Foreign currency translation  

On initial recognition, transactions denominated in currencies other than the  

individual company’s functional currency are translated at the exchange rate  

ruling at the transaction date. Receivables, payables and other monetary  

items denominated in foreign currencies that have not been settled at the  

balance sheet date are translated at the exchange rates at the balance sheet  

date. Exchange differences between the exchange rate at the transaction  

date and the exchange rate at the date of payment or the balance sheet date,  

respectively, are recognised in the income statement under financial items.  

Property, plant and equipment and intangible assets, inventories and other  

non-monetary assets acquired in foreign currency and measured based on  

historical cost are translated at the exchange rates at the transaction date.  

On recognition in the consolidated financial statements of entities whose  

financial statements are presented in a functional currency other than Danish  

kroner (DKK), the income statements are translated at average exchange  

rates for the respective months, unless these deviate materially from the  

actual exchange rates at the transaction dates. In that case, the actual  

exchange rates are used. Balance sheet items are translated at the exchange  

rates at the balance sheet date.  

Exchange differences arising on the translation of foreign subsidiaries’  

opening balance sheet items to the exchange rates at the balance sheet date  

and on the translation of the income statements from average exchange rates  

to exchange rates at the balance sheet date are recognised in other  

comprehensive income.  

Foreign exchange adjustments of receivables from or payables to subsidiaries  

which are considered part of the parent company’s overall investment in the  

subsidiary in question are recognised in other comprehensive income in the  

consolidated financial statements, while they are recognised in the income  

statement of the parent company.  

1.  

ACCOUNTING POLICIES  

The consolidated and the parent company financial statements of CeMat A/S  

for 2022 have been prepared in accordance with International Financial  

Reporting Standards as adopted by the EU and additional Danish disclosure  

requirements for annual reports of reporting class D entities (listed) as set out  

in the Danish Executive Order on Adoption of IFRSs issued in pursuance of the  

Danish Financial Statements Act and the rules and regulations of Nasdaq  

Copenhagen.  

The consolidated financial statements and the parent company financial  

statements are presented in Danish kroner (DKK), which is the Group’s  

presentation currency and the functional currency of the parent company.  

Implementation of new and revised standards and interpretations  

New and revised standards and interpretations applying to financial years  

beginning on 1 January 2022 have been implemented in the annual report for  

2022.  

Standards and interpretations affecting the profit/loss for the year or the  

financial position  

The implementation of new and revised standards and interpretations in the  

annual report for 2022 has not resulted in changes to presentation or  

disclosure.  

Standards and interpretations affecting presentation and disclosure  

The implementation of new and revised standards and interpretations in the  

annual report for 2022 has not resulted in changes to presentation or  

disclosure.  

Standards and interpretations not yet in force  

In Management’s opinion, the application of new and revised standards and  

interpretations will not have a material impact on the annual reports for the  

coming financial years. In other respects, the accounting policies are  

consistent with last year’s, as described in the following.  

Consolidated financial statements  

The consolidated financial statements consolidate the financial statements of  

the parent company, CeMat A/S, and subsidiaries in which the parent  

company directly or indirectly holds more than 50% of the shares.  

Tax  

Tax for the year, which consists of current tax and changes in deferred tax for  

the year, is recognised in the income statement with respect to the portion  

attributable to the profit/loss for the year and directly in equity with respect  

to the portion attributable to entries directly in equity.  

Current tax payable and receivable is recognised in the balance sheet as the  

tax calculated on the taxable income for the year, adjusted for tax paid on  

account.  

The calculation of the year’s current tax is based on the tax rates and tax rules  

applicable at the balance sheet date.  

Deferred tax is measured using the tax rates and tax rules that, based on  

legislation in force or in reality in force at the balance sheet date, are expected  

to apply in the respective countries when the deferred tax is expected to  

crystallise as current tax. Changes in deferred tax as a result of changed tax  

rates or rules are recognised in the income statement, unless the deferred tax  

can be attributed to items previously recognised directly in equity. In the  

latter case, the change is also recognised directly in equity.  

Deferred tax is measured using the balance sheet liability method on all  

temporary differences between the carrying amount and the tax base of  

assets and liabilities. However, deferred tax is not recognised on temporary  

differences relating to the initial recognition of goodwill or the initial  

recognition of a transaction, apart from business combinations, and where  

the temporary difference existing at the date of initial recognition affects  

neither profit/loss for the year nor taxable income.  

Deferred tax is provided on temporary differences arising on investments in  

subsidiaries and associates, unless the parent company is able to control  

when the deferred tax is to be realised and it is likely that the deferred tax  

will not crystallise as current tax within the foreseeable future.  

Deferred tax is calculated based on the planned use of the individual asset  

and the settlement of the individual liability, respectively.  

Deferred tax assets, including the tax base of tax loss carry-forwards, are  

recognised in the balance sheet at the value at which the asset is expected to  

Basis of consolidation  

The consolidated financial statements are prepared on the basis of the  

financial statements of the parent company and those of the subsidiaries,  

which are all prepared in accordance with the Group’s accounting policies.  

On consolidation, items of the same nature are aggregated and intra-group  

income and expenses, intra-group balances and shareholdings are  

eliminated. Unrealised gains and losses on transactions between  

consolidated companies are also eliminated.  

Financial statement items of subsidiaries are fully consolidated. The non-  

controlling interests’ proportionate share of the profit/loss is included in the  

consolidated profit/loss and comprehensive income for the year and as a  

separate item under consolidated equity.  

Non-controlling interests  

On initial recognition, non-controlling interests are either recognised at their  

fair value or at their pro-rata share of the fair value of the acquired company’s  

identifiable assets, liabilities and contingent liabilities. The choice of method  

is made individually for each transaction. The non-controlling interests are  

subsequently adjusted for their proportionate share of changes to the equity  

of the subsidiary. The comprehensive income is allocated to the non-  

controlling interests irrespective of the non-controlling interest consequently  

becoming negative.  

Acquisition or sale of non-controlling interests in a subsidiary not resulting in  

loss of controlling influence is recognised in the consolidated financial  

statements as an equity transaction, and the difference between the  

remuneration and the carrying amount is allocated to the parent company’s  

share of equity.  

be realised, either through a set-off against deferred tax liabilities or as net  

tax assets to be offset against future positive taxable income. At each balance  

sheet date, an assessment is made as to whether it is likely that there will be  

sufficient future taxable income for the deferred tax asset to be utilised.  

individual attributes such as location, surroundings, accessibility,  

development potential etc. The influence of each of these attributes on value  

is assigned a percentage weighting, and the characteristics of each  

comparable and the subject are then rated, typically from 1-5, very good to  

very poor. The price of each comparable is adjusted according to how it differs  

from the subject, with the resulting adjusted average price from the  

comparables taken as providing a reasonable indication of the subject’s value.  

Industrial buildings are valued using an earnings-based approach based on  

normal earnings. Income from each lessee is expected to be generated for as  

long as the lease is in force or until the first time it may be terminated if  

considered advantageous. Thereafter, income is expected to continue to be  

generated at market rent. Adjustments are made for lost rental income,  

fitting-out deposits and un-obtainable running costs.  

The required rates of return having been set are an important input in  

estimating the fair values. The required rate of return used ranges from 12.3%  

to 13.0%.  

As regards properties where claims as to title have not yet been  

accommodated, the value is further reduced by 20% due to the risk that such  

claims will be accommodated and due to the expenses associated with this  

transitional phase.  

Adjustments of the fair value of investment property are recognised in profit  

or loss in the financial year in which the change occurred.  

INCOME STATEMENT  

Revenue  

Revenue is measured as the fair value of the consideration received or  

receivable. If interest-free credit has been granted for payment of the  

outstanding consideration extending beyond the usual credit period, the fair  

value of the payment is calculated by discounting future payments. The  

difference between the fair value and the nominal value of the consideration  

is recognised as financial income in the income statement over the extended  

credit period by using the effective interest method.  

Revenue is stated exclusive of VAT, duties, discounts, etc. levied on behalf of  

a third party.  

For leasing contracts that provide for rent exemptions, the effective rent for  

the entire contract period is used.  

Revenues from the sale of real estate (residential units, commercial space,  

etc.) are recognised at the time when the real estate purchaser takes over  

control of the real estate acquired and receives significant risks and rewards  

of ownership. According to the assessment of the management of the  

company, this takes place at the moment of handing over the real estate to  

the buyer on the basis of the acceptance protocol signed by the parties,  

provided that the buyer has made 100% payments towards the purchase  

price of the real estate.  

Investments in subsidiaries  

On initial recognition, investments in subsidiaries are measured at cost plus  

transaction costs. Where the recoverable amount of the investments is lower  

than cost, the investments are written down to this lower value.  

Cost of goods and services sold  

Cost of goods and services sold comprise direct costs incurred in generating  

the revenue.  

Inventory  

Finished products  

Finished products are mainly residential units and parking spaces. Finished  

products are valued at the lower of the two values: manufacturing cost and  

net realisable value. The net realisable value is the estimated selling price  

assessed by the Management Board of the company based on market prices.  

Work in progress  

Work in progress is valued at the lower of the two values: purchase price /  

production cost / fair value at the moment of transfer from the investment  

property (land plots) and the net realisable value. In the event of any  

discrepancies, a write-down is made. With regard to the company's  

development projects, the necessity to make an impairment loss is assessed  

on the basis of the "impairment test" described below, based on an analysis  

of the production cost and the net realisable value.  

Other external expenses  

Other external expenses include premises maintenance costs, advertising  

costs, administrative expenses, bad debts, etc. Other external expenses also  

comprise costs of development projects that do not qualify for recognition in  

the balance sheet.  

Staff costs  

Staff costs comprise wages and salaries and social security costs, pensions,  

share-based payment, etc. to the employees of the Group.  

Financial items  

Financial items comprise interest income and expenses, the interest element  

of finance lease payments, realised and unrealised foreign exchange gains  

and losses as well as surcharges and allowances under the Danish tax  

prepayment scheme.  

Inventory impairment test  

If a development project is expected to generate a loss, it results in a write-  

down of work in progress, which is immediately recognised in the profit and  

loss account.  

For each development project, budgets are prepared that include both past  

and future cash flows for each implemented project. These budgets are  

updated at least semi-annually. For the purposes of impairment testing,  

project budgets include all past and projected net revenues less the direct  

costs of land acquisition, design, construction and other costs related to  

project preparation, demonstration premises and the on-site sales office.  

These budgets are also encumbered with associated past and projected  

borrowing costs and projected customer claims (if applicable). Project  

budgets are prepared using the principle of prudent valuation. If the margin  

on the project, calculated taking into account all revenues and the above-  

mentioned costs, is positive, then there is no need to create an inventory  

impairment write-down. A negative margin indicates a potential impairment  

problem, which, after careful verification of cash flows for a given project,  

results in the recognition of an inventory impairment loss in the amount of  

the estimated negative value of this margin.  

The revaluation write-off is recognised in the cost of sales in the item  

"Adjustment of the value of inventories to the net realisable value". A possible  

BALANCE SHEET  

Investment property  

Investment property comprises properties owned for the purpose of  

receiving rent or obtaining capital gains.  

On initial recognition, investment property is measured at cost, comprising  

the purchase price and any costs directly attributable to the acquisition.  

Subsequently, investment property is measured at fair value, representing  

the price at which it is estimated that the property can be sold to an  

independent buyer at the balance sheet date.  

Investment property is divided into four groups: Internal roads; plots  

designed for external

roads; development areas; and industrial buildings.  

Internal roads; plots designed for external roads; and development areas (in  

the following referred to as “properties”) are valued using a comparative  

approach. This approach assumes the variation in prices between at least  

three comparable properties can be explained by the differences in their  

reversal of such an impairment loss for a given project is possible if the  

expected value of the margin on this project becomes positive.  

CASH FLOW STATEMENT  

The consolidated cash flow statement is presented according to the indirect  

method and shows cash flows from operating, investing and financing  

activities as well as cash and cash equivalents at the beginning and the end of  

the year.  

The cash effect of acquisitions and divestments of entities is shown separately  

under cash flows from investing activities. Cash flows from the acquisition of  

entities are recognised in the cash flow statement from the date of  

acquisition. Cash flows from the disposal of entities are recognised up to the  

date of disposal.  

Cash flows from operating activities are presented according to the indirect  

method and stated as operating profit, adjusted for non-cash operating items  

and changes in working capital and financial income and expenses, less the  

income tax paid during the financial year attributable to operating activities.  

Cash flows from investing activities comprise payments related to the  

purchase and sale of financial assets, including non-current prepayments for  

goods, subsidiaries as well as the purchase, development, improvement, sale,  

etc. of intangible assets and property, plant and equipment.  

Cash flows from financing activities comprise changes in the size or the  

composition of the parent company’s share capital and related costs as well  

as the raising and repayment of loans, cash deposits, instalments on interest-  

bearing debt, acquisition of treasury shares and payment of dividends.  

Furthermore, cash flows regarding assets held under finance leases in the  

form of lease payments made are recognised.  

Cash and cash equivalents comprise cash deposits.  

Transferring land plots from investment property to inventories  

Investment property is transferred to inventory when the development  

process has been decided and initiated, a decision on the possible way of  

developing the plot has been obtained, and expenses related to the project  

have already taken place.  

Receivables  

Receivables comprise non-current deposits in connection with the purchase  

and sale of goods and receivables from sale of goods and services. Receivables  

are classified as loans and receivables, which are financial assets with fixed or  

determinable payments that are not quoted in an active market and are not  

derivative financial instruments.  

On initial recognition, receivables are measured at fair value and  

subsequently at amortised cost, which usually corresponds to the nominal  

value less write-downs for bad debts.  

The Group applies the IFRS 9 simplified approach to measuring expected  

credit losses which uses a lifetime expected loss allowance for all trade  

receivables. To measure the expected credit losses, trade receivables have  

been grouped based on shared credit risk characteristics and the days past  

due. The expected loss rates are based on the payment profiles of sales over  

a period of 36 months before 31 December 2021 or 1 January 2021  

respectively and the corresponding historical credit losses experienced within  

this period. The historical loss rates are adjusted to reflect current and  

forward-looking information on macroeconomic factors affecting the ability  

of the customers to settle the receivables. The group has identified the GDP  

and the unemployment rate of the countries in which it sells its goods and  

services to be the most relevant factors, and accordingly adjusts the historical  

loss rates based on expected changes in these factors.  

Segment information  

The Group is assessed as having two segments:  

(A) Property management division comprising letting of premises  

and land and the provision of utilities to tenants, including  

power, water, natural gas, facility services, etc.  

(B) Property development – including the preparation and  

implementation of development projects, primarily in the field  

of housing and commercial space.  

Prepayments  

Prepayments comprise incurred costs relating to subsequent financial years.  

Prepayments are measured at cost.  

Provisions  

Provisions are recognised when the Group has a legal or constructive  

obligation as a consequence of past events during the financial year or prior  

years, and when it is likely that settlement of the obligation will require an  

outflow of the Group’s financial resources. Warranty commitments cover  

commitments to repair faulty or defective products sold within the warranty  

period.  

Provisions are measured as the best estimate of the costs required to settle  

the liabilities at the balance sheet date. Provisions with an expected term of  

more than a year after the balance sheet date are measured at present value.  

Financial ratios  

Formula  

EBITDA margin (%)  

EBITDA*100  

Revenue  

EBIT margin (%) (Profit margin)  

EBIT*100  

Revenue  

Return on invested capital (%)  

EBIT*100  

incl. goodwill  

Average invested capital  

Equity ratio (%)  

Equity*100  

Total assets  

Return on equity (%)  

Profit/loss for the year after tax*100  

Average equity  

Lease liabilities  

IFRS 16 eliminates the classification of leases as either operating leases or  

finance leases. Lease liabilities for all leases with a term of more than 12  

months are recognised, unless the underlying asset is of low value.  

At the commencement date, a lease liability is measured at the present value  

of future lease payments. The lease payments are discounted using the  

interest rate implicit in the lease, if that rate can be readily determined. If that  

rate cannot be readily determined, the incremental borrowing rate is used.  

After the commencement date, the lease liability is measured by increasing  

the carrying amount to reflect interest on the lease liability, reducing the  

carrying amount to reflect the lease payments made and remeasuring the  

carrying amount to reflect any reassessment or lease modification or to  

reflect revised in-substance fixed lease payments.  

Calculations of earnings per share and diluted earnings per share are specified  

in Note 8.  

Net working capital (NWC) is defined as the value of inventories, receivables  

and other operating assets less trade payables and other current operating  

liabilities. Cash and cash equivalents and deferred tax assets are not included  

in the net working capital.  

Net interest-bearing debt is defined as interest-bearing liabilities less interest-  

bearing assets, such as cash and cash equivalents.  

Other financial liabilities  

Other financial liabilities comprise bank debt, trade payables and other  

payables to public authorities. On initial recognition, other financial liabilities  

are measured at fair value less transaction costs. In subsequent periods,  

financial liabilities are measured at amortised cost, applying the effective  

interest method, to the effect that the difference between the proceeds and  

the nominal value is recognised in the income statement as a financial  

expense over the term of the loan.  

Invested capital is defined as net working capital plus the carrying amount of  

non-current property, plant and equipment and intangible assets, less other  

provisions and non-current operating liabilities.  

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) is  

defined as EBIT plus depreciation, amortisation and goodwill impairment of  

the year.  

The estimates and assumptions applied are based on historical experience  

and other factors that Management considers reasonable under the  

circumstances, but which are inherently uncertain and unpredictable. Such  

assumptions may be incomplete or inaccurate, and unexpected events or  

circumstances may occur. In addition, the Group is subject to risks and  

uncertainties that may cause actual outcomes to deviate from such  

estimates. CeMat’s risks are described in “Risks and risk management” and in  

Note 24 “Financial risks and financial instruments”.  

Estimates and underlying assumptions are reviewed on an ongoing basis.  

Changes to accounting estimates are recognised in the reference period in  

which the change occurs and in future reference periods if the change affects  

the period in which it is made as well as subsequent reference periods.  

New standards, interpretations and amendments effective from  

1 January 2022  

The following new standards, amendments and interpretations are effective  

for the first time for periods beginning on or after 1 January 2022:  



Reference to the Conceptual Framework (Amendments to IFRS 3),  

effective for periods beginning on or after 1 January 2022  



Annual Improvements to IFRS Standards 2018–2020, effective for  

periods beginning on or after 1 January 2022  



IAS 37 Provisions, Contingent Liabilities and Contingent Assets  

(Amendment – Onerous Contracts – Cost of Fulfilling a Contract),  

effective for periods beginning on or after 1 January 2022  



Property, Plant and Equipment — Proceeds before Intended Use,  

effective for periods beginning on or after 1 January 2022  

The new standards, interpretations and amendments do not have significant  

impact on the Group’s financial statements.  

Measurement of investment property  

The Group’s investment property is measured at its estimated fair value in  

accordance with IAS 40 and IFRS 13, and any value adjustments are  

recognised in the income statement. Management has reviewed the updated  

valuation report received in December 2022 and its underlying assumptions.  

Management’s valuation estimate is in line with that indicated in the report,  

and the fair value consequently reflects the value stated in the report.  

As the property market is not in all respects as efficient and liquid as, for  

example, the equity market, there can be no assurance that a buyer willing to  

pay the fair value at which the property is stated in the financial statements  

can be found at any given time. In other words, properties are subject to a  

liquidity risk in a sales situation.  

New standards, interpretations and amendments not yet effective  

There are a number of standards and interpretations which have been issued  

by the International Accounting Standards Board that are effective in future  

accounting periods that the group has decided not to adopt early. The most  

significant of these are:  



IAS 1 "Presentation of Financial Statements", the amendments  

are effective for annual periods beginning on or after 1 January  

2023  



IAS 8 "Accounting Policies, Changes in Accounting Estimates and  

Errors", the amendments are effective for annual periods begin-  

ning on or after 1 January 2023  



IFRS 16 “Leases”, the amendments are effective for annual re-  

porting periods beginning on or after 1 January 2024  



IFRS 17 “Insurance Contracts”, the amendments are effective for  

annual reporting periods beginning on or after 1 January 2023  

Investments in subsidiaries  

Investments in subsidiaries are recognised in the parent company's financial  

statements at cost less any write-downs to the recoverable amount.  

Forward-looking statements  

All forward-looking statements in this annual report reflect Management’s  

current expectations for certain future events and financial results. Forward-  

looking statements are inherently subject to uncertainty, and actual results  

may therefore differ materially from expectations.  

Factors that may cause actual results to deviate materially from expectations  

include, but are not limited to, general economic developments,  

developments in the financial markets and changes in the Polish real estate  

rental market. Changes in the political climate in Poland may also affect  

forecasts and results.  

2.  

SIGNIFICANT ACCOUNTING ESTIMATES,  

ASSUMPTIONS AND UNCERTAINTIES  

Tax asset utilisation  

Deferred tax assets are recognised for all unutilised tax losses and differences  

to the extent it is considered likely that they can be utilised through taxable  

income within a foreseeable number of years.  

In applying the Group’s accounting policies, as outlined in Note 1,  

Management is required to make judgements, estimates and assumptions  

about the carrying amounts of assets and liabilities which cannot be  

immediately inferred from other sources.  

The annual report is published only in English.  

3.  

SEGMENT INFORMATION  

Based on IFRS 8 Operating Segments, the CeMat Group is assessed as having two segments:  

(A) Property management division comprising letting of premises and land and the provision of utilities to tenants, including power, water, natural  

gas, facility services, etc.  

(B) Property development – including the preparation and implementation of development projects, primarily in the field of housing and commercial  

space.  

The assessment of the results of operations in individual segments is made mainly on the basis of sales revenues and gross profit obtained in these segments.  

2022  

Property  

DKK’000  

Management Development*)  

Total  

Sales revenue  

26,574  

0

26,574  

GROSS PROFIT  

12,700  

(402)  

12,298  

Overheads  

(8,939)  

Other income / costs  

129  

EBITDA  

3,488  

Depreciation  

(28)  

EBIT  

3,460  

Revaluation investment property  

25,325  

Net result on financial activities  

(973)  

PROFIT (LOSS) BEFORE TAX  

27,812  

Tax on profit/(loss) for the year including deferred tax  

(5,730)  

PROFIT (LOSS) FOR THE YEAR  

22,082  

*) In 2022, there were no revenues in the Development segment. The Development segment has been separated in terms of functionality. According to the  

accounting policy, revenues and profits from the sale of real estate (residential units, commercial space, etc.) will be recognized when the real estate  

purchaser takes over control over the real estate acquired and receives significant risks and rewards of ownership.  

2021  

Property  

DKK’000  

Management Development*)  

Total  

Sales revenue  

21,307  

0

21,307  

GROSS PROFIT  

10,110  

0

10,110  

Overheads  

(7,735)  

Other income / costs  

994  

EBITDA  

3,369  

Depreciation  

(43)  

EBIT  

3,326  

Revaluation investment property  

30,871  

Net result on financial activities  

(1,038)  

PROFIT (LOSS) BEFORE TAX  

33,159  

Tax on profit/(loss) for the year including deferred tax  

(6,898)  

PROFIT (LOSS) FOR THE YEAR  

26,261  

*) In 2021, there were no revenues or costs in the Development segment. The Development segment has been separated in terms of functionality. According  

to the accounting policy, revenues and profits from the sale of real estate (residential units, commercial space, etc.) will be recognized when the real estate  

purchaser takes over control over the real estate acquired and receives significant risks and rewards of ownership.  

Other segment information:  

Property management revenue can be broken down into the letting of premises and land and the provision of utilities to tenants, including power, water,  

natural gas, facility services, etc:  

PARENT COMPANY  

GROUP  

2022  

2021  

DKK'000  

2022  

2021  

0

0

Letting  

18,639  

15,736  

0

0

Utilities  

7,935  

5,571  

0

0

Total  

26,574  

21,307  

Revenue is generated by the Polish subsidiaries CeMat Real Estate, CeMat '70 S.A. and W133, and the Group derives all of its revenue from Poland.  

4.  

STAFF COSTS  

PARENT COMPANY  

GROUP  

2022  

2021  

DKK'000  

2022  

2021  

1,050  

840  

Directors' fees  

1,050  

840  

36  

36  

Wages and salaries  

3,134  

3,366  

0

0

Bonuses for Management Board  

324  

299  

0

0

Pension contributions, defined contribution plans  

550  

642  

0

0

Other social security costs  

169  

133  

1,086  

876  

Total  

5,227  

5,281  

1

1

Average number of full-time employees  

22  

21  

The calculation of the average number of full-time employees (FTE) is based on the number of employees at the end of each month, not including members of the Board  

of Directors. For the purpose of the above table, the Management Board is understood as the CEO of CeMat A/S and theCEO and CFO of the subsidiary companies CeMat  

'70, CeMat Real Estate, W131, W133 and Arkuszowa 56. Additional remuneration of the CEO for consultancy services of DKK 859 thousand (2021: DKK 698 thousand)  

related to development project or preparation of land plots for divestment or development is recognised as inventories (work in progress) or investment property and is  

not included in the table above.  

CeMat has signed an annex which intends to a new performance-based remuneration system for CEO, contribute to business strategy, long-term interests and  

sustainability through the application of the long-term performance and development targets of the company. An additional bonus will be paid if the companies obtain a  

profit from the sale of the properties in an amount exceeding the limit of PLN 103,500,000. This limit is based on the sale of undeveloped real estate and profits from the  

sale of developed real estate.  

Group and parent company  

Remuneration of Board of Directors and Management Board  

Board of Directors  

Management Board  

DKK’000  

2022  

2021  

2022  

2021  

Directors' fees  

1,050  

840  

0

0

Salaries  

0

0

1,468  

1,220  

Bonuses  

0

0

324  

299  

Pension contributions  

0

0

132  

121  

Total  

1,050  

840  

1,924  

1,640  

The fee to the Chairman of the Board of Directors for the current term amounts to DKK 500 thousand (2021: DKK 400 thousand), to the Deputy Chairman DKK  

350 thousand (2021: DKK 280 thousand) and to an ordinary member DKK 200 thousand (2021: DKK 160 thousand). For the purpose of the above table, the  

Management Board is understood as the CEO of CeMat A/S and the CEO and CFO of the subsidiary companies CeMat '70, CeMat Real Estate, W131, W133 and  

Arkuszowa 56. Additional remuneration of the CEO for consultancy services of DKK 859 thousand related to development project or preparation of land plots for  

divestment or development recognised as inventories (work in progress) or investment property is included in the line “Salaries” in the table above.