Clearhaus A/S

Management’s review

Development in activities and economic conditionsIn 2022 Clearhaus A/S made an EBITDA of 5.4M EUR before special items, which the management seesas satisfactory compared to the expectations before year start of 5-10M EUR. The negative developmentin revenue and volume numbers can be explained by several items.Firstly, the change of ownership has made 2022 into a transition year, where a significant amount ofresources has been focused on integrating the business into the new group setup. In addition, therehave been some changes in the acceptance policy.Secondly, the business has had a focus point on cryptocurrency businesses. As part of defining thecompany’s risk appetite, this focus has consciously been shifted away, which has resulted in a largedecrease in cryptocurrency business in the portfolio. Coupled with the general development in thecrypto industry this development has impacted the business significantly compared to previous years.Furthermore, in the financial year 2022 the positive impact of the COVID-19 was gone. The COVID-19pandemic has impacted the 2020 and 2021 results positively, however as it is now over, the business isback to its normal operating level. This fact has also forced the business to adapt to the newcircumstances. E6ects of the adjustment made have not impacted the 2022 annual financial statements,but will have an impact in the 2023 results.Lastly, Clearhaus A/S has seen an increase in losses in the reported year. Especially one bankruptcy of amajor merchant has been highly impacting this years’ result, with a total expected loss of EUR 8.9M,impacting the P&L 2022 in its full amount.This bankruptcy has led to an enhanced focus of the risk function on the specific industry of the saidmerchant as well as similar industries. In order to limit the exposure towards similar merchants,appropriate adjustments to the company’s business policies have been made.