Bering Time Aps

The income statement for 2022 shows a profit of DKK 4,835 thousand against a profit of DKK 6,606 last year, and the balance sheet at 31 December 2022 shows equity of DKK 63,922 thousand.
Since March 2020, the markets in our segment have been affected by Covid-19. Many customer stores were closed down and Web sales became more important. In particular, Asia continues to be affected by Covid-19 and chinese tourists have been absent, which has continued to affect demand in a number of markets. Asia normally accounts for 33% of revenue for Bering Time. Germany, our largest market, has been hit hard over the past 3 years. In the early part of 2022, sales returned and we started strong, but only for a short while, as consumer confidence fell to historically low levels due to the war in Ukraine and macroeconomic conditions such as interest rate hikes, inflation developments and supply issues.
In 2022, Bering has completed a settlement agreement with our distributor in China, which has negatively impacted the result. Two new projects for future growth have taken up management resources, managerially and organizationally. High dollar exchange rates have also affected 2022, with rising purchase prices as a result.
The result in 2022 therefore ends unsatisfactory. Nevertheless, it is positive to note that the result in 2022 is characterized by one-off costs, as well as that Bering as a brand has increased its market share in the market and is generally performing well in many markets despite the crisis and conscious investments in the future. Finally, we highlight that we have come out of 3 hard and unusual years with profits seen over the period 2020 - 2022.