Kjaer Group. Årsrapport Annual report 2012

Kjaer Group Årsrapport Annual report 2012

Light Commercial Vehicles on a car carrier ready for delivery. Vehicles and aftersales services are provided to customers where required according to the needs of the individual customer.

Indholdsfortegnelse Contents Ledelsens beretning Om Kjaer Group Hoved- og nøgletal Resultater 2012 Langsigtede finansielle mål Prioriteter 2012 Prioriteter 2013 Triple Bottom Line Samfundsansvar Risikostyring Corporate Governance Finansiel redegørelse Forventninger 2013 Påtegninger Ledelsespåtegning Den uafhængige revisors erklæringer Koncern- og årsregnskab Resultatopgørelse Balance Egenkapitalopgørelse, moderselskab Egenkapitalopgørelse, koncern Pengestrømsopgørelse Noter til årsrapporten Anvendt regnskabspraksis Definitioner Selskabsoplysninger Managements review About Kjaer Group 4 Financial highlights 5 Results 2012 6 Long term financial goals 6 Priorities 2012 8 Priorities 2013 9 Triple Bottom Line 10 Corporate Social Responsibility 12 Risk Management 12 Corporate Governance 13 Financial statement 14 Outlook 2013 15 Reports Statement by Management 17 Independent auditors report 18 Group and parent accounts Profit and loss account 21 Balance sheet 22 Statement of changes in equity, parent company 24 Statement of changes in equity, Group 25 Cash flow statement 26 Notes to the annual report 29 Accounting policies 38 Definitions 45 Company details 46

4 Ledelsens beretning / Managements review Om Kjaer Group About Kjaer Group Kjaer Group er etableret i 1962 i Svendborg, Danmark af hr. Christian Kjaer. Gruppen er specialiseret i import, distribution og servicering af køretøjer og beskæftiger omkring 340 medarbejdere heraf størstedelen i Afrika. Gruppen har en ledende position inden for sit forretningsområde i Mozambique, Uganda og Sierra Leone hvor der ejes og opereres med egne distributioner og værksteder under navnet Motorcare. Herudover leveres og serviceres køretøjer samt tilbehør og reservedele til kunder indenfor den internationale udviklingssektor (NGO er, FN, EU mfl.) til mere end 70 lande under navnet Kjaer & Kjaer. Det er Kjaer Group s målsætning at virksomheden udvikles på en rentabel og forsvarlig måde og det tilstræbes at sociale og miljømæssige mål og resultater forfølges i ligeså høj grad som de finansielle. Princippet omkring den tredobbelte bundlinje er således en integreret del af de rammer som forretningen drives indenfor. FN s principper for bæredygtighed (Global Compact) som gruppen tilsluttede sig i 2003 er en vigtig referenceramme for alle aktiviteter. Koncernen ledes af en direktion der varetager den daglige drift og består af hr. Per S. Lundgren (CEO), hr. Klaus Karstensen (CFO), hr. Christos Kyriakidis (EVP) og hr. Richard Nijhout (EVP). Kjaer Group was established in 1962 in the Danish town of Svendborg by Mr. Christian Kjaer. The Group specialises in the import, distribution and servicing of vehicles and employs around 340 people, the majority of which are in Africa. The Group holds a leading position within its business area in Mozambique, Uganda and Sierra Leone where it owns and operates its own distributions and workshops under the name of Motorcare. In addition, vehicles are delivered and serviced, and parts and accessories are provided to customers within the international aid and development sector (NGOs, the UN, the EU, etc.) in more than 70 countries under the name Kjaer & Kjaer. Kjaer Group s ambition is to develop the business in a profitable and responsible way and its objective is that social and environmental goals and results are pursued in the same way as the financial targets. The Triple bottom-line principle is therefore an integral element of the framework within which the company operates. The UN s principles for sustainability (the UN Global Compact), which Kjaer Group endorsed in 2003, are an important point of reference for all activities. The Group is headed by an Executive Management team responsible for the day-to-day management and consists of Mr. Per S. Lundgren (CEO), Mr. Klaus Karstensen (CFO), Mr. Christos Kyriakidis (EVP) and Mr. Richard Nijhout (EVP). 50 years anniversary In 2012, Kjaer Group celebrated its 50th anniversary. The basic principles and values on which the Group was founded by Mr. Christian Kjaer in 1962 continue to be at the core of the way the Group conducts its business. Outstanding achievements in line with those principles are rewarded annually with the The Christian Kjær Award.

Ledelsens beretning / Managements review 5 5 års nøgletal 5 years key figures DKK million Hovedtal fra koncernregnskabet: Key figures from the consolidated annual report: 2008 2009 2010 2011 2012 Nettoomsætning Net turnover 954 761 608 730 710 Bruttoresultat, ekskl. andre drift indt. Gross profit, excl. other operating income 165 142 104 124 133 Resultat før renter, skat og afsk. Earnings bef. int., tax and deprec. EBITDA 61 39 33 49 49 Resultat før renter og skat earnings before interests and tax EBIT 57 34 27 42 39 Resultat af finansielle poster Net financial items -8-6 -8-7 -6 Resultat før skat earnings before tax ebt 50 28 19 34 33 Årets resultat earnings after tax eat 33 21 19 21 20 Anlægsaktiver Fixed assets 54 66 51 58 75 Varebeholdninger Inventories 275 152 170 120 113 Tilgodehavender fra salg Trade receivables 173 75 99 120 117 Andre omsætningsaktiver other current assets 20 12 11 7 9 Likvide beholdninger Liquid funds 25 32 9 19 7 Aktiver i alt total assets 547 338 339 324 322 Leverandør- og anden kortfristet gæld Current liabilities -257-121 -109-112 -67 Investeret kapital Capital employed 290 217 231 213 255 Egenkapital equity 88 109 116 123 131 Rentebærende gæld, netto Interest bearing debt, net 170 62 101 64 114 Balance sum Total balance 552 341 343 331 331 Udbytte for året Dividend for the year 11 7 6 19 6 Udbytte for året (%) Dividend for the year (%) 33% 33% 33% 91% 28% Investeringer i materielle Investments in tangible fixed assets, anlægsaktiver, brutto gross 15 22 13 17 32 Nøgletal: ratios: Brutto-margin Gross margin 17,3% 18,6% 17,2% 16,9% 18,7% EBITDA-margin ebitda-margin 6,4% 5,2% 5,5% 6,7% 6,8% Rentedækningsgrad Interest coverage (EBITDA/Fin. items) 8,1 6,2 4,2 6,6 7,8 Gearing Gearing (Net int. bearing debt/ebitda) 2,8 1,6 3,0 1,3 2,3 Langsigtede finansielle mål: Long-tern financial targets: Vækst i EBITDA Growth in EBITDA 73% -36% -16% 47% -1% Afkast af investeret kapital return on invested capital after tax ROIC 15% 10% 11% 13% 12% Egenkapitalforrentning earnings to equity ratio roe 38% 21% 17% 17% 16% Soliditetsgard Solidity ratio 17% 36% 35% 40% 41% Indre værdi af nom. 1.000 DKK aktie Equity value of nom. 1,000 DKK share DKK 6.290 7.783 8.294 8.777 9.345 Korrigeret indre værdi til aktiepris Adjust. equity value for share pricing DKK 7.060 7.860 8.240 8.290 8.970 I redegørelse for anvendt regnskabspraksis er alle nøgletal defineret. In the description of accounting policies all key ratios have been defined.

6 Ledelsens beretning / Managements review Resultater 2012 Results 2012 2012 var et godt år for Kjaer Group hvor +20% vækst i Motorcare-forretningen samt fortsat vækst i nøglemarginer muliggjorde et højt investeringsniveau også i 2012. 2012 was a good year for Kjaer Group where a +20% increase in the Motorcare business and a continued growth in key margins secured a high level of investment also in 2012. Employees GM% EBITDA% 400.0 350.0 300.0 250.0 200.0 150.0 100.0 06 07 08 09 10 11 12 20% 18% 16% 14% 12% 10% 06 07 08 09 10 11 12 7,0% 6,5% 6,0% 5,5% 5,0% 4,5% 4,0% 3,5% 06 07 08 09 10 11 12 2012 var karakteriseret af koncernens ambition om at ekspandere Motorcare forretningen i Mozambique, Uganda og Sierra Leone. Med en omsætning på 710 mio. kr. genererede koncernen et resultat før afskrivninger, renter og skat (EBITDA) på 49 mio. kr., et resultat før skat (EBT) på 33 mio. kr. og et resultat efter skat (EAT) på 20 mio. kr. Dette resultat indeholder 9 mio. kr. yderligere kapacitetsomkostninger i forhold til sidste år der væsentligst er investeret i ekspansion af Motorcare forretningen. I 2012 er der investeret 24 mio. kr. i anlægsaktiver vedrørende ekspansionen af Motorcare. I 2013 vil der blive foretaget yderligere investeringer. 2012 was characterised by the Group s ambition to expand its presence in Mozambique, Uganda and Sierra Leone. With sales of DKK 710 million, the Group generated earnings before interest, depreciations, taxes and amortisation (EBITDA) of DKK 49 million, earnings before tax (EBT) of DKK 33 million and earnings after tax of (EAT) of DKK 20 million. This result includes additional overhead costs of DKK 9 million compared to last year, primarily invested in the Motorcare expansion project. During 2012, DKK 24 million in capital expenditures were invested in the expansion of Motorcare. In 2013, additional investments will be carried out. Langsigtede finansielle mål Long term financial goals Fokus på vækst i gruppens driftsresultat, afkast af den investerede kapital, forrentning af egenkapital, samt soliditet er med til at sætte rammer for gruppens finansielle langsigtede udvikling og er med til at balancere de kortsigtede såvel som de mere langsigtede beslutninger. Focus on growth in the Group s operating profit, return on invested capital, return on equity and solidity ratio is part of the framework for the Group s long-term development and contributes to balancing both the short-term and more longterm decisions.

Ledelsens beretning / Managements review 7 Vækst i driftsresultat Kjaer Group s målsætning er en gennemsnitlig årlig vækst i driftsresultat før renter og afskrivninger (EBITDA) på 15% med behørige hensyn til udsving fra år til år, hvis disse er berettiget af eksempelvis forretningsmuligheder og valuta- og markedsfluktuationer. EBITDA for 2012 udgjorde 49 mio. kr. svarende til sidste år, opgjort alene på den fortsættende forretning, voksede EBITDA med 14%. Growth in operating profit Kjaer Group s target is annual average growth in operating profit before interest and depreciation (EBITDA) of 15% with due consideration to fluctuations in individual years, if warranted, for example by business opportunities, currency and/or market fluctuations. At DKK 49 million, EBITDA in 2012 was equal to last year, however, measured solely on continuing operations, EBITDA grew by 14%. Ebitda growth % 1) Target 80% 60% 40% 20% 0% -20% -40% 06 07 08 09 10 11 12 1 ) 2012: Continuing businesses Afkast af den investerede kapital Kjaer Group s målsætning er at levere et afkast efter skat (ROIC) på den investerede kapital på niveau af 12% - 15%. I 2012 blev afkastet 12%. Alle forretningsområder i koncernen arbejder efter og måles selvstændigt på dette nøgletal. Return on invested capital Kjaer Group s objective is to deliver a return on invested capital after tax (ROIC) at the level of 12% - 15%. In 2012, ROIC was 12%. All business areas in the Group work by and are measured independently on the basis of this key ratio. ROIC 18% 16% 14% 12% 10% 8% 6% 4% Target 06 07 08 09 10 11 12 Soliditet Kjaer Group har tidligere opereret med en målsætning om en soliditet i størrelsesordenen 20% - 30%. Som en konsekvens af den globale økonomiske krise, herunder forholdene i den finansielle sektor, er målsætningen i 2011 ændret til minimum 40. Pr. 31/12 2012 er soliditeten 41%. Solidity ratio In the past, Kjaer Group has targeted a solvency ratio of between 20% and 30%. As a consequence of the global economic crisis, including the conditions in the financial sector, in 2011 this target was increased to minimum 40%. As of 31 December 2012, the solidity ratio is 41%. Solidity 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Target 06 07 08 09 10 11 12 Egenkapitalforrentning Kjaer Group s målsætning er at levere et årligt afkast af egenkapitalen på 20%. I 2012 har Kjaer Group genereret et afkast på 16% hhv. 18% eksklusive projekt omkostninger. Return on equity Kjaer Group s target is to deliver an annual return on equity of 20%. In 2012, Kjaer Group achieved a return on equity of 16% and 18% excluding project costs. ROE 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% ROE Target 06 07 08 09 10 11 12

8 Ledelsens beretning / Managements review Prioriteter 2012 Priorities 2012 For at drage fordel af den forsatte vækst i gruppens nøglemarkeder, samt bygge på det momentum der i 2011 blev skabt ved øget kundefokus og forbedrede ydelser generelt, var prioriteterne i 2012 at investere i væsentlige udvidelser af værkstedsog servicekapacitet, implementering af udvalgte internationale standarder samt forsat optimering af nøgleprocesser. Gruppen eksekverede godt på sine prioriteter i 2012 hvilket resulterede i en stærk vækst i bidraget fra Motorcare-forretningen, og på trods af alvorlige leveringsproblemer som følge af oversvømmelserne ultimo 2011 i Thailand, lykkedes det endvidere Kjaer & Kjaer at opretholde indtjeningsniveauet fra året før. Investeringer i væsentlig udvidelse af værksteds- og servicekapacitet Motorcare servicefacilitieter blev i årets løb åbnet i Inhambane og Nampula i Mozambique samt i Makeni og Bo i Sierra Leone, hvorved den samlede salgs- og eftersalgskapacitet blev forøget med ca. 33%. I Hoima, Uganda, er der fundet betydelige oliereserver som er under udvikling med henblik på produktion, og i slutningen af 2012 påbegyndte Motorcare således opførelsen af et værksteds- og servicecenter for at kunne tilbyde den nødvendige service i området. Der er endvidere erhvervet arealer og lavet planer med henblik på opførelse af værksteder og servicefaciliteter i Moatize, Nacala og Pemba i Mozambique, hvor nogle af verdens største forekomster af kul og naturgas findes. Mere end 50 nye kolleger er ansat i løbet af året for at etablere den nødvendige kapacitet i henhold til de internationale standarder der nu efterspørges af nye såvel som eksisterende kunder. Implementering af udvalage international standarder med henblik på fremtidig certificering Baseret på gap-planer udarbejdet for implementering af internationale standarder for arbejdsmiljø, miljø- og kvalitetssikring (OHSASA18001, ISO14001 and ISO9000) er der investeret væsentlige resourcer i løbet af året med henblik på at være klar til at ansøge om certificering i 2013. I Mozambique, Uganda og Sierra Leone har implementeringen været igang i hele 2012. Der er nu udviklet et system, indeholdende generelle og landespecifikke politikker og procedurer, der muliggør en ensartet måde at arbejde på og som sikrer høj kvalitet og effektivitet. Dette forbedrer produkt- og serviceydelserne til kunderne betragteligt og forventes derfor at bidrage til en væsentlig styrkelse af forretningsmodellen og konkurrenceevnen i de kommende år. Fortsat optimering af nøgleprocesser Arbejdet med at fokusere på, samt løbende forbedre nøgleprocesser, er nu en fast forankret del af koncernens arbejde med prioriteter og målsætninger. In order to benefit from the continued growth in the Group s key markets and build on the momentum created in 2011 through increased customer focus and improved offerings, the priorities were to invest in a significant workshop and service capacity, implement selected international standards and continue optimization of core processes. The Group executed well on the priorities, which resulted in strong growth in the contribution from the Motorcare business and, despite significant supply challenges due to the late-2011 flooding in Thailand, Kjaer & Kjaer managed to maintain the level of contribution as the year before. Investment in significant expansion of workshop and service capacity New Motorcare service facilities were opened in Inhambane and Nampula in Mozambique and in Makeni and Bo in Sierra Leone, thereby increasing the overall sales and aftersales service capacity by approx. 33%. In Uganda, construction of a workshop & service centre was started in Hoima, where significant oilreserves have been discovered and are under development for production. Furthermore, land has been acquired and plans have been established for the start of construction in 2013 in Moatize, Nacala and Pemba in Mozambique where some of the world s largest discoveries of coal and natural gas have been made and production is being scaled up or under way. More than 50 new colleagues were employed during the year in order to build sufficient sales and service capacity according to the international quality standards now demanded by existing as well as new customers. Implementation of selected international standards for future certification Based on gap plans prepared for implementation and certification according to the international standards for Health, Safety, Environment and Quality (OHSAS18001, ISO14001 ISO9000), considerable time and resources have been invested during the year in order to be ready to apply for certification in 2013. In Mozambique, Uganda and Sierra Leone, implementation of the standards was in progress throughout 2012. A system has now been built with general/mandatory procedures and policies, which all countries have to follow and department specific policies and procedures adapted according to country specific regulations. A uniform way of working has therefore been established, assuring high quality as well as efficiency. The initiative improves the product and service offering to the customers considerably and is thus expected to contribute to a significant strengthening of the business model and competitiveness in the years to come. Continuous optimisation of key processes The work of focusing on and improving execution of the key processes is now anchored firmly in the Group s priority and target setting.

Ledelsens beretning / Managements review 9 Prioriteter 2013 Priorities 2013 På gruppens hovedmarkeder investerer internationale selskaber betydelige beløb i minedrift samt olie- og gasudvinding. Disse investeringer forventes i de kommende år at bidrage med en vækst i disse landes bruttonationalprodukter på minimum 5% p.a., og dermed forsætte den udvikling, som er set igennem de seneste 10 år. På den baggrund har ledelsen fastlag tre prioriteter for 2013: Udnyt markedsmuligheder World class aftersales service Styrkelse af Kjaer & Kjaer s markedsposition Udnyt markedsmuligheder En lang historik i markedet, en ledende markedsposition, væsentlige investeringer samt Kjaer Group s Way Of Management (dvs. Internationale standarder, Global Compact etc.) gør Kjaer Group godt positioneret til at drage fordel af den lovende markedsudvikling. For etablerede virksomheder som Motorcare og Kjaer & Kjaer giver det yderligere muligheder idet internationale producenter og servicevirksomheder inden for forskellige industrier kæmper om at blive etableret tidligt nok til at kunne få andel i det store vækstpotential som disse markeder repræsenterer. Attaktive muligheder inden for gruppens kernekompetencer vil blive vurderet med henblik på langsigtet vækst. World class aftersales service Med de væsentlige investeringer i servicefaciliteter tæt på hvor kunderne opererer, har Motorcare et væsentligt udvidet og forbedret udbud af services. I 2013 vil Motorcare fortsætte med at styrke organisationen for at kunne levere konkurrencedygtig service og optimere afkastet af den investerede kapital. Styrkelse af Kjaer & Kjaer s markedsposition En række initiativer er igangsat med ambitionen om at kunne tilbyde og levere den bedste kundeservice i branchen. Der er således investeret i øget direkte og personlig kommunikation samt i ydelser der sikrer at nøglekunder kan drage fordel af Kjaer & Kjaer s internationale salgs- og eftersalgsnetværk. I 2013 har det første prioritet at sikre at disse tiltag bliver gennemført effektivt. International companies are making significant investments in the Group s main market in the areas of oil, gas and mining. These investments are projected to contribute to a more than 5% annual GDP growth as seen in those countries over the past ten years. On this basis, Group Management has decided on three Group priorities for 2013: Seize market opportunities, World class aftersales service Strengthen Kjaer & Kjaer s market position Seize market opportunities Long-term presence in the markets, a leading market position and significant investments made together with the Kjaer Group Way Of Management (i.e. International Standards, Global Compact etc.) make Kjaer Group well positioned to benefit from the promising market development. For established players like Motorcare and Kjaer & Kjaer, it provides additional opportunities as international manufacturers and service companies from various industries fight to become established early enough to win a share of the considerable growth potential which those markets represent. Attractive opportunities within the core competencies of the Group will be pursued with a view to longer term growth. World class aftersales service With the significant investment in service facilities close to the customers places of operation, Motorcare has significantly expanded and improved its range of services. In 2013, Motorcare will continue to strengthen the organisation to deliver the services competitively and optimise return on the invested capital. Strengthen Kjaer & Kjaer market position A number of activities have been initiated with the ambition to be able to offer and deliver the best customer service in the industry. Investments have been made in increased direct and personal communication and in offerings securing key customers maximum benefit from Kjaer & Kjaer s global sales and aftersales network. In 2013, it is a key priority to ensure that these activities are executed effectively. Mozambique: Significant resources are invested in developing very large gas, coal and mineral resources including the necessary infrastructures. To cater for the needs of services complying with international standards, Motorcare has embarked on a large expansion programme. Photo courtesy of ANADARKO. Natural Gas flow test, Mozambique Photo courtesy of Construções Gabriel A.S. Couto S.A.

10 Ledelsens beretning / Managements review triple bottom line Kjaer Group Way of Management (KWOM) blev introduceret i 2008 og herunder også princippet Triple Bottom Line og dermed ideen om at sociale og miljømæssige mål og resultater forfølges i ligeså høj grad som de finansielle. Med udgangspunkt i gruppens grundlæggende værdier, vision og nøgleprocesser blev otte overordnede mål definerede som grundlæggende vigtige for gruppens virke. The Kjaer Group Way of Management (KWOM) was introduced in 2008, including the principle of the Triple Bottom Line, whereby social and environmental targets and results are pursued in the same way as financial targets. Based on the Group s fundamental values, vision and key processes, eight overall targets were defined as fundamentally important to the Group s work. Environmental > Entities operate with the lowest possible impact on the environment > Environmentally friendly initiatives supporting or relevant to our business Environmental Financial > Sustainable and predictable growth > Increased enterprise value > Preferred partner > Attractive company for investment Social > Happy, healthy and safe workplace > Fair and competitive compensation Social Financial Kjaer Group tilstræber at udvikle forretningen på en rentabel såvel som forsvarlig vis og den tredobbelte bundlinie er således en integreret del af de principper forretningen drives efter. FN s principper for bæredygtighed Global Compact, som gruppen tilsluttede sig i 2003, er en vigtig ramme for alle aktiviteter. (For yderligere information henvises der til www.unglobalcompact.org eller www.kjaergroup.com). Mål og aktiviteter for de enkelte områder er blevet fastsat og der er taget beslutning om intern opfølgning gennem Balanced Score Card processen og rapportering eksternt gennem tilslutning til Global Compact (såkaldt Communication on Progress reporting). I 2013 er ansøgningen for certificering af udvalgte internationale standarder højeste prioritet. Tabellen næste siden giver et overblik. Kjaer Group aims to develop its business in a profitable as well as a responsible way. The Triple Bottom Line is an integral element of the principles by which the company is managed. The UN s principles for sustainability, the UN Global Compact, which the Group endorsed in 2003, are an important framework for all activities. (For further information see www. unglobalcompact.org or www.kjaergroup.com). Targets and activities for the individual areas have been set and internal followup applying the Balanced Scorecard process has been adopted. External reporting takes place via the affiliation to the Global Compact (the Communication on Progress reporting). In 2013, the application for certification of selected international standards has highest priority. The table on the next page presents an overview.

Ledelsens beretning / Managements review 11 triple bottom line action plan Policy / Measure/ Objectives guidance ambition 2008 2012 2013 2014 Environmental Entities operate with the lowest possible impact on the environment Environmentally friendly initiatives supporting/ relevantto the businesses Health, Safety and Environment Health, Safety and Environment >ISO 14001 Group policy Local policy Gap Plan Certification > GC # 7-9 (Environment)* Group policy Local policy Compliance audit >Marketing and cycle plan Indicator Indicator Sustainable and predictable growth Risk Management > Solidity ratio/roe/roic Indicator / Group policy Local policy Compliance audit Financial Increased enterprise value Preferred partner Long term financial guidance > EBITDA growth Indicator Indicator > Market share Indicator Indicator > ISO9000 Group policy Local policy Gap Plan Certification Attractive company for investment KWOM > Dividend pay-out > GC # 10 (anti corruption)* Indicator Indicator Indicator Indicator > People Survey Indicator Indicator Happy, healthy and safe workplace Health, Safety and Environment > OHSAS18001 > Int. & Loc. stds/legislation Group policy Group policy Local policy Local policy Gap Plan Certification Compliance audit Social > GC#1-6(hum rig./labor)* Group policy Local policy Compliance audit Fair and competitive compensation Remuneration > Benchmarking > People Survey Group policy Indicator Local policy Compliance audit Indicator * United Nations Global Compact principles

12 Ledelsens beretning / Managements review Samfundsansvar Corporate Social Responsibility I november 2003 tiltrådte Kjaer Group FN s Global Compact (UNGC) principper. I 2007, tiltrådte Kjaer Group endvidere FN s miljø initiativ, Caring for the Climate. FN s Global Compact er et strategisk initiativ for virksomheder som er opsat på indrette drift og strategier i overenstemmelse med ti principper indenfor menneske- og arbejdsrettigheder, miljø og antikorruption. Derved bidrager virksomheder over hele verden, som de primære kræfter bag globaliseringen, til at markeder, handel, teknologi og finans udvikler sig til gavn for økonomier og samfund overalt. Mere end 10.000 virksomheder og organisationer fra mere end 130 lande er i dag tilsluttet Global Compact på globalt plan der herved udgør det største frivillige CSR initiativ på verdensplan. Kjaer Group har indsendt sin statusrapport for 2012 til FN s Global Compact organisation, og den er tilgængelig på www.unglobalcompact.org og Kjaer Group s egen hjemmeside http://www.kjaergroup.com/en-us/way-of-management/triplebottom-line.aspx Årsrapporten indeholder derfor ikke yderligere oplysninger om bæredygtighed i overensstemmelse med årsregnskabslovens 99 a, stk. 7. Kjaer Group is committed to the principles articulated in the United Nations Global Compact (UNGC), which we joined November 2003. In 2007, Kjaer Group A/S further confirmed our support for a cleaner environment by joining UN s environmental initiative, Caring for the Climate. The UN Global Compact is a strategic policy initiative for businesses that are committed to aligning their operations and strategies with ten universally accepted principles in the areas of human rights, labour, environment and anticorruption. By doing so, business, as a primary driver of globalization, can help ensure that markets, commerce, technology and finance advance in ways that benefit economies and societies everywhere. With over 10,000 corporate participants and other stakeholders from over 130 countries, it is the largest voluntary corporate responsibility initiative in the world. Kjaer Group has submitted its status report for 2012 to the UN s Global Compact organisation. The report is available at www.unglobalcompact.org or http://www.kjaergroup.com/enus/way-of-management/triple-bottom-line.aspx In accordance with Section 99 a (7) of the Danish Fi-nancial Statements Act, the annual report therefore does not include further information on sustainability. Risikostyring risk Management Koncernen arbejder systematisk med risikostyring med sigte på reduktion og spredning af risici samt risikoforsikring. På grund af koncernens fokus på udviklingslande anses landerisici og valutarisici som særligt væsentlige for virksomheden, ud over de gængse risici ved handel med og distribution af køretøjer. Finansielt står koncernen over for de største landerisici i Mozambique, Uganda og Sierra Leone. Der er tegnet forsikring mod politiske risici for varelagre, som dækker i tilfælde af krig eller konfiskation. Der er desuden tegnet forsikringer, som delvist dækker politiske risici mod moderselskabets aktier i dets datterselskaber i Mozambique, Uganda og Sierra Leone. Afrikanske datterselskabers resultater og egenkapitaler opgøres og kurssikres i USD. Kjaer Group s aktieværdi i udenlandske datterselskaber er delvist kurssikret af moderselskabet til danske kroner via valutaterminskontrakter på mindst 50% af aktiernes bogførte værdi. Væsentlige transaktionsbaserede valutarisici kurssikres for at fastholde lav eksponering over for kommercielle valutarisici. The Group is working systematically with risk management with the aim of achieving a reduction, spread and insurance of risks. Given the Group s focus on developing countries, we consider country risks and exchange rate risks to be of special importance to the company, in addition to ordinarily accepted risks within automotive trade and distribution. The Group s financially most significant country risks are in Mozambique, Uganda and Sierra Leone. Insurance has been taken out against political risks to inventories, with cover in the event of war or confiscation. Insurances have also been taken out to partly cover political risks to the parent company s shares in these subsidiaries in Mozambique, Uganda and Sierra Leone. African subsidiaries results and equities are measured and hedged in USD. Kjaer Group s share value in foreign subsidiaries is partly hedged by the parent company in DKK terms via strategic forward exchange contracts for at least 50% of the shares book value. Significant transactionbased exchange rate risks are being hedged in order to maintain low exposure to commercial exchange rate risks.

Ledelsens beretning / Managements review 13 Corporate governance Corporate governance Kjaer Group A/S er moderselskab i Kjaer Group koncernen, som består af et antal uafhængige juridiske enheder. Hovedaktionær med en aktiepost på 80% er The Way Forward ApS, som er 100% ejet af hr. Mads Kjaer. De resterende aktier ejes af medarbejderne (10%) eller er købt af selskabet selv (10%). Bestyrelsen I overensstemmelse med vedtægternes 10 skal Kjaer Group A/S ledes af en bestyrelse på 3-6 medlemmer, som er valgt på generalforsamlingen for en etårig periode. Bestyrelsesmedlemmerne kan genvælges. I øjeblikket består bestyrelsen af 4 medlemmer, hvoraf 1 er medarbejdervalgt. Bestyrelsen vælger selv sin formand og udnævner en direktion. Bestyrelsen er ansvarlig for den overordnede ledelse af selskabets anliggender og aktiviteter. Den bestyrelsesudnævnte direktion (ledelsesgruppen) er ansvarlig for selskabets daglige drift. Bestyrelsen mødes sædvanligvis 5-6 gange om året og kan ellers indkaldes når eller hvis, formanden finder det nødvendigt. Koncernledelsen Koncernledelsen er ansvarlig for den daglige ledelse og består i øjeblikket af Per S. Lundgren (CEO), Klaus Karstensen (CFO), Christos Kyriakidis (EVP) og Richard Nijhout (EVP). Direktionens gager Gager til direktionen fastsættes, så de anses for at være konkurrencedygtige, hvad angår størrelse, markedsforhold, aktiviteter etc. og bliver årligt taget op til vurdering af et aflønningsudvalg nedsat af bestyrelsen. Uafhængig revision Kjaer Group A/S og koncernens årsregnskab revideres af et statsautoriseret revisionsfirma udpeget på den årlige generalforsamling. For øjeblikket er det Deloitte Statsautoriseret Revisionspartnerselskab, der reviderer Kjaer Group A/S og de konsoliderede regnskaber. Corporate governance Kjaer Group A/S is the parent company in the Kjaer Group, which consists of a number of independent legal entities. The principal shareholder, with an 80% shareholding, is The Way Forward ApS, which is whollyowned by Mr. Mads Kjaer. The remaining shares are owned by the employees (10%) or have been bought by the company (10%). The Board of Directors In accordance with Article 10 of the articles of association, Kjaer Group A/S shall be managed by a Board of Directors consisting of 3 to 6 members, who are elected by the General Meeting for a term of one year at a time. The Directors may be reelected. Today, the Board consists of 4 members, of which 1 is elected by the employees. The Board of Directors shall elect its own Chairman and appoint a Management Board. The Board of Directors shall be in charge of the overall management of the Company s affairs and activities. The Management Board (Executive Management) appointed by the Board of Directors shall be in charge of the day-to-day management of the Company. The Board normally meets 5-6 times per year and is otherwise convened when or if deemed necessary by the Chairman. Executive Management Executive Management functions as the day-to-day management and currently consists of Per S. Lundgren (CEO), Klaus Karstensen (CFO), Christos Kyriakidis (EVP) and Richard Nijhout (EVP). Remuneration of Management The remuneration payable to Executive Management is based on what is considered competitive in relation to size, market conditions, activities etc., and is reviewed annually by a Remuneration Committee established by the Board. Independent audit Kjaer Group A/S and the Group s annual accounts are audited by a state authorised audit firm appointed annually at the Annual General Meeting. The current audit firm of Kjaer Group A/S and the consolidated accounts is Deloitte.

14 Ledelsens beretning / Managements review Finansiel redegørelse Financial statement Resultatopgørelse I 2012 realiserede Kjaer Group koncernen en samlet omsætning på 710 mio. kr. (2011: 730 mio. kr.), et fald på 3% i forhold til 2011. Udviklingen i omsætningen opgjort alene på de fortsættende aktiviteter udgjorde en stigning på 10% i 2012. Denne stigning var drevet af en vækst i salget i Motorcare forretningen mens salget i Kjaer & Kjaer var på samme niveau som i 2011. Bruttoresultatet blev 134 mio. kr. (2011: 126 mio. kr.) en stigning på 6% i forhold til 2011 på trods af den lidt lavere omsætning. Opgjort alene på de fortsættende aktiviteter steg bruttoresultatet med 18%. Bruttomarginen var 18,7% (2011: 16,9%) den højeste de seneste 10 år. Stigningen i bruttomargin skyldes væsentligt væksten i biddraget fra Motorcare forretningen. Andre eksterne omkostninger samt personaleomkostninger udgjorde -86 mio. kr. (2011: -77 mio. kr.), en stigning på 12% direkte relateret til investeringerne i forøgelse af kapaciteten i Motorcare forretningen. Resultat før afskrivninger, renter og skat (EBITDA) blev 49 mio. kr. (2011: 49 mio. kr.), på samme niveau som sidste år. Afskrivninger udgjorde -9 mio. kr (2011: -7 mio. kr.), stigningen skyldes ligeledes investeringerne i Motorcare forretningen. Finansielle poster var på omtrent samme niveau som i 2011-6 mio. kr. (2011: -7 mio. kr.) hvilket resulterede i et resultat før skat (EBT) på 33 mio. kr. (2011: 34 mio. kr.). Skat udgjorde -13 mio. kr. (2011: -13 mio. kr.) svarende til en skatte procent på 39% (2011: 39%). Eksklusive den ikke kontante del af udbytte skat på årets indkomst er skatte procenten 30% (2011: 31%). Koncernresultatet efter skat blev 20,2 mio. kr. (2011: 20.7 mio. kr.) hvilket anses for tilfredsstillende særligt når der tages højde for de investeringer der er foretaget i løbet af året i forbindelse med udvidelsen af Motorcare forretningen. Profit and loss account In 2012, Kjaer Group achieved a turnover totalling DKK 710 million (2011: DKK 730 million), a decrease of 3% compared to 2011. The development in turnover measured solely on the basis of continuing activities was 10% in 2012. This growth was driven by a 20% increase in sales in the Motorcare business units while sales in Kjaer & Kjaer was on the same level as in 2011. Gross profit was DKK 134 million (2011: DKK 126 million), an increase of 6% compared to 2011 despite the slightly lower turnover. Measured on continuing operations, gross profit increased by 18%. The gross margin increased close to 2 percentage points to 18.7% (2011: 16.9%), the highest in the last decade. The increase in gross margin is primarily due to the growth in the contribution from the Motorcare operations. Other external expenses and staff expenses amounted to DKK -86 million (2011: DKK -77 million), an increase of 12% directly related to the investments in capacity building in the Motorcare business units. Earnings before interest, taxes, depreciations and amortisation (EBITDA) were DKK 49 million (2011: DKK 49 million), at the same level as last year. Depreciations were DKK -9 million (2011: DKK -7 million), the increase coming from the investments in Motorcare. Financial items were around the same level as in 2011 at DKK -6 million (2011: DKK -7 million), resulting in earnings before tax (EBT) of DKK 33 million (2011: DKK 34 million). Tax amounted to DKK -13 million (2011: -13 million), equivalent to a tax rate of 39% (2011: 39%). Excluding the non-cash element of withholding taxes provided for on the year s income, the tax rate is 30% (2011: 31%). The Group s earnings after tax totalled DKK 20.2 million (2011: 20.7 million), which is considered satisfactory, especially taking into consideration the investments made in the year to cater for the expansion of Motorcare. Balancen Pr. 31. december 2012 udgjorde Kjaer Group s samlede aktiver 331 mio. kr. (331 mio. kr. pr. 31. december 2011). Aktiver Materielle aktiver udgjorde 75 mio. kr. (31/12 2011: 58 mio. kr.). Stigningen skyldes hovedsageligt investeringer i Motorcare forretningen. Varebeholdninger samt tilgodehavender fra salg udgjorde 230 mio. kr. (31/12 2011: 240 mio. kr.) som inkluderer finansieringen af projekt ordrer i størrelsesordnen 46 mio. kr. Balance sheet As of 31 December 2012, Kjaer Group s assets totalled DKK 331 million (DKK 331 million as of 31 December 2011). Assets Tangible assets totalled DKK 75 million (DKK 58 million as of 31 December 2011). The increase is mainly due to investments in the Motorcare business. Inventories and trade receivables amounted to DKK 230 million, (DKK 240 million as of 31 December 2011), which includes financing of project orders of around DKK 46 million.

Ledelsens beretning / Managements review 15 Passiver Egenkapitalen udgjorde 131 mio. kr. (31/12 2011: 123 mio. kr.) svarende til en soliditets grad på 41%. Stigningen i egenkapitalen på 8 mio. kr. skyldes årets resultat på 20 mio. kr. fratrukket udbetalt udbytte samt opkøb af egne aktier på i alt -12 mio. kr. Forpligtelser udgjorde 201 mio. kr. (31/12 2011: 208 mio. kr.) hvoraf gælden til banker udgør 109 mio. kr. Pengestrømsopgørelse Resultat før renter, skat og afskrivninger (EBITDA) udgjorde 49 mio. kr (2011: 49 mio. kr) og pengestrømme fra ændringer i driftskapitalen udgjorde -39 mio. kr. (2011: +28 mio. kr.). Sammen med afregning af finansielle poster (-6 mio. kr.) og betaling af skatter (-14 mio. kr.) blev pengestrøm fra driften på DKK -10 mio. kr. Pengestrømme fra ændringer i driftskapitalen indeholder finansiering af projektordrer på -46 mio. kr. justeret herfor er pengestrømme fra driften således +36 mio. kr. Pengestrømme fra investeringer blev -27 mio. kr. (2011: -14 mio. kr.). Anlægsinvesteringerne i såvel 2011 som 2012 kan væsentligst henføres til opgraderinger samt kapacitetsudvidelser i Motorcare forretningen. Også i 2013 vil der blive fortaget yderligere udvidelser for at servicere kunderne i de markeder hvor koncernen opererer. Pengestrømme fra finansiering udgjorde -13 mio. kr. (2011: -7 mio. kr.) hvoraf -10 mio. kr. vedrører udbetalt udbytte i 2012. Årets totale pengestrømme udgjorde -51 mio. kr. (2011: 45 mio. kr.) hvoraf -46 mio. kr. vedrører finansiering af projekt ordrer. Finansiering Pr. 31. december 2012 udgjorde Kjaer Group s netto gæld til banker og realkreditinstitutter 114 mio. kr. (31/12 2011: 64 mio. kr.) hhv. 68 mio. kr. excl. finansiering af projekt ordrer. Kjaer Group s finansiering består væsentligst i form af kreditter i USD, EUR, JPY og DKK. Liabilities Equity totalled DKK 131 million (DKK 123 million as of 31 December 2011), equivalent to a solidity ratio of 41%. The increase in equity of DKK 8 million equals the year s result of DKK 20 million less dividends distributed and purchase of own shares of DKK 12 million. Liabilities amounted to DKK 201 million, (DKK 208 million as of 31 December 2011), of which bank debt was DKK 109 million. Cash flow statement Earnings before interest, taxes, depreciations and amortisation (EBITDA) were DKK 49 million (2011: DKK 49 million) and cash flow from working capital was DKK -39 million (2011: DKK +28 million). With payment of financial items (DKK 6 million) and payment of taxes (DKK -14 million), cash flow from operations was DKK -10 million. Cash flows from changes in working capital include financing of project orders of DKK 46 million; adjusted for this, cash flow from operations would be DKK +36 million. Cash flow from investments was DKK -27 million (2011: DKK -14 million). Capital expenditure in both 2011 and 2012 is mainly related to the upgrading and capacity expansion of the Motorcare business. Also during 2013 further expansions will be carried out to fully service customers in the markets where the Group operates. Cash flow from financial items was DKK -13 million (2011: DKK -7 million), of which DKK -10 million relates to dividends distributed in 2012. The total net cash flow for the year was DKK -51 million (2011: DKK 45 million), of which DKK -46 million relate to financing of project orders. Financing As of 31 December 2012, Kjaer Group s net bank and mortgage debt was DKK 114 million, (DKK 64 million as of 31 December 2011) and DKK 68 million excl. financing of project orders. Kjaer Group s financing mainly comprises credit facilities denominated in USD, EUR, JPY and DKK. Forventninger 2013 outlook 2013 De makroøkonomiske udsigter samt væksten i de markeder og segmenter hvor koncernen opererer, forventes at fortsætte den positive udvikling, hvorfor planerne for 2013 inkluderer de nødvendige ressourcer for at fortsætte ekspansionen af Motorcare forretningen. Kjaer Group forventer således en vækst i omsætning og indtjening på niveau med den forventede vækst i bruttonationalproduktet på disse markeder som for indeværende er 6% p.a. (IMF, januar 2013 World Economic Outlook). Begivenheder efter regnskabsårets afslutning Der er fra balancedagen og frem til i dag ikke indtrådt forhold, som forrykker vurderingen af årsrapporten. The macro economic outlook and market growth in the target markets and segments of the Group are projected to continue to develop positively, which is why the plans for 2013 include the necessary resources to continue the expansion of the Motorcare business. Kjaer Group thus expects a growth in turnover and earnings at least equivalent to the expected GDP growth in these markets, which is currently estimated to be 6% p.a. (IMF, January 2013 World Economic Outlook). Events after the balance sheet date No events have occurred after the balance sheet date and up to today s date that influence the evaluation of this annual report.

Executive Management Klaus Karstensen Per S. Lundgren Christos Kyriakidis Richard Nijhout CFO CEO EVP EVP Board of Directors Tim Albertsen Mads Kjaer Pernille Ormholdt Vang Rasmus Eshøj Deputy Chairman Chairman Board member Staff Representative

pågtegning / Reports 17 Ledelsespåtegning Statement by Management Bestyrelsen og direktionen har dags dato behandlet og godkendt årsrapporten for regnskabsåret 1. januar - 31. december 2012 for Kjaer Group A/S. Årsrapporten aflægges i overensstemmelse med årsregnskabsloven. Det er vores opfattelse, at koncernregnskabet og årsregnskabet giver et retvisende billede af koncernens og selskabets aktiver, passiver og finansielle stilling pr. 31. december 2012 samt af resultatet af koncernens og selskabets aktiviteter og koncernens pengestrømme for regnskabsåret 1. januar - 31. december 2012. Ledelsesberetningen indeholder efter vores opfattelse en retvisende redegørelse for de forhold, beretningen omhandler. Årsrapporten indstilles til generalforsamlingens godkendelse. The Board of Directors and the Executive Management have today considered and approved the annual report of Kjaer Group A/S for the financial year 1 January to 31 December 2012. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group s and the Parent s financial position at 31 December 2012 and of their financial performance as well as the consolidated cash flow for the financial year 1 January to 31 December 2012. We believe that the management review contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Svendborg den 25. marts 2013 Direktion / Executive Management Per S. Lundgren, CEO Christos Kyriakidis, EVP Klaus Karstensen, CFO Richard Nijhout, EVP Bestyrelse / Board of Directors Mads Kjaer, Chairman Tim Albertsen, Deputy Chairman Pernille Ormholdt Vang, Board member Rasmus Eshøj, Staff Representative

18 pågtegning / Reports den uafhængige revisors erklæringer Independent auditor s report Til kapitalejerne i Kjaer Group A/S Påtegning på koncernregnskabet og årsregnskabet Vi har revideret koncernregnskabet og årsregnskabet for Kjaer Group A/S for regnskabsåret 1. januar - 31. december 2012, der omfatter resultatopgørelse, balance, egenkapitalopgørelse, noter og anvendt regnskabspraksis, for såvel koncernen som selskabet samt pengestrømsopgørelse for koncernen. Koncernregnskabet og årsregnskabet udarbejdes efter årsregnskabsloven. Ledelsens ansvar for koncernregnskabet og årsregnskabet Ledelsen har ansvaret for udarbejdelsen af et koncernregnskab og et årsregnskab, der giver et retvisende billede i overensstemmelse med årsregnskabsloven. Ledelsen har endvidere ansvaret for den interne kontrol, som ledelsen anser for nødvendig for at udarbejde et koncernregnskab og et årsregnskab uden væsentlig fejlinformation, uanset om denne skyldes besvigelser eller fejl. Revisors ansvar Vores ansvar er at udtrykke en konklusion om koncernregnskabet og årsregnskabet på grundlag af vores revision. Vi har udført revisionen i overensstemmelse med internationale standarder om revision og yderligere krav ifølge dansk revisorlovgivning. Dette kræver, at vi overholder etiske krav samt planlægger og udfører revisionen for at opnå høj grad af sikkerhed for, om koncernregnskabet og årsregnskabet er uden væsentlig fejlinformation. En revision omfatter udførelse af revisionshandlinger for at opnå revisionsbevis for beløb og oplysninger i koncernregnskabet og årsregnskabet. De valgte revisionshandlinger afhænger af revisors vurdering, herunder vurdering af risici for væsentlig fejlinformation i koncernregnskabet og årsregnskabet, uanset om denne skyldes besvigelser eller fejl. Ved risikovurderingen overvejer revisor intern kontrol, der er relevant for virksomhedens udarbejdelse af et koncernregnskab og et årsregnskab, der giver et retvisende billede. Formålet hermed er at udforme revisionshandlinger, der er passende efter omstændighederne, men ikke at udtrykke en konklusion om effektiviteten af virksomhedens interne kontrol. En revision omfatter endvidere vurdering af, om ledelsens valg af regnskabspraksis er passende, om ledelsens regnskabsmæssige skøn er rimelige samt den samlede præsentation af koncernregnskabet og årsregnskabet. To the shareholders of Kjaer Group A/S Report on the consolidated financial statements and parent financial statements We have audited the consolidated financial statements and parent financial statements of Kjaer Group A/S for the financial year 1 January to 31 December 2012, which comprise the profit and loss, balance sheet, statement of changes in equity, notes and accounting policies for the Group as well as for the Parent, and the consolidated cash flow statement. The consolidated financial statements and parent financial statements are prepared in accordance with the Danish Financial Statements Act. Management s responsibility for the consolidated financial statements and parent financial statements Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and far view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error. Auditor s responsibility Our responsibility is to express an opinion on the consolidated financial statements and parent financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and parent financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements and parent financial statements. The procedures selected depend on the auditor s judgement, including the assessment of the risks of material misstatements of the consolidated financial statements and parent financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation of consolidated financial statements and parent financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as the overall presentation of the consolidated financial statements and parent financial statements.

pågtegning / Reports 19 Det er vores opfattelse, at det opnåede revisionsbevis er tilstrækkeligt og egnet som grundlag for vores konklusion. Revisionen har ikke givet anledning til forbehold. Konklusion Det er vores opfattelse, at koncernregnskabet og årsregnskabet giver et retvisende billede af koncernens og selskabets aktiver, passiver og finansielle stilling pr. 31. december 2012 samt af resultatet af koncernens og selskabets aktiviteter og koncernens pengestrømme for regnskabsåret 1. januar - 31. december 2012 i overensstemmelse med årsregnskabsloven. Udtalelse om ledelsesberetningen Vi har i henhold til årsregnskabsloven gennemlæst ledelsesberetningen. Vi har ikke foretaget yderligere handlinger i tillæg til den udførte revision af koncernregnskabet og årsregnskabet. Det er på denne baggrund vores opfattelse, at oplysningerne i ledelsesberetningen er i overensstemmelse med koncernregnskabet og årsregnskabet. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Our audit has not resulted in any qualification. Opinion In our opinion, the consolidated financial statements and parent financial statements give a true and fair view of the Group s and the Parent s financial position at 31 December 2012, and of the results of their operations and cash flows for the financial year 1 January to 31 December 2012 in accordance with the Danish Financial Statements Act. Statement on the management review Pursuant to the Danish Financial Statements Act, we have read the management review. We have not performed any further procedures in addition to the audit of the consolidated financial statements and parent financial statements. On this basis, it is our opinion that the information provided in the management review is consistent with the consolidated financial statements and parent financial statements. Odense den 25. marts 2013 Deloitte Statsautoriseret Revisionspartnerselskab Lars Knage Nielsen Statsautoriseret revisor State Authorised Public Accountant Anders O. Gjelstrup Statsautoriseret revisor State Authorised public Accountant

Group and parent accounts