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Contents Statement from the Chairman 3 Statement from the CEO 3 Statement by the board 5 Independent auditor’s report 6 Company details 8 Financial highlights of the Group 10 Management’s review 12 Income statement 17 Balance sheet – Assets 18 Balance sheet – Equity and liabilities 19 Equity statement 20 Cash flow statement 23 Notes 25 Accounting policies 41 2
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Statement from the Chairman Management’s review 2023 marks a profitable year for Kamstrup. All our employees contributed to record- high revenue and earnings in a volatile year characterised by high manufacturing needs in the beginning of the year due to spill-over effects from 2022 and adjusting capacity and the level of production in the second half of the year to reflect more balanced conditions. All the while navigating inflation and supply chain disruptions, our Kamstrup colleagues around the globe have done a great job delivering more smart metering solutions and services than ever before to our customers. 2023 also marked the year where we launched our new strategy. We have set the ambitions high, and we aim to solidify and build on our market positions in both core and new markets while making it simple for our customers to do business with us. We have announced the new CEO who will lead Kamstrup in executing the strategy over the coming years. Søren Kvorning will soon be in place. And on that note, the Board and I would like to extend a sincere thank you to interim CEO Henrik Rom and the rest of the Kamstrup Management Team, who, together with our employees, have made an outstanding effort moving Kamstrup forward in this period. I want to thank all our Kamstrup colleagues, our customers, and all our partners for a great 2023. We are optimistic about the future to come – ensuring clean water and energy to a maximum number of people. Michael Løve, Chairman of the Board Statement from the CEO Coming out of a component shortage crisis on top of a global pandemic, we entered the year 2023 with a significant order backlog that instigated the satisfying result for the year. We delivered a revenue of DKK 3.6 billion and an EBT of DKK 514 million. The results are based on a strong effort throughout the organisation to push through volatile times and create even better offerings and service for our customers. In close collaboration with our customers around the world, we have developed solutions that supports a sustainable future. In the past years, we have also experienced how planning, servicing, and closer alignment with customers is becoming increasingly critical as the component shortage began affecting our supply chains. We have today taken steps towards strengthening production capacity and delivery performance to ensure improved lead times, and an improved level of service, while managing to deliver on our substantial order backlog. Together with the strong financial result for 2023, we believe this has equipped us well and given us a high level of resilience to the challenges ahead. Therefore, we remain optimistic despite dark clouds in the horizon. Geopolitical challenges will not overshadow the basic need for sustainable solutions that are built around some of the most fundamental and key knowledge we have at hand – data on energy and water consumption. This is what we deliver and why we keep a high level of investment in new technology and capacity. This is also why we intend to remain a preferred partner among utilities in the years to come. Together with our trusted partners, customers, and great employees, we look forward to realising this potential and commitment to ensure clean water and energy through intelligence. 3 Henrik Rom, Interim CEO
