SYSTEMATIC A/S — Credit Rating and Financial Key Figures

CVR number: 78834412

Søren Frichs Vej 39, 8000 Aarhus C

mh@systematic.com

Income statement (mEUR)

	2019	2020	2021	2022	2023
Fiscal period length	12	12	12	12	12
Net sales	116.12	127.15	153.08	158.44	154.69
Manufacturing for enterprise's own use				3.79	5.37
Costs of manufacturing	-30.40	-31.91	-33.95	-46.28	-32.03
External services	-14.40	-12.78	-16.89	-22.16	-16.51
Gross profit	71.32	82.45	102.24	93.79	111.52
Employee benefit expenses	-59.04	-63.82	-65.33	-67.72	-73.17
Total depreciation	-2.62	-3.28	-7.09	-7.43	-7.57
EBIT	9.66	15.35	29.82	18.64	30.78
Other financial income	0.05	0.13	0.00	0.44	1.48
Other financial expenses	-0.45	-0.01	-0.19	-0.01	-1.92
Net income from associates (fin.)	1.50	3.51	1.33	4.62	3.41
Pre-tax profit	10.76	18.98	30.95	23.69	33.74
Income taxes	-2.05	-3.33	-6.52	-4.23	-6.41
Net earnings	8.71	15.65	24.44	19.46	27.33

	2019	2020	2021	2022	2023
Development expenditure	4.07	23.74	19.92	18.25	17.39
Intangible rights	0.47			0.23	0.41
Intangible assets total	4.55	23.74	19.92	18.49	17.81
Buildings	0.68	1.09	5.91	5.46	4.94
Machinery and equipment	1.60	1.09	1.18	0.86	0.57
Tangible assets total	2.28	2.18	7.09	6.32	5.51
Holdings in group member companies	11.55	10.54	12.44	17.41	20.68
Participating interests			0.40	1.74	1.48
Investments total	11.55	10.54	13.90	20.21	23.26
Non-current loans receivable	0.40	0.40
Non-current other receivables	0.87	1.30
Long term receivables total	1.27	1.70
Inventories total
Current trade debtors	12.94	11.46	22.57	24.35	20.17
Current amounts owed by group member comp.	11.03	16.05	19.83	35.04	42.10
Prepayments and accrued income	1.94	2.14	1.11	3.33	4.08
Current other receivables	30.17	15.64	6.95	6.06	4.36
Current deferred tax assets	0.07	0.19	1.30	1.50	0.21
Short term receivables total	56.15	45.48	51.76	70.28	70.92
Cash and bank deposits	7.64	20.24	30.84	9.75	29.00
Cash and cash equivalents	7.64	20.24	30.84	9.75	29.00
Balance sheet total (assets)	83.44	103.88	123.50	125.05	146.50

	2019	2020	2021	2022	2023
Share capital	1.34	1.34	1.34	1.34	1.34
Shares repurchased	4.02	6.71	13.45	10.00	13.50
Other reserves	9.83	28.22	27.13	30.84	32.93
Retained earnings	27.40	10.11	14.04	25.14	28.19
Profit of the financial year	8.71	15.65	24.44	19.46	27.33
Shareholders equity total	51.31	62.03	80.39	86.78	103.29
Provisions	2.35	3.39	0.20	0.37	4.81
Non-current deferred tax liabilities	1.94	8.20	8.83	4.52	4.52
Non-current liabilities total	1.94	8.20	8.83	4.52	4.52
Current trade creditors	3.62	4.85	5.99	6.24	6.33
Current owed to group member	2.20	1.08	3.38	2.66	1.30
Other non-interest bearing current liabilities	14.01	16.42	18.01	14.72	13.70
Accruals and deferred income	8.01	7.91	6.70	9.75	12.55
Current liabilities total	27.84	30.25	34.08	33.38	33.88
Balance sheet total (liabilities)	83.44	103.88	123.50	125.05	146.50

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