Bawat A/S

The Company's principal activities The business scope of the Company comprises research, development and sales of systems for ship ballast water treatment - both onboard ships or in ports, terminals, yards or other relevant locations. Last but not least, the Company has in 2021 added a distinct service leg to its business portfolio where treatment of ballast water is sold as service through a joint venture company. Development in the activities and the financial situation The Company's Income Statement of the financial year 1 January 2022 - 31 December 2022 shows a result of DKK -21.149.425 and the Balance Sheet at 31 December 2022 a balance sheet total of DKK 48.726.699 and an equity of DKK -3.712.496. The management considers the net loss for the year to be as expected. Subsequent events No events beyond what is described below have materially affected the assessment of the Annual report have occurred after the balance sheet date. Capital resources As announced by Bawat Water Technologies AB (parent company) on 26. April 2023, NEFCO has approved to provide a DKK 9.685k loan (EUR 1.300 k) directly to Bawat A/S. A second loan of DKK 7.450k (EUR 1.000k) consisting of a convertible loan is to be disbursed to Bawat Water Technologies AB in 2024. At the same time Bawat Water Technologies AB announced to have resolved on directed shares issues of DKK 10.946k (SEK 17.124k). A second directed share issue was approved at the Annual General Meeting on 7. June 2023 for further DKK 1.073k (SEK 1.678k). Reference is made to note 1 for further information.

The Company's Income Statement of the financial year 1 January 2022 - 31 December 2022 shows a result of DKK -21.149.425 and the Balance Sheet at 31 December 2022 a balance sheet total of DKK 48.726.699 and an equity of DKK -3.712.496. The management considers the net loss for the year to be as expected. , Development in the activities and the financial situation The Company's Income Statement of the financial year 1 January 2022 - 31 December 2022 shows a result of DKK -21.149.425 and the Balance Sheet at 31 December 2022 a balance sheet total of DKK 48.726.699 and an equity of DKK -3.712.496. The management considers the net loss for the year to be as expected.