Chairman and CEO’s report Financial Highlights Our business Corporate governance ESG Financial statements TCM Group Annual report 2021 4 05 Chairman and CEO’s report 06 Letter to our shareholders 07 Financial Highlights 08 Financial Highlights 09 Business review 10 Key figures and ratios 11 Financial review 13 Our business 15 Strategy and financial targets 16 Danish design and Danish production 17 Risk management 19 CoRporate governance 20 Corporate governance 22 Board of Directors and Executive Management 24 Shareholder information 26 ESG 27 Highlights 2021 28 Our value chain impact 29 Our ESG-strategy 31 A sustainable worklife 33 We take responsibility 35 New ways ahead 36 Together we improve 38 Reporting according to EU-taxonomy 39financial statements 40 consolidated financial statements 41 Income statement 41 Statement of comprehensive income 42 Balance sheet as of 31 December 43 Statement of changes in equity 43 Cash flow statement 44 Notes to statement of cash flows 64 Definitions 65 Financial statements of the Parent company 66 Income statement 66 Statement of comprehensive income 66 Balance sheet as of 31 December 67 Changes in shareholders´s equity 68 Cash flow statement 68 Notes to the parent financial statements 73 Statement by Management on the annual report 73 Independent auditor’s repor