The Parent Company financial statements show the financial position and results of DHI A/S on a non-consolidated basis for the financial year 1 January to 31 December 2022.

No separate cash flow statement has been prepared for the Parent Company, in accordance with section 86(4) of the Danish Financial Statements Act.

The accounting policies of the Parent Company are unchanged from last year and identical to the accounting policies in DHI's consolidated financial statements, with the following exceptions:

The item 'Income from subsidiaries' in the income statement includes the proportionate share of the profit for the year.

Investments in subsidiaries are recognised and measured under the equity method. The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.

The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.

Subsidiaries with a negative net asset value are recognised at EUR 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions.

With effect from 2022, pass through revenue arising from joint operations are presented net, as it has been evaluated that DHI acts as an agent for accounting purposes and does not actually assume risks, etc. in connection with pass through revenue. The adjustment has no effect on the result. Comparative figures have been adjusted accordingly.

In 2022, minor reclassifications have been made to comparative figures. These reclassifications have no effect on the result and overall evaluation of the financial position of the Group.

Accounting estimates and judgements of the Parent Company are identical to the items included in the consolidated financial statements. Reference is made to note 2 Accounting estimates and judgement to the consolidated financial statements.