Hans Jensen Lubricators A/S

Ledelsesberetning

Key activities The Company’s key activities comprises of development, production and service related to cylinder lubrication solutions for large two-stroke marine engines. Development in the year The income statement of the Company for 2023 shows a profit of DKK 33,103,117, and at 31 December 2023 the balance sheet of the Company shows a positive equity of DKK 39,710,931. The Company's profit for the year is assessed as satisfactory by the management Particular risks **Business risks**The Company's most important business risk is linked to its ability to be strongly positioned on the markets in which the Company sells its products. Currency risks The Company does most of its trade abroad, and a significant part of its revenue is invoiced in foreign currencies. The Company evaluates on a current basis the need for use of financial instruments to hedge net positions and future transactions. Liquidity Management assesses that the Company has the necessary funds available to meet the continued development of its activities. Use of financial instruments The Company’s loans are primarily denominated in DKK. The Company does not apply financial instruments for the purpose of speculating. Excess liquidity is deposited in money market account or the like. Consequently the Company is not exposed to material financial risks. The Company is among other things using steel as raw material in its products, thus the Company is exposed to the development in steel prices. Knowledge resources Compared to the Company’s operating risk, it is important to maintain a market leadership. This is done by attraction and continuous training and education of intellectual capital resources in accordance with market requirements as well as focused sale and marketing. Environmental performance The Company is eco-conscious and works on a current basis to improve the environmental impact of both its own operating activities as well as its customers. After end of 2022, the G&O Maritime Group has published its first sustainability report. The report, which covers 2022, is available on the company homepage. Targets and expectations for the year ahead For 2024 Management expects to realize positive EBITDA in the range of TDKK 30,000 - 40,000. Research and development It is important to the Company to remain a market-leading manufacturer. This is done by current product development taking the market requirements into consideration. Subsequent events No events have occurred after the balance sheet date to this date, which would influence the evaluation of this Annual Report. Reporting guidelines of Active Owners The Company is partly owned by private equity and follows certain reporting guidelines issued by the Danish Venture Capital and Private Equity Association. You may find the guidelines here: www.aktiveejere.dk