Anne Kathrine Steenbjerge Holding Aps

Management´s review

Developments in activities and economic conditions'Parent CompanyThe revenue amounts to 0 DKK for 2022 as well as 2021. Profit before tax equals 34,1 mDKK against 19,3mDKK last year. After tax, the result is 34,1 mDKK against 19,3 mDKK last year.Besides the above, there are no other relevant issues regarding the parent company not mentioned inmanagement’s review for the Group.'The GroupThe total Group revenue for 2022 amounts to 1.312 mDKK against 1.006 mDKK last year. A very strong growthof 30%, equal to 306 mDKK was achieved under difficult market conditions.There are several factors affecting the overall growth in revenue in all our markets. The underlying growth involume continues to develop in a positive direction, especially our intermodal activities in Germany, start-upof a new office in Rhein/Ruhr area and the acquisition of Transport Rien Boom & Zn. B.V. in The Netherlandshave contributed positively to the all-time high revenue. The higher fuel surcharge and rate increases arealso important factors affecting the revenue growth in 2022.All cost categories have increased significantly during 2022 to support the top-line growth and to handle thechallenges arising from port congestions, vessel delays, lack of capacity and especially less flexibility due tothe European Road Package.Despite these challenges we have harvested significant economies of scale and cost savings within theexisting business and through successful integrations of the acquisitions done in 2021 and 2022. This hasallowed us to improve the overall performance.Profit before tax equals 73,8 mDKK against 41,3 mDKK last year. After tax, the result is 56,8 mDKK against32,2 mDKK last year. All our markets have delivered profits above budget and a positive developmentcompared to 2021. Our markets outside Denmark contribute to the Group profit to a much larger extent thanseen in previous years.Our expectation in the Management’s review for 2021 was a higher revenue in 2022, which we have achievedwith a revenue growth of 30%.We also expected the profi t before tax in 2022 to be higher than in 2021 which we also superseded as profitbefore tax in 2022 is 32,5 mDKK higher than in 2021.Overall, the Group’s result for 2022 is very satisfactory, taking the very difficult market conditions intoaccount.Cash balance, investments and financingAt the end of 2022, the Group’s cash balance amounted to 88,4 mDKK. Operating activities generated 135,0mDKK cash and 61,5 mDKK was used for investment activities. Of these investment activities, 18,1 mDKKwas financed by new lease agreements.IT securityTo ensure the best possible protection against cyber-attacks, we invest heavily in securing our digital businesssystems. We have ongoing mandatory courses for all employees to strengthen “The Human Firewall”. Wehave implemented a disaster recovery setup, that is being tested with all local disaster recovery teams every3 months. Operating with brand new, clean PCs we can launch our disaster recovery plans if we are ever hitby a cyber-attack.Nevertheless, we have also taken on a comprehensive cyber-attack insurance.IT policiesWe have an IT policy that is being continuously updated as needed. New employees are introduced to the IT-setup as a part of the employee onboarding as well as there are ongoing mandatory trainings for allemployees to ensure “The Human Firewall”.These policies govern the use of IT resources such as the available hardware, systems, Internet etc. Thepurpose of these policies is to protect the company and its stakeholders against breakdown as well as misuseof our data. The policies cover and governs the following headlines• Password protection and behaviours associated with this• Use of the Internet• Private use of corporate IT equipment