transfer.</td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" ><b>Remuneration</b></td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="42%" colspan="3" align="left" valign="middle" ><b>Salary</b></td><td width="30%" colspan="2" align="left" valign="middle" ><b>Other</b></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >DKKm</td><td width="14%" colspan="1" align="left" valign="middle" ><b>and fees</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Bonus</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Pension</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>benefits</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>Total</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="21%" align="right" valign="middle" ><b>2024</b></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Board of directors and executive board</td><td width="14%" align="right" valign="middle" >5,5</td><td width="14%" align="right" valign="middle" >2,5</td><td width="14%" align="right" valign="middle" >0,5</td><td width="14%" align="right" valign="middle" >0,3</td><td width="16%" align="right" valign="middle" >8,8</td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="14%" align="right" valign="middle" ><b>5,5</b></td><td width="14%" align="right" valign="middle" ><b>2,5</b></td><td width="14%" align="right" valign="middle" ><b>0,5</b></td><td width="14%" align="right" valign="middle" ><b>0,3</b></td><td width="16%" align="right" valign="middle" ><b>8,8</b></td></tr><tr><td width="7%" ></td><td width="21%" align="right" valign="middle" ><b>2023</b></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Board of directors</td><td width="14%" align="right" valign="middle" >2,5</td><td width="14%" align="right" valign="middle" >0,0</td><td width="14%" align="right" valign="middle" >0,0</td><td width="14%" align="right" valign="middle" >0,0</td><td width="16%" align="right" valign="middle" >2,5</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Executive board</td><td width="14%" align="right" valign="middle" >11,0</td><td width="14%" align="right" valign="middle" >3,2</td><td width="14%" align="right" valign="middle" >0,5</td><td width="14%" align="right" valign="middle" >0,4</td><td width="16%" align="right" valign="middle" >15,1</td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="14%" align="right" valign="middle" ><b>13,5</b></td><td width="14%" align="right" valign="middle" ><b>3,2</b></td><td width="14%" align="right" valign="middle" ><b>0,5</b></td><td width="14%" align="right" valign="middle" ><b>0,4</b></td><td width="16%" align="right" valign="middle" ><b>17,6</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >In 2024 the executive board, registered with the Danish Business Authority, consisted of one person (2023: Two</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >persons). In 2023 remuneration to the executive board included severance costs of DKK 4.4 million to the former CFO.</td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >Bonus reflects bonuses earned by the executive board in the respective financial years.</td></tr><tr><td colspan="7"></td></tr></table></fsa:DisclosureOfEmployeeBenefitsExpense>
<fsa:AverageNumberOfEmployees contextRef="ctx1" unitRef="pure" decimals="0">3064</fsa:AverageNumberOfEmployees>
<fsa:DisclosureOfSpecialItems contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="8%" align="right" valign="middle" ><b>6</b></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Special items</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Special items comprise significant non-recurring income and expenses of a special nature relative to the Groupâs earn-</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >ings-generating activities, such as the costs of extensive restructuring of processes and fundamental structural changes.</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Other significant amounts of a non-recurring nature are also included under this item, including impairment of intangible</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >assets and property, plant and equipment, insurance coverage or settlement of legal case related to significant events,</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >and gains and losses on the divestment of activities. Due to the significant impact on the statement of profit or loss, these</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >non-recurring items of special nature are disclosed separately in this note. The special items are presented in the state-</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >ment of profit or loss within the functions, shown in the table below</td></tr><tr><td width="8%" ></td><td width="25%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b></b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Parent company</b></td><td width="19%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >DKKm</td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="19%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Impariment of assets Russia</td><td width="16%" align="right" valign="middle" >-12,7</td><td width="16%" align="right" valign="middle" >-56,9</td><td width="16%" align="right" valign="middle" >0,0</td><td width="19%" align="right" valign="middle" >0,0</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Impairment of assets China</td><td width="16%" align="right" valign="middle" >-17,8</td><td width="16%" align="right" valign="middle" >0,0</td><td width="16%" align="right" valign="middle" >0,0</td><td width="19%" align="right" valign="middle" >0,0</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Impairment of assets India</td><td width="16%" align="right" valign="middle" >0,0</td><td width="16%" align="right" valign="middle" >-97,0</td><td width="16%" align="right" valign="middle" >0,0</td><td width="19%" align="right" valign="middle" >0,0</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>Special items</b></td><td width="16%" align="right" valign="middle" ><b>-30,5</b></td><td width="16%" align="right" valign="middle" ><b>-153,9</b></td><td width="16%" align="right" valign="middle" ><b>0,0</b></td><td width="19%" align="right" valign="middle" ><b>0,0</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Special items are presented in the following items in the statement of profit or loss</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Production costs</td><td width="16%" align="right" valign="middle" >-30,5</td><td width="16%" align="right" valign="middle" >-62,9</td><td width="16%" align="right" valign="middle" >0,0</td><td width="19%" align="right" valign="middle" >0,0</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Selling and distribution costs</td><td width="16%" align="right" valign="middle" >0,0</td><td width="16%" align="right" valign="middle" >-10,3</td><td width="16%" align="right" valign="middle" >0,0</td><td width="19%" align="right" valign="middle" >0,0</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Administrative expenses</td><td width="16%" align="right" valign="middle" >0,0</td><td width="16%" align="right" valign="middle" >-80,7</td><td width="16%" align="right" valign="middle" >0,0</td><td width="19%" align="right" valign="middle" >0,0</td></tr><tr><td width="8%" ></td><td width="25%" ></td><td width="16%" align="right" valign="middle" ><b>-30,5</b></td><td width="16%" align="right" valign="middle" ><b>-153,9</b></td><td width="16%" align="right" valign="middle" ><b>0,0</b></td><td width="19%" align="right" valign="middle" ><b>0,0</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Special items in 2024 include an impairment of non-current assets in China of DKK 17.8 million. Refer to Note 2 for</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >further details.</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Additionally, special items include an impairment of the net assets of the Russian operations by DKK 12.7 million, to a</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >net carrying amount of DKK 0 as of 31 December 2024. In April 2022, Hartmann announced its strategic decision to</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >exit Russia and initiated a full divestment of its Russian business in response to Russia's invasion of Ukraine. This impair-</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >ment reflects ongoing political and regulatory uncertainties, prolonged divestment challenges, and the potential risk of</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >complete loss of control over the assets. Refer to Note 1 for further details of the Russian divestment process.</td></tr><tr><td colspan="6"></td></tr></table></fsa:DisclosureOfSpecialItems>
<fsa:DisclosureOfOtherFinanceIncome contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="8%" align="right" valign="middle" ><b>7</b></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Financial income and expenses</b></td></tr><tr><td width="8%" ></td><td width="25%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b></b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Parent company</b></td><td width="19%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >DKKm</td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="19%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Interest income from subsidiaries</td><td width="16%" colspan="1" align="left" valign="middle" >-</td><td width="16%" colspan="1" align="left" valign="middle" >-</td><td width="16%" align="right" valign="middle" >51,5</td><td width="19%" align="right" valign="middle" >48,5</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Interest income, cash and cash equivalents etc.</td><td width="16%" align="right" valign="middle" >14,5</td><td width="16%" align="right" valign="middle" >14,8</td><td width="16%" align="right" valign="middle" >9,6</td><td width="19%" align="right" valign="middle" >5,8</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Interest income from affiliated companies</td><td width="16%" align="right" valign="middle" >2,8</td><td width="16%" align="right" valign="middle" >0,0</td><td width="16%" align="right" valign="middle" >2,8</td><td width="19%" align="right" valign="middle" >0,0</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Other interest income</td><td width="16%" align="right" valign="middle" >12,4</td><td width="16%" align="right" valign="middle" >5,4</td><td width="16%" align="right" valign="middle" >7,5</td><td width="19%" align="right" valign="middle" >1,3</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Dividend from subsidiaries</td><td width="16%" colspan="1" align="left" valign="middle" >-</td><td width="16%" colspan="1" align="left" valign="middle" >-</td><td width="16%" align="right" valign="middle" >113,0</td><td width="19%" align="right" valign="middle" >8,5</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Reversal of write-down on loans to subsidiaries</td><td width="16%" colspan="1" align="left" valign="middle" >-</td><td width="16%" colspan="1" align="left" valign="middle" >-</td><td width="16%" align="right" valign="middle" >152,5</td><td width="19%" align="right" valign="middle" >0,0</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Foreign exchange gains</td><td width="16%" align="right" valign="middle" >27,0</td><td width="16%" align="right" valign="middle" >27,2</td><td width="16%" align="right" valign="middle" >8,7</td><td width="19%" align="right" valign="middle" >7,8</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Derivative financial instruments</td><td width="16%" align="right" valign="middle" >0,5</td><td width="16%" align="right" valign="middle" >0,6</td><td width="16%" align="right" valign="middle" >0,5</td><td width="19%" align="right" valign="middle" >0,5</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>Financial income</b></td><td width="16%" align="right" valign="middle" ><b>57,2</b></td><td width="16%" align="right" valign="middle" ><b>48,0</b></td><td width="16%" align="right" valign="middle" ><b>346,1</b></td><td width="19%" align="right" valign="middle" ><b>72,4</b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Interest expenses to subsidiaries</td><td width="16%" colspan="1" align="left" valign="middle" >-</td><td width="16%" colspan="1" align="left" valign="middle" >-</td><td width="16%" align="right" valign="middle" >0,5</td><td width="19%" align="right" valign="middle" >2,4</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Interest expenses, credit institutions</td><td width="16%" align="right" valign="middle" >48,7</td><td width="16%" align="right" valign="middle" >53,0</td><td width="16%" align="right" valign="middle" >45,9</td><td width="19%" align="right" valign="middle" >42,5</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Interest expenses to affiliated companies</td><td width="16%" align="right" valign="middle" >1,4</td><td width="16%" align="right" valign="middle" >0,0</td><td width="16%" align="right" valign="middle" >0,0</td><td width="19%" align="right" valign="middle" >0,0</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Net interest on defined benefit plans; see note 17</td><td width="16%" align="right" valign="middle" >0,8</td><td width="16%" align="right" valign="middle" >1,0</td><td width="16%" colspan="1" align="left" valign="middle" >-</td><td width="19%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="16%" align="right" valign="middle" >6,6</td><td width="16%" align="right" valign="middle" >4,0</td><td width="16%" align="right" valign="middle" >0,8</td><td width="19%" align="right" valign="middle" >1,4</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Impairment of investments in subsidiaries</td><td width="16%" colspan="1" align="left" valign="middle" >-</td><td width="16%" colspan="1" align="left" valign="middle" >-</td><td width="16%" align="right" valign="middle" >162,0</td><td width="19%" align="right" valign="middle" >146,6</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Write-down on loans and receivables to subsidiaries</td><td width="16%" colspan="1" align="left" valign="middle" >-</td><td width="16%" colspan="1" align="left" valign="middle" >-</td><td width="16%" align="right" valign="middle" >77,4</td><td width="19%" align="right" valign="middle" >112,6</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Foreign exchange losses</td><td width="16%" align="right" valign="middle" >26,6</td><td width="16%" align="right" valign="middle" >30,4</td><td width="16%" align="right" valign="middle" >32,6</td><td width="19%" align="right" valign="middle" >22,1</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Derivative financial instruments</td><td width="16%" align="right" valign="middle" >1,5</td><td width="16%" align="right" valign="middle" >3,2</td><td width="16%" align="right" valign="middle" >1,5</td><td width="19%" align="right" valign="middle" >1,9</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>Financial expenses</b></td><td width="16%" align="right" valign="middle" ><b>85,6</b></td><td width="16%" align="right" valign="middle" ><b>91,6</b></td><td width="16%" align="right" valign="middle" ><b>320,7</b></td><td width="19%" align="right" valign="middle" ><b>329,7</b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>Financial income and (expenses)</b></td><td width="16%" align="right" valign="middle" ><b>-28,4</b></td><td width="16%" align="right" valign="middle" ><b>-43,6</b></td><td width="16%" align="right" valign="middle" ><b>25,4</b></td><td width="19%" align="right" valign="middle" ><b>-257,3</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Accounting policies</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Financial income and expenses</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Financial income and expenses comprise interest, realised and unrealised foreign exchange adjustments, amortisation and</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >surcharges and allowances under the tax prepayment scheme. Also included are realised and unrealised gains and losses</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >relating to derivative financial instruments not qualifying as effective hedges.</td></tr><tr><td colspan="6"></td></tr></table></fsa:DisclosureOfOtherFinanceIncome>
<fsa:DisclosureOfTaxExpenses contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="8%" align="right" valign="middle" ><b>8</b></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Tax on profit for the year</b></td></tr><tr><td width="8%" ></td><td width="25%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b></b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Parent company</b></td><td width="19%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >DKKm</td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="19%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Tax on profit for the year has been calculated as follows</b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Current tax</td><td width="16%" align="right" valign="middle" >124,5</td><td width="16%" align="right" valign="middle" >104,1</td><td width="16%" align="right" valign="middle" >42,5</td><td width="19%" align="right" valign="middle" >32,0</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Change in deferred tax</td><td width="16%" align="right" valign="middle" >-5,3</td><td width="16%" align="right" valign="middle" >-7,4</td><td width="16%" align="right" valign="middle" >1,1</td><td width="19%" align="right" valign="middle" >1,2</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Change in deferred tax relating to prior years</td><td width="16%" align="right" valign="middle" >19,3</td><td width="16%" align="right" valign="middle" >-0,4</td><td width="16%" align="right" valign="middle" >-2,3</td><td width="19%" align="right" valign="middle" >1,0</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Change in income tax rate</td><td width="16%" align="right" valign="middle" >0,0</td><td width="16%" align="right" valign="middle" >1,1</td><td width="16%" align="right" valign="middle" >0,0</td><td width="19%" align="right" valign="middle" >0,0</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Tax relating to prior years</td><td width="16%" align="right" valign="middle" >-13,8</td><td width="16%" align="right" valign="middle" >-0,7</td><td width="16%" align="right" valign="middle" >-11,6</td><td width="19%" align="right" valign="middle" >-2,7</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>Tax on profit for the year</b></td><td width="16%" align="right" valign="middle" ><b>124,7</b></td><td width="16%" align="right" valign="middle" ><b>96,7</b></td><td width="16%" align="right" valign="middle" ><b>29,7</b></td><td width="19%" align="right" valign="middle" ><b>31,5</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Change in deferred tax and current tax relating to prior years primarily relates to the settlement of a transfer pricing case.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Accounting policies</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Tax on profit for the year</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >The groupâs Danish entities are jointly taxed with its sole shareholder, Thornico Holding A/S, and its Danish subsidiaries.</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >The current Danish income tax liability is allocated among the jointly taxed entities in proportion to their taxable income</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >(full allocation subject to reimbursement in respect of tax losses).</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Tax for the year, comprising current income tax for the year, joint taxation contributions for the year and changes in</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >deferred tax for the year, including such changes as follow from changes in the tax rate, is recognised in profit/loss for the</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >year or in equity, depending on where the tax relates to.</td></tr><tr><td colspan="6"></td></tr></table></fsa:DisclosureOfTaxExpenses>
<fsa:DisclosureOfCashAndCashEquivalents contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="12%" align="right" valign="middle" ><b>9</b></td><td width="88%" colspan="3" align="left" valign="middle" ><b>Cash flows</b></td></tr><tr><td width="12%" ></td><td width="37%" ></td><td width="24%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="27%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >DKKm</td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Inventories</td><td width="24%" align="right" valign="middle" >-43,5</td><td width="27%" align="right" valign="middle" >-39,1</td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Receivables</td><td width="24%" align="right" valign="middle" >-16,3</td><td width="27%" align="right" valign="middle" >27,5</td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Pension obligations</td><td width="24%" align="right" valign="middle" >-2,1</td><td width="27%" align="right" valign="middle" >-0,9</td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Prepayments from customers</td><td width="24%" align="right" valign="middle" >-11,8</td><td width="27%" align="right" valign="middle" >4,1</td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Trade payables</td><td width="24%" align="right" valign="middle" >9,0</td><td width="27%" align="right" valign="middle" >-5,4</td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Other payables etc.</td><td width="24%" align="right" valign="middle" >12,5</td><td width="27%" align="right" valign="middle" >82,8</td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" ><b>Change in working capital etc.</b></td><td width="24%" align="right" valign="middle" ><b>-52,2</b></td><td width="27%" align="right" valign="middle" ><b>69,0</b></td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Credit institutions at 1 January</td><td width="24%" align="right" valign="middle" >765,8</td><td width="27%" align="right" valign="middle" >965,8</td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Raising of debt with credit Institutions</td><td width="24%" align="right" valign="middle" >50,0</td><td width="27%" align="right" valign="middle" >942,3</td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Repayment of debt to credit institutions</td><td width="24%" align="right" valign="middle" >-147,0</td><td width="27%" align="right" valign="middle" >-1146,6</td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Foreign exchange adjustments</td><td width="24%" align="right" valign="middle" >1,4</td><td width="27%" align="right" valign="middle" >4,3</td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Other non-cash items</td><td width="24%" align="right" valign="middle" >0,9</td><td width="27%" align="right" valign="middle" >0,0</td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" ><b>Credit institutions at 31 December</b></td><td width="24%" align="right" valign="middle" ><b>670,3</b></td><td width="27%" align="right" valign="middle" ><b>765,8</b></td></tr><tr><td colspan="4"></td></tr></table></fsa:DisclosureOfCashAndCashEquivalents>
<fsa:DisclosureOfIntangibleAssets contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="10%" align="right" valign="middle" ><b>10</b></td><td width="90%" colspan="4" align="left" valign="middle" ><b>Intangible assets</b></td></tr><tr><td width="10%" ></td><td width="90%" colspan="4" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >DKKm</td><td width="19%" colspan="1" align="left" valign="middle" ><b>Goodwill</b></td><td width="19%" colspan="1" align="left" valign="middle" ><b>Other</b></td><td width="22%" colspan="1" align="left" valign="middle" ><b>Total</b></td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >Cost at 1 January 2024</td><td width="19%" align="right" valign="middle" >96,5</td><td width="19%" align="right" valign="middle" >110,3</td><td width="22%" align="right" valign="middle" >206,8</td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >Transferred from assets held for sale</td><td width="19%" align="right" valign="middle" >44,6</td><td width="19%" align="right" valign="middle" >16,6</td><td width="22%" align="right" valign="middle" >61,2</td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >Additions, business combinations</td><td width="19%" align="right" valign="middle" >0,0</td><td width="19%" align="right" valign="middle" >0,5</td><td width="22%" align="right" valign="middle" >0,5</td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >Foreign exchange adjustment</td><td width="19%" align="right" valign="middle" >-8,5</td><td width="19%" align="right" valign="middle" >-3,9</td><td width="22%" align="right" valign="middle" >-12,4</td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >Transfer from plant under construction</td><td width="19%" align="right" valign="middle" >0,0</td><td width="19%" align="right" valign="middle" >1,3</td><td width="22%" align="right" valign="middle" >1,3</td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >Additions</td><td width="19%" align="right" valign="middle" >0,0</td><td width="19%" align="right" valign="middle" >3,6</td><td width="22%" align="right" valign="middle" >3,6</td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >Disposals</td><td width="19%" align="right" valign="middle" >0,0</td><td width="19%" align="right" valign="middle" >-4,8</td><td width="22%" align="right" valign="middle" >-4,8</td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" ><b>Cost at 31 December 2024</b></td><td width="19%" align="right" valign="middle" ><b>132,6</b></td><td width="19%" align="right" valign="middle" ><b>123,6</b></td><td width="22%" align="right" valign="middle" ><b>256,2</b></td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >Amortisation and impairment at 1 January 2024</td><td width="19%" align="right" valign="middle" >96,5</td><td width="19%" align="right" valign="middle" >65,6</td><td width="22%" align="right" valign="middle" >162,1</td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >Transferred from assets held for sale</td><td width="19%" align="right" valign="middle" >44,6</td><td width="19%" align="right" valign="middle" >16,6</td><td width="22%" align="right" valign="middle" >61,2</td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >Additions, business combinations</td><td width="19%" align="right" valign="middle" >0,0</td><td width="19%" align="right" valign="middle" >0,2</td><td width="22%" align="right" valign="middle" >0,2</td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >Foreign exchange adjustments</td><td width="19%" align="right" valign="middle" >-8,5</td><td width="19%" align="right" valign="middle" >-3,7</td><td width="22%" align="right" valign="middle" >-11,6</td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >Amortisation</td><td width="19%" align="right" valign="middle" >0,0</td><td width="19%" align="right" valign="middle" >18,0</td><td width="22%" align="right" valign="middle" >18,0</td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >Disposals</td><td width="19%" align="right" valign="middle" >0,0</td><td width="19%" align="right" valign="middle" >-4,8</td><td width="22%" align="right" valign="middle" >-4,8</td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" ><b>Amortisation and impairment at 31 December 2024</b></td><td width="19%" align="right" valign="middle" ><b>132,6</b></td><td width="19%" align="right" valign="middle" ><b>91,9</b></td><td width="22%" align="right" valign="middle" ><b>224,5</b></td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" ><b>Carrying amount at 31 December 2024</b></td><td width="19%" align="right" valign="middle" ><b>0,0</b></td><td width="19%" align="right" valign="middle" ><b>31,7</b></td><td width="22%" align="right" valign="middle" ><b>31,7</b></td></tr><tr><td width="10%" ></td><td width="90%" colspan="4" align="left" valign="middle" >Development costs of DKK 21.9 million for both the group and the parent company (2023: DKK 11.7 million) are included</td></tr><tr><td width="10%" ></td><td width="90%" colspan="4" align="left" valign="middle" >in the statement of profit and loss.</td></tr><tr><td colspan="5"></td></tr></table></fsa:DisclosureOfIntangibleAssets>
<fsa:DisclosureOfPropertyPlantAndEquipment contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="7%" align="right" valign="middle" ><b>11</b></td><td width="93%" colspan="6" align="left" valign="middle" ><b>Property, plant and equipment</b></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" ><b>Group</b></td><td width="14%" align="center" valign="middle" ><b>2024</b></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="14%" ></td><td width="14%" ></td><td width="44%" colspan="3" align="left" valign="middle" ><b>Other fixtures</b></td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Plant and</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>and fittings, tools</b></td><td width="30%" colspan="2" align="left" valign="middle" ><b>Plant under</b></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" ><b>DKKm</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Land and buildings</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>machinery</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>and equipment</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>construction</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>Total</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Cost at 1 January</td><td width="14%" align="right" valign="middle" >699,6</td><td width="14%" align="right" valign="middle" >23885</td><td width="14%" align="right" valign="middle" >51,8</td><td width="14%" align="right" valign="middle" >184,7</td><td width="16%" align="right" valign="middle" >3324,6</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Transferred from assets held for sale</td><td width="14%" align="right" valign="middle" >20,6</td><td width="14%" align="right" valign="middle" >40,6</td><td width="14%" align="right" valign="middle" >0,4</td><td width="14%" align="right" valign="middle" >10,8</td><td width="16%" align="right" valign="middle" >72,4</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Additions, business combinations</td><td width="14%" align="right" valign="middle" >53,3</td><td width="14%" align="right" valign="middle" >84,8</td><td width="14%" align="right" valign="middle" >12,3</td><td width="14%" align="right" valign="middle" >10,5</td><td width="16%" align="right" valign="middle" >160,9</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Foreign exchange adjustment</td><td width="14%" align="right" valign="middle" >-14,7</td><td width="14%" align="right" valign="middle" >-26,0</td><td width="14%" align="right" valign="middle" >0,2</td><td width="14%" align="right" valign="middle" >-7,1</td><td width="16%" align="right" valign="middle" >-47,6</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Transfer</td><td width="14%" align="right" valign="middle" >33,4</td><td width="14%" align="right" valign="middle" >300,7</td><td width="14%" align="right" valign="middle" >20,0</td><td width="14%" align="right" valign="middle" >-355,4</td><td width="16%" align="right" valign="middle" >-1,3</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Additions</td><td width="14%" align="right" valign="middle" >15,1</td><td width="14%" align="right" valign="middle" >54,7</td><td width="14%" align="right" valign="middle" >3,0</td><td width="14%" align="right" valign="middle" >345,6</td><td width="16%" align="right" valign="middle" >418,4</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Disposals</td><td width="14%" align="right" valign="middle" >-13,8</td><td width="14%" align="right" valign="middle" >-28,0</td><td width="14%" align="right" valign="middle" >-3,7</td><td width="14%" align="right" valign="middle" >0,0</td><td width="16%" align="right" valign="middle" >-45,4</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" ><b>Cost at 31 December</b></td><td width="14%" align="right" valign="middle" ><b>793,5</b></td><td width="14%" align="right" valign="middle" ><b>2815,3</b></td><td width="14%" align="right" valign="middle" ><b>84,0</b></td><td width="14%" align="right" valign="middle" ><b>189,1</b></td><td width="16%" align="right" valign="middle" ><b>3881,9</b></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Depreciation and impairment at 1 January</td><td width="14%" align="right" valign="middle" >393,3</td><td width="14%" align="right" valign="middle" >1556,3</td><td width="14%" align="right" valign="middle" >35,5</td><td width="14%" align="right" valign="middle" >0,0</td><td width="16%" align="right" valign="middle" >1985,1</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Transferred from assets held for sale</td><td width="14%" align="right" valign="middle" >20,6</td><td width="14%" align="right" valign="middle" >40,6</td><td width="14%" align="right" valign="middle" >0,4</td><td width="14%" align="right" valign="middle" >10,8</td><td width="16%" align="right" valign="middle" >72,4</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Additions, business combinations</td><td width="14%" align="right" valign="middle" >12,1</td><td width="14%" align="right" valign="middle" >51,2</td><td width="14%" align="right" valign="middle" >6,4</td><td width="14%" align="right" valign="middle" >0,0</td><td width="16%" align="right" valign="middle" >69,7</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Foreign exchange adjustment</td><td width="14%" align="right" valign="middle" >-12,7</td><td width="14%" align="right" valign="middle" >-27,9</td><td width="14%" align="right" valign="middle" >0,0</td><td width="14%" align="right" valign="middle" >-0,3</td><td width="16%" align="right" valign="middle" >-40,9</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Depreciation</td><td width="14%" align="right" valign="middle" >18,9</td><td width="14%" align="right" valign="middle" >131,4</td><td width="14%" align="right" valign="middle" >8,5</td><td width="14%" align="right" valign="middle" >0,0</td><td width="16%" align="right" valign="middle" >158,8</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Impairment</td><td width="14%" align="right" valign="middle" >1,2</td><td width="14%" align="right" valign="middle" >18,6</td><td width="14%" align="right" valign="middle" >0,1</td><td width="14%" align="right" valign="middle" >4,3</td><td width="16%" align="right" valign="middle" >24,2</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Disposals</td><td width="14%" align="right" valign="middle" >-12,8</td><td width="14%" align="right" valign="middle" >-26,9</td><td width="14%" align="right" valign="middle" >-3,7</td><td width="14%" align="right" valign="middle" >0,0</td><td width="16%" align="right" valign="middle" >-43,4</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" ><b>Depreciation and impairment at 31 December</b></td><td width="14%" align="right" valign="middle" ><b>420,6</b></td><td width="14%" align="right" valign="middle" ><b>1743,3</b></td><td width="14%" align="right" valign="middle" ><b>47,2</b></td><td width="14%" align="right" valign="middle" ><b>14,8</b></td><td width="16%" align="right" valign="middle" ><b>2225,9</b></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" ><b>Carrying amount at 31 December</b></td><td width="14%" align="right" valign="middle" ><b>372,9</b></td><td width="14%" align="right" valign="middle" ><b>1072,0</b></td><td width="14%" align="right" valign="middle" ><b>36,8</b></td><td width="14%" align="right" valign="middle" ><b>174,3</b></td><td width="16%" align="right" valign="middle" ><b>1656,0</b></td></tr><tr><td colspan="7"></td></tr></table></fsa:DisclosureOfPropertyPlantAndEquipment>
<fsa:DisclosureOfDeferredTaxAssetsAndLiabilities contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="12%" align="right" valign="middle" ><b>14</b></td><td width="88%" colspan="3" align="left" valign="middle" ><b>Deferred tax</b></td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >DKKm</td><td width="51%" colspan="2" align="left" valign="middle" ><b>Total</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Deferred tax at 1 January 2024</td><td width="24%" align="right" valign="middle" >19,9</td><td width="27%" ></td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Foreign exchange adjustment</td><td width="24%" align="right" valign="middle" >-5,0</td><td width="27%" ></td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Adjustment relating to prior years</td><td width="24%" align="right" valign="middle" >-19,3</td><td width="27%" ></td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Recognised in profit for the year, net</td><td width="24%" align="right" valign="middle" >5,3</td><td width="27%" ></td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Recognised in equity, net</td><td width="24%" align="right" valign="middle" >-4,4</td><td width="27%" ></td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" ><b>Deferred tax at 31 December 2024</b></td><td width="24%" align="right" valign="middle" ><b>-3,5</b></td><td width="27%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="12%" ></td><td width="37%" ></td><td width="24%" colspan="1" align="left" valign="middle" ><b>Group</b></td><td width="27%" colspan="1" align="left" valign="middle" ><b>company</b></td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >DKKm</td><td width="24%" align="right" valign="middle" ><b>2024</b></td><td width="27%" align="right" valign="middle" ><b>2024</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Unrecognised deferred tax assets at 1 January</td><td width="24%" align="right" valign="middle" >49,2</td><td width="27%" align="right" valign="middle" >0,0</td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Foreign exchange adjustment</td><td width="24%" align="right" valign="middle" >-7,6</td><td width="27%" align="right" valign="middle" >0,0</td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Additions, business combinations</td><td width="24%" align="right" valign="middle" >10,2</td><td width="27%" align="right" valign="middle" >0,0</td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Additions</td><td width="24%" align="right" valign="middle" >2,6</td><td width="27%" align="right" valign="middle" >0,0</td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" >Adjustments</td><td width="24%" align="right" valign="middle" >-3,3</td><td width="27%" align="right" valign="middle" >0,0</td></tr><tr><td width="12%" ></td><td width="37%" colspan="1" align="left" valign="middle" ><b>Unrecognised deferred tax assets at 31 December</b></td><td width="24%" align="right" valign="middle" ><b>51,1</b></td><td width="27%" align="right" valign="middle" ><b>0,0</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >Deferred tax assets that are not expected to be realised or subject to significant risks of not being utilised are not recog-</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >nised. Unrecognised deferred tax assets relate to the subsidiaries in Brazil, China and Malaysia (2023: Brazil and India).</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >Out of unrecognised tax loss DKK 1.1 million expires within 5 years and DKK 11.3 within 5-10 years. The remaining tax</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >loss carry forward do not expire.</td></tr><tr><td colspan="4"></td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" ><b>Accounting estimates and judgements</b></td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >Deferred tax assets</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >In the measurement of deferred tax assets, it is assessed whether, on the basis of financial forecasts and operating plans,</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >future earnings will allow for and render probable the utilisation of the temporary differences between tax bases and</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >carrying amounts. Tax loss carry-forwards are recognised based on utilisation within five years. The net carrying amount</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >of deferred tax assets for the group amounted to DKK 57.2 million at 31 December 2024 (2023: DKK 65.5 million).</td></tr><tr><td colspan="4"></td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" ><b>Accounting policies</b></td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >Deferred tax</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >relating to goodwill which is not deductible for tax purposes and office buildings and other items where temporary</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >differences â other than business acquisitions â arise at the date of acquisition without affecting either the profit or loss</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >for the year or the taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >measured on the basis of planned use of the asset as decided by management, or settlement of the liability, respectively.</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >Deferred tax assets, including the tax base of tax loss carry-forwards, are recognised under other non-current assets at</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >the expected value of their utilisation, either as a set-off against tax on future earnings or as a set-off against deferred</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >tax liabilities within the same legal tax entity and jurisdiction. Adjustment is made to deferred tax relating to eliminations</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >made of unrealised intra-group gains and losses. Deferred tax is measured according to the tax rules and at the tax rates</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >applicable in the respective countries at the balance sheet date when the deferred tax is expected to materialise as</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >current tax.</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >Hartmann has applied the exception to not recognise and disclose information about deferred tax in the OECD/EU Pillar</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >Two Model Rules and their local implementation. No Pillar Two tax was paid during 2024.</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >Impairment of deferred tax assets</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >Deferred tax assets are reviewed for impairment annually and are written down if it is deemed likely that the deferred</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >tax asset cannot be utilised against tax on future income or set off against deferred tax liabilities in the same legal tax</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >entity and jurisdiction. This assessment takes into account the type and nature of the recognised deferred tax asset, and</td></tr><tr><td width="12%" ></td><td width="88%" colspan="3" align="left" valign="middle" >the estimated time frame for the set-off of the asset.</td></tr><tr><td colspan="4"></td></tr></table></fsa:DisclosureOfDeferredTaxAssetsAndLiabilities>
<fsa:DisclosureOfInventories contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="8%" align="right" valign="middle" ><b>15</b></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Inventories</b></td></tr><tr><td width="8%" ></td><td width="25%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b></b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Parent company</b></td><td width="19%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >DKKm</td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="19%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Raw materials and consumables</td><td width="16%" align="right" valign="middle" >241,1</td><td width="16%" align="right" valign="middle" >230,6</td><td width="16%" align="right" valign="middle" >66,6</td><td width="19%" align="right" valign="middle" >80,2</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Work in progress</td><td width="16%" align="right" valign="middle" >14,1</td><td width="16%" align="right" valign="middle" >10,8</td><td width="16%" align="right" valign="middle" >18,2</td><td width="19%" align="right" valign="middle" >20,0</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Finished goods and goods for resale</td><td width="16%" align="right" valign="middle" >133,8</td><td width="16%" align="right" valign="middle" >97,9</td><td width="16%" align="right" valign="middle" >63,4</td><td width="19%" align="right" valign="middle" >52,2</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>Inventories</b></td><td width="16%" align="right" valign="middle" ><b>389,0</b></td><td width="16%" align="right" valign="middle" ><b>339,3</b></td><td width="16%" align="right" valign="middle" ><b>148,2</b></td><td width="19%" align="right" valign="middle" ><b>152,4</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Work in progress for the parent company includes plant under construction for use in subsidiaries, which in the consoli-</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >dated financial statements has been reclassified as property, plant and equipment.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >The group has not pledged inventories as security for debt items to any third party.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Accounting policies</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Inventories</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Inventories are measured at cost using the FIFO method.</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Goods for resale, raw materials and consumables are measured at cost, comprising the purchase price plus delivery</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >costs.</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >labour costs and production overheads. Production overheads comprise indirect materials and labour costs as well as</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >maintenance and depreciation of production machinery, factory buildings and equipment and factory administration and</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >management costs.</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Where the net realisable value is lower than cost, inventories are written down to such lower value. The net realisable</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >determined taking into account marketability, obsolescence and developments in the expected selling price.</td></tr><tr><td colspan="6"></td></tr></table></fsa:DisclosureOfInventories>
<fsa:DisclosureOfProvisionsForPensionsAndSimilarLiabilities contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="8%" align="right" valign="middle" ><b>17</b></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Pension obligations</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Defined contribution plans</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Hartmann offers pension plans to certain groups of employees. These pension plans are generally defined contribution</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >plans. Under these pension plans, Hartmann recognises regular payments of premiums (e.g. a fixed amount or a fixed</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >percentage of the salary) to independent insurers who are responsible for the pension obligations.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Under defined contribution plans, the group carries no risk in relation to future development in interest rates, infla-</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >tion, mortality or disability. Once the contributions under defined contribution plans have been paid, Hartmann has no</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >further pension obligations towards existing or former employees.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Defined benefit plans</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Under defined benefit plans, Hartmann has an obligation to pay a specific benefit (e.g. retirement pension in the form of</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >a fixed proportion of the exit salary). Under these plans, Hartmann carries the risk in relation to future development in</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >interest rates, inflation, mortality, etc. A change in the assumptions upon which the calculation is based results in a change</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >in the actuarial present value.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >In the event of changes in the assumptions used in the calculation of defined benefit plans for existing and former</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >employees, actuarial gains and losses are recognised directly in equity.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >The total pension obligation relate to two funded plans in the subsidiary Hartmann Canada Inc. and one unfunded plan in</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >the subsidiary Hartmann Verpackung GmbH.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >The weighted average duration of the obligations is 11-16 years in Canada and 15 years in Germany.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="25%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b></b></td><td width="16%" colspan="1" align="center" valign="middle" ><b></b></td><td width="19%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>DKKm</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" ></td><td width="19%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Recognition of defined benefit plans in the statement of financial position</b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Present value of liability with plan assets</td><td width="16%" align="right" valign="middle" >131,1</td><td width="16%" align="right" valign="middle" >125,3</td><td width="16%" ></td><td width="19%" ></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Market value of plan assets</td><td width="16%" align="right" valign="middle" >-185,3</td><td width="16%" align="right" valign="middle" >-156,5</td><td width="16%" ></td><td width="19%" ></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Net obligation of plans with plan assets</td><td width="16%" align="right" valign="middle" >-54,2</td><td width="16%" align="right" valign="middle" >-31,2</td><td width="16%" ></td><td width="19%" ></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Present value of plans without plan assets</td><td width="16%" align="right" valign="middle" >19,9</td><td width="16%" align="right" valign="middle" >20,1</td><td width="16%" ></td><td width="19%" ></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Assets not recognised due to asset cap</td><td width="16%" align="right" valign="middle" >44,5</td><td width="16%" align="right" valign="middle" >31,2</td><td width="16%" ></td><td width="19%" ></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>Recognised net obligation</b></td><td width="16%" align="right" valign="middle" ><b>10,2</b></td><td width="16%" align="right" valign="middle" ><b>20,1</b></td><td width="16%" ></td><td width="19%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >The majority of pensions fall due more than one year after the balance sheet date.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Hartmann expects to contribute DKK 14.4 million to pension plans in 2025 (2023: DKK 13.2 million relating to 2024).</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>%</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" ></td><td width="19%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Composition of plan assets</b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Shares and investment funds</td><td width="16%" align="right" valign="middle" >84,1</td><td width="16%" align="right" valign="middle" >81,2</td><td width="16%" ></td><td width="19%" ></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Bonds and other securities</td><td width="16%" align="right" valign="middle" >15,9</td><td width="16%" align="right" valign="middle" >18,8</td><td width="16%" ></td><td width="19%" ></td></tr><tr><td width="8%" ></td><td width="25%" ></td><td width="16%" align="right" valign="middle" ><b>100,0</b></td><td width="16%" align="right" valign="middle" ><b>100,0</b></td><td width="16%" ></td><td width="19%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Plan assets are measured at fair value based on prices quoted in an active market. No plan assets have any relation to</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >group entities.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >The primary assumption applied in the calculation of pension obligations is the discount rate. The sensitivity analysis</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >below indicates the development of the pension obligation on a change in the discount rate by 1 percentage point up or</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >down.</td></tr><tr><td width="8%" ></td><td width="25%" ></td><td width="16%" align="center" valign="middle" ><b>2024</b></td><td width="16%" ></td><td width="16%" align="center" valign="middle" ><b>2023</b></td><td width="19%" ></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>DKKm</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>+1% point</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>-1% point</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>+1% point</b></td><td width="19%" colspan="1" align="left" valign="middle" ><b>-1% point</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Pension obligation sensitivity to</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>changes in the discount rate</b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >â Germany</td><td width="16%" align="right" valign="middle" >-1,4</td><td width="16%" align="right" valign="middle" >1,5</td><td width="16%" align="right" valign="middle" >-1,4</td><td width="19%" align="right" valign="middle" >1,5</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >â Canada, wage earners</td><td width="16%" align="right" valign="middle" >-9,5</td><td width="16%" align="right" valign="middle" >12,7</td><td width="16%" align="right" valign="middle" >-9,1</td><td width="19%" align="right" valign="middle" >12,3</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >â Canada, salaried employees</td><td width="16%" align="right" valign="middle" >-4,6</td><td width="16%" align="right" valign="middle" >5,9</td><td width="16%" align="right" valign="middle" >-4,0</td><td width="19%" align="right" valign="middle" >5,0</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="25%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b></b></td><td width="16%" colspan="1" align="center" valign="middle" ><b></b></td><td width="19%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >%</td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" ></td><td width="19%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Defined benefit plans have been calculated based on</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>the following actuarial assumptions</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Discount rate</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >â Germany</td><td width="16%" align="right" valign="middle" >3,2</td><td width="16%" align="right" valign="middle" >3,5</td><td width="16%" ></td><td width="19%" ></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >â Canada, wage earners</td><td width="16%" align="right" valign="middle" >4,7</td><td width="16%" align="right" valign="middle" >4,6</td><td width="16%" ></td><td width="19%" ></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >â Canada, salaried employees</td><td width="16%" align="right" valign="middle" >4,7</td><td width="16%" align="right" valign="middle" >4,6</td><td width="16%" ></td><td width="19%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Expected pay rise</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >â Germany - -</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >â Canada, wage earners</td><td width="16%" colspan="1" align="left" valign="middle" >-</td><td width="51%" colspan="3" align="left" valign="middle" >-</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >â Canada, salaried employees</td><td width="16%" align="right" valign="middle" >3,0</td><td width="16%" align="right" valign="middle" >2,0</td><td width="16%" ></td><td width="19%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Accounting policies</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Pension obligations</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Payments relating to defined contribution plans, under which the group regularly pays fixed contributions into an inde-</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >pendent pension fund, are recognised in profit or loss in the period in which they are earned, and outstanding payments</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >are recognised in the statement of financial position under other payables.</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >For defined benefit plans, annual actuarial calculations are made of the present value of future benefits payable under</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >the pension plan. The present value is calculated based on assumptions about future developments in variables such as</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >salary levels and interest, inflation and mortality rates. The present value is only calculated for benefits earned by the</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >employees through their employment with the group to date. The actuarial calculation of present value less the fair value</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >of any plan assets is recognised in the statement of financial position as pension obligations. The pension costs for the</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >year, based on actuarial estimates and financial forecasts at the beginning of the year, are recognised in the statement of</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >profit or loss. The difference between the forecast development in pension assets and liabilities and the realised values</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >is called actuarial gains or losses and is recognised directly in equity in the period in which they arise. If a pension plan</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >constitutes a net asset, the asset is recognised only to the extent that it equals the value of future repayments under the</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >plan or it leads to a reduction of future contributions to the plan.</td></tr><tr><td colspan="6"></td></tr></table></fsa:DisclosureOfProvisionsForPensionsAndSimilarLiabilities>
<fsa:InformationOnAuditorsFees contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="8%" align="right" valign="middle" ><b>18</b></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Fees to shareholder-appointed auditor</b></td></tr><tr><td width="8%" ></td><td width="25%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b></b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Parent company</b></td><td width="19%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >DKKm</td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="19%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Fees to shareholder-appointed auditor</b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Statutory audit</td><td width="16%" align="right" valign="middle" >3,8</td><td width="16%" align="right" valign="middle" >3,9</td><td width="16%" align="right" valign="middle" >2,2</td><td width="19%" align="right" valign="middle" >2,8</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Other assurance engagements</td><td width="16%" align="right" valign="middle" >0,1</td><td width="16%" align="right" valign="middle" >0,0</td><td width="16%" align="right" valign="middle" >0,1</td><td width="19%" align="right" valign="middle" >0,0</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Tax advisory services</td><td width="16%" align="right" valign="middle" >0,8</td><td width="16%" align="right" valign="middle" >0,5</td><td width="16%" align="right" valign="middle" >0,8</td><td width="19%" align="right" valign="middle" >0,3</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Other non-audit services</td><td width="16%" align="right" valign="middle" >0,3</td><td width="16%" align="right" valign="middle" >0,3</td><td width="16%" align="right" valign="middle" >0,2</td><td width="19%" align="right" valign="middle" >0,3</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>Fees to shareholder-appointed auditor</b></td><td width="16%" align="right" valign="middle" ><b>5,0</b></td><td width="16%" align="right" valign="middle" ><b>4,7</b></td><td width="16%" align="right" valign="middle" ><b>3,3</b></td><td width="19%" align="right" valign="middle" ><b>3,4</b></td></tr><tr><td colspan="6"></td></tr></table></fsa:InformationOnAuditorsFees>
<fsa:DisclosureOfContingentLiabilities contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="8%" align="right" valign="middle" ><b>19</b></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Collateral, contingent liabilities and lease contract obligations</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Rental and lease obligations</b></td></tr><tr><td width="8%" ></td><td width="25%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b></b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Parent company</b></td><td width="19%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >DKKm</td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="19%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Due in</b></td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >In 1 year or less</td><td width="16%" align="right" valign="middle" >10,3</td><td width="16%" align="right" valign="middle" >16,4</td><td width="16%" align="right" valign="middle" >0,9</td><td width="19%" align="right" valign="middle" >4,4</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >In 1-5 years</td><td width="16%" align="right" valign="middle" >38,1</td><td width="16%" align="right" valign="middle" >42,9</td><td width="16%" align="right" valign="middle" >2,8</td><td width="19%" align="right" valign="middle" >2,8</td></tr><tr><td width="8%" ></td><td width="25%" colspan="1" align="left" valign="middle" >After 5 years</td><td width="16%" align="right" valign="middle" >17,6</td><td width="16%" align="right" valign="middle" >9,3</td><td width="16%" align="right" valign="middle" >0,4</td><td width="19%" align="right" valign="middle" >0,0</td></tr><tr><td width="8%" ></td><td width="25%" ></td><td width="16%" align="right" valign="middle" ><b>66,0</b></td><td width="16%" align="right" valign="middle" ><b>68,6</b></td><td width="16%" align="right" valign="middle" ><b>4,1</b></td><td width="19%" align="right" valign="middle" ><b>7,2</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Guarantees</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Hartmann Packaging A/S has provided a guarantee of BRL 15 million, corresponding to DKK 17 million, in favour of Itaú</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Unibanco S.A. for the credit facility issued to the subsidiary Sanovo Greenpack Embalagens Do Brasil Ltda.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Hartmann Packaging A/S has provided a parent company guarantee to Hartmann (UK) Ltd. (CRN 00734190) to allow</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >the subsidiary to claim exemption from audit under section 479A of the British Companies Act 2006. At 31 December</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >2024, the amount owed to creditors of Hartmann (UK) Ltd. was DKK 0.1 million (2023: DKK 0.1 million).</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Joint taxation</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Hartmann Packaging A/S and its Danish subsidiaries are taxed jointly with Thornico Holding A/S, which is the manage-</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >ment company.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >The company and its Danish subsidiaries thus have secondary liability with respect to income taxes etc. and any obliga-</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >tions to withhold taxes on interest, royalties and dividends applying to the jointly taxed entities. Such secondary liability is,</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >however, capped at an amount equal to the portion of the share capital in the company held directly or indirectly by the</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >ultimate parent company.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >The total tax obligation of the jointly taxed entities is disclosed in the financial statements of the management company.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Contractual commitments</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >In addition to the contractual commitments of DKK 51 million related to investments in capacity expansions, the Group</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >has entered into customary contractual arrangements as part of its regular operating activities. These include lease</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >agreements, supply contracts, service agreements, and agreements related to committed sales volumes. None of these</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >obligations represent significant non-cancellable commitments, nor are they expected to have a material impact on the</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Groupâs liquidity</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Other matters</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >In autumn 2019, the Brazilian tax authorities raised a claim including interest and fines of BRL 56 million, against Hart-</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >mannâs Brazilian subsidiary, Sanovo Greenpack Embalagens Do Brasil Ltda., concerning non-payment of industrial prod-</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >ucts tax (IPI) on sales of the companyâs products in 2015 and 2016. Accumulated calculated interests and fines related</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >to the claim up until December 2024 not claimed by the tax authorities is estimated to BRL 21.1 million leading to a</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >total estimated claim of BRL 77 million, corresponding to DKK 89 million. The tax authorities have not raised any claims</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >against Hartmann's Brazilian subsidiary for the subsequent years 2017-2024.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Based on judicial practice and statements from its legal advisers, Hartmann is of the opinion that the companyâs products</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >are not liable to IPI tax and accordingly considers the claim to be unjustified. Hartmann therefore disputes the claim but</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >acknowledges that the case is complicated and that the legal proceedings are to take place in a complex judicial environ-</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >ment. Based on this management underline, that the outcome is subject to a degree of uncertainty.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >There has been no significant development in 2024 impacting our assessement of the likely outcome of the case. A</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >lengthy process is expected before the case will be finally settled.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >Hartmann has not recognised any provision and as such the claim has not affected the companyâs financial position,</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >results of operations or cash flows.</td></tr><tr><td colspan="6"></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" ><b>Pending lawsuits</b></td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >The group is party to a few lawsuits and disputes. Management believes that these lawsuits and disputes will not signifi-</td></tr><tr><td width="8%" ></td><td width="92%" colspan="5" align="left" valign="middle" >cantly affect the financial position of the group or the parent company.</td></tr><tr><td colspan="6"></td></tr></table></fsa:DisclosureOfContingentLiabilities>
<fsa:DisclosureOfLiabilitiesOtherThanProvisions contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="10%" align="right" valign="middle" ><b>21</b></td><td width="90%" colspan="4" align="left" valign="middle" ><b>Financial liabilities</b></td></tr><tr><td width="10%" ></td><td width="90%" colspan="4" align="left" valign="middle" ><b>Maturities of financial debt</b></td></tr><tr><td width="10%" ></td><td width="30%" ></td><td width="19%" colspan="1" align="left" valign="middle" ><b>In 1 year</b></td><td width="19%" colspan="1" align="left" valign="middle" ><b>In</b></td><td width="22%" colspan="1" align="left" valign="middle" ><b>After</b></td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >DKKm</td><td width="19%" colspan="1" align="left" valign="middle" ><b>or less</b></td><td width="19%" colspan="1" align="left" valign="middle" ><b>1-5 years</b></td><td width="22%" colspan="1" align="left" valign="middle" ><b>5 years</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="10%" ></td><td width="90%" colspan="4" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >Credit institutions</td><td width="19%" align="right" valign="middle" >0,0</td><td width="19%" align="right" valign="middle" >670,3</td><td width="22%" align="right" valign="middle" >0,0</td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >Overdraft facilities</td><td width="19%" align="right" valign="middle" >70,2</td><td width="19%" align="right" valign="middle" >0,0</td><td width="22%" align="right" valign="middle" >0,0</td></tr><tr><td width="10%" ></td><td width="30%" colspan="1" align="left" valign="middle" >Payables to affiliated companies</td><td width="19%" align="right" valign="middle" >24,3</td><td width="19%" align="right" valign="middle" >0,0</td><td width="22%" align="right" valign="middle" >0,0</td></tr><tr><td width="10%" ></td><td width="30%" ></td><td width="19%" align="right" valign="middle" ><b>94,5</b></td><td width="19%" align="right" valign="middle" ><b>670,3</b></td><td width="22%" align="right" valign="middle" ><b>0,0</b></td></tr><tr><td colspan="5"></td></tr></table></fsa:DisclosureOfLiabilitiesOtherThanProvisions>
<fsa:DisclosureOfScopeAndNatureOfDerivativeFinancialInstruments contextRef="ctx1" xml:lang="da"><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="7%" align="right" valign="middle" ><b>22</b></td><td width="93%" colspan="6" align="left" valign="middle" ><b>Financial instruments</b></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" ><b>Fair value of derivative financial instruments</b></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >The fair value of forward exchange and energy contracts are based on observable data (level 2) and has been recognised</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >in receivables and payables at 31 December 2024. Changes in the fair value of financial instruments qualifying as hedges</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >of future cash flows are recognised directly in equity.</td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="14%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="14%" colspan="1" align="center" valign="middle" ><b></b></td><td width="14%" colspan="1" align="center" valign="middle" ><b></b></td><td width="14%" colspan="1" align="center" valign="middle" ><b>Parent company</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="14%" align="center" valign="middle" ><b>2024</b></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="center" valign="middle" ><b>2024</b></td><td width="16%" ></td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Average</b></td><td width="28%" colspan="2" align="left" valign="middle" ><b>Recognised</b></td><td width="30%" colspan="2" align="left" valign="middle" ><b>Recognised</b></td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="14%" colspan="1" align="left" valign="middle" ><b>hedging</b></td><td width="28%" colspan="2" align="left" valign="middle" ><b>in notional</b></td><td width="30%" colspan="2" align="left" valign="middle" ><b>in notional</b></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >DKKm</td><td width="14%" colspan="1" align="left" valign="middle" ><b>exch. rate</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>amount</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Fair value</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>amount</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>Fair value</b></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" ><b>Forward contracts</b></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >CHF/DKK</td><td width="14%" align="right" valign="middle" >8,03</td><td width="14%" align="right" valign="middle" >45,2</td><td width="14%" align="right" valign="middle" >0,2</td><td width="14%" align="right" valign="middle" >45,2</td><td width="16%" align="right" valign="middle" >0,2</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >GBP/DKK</td><td width="14%" align="right" valign="middle" >8,33</td><td width="14%" align="right" valign="middle" >48,6</td><td width="14%" align="right" valign="middle" >-3,3</td><td width="14%" align="right" valign="middle" >48,6</td><td width="16%" align="right" valign="middle" >-3,3</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >PLN/DKK</td><td width="14%" align="right" valign="middle" >1,59</td><td width="14%" align="right" valign="middle" >18,8</td><td width="14%" align="right" valign="middle" >-1,5</td><td width="14%" align="right" valign="middle" >18,8</td><td width="16%" align="right" valign="middle" >-1,5</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >USD/CAD</td><td width="14%" align="right" valign="middle" >1,34</td><td width="14%" align="right" valign="middle" >56,0</td><td width="14%" align="right" valign="middle" >-3,5</td><td width="14%" align="right" valign="middle" >0,0</td><td width="16%" align="right" valign="middle" >0,0</td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" ><b>168,6</b></td><td width="14%" align="right" valign="middle" ><b>-8,1</b></td><td width="14%" align="right" valign="middle" ><b>112,6</b></td><td width="16%" align="right" valign="middle" ><b>-4,6</b></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Interest cap, EUR</td><td width="14%" align="right" valign="middle" >2,5</td><td width="14%" align="right" valign="middle" >447,5</td><td width="14%" align="right" valign="middle" >-4,7</td><td width="14%" align="right" valign="middle" >447,5</td><td width="16%" align="right" valign="middle" >-4,7</td></tr><tr><td width="7%" ></td><td width="35%" colspan="2" align="left" valign="middle" >Energy contracts</td><td width="14%" align="right" valign="middle" >25,6</td><td width="14%" align="right" valign="middle" >7,7</td><td width="14%" align="right" valign="middle" >23,7</td><td width="16%" align="right" valign="middle" >7,5</td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" ><b>641,7</b></td><td width="14%" align="right" valign="middle" ><b>-5,1</b></td><td width="14%" align="right" valign="middle" ><b>583,8</b></td><td width="16%" align="right" valign="middle" ><b>-1,8</b></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" ><b>Expected maturity</b></td></tr><tr><td width="7%" ></td><td width="49%" colspan="3" align="left" valign="middle" >In 1 year or less</td><td width="14%" align="right" valign="middle" >-0,4</td><td width="14%" ></td><td width="16%" align="right" valign="middle" >2,9</td></tr><tr><td width="7%" ></td><td width="49%" colspan="3" align="left" valign="middle" >In 1 - 5 years</td><td width="14%" align="right" valign="middle" >-4,7</td><td width="14%" ></td><td width="16%" align="right" valign="middle" >-4,7</td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" ><b>-5,1</b></td><td width="14%" ></td><td width="16%" align="right" valign="middle" ><b>-1,8</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" ><b>Accounting policies</b></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >Derivative financial instruments</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >The group uses forward exchange contracts to limit its currency exposure and to a lesser extend also commodity swap</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >contracts to limit its exposure to energy price fluctuations. Derivative financial instruments are not used for specula-</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >tive purposes. Derivative financial instruments are recognised at cost at the date of transaction and are subsequently</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >recognised at fair value at the balance sheet date. The fair value of derivative financial instruments is recognised in other</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >receivables (positive value) and other payables (negative value). Realised and unrealised gains and losses on contracts are</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >recognised in the statement of profit or loss under financial income and expenses, unless the derivative financial instru-</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >ments have been used to hedge future cash flows. Value adjustments of derivative financial instruments to hedge future</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >cash flows are recognised directly in equity if the hedge is effective. Value adjustments of any ineffective part of the</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >relevant derivative financial instruments are recognised in financial income and expenses. When the hedged transaction</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >is realised, the gain or loss on the hedging instrument is recognised in the same item as the hedged item, and the amount</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >recognised directly in equity is reversed. If a hedged transaction is no longer expected to take place, the accumulated net</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >gains or net losses are taken to profit/loss for the year from equity. The fair values of derivative financial instruments are</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" >computed on the basis of current market data and generally accepted valuation methods.</td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="21%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" ><b>2024</b></td><td width="14%" ></td><td width="14%" ></td><td width="16%" ></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" ><b>Interest rate risk non-current assets and</b></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" ><b>liabilities</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Nominal</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Carrying</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Interest</b></td><td width="30%" colspan="2" align="left" valign="middle" ><b>Interest</b></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >DKKm</td><td width="14%" colspan="1" align="left" valign="middle" ><b>value</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>amount</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>rate</b></td><td width="30%" colspan="2" align="left" valign="middle" ><b>rate risk</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" ><b>Group</b></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Credit institutions, floating rate</td><td width="14%" align="right" valign="middle" >223,7</td><td width="14%" align="right" valign="middle" >223,4</td><td width="14%" align="right" valign="middle" >3,8</td><td width="30%" colspan="2" align="left" valign="middle" >Cash flow</td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Credit institutions, floating rate with cap</td><td width="14%" align="right" valign="middle" >447,5</td><td width="14%" align="right" valign="middle" >446,9</td><td width="14%" align="right" valign="middle" >3,4</td><td width="30%" colspan="2" align="left" valign="middle" >Cash flow</td></tr><tr><td width="7%" ></td><td width="93%" colspan="6" align="left" valign="middle" ><b>Parent company</b></td></tr><tr><td width="7%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Credit institutions, floating rate</td><td width="14%" align="right" valign="middle" >223,7<