Jeld-Wen Aps

Development in activities and financial positionRevenueThe Group’s revenue for the financial year 2022 totals 9.075 MDKK, against 8.518 MDKK the year before corresponding to an increase of 6.5%. The increase was largely driven by price realization and volume increases.ResultsThe Group has had a continued focus on the funds tied up in the working capital and focus on keeping the investment level at a minimum.The Supervisory Board considers the result to be satisfactory.Cash flowFunding and management of continuous cash flow are handled centrally in the Group and in collaboration with the Parent Company.Credit risksThrough the Credit Manager, Europe the Group has adopted a centrally managed approach to credit risk since the expiry of the credit insurance policy in March 2016.This approach is supported by the JELD-WEN Europe Senior Management Team and is an on-going process. The Group is not exposed to any major risks beyond agreed credit terms.Uncertainty connected with recognition or measurementThe tax effect from the transfer to a capacity management service model is connected with some uncertainty in the Group, but management has recognized the tax effect after the best estimate. A provision for the uncertain tax position is recognized as a deferred tax liability. We refer to note 11, page 24.