Welcon Group A/S

Data Ethics Welcon does not use advanced technologies such as artificial intelligence or machine learning. Welcon handles general data in the form of customer data and employee data. Data is processed in accordance with GDPR regulation and our internal policies for privacy and information security. Given the limited processing of data, it is Welcon's assessment that a policy on data ethics is presently unnecessary. Welcon will continuously evaluate whether a policy is a requirement going forward.

Financial review The group's income statement for the year ended 31 May 2023 shows a profit of DKK 47,037 thousand, and the balance sheet at 31 May 2023 shows an equity of DKK 401,108 thousand which is in line with expectations. RECORD HIGH ACTIVITY This year we welcomed 208 new employees and thereby increased the workforce by 34 % needed for building our business to achieve a record high activity level. At the same time, we have continued the strategic buildout of our production facilities leading to a total investment of more than DKK 1 billion once completed late 2023. The business growth together with the massive expansion of the capacity and capability have been a challenge for our employees and has had an adverse impact on our performance. MACRO ECONOMIC IMPACT The development in the year has been characterized by a high degree of uncertainty due to increased inflation, higher energy costs and interest rates. These macro-economic factors have impacted not only our business but the entire industry, bringing the profitability under enormous pressure. Unlike many of our colleagues in the industry we have managed to achieve a satisfactory and positive result. The increased demand for green power led to a historical high order book with an outlook until 2029.