Holger Christiansen A/S

Management's reviewFinancial reviewThe income statement for 2022 shows a loss of EUR 2,162 thousand against a profit of EUR 4,718thousand last year, and the balance sheet at 31 December 2022 shows equity of EUR 2,716 thousand.Bosch is working on a restructuring within the group, and it has been decided to move the areadistribution center from Denmark to Poland by mid-2023. Local distribution center for all Nordic andBaltic countries will stay in Esbjerg.When the main warehouse has moved to Poland by mid-2023, Holger Christiansen A/S will onlysupport sales to the Nordic and Baltic countries. The sale of CARGO products to the rest of the world,will be supported by the local Robert Bosch companies in the respective countries.The move of the global warehouse and export business (except of Scandinavia and Baltics) to Poland,also means that the personal capacity in the company will be adjusted. As part of the BOSCH group,this will be done in a socially responsible way.The location in Esbjerg will apart from being a sales and distribution center for Nordic and Balticcountries also host several Business Unit functions. The CARGO brand will remain as a brand underthe BOSCH umbrella, but will be sold from this legal entity.The development in revenue has been as expected and announced in the 2021 annual report i.e.,EUR 80 million. The expected profit before tax was EUR 6 million. Since the 2021 annual report, therestructuring of the company has begun, and the main reason for deviation is accruals for severancepay for employees, and heavily increased cost on raw materials and freight cost.Financial risks and use of financial instruments

Business reviewHolger Christiansen A/S is part of the worldwide Bosch Group.The Company's principal activity consists in sale of auto electrical components.