G. N. UNDERWATER INVEST A/S — Credit Rating and Financial Key Figures

CVR number: 21806374

Nybovej 9, 7500 Holstebro

mga@jdcon.dk

tel: 97426311

Income statement (mDKK)

	2019	2020	2021	2022	2023
Fiscal period length	12	12	12	12	12
Net sales	147.38	308.70	359.20	403.64	451.25
Other operating income				1.01	1.03
Costs of manufacturing				- 340.13	- 323.83
Gross profit	0.91	63.73	104.36	63.51	127.42
Costs of management				-12.63	-10.65
Costs of distribution				-6.24	-6.67
Other operating expenses				-0.14	-0.02
EBIT	-10.53	52.00	90.49	45.51	111.11
Other financial income				6.69	2.18
Other financial expenses				-7.00	-11.68
Net income from associates (fin.)				2.10	0.43
Pre-tax profit	38.24	58.44	84.32	47.31	102.05
Income taxes				-1.33	-1.63
Net earnings	38.24	58.44	84.32	45.98	100.42

	2019	2020	2021	2022	2023
Development expenditure				0.93	0.93
Intangible assets total				0.93	0.93
Land and waters				96.02	122.28
Machinery and equipment				143.36	300.84
Advance payments and construction in progress				31.36	51.03
Tangible assets total				270.74	474.15
Participating interests				8.05	2.09
Investments total	428.07	394.65	589.78	8.05	2.09
Non-current other receivables					0.86
Long term receivables total					0.86
Raw materials and consumables				11.05	10.25
Other stocks				247.76	412.87
Inventories total				258.81	423.12
Current trade debtors				22.76	51.42
Prepayments and accrued income				1.37	1.25
Current other receivables				31.05	32.30
Current deferred tax assets				0.11	3.95
Short term receivables total				55.30	88.92
Cash and bank deposits				20.37	13.95
Cash and cash equivalents				20.37	13.95
Balance sheet total (assets)	428.07	394.65	589.78	614.20	1 004.02

	2019	2020	2021	2022	2023
Share capital	400.45	358.99	423.68	10.00	10.00
Shares repurchased				20.00	20.00
Retained earnings	-38.24	-58.44	-84.32	371.79	404.90
Profit of the financial year	38.24	58.44	84.32	45.98	100.42
Minority interest (BS)				-1.97	-9.15
Shareholders equity total	400.45	358.99	423.68	445.79	526.17
Non-current loans from credit institutions				8.10	54.11
Non-current advances received				0.29	1.10
Non-current other liabilities				1.67	4.49
Non-current liabilities total				10.07	59.70
Current loans from credit institutions				60.00	265.61
Advances received				0.65	0.36
Current trade creditors				20.10	24.17
Short-term deferred tax liabilities				1.27	5.48
Other non-interest bearing current liabilities				76.31	118.12
Accruals and deferred income					4.41
Current liabilities total				158.34	418.14
Balance sheet total (liabilities)	400.45	358.99	423.68	614.20	1 004.02

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