Peter Justesen Company A/S

Development in activities and financial matters
The business generated a positive pretax Net profit of 7.2 Mio DKK. Net result of 5.5 Mio DKK is acceptable in light of the business environment in 2023. First part of the year was good compared to last year and the expectations for the year. Unfortunately, the challenges in the market had a negative impact on the positive outlook from the beginning of the year. The year ended below the expectation due to the market circumstances. The net turnover 2023 was 350.2 Mio DKK which compared to 2022 was a decrease of 6,9 %. The decreased sales comes primarily from missing sales from Sudan, Ethiopia, Mongolia and China impacted by the geopolitical circumstances. Furthermore, a couple of big sales order was postponed into the new year. Operating profit was 9.7 Mio DKK (2.6 Mio DKK lower than 2022,). Drivers behind the development: • Lower sales in all channels due to the market circumstances and challenges • Gross margin slightly higher than LY due to product mix • Staff cost is in line with LY • Increased cost due to some one-time costs for recruitment and IT incidents offset by lower provision for loss on debtor The company´s cash and cash equivalents continued to be positive with 9.6 Mio. DKK in 2023 (19.4 Mio DKK in 2022). The cash balance compared to 2022 is due to a higher Debtor balance at the end of the year. The long-lasting tax case (Ligningsloven § 8X) was lost in the Danish court in Q2 2023, but will not have a major financial impact.