PLAST TEAM A/S

The Company’s activity is design, produce and distribute household plastic products. The Company’s products are primarily sold in the Nordic Countries and the rest of Europe.

Development in activities and financesIn the financial year 2020, the Company realized a gross profit of DKK 18,392k compared to DKK 11,017k prior year.

The result after tax is a profit of DKK 13,001k compared to DKK 11,519k prior year, and is impacted negatively by realized impairment losses of DKK 1,694k on intangible and tangible assets. The result is considered satisfactory taking the ongoing outbreak of coronavirus/COVID-19 into consideration.

Management expects the Company to show positive development in profit before tax for 2021 based on continued focus on profitable business, launch of new products, and benefits captured from previously implemented initiatives and expect to be in the range of DKK 15M - 20M.

Possible negative effects of the COVID-19 pandemic have not been included in the outlook for 2021, as the timing and the economical effects cannot be measured at this time.

Profit/loss for the year in relation to expected developmentsThe expectation last year, was to have a profit before tax in the range of DKK 10M - 15M. The expectations were met realizing a profit before tax of DKK 15,376k.

Due to its operations, the Company is exposed to changes in exchange rates in the currencies USD and PLN.

The outbreak of coronavirus/COVID-19 is still a current event in the months after 31.12.2020. The outbreak has resulted in a series of precautions, that affects the daily operations, both for the Company, suppliers, customers and other business partners. The economical effect cannot be meassured at this time.

No other events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.

The Entity participates in a Danish joint taxation arrangement where Pitzner Gruppen Holding A/S serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.

19 Assets charged and collateralIn connection with the conclusion of a Group Multi-Option Facility Agreement, the company is jointly liable for all debts under the agreement together with all other companies in the Group.

Bank debt is secured by way of a general mortgage deed of DKK 66,000k (2019: DKK 66,000k).…